Iraq Economic News and Points to Ponder Saturday Afternoon 11-18-23

Tlm724 Administrator Bondlady’s Corner

To What Extent Do The Government And The Central Bank Control Dollar Smuggling Operations? Parliamentarian Explains

Time: 11/18/2023 Read: 1,404 times {Economic: Al-Furat News} Member of the Parliamentary Finance Committee, Ali Jabbar Mu’nis, explained today, Saturday, that tightening control and maintaining the official price limits smuggling operations, and this matter falls on the responsibility of the government and the Central Bank.

For several months, the value of the Iraqi dinar has fluctuated sharply, losing on some days 15 percent of its value against the dollar, which sparked sporadic demonstrations by Iraqis worried about losing their purchasing power.

Muanis told {Al-Furat News} agency: “With regard to the rise in the exchange rates of the parallel dollar due to the lack of tight control over the parallel market, smuggling operations must be controlled according to mechanisms established by the government,” indicating that “tightening control and maintaining the official price limits smuggling operations.”

He added, "Remaining in this situation leads to maintaining the large difference between the parallel and official prices, and this matter falls on the responsibility of the Central Bank and the government," indicating that "the situation remaining in this situation is worrying and needs to be stopped."

During the past few days, many Iraqi banks have begun to stop giving depositors their money in dollars, even though they have accounts in Iraqi dinars and US dollars.

This came after statements made by officials at the Central Bank talking about preventing cash transactions in dollars and restricting them to the Iraqi dinar only in an attempt to control exchange rates.

The selling price of the dollar in Baghdad markets this morning reached 160,500 Iraqi dinars, while the buying price reached 158,500 dinars for every 100 dollars.  LINK

Parliamentary Oil Committee: The Oil And Gas Law Has Not Reached Parliament And Is Still In The Government’s Drawers

Iraq  Saturday, November 18, 2023 4:35 PM  Exclusive / National News Center  The Second Deputy Chairman of the Parliamentary Oil and Gas Committee, Adnan Al-Jabri, today, Saturday, called on the Prime Minister to open an investigation into the devaluation of the rights of lecturers in Basra.

Al-Jabri said in a statement to the National News Center: “Data for 35,721 retirees in the General Directorate of Basra Education was published as contracts for lecturers and administrative volunteers in the education departments in Basra Governorate, but we were surprised by the lecturers who have direct positions in their schools.”

Al-Jabri stressed on the Ministry of Education, “Do not underestimate the merit of volunteers who have been working for free for three years and filling vacancies in many schools affiliated with Basra Education.”

Regarding the oil and gas law, he explained that “it has not yet reached the House of Representatives and is still in the government’s custody, and the government has formed many committees to study the organization of the draft law.” 

He added, “This law must be enacted during this session to resolve the problems between the center and the region, preserve the entitlements of the oil-producing governorates, and regulate production operations and management of oil and gas.”   https://nnciraq.com/237375/

Oil Rises After A Week Of Intense Sales Due To Supply And Demand Concerns

Saturday 18, November 2023 08:41 | Economical Number of readings: 273  Baghdad / NINA / The price of Brent crude oil, the global standard, remained below $80 per barrel, a day after it fell 5% to the lowest level in 4 months due to increasing fears of escalating supplies from outside the Organization of the Petroleum Exporting Countries (OPEC) and slowing demand.

By yesterday evening, Friday, Brent crude futures rose $1.34, or about 1.7%, to $78.76 per barrel, and US West Texas Intermediate crude rose to $74.1, an increase of $1.2, or about 1.7% as well.

The two benchmarks lost about one-sixth of their value over the past four weeks, and prices are heading towards recording a fourth week of losses.

“Oil prices have fallen slightly this year, although demand has exceeded our optimistic expectations,” Goldman Sachs analysts said in a note.

They added, "OPEC's non-essential supplies were much stronger than expected, and partially offset the OPEC cut."

The reason for the decline in oil this week was mainly due to the sharp rise in US crude inventories and the continuation of production at record levels, and the shrinking demand in China also raised concerns./ End   https://ninanews.com/Website/News/Details?key=1090476

Iraq's Oil Exports To America Increased Last Week

Oil  Energy  Economy News  The US Energy Information Administration announced on Saturday that Iraq's oil exports to America rose over the past week.

The administration's table showed that the average US imports of crude oil during the past week from nine major countries amounted to 5.369 million barrels per day, down by 46 thousand barrels per day from the previous week, which amounted to 5.415 million barrels per day.

She added that Iraq's oil exports to America amounted to 283 thousand barrels per day last week, an increase of 96 thousand barrels per day from the previous week, which reached an average of 187 thousand barrels per day.

