The world’s gold reserves are declining, and Iraq maintains its position

Economy News – Today, the World Gold Council announced a decline in the world’s reserves of gold after the central banks of countries sold quantities of it within one month, while Iraq maintained its global position.

The council said in its latest schedule for the month of March of 2022, which was reviewed by “Economy News”, that “the global reserves of gold decreased by 12 tons as a result of the central banks selling quantities of it,” noting that “the bulk of the decline resulted from large sales operations from Kazakhstan ( 17 tons), while Russia (3 tons), Poland sold two tons, Uzbekistan one ton, and Mongolia one ton.

He added, “The total purchases amounted to less than 13 tons, as Turkey bought (10 tons), India also bought one ton, Qatar (0.7 tons) and Ireland (0.5 tons).”

The Council noted that “Iraq maintained its global position as 39 out of the 100 countries listed in the table with the largest gold reserves, reaching 96.4 tons of gold, which represents 8.8% of the rest of its other reserves.”

He explained that “the five Arab countries in the table did not purchase any amount of gold during this month, so that Iraq maintains its fifth rank in the Arab world after Saudi Arabia, Lebanon, Algeria and Libya,” noting that “the total possession of gold in the five Arab countries amounts to 996.5 tons.”

He pointed out that “the United States still ranks first among the countries of the world in possession of gold with 8,133 thousand tons, followed by Germany, 3,359 thousand tons, then Italy 2,451 thousand tons, while Suriname ranked 100, with 1.5 tons, preceded by Yemen, with 1.6 tons.” .

It is noteworthy that the World Gold Council, which is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.

Economy-news.net

International Monetary warns Iraq and announces its position on the dollar exchange rate

{Economic: Al Furat News} The International Monetary Fund warned Iraq of the “fragility” of its economic recovery.

The head of the IMF mission in Iraq, Tohir Mizorov, said in a press statement: “Policies aimed at containing inflation and its impact should take into account the fragility of recovery in Iraq and the long-term goals of diversifying the economy and strengthening the private sector. It is to avoid making the problem worse by adopting domestic policies that would increase inflation, for example through expansionary policies.”

He added, “The second priority is to implement policies that are carefully targeted to protect the most vulnerable groups. At the same time, it will be important to avoid any measures that could weaken Iraq’s economic capabilities without addressing the problem.

For example, measures that undermine the competitiveness of local producers and encourage imports will not contribute to Realizing the benefits of remembering the weak groups, if they exist at all, and this explains the scarcity of countries with a fixed exchange rate to raise the value of their currency in economic history, and for the same reasons, it would not be advisable for Iraq to do so.

Mezroev pointed out that “the rise in prices leads to an erosion of the purchasing power of families’ income and savings, and since more than one-fifth of the Iraqi population lives in poverty, protecting vulnerable groups from the effects of inflation is of paramount importance. To achieve this, the 2022 budget should give priority to strengthening cash transfers directed to helping families.” the poorest during these difficult times.”

“Also, continuing to work on improving the coverage of the social protection network will contribute to ensuring assistance to those who are really in dire need of assistance,” he added.

Moreover, linking the increase in pensions, salaries of civil servants and low wages to inflation will contribute to protecting the purchasing power of their incomes and prevent them from falling into poverty. International experience has shown that such measures are the most effective in protecting the livelihoods of vulnerable groups. “.

The House of Representatives discussed in its session last Monday, in the presence of Finance Minister Ali Allawi. The Council discussed, during its hosting by the Minister of Finance, the rise in the exchange rate of the dollar and its repercussions on the market through the rise in prices and the damage to the poor segment, and the discussion of public debt and the financial policy of the Ministry of Finance and the proposed treatments.

Allawi warned during the session that reconsidering the exchange rate of the currency “in an ill-considered manner would lead to financial chaos similar to some countries, so the trend was to set the exchange rate of the Iraqi dinar comfortably to protect it from any external changes with a proactive and correct step in coordination with the Central Bank and study it with the President The government, heads of political blocs and other parties, in addition to the support of the International Monetary Fund, to change the price at a reasonable rate.

Allawi indicated that the benefits of devaluing the Iraqi dinar increased government revenues by 23 percent, pointing out that “the rise in prices in the Iraqi markets was not due to the decrease in the exchange rate of the dollar only, but rather as a result of the increase in global food prices since 2020.”

The Minister of Finance explained that “the rise in global oil prices is beneficial to Iraq and at the same time affects its needs of foodstuffs and oil derivatives, and the import of gas that is used to generate electricity by 30 percent, noting that the Iraqi external debt will be reduced by 4 billion dollars in 2021.”

Allawi suggested “supporting vulnerable segments of society by allocating a direct grant to be distributed through the ration card or social welfare and supporting small and medium-sized enterprises, especially in rural areas, as a result of the financial abundance resulting from the increase in oil prices.”

Alforatnews.iq

Iraqi parliament discuss dinar-dollar exchange with finance minister

ERBIL, Kurdistan Region – Iraq’s parliament convened on Monday to discuss the increased exchange rate of the Iraqi dinar with the country’s finance minister.

The Iraqi parliament held a session to discuss the high exchange rate of the Iraqi dinar, which is set at 1,450 dinars per US dollar.

“The parliament has begun discussing the exchange rate and its repercussions on the market through high prices which are harming the poor,” reported state media.

The Sadrist movement on Monday said the Iraqi finance minister Ali Alllawi has been summoned to attend the parliamentary session “to discuss the financial and economic crises that Iraq is going through.”

