Wednesday, November 6, 2024
Iraqi government issues new decisions – urgent, 7 NOV
Iraqi government issues new decisions – urgent
Baghdad Today – Baghdad
The Council of Ministers, headed by Mohammed Shia Al-Sudani, issued today, Tuesday (November 5, 2024), during the 45th ordinary session, a number of new service, economic and urban decisions.
The media office of the Prime Minister said in a statement received by Baghdad Al-Youm that “the Sudanese chaired, on Tuesday, the 45th ordinary session of the Council of Ministers, in which they discussed the latest developments in the country, and the vital files related to the priorities of the government program were deliberated, as well as considering the topics on the agenda and taking the necessary decisions on them.”
As part of the Council of Ministers’ follow-up to the preparations for conducting the census in Iraq, on November 20, the Council approved the following:
1- Affirming compliance with the decision of the Federal Court (73/Federal/2010) on the general population census.
2- The census is carried out in the disputed areas by a joint team of the three nationalities (Arab-Kurdish-Turkmen), and an individual from the Christian religion is added to the group in the Christian-majority areas.
3. The Statistics Authority and the Kurdistan Region Statistics Authority of Iraq, in cooperation with the Federal Ministry of Interior, compare the data tables of the following ministries with the census results in:
A. Ministry of Interior records, 1957 census and updates.
B. Ministry of Commerce records and data of the Ministry of Immigration and Displaced Persons.
4. The results of the general census and the data boycott of the census in the records contained in paragraph (3) shall be the competence of the Federal Ministries of Planning and the Ministry of Planning in the Kurdistan Region of Iraq, according to the joint agreement, where a special register for these areas shall be organized that includes the results of the data boycott, and the Federal Ministry of Planning and the Ministry of Planning in the Kurdistan Region of Iraq shall keep the copy of this record.
5- Commitment to organizing statistical tables on the numbers of deportees, emigriates and displaced persons in disputed areas and other governorates and according to official holdings.
6- The Kurdistan Region Statistics Authority of Iraq sends a technical team in the main census operations room to review and follow up the progress of the census processes and check on the integrity of the procedures permanently, until the end of the process.
7- The commitment of the Kurdistan Region Statistics Authority of Iraq to immediately start training enclerators with intensive courses in preparation for the general census of population and housing on November 20, 2024.
The Council of Ministers approved the proposal to amend Article (12/II/c), of the Tripartite Budget Law No. (13 of 2023), to include the following:
1- The Federal Ministry of Finance shall compensate the Kurdistan Regional Government of Iraq from sovereign expenses for the cost of production and transportation, for the quantities of oil produced in the region that are received by the Oil Marketing Company (SOMO), or the Federal Ministry of Oil in accordance with paragraphs (a) and (b) of this item, provided that the fair guessing costs for production and transport for each field are calculated separately, from a specialized international technical advisory body, determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region, within (60) days from the entry into force of this law, and in the event of no agreement within the said period, the Federal Council of Ministers shall determine the aforementioned advisory authority.
2. The aforementioned consultant shall be submitted in the preceding paragraph, the cost of production and transportation provided to the Federal Ministries of Oil and Finance and the Kurdistan Regional Government of Iraq, and shall be approved for the purposes of this law. The calculation of the said compensation shall be based on the said cost of the barrel multiplied by the number of barrels received in accordance with paragraphs (a) and (b) of this item, and the Federal Ministry of Finance shall pay the amounts to the Government of the region.
3. Immediately proceed with the delivery of the oil produced in the Territory to the Oil Marketing Company (SOMO), or the Federal Ministry of Oil in accordance with paragraphs (a) and (b) of this clause. The cost of production and transportation shall be compensated by the Federal Ministry of Finance as an advance, at the rate of (16) dollars per barrel, to be settled later after the completion of the specialized technical consultant mentioned above, and retroactively from the date of the delivery under this amendment.
