Export Revenues Research Articles

The US-China trade war and the volatility linkages between energy and agricultural commodities

Any disruptive changes in the competitive environment, such as the U.S.-China trade war, may influence the price volatility of crude oil and agricultural commodities. This study examines the volatility linkage between crude oil and agricultural commodity markets in the context of the U.S.-China trade war and compares the impact of the trade war with that of other exogenous shocks. The results show that the volatility of soybeans exhibits the highest level of responsiveness to the U.S.-China trade war - which is not surprising given that the U.S. agribusiness trade to China is dominated by soybeans - followed by coffee and cotton. The sizes and dynamics of the impacts of shocks are largely commodity-specific. Notably, the trade war impacts most agricultural commodities more extensively than other exogenous shocks, including the global financial crisis and the COVID-19 pandemic and associated recession. These findings matter not only for the decision-making of investors and portfolio managers but also for commodity-exporting and importing countries because changes in the volatility dynamics of crude oil and agricultural commodities often impact export revenues and import expenditures and consequently feed through exports to the global supply chain under exogenous shocks such as the U.S.-China trade war.

Uranium and the Macro-Economy in Niger: An Empirical Investigation

Like many commodities, uranium price is notoriously volatile, and such volatility can have serious economic consequences for countries that export them. Niger, which is the fourth-largest producer of uranium in the world, has been dealing with uranium price fluctuations since the start of its production in 1972. Since 2011, Niger is also an oil-exporting country. However, Niger is still one of the poorest countries in the world, and policymakers are keen on learning the impact of natural resource revenue on the economy. Policymakers are particularly interested in knowing whether uranium export has been a curse instead of a blessing. As such, the present study seeks to analyze, empirically, the impact of uranium price fluctuations on key macroeconomic variables in Niger. More precisely, the objective of this article is to document the existence of Dutch "disease" or lack thereof in the economy. The study uses VAR and VECM methodologies and utilizes Granger causality tests, variance decomposition, and impulse response functions to guide the analysis. These approaches allow for an empirical deeper dive into the impact of the uranium sector on the economy. The article uses annual time series data covering the period from 1977 to 2015. The data comes from three main sources, including the World Development Indicators (WDI) database, the Central Bank of West African Countries dataset (EDEN), and Niger's National Institute of Statistics (INS) dataset. The results show that Niger's economy suffered from Dutch disease from uranium export. Indeed, the Granger causality tests show that uranium export revenue cannot be used to forecast real income in Niger. Furthermore, impulse response functions confirm the above result as a shock to uranium price and the resultant effects on money supply, inflation, and the real exchange rate is consistent with the Dutch "disease" theory. In general, uranium export revenue was the source of macroeconomic imbalances observed in the country during the period considered by the study. Now that Niger is also an exporter of oil in addition to uranium, policymakers should avoid the trap of Dutch "disease" by investing natural resources revenue strategically. Given Niger's development challenges, using natural resources revenue for public investment in infrastructure, health, and education should be a priority.

Exporters' reaction to positive foreign demand shocks

AbstractI use the quasi‐natural experiment of the 2018 African swine fever (ASF) outbreak in China to analyze swine exporters' reaction to a foreign market's positive demand shock. I use the universe of Spanish firms' export transactions to China and other countries and compare the performance of swine and other exporters before and after the ASF. The ASF almost tripled Spanish swine exporters' sales to China. The increase in exports to China positively impacted export revenue and survival in other foreign markets. This positive impact was especially intense for small swine exporters.

THE IRAQI OIL INDUSTRY: HISTORY AND OVERVIEW

The first attempt at producing oil in Iraq dates to the nineteenth century, when Germany explored oil in Iraq during the period (1860-1880). A series of dramatic changes have occurred in the Iraqi oil sector, as well as the agricultural sector, because of revolutions, conflicts, wars, instability, and uncertainty. The Iran-Iraq war occurred from 1980 to 1988, the Iraqi invasion of Kuwait in 1990, the subsequent Gulf War, UN sanctions, the 2003 war, and regional destabilisation caused by the Islamic State terrorist group, contributed to restrictions and underinvestment. Despite the positive effects, such as increased export revenues and development opportunities, resource-rich states are often plagued by the resource curse. Conflicts resulting from resource curse raise serious questions about international security. Poor oil revenue has plagued Iraq’s economy since the second half of the 20th century. Its economy was heavily influenced by the oil sector. However, oil wealth benefits the government first and last, and the Iraqi people appear to benefit little, consequently there are protest demonstrations by citizens in various Iraqi cities against widespread unemployment, poverty, corruption, deterioration of electricity supply, education, health, and the intensification of the housing crises. Due to the lack of other productive sectors such as agriculture, industry, tourism, mining, the Iraqi economy remains a rentier economy based primarily on crude oil exports. Khrushchev used Iraq’s land to threaten the West without consulting the Iraqis. Iraq still faces many threats today as Iran and the United States negotiate the Iranian nuclear issue.<p> </p><p><strong> Article visualizations:</strong></p><p><img src="/-counters-/soc/0099/a.php" alt="Hit counter" /></p>

