Mawazine News – Baghdad Deputy Chairman of the Parliamentary Planning Committee, Mohammed Karim, confirmed today, Thursday, that this year’s budget will proceed after completing the changes in its schedules for the allocations of provincial and ministries projects only. “The exchange rate of the dollar, the barrel of oil and the quantity exported will remain the same as confirmed by last year’s budget,” Karim told Mawazine News.
He pointed out that “the tripartite budget approved by the Sudanese government and approved by the House of Representatives allowed the government to make changes and amendments imposed by the impact after the parliament vote.” He pointed out that “changes to the schedules will include the projects of ministries and governorates in accordance with the requirements of the government program.”
๐บ๐ธ๐ฅ❤️๐บ๐ธ. Iraq is allowing the dinar to float to close the gap between the official exchange rate and the parallel market rate.๐ฅ๐ฅ๐ฅNader today. Good news! ๐บ๐ธ๐ฅ❤️๐บ๐ธ
FRANK26: "MONETARY REFORM STEPS ACCOMPLISHED BY THE CBI & CITIZENS".........F26
The Central Bank of Iraq organizes a celebration on the occasion of Financial Inclusion Week
May 02, 2024
The Financial Inclusion Department at the Central Bank of Iraq organized a celebration on the occasion of Financial Inclusion Week in Iraq.
The celebration reviewed the efforts of the Central Bank of Iraq in promoting and achieving the ideal environment for the success of financial inclusion in Iraq, encouraging savings and spreading banking culture.
His Excellency the Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, confirmed on the sidelines of the celebration that the steps achieved in financial inclusion that were accomplished today are accelerating and can close the gap that occurred during the past years as a result of the circumstances that Iraq went through.
His Excellency stated that the bank has ongoing meetings with the Iraqi government to expand the customer base in electronic payment methods and enhance financial inclusion, as we see a great response from various state institutions in the context of expanding the financial and banking culture in Iraq.
His Excellency believed that the factors that lead to the success and expansion of the role of financial inclusion are the citizen’s confidence in the institutions and tools available to him, as well as his vision of his interest in using them. He continued, that the Central Bank has become at the forefront of global central banks using various financial technologies that provide speed and accuracy, revealing at the same time that the bank has received large preparations to establish digital banks and the relevant departments are working on the possibility of granting them a license to carry out their work in accordance with the controls and instructions issued by the bank. His Excellency noted the “Riyada” Bank project, which will be an important project as we are in the advanced stages of establishing the bank and will constitute a qualitative leap in supporting and financing small and medium enterprises and providing job opportunities for wide segments of society. It will also have branches throughout Iraq. It is noteworthy that the Financial Inclusion Department organized many different events in the capital, Baghdad, and other governorates within the Financial Inclusion Week in Iraq, which began on April 27 and continued until May 2 of the current year.
Central Bank of Iraq Information Office 2 - May - 2024
Advisor to the Prime Minister, Amer Al-Adad, confirmed that Al-Sudani succeeded in digital transfer in banks.
Al-Adad said, in a televised interview followed by Mawazine News, that “the Sudanese government is currently working on developing our proposal to form private “digital banks” that will do the work of government banks, in addition to many proposals to advance the Iraqi banking reality.”
He added, “The “knowledge economy” project developed by the government of Muhammad Shiaa Al-Sudani depends on information technology and cybersecurity, pointing out that government banks have problems in systems, governance, and human resources.”
He pointed out that “the current government is working to train employees on the ASYCUDA system at the ports in order to increase the employees’ expertise and ease of work, stressing that Sudanese has many reforms, including digital transformation in banks.
“His advisor: Al-Sudani succeeded in digital transfer in banks”
This is really good news for our investment. The Iraqi banks are now capable of digital transfers. When Iraq regulates their digital economy after MICA is finished (5-28-24) and Stablecoins become law on June 30th, 2024, we will begin looking toward credit valuation adjustments across the globe.
The difference this time around is that Iraq will be included. We still have to see what that means when we get to Q3. There will be many assets being refactored into the new economy after these dates.
2024-04-29 01:37 Shafaq News/ The Federal Ministry of Finance revealed, on Monday, that the volume of Iraqi revenues in the budget exceeded 20 trillion dinars within two months, while confirming that the
oil contribution to the budget had risen to 91%. Shafaq News Agency followed the
data and tables issued by the Ministry of Finance in April for the January and February accounts of the current fiscal year,
which showed that oil is still the main resource for Iraq’s general budget, reaching 91%, which indicates that the rentier economy is the basis of the country’s general budget..
The financial tables showed that the total revenues in January and February amounted to 20 trillion, 465 billion, 480 million, 278 thousand and 344 dinars.
They also indicated that the total expenditures with advances amounted to two trillion, 752 billion, 731 million and 419 thousand dinars.
According to the financial tables, oil revenues amounted to 18 trillion, 678 billion, 903 million, and 892 thousand dinars, which constitute 91% of the general budget, while non-oil revenues amounted to 1 trillion, 786 billion, 576 million, and 385 thousand dinars.
In this regard, economic expert Muhammad Al-Hassani told Shafaq News Agency,
“Iraq cannot get out of the cycle of rentier economy due to the lack of infrastructure for the industrial and agricultural economic sectors and the absence of a real investor,” adding that
“the surplus funds in the general budget are not directed towards... Investment, but rather towards expenditure.
The Prime Minister’s Advisor for Financial Affairs, Mazhar Muhammad Salih, confirmed in March 2021, in an interview with Shafaq News Agency, that the
reasons for the economy remaining rentier are due to wars and the imposition of the economic blockade on Iraq during the past era and the political conflicts we are witnessing today, which led to the dispersion of... for economic resources.
The Iraqi state’s continued reliance on oil as the sole source of the general budget puts Iraq at risk from the global crises that occur from time to time because oil is affected by them,
If Iraq decides to come out with a fixed exchange rate of 3.00 (assuming you mean 3.00 Iraqi Dinars per 1 US Dollar), it would mean that the central bank commits to maintaining this exchange rate by actively buying or selling its currency in the forex market.
This can provide stability and predictability for international trade and investment, but it also requires the central bank to have sufficient foreign currency reserves to defend the fixed rate.
This is exciting. Because if they come out with a fixed rate we do not have to wait for them to gradually increase the value where we would initially have to go to the bank and exchange a little of our Dinar just to pay bills while we sit on the rest of it waiting for it to get to 3 dollars. So if they stick to this plan you all will wake up with a strong rate where you can exchange all of your IQD at the fixed price.
