Iraqi News Highlights Thursday Afternoon 6-29-23
Tlm724 Administrator Bondlady’s Corner
Adviser To The Prime Minister Determines The Factors For Stabilizing The Purchasing Power Of The Iraqi Dinar
Balsam Hameed Today, Wednesday, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed the strength of quantitative and price monetary policy tools in managing public liquidity, while identifying factors for stabilizing the purchasing power of the Iraqi dinar.
Saleh said to the official agency, followed by (Al-Oula News): “Some are betting on the impossibility of controlling the levels of local liquidity generated by government spending,
especially in the federal general budget 2023, which is based on methods of financing the budget in Iraqi dinars in exchange for oil revenues in foreign currency mostly, as
Oil revenues constitute the reserves of the Central Bank of Iraq,
which help to intervene in the money market to sterilize local liquidity levels and control them when they rise through the ability to meet the growing demand for foreign exchange. He added,
“The bet is losing on the inability to intervene and control the levels of liquidity in dinars, which will rise with the rise in government expenditures due to the conditions of the compliance platform and the fear of them in meeting the demand for foreign exchange.
Monetary policy and the strength of foreign reserves, which are the highest in the country’s financial history, are the only ones that possess the price tools.”
And the different quantity affects the levels of liquidity that government spending mostly generates. And Saleh continued,
“There is strong coordination and integration between
monetary policy and the joints of
economic policy and
financial policy, and
it affects drawing the rules for price stability factors and building an efficient commodity supply in a way that achieves the goals of the Central Bank in stabilizing the purchasing power of the Iraqi dinar, based on the goals of Decree Law No. 56 of 2004.”″.
And he noted, “There is a very pessimistic extremist imagination that is spread from time to time and is not at all commensurate with the strength of the monetary and price policy tools in particular, and the
opportunities available for government policies in general in addressing the shocks that are seen from time to time in the issue of public liquidity management.” https://www.awla.news/مستشار-رئيس-الوزراء-يحدد-عوامل-استقرا/
Oil Prices Are Falling Again
Energy Economy News – Baghdad Oil prices fell on Thursday, giving up some of the gains of the previous session, as investors took profits amid fears that raising interest rates again will lead to a decline in economic growth and global demand for oil.
Brent crude futures fell 27 cents, or 0.4 percent, to $73.76 a barrel by 0052 GMT. West Texas Intermediate crude futures lost 21 cents, or 0.3 percent, at $69.35 a barrel.
And the benchmark, crude, rose about 3 percent, on Wednesday, after the US Energy Information Administration said that crude stocks fell by 9.6 million barrels in the week ending June 23, which far exceeded analysts’ expectations in a Reuters poll, for a decline in stocks of 1.8 million barrels.
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Al-Hakim: We Aspire That This Holiday Will Be A New Start For A High-Level Developmental, Service-Oriented Political Work That Will Achieve The Aspirations Of Our Dear People.
Wednesday 28, June 2023 | political Number of readings: 995 Baghdad / NINA / – The head of the Wisdom Movement, Ammar al-Hakim, expressed his hope that this holiday will be a new start for a high-level developmental political service work that achieves the aspirations of our dear people in light of the state of stability that our beloved country is experiencing.
Al-Hakim said in a statement, “The blessed Eid Al-Adha is not only a devotional station, but rather a spiritual human opportunity to refine the sources of goodness in the conscience and apply them as credibility on the ground to spread goodness, love and peace in the family and society. the deprived, the sufferings of the poor, the need of the poor and the destitute, to help them in the difficulty of life and to live the seasons of what they suffer.”
And he added, “Iraqily, we aspire that this holiday be a new start for a high-level developmental service-political work that achieves what our dear people aspire to in light of the state of stability that our beloved country is experiencing, as well as approving the financial budget in its tripartite format, which allows the government team to direct the implementation of its promising service program in fairness to all our provinces.” Achieving a quantum leap in the executive and legislative performance.
https://ninanews.com/Website/News/Details?Key=1062012
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