As part of the government’s direction to develop civil defense work in Iraq, the Council of Ministers approved the allocation of (25) billion dinars for the Ministry of Interior to establish civil defense detachments with a number of (100) in Baghdad and the governorates / second phase, from the emergency reserve in accordance with the provisions of the Tripartite Budget Law, and coordination between the Ministries of Interior and Planning, to provide the Ministry of Finance with details of the addition to the required transfer of the said amount.
In the same context, the Council of Ministers approved direct contract with the Chinese company (SANY) to purchase extinguishing wheels for (18) wheels, an exception to contracting methods in the implementation of government contracts, and the exception of the aforementioned wheels from Cabinet Resolution No. (68 of 2016) as amended.
The Council also approved the formations of the Ministry of Interior with independent budgets to contract directly with the Police Martyrs Fund; to secure their needs for the allowances produced from the fund above and other equipment that are processed through it, with the exception of the contracting methods in the instructions for the implementation of government contracts No. (2) of 2014.
In the field of government support for the educational and educational sector, the Council of Ministers approved the amendment of its decision No. (24285 for the year 2024), to include an increase in the percentage of admission of first students from graduates of the institutes from (10%) to (20%) for admission to all universities, and in corresponding or nearby specialties to allow students from the institutes to apply to complete their initial university studies.
In the process of supporting the health sector with specialized human resources, the Council of Ministers approved the legal status of the development of institutes of higher health professions in the governorates with two institutes in Baghdad governorate (Al-Shala and Al-Mahmoudiyah), and one institute in each of the governorates; Babylon, Diyala, Diwaniyah, Salah al-Din (Judjadiya Balad), and Muthanna, without prejudice to the fundamental re-investigation and amending the system in force retroactively, and the Council of Ministers may develop institutes in the districts upon the proposal of the Minister of Health, with an exception to the system of the First Amendment to the Law of Higher Health Profess Institutes (3 of 2011).
Within the framework of supporting the national industry and the private sector, the Council of Ministers approved the provision of a sovereign guarantee, with the value of the interest on the loan for a period not exceeding (10) years, for the purpose of establishing a glass manufacturing plant, in cooperation with the two lenders (Aka Bank and Komarzi Bank).
In the same context, the Council approved the coverage of the plastic granules material (both milled and granules) by the Council of Ministers resolution (24413 of 2024), to be the customs duties of (0.05%).
In the field of administrative reform and evaluating the performance of officials in government institutions, the Council of Ministers approved the appointment of 4 directors general in various ministries, based on the performance evaluation criteria adopted by the Council.
The Council also approved the selection of Ms. Islam Hassan Al-Saadi as a sixth member of the Board of Trustees of the Iraqi Media Network, and the recommendation to the House of Representatives to vote on her in accordance with the Media Network Law.
As part of the Council’s follow-up to complete the lagging projects and proceed with infrastructure projects, the Council of Ministers approved the following:
1- Developing a component (equipping medical devices and supplies), within the project (emergency hospital in Rania / Sulaymaniyah), and increasing the total cost of the project.
2- Increasing the total cost of the project (demolishing informal buildings (411) buildings, and rebuilding alternative schools (229) schools (in the traditional construction method) and (182) schools in the concrete construction method in Baghdad and the governorates.
3- Increasing the total cost of the project (the construction of the North Nasiriyah Bridge and its approach / the first phase).
4- Increasing the total cost of the project (preparing alternative sites, demoliting and establishing the second phase of developing the martyr Muhammad Baqer Al-Hakim Hospital in Baghdad).
5- Inclusion of a project (establishment of a public hospital with a capacity of (100) beds in Ali Al-Sharqi District / Maysan Governorate (Infrastructures) in the investment budget tables of the Ministry of Health for /2024.
The Council of Ministers considered the other topics on its agenda and approved the following:
First/ Approving the draft law of the fifth amendment to the Civil Aviation Law No. (148) of 1974, and referring it to the House of Representatives, based on the provisions of the Constitution, or withdrawing the draft civil aviation law issued according to the Council of Ministers Resolution (24441 of 2024) and its amendments from the House of Representatives.