Prospects for Greenland's economic autonomy

In 2019, the attention of the world community to Greenland increased significantly after US President Donald Trump offered to buy the island. Although the proposal was immediately rejected, it caused a rethinking of Greenland’s importance in the Arctic international relations system. Greenland’s government also felt the growth of attention, which took a sharper course towards independence from Denmark. The author intends to explore whether Greenland has the economic basis for being an independent state. Thus, the current state of the key export sectors of its economy (fishing, mining and tourism) was analyzed. As is shown, having a negative trade balance Greenland is deeply dependent on Danish financial support which equals 78% of export revenues, up to 50% of the local budget and 20% of GDP. Moreover, Denmark is the main trade partner of Greenland. The paper also considers the main factors pushing Greenlanders to gain independence from Denmark - resentment for the colonial period of their joint history and the economic advantages of free disposal of the island’s territory and its resources. The intent to become independent is largely fueled by U.S.-China competition for influence on Greenland, as both countries are attracted by the island’s geostrategic location and its resources, including rare earth minerals and uranium. The analysis of key export sectors development prospects demonstrates that by modernizing its seafood industry, putting into operation new tourism infrastructure and implementing ongoing mining projects Greenland could receive funds in an amount sufficient to replace Denmark’s financial support. However, this will require time, foreign investment and, most importantly, consistent policy for working with foreign companies, which Greenland lacks currently.

Factors of monetary and credit policy: world and Ukraine in the conditions of military aggression

Starting with the global pandemic crisis, whose consequences included the disruption of logistics chains and the suspension in a number of economic sectors, the world economy is experiencing increasingly large losses. Full-scale Russian aggression against Ukraine and the imposition of sanctions against the Russian Federation by many countries have made the global economy even more unstable and problematic. Macroeconomic problems are accumulating in the world, which will be a long term trend. The article deals with Ukraine’s domestic financial and monetary sphere since the beginning of Russian aggression in 2014 and in the context of the post-pandemic global crisis. In the first months of the war, Ukraine – being a small open commodity based economy –managed to maintain the stability of money circulation and prevented panic in the financial markets, in contrast to 1998, 2008 and 2014. The full-scale war continued the economic crisis initiated by the COVID-19 pandemic. The interaction of the two crises deepens imbalances in both the global and Ukrainian economic and financial systems. As manifestations of the crisis, the article examines the disrupted supply chains of goods and raw materials, and the negative impact on the companies' solvency due to reduced demand. On the other hand, with their financial injections, the governments prevent the rapid bankruptcy of unviable firms in order to preserve employment, which exposes the economy to new risks. The article outlines expected developments in Ukraine’s financial system due to long war and the ensuing macroeconomic losses and uncertainty. Recommendations are given on urgent measures to support the banking sector in order to increase its liquidity and solvency under the conditions shaped in 2022. The authors note that in the fight against inflation, it is necessary to take into account the increased energy prices, the disrupted logistics chains for commodity producers, the decreased export revenue, and the increased prices for critical imported goods. Anti-inflationary measures under such conditions could lead to stagnation and phase out domestic production.

