The Recovery Of Oil Prices Is A Justification For Restoring The Dollar Exchange Rate

The Information/Baghdad… The economic expert, Nabil Jabbar Al-Ali, expected, on Wednesday, a jump in oil prices in the coming days, after stabilizing the threshold of 75 dollars, stressing that the recovery of oil prices is a justification to reconsider the exchange rate of the dollar.

Al-Ali said in a statement to “The Information” that “the dollar’s ​​exchange rate depends on a fixed price policy that is not linked to the global economy,” noting that “the duty of pure monetary policy is to maintain stability and try to stimulate economic indicators within the country through per capita income, as well as the poverty rate and the indicator the prices”.

He added, “The Central Bank is primarily responsible for monetary policy in partnership with the Ministry of Finance, as well as the Ministry of Planning and the Economic Councils, and they must reconsider the dollar exchange rate, especially since this change came based on the requirements of the government’s deficit in the year 2020.”

Al-Ali pointed out that “the current government is currently facing an economic well-being that may rise in oil prices in the coming days,” stressing “the need to invest the surplus from oil revenues in economic projects.” finished / 25 h

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The Framework Pledges To Restore The Price Of The Dollar To Its Previous Era “As Soon As Possible”

Information/Baghdad… The representative of the State of Law coalition, Muhammad Hassan Al-Qadri Al-Shammari, confirmed, on Tuesday, that restoring the dollar exchange rate to its previous price is a basic requirement, noting that the forces of the coordination framework will work to restore it as soon as possible.

Al-Shammari said in a statement to “Al-Maalouma”, that “the current parliament is able to return the exchange rate of the dollar to its previous price, which is a popular demand in the first place,” noting that “the exchange rate has harmed a large segment of the people and cannot continue for a longer period.”

He added that “the framework will work to pressure the competent authorities to return it to its previous price,” noting that “one of our priorities as deputies is to work on restoring the exchange rate of the dollar against the Iraqi dinar in the service of our people.”

And the representative of the State of Law coalition, Firas Al-Maslmawi, had confirmed in a previous statement that his coalition and other representatives within the same direction would not allow the budget to be passed for the current year until after a reduction in the exchange rate of the dollar against the Iraqi dinar.

Almaalomah.me

Al-Kazemi’s advisor: We have the ability to pay off debts and confront them

Conscious / Baghdad – Today, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that Iraq’s financial rating is high and has the ability to repay debts and confront them.

Saleh said, in a statement carried by (the Iraqi Media News Agency / INA) , that “the situation of foreign debt is comfortable and decreasing, and there is financial space in Iraq at the present time,” noting that “the obligation to pay does not exceed 20 billion dollars, and this has allocations in the budget.” .

He added that “Iraq’s rating is high, and this classification did not come from a vacuum and we have the ability to pay off debts and confront them,” noting that “the neo-liberalism in the world liberated the economies of the world, including Iraq, so liberating the economy and financial transfer in the world daily is about 5 trillion dollars, and this The exchanges include problems, economic crimes, money laundering, and others.”

He pointed out that “Iraq was infected with suspicions of money laundering due to the occupation of ISIS, which is a terrorist force and has external financing.

He stressed that “Iraq has proven that it is free of money laundering and has been raised from the list of high risks to natural, and this is a very important matter that gives freedom and liberalism to banks to work in global environments, the ability to immunize, attention and low cost, which encourages the entry of capital into the country without problems, and this is positive for the benefit of Iraq.” .

Al-iraqinews.com

Economist: The Current Year’s Budget May Recognize 135 Trillion Dinars

Information / Baghdad… The economic affairs specialist, Muhammad Ali al-Moussawi, explained that the current year’s budget may be approved at an amount of 135 trillion dinars, pointing out that the dollar exchange rate needs to be modified according to what the next government sees.

Al-Moussawi told “Information”, “The budget may be approved in the amount of 135 trillion dinars, but the dollar exchange rate may be subject to the policy of the next government and what it desires, at a time when total public spending reaches 130 trillion dinars.”

He added that “the price of a barrel of oil, and according to what has been achieved from revenues and a rise in prices, may be put in the budget by more than 60 dollars per barrel, as this is appropriate in light of the developments in prices and the increase in production decided by OPEC.”

And he indicated that “the dollar exchange rate adjustment has become an urgent need, as this requires a move from the next government, and the support of some ministries in order to reduce the suffering of the poor classes, especially since the opportunity is ripe for that.” finished 25

https://almaalomah.me/2022/01/14/576453/

Economist: The Government Has No Justification To Continue Raising The Dollar Exchange Rate

Information / Baghdad… The economic expert, Ihsan Al-Kinani, confirmed that the government does not have any justification to continue to raise the exchange rate of the dollar in the local markets, pointing out that oil prices and financial abundance make it imperative for the next government to take measures to reduce the exchange rate.

Al-Kinani told Al-Maalouma, “Oil prices exceeded 80 dollars per barrel, at a time when Iraq was able to overcome the financial crisis that occurred in 2020, which pushed towards raising the exchange rate of the dollar, and today the need for that is no longer needed.”

He added, “Iraq has all the financial capabilities and qualifications that necessitate a reduction in the exchange rate, especially after the completion of Kuwait’s compensation and the rise in oil prices, as well as the increase in oil production by OPEC after its last meeting on Tuesday of last week.”

