Henig: Central Bank. US parties express their readiness to face the challenges of working with the electronic platform for remittances and cash / expanded
Baghdad / Nina / The delegation of the Central Bank of Iraq met for long hours with the delegation of the US Federal Reserve Bank and the US Treasury Department in Washington, D.C.
According to a statement by the bank, the two parties expressed their readiness to work together to meet the challenges of working on the electronic platform for remittances and cash.
The delegation of the US Federal Reserve Bank and the US Department of the Treasury discussed a number of support mechanisms for the Central Bank of Iraq to enhance its capabilities to deal flexibly with crises during this stage.
The US Federal Reserve confirmed that the measures of the Central Bank of Iraq are in the right direction to build a solid banking sector.
The Assistant Deputy Secretary of the US Treasury indicated ways to fully support the efforts of the government of Iraqi Prime Minister Mohammed Shia Al-Sudani in economic reform, and the readiness of the US Treasury Department to provide the required support.
The meeting listened to a presentation by the Governor of the Central Bank of Iraq on the bank’s directions in achieving its most important objectives to ensure general stability in prices, and options and proposals in the field of accelerating, expanding and streamlining the work of the electronic platform for external transfer.
The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, confirmed the bank’s intention to launch the second package of facilities that will enhance the stability of the exchange rate. LINK
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Henig: IMO: All of the things listed as problems in this article would be solved by the new exchange rate. Once there is a ReInstatement of the historic value, these “problems” become laughably minute.
Pressure of expenditure or acceptance of rising deficits”. MP: Two options for the government on the budget
Economy News – Baghdad
The parliamentary finance committee indicated on Saturday that changing the exchange rate may increase the budget deficit by at least 10 to 15 trillion dinars, with the price of a barrel of oil remaining around $ 70.
“The Financial Management Law does not allow the government to exceed the budget deficit of 3%, which in any case does not exceed 15 trillion dinars, but the truth is that the deficit reached more than 60 trillion dinars before changing the exchange rate, and we expect that at least 10 to 15 trillion dinars will be added to this deficit,” said committee member Jamal Kojar.
He explained that the government “has two options, either to compress expenditures and go towards deleting some paragraphs in the executive budget or the operational and investment budget, or to accept the rise in the deficit from 60 trillion to 75 trillion,” and considered that “the government should not borrow from local banks that owe it in the first place.”
Regarding the government’s internal debt, he said: “These banks are supposed to play the role synonymous with the role of the government because the latter can create jobs through projects through the investment budget, while banks can create jobs for the private sector by granting soft loans.”
“If the government moves towards withdrawing liquidity from these banks, it will burden them with increasing debts and loans and tying the hands of banks to create jobs, and thus the pressure will shift to the government, which has tended towards appointment,” Koger said in an interview with the official newspaper.
Regarding the price of a barrel of oil, Koger explained that “the budget estimates will be about $ 70 even with the decline in its prices, and the government will be forced to withdraw from the bank reserve as happened in previous budgets,” pointing out that “the operating budget will be fixed, while the investment budget will change if the government chooses to compress expenditures, and some projects may be transferred to a supplementary budget or subsequent budgets in the hope of rising oil prices.” LINK
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From Recaps Archives:
For Dinar – What you will see on Forex or CBI WHEN IT RVs
$ RATE = What you will see on Forex or CBI
$ .86 = 1.162
$ 1.00 = 1.000
$1.17 = 0.854
$1.86 = 0.537
$2.00 = 0.500
$3.00 = 0.333
$3.22 = 0.310
$3.46 = 0.289
$3.50 = 0.285
$3.86 = 0.259
$4.00 = 0.250
$4.10 = 0.243
$4.40 = 0.227
$5.00 = 0.200
$5.25 = 0.190
$5.50 = 0.181
$6.00 = 0.166
$7.00 = 0142
$8.00 = 0.125
$8.25 = .0121
$8.50 = .0117
$9.00 = 0.111
$10.00=0.100
Breaking! Iraq Dinar News! US Treasury Dept will Work with CBI to Help w/Banking Transfers: RV GCR
Dr. Kia Pruitt: 2-12-2023
Yesterday, Feb 11, delegates of the US Dept of Treasury and Fed Reserve met with delegates of the Central Bank of Iraq (CBI) to work jointly on an electronic platform for “transfers and cash…”
Articles: Al Sudani told us he would revalue the IQD https://www.kurdistan24.net/en/story/…
Delegates of the CBI met with Delegates of the US Treasury Dept and Fed Reserve to discuss banking system (article in Arabic): https://www.ninanews.com/Website/News…
Translation of the above article: Central Bank. US parties express their readiness to face the challenges of working with the electronic platform for remittances and cash / expanded Baghdad / Nina /
The delegation of the Central Bank of Iraq met for long hours with the delegation of the US Federal Reserve Bank and the US Treasury Department in Washington, D.C. According to a statement by the bank, the two parties expressed their readiness to work together to meet the challenges of working on the electronic platform for remittances and cash.
The delegation of the US Federal Reserve Bank and the US Department of the Treasury discussed a number of support mechanisms for the Central Bank of Iraq to enhance its capabilities to deal flexibly with crises during this stage.
The US Federal Reserve confirmed that the measures of the Central Bank of Iraq are in the right direction to build a solid banking sector.
The Assistant Deputy Secretary of the US Treasury indicated ways to fully support the efforts of the government of Iraqi Prime Minister Mohammed Shia Al-Sudani in economic reform, and the readiness of the US Treasury Department to provide the required support.
The meeting listened to a presentation by the Governor of the Central Bank of Iraq on the bank’s directions in achieving its most important objectives to ensure general stability in prices, and options and proposals in the field of accelerating, expanding and streamlining the work of the electronic platform for external transfer.
The Governor of the Central Bank of Iraq, Ali Mohsen Ismail, confirmed the bank’s intention to launch the second package of facilities that will enhance the stability of the exchange rate.
Article: Iraq bank reaches understanding with US Fed: https://www.newarab.com/news/iraq-cen…
China reaches understanding and partnership with Iraq and other nations: https://www.ninanews.com/Website/News…
In English: Chinese official: Our visit to Iraq is clear evidence of its importance in the region Baghdad / NINA / – The Chinese Assistant Foreign Minister for the External Relations Department of the Central Committee of the Communist Party of China, Zhu Rui confirmed that Iraq is an important partner and strengthening relations with it is a priority.
Read the top of the Safe Dinar website: see how they discuss the issue with supply of dinar, due to high demand: https://www.safedinar.com/
He said in a press conference in the presence of representatives of a number of Iraqi parties and a number of media: The first Arab-Chinese summit was held in Riyadh last December, which is the beginning of a new era in relations with the Arab countries and a milestone in the exchange between China and the Arab countries, indicating that this summit will continue to be held whenever required.
He added: The outcome of the fruitful summit will be positive and beneficial to China and the Arab countries. He continued: On the sidelines of the summit, a summit meeting was held between Chinese President Xi Jinping and Prime
Minister Mohammed Al-Sudani to discuss strengthening relations in various fields in order to build a new era of distinguished relations. He stressed that his country considers the relationship with Iraq important and a priority in its foreign policy
https://www.youtube.com/watch?v=hssCM141j_w