Socio-Demographic Depletion Due to COVID-19 Impact and Government Intervention: A Review in Bangladesh

COVID-19 known as coronavirus disease, has been dominating the headlines all over the world since about a year ago which is now almost under control. The World Health Organization (WHO) has labeled it a pandemic. Bangladesh is struggling with this virus with its scarce resources. Nearly two million people have been reported as confirmed cases of coronavirus disease in 185 countries worldwide in the five months after the virus first emerged in December 2019. The COVID-19 pandemic affected people directly or indirectly all over the world. There has been a slowdown in all sectors worldwide and most of the global population was placed under lockdown. The families of 43.9 percent of the students might live in poverty, and export revenues from RMG fell by 18.12% from the previous year. Households in Chittagong city corporation experienced the least decrease in average income (11.7%) while the households in Sylhet city corporation experienced the most reduction in average income (63.4%). This COVID-19 created a widespread global shock. The government of Bangladesh has declared several stimulus plans worth a combined total of about USD 11.90 billion for the agricultural sector to ensure the country's food and nutritional security, for doctors, nurses, and the homeless for social safety, and for business sectors including small and medium enterprises and cottage industries at the early age of pandemic. There were 23 COVID-19 stimulus packages total across the nation, with a total outlay of USD 1.23 billion which is 4.44% of GDP. Approximately USD 3,529 million for the service sector and the impacted industries, USD 589 million to cover workers' salaries/allowances, and those of staff working in industries focused on exports were allocated as a package to tackle the serious impact of the COVID-19 pandemic.

Россия и Китай: текущие проблемы торговых взаимодействий и долгосрочные перспективы сближения экономик

The study is devoted to the analysis of features and current problems of trade and economic interactions between Russia and China during the COVID-19 pandemic and sanctions against the Russian economy. Based on this analysis, the author identified possibility of cooperation between the economies. It was found that for 2022, China's customs data was reliable for determining the value of Sino-Russian trade. Differentiated response in the costs of transporting goods between these countries during the pandemic was determined: invariant - from China to Russia; more than doubling costs – from Russia to China. The pandemic and sanctions contributed to an increase in exports from China to Russia. It was revealed that the main source of increasing imports from Russia to China was fuel and energy goods, due to an increase in prices and volumes of supplies. At the same time, for the Russian companies, redirection of goods to China was forced, and their subsequent expansion of these goods into the Chinese market requires significant investments. Along with the existing endogenous and exogenous risks, for the Russian companies targeting the Chinese market could generate negative effects from monopsony, as well as a decrease in export revenue. In the future, we can expect: an increase in supplies to Russia by the regional-level Chinese companies, an increase of cross-border trade and a reduction in mutual tariff barriers; development of the Chinese market by Russian business, as well as attracting Chinese investment and expanding settlements in national currencies.

КЛЮЧЕВЫЕ ДЕТЕРМИНАНТЫ ДОЛГОСРОЧНОЙ ЭКОНОМИЧЕСКОЙ ПОЛИТИКИ И ЭКОНОМИЧЕСКОГО РОСТА

The article considers the main reasons for the low potential of Russia’s economic growth. The reasons are: the limited budgetary spending as a result of the reduction in export revenues. Mismatch of human capital with the objectives of economic growth and lack of investment potential. The key determinants of a long-term economic policy aimed at ensuring economic growth are identified. Their assessment made it possible to determine the main risk factors, the degree of influence on economic growth and the possibility of their neutralization.

Selection of best leather item using a FAHP method to launch new leather industry in Ethiopia: A case study

The ready-to-wear sector is expanding quickly and already accounts for a significant contribution to Ethiopia's export revenue. Due to its lower labor and investment costs, availability of resources, government assistance, etc. than other sectors, this industry attracts young entrepreneurs from around the nation as investment destinations. However, while investing in the leather industry, there are frequently many more aspects to consider. Again, there are numerous leather investment opportunities in the leathers sector, including handbags, jackets, belts, shoes, gloves, etc. Different sorts of leather items necessitate various levels of capital investment, operator skill sets, and resource requirements, among many other things. Again, based on their capacity for managing businesses, available capital, business location, and other factors, not all investors are in the same position. To assist investors in making decisions on the opening of a new leather industry, this paper presents a FAHP methodology for choosing the best leather item among various possibilities in a fuzzy environment. The methods enable the decision-maker to incorporate language expressions of expert judgment into the evaluation process. Using the suggested process, the ideal leather item is chosen for the launching of a leather industry in Ethiopia under the current circumstances.