And he indicated that “the next budget will be decisive, either to continue starving the people, or to return things to their previous status by reducing the exchange rate and specifying it in the budget.” finished 25

Almaalomah.me

Al-Kadhimi’s Advisor: Iraq currently has a fiscal space

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, that removing Iraq from the list of high risks for money encourages capital entry into the country, while noting that Iraq’s financial rating is high and has the ability to pay off debts.

The external debt situation is good and decreasing, and there is a fiscal space in Iraq at present time, noting that the amount to be paid does not exceed 20 billion dollars, and has allocations in the budget, Salih told the Iraqi News Agency (INA).

He added that “Iraq’s rating is high, as we have the ability to pay off debts,” noting that “the neo-liberalism in the world liberated the world’s economies, including Iraq, so liberating the economy and financial transfer in the world daily is about 5 trillion dollars, and such exchanges include financial problems, economic crimes, money laundering, and others.”

Salih also stressed that “Iraq has proven that it is free of money laundering and has been removed from the list of high risks, and this is a an essential matter that gives freedom and liberalism to banks to work in global environments, the ability to immunization, attention and low cost, which encourages the entry of capital into the country without problems, and this is positive step for Iraq.”

INA.iq

Exchange rate first

It is time to adjust the exchange rate to enhance the value of the national currency (the Iraqi dinar) against the dollar.

And now that the reasons that prompted the decrease in the exchange rate of the dinar against the dollar as a monetary treatment to overcome the obstacle of the country being forced to borrow externally and internally have disappeared, there is no justification for sticking to this painful measure that touched the lives of all segments of society.

The direct reason for this tight monetary policy was the drop in global oil prices with the effects of the Corona pandemic, and the world has largely overcome this difficult ordeal.
With the return of oil prices to the rise, a cash surplus was achieved that contributed to supporting and strengthening the Iraqi cash reserve, the safety valve for periodic financial crises and natural disasters.

In addition to the above, Iraq was able to close the curtain on the debts imposed on Iraq forcibly to Kuwait. These factors and indicators are encouraging to readjust the exchange rate to what it was before the revaluation of the dollar against the dinar Iraqi.

Perhaps one of the most important reasons and justifications for the demand to return the exchange rate to its normal state is the situation and the painful effects that the citizen has endured, forcing him to give the government the opportunity to address the already dire financial situation.

The measure to reduce the exchange rates of the Iraqi dinar against the dollar has caused chaos in the market and broke down the stability that the market enjoyed at the previous rate.

The prices of materials and goods have been inflamed, which has affected the purchasing power of the citizen. You can imagine the extent of the suffering caused by the prices of medicines and basic materials for all segments of society, especially the poor, the retired and the employees.

The measures taken by the government to treat the poor segments were not equivalent to the effects of the exchange rate difference.

Accordingly, one of the tasks of the new government is to take decisions to restore the price and take strict measures against price manipulators, especially medicines and important commodities that touch the citizen’s livelihood by activating the role of careful monitoring of the market.

In mentioning the prices of medicines, the Pharmacists and Physicians Syndicates must activate their role in monitoring and accountability.

For this reason, let us make readjusting the exchange rate the first task of the next government and parliament to relieve the burden of the citizen.

A question that comes to mind, can the concerned authorities begin to gradually reduce the exchange rate until the formation of the government to mitigate the double effects on both sides of the equation?

Alsabahh.iq

International Monetary Expects A Recovery Of Non-Oil GDP In Iraq

A report by the International Monetary Fund confirmed that the Iraqi economy is recovering from the sharp contraction witnessed last year against the background of high oil prices and with the easing of restrictions related to the Corona virus and the increase in vaccination rates.

And the British newspaper, The National, quoted in a report translated by the agency “Information”, the Monetary Fund as saying that “the real non-oil GDP of the country is expected to recover by 12 percent this year, while the balances of financial and current accounts are expected to improve significantly, after contracting Its officials held an online meeting with the Iraqi authorities regarding recent economic developments and upcoming policy priorities for the country.”

He added that “inflation in Iraq reached 7.2 percent last September and is expected to recede in the coming months, and it is expected that public finance balances and external current accounts will improve significantly in 2021 from a double-digit deficit in 2020, mainly due to higher prices. oil.”

He added, “Iraq invests $3 billion annually to shift from liquids to gas power generation, while high oil revenues represent an important opportunity to address Iraq’s major fundamental weaknesses, and enhance resilience in the face of the future climate and other challenges.”

It is reported that “Iraq, the second largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC), depends on oil revenues to cover 90 percent of government spending, including $5 billion as a public sector wage bill every month.” finished/25 z

Almaalomah.me

A financial official reveals the dollar exchange rates in the 2022 budget

{Economic: Al Furat News} The former director of the Financial Supervision Bureau, Salah Nuri, revealed today, Saturday, the exchange rates of the dollar in the 2022 budget.
Nuri said in a statement to {Euphrates News}, that “the dollar exchange rates remain unchanged in the 2022 budget.”

And he indicated that “the Ministry of Finance insists on keeping the dollar exchange rate unchanged until the next two years.”

Nuri expected that “the budget for the year 2023 will be based on the same current price,” noting that “the budget was built with austerity and the fluctuation of oil prices will not affect it.”

He pointed out that “a plan has been prepared, if necessary, to move towards internal borrowing.”

Alforatnews.iq