أثر حوالات الخزينة في تقليص عجز الموازنة الاتحادية في العراق للمدة (2004-2014)‎

Abstract EN

The deficit of the state budget is the economic and central problem of countries, especially Iraq because of its direct impact on the performance of economic activities and negative effects on the economy, which led to reliance on treasury bills to finance the budget deficit to avoid the negative effects that result from the use of other sources of funding and being one of the most important The state's internal debt instruments are resorted to by the government so that it can borrow from different sectors of the economy, The purpose of the research is to shed light on the concept of budget and budget deficit, define and outline the framework or the merits of the problem, identify the remittances, highlight the legal framework and mechanism used in issuing them, and indicate the role of those involved in the issuance, sale and purchase of treasury remittances (Central Bank, Commercial Banks).

That the problem of research is about Iraq's problems in the budget deficit resulting from the steady increase in public expenditure and the decline in public revenues seasonally.

The research suggests that treasury transfers can contribute to reducing the temporary budget deficit as short-term financing sources, affect liquidity without resorting to cash issuance, and have a clear effect on the withdrawal of savings and liquidity in commercial banks.

A number of results were found in the research: 1.

Treasuries are short term (less than one year) and are risk-free, which is guaranteed by the State and sold at a discount of nominal value.

This is therefore an important source of short-term investment for the banking sector in general.2.

The tools of fiscal policy affect the reduction of the deficit of the federal budget, the more the government's demand to sell Treasury remittances as it contributed to reduce the proportion of fiscal deficit in the general budget and through this tool can control the levels of liquidity.

In the light of these results came the recommendations, which were the most important: 1.

The interest in activating and activating the banking sector in general and expanding it in order to serve and build a banking infrastructure.

Increasing the investment of liquidity of commercial banks and the banking sector in general increases the deficit of the fiscal deficit in the state budget.

2.

Encouraging non-bank financial institutions to invest in treasury remittances (especially the General Pension Authority and insurance companies)