AVALIAÇÃO DOS EFEITOS PREÇO, CÂMBIO E VOLUME NO CRESCIMENTO DAS RECEITAS DE EXPORTAÇÕES BRASILEIRAS DE PRODUTOS DE MADEIRA

ABSTRACT Brazil has advanced in export volume but has not been able to increase prices over the last decade for wood products. This work seeks to contribute to the understanding of this conflicting scenario, evaluating the growth in the revenue of Brazilian exports of these products during two periods: 2011-2015 and 2016-2020, as well as decomposing its effects in price, exchange rate, and volume. The method applied was the shift-share, widely used to identify determinants of sectoral and regional economic growth, being a precursor to the approach in the analysis of forest sector exports. Historical series for 5 (five) categories of wood products were analyzed, with export data from the Ministry of Economy. The historical series of nominal exchange rates from the Institute of Applied Economic Research (IPEA) was used. The real effective exchange rate (RER) followed the methodological note of the IPEA. All product categories analyzed had positive effects in terms of volume, for both periods, with a greater proportion in the second being driven by the exchange rate, although with a loss in real price, failing to offset inflation. The only exception was wood manufacturers, a product with higher added value, which presented gains in volume, exchange rates, and price. The volume effect was the most relevant, followed by the exchange rate as a result of the appreciation of the dollar against the real against the exchange rate and control of inflation in terms of the divergent effects on the national and international scenario. The price presented negative variations in export revenue, with a decline over the period. In addition to the added value of exported products, world stocks and levels of consumption may have contributed negatively to this scenario, affecting all categories of exported products, except for manufactured wood products, the only category that did not reflect such justifications.

Mini-Review: Extraction of Patchouli Oil from Pogostemon cablin Benth. Leaves

Pogostemon cablin Benth. var ‘Sidikalang’ leaves are the main source of patchouli oil which is used in the cosmetics and perfume industry because of its better fixative nature and provides the foreign exchange of around 60 % of Indonesia’s essential oil export revenues and is the largest patchouli oil supplier in the world with a contribution of 90 %. But apparently, several studies found that patchouli oil also has pharmacological activity such as aromatherapy, anti-influenza, antioxidants, and anti-microbial. This proves that leaves patchouli oil can be used as alternative medicine. Patchouli oil is composed of 20 main constituents, but the most important role as a determinant of the quality of patchouli oil is sesquiterpene patchouli alcohol (PA). The right extraction method is the most important factor so that the quality of patchouli oil is well maintained during the extraction process. Some methods that have been used for patchouli oil extraction include soxhlet, hydrodistillation, microwave-assisted hydrodistillation, microwave–air hydrodistillation, and water–bubble distillation. Microwave-assisted hydrodistillation and water–bubble distillation methods are more efficient methods for patchouli oil extraction. The microwave-assisted hydrodistillation method produces a yield of 1.9437 to 2.7227 % with a PA content of 26.32 % within 120 min to 126 min, and the water–bubble distillation method produces a yield of 2.40 % with a PA content of 61.53 % within 360 min.

Трансформация мирового рынка нефти: драйверы и перспективы

The world oil market is in the process of profound transformation. Under the influence of both long-term trends and recent exogenous shocks in the form of the global coronavirus pandemic and the geopolitical crisis around Ukraine, global oil demand, world oil production and trade in crude oil and petroleum products are being transformed in real time. The main driver of the restructuring of the oil market is the approaching risk of peak of global oil demand. On the supply side strengthening the position of the United States in world oil production, which is the result of technological breakthroughs in the methods of tight oil extraction is observed. The short-term elasticity of oil supply has increased markedly. Sluggish dynamics of global demand for oil against the backdrop of an expanding opportunity for a rapid increase in oil production have significantly reduced the risk of a shortage of oil supply, at least in the medium term. This forces the OPEC countries, which are in dire need of maximizing oil export revenues in order to maintain acceptable economic growth rates, to restrain oil production at the expense of their market niche. Western sanctions against the Russian oil and gas sector provoked a reorientation of Russian oil exports to the markets of friendly and nonaligned countries, primarily to India and China, as well as Turkey. In Europe, the former niches of Russian oil are taken by the United States and OPEC countries. To avoid the risks of falling under secondary sanctions, importers of Russian oil buy it with a price discount. In fact, world oil trade has taken a dual structure: the vast majority of oil is traded using market price quotations, while at the same time, a segment of trade in relatively cheap oil has emerged. Until 2022, this segment was formed by Iranian and Venezuelan oil, but it was much more modest in terms of absolute volume. The parallel existence of two segments in the world oil trade led to sharpening of competition between oil exporters. A return to normality could be a new shock for the oil market.