She pointed out that most of America's oil revenues during the past week came from Canada at an average of 3,835 million barrels per day, followed by Mexico with an average of 366 million barrels per day, oil revenues from Colombia at an average of 316 thousand barrels per day, and then Saudi Arabia at an average of 242 thousand barrels per day.

According to the administration, the amount of American imports of crude oil from Brazil is at a rate of 135 thousand barrels per day, from Libya at a rate of 86 thousand barrels per day, from Nigeria at a rate of 70 thousand barrels per day, and from Ecuador at a rate of 36 thousand barrels per day, while no quantity is imported from Russia. Views 48 11/18/2023 - https://economy-news.net/content.php?id=37616

The President Of The Republic Confirms To The Pope Of The Vatican: Iraq Has Come A Long Way In Consolidating Security And Political Stability

Political | 02:52 - 11/18/2023   Baghdad - Mawazine News   The President of the Republic, Abdul Latif Jamal Rashid, confirmed that Iraq has come a long way in consolidating security and political stability.

The Presidency of the Republic stated in a statement, a copy of which was received by Mawazine News, that the President of the Republic, Abdul Latif Gamal Rashid, and the First Lady, Shanaz Ibrahim Ahmed, met with His Holiness Pope Francis, Pope of the Vatican. At the beginning of the meeting, the President of the Republic expressed his “thanks to His Holiness the Pope for visiting Iraq,” stressing

that “Iraqis remember with love and pride this visit, which embodied the concepts of peaceful coexistence and the depth of bonds between religions inside and outside Iraq.”

The President of the Republic pointed out that: “Our region needs to consolidate the foundations of brotherhood and tolerant human ties,” stressing “the importance of concerted efforts to strengthen the principles of dialogue, cooperation, and work.” common among peoples, and that the calls, prayers, and public messages issued by the Vatican have a moral impact in relying on calm, dialogue, and consolidating understanding.” He added, “

Iraq has come a long way in establishing security and political stability, and our priorities today are shifting to providing services, improving the standard of living of citizens, rehabilitating the infrastructure, and developing the economy.” In order to achieve comprehensive development.

He stressed that "Iraq is keen to strengthen democracy, pluralism, and respect for rights and freedoms," noting that "the relationship between the federal government and the Kurdistan Regional Government is good, and there is a will on both sides to resolve the outstanding issues in accordance with the constitution and the law."

The President of the Republic stressed that “Christians are an essential component in building the country, its progress, and its prosperity, and there is the government’s keenness on the return of the displaced Christians, Yazidis, and other components to their areas and resolving this humanitarian issue by providing them with the requirements of a decent life, preserving the Christian presence, and protecting diversity,” indicating that “ The doors of the Presidency of the Republic are open to Christians to consider their demands and issues in a way that secures their livelihood and stability.”

He pointed out that "Iraq has good relations with neighboring countries and the world as they depend on mutual respect and common interests. His Excellency also spoke about the situation in Palestine and Gaza," stressing that "Iraq strongly condemns the ongoing violations and aggression against the Palestinians, and calls on the international community to make more efforts." To stop the aggression, protect civilians, and secure the arrival of humanitarian aid.”

For his part, His Holiness the Pope expressed his “welcome to the visit of the President of the Republic,” stressing “the Vatican City’s support for Iraq’s efforts to strengthen ties between religions and components,” and pointed to “the role of the

Christian component in promoting harmony and solidarity, their sacrifices for a prosperous and developed Iraq, and their adherence to national identity.”

The statement continued, "His Holiness the Pope focused on the importance of enhancing opportunities for peace in the world, since wars mean failure."

The statement noted that souvenirs were then exchanged between the President and His Holiness the Pope, and that the meeting witnessed the presence of Member of Parliament Dylan Abdul Ghafour, the Ambassador of the Republic of Iraq to the Vatican, Rahman Al-Amiri, and a number of advisors and officials.    https://www.mawazin.net/Details.aspx?jimare=238046

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 Provoking Points to Ponder on FEAR for Living the Bold Life by Tess Marshall

80. Fear defeats more people than any other one thing in the world. ~ Ralph Waldo Emerson

81. But fear doesn’t need doors and windows. It works from the inside. ~ Andrew Clements

83. I believe there are three tenants to live by in this apartment called Life: Love is empowering, Fear is motivating, and Passion is fruit. ~ Jarod Kintz

83. Courage is fear that has said its prayers. ~ Dorothy Bernard

84. Fear is the thief of dreams. ~ Brian Krans

85. Your fear remains strong. You are not ready to face your story, preferring instead to surround yourself with knots. Someday, they will strangle you. ~ Maria V. Snyde

86. It is a true saying, that what you fear you find. ~ Jeanette Winterson