Second, adjusting the price of gas oil processed for the wheels and generators of the Iraqi National Paralympic Committee to become 400 dinars, instead of 750 dinars per liter.
Third, the Ministries of Commerce, Industry and Minerals concluded leases with the Independent High Electoral Commission for the warehouses occupied by them, in accordance with the Law on the Sale and Rent of State Funds.
https://baghdadtoday.news/261492-الحكومة-العراقية-تصدر-قرارات-جديدة-عاجل.html
TIDBIT FROM MILITIAMAN, 7 NOV
Militia Man
I think they've got it to an exposer level. They haven't exposed the 2024 budget yet. They haven't exposed the hydrocarbon law yet. They haven't turned on oil in the Port [Into Turkey] yet.
Why?
Because I think the 2024 budget has something that we're waiting for.
They're achieving bonds. They're soaking up money off the street...
Here's another sign of the country that is setting the stage for internationalism...they got bonds to get the hoarded money into circulation...That's another very good telling sign that Iraq is just about ready to open her doors...
Al-Alak stresses to the Azerbaijani ambassador the importance of cooperation in the transfer of funds to facilitate trade between the two countries, 7 NOV
Economy News – Baghdad
The governor of the Central Bank, Ali Al-Alak, stressed on Wednesday the importance of cooperation at the level of exchange of experiences and the process of transferring funds to facilitate trade between Iraq and Azerbaijan.
The media of the Central Bank, in a statement received by “Economy News”, said that “the relationship received the Azerbaijani Ambassador to Iraq Naseer Muhammadov, and during the meeting, they discussed the cooperation relations between Iraq and Azerbaijan and ways to develop them to include various economic fields.”
The governor stressed the need to improve the nature of bilateral relations and expand the horizons of cooperation in the banking field of the two countries, as well as its positive repercussions on the economic, tourism and investment sectors,” pointing to “the importance of cooperation at the level of exchange of experiences and the process of transferring funds to facilitate trade between the two countries.”
For his part, the ambassador stressed the importance of economic relations with Iraq and the need to overcome obstacles to their strengthening and growth, “inviting the governor to visit Azerbaijan in preparation for future cooperation in the economic and banking fields.”
Views 47
Added 2024/11/06 – 1:45 PM
https://economy-news.net/content.php?id=49546
Strong national economy and sober banks, 7 NOV
Strong national economy and sober banks
In an important presentation before the Miri Conference on Economic, Financial and Banking Reform, the Governor of the Central Bank, Mr. Ali Mohsen Al-Alak, explained the indicators of the recovery of our national economy and the major transformations in the structuring of government and private banks achieved in 2023 and 2024 and expected in 2025, which are standard indicators that are adopted in assessing the strength of the economy and the sobrity of the banking sector.
One of the most prominent of these indicators is the adequacy of foreign cash reserves, the exported domestic currency, the rate of inflation and external debt, while stressing that the monetary policy objectives of the Central Bank contained in its law are to achieve growth and economic stability and economic stability and that one of its main objectives is to achieve stability in the financial system and the monetary system, reduce inflation rates and stabilize the prices of goods and services in Extremely complex economic, security and political conditions that Iraq suffered from in 2023 and 2024, and the world is going through, especially the countries of the current geographical region, which affects our country negatively and positively.
These conditions have been suffering from our economy for decades, and the reason is the reason is the rent of the economy and the dependence of 95% of the general budget revenues on oil, which constitute approximately 60% of the gross domestic product. The government is making clear efforts to reinform the effective economic sectors, namely agriculture, industry, tourism, customs and tax services fees, and the rise in their share in the general budget revenues to 20%. The low contribution of these sectors to the GDP led to the absence of local production that covers the consumer need of citizens for food and other basic materials, so the dependence was almost total on imports for the commercial private sector and from different origins, and successive governments were unable to control internal trade and trade regulation. Weak control over illegal trade and informal border ports have led to the impact of the monetary and commercial market.
