Iraqi News Highlights Wednesday Afternoon 4-26-23
Tlm724 Administrator Bondlady’s Corner
How Many Years Does An Iraqi Need To Own A Million Dollars?!
April 24 Basil Abbas Khudair Books / d. Basil Abbas Khudair One million dollars in Iraq is equivalent to one billion and 320 million dinars, according to the exchange rate set by the Central Bank of Iraq on February 7, 2023, which the markets have not adhered to until today, and
although money is a source of attraction for many people, we did not and will not know how many Iraqis would like to one day own a million dollars, and
regardless of the number of those wishing, the (Picodi) financial platform prepared a study according to which it estimated the number of years it would take for an individual in various countries of the world to collect a million dollars,
(Picodi) is a smart online shopping platform designed to help shoppers around the world, and analysts
The platform conducted the study in several countries based on the average monthly salary in each country. The study included countries from different continents, numbering 102 countries, including Iraq.
The platform’s analysts prepared an arrangement (classification) for the countries included in the study based on the average monthly salary in each country, and
According to the data available to the experts of the organization, Iraq ranked 45 (globally) among The 102 countries of the world included in the study (after excluding a number of countries such as Sudan, Syria, Palestine, etc.), and
according to the calculations made, the Iraqi individual needs 154 years and a month to collect only one million dollars, and
the first five countries that topped the classification in the ability of their members to collect a million in terms of Number of years
- Switzerland: 14 years and 3 months
- Singapore: 16 years and 11 months
- Luxembourg: 17 years and 4 months
- The United States: 19 years and 10 months
- Iceland: 20 years and 11 months,
As for the last five countries In the classification, it was
- Pakistan: 621 years and 3 months
- Egypt: 603 years and 6 months
- Uganda: 523 and 3 months
- Nigeria: 519 and 1 month
- Nepal: 420 and 9 months), and
the Arab countries that occupied the five advanced ranks In the Arab world, all of them are from the Arab Gulf states, which are
- Qatar: 21 years and 3 months
- UAE: 23 years and 9 months
- Sultanate of Oman: 38 years and 6 months
- Kuwait: 41 years and two months
- Saudi Arabia:41 years and 10 months.
We mentioned them and others. They really cannot collect a million dollars, not in 154 years and a , but even in a million years, because their incomes are much less than the subsistence limits and cannot be saved, so from where do they collect a million dollars in 154 years?
They are among the groups most vulnerable to declining life expectancy due to lack of health services, poor nutrition, water quality, inadequate housing, lack of luxury, and living in poverty.
The aspect that this study neglected relates to what is circulated locally and has become known by many, with the existence of large numbers of Iraqis, not only of double salaries,
but of those who receive monthly salaries between 2-17 or more, and they are in large numbers,
some with official covers due to the existence of legislation that permits collection Between more than one salary and privilege or through circumvention of contexts, forgery, forgery and other means that are difficult to monitor because of the covers that are used to protect them from misleading, and
we point out in this regard that most of the statistics in the country are estimated and not accurate, as Iraq has not conducted an actual census of the population since 1997, and
the state lacks accurate and reliable information, and most of them are in the process of numbers, and the rolling number of the number of employees has not been completed because the previous government started an early project to count the number of employees, and
according to what is announced, the percentage of its completion has not ended even if it has reached advanced stages, and there is also a case From the discrepancy between the nominal salary and allowances Incentives and privileges, not to mention the lack of fairness between the salaries of employees with the same degree, length of service, and specialization.
Therefore, the state has been seeking for years to find a fair scale for salaries,
but it is a topic that is postponed and carried over from year to year and is still in the process of preparation, and
as a matter of honesty, we say to that platform or others that are specialized in studies and arrangement. Classification and then comparisons, that
our country is not only poor, according to the International Monetary Fund report, as it placed us within the global and first Arab sequence in terms of GDP growth for the year 2022, and that
there are individuals who succeeded in collecting a million dollars or more, not in 154 years, but in days, and we do not believe that they were included in the classification To improve our national figure in the period of formation of one million dollars.
Advisor To The Prime Minister: The Value Of Treasury Transfers Is Currently Estimated At 46 Trillion Dinars
Economy Yesterday, 12:59 Baghdad – aware – Nassar Al-Hajj Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that foreign currency reserves are high, safe and at comfortable levels, while he indicated that the
value of treasury transfers is currently estimated at about 46 trillion dinars.
Salih told the Iraqi News Agency (INA), that
“the Central Bank is an independent authority and enjoys broad legal independence, as
it is based on the Central Bank of Iraq Law No. 56 of 2004, especially Article 26, which bears an explicit title that reads:” Prohibition of lending to the government (no). directly or indirectly).
He noted that “the Central Bank is the authority to issue the national currency and maintain the stability of the value of the national currency and its purchasing power, and
it has the freedom to intervene in the money market to impose stability and reduce inflation rates by controlling local liquidity levels, which are monetary operations that come within the operational objectives of monetary policy, and It’s called “sterilization” procedures.
He added, “The Central Bank is responsible for managing the government’s financial operations, as well as managing the country’s foreign currency reserves, according to the best methods of managing sovereign investment portfolios, and its standard evidence in terms of maximizing asset returns and avoiding all risks, whether legal, price and others.”
He pointed out that “although the Central Bank, by virtue of its role in controlling local liquidity levels and controlling its flows to achieve stability in the growth of the money supply,
it exercises secondary market operations in the sale and purchase of securities in general and government ones in particular in order to manage general liquidity in the economy.”
And controlling its levels and growth rates in a way that achieves monetary and price stability, and
this is done through direct dealings with the national banking market exclusively.
And he continued, “The Central Bank currently holds, through secondary market operations, about 64 percent of the total internal public debt, which are government debt instruments in the form of bonds and treasury transfers
(that is, they are government borrowing tools that were discounted by local banks, and
they are the primary holder of them before discounting them with the monetary authority).,
As banks, especially government ones, at different periods deducted their interest with the Central Bank and regained their liquidity, and
they carry an annual interest ranging between 2-3 percent, and
today they have become an integral part of the assets or assets in the balance sheet of the Central Bank of Iraq. And he added,
“The value of treasury transfers in the possession of the monetary authority is currently estimated at 46 trillion dinars,” pointing out that
“the foreign currency reserves of the Central Bank of Iraq are at very comfortable levels, which are the highest in the country’s financial history, which are not less than balances (in foreign exchange and gold). ) between 110-115 billion dollars, and at the same time
it constitutes a percentage (coverage) of the cash currency issued (and according to the current exchange rate) by about 130 percent, which is a high and safe coverage. And he continued,
“Monetary policy, and by virtue of the fact that the Central Bank of Iraq is the government’s financial advisor, and
it is the one who coordinates and consults with the government in accordance with its law to ensure consistency and harmony with the joints of financial policy and other economic policies, any decision taken by the monetary authority in accepting a discount or liquidation of any government debt instruments will be subject to
There is no escape for accurate standard equations in applying monetary policy tools and their operational objectives, within the framework of managing the liquidity of the economy in a balanced manner with macroeconomic indicators, and
in a manner consistent with the independence of the Central Bank of Iraq.
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