Friday Morning Iraq Economy News Highlights 1-13-23
Friday Morning Iraq Economy News Highlights 1-13-23
A Researcher Puts Forward A “Terrifying” Scenario Regarding 90% Of The Iraqi Currency Issues..They Were Damaged Or Fled Abroad!
2023-01-13 Yes Iraq: Baghdad Today, Friday, economic researcher Manar Al-Obeidi put forward a disturbing hypothesis about 90% of the Iraqi currency printed by the Central Bank, which is outside the banking system, as he indicates that this money may not be hoarded by the Iraqis already, but may have been destroyed or fled abroad. .
Al-Obaidi began his article by asking: “Is the Iraqi cash really hoarded?”, Noting that “according to the latest Central Bank data, the volume of cash outside the banking system is around 76 trillion Iraqi dinars, representing more than 90% of the volume of cash issued.”
He explained that “it is always explained that it does not appear in the banking system as being hoarded in homes or with people due to the low level of financial inclusion,” adding, “But there are indications that may indicate that this money may not only part of it be hoarded, but part of it may be deliberately or deliberately destroyed.” fled abroad.”
He added, “The first factor is that the growth rate of cash currency issuance during the past years is not matched by the same growth rate of cash in the banking system, even if the percentage of cash in the banking sector is small, but its growth rate should be almost similar to the growth rate of the total cash currency issued as the currency grew.” Cash issued from 50 trillion to 80 trillion during the past two years, but it did not grow in the banking sector at the same level, as it rose from 5 trillion to 6.5 trillion only during the same period.”
And he continued: “The second matter, depending on the population of Iraq, the level of poverty and unemployment rates, ages, and the rates of residents in Iraq, the rate of hoarding money for every Iraqi person living in Iraq and not below the poverty level is about 3.5 million Iraqi dinars, meaning that the rate of hoarding money for every Iraqi family is about 20 One million Iraqi dinars, and this also contradicts reality.
And he pointed out, “The third thing is that the percentage of cash in banks does not rise much with the increase in interest rates offered by banks and the incentives offered by banks to attract this money, although many of these offers are of great interest and certainly will not attract all the money outside the banks, but it is undoubtedly It should have affected, even if by a small percentage, the percentage of the issued cash.”
And he considered that "all this leads to saying that the cash is not hoarded by the Iraqis, but rather it is either destroyed or fled, or that it is present in a parallel banking system that is far from control and is controlled by parties that have nothing to do with the decision-making authorities in Iraq." LINK
State Of Law: The 2023 Budget Will Pass In Record Time
2023-01-12 11:25 Shafaq News/ A member of the Iraqi Parliament of the State of Law Coalition, Firas Al-Maslamawi, announced today, Thursday, that the Parliament is seeking to pass the 2023 budget in record time as soon as it arrives from the government, while he indicated that the amendments to it are a "healthy" condition.
Al-Maslamawi told Shafaq News agency, "The 2023 budget is still with the government, and it is expected to reach the House of Representatives in the coming days," noting that "the political blocs and members of the House of Representatives, as well as parliamentary committees, support the new government, and support the citizen who is waiting for the budget."
Al-Maslamawi added, "Parliament is awaiting the arrival of the budget to view it, study it, and amend what can be amended to serve the Iraqi citizen, and there is a real will by all political blocs without exception, including the Kurdish blocs, to pass the budget, and start providing services to citizens."
Al-Maslamawi continued, "The representative, the politician, and even the executive, are aware that his value is in what he presents to the citizen and society, so there is a real parliamentary will to pass the budget as soon as possible," noting that "the observations of some political parties on the budget are a healthy case for discussion and amendment, and they are respectful points of view, and with the existence of That sincere will will pass the 2023 budget in record time. LINK
In An "Extraordinary" Or Regular Session, The Dollar Is On The Table Of The Iraqi Parliament
2023-01-12 12:07 Shafaq News / The State of Law parliamentary bloc revealed, on Thursday, a parliamentary move to hold an extraordinary session, to discuss the economic crisis in Iraq, which is behind the rise in the exchange rate of the dollar against the dinar.
"Members of the House of Representatives have started collecting signatures to hold an extraordinary session next week, to discuss the economic crisis and to find out the reasons for the rise in the exchange rate of the dollar," Haider al-Azergawi, the representative of the State of Law, told Shafaq News agency.
Al-Azergawi added, "Prime Minister Muhammad Shia'a al-Sudani set the exchange rate in commercial transactions and remittances to control it from the unprecedented rise in currency exchange," stressing that "in the event that an extraordinary session is not agreed upon, this file will be included in the regular session."
