TNT – “Tidbits From TNT” Tuesday 5-28-2024

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Tishwash:  Central Bank: The issuance of new monetary denominations will not affect the dinar exchange rate

Member of the Board of Directors of the Central Bank of Iraq, Ahmed Barihi, confirmed today, Monday, that the issuance of new cash denominations, large or small, will not affect the dinar exchange rate.

Brehi told Al-Ma’louma, “Issuing rumors on social media sites about the issuance of new monetary denominations aims to create a state of confusion in the Iraqi market.”   

He added, “The Central Bank of Iraq is working according to well-studied plans, and there is no intention to issue new currencies in large or small denominations.”

He explained, “If we assume that the central bank issues a new currency, this will not affect the exchange rate of the Iraqi dinar.”  link

VictorD:  IMO, they can release all the paper currency they want, at any rate they want, it will not effect the currency value, just like the article states because it is controlled by the CBI. What effects the currency value is what the CBI sets it to or if it floats, the float value.  Once the currency floats, it’s a whole different ball game.

Tishwash: Adviser to the Prime Minister: Iraq’s position in the World Summit Forum was prominent

The media advisor to the Prime Minister, Hisham Al-Rikabi, confirmed that Iraq’s position in the World Summit on the Information Society Forum was prominent.

Al-Rikabi said, in his blog post on the (X) platform, followed by the Iraqi News Agency (INA): “Iraq’s position at the World Summit on the Information Society Forum held in Geneva was prominent through the speech of the Minister of Communications, Hiam Al-Yasiri.”

Al-Rikabi added, “The participation of the Communications and Media Commission delegation in the forum came to emphasize the integrity of purposeful content, confront hacking, spread inflammatory content, and preserve the moral system of societies.”  link

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CandyKisses:  Al-Atwani: Employees’ salaries, appointments and contracts are secured in the budget

Baghdad (NINA) – The head of the Finance Committee, Atwan Al-Atwani, announced  that the salaries of employees, appointments and contracts are secured in the budget.

Al-Atwani’s media office said in a statement that “the Chairman of the Finance Committee chaired the expanded meeting of the Parliamentary Finance Committee, to discuss the 2024 budget tables, in the presence of Deputy Prime Minister and Minister of Planning Mohamed Tamim, Minister of Finance Taif Sami and a number of advisers to the Prime Minister.”

He added: “The meeting discussed the tables and data of the 2024 budget, the philosophy of building this budget, and the mechanisms for determining financial allocations, both with regard to reducing investment expenditures and the significant increase in current expenditures, and also discussed a number of important topics, including financial allocations to the governorates, spending policy, the mechanism for disbursing amounts, ways to fill the budget deficit and how to increase non-oil revenues, as well as the file of ensuring the sustainability of financing continuous projects.”

According to the statement, Al-Atwani stressed “the keenness of his committee to discuss and analyze the data of the 2024 budget tables in order to secure the requirements for implementing the government program and other governing entitlements, noting that the diagnosis of the defect in the construction of the budget does not target anyone, but rather aims to improve performance.”

He continued: “The salaries of employees are fully secured during 2024, and it was agreed to rotate the allocations of the governorates that were not spent last year to 2024 after securing the allocations of the Food Security Law in the spending units.”

He noted that “the Ministry of Finance has been committed to completing the financing of the governorates’ allocations for the year 2023,” noting that “the allocations of appointments and contracts in the 2023 budget are legally secured, and these paragraphs will be implemented during 202.”

He stressed that “the law to increase the salary of full-time appointees will be applied during the new fiscal year 2025.”

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Tishwash:  Expert: The Iraqi economy is witnessing remarkable growth, which was contributed to the decline in the dollar exchange rate

Economist Jabbar Goran revealed on Tuesday the high rate of economic growth in the country and that the Iraqi financial system is linked to the global banking system.

The economic expert and spokesman for the currency market in Sulaymaniyah, Jabbar Gorran, said in a statement to Shafaq News Agency: “The economic and financial situation of Iraq is developing and growing significantly, and now we are witnessing an increase in the country’s economic growth by 2%, and this is a good thing for the Iraqi economy compared to previous years.”

He added, “The implementation of electronic procedures by the Central Bank of Iraq under the supervision of the US Treasury Department had a clear impact on economic growth as well as on the decline in the value of the dollar against the Iraqi dinar.”

He stated that “the monetary financial policy currently followed in the country has made the difference between the exchange rate of the dollar and the dinar shrink to the limits of ten thousand dinars, and this difference is considered normal for many reasons.”

He pointed out that “the measures taken since the middle of last year have been implemented in a realistic manner, amounting to 30 financial measures, which had a positive impact on dealing in the Iraqi dinar instead of the dollar, when transactions in the Iraqi dinar in the country are now estimated at 90%, with the exception of the Kurdistan Region, and also paved the way for merchants to deal.” Through external transfers directly through banks, 85% of local merchants can now deal with external transfers through banks to import materials from abroad.”

Kuran ruled out that the dollar exchange rate would be the same as the government exchange rate for administrative and financial reasons, indicating that the difference should remain this way at around 10 thousand dinars between the dollar and dinar exchange rate.  link