Therefore, this indicator was the most prominent challenges faced by monetary policy and directly affected the stability of the exchange rate, which led the Central Bank to take many measures in cooperation with the government in regulating foreign trade, controlling control over foreign transfers, regularity in the global financial and banking system, complying with international standards and digital transformation in the banking sector, and working to prepare and launch its new strategy for reform and banking classification in all its basic circles at the level of internal and external banking transactions, the most prominent of which is securing the US dollar for large and registered traders and each trader, regardless of his classification at the official price through the electronic platform exclusively.
This was achieved through the analysis of indicators of the annual inflation rate of 3.8% after it was 4.4% and compared to the annual inflation rates of regional and neighboring countries. Most of these countries have reached very high inflation rates, reaching 80.4% in Turkey, Sudan 117.4%, Iran 40.0%, in the Maghreb countries with relative economic stability in Tunisia 9.3%, Algeria 9.0% and Morocco 5.0%, Egypt reached 37.4% and ranged in the Gulf countries with stable economies and oil rich between 2.4%.4%. This confirms, and there is no doubt that the Central Bank’s strategy and procedures during the years 2023 and 2024 achieved one of the main monetary policy objectives, which is to reduce the inflation rate and maintain the general level of the prices of goods and services, and is currently working to achieve the other goals, which are stabilizing the exchange rate and maintaining a foreign reserve that covers the local currency. In trading and imports, which exceeded 100 billion dollars and enough 140% to cover the local currency in circulation.
So the economic results and outputs confirm that the policies and procedures carried out by the Central Bank in cooperation with the government have achieved an important objective of monetary policy, to achieve stability in the monetary system, which is an important step in achieving other objectives of monetary policy.
We must point out that one of the most prominent indicators of our economy’s strength and recovery is what the International Monetary Fund finally predicted that the expected economic growth rate in 2025 will be 5.3%, while it contracted by 2.2% in 2022. The expected rate is higher than the growth rates in Morocco, Kuwait, Bahrain, Oman, Algeria, Jordan and Qatar. It is an indicator of the strength of our economy and is an inevitable result of the economic and financial reform programs applied by the government and the central bank since 2023.
Views 75
Added 2024/11/06 – 12:30 PM
EXCERPTS FROM MARKZ, 6 NOV
Oil falls and the dollar rises after Trump’s election, 6 NOV
Oil falls and the dollar rises after Trump’s election
Oil prices fell more than one percent on Wednesday, after Republican Donald Trump elected president of the United States, pushing the dollar up.
Brent crude futures fell $1.32 percent to $74.53 a barrel, while U.S. WTI fell 93 cents, or 1.29 percent, to $71.06 a barrel.
In addition to the impact of the appreciation of the dollar on commodity prices, Trump’s presidency could lead to policies that could increase pressure on the Chinese economy, weakening oil demand in the world’s largest crude oil importer, according to independent analyst Tina Teng.
The dollar is heading for its largest daily rise since March 2020 against its major counterparts with the launch of the so-called “Trump deals”.
The appreciation of the US dollar makes goods denominated in the US currency such as oil more expensive for holders of other currencies.
https://alforatnews.iq/news/النفط-يتراجع-والدولار-يرتفع-بعد-انتخاب-ترامب
RV UPDATE BY JULIAN ASSANGE, 6 NOV
Tues. 5 Nov. 2024 Julian Assange on Telegram
- BREAKING: Tier 4B Internet Group Activated – Military Coup Underway, Martial Law Imminent as GESARA, Earth Alliance, and White Hats Prepare the Quantum Financial System to Wipe Out the D********e!
- The gloves are off, and the Tier 4B Internet Group is active, signaling a seismic shift that will shake the world to its core. This isn’t just a platform; it’s the start of a movement for financial freedom and sovereignty.
