Early Tuesday AM Iraq News 3-29-22

A Government Official Determines The Reason For The Stability Of The Dollar Exchange Rate In The Iraqi Markets

Shafaq News/ An official source in the Iraqi government attributed, today, Tuesday, the reason for the stability of the exchange rates of the US dollar in the local markets to "economic stagnation", indicating that the bank's cash sales are less than what the market needs in normal cases.

The source told Shafaq News Agency, "The delay in the budget for the current year 2022 is behind the economic stagnation in the main commercial market in Baghdad, which led to the stability of the dollar exchange in local markets," adding that "the citizens' demand for purchase in the month of Ramadan was an incentive to maintain stability rather than declining further as a result of this stagnation." 

The official, who asked not to be named, added that "the bank's cash sales during the auction that it conducts daily are less than what the market needs in normal cases," noting that "the lack of travel during these days of the year and the unstable political conditions have a significant impact on demand and supply for the for the dollar."

It is noteworthy that the exchange rates of the US dollar against the Iraqi dinar in the local markets have witnessed stability during the past two weeks, with a slight increase or decrease.

And the dollar exchange rates in the stock market today recorded 147,200 dinars per $100.   LINK

Learn About The Exchange Rates Of The Dollar Against The Iraqi Dinar

03/29/2022   33    Earth News/ The dollar exchange rates continue to remain stable on the Iraqi Stock Exchange.

And the selling prices of the dollar recorded today, Tuesday, 147,250 dinars per 100 dollars, while the purchase prices of the dollar were 147,000 dinars per 100 dollars.   https://earthiq.news/archives/54658

Exchange Rates Continue To Remain Stable In The Local Market

Economie| 10:14 - 29/03/2022   Baghdad - Mawazine News  Today, Tuesday, the dollar exchange rates continue to remain stable on the local stock exchange in Baghdad and the provinces.

And the selling prices of the dollar recorded today, Tuesday, 147,250 dinars per 100 dollars, while the purchase prices of the dollar were 147,000 dinars per 100 dollars.

And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, while the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar. Ended 29 / 92    https://www.mawazin.net/Details.aspx?jimare=188703

For The Second Day.. A Drop In Gold Prices In The Iraqi Markets

Shafaq News/ "Foreign and Iraqi" gold prices decreased in the local markets, today, Tuesday (March 29, 2022). Shafak News Agency correspondent said that gold prices in the wholesale markets on Al-Nahr Street in the capital Baghdad recorded this morning, the selling price of one weight of 21 karat of Gulf, Turkish and European gold amounted to 393 thousand dinars, and the purchase price of 389 thousand, while the selling prices for yesterday were 396 thousand. One thousand dinars for one weight. 

Our correspondent indicated that the selling price of one 21-carat weight of Iraqi gold also decreased at 353 thousand dinars, while the purchase price reached 349 thousand.

With regard to gold prices in the jewelers’ shops, the selling price of the weight of Gulf gold 21 carat ranged between 395 thousand and 405 thousand dinars, while the selling price ranged from the weight of Iraqi gold between 355 thousand and 365 thousand dinars.  It is equal to one mithqal of gold (five grams).   LINK

The Rise In The Exchange Rates Of The Dollar In Baghdad And Its Decline In Kurdistan

Shafaq News/ The exchange rates of the US dollar rose against the Iraqi dinar today, Tuesday, in the main stock exchange in the capital, Baghdad, while it decreased in the Kurdistan Region.

Shafak News Agency correspondent said that the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded, this morning, an exchange rate of 147,200 Iraqi dinars, compared to 100 US dollars.

While the exchange rates of the dollar on Monday were 147,100 Iraqi dinars, compared to 100 US dollars.

Our correspondent indicated that the buying and selling prices rose in the banking shops in the local markets in Baghdad, where the selling price amounted to 147,750 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 146750 Iraqi dinars per 100 dollars.

In Erbil, the capital of the Kurdistan Region, dollar prices witnessed a decrease, as the selling price reached 147,200 dinars per 100 US dollars, and the purchase price reached 147,000 dinars per 100 US dollars. LINK

After Decades Of Complete Isolation From The World, Iraq Opens Its Doors Again!

Political   scene  Sunday March 27, 2022 at 15:17 pm (285 views  Baghdad/Sky Press

Many have begun to flock to a country that has just opened its doors to the world

A year ago, entry visas were granted upon arrival in Baghdad to many foreign nationals. After decades of isolation imposed by wars, the world had forgotten its important archaeological sites, some of which are on the UNESCO World Heritage List, which compete with countries such as Egypt, Syria and Jordan.

Some tourists come individually, including content creators who explore the country and post videos on YouTube about food, population and archeology to their tens of thousands of followers, while others come in tour groups with private local companies that organize tours from Baghdad to Basra in the south and Mosul in the north.

With the exception of religious tourism, which suffers from the same problems, the sector is relatively new to the country and still lacks organization, funding, the necessary infrastructure and government interest, according to the owners of private companies who are striving on their own to attract tourists.