The Impact of Covid-19 on the Global Creative Economy

The Covid-19 pandemic is deeply affecting the social, economic, and political dimensions of several countries around the globe. The pandemic is affecting several industries differently, including creative industries. In the last decade, creative industries have expanded fast, creating jobs, generating export revenues, and leading to a number of technological innovations. This article discusses the impact of the coronavirus pandemic on the global creative industry.

Higher Education Exports Before and After Covid

Historically, the higher education system in countries belonging to the Organization for Economic Cooperation and Developing (OECD), a grouping of advanced economies, and especially in the United States, has been a magnet for foreign students, both graduate and undergraduates. Graduate students tend to be supported by teaching and research assistantships from the hosting university and do not generate direct revenues for the hosting institution. They do contribute to the economy with their productivity in research projects and with their private consumption. In contrast, most undergraduate foreign students pay fees and tuition which are often higher than those paid by local domestic students. The difference between out-of-state and in-state tuition and fees captures the “price” differential between local domestic students and their foreign counterparts. The latter undergraduate group generates foreign exchange revenues for the country in which the hosting institutions are located. These revenues constitute export revenues although the export is “consumed” in the hosting countries, unlike corn exports consumed at destination in the importing market. Foreign students in OECD countries come predominantly from Asian countries. This discussion abstracts from interstate trade which occurs when a university student from a given state studies in another state. Here, we only consider foreign buyers of U.S. education services.

Export Resilience of Indian Leather Footwear: Post-COVID-19 Context

This study examined the factors influencing Indian leather footwear exports during the COVID-19 pandemic and prioritized the key challenges. By analyzing the literature of the crisis period (2019-2021) and consulting industry experts, the study identified and ranked challenges using the Analytic Hierarchy Process (AHP), a commonly used method for project prioritization. Microsoft Excel's built-in functions, including average, sum, MMULT, and GEOMEAN, were used to calculate criteria weights and determine their global priorities. The research revealed that the pandemic significantly impacted export revenue, supply chain disruptions, and export operations and incentives in the leather footwear industry. Based on the findings, the study recommended CLE extend existing promotional schemes, such as the Integrated Development of Leather Sector (under IFLDP), to mitigate the pandemic's disruption on Indian leather footwear exports.

Strategies for the development of the Russian energy industry in the conditions of climate challenges and geopolitical instability

The complication of the geopolitical situation, the growth of crisis processes, including in the energy and food sectors, the return of a number of “old” problems as significant, including increased inflation, rising cost of living, trade wars, large-scale social protests, etc., to a certain extent distracted the attention of states from solving the problems of the climate agenda. Against this background, it was not possible to overcome the trend towards an increase in greenhouse gas (GHG) emissions, with a special role in this energy. As a result, the achievement of the milestones agreed in Paris in 2015 to keep the temperature of the atmospheric air on the planet within the limits of an increase of 2 °C, with the most preferable option of 1.5 °C, was jeopardized. The complexity of the current climate situation and doubts about its easing in the application of traditional approaches stimulate a rethinking of the landmarks and instruments of climate policy and the energy transition associated with it at the global, subregional and national levels, as well as in strategic business decisions. Of particular interest in this context as a kind of benchmarking are the efforts of countries and regions that seek to take a leading position in these processes. As for Russia, the current situation, including uncertainty in the energy markets and price volatility, jeopardizes the export revenues of the budget and Russian companies, and the continued relevance of the climate agenda to reduce GHG emissions in the face of sanctions pressure and lack of access to the best available decarbonization technologies complicate green energy transition. In this context, the article examines the new accents of climate policy, reveals the leading priorities of the measures being implemented in Russia to adapt to the challenges of the green energy transition, and analyzes ways to update the Russian energy development strategy. Particular attention is paid to the substantiation and presentation of the author’s concept of alternative macro-scenarios for the development of the Russian energy sector and the development of the highest priority strategies for Russian fuel and energy enterprises to maintain their competitive positions in the face of structural shifts and the implementation of a moderate energy transition option.

