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Transparency and disclosure A consistent approach to the CBI

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Transparency and disclosure A consistent approach to the CBI

Post  RamblerNash on Tue Jul 31, 2018 10:13 pm

Transparency and disclosure A consistent approach to the CBI



31/07/2018

Samir Nusairi

The Central Bank of Iraq issued a detailed report on the revenues and expenditures of Iraq for the years (2005-2017), considering that the Central Bank is the financial adviser to the government, which manages the accounts of the Ministry of Finance of foreign exchange of Iraq's exports of oil, which is the main supplier of foreign currency and constitutes about 93% of the total Budget revenues and 65% of GDP. The report showed high transparency and disclosure on the accuracy of the data as revenues totaling 706 billion dollars and government expenditures totaling 703 billion dollars and the remaining was converted as the opening of the Ministry of Finance for 2018. The main and most important thing in this report is the most obvious and significant part of the government expenditure over the years, which focused on operating expenses by a large percentage, security expenditures, the war on terror and government revenues in light of the contracts concluded by the ministries, particularly electricity, oil and service ministries. Which occupied the salaries and wages of the highest proportion of them. It also notes that the report clearly indicates that the highest oil revenues achieved in 2012 and the highest spending achieved in 2013 and the lowest revenues achieved in 2016 and analysis of the data in the report we note that the Central Bank of this report to public opinion as follows: 

1 - The data contained in the report confirms the transparency and disclosure of the Central Bank of Iraq for the first time since 2003 at least to declare a certified and transparent report of the total revenue from foreign currency and total expenditures of the foreign currency of the government according to approved exchange doors. 

2 - The data contained in the report refutes all information data authorized by specialists and non-specialists in the various media.  

3 - The data contained in the report has nothing to do with the sale of currency and foreign reserves of the Central Bank, which exceeded the limits of 56 billion dinars, which are measured enough to cover private sector imports, which are enough to 15 months in the event of non-export of oil.    

I think that the central bank's disclosure of the foreign currency data with the exact accuracy required me and my colleagues and researchers to conclude that the continuation of oil prices at current rates or a slight rise due to the economic, political and security conditions that surround some regions of the world during the remaining months of 2018 will help That the price of Iraqi oil source up to $ 67 a barrel (net), which will increase revenues and cover the deficit in the budget will increase foreign reserves and provide the government with space and good flexibility to implement its service plans and investment   

http://economy-news.net/content.php?id=13089
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