Ileana, who lives in California and tours Iraq with a tour company, "On Vacation", says that she has dreamed of visiting Iraq since she took art history lessons 20 years ago.

"When I knew we could get a visa on arrival, I came as soon as I could," she says. "I'm excited to see everything related to the cradle of civilizations."

"The first thing I noticed is the warmth, generosity and kindness of the Iraqi people, they welcome you with a smile, they are very polite and they are very proud of their country," she added.

Despite her enthusiasm and passion for Iraq's history, Eliana, a 50-year-old who works at Google, has noticed that the infrastructure is deteriorating.

Babylon, which turned into a military base for the international coalition during the American intervention, still bears the scars of the past, as if it was not accustomed to visitors.

On the other side of the site, construction and maintenance work, workers in yellow helmets and phosphorous jackets, prepare pieces of iron and cement, while waste is piling up around, and wild weeds and thorns extend over some of the ancient city walls.

American Justin Gonzalez, 35, talks with a smile about his experience in Iraq. "On my government's website, there is a warning against going to Iraq because of the danger of (kidnapping) and (violence), but I did not see any of that."

In the nineties of the last century, during the time of the siege and international sanctions, the Iraqis became completely isolated from the world, and this isolation was not broken after 2003 after the American intervention and the overthrow of Saddam Hussein's regime. It was followed by a series of wars, which made the image of Iraq in the world limited to scenes of destruction.

Many Western governments still officially warn their nationals against traveling to Iraq, such as the United States and France, whose State Department website refers to a "terrorist threat" and a "kidnapping risk".

However, Baghdad is seeking to take off its tourism sector despite the challenge of the lack of infrastructure. In this regard, Ali Al-Makhzoumi, the owner of the "holiday", which has been organizing tours for foreigners for 8 months, says, "In order for the infrastructure to develop, the private sector must invest in hotels, amenities and buses."   His company receives 30 to 40 tourists per month, who tour the country for about ten days.   LINK 

Economists: Rising Oil Revenues Are An Opportunity To Revive Stalled Projects

Posted On2022-03-29  By Sotaliraq   Economists have stated that the improvement in the global oil market is an opportunity to revive lagging projects, pointing out that the current dollar exchange rate is for at least five years.

The adviser to the Iraqi Banks Association, Samir Al-Nusairi, said in an interview with Al-Mada that "the continuous rise in oil prices will enhance the financial position of the government."

Al-Nusairi added, "The rise in oil prices will, in turn, cancel the deficit in the 2022 budget, or it may be a very small deficit."

And he called, "to establish a sovereign fund (the Generation Fund) to protect the national economy in times of crisis or when prices drop."

A sovereign wealth fund or sovereign funds is a fund owned by the state consisting of assets such as land, shares, bonds or other investment devices. These funds can be described as entities that manage state surpluses for investment and promise billions of dollars invested by states in stocks and bonds.

Al-Nusairi called for “activating the productive sectors, including agriculture and industry, and not relying entirely on oil.”

And the Ministry of Oil announced earlier this week about oil exports and revenues achieved in the month of February.

The ministry stated in a statement that “the total quantities and revenues generated for crude oil exports for the month of February, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), the amount of crude oil exports, including 92 million and 790 thousand and 173 barrels, with revenues amounting to 8 billion and 809 million and 162 one thousand dollars".

The statistics indicated that “the total quantities of crude oil exported for the month of February from the oil fields in central and southern Iraq amounted to 91 million and 314 thousand and 828 barrels, while the quantities exported of Kirkuk oil through Ceyhan port were one million and 475 thousand and 345 barrels,” noting that “the rate of The price of one barrel reached 94,936 dollars.

For her part, the economic expert Salam Sumaisem stressed, in an interview with (Al-Mada), that «the rise in oil should be directed to areas where the Iraqi economy suffers from lack of funding, the most important of which is bridging the deficit gap in the public budget, and that it is directed for development purposes and improving the situation of the citizen, especially The health file, especially with the outbreak of the pandemic and the phenomena of suffocation in hospitals, as well as providing expenses to meet the needs of the ration card and improve its quality.

Sumaisem continued, "The Ministry of Finance confirmed that the issue of raising the dollar price will continue for 5 years, and it is possible to address the effects of this, and thus reduce the internal debt represented by the state's borrowing from some institutions such as the Rafidain Bank, the Trade Bank of Iraq and other banks, in addition to the volume of bonds submitted, and this remains On the basis of the size of the state's fiscal policy.

She pointed out that "there is an important issue represented in the economic vision and benefiting from these funds and caution against their loss and loss of oversight and transparency, as there are no reports regarding the final accounts provided by the Financial Supervision Bureau, as well as waiting for Parliament to approve the 2022 budget."

The Iraqi government had resorted to changing the exchange rate of the dollar from 1200 to 1450 dinars, which caused a clear rise in the markets.   LINK