РОЗКРИТТЯ СУТНОСТІ ПОНЯТТЯ МІЖНАРОДНОЇ КОНКУРЕНТОСПРОМОЖНОСТІ ЕНЕРГЕТИКИ В УМОВАХ НЕВИЗНАЧЕНОСТІ

The relevance of this study is that competitiveness is one of the most important and fundamental economic categories. The problem of researching international competitiveness is gaining more and more importance in the conditions of growing uncertainty. In Ukraine, the energy industry has a particularly high level of uncertainty of the economic environment, which is caused by the large-scale destruction of its infrastructure due to a full-scale war by the Russian aggressor since February 24, 2022. The relevance of the choice of namely this industry is also due to the fact that it provides energy resources (electricity, heat, gas, petroleum) to economic entities of all industries, therefore its problems will significantly affect it stable work. In the same way the problems of the international the competitiveness of energy industry in conditions of uncertainty will have a negative influence, first of all, on state export revenue, hence, on budget revenues and on balance of payments. To overcome this problems and challenges of uncertainty in conditions of which the international competitiveness of the energy industry has seriously fallen, primarily, it is needed explore the essence of the very components of the concept of international competitiveness of energy industry in conditions of uncertainty. After all, without understanding the essence of this complex concept, it is impossible to carry out an adequate formalized assessment with a suitable methodological approach of the phenomena, processes, characteristics of objects and subjects associated with it, on the basis of which a set of measures is subsequently developed to solve problems that have a negative impact on it. The object of this study is a disclosure of the essence of the concept of the international competitiveness of the energy industry in conditions of uncertainty. The main research methods are: decomposition, system analysis, morpheme-semantic analysis, etymological analysis, comparative analysis, logical chain method, grouping, synthesis, abstraction, theoretical generalization. Results of the research: decomposition of the concept of international competitiveness of the energy industry in conditions of uncertainty into simple one-word concepts was carried out; their morpheme-semantic and etymological analysis was carried out; a logical chain is built between them; the structure of the energy industry was analyzed by the objects of competitiveness. The practical application of the obtained results consists in the fact that, based on the disclosure of the essence of the international competitiveness of the energy industry in conditions of uncertainty, recommendations were provided for the quantitative assessment of its level.

Rich Dad and Poor Dad: Biomass Circularity Science Empathizing Rubber Smallholders

Analysis of rubber and rubberwood biomass management revealed an actualized twin-loop circularity arising from the multibillion-dollar export revenue downstream and upstream segments. Despite resembling zero-waste and resource-efficient system, the revenue from natural rubber exports does not translate as the wealth of rubber smallholders, pressing them as the persistent ‘poor dad’ in the rubber value chain. This study dwells on how to empower the smallholders through high-quality rubber production efficiency to compensate for the nose-diving rubber price. Analysis of the challenges facing the seemingly forced labor recognized operational costs as the main hindrance to productivity. Mapping the challenges to solutions identified the need for immediate actions and the transformative actionable educational approach for deploying an efficient upstream segment. Access to productive clones, government stringent taxation policy on imported rubber feedstock, and a shift to machine-tapper and portable rubber processors are the immediately actionable solutions. Availing expandable rubber-related education programs for youths in smallholder families is critical to actualize technology-driven, and high-productivity farming for the segment to build back better. Continuous learning is mandatory to innovate, engage in the value chain, and multiply the current twin-loop circularity for the succession of dignified smallholders in sustaining the rubber industry.

The Central Bank of Iraq between Independence and Public Financial Dominance during 2005-2022

Although the Central Bank of Iraq enjoys independence in its administrative and financial affairs and in the formulation and implementation of monetary policies in general, in accordance with Law No. 56 of 2004, but the interventions of the legislative and executive authorities, and the presence of public finance dominance on monetary policy, put this independence in an ambiguous position. This research has tried to determine the degree of legal independence of the Central Bank of Iraq according to the (CWN) criterion and based on the Central Bank Law. At the same time, he worked on analyzing and presenting the working mechanisms of public financial dominance on monetary policy as an antithesis to independence. The research concluded that the independence status of the Central Bank of Iraq according to the text of the law differs from its actual status in terms of operation. In order to solve this problem, the research put forward a number of suggestions, the most important of which are: respect for the law of the central bank by all parties and a complete cessation of interference in its affairs, enhancing the level of coordination, consultation and exchange of views between the legislative and executive authorities and the central bank, which is permitted by law, as well as Work to reduce public financial dominance on monetary policy by reducing the general budget deficit and reducing dependence on oil export revenues, thus reducing the impact of these two financial variables on monetary variables and directing monetary policy.