- The Quantum Financial System (QFS) is now in play, a safeguard against a corrupted financial system. This moment isn’t for questioning—it’s a clarion call for patriots ready to reclaim control. While the masses sleep, the QFS is laying the foundation for a new awakening.
Iraqi Drilling: Drilling And Rehabilitating 15 Oil Wells In October To Boost Production, 6 NOV
Iraqi Drilling: Drilling And Rehabilitating 15 Oil Wells In October To Boost Production
Posted on 2024-11-06 by sotaliraq The Iraqi Drilling Company, affiliated with the Ministry of Oil, has achieved remarkable progress in its operational projects in the Iraqi oil fields, as it announced its success in drilling and reclaiming 15 oil wells during last October.
These achievements come as part of the Ministry’s strategy to enhance oil production and increase the capacity of Iraqi fields, which contributes to supporting the national economy and meeting the growing needs of the local and international market.
Economic expert, Mohammed Samir Al-Kubaisi, explained “the importance of this progress in drilling and reclaiming oil wells,” noting that “it reflects Iraq’s commitment to developing its oil infrastructure and increasing its production to enhance its financial returns.”
He stressed that "these steps support economic stability and contribute to reducing dependence on imports, which strengthens Iraq's position as a major source in the global energy market."
He added that “increasing production would improve public revenues, which could be directed to development projects that contribute to improving services and strengthening the local economy.”
The Deputy Director General of the Iraqi Drilling Company, Kazem Habash Khalif, said in a statement that “the technical and engineering staff in the company were able to drill 4 new oil wells and reclaim 11 other wells, distributed across several oil fields in the country.
He added, "These achievements come within the framework of the company's commitment to enhancing oil production and adhering to the specified timetables."
He stressed that "the company is continuing to implement its ambitious plans to enhance the oil sector in Iraq in cooperation with national and international oil companies."
On the other hand, the Undersecretary of the Ministry for Gas Affairs, Ezzat Saber Ismail, confirmed that “the gas sector is receiving the attention of the government and the ministry,” noting that “the ministry’s strategy and plans aim to stop gas flaring within the next few years.”
The Undersecretary pointed out that “the ministry has contracted with specialized companies to invest in associated gas and convert it into energy that can be used to secure fuel for the electricity sector and develop industries in the field of petrochemicals and other industries,” explaining that “the ministry has achieved an investment rate of (67%) of gas, reaching (70%) by the end of this year.”
It is hoped, as part of future plans, that “new quantities will be added during the coming year.” LINK
Tues. 5 Nov. 2024: RV, Zim Bonds BY JULIAN ASSANGE, 6 NOV
Tues. 5 Nov. 2024: RV, Zim Bonds …Julian Assange on Telegram
- Bond funds delivered to paymasters was coming in so fast everyone was is in awe from the amount
- Private appointments are being made now.
- Get your plans/projects together and don’t wait around for this to happen without being ready.
- No straight cash will be given.
- You are in charge of your funds and can place funds in different accounts
- Advisers will be there to assist you with your funds and will help guide you in your projects or choosing one on the list.
- Everything is going well , still some that do not want this to happen, but all is safe.
- You can take to your appointment: advisors/bank contacts (if you have already spoken to a specific person)/ friend/any person/s you want to assist you.
- Zim Cap information is changing daily but as of now they are paying as follows:
- NO projects = 15 million no matter amount you might hold.
- With projects = First 2 bond notes are 1 to 1 after this 25 million (per 100T) up to 30 bond notes.
- To negotiate further you will need to return.
- Safe link 800# will be released closer to go date.
- Rates are EXTREMELY high.
- We are almost at the end of the road.
- All Intel is saying “Next Week”
Iraq's Share In The IMF, 6 NOV
Iraq's Share In The IMF
Economic 2024/11/06 When Iraq announced that it had paid off all its debts to the International Monetary Fund last May, Reuters quoted the Fund as saying that Iraq was facing internal imbalances exacerbated by the large financial expansion and the decline in oil prices, and that it needed to gradually correct the public finances to achieve debt stability in the medium term and rebuild reserves.
