Friday Morning Iraq Economic News Highlights 12-16-22

Al-Sudani's office regarding the rise in the exchange rate: a temporary matter and Iraq's financial situation is in its best condition

Iraq   21:37 - 2022-12-15   Today, Thursday, the media office of the Prime Minister confirmed that the rise in the exchange rate is temporary as a result of changing the mechanism by which the foreign currency sale window operates in the Central Bank, indicating that the financial situation of Iraq is at its best.

And the media office stated in a statement, "The government confirms its commitment to maintaining the stability of the local market, by supporting the stability of the exchange rate of the dollar against the Iraqi dinar, and it supports the steps of the Central Bank in this regard."

He added, "The government makes it clear that the rise in the exchange rate is temporary as a result of changing the mechanism by which the window for selling foreign currency in the Central Bank operates, and it reassures all citizens that the financial situation of Iraq is in its best condition."

And he continued, “The government stresses to all dealers, including investors and merchants, the need to cooperate with banks and the Central Bank by working in accordance with the commercial contexts in force globally, and importing according to documentary credits, as it provides a guarantee for the importer, preserves his rights, secures imported goods, and enables him to benefit from banking facilities.” in covering the credit value.    https://kirkuktv.net/AR/Details/11560

Deputy: Parliament Is Unable To Deal With The High Price Of The Dollar

Economie  2022-12-15 | 14:20  Source:  Alsumaria News 2,828 views  Today, Thursday, a member of the House of Representatives, Mueen Al-Kazemi, confirmed that the House of Representatives is unable to deal with the high price of the dollar because this matter is within the competence of the government.

Al-Kazemi said, in an interview with the “After the Investigation” program broadcast by Al-Sumaria TV, that “there are measures by the US Treasury Department to control the movement of the dollar through the window of selling currency through the central bank to private banks,” explaining that “the central bank was selling 200 million Dollars per day for private banks under the pretext of buying goods from abroad, but what happens is that purchases do not exceed 40% only, while the rest is for financial speculation.

He added, "The government is obligated to deal with the high price of the dollar as it is the executive body," stressing that "the House of Representatives is unable to address the issue because the matter is in the hands of the government as it is the executive body by monitoring merchants and private banks who buy the dollar for 1470 dinars from the Central Bank under the pretext of buying goods.

The government must monitor the purchase of goods and the process of entering and storing them," noting that "the government is unable to monitor this process because it needs an efficient and impartial oversight apparatus, and this is not available."

Al-Kadhimi indicated, "The solution cannot be through reducing exchange only, but rather through encouraging the national industry, and there must be an industrial renaissance through the Youth Employment Law through small projects, for which the Central Bank allocated 6 trillion dinars."

He pointed out that "there are efforts being made to maintain the price of the dollar below 1,500 dinars," considering that "returning it to 1,250 dinars requires a deliberate political and economic aspect to reduce the price, because the rise harms the citizen and confuses the market."   LINK

The Dollar Continues To Rise In The Iraqi Markets

Economie  16-12-2022 | 01:47   Source:  Alsumaria News  5,611 views  Alsumaria News publishes, today, Friday, the exchange rates of the dollar in the local markets.

The selling price of the dollar was 152,000 dinars per 100 dollars, while the buying price of the dollar was 151,900 dinars per 100 dollars.

It is noteworthy that, on December 19, 2020, the Central Bank of Iraq officially announced the adjustment of the exchange rate of the US dollar to be 145 thousand dinars for every 100 dollars, according to the state’s general budget for the year 2021 approved by Parliament. LINK

The Yellow Metal Is Heading For A New Weekly Loss

Economie   16-12-2022 | 04:47  329 views  Gold is known as a hedge against inflation, but high interest rates tend to weaken its attractiveness because it increases the opportunity cost of holding non-returnable metal.

Meanwhile, India raised the primary import price of gold and silver late Thursday evening. India is the world's largest importer of silver and the second largest importer of gold.

As for other precious metals, silver rose 0.2 percent to $ 23 an ounce, but it has so far recorded a decline of two percent for the week.

Platinum rose 0.6% to $1,000.54, and palladium rose 1.5% to $1,817.88, but was on track for its biggest weekly decline in two months.   LINK

Al-Sudani Stresses The Importance Of Coordination Between Unions And The Government

Baghdad/    Today, Thursday, Prime Minister Mohamed Shia Al-Sudani stressed the importance of coordination between unions and the government, while noting that the educational sector receives great attention from the government.

The media office of the Prime Minister said in a statement, "Prime Minister Muhammad Shia' al-Sudani received, today, a delegation of the Iraqi Teachers Syndicate headed by the head of the Teachers Syndicate, Mr. which it encounters in its general course, and its efforts to improve the reality of teachers and their level of performance.

Al-Sudani praised "the great role played by unions and professional organizations, including the Iraqi Teachers Syndicate, and its professional and functional expertise in various specializations, which would help improve the level of job performance in general," stressing "the importance of coordination between unions and the government, in order to Supporting its ministerial curriculum and realizing its vision in the service fields, including the educational sector, which receives great attention from the government.

He stated that "the government is seeking to address the various problems it faces, including the crisis of school buildings in the capital, Baghdad, and the rest of the provinces, and its direction to take care of the class of teachers and teachers."

https://almawrid.news/contents/view/details?id=57819

After Approving The Budget.. Parliamentary Efforts To Host 4 Ministers And Discuss "Urgent Files"

Economy News – Baghdad On Thursday, the State of Law parliamentary bloc confirmed the existence of parliamentary efforts to host four ministers after approving the financial budget for the next year 2023.

The representative of the State of Law bloc, Aqil al-Fatlawi, said, "There are parliamentary efforts to host the ministers of planning, Muhammad Ali Tamim, the ministers of electricity, Ziyad Ali Fadel, the water materials, Aoun Diab, and the trade, Atheer Daoud Al-Ghariri, in the House of Representatives to discuss urgent files after the approval of the general budget 2023."

Al-Fatlawi added, in an interview with the official news agency, that "hosting ministers in parliament is a natural matter."   Views 8   Added 12/15/2022 - 4:21 PM  Updated 12/15/2022 - 4:33 PM

https://economy-news.net/content.php?id=31364

With A Value Of 3 Billion Dinars .. The Iraqi Financial Market Trades More Than Two Billion Shares

Thursday, December 15, 2022 4:06 PM    Baghdad / National News Center   The Iraq Stock Exchange announced today, Thursday, that it has traded during the current week more than two billion shares, with a financial value of more than 3 billion dinars.

The market said in a statement received by the National News Center that "the number of shares traded during this week amounted to more than two billion shares, while the value of shares traded this week amounted to more than (3) billion dinars."

The statement added, "The trading index in the market closed for the first session of the week at (576.58) points, while the index closed at the end of the week at (590.63) points, achieving an increase of (2.38%) from its closing at the beginning of the session."

And he explained that "more than (2800) buying and selling contracts were executed during the week on the shares of companies listed in the market."    https://nnciraq.com/172541/