Two days ago, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, urged Iraqi merchants to deal directly with authorized banks to obtain hard currency.
The Iraqi government, and all its institutions, have committed to dealing in the dinar in its private and public dealings, for the purpose of supporting the currency against the dollar, and limiting the continuous decline of the dinar against the US dollar.
The exchange rates of the dollar rose against the Iraqi dinar, today, Thursday, with the closure of the main stock exchange in Baghdad and Erbil, the capital of the Kurdistan Region, as it reached 157 thousand dinars, for every 100 dollars. LINK
Saving Iraq From An Inevitable Collapse..The First Episode: (Oil Refineries - The Solution Through The Technical Revolution)
FRI, 01-13-2023, AM 10:19 TAYSEER AL-ASADI Written by: Muhammad Tawfiq Allawi I tell you, with all sincerity and sincerity, if the situation remains as it is now, we are heading towards an inevitable economic collapse, the features of which will start from the year 2025, as confirmed by the global reports of the World Bank and other international economic institutions.
The ruling political class, especially the House of Representatives, bears full responsibility for this inevitable collapse within a decade.
Do most political parties think about the interest of the country???? Are they still insisting on quotas and presenting their personal interests at the expense of the interest of the country and the Iraqi citizens !!!!
The near future will reveal where we are heading !!!!!
We are all concerned in Iraq with regard to the oil refineries to produce gasoline for cars, which we are still importing; Now the world is heading towards a technical revolution represented by the new generation of oil refineries and green refineries.
These refineries meet the requirements of the global market after the need for car fuel has disappeared, as the percentage of fuel production for cars decreases and other percentages such as hydrogen and ammonia increase, in addition to the revolutionary technology of Aramco in the production of petrochemicals in a direct way, which is what we need in Iraq,
and these refineries must be on the sea ports so that their products can be exported by ships at the lowest costs, and carbon dioxide is also disposed of from these same outlets in order to achieve billions of dollars in granting policies for global climate conferences, now cars have begun to spread that run on hydrogen in the world;
Then most of the developed countries laid the foundations for the use of hydrogen in heating and various domestic uses. Future planes and even ships will work on Ammonia, and this matter if we move on it, ie building the new generation of green refineries and refineries, we can compensate part of our loss with the lack of demand for fossil fuels in the future,
In addition to that, Iraq can obtain tens of billions of dollars, which constitutes 50% of the costs of these green refineries also from Granting global climate policies, but this is not achieved in this situation by any government of ministers, most of whom belong to the parties, are non-professionals and are not at the level of the challenges that the country will face, and the reason is the “a system;
The matter needs to develop a comprehensive plan and an economic policy that we still lack since 2003 until now, and it needs to develop detailed planning for all ministries and state institutions based on this plan and policy, and it needs professional people with a high degree of experience and competence to run the country, and naturally these cannot come from The path of quotas is the same as it was in the past and still is today Green, so we can compensate part of our loss with the lack of demand for fossil fuels in the future,
Can the country be saved from its current situation?
Our hope is still great in God and in the good and loyal people of our country .....
Parliament Calls On The Government To Expedite The Approval Of The Budget Law, And A Deputy Confirms Its Completion By The Ministry Of Finance
2023-01-12 05:48 Shafaq News/ Independent MP, Yasser Al-Husseini announced, on Thursday, the completion of the draft budget law for the year 2023, and it will be discussed in the next cabinet session, while the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, urged the government to expedite the approval of the budget.
Al-Husseini told Shafaq News agency, "The Ministry of Finance has completed the final draft of the general budget bill for the year 2023, and it is expected to be sent to the General Secretariat of the Council of Ministers next week."
He added, "Next week's session of the Council of Ministers will witness a discussion of the budget law, and then a vote on the law and sending it to the House of Representatives." dollars.”
In turn, the First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, called on the government to expedite the submission of the budget law to the House of Representatives for a vote on it.
Al-Mandalawi's media office stated, in a statement received by Shafaq News agency, that the latter met with Prime Minister Muhammad Shia'a al-Sudani, to discuss a number of files and priority issues.
Al-Mandalawi stressed the need to expedite the completion of the draft budget law for the current year, and send it to the House of Representatives to include it in the agenda, read it first and make amendments to it before submitting it to the vote, and stressing the inclusion of contract holders, lecturers, holders of higher degrees, first students and others from various segments of society within its provisions. . LINK