Mohammed Sharif Abu Maysam At the same time, despite the expansion in public finance management with the aim of achieving significant increases in growth rates, the Ministry of Planning announced a decline in inflation rates from 7.5 percent to 4 percent, which is a positive precedent that has never happened before and is credited to those in charge of monetary and financial policies. It was leaked from the Central Bank that the cash reserve exceeds 110 billion dollars and that the country’s gold reserves amounted to nearly 150 tons.
The full repayment of the country's debt to the International Monetary Fund, the decline in the inflation rate and the increase in the cash reserve rates were indicators of a major shift in economic policies, not because the amount of debt was large, exceeding about eight billion dollars, but because such debts are usually conditional in the context of the so-called economic reform program that aims to privatize state functions and link the country's fate to the policies of the creditor parties and those behind them.
It is known globally that governments that can get rid of the burden of debt to the Fund and the World Bank are the most successful in managing the affairs of their countries and implementing their programs related to supporting macroeconomic stability and implementing the necessary financial reforms.
Supporting the ration card program was not only a direct reason for reducing inflation rates, but other factors related to monetary and financial policies and limiting parallel markets, and the flow of foreign currency with supporting the local product contributed to achieving this.
Thus, increasing the percentage of the country's gold reserves contributed as a tool to cover the local currency and a safe means of hedging against economic fluctuations and security tensions witnessed by the world and the region.
Accordingly, those in charge of economic policy files prove their success, and it is our duty to point out that these successes, just as it was our duty to always point out the points of weakness and stumbling with the aim of monitoring and correcting, have proven the inaccuracy of the vision presented by the International Monetary Fund regarding the situation of public finances, debts, and rebuilding reserves.
Today, Iraq intends to increase its share in the International Monetary Fund by the equivalent of 1.45 trillion dinars, which will support its voting power within the Fund, contribute to attracting investments, create a promising business environment, and achieve real development, thus addressing the problem of inflation in the labor market and implementing the components of the government program. https://alsabaah.iq/105468-.html
BANK STORY FROM MARKZ CHAT, 6 NOV
BANK STORY FROM MARKZ CHAT
Iraq's Gold Holdings Rise To More Than 152.5 Tons, 6 NOV
Iraq's Gold Holdings Rise To More Than 152.5 Tons
Money and business Economy News – Baghdad The World Gold Council announced today, Wednesday, that Iraq has increased its gold holdings to more than 152.5 tons.
According to the latest table published by the Council for November 2024, which was reviewed by “Al-Eqtisad News”, “Iraq ranked 29th out of 100 countries listed in the table with the largest gold reserves,” indicating that “Iraq ranked third in the Arab world after Saudi Arabia and Lebanon.”
He added, "Iraq increased its gold holdings to 152.6 tons, after it had held 152.5 tons, which represents 11.5% of its remaining reserves."
The Council also pointed out that "the United States of America tops the list of countries with the largest gold holdings in the world, with 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy with 2,814 thousand tons, while Bosnia and Herzegovina came in last with 1.5 thousand tons."
The World Gold Council is headquartered in the United Kingdom, has extensive experience and in-depth knowledge of the factors that drive market change, and its members consist of the world's largest and most advanced gold mining companies. https://economy-news.net/content.php?id=49544
TIDBIT FROM BRUCE, 6 NOV
Global Currency Reset:
Tues. 5 Nov. 2024 Bruce:
- Our contact says SS increases will come in the month of November.
- R&R would probably start in November, but we need NESARA to start, so just stay tuned.
- Contact in Iraq said we’d have monies Thursday to Saturday.
- We should have the 800 numbers on Wed. 6 Nov. and start exchanges on Thurs. 7 Nov.
