Iraq Economic News and Points to Ponder Thursday Afternoon 11-9-23

Tlm724 Administrator Bondlady’s Corner

A Parliamentary Movement To Dismiss The Governor Of The Central Bank For His Failure To Control The Rise Of The Dollar

Economy |  09/11/2023      Mawazine News – Baghdad  A member of the Parliamentary Oil and Gas Committee, Adnan Al-Jabri, confirmed on Thursday that the Governor of the Central Bank, Ali Al-Alaq, failed to control the rise in the dollar exchange rate.

Al-Jabri said in a televised interview followed by Mawazine News, “There is complaint in political and popular circles about the decline of the dinar against the dollar.”

Al-Jabri pointed out, “The government needs to take measures against the Governor of the Central Bank, Ali Al-Alaq.”

He continued, “After assuming the position of governor of the Central Bank, Al-Alaq presented a plan to control the rise in the dollar exchange rate, but he failed in it and did not fulfill his promises to the Iraqi people.”

Al-Jabri stated, “There are deliberations within the House of Representatives to take measures against the governor of the Central Bank, as he is directly responsible for the currency market,” pointing out that “Al-Alaq bears responsibility for the continued decline in the value of the dinar.”

https://www.mawazin.net/Details.aspx?jimare=237530

Intelligence Seizes $806,000 In The Possession Of “Exchange Rate Speculators”

Thursday, November 9, 2023 Baghdad / National News Center   Today, Thursday, the Ministry of the Interior announced the seizure of 806,370 thousand dollars that were in the possession of smuggling gangs and speculators in the price of the dollar through a network spreading between Baghdad and a group of governorates, and  anti-organized crime detachments were on the lookout for them by arresting them red-handed.

 The Ministry said in a statement received by the National News Center,

 “As part of a series of specific objectives achieved by the Organized Crime Directorate within the Federal Intelligence and Investigation Agency, our detachments received accurate information about a group of smuggling gangs and speculators carrying out the price of the dollar, through their practice of an operation... Conducting transfers inside and outside the country and buying and selling the dollar currency, contrary to the instructions of the Central Bank, which would harm the national economy.”  She continued,

 “Immediately, our detachments specialized in combating organized crime formed a specialized intelligence and technical team to investigate and collect information about these speculators, and

 after completing the technical investigations and judicial approvals, our detachments began raiding more than one specific target within Baghdad Governorate and a group of governorates, which resulted in the arrest of a group of speculators and seized sums of money estimated at 806,370 thousand US dollars.” 

She added,  “When interrogating the defendants, they frankly admitted to making transfers at home and abroad and buying and selling dollars in contravention of the instructions of the Central Bank.” 

 She confirmed, “Recording their statements and referring them to the relevant authorities in preparation for their appearance before the judiciary and trial in accordance with the Money Laundering Law, which stipulates the confiscation of their funds obtained as a result of money laundering operations so that they receive their just punishment.”   https://nnciraq.com/236030/

An Economic Vision To End The Dollar’s ​​Dominance Of The Iraqi Market

November 8 10:17 Information / Baghdad...   On Wednesday, the head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, presented an economic vision to end the crisis in the parallel market for the dollar in Iraq.   Al-Tamimi told Al-Maalouma,

 “The rise in the dollar exchange rate in the parallel market was not surprising,  but was indicated in our expectations a month ago from now for multiple reasons, some of which are external related to Washington’s position on the Sudanese government and others are internal related to the Central Bank and the extent of implementation of measures in reality.”.  He added,

 "The Chamber of Commerce put forward a 7-dimensional vision to contain the parallel market,

 starting with investigating the mechanisms for granting the dollar at the official rate at the specified outlets and seeking to end the dollarization of several sectors at home and stressing this measure, pointing out that the crisis is not temporary because there are accumulated factors that caused its exacerbation." Recently". 

He pointed out that  "70% of the dollar is exported abroad because Iraq is devoid of industries that supply its markets with basic needs.

 This is a catastrophic matter that was overlooked after 2003, which makes the country's economy dependent on external conditions, and  any crisis will hit hard internally, requiring a comprehensive review to revive the industry again."    https://almaalomah.me/news/46324/economy/رؤية-اقتصادية-لإنهاء-هيمنة-الدولار-على-السوق-العراقية

Oil Prices Catch Up With Stocks And Brent Near $80

Energy   Economy News _ Baghdad  The price of oil rose along with broader financial markets after falling nearly 7% over the previous two sessions amid signs of deteriorating demand expectations.

The price of global benchmark Brent crude rose to nearly $80 per barrel after closing below this level yesterday, Wednesday, for the first time since July. West Texas Intermediate crude was near $76.

Stocks rose in Asia after US stocks rose for the eighth straight day on Wednesday, their most momentum winning streak in nearly two years, amid optimism that US interest rates have peaked.

Oil prices have fallen sharply over the last three weeks as a result of growing concerns about weak demand. Markets returned to focus on fundamental movements, as refining margins declined and inventories increased in China, the world's largest importer. Asia's largest economy returned to contraction last month, according to data released on Thursday.

Demand concerns push oil prices to their lowest levels in 3 months

Oil supplies from the Middle East - the source of a third of the world's crude oil supply - have not been affected in more than a month after the Hamas attack on Israel. Russian shipments are approaching their highest levels in four months, and sector data showed an increase in US crude inventories by about 12 million barrels last week.

Charu Chanana, market strategist at Saxo Capital Markets, said concerns about demand are currently supporting market sentiment. He added: “Aggregate data from the United States and China, as well as EIA inventory data, will be key in the near term to assess the impact of higher interest rates on oil demand.”

Brent crude's further decline was reflected in the price differentials between its two closest-dated contracts, as the price premium for shorter-dated contracts largely evaporated. The difference was 16 cents in the case of Backorder, compared to $1.65 a month ago.

Views 47  11/09/2023 - https://economy-news.net/content.php?id=37398

Dollar Prices Closed At 165 Thousand Dinars At The End Of The Week

11/09/2023 Read: 637 times  {Economic: Al-Furat News} The exchange rates of the US dollar against the Iraqi dinar rose with the closure of the main stock exchange in Baghdad on Thursday evening.

With the closure of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, dollar prices recorded 165,000 dinars for every 100 dollars, while prices this morning were 164,750 dinars for every 100 dollars.  Until the selling prices in the exchange shops in the local markets in Baghdad rose, as the selling price reached 166,000 dinars, while the purchasing price reached 164,000 dinars for 100 dollars. LINK

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Provoking Points to Ponder on Common Sense:

If man can have only one kind of sense, let him have common sense -- If he has that and uncommon sense too, he is not far from genius -- H W Beecher

He was one of those men who possess almost every gift, except the gift of the power to use them --- C Kingsley

The crown of all faculties is common sense -- It is not enough to do the right thing, it must be done at the right time and place -- Talent knows what to do; tact knows when and how to do it -- W Matthews

The figure which a man makes in life, the reception which he meets with in company, the esteem paid him by his acquaintance -- all these depend as much upon his good sense and judgment, as upon any other part of his character -- A man of the best intentions, and fartherest removed from all injustice and violence, would never be able to make himself much regarded, without a moderate share of parts and understanding -- Hume

Common Sense is only a modification of talent -- Genius is an exaltation of it ---The difference is, therefore, in degree, not nature -- Bulwer