On February 17, Shiite cleric Muqtada al-Sadr and head of the largest parliamentary bloc, tweeted a list of six suggestions regarding the dinar-dollar exchange, with the fourth point reading “summon the finance minister to the parliament immediately.”

In December of 2020, Iraq’s central bank announced devaluing the country’s currency in an effort to combat a national liquidity crisis and bring in much-needed cash to the government’s coffers.

The devaluation of the dinar struck the public hard as government employees get paid in dinar, and they would be able to afford less with their salaries given that many imported goods are paid for in dollars.

The devaluation of the Iraqi dinar is a step taken towards reform and creating a “financial balance” and will revive the economy, Allawi said at the time.

In mid-August of last year, a member of the parliament’s finance committee said the dinar-dollar exchange rate will be fixed for the next five years.

Rudaw.net

Iraqi court’s ruling on KRG gas puts Turkey on the spot

A top Iraqi court has ruled that the 2007 oil and gas law affecting the Kurdistan Regional Government is unconstitutional in a heavy blow to the KRG and its energy deals with Turkey…

Read more: Al-monitor.com

Legal experts after the federal decision: The election of the President of the Republic will be among the 24 candidates for the first time

Baghdad / Obelisk: Legal expert Ali Al-Tamimi said, on Tuesday, March 1, 2022, that all the personalities who were nominated for the presidency of the republic after opening the door for candidacy by the Presidency of Parliament, their candidacy is unconstitutional and rejected, after the Federal Court’s decision, that reopening the door for nomination is unconstitutional for the position of President of the Republic.

Al-Tamimi said in an exclusive interview with Al-Masala, that all the candidates, including the Democratic Party candidate, who entered the nomination in the second stage are unconstitutional and rejected, and the number will remain 24, because their candidacy violates the constitution, and therefore Parliament will select the President of the Republic from among the candidates who were nominated for the first time.

And the Federal Court decided, on Tuesday, the unconstitutionality of reopening the nomination for the position of President of the Republic, while indicating the possibility of reopening the nomination door again by a decision of the House of Representatives and not from the presidency of the Council.

In its decision regarding the appeal to reopen the candidacy for the post of President of the Republic, the court said that there is no constitutional or legal text that gives the Presidency of the House of Representatives the power to reopen the door for candidacy for the post of President of the Republic.

She added that it was decided unconstitutional to reopen the nomination for the position of President of the Republic, noting the possibility of reopening the nomination for the position of President of the Republic, but by a decision of the House of Representatives and not from the Presidency of the Council.

Almasalah.com

Finance sets 3 conditions to reduce the exchange rate of the dollar against the Iraqi dinar

Economie – Parliamentary circles revealed 3 conditions set by the Ministry of Finance in exchange for reducing the exchange rate of the dollar against the Iraqi dinar, and a member of the House of Representatives from the State of Law coalition Jassem Al-Alawi said that the Minister of Finance, Dr. hosted session.

He added that taking a new decision to reduce the exchange rate comes only by ensuring financial abundance and improving the economic situation after adopting clear reforms, including diversifying non-oil revenues, automating the customs systems and border crossings, and enacting new laws whose mission is to preserve national.

Dijlah.tv

During The Hosting Session.. The Rule Of Law Demands The Return Of The Dollar Price To Its Previous Era

Information / Baghdad .. The State of Law coalition confirmed, on Monday, that coalition representatives and a number of political blocs will demand Finance Minister Ali Allawi during the hosting session that was held today, to return the dollar exchange rate to its previous position, especially after the end of the financial crisis.

Member of the coalition, Representative Muhammad Al-Sihoud, said in a statement to / the information /, that “today’s session for two discussions is the formation of parliamentary committees, which is an important topic in order to activate the supervisory and legislative roles, while the other place is hosting Finance Minister Ali Allawi.”

He added that “the State of Law coalition and with it political blocs from the forces of the coordination framework and others will ask the Minister of Finance to return the dollar exchange rate to its previous position because it caused great and dangerous damage to the layers of society from the middle and poor segments.”

Chihod pointed out that “the negative effects that resulted from the decision to raise the exchange rate increased the poverty rate to large and frightening rates, amounting to more than 35%, according to reports by the Ministry of Planning and civil society organizations.”

Chihod stressed by saying: “It has become imperative for the government and the Ministry of Finance to return the exchange rate to its normal position, especially since the financial crisis has ended and the financial situation has improved, especially after the rise in oil selling prices.”

Almaalomah.me

Baghdadtoday.news

Al-Rafidain determines the interest rate of citizens in return for depositing their money

Baghdad – Today, Al-Rafidain Bank announced the interest rate that is paid to citizens in return for depositing their money.

And the bank stated in a statement received by the fourth, that “the interest rates of savings accounts are 4 percent paid to citizens in return for depositing their money.”

The statement added, “The interest of a fixed deposit for a period of one year is 5% for those who deposit their money in the bank.

Alrabiaa.tv

The House Publishes Agenda For Monday’s Session… It Includes Discussion Of The Price Of The Dollar.

Earth News / The Presidency of the House of Representatives announced today, Saturday, the agenda for the second session of the fifth electoral cycle, the first legislative year / the first legislative term.

The meeting’s agenda included 3 paragraphs, starting with the constitutional oath of some deputies, passing through the formation of the permanent parliamentary committees.

The agenda also includes a public invitation for discussion regarding (the rise in the dollar exchange rate) in the presence of Finance Minister Ali Allawi.

Earthiq.news