2025 Strong National Economy And Sound Banks, 6 nov
2025 Strong National Economy And Sound Banks
Samir Al-Nusairi In an important presentation before the MERI Conference on Economic, Financial and Banking Reform, the Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, explained the indicators of the recovery of our national economy and the major transformations in the structure of government and private banks achieved in 2023 and 2024 and expected in 2025.
These are standard indicators that are relied upon to evaluate the strength of the economy and the soundness of the banking sector.
The most prominent of these indicators are the sufficiency of foreign cash reserves, the local currency issued, the inflation rate and the external debt, while emphasizing that the objectives of the monetary policy of the Central Bank stipulated in its applicable law are to achieve economic growth and stability,
and that one of its main objectives is to achieve stability in the financial and monetary system, reduce inflation rates and stabilize the prices of goods and services in extremely complex economic, security and political conditions that Iraq suffered from in 2023 and 2024 and that the world is currently going through, especially the countries of the geographical region, which our country is negatively and positively affected by.
These conditions have been suffered by our economy for decades, and the reason is the rentier economy and the dependence of 95% of the general budget revenues on oil, which constitutes approximately 60% of the gross domestic product.
The government is making clear efforts to revolutionize the active economic sectors, namely agriculture, industry, tourism, customs and tax services fees, and to increase their share in the general budget revenues to 20%.
The low contribution of these sectors to the gross domestic product has led to the absence of local production that covers the consumption needs of citizens for food and other basic materials.
Therefore, there was almost complete dependence on imports for the private commercial sector from different sources. Successive governments were unable to control internal trade and regulate foreign trade, and the weak control over illegal trade and unofficial border crossings, which led to the impact on the monetary and commercial market.
Therefore, this indicator was the most prominent challenge facing monetary policy and directly affected the stability of the exchange rate, which led the Central Bank to take many measures in cooperation with the government to regulate foreign trade, control foreign transfers, regularity in the global financial and banking system, compliance with international standards, digital transformation in the banking sector, and work on preparing and launching its new strategy for banking reform
and classification in all its basic links at the level of internal and external banking transactions, the most prominent of which is securing the US dollar for major and registered traders and for every trader, regardless of his classification, at the official price exclusively through the electronic platform.
This was achieved through analyzing the indicators of the annual inflation rate, which amounted to 3.8% after it was 4.4%, and by comparing it with the annual inflation rates of regional and neighboring countries. Inflation rates in most of these countries reached very high rates, reaching 80.2% in Turkey, 117.4% in Sudan, 40.0% in Iran, and in the Maghreb countries with relative economic stability in Tunisia 9.3%, Algeria 9.0%, Morocco 5.0%, and in Egypt 37.4%, and in the Gulf countries with stable and oil-rich economies, they ranged between 2.4% and 4.8%.
This confirms, without a doubt, that the strategy of the Central Bank and its procedures during the years 2023 and 2024 achieved one of the basic objectives of monetary policy, which is to reduce the inflation rate and maintain the general level of prices of goods and services.
It is currently working to achieve other objectives, which are the stability of the exchange rate and maintaining a foreign reserve that covers the local currency in circulation and imports, which exceeded $100 billion, with a sufficiency of 140%, which covers the local currency in circulation.
Therefore, the economic results and outputs confirm that the policies and procedures undertaken by the Central Bank in cooperation with the government have achieved an important objective of monetary policy, to achieve stability in the monetary system, which is an important step in achieving the other objectives of monetary policy.
It must be noted that one of the most prominent indicators of the strength and recovery of our economy is what the International Monetary Fund recently predicted, that the expected economic growth rate in 2025 will be 5.3%, while it contracted by 2.2% in 2022.
The expected rate is higher than the growth rates in Morocco, Kuwait, Bahrain, Oman, Algeria, Jordan and Qatar. It is an indicator of the strength of our economy and is an inevitable result of the economic and financial reform programs implemented by the government and the Central Bank since 2023. https://economy-news.net/content.php?id=49540
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