Tuesday, July 2, 2024
Kurdistan deposits more than 70 billion dinars in Baghdad’s account as non-oil revenues
Kurdistan deposits more than 70 billion dinars in Baghdad’s account as non-oil revenues
On Monday, the Kurdistan Regional Government’s Ministry of Finance and Economy made the announcement that more than 70 billion dinars in non-oil revenues for March 2024 would be transferred to the federal treasury in Baghdad.
The service expressed in a concise explanation got by , “A measure of 70 billion, 131 million and 250 thousand dinars was moved to the financial balance of the Government Service of Money, as a component of the bureaucratic depository’s portion of non-oil incomes for the Kurdistan District for the period of Spring.”
The Kurdistan Regional Government’s Ministry of Finance and Economy made the announcement on May 27, 2024, that the federal government would receive 85,199,634 dinars (eighty-five billion, one hundred and ninety-nine million, six hundred and thirty-four thousand dinars) in cash from the Kurdistan Region’s internal revenues for the month of February 2024. Iraq in the Erbil part of the National Bank of Iraq, adding up to half of assessment and customs incomes in the Kurdistan Area for the long stretch of February.
"RV UPDATE" BY WALKINGSTICK, 2 JULY
Walkingstick
Sudani rewrote the contracts and recalculated them in accordance with the rate in the budget...They've been running a budget with the new exchange rate and a budget with the old exchange rate...
[Iraqi bank friend Aki update]Experts Say It Is Likely That The Cash Mass Will Be Directed To Investing In Stocks
Experts Say It Is Likely That The Cash Mass Will Be Directed To Investing In Stocks
Economical 07/01/2024 Baghdad: Hussein Thaghab Experts expected a positive movement in the trading of the Iraqi Stock Exchange for various companies, based on a number of facts that the country is witnessing, foremost of which is the difficulty of money leaving Iraq, as it is looking for new investment outlets, and stock trading is one of the most important of these outlets in front of the monetary mass.
The economic expert, Dr. Saif Al-Halafi:
There are real reasons behind the high volume of trading in the Iraqi stock market, the most important of which is the rapid and uncontrolled growth, especially the less expensive real estate financing and purchase sector in Iraq.
He added that the huge inflation in the rise in house prices inside Iraq, which may continue with turbulent growth for a period of no less than three years, which will witness crazy increases in their prices in a way that leads to the employment of large capital, whose owners were unable to export it outside Iraq and direct it to their foreign investments due to... The strictness of the US Federal Reserve’s procedures and the strict control by the US Treasury on all foreign transfers.
He pointed out that we notice that the increasing demand for real estate sometimes heads to major cities such as Baghdad, Erbil, Sulaymaniyah, Najaf, Basra, and Karbala, where political and security stability has improved and the abundance of the business world in the private sector has had an insane impact on the increase in demand for real estate and in proportions that vary from time to time depending on the strength of this. The governorates and the strength of the center of the capital, Baghdad.
Al-Halafi continued that in the next stage, the demand trend will witness a sharp shift with the addition of governorates and cities that fall within the Al-Faw-Umm Qasr axis and the development road, passing through the cities of Muthanna and Nasiriyah and joining Baghdad and Mosul, due to the concentration of the future business world environment in the Al-Faw Basin and the development road, and this is what the power of capital transfer has led to. Large and medium.
He pointed out that there is a noticeable increase in the concentration of this money in Basra and Baghdad, which has increased pressure on the real estate market, especially Iraq’s urgent annual need for more than 250,000 housing units annually.
He stated that Iraq's problem lies in its being a flexible and effective economy, as we see the presence of clarity in monetary policy and its tools represented by the policies of the Central Bank,
but on the contrary we see an almost complete absence in Iraq's financial policy and its executive tools represented by the government's ability to impose taxes at multiple and specific levels on... Those with high monthly financial incomes and those with large projects in Iraq,
in addition to the policy of imposing fees and customs tariffs on all goods and commodities entering Iraq, along with the policy of reducing government spending by supporting and encouraging the private sector and facilitating its mission in creating jobs for young people and the unemployed.
He said: Here we question and explain the urgent desires of the Central Bank to raise the ceilings of capital ratios for banks operating in Iraq to 400 billion dinars, and
it may be followed by the urgent and increasing acceleration in raising the ratios of monetary and credit reserves.
These tools have made clear the Central Bank’s desire to cool the accelerating hot economy in the housing and construction sector.
But in all of this market turmoil, the high levels of cash liquidity with inflation rates and the inability of Iraqi funds to migrate abroad will help the strong demand in the direction of the Iraqi stock market,
which will be a likely and safe destination for those funds in order to maintain their monetary strength without being influenced by factors. Inflation has the ability to reduce its value.
As for the member of the Baghdad Economic Forum, Jassem Al-Aradi, he confirmed that the size of the monetary mass that was directed outside the country has now changed its course to the internal local market, where it targeted real estate and lands, and from there headed to the stock trading market, albeit in a relative manner, but the data indicate that trading in the stock market It will be her next destination.
He pointed out that many capitalists have come to realize that purchasing shares makes them owners of a percentage of the company's assets, and these matters have encouraged many to buy shares in different joint-stock companies, pointing out the importance of promoting the culture of investing in shares.
He stated that increasing the volume of stock trading reflects the effectiveness of the national economy, anticipating that the coming period will witness a gradual growth in stock trading in terms of number and value. https://alsabaah.iq/98769-.html
"RV UPDATE" BY FRANK26, 2 JULY
Frank26
If it [the budget] comes out in the Gazette with the old rate, there's only two budgets left, one with the old rate and one with the new rate but if they come out with the one with the old rate don't worry about it, it'll change very quickly.
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