Iraq Economic News and Points To Ponder Thursday Evening 10-24-24
Why Is The Dollar Exchange Rate Continuing To Rise? An Economist Explains
Time: 2024/10/24 Read: 2,392 times {Economic: Al Furat News} An economic expert explained the reasons for the continued rise in the dollar exchange rate against the dinar.
Abdul Rahman Al-Mashhadani told Al-Furat News Agency that "the rise in the dollar exchange rate is due to the general instability of the situation, and in such cases citizens try to switch to a future currency in anticipation of any decline, migration, or other."
He added, "There are obligations for Iraqi traders with suppliers from various countries, which pushes them to pay to avoid the losses that accompany the rise of the dollar."
Al-Mashhadani continued, "So far, there is no mechanism to solve the problem of trade with the sanctioned countries and Iran in particular, especially since the volume of trade with Iran is large and all of it is financed from the markets."
He explained, "There are no problems regarding money transfers in the Central Bank, as it sells more than 260 million dollars daily." LINK
Calls To Accelerate 2025 Budget And Boost Non-Oil Revenues
Posted on 2024-10-24 by sotaliraq A number of MPs called on the government to expedite the submission of the 2025 budget, warning of the delay that could affect the implementation of development projects and economic reform programmes.
They stressed the importance of enhancing non-oil revenues, calling for the adoption of financial and economic policies that contribute to diversifying sources of income and improving resource management.
The representatives stressed the need to develop clear plans for investment in the oil sector, with the aim of increasing productivity and achieving additional revenues to support the budget, in light of the ongoing fluctuations in global oil prices and the economic pressures facing the country.
This comes amid emphasis on the need to enhance non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances.
The head of the Parliamentary Finance Committee, Atwan Al-Atwani, said: “We expect the 2025 budget to reach the House of Representatives early next year,” indicating that “the government has begun meetings to restructure the budget items.”
For his part, the member of the Finance Committee, Mustafa Al-Karawi, stated that “the current year’s budget stipulated the necessity of providing Parliament with the financial schedule before the end of the fiscal year, and any delay in this will cause a delay in the start of implementing the budget and its schedules,” noting that “the non-oil revenues targeted in the budget are estimated at 27 trillion dinars, while what has been achieved so far does not exceed 8 trillion dinars only.”
Al-Karawi added, “The Ministry of Finance indicated the possibility of collecting 3 trillion dinars per month during the coming period, and that the Finance Committee called on the government to enhance non-oil revenues and ensure the achievement of financial targets to avoid any economic imbalances.”
The MP stressed that “the committee is closely following up on how the budget funds are distributed, to ensure that they are used effectively to serve citizens and enhance the national economy,” noting that “it discusses from time to time ways to increase government revenues by developing the tax and customs system.”
The MP noted that “there is a government plan that depends on automating and modernizing the work systems in these institutions, and it is expected that its implementation will be completed by the end of this year, which will contribute to enhancing revenues and ensuring better efficiency in collecting them.”
The head of the Parliamentary Finance Committee, Atwan Al-Atwani, discussed with the delegation of the Adam Smith International Foundation a set of laws related to developing the financial and banking system.
The two sides discussed important draft laws, including the Securities and Commodities Law, the Banking Studies Center Law, and the Islamic Sukuk Investment Law, with the necessary amendments.
Al-Atwani also reviewed with the delegation the most important challenges facing the financial system in Iraq, as well as the steps and priorities of the Finance Committee within the framework of finding a correct philosophy and rational management of public money and the economy by diversifying sources of income and not relying excessively on oil to feed the state budget.
He stressed that "the Parliamentary Finance Committee, within the framework of its permanent movement and continuous efforts to maximize non-oil revenues, is currently working on amending the law of the General Authority for Monitoring the Allocation of Federal Revenues." LINK
Waiting For It To Be Sent.. The Oil And Gas Law Is On The Government Discussion Table
Today 17:56 Information / Baghdad.. Member of the Parliamentary Oil, Gas and Resources Committee, Kazem Al-Touki, confirmed today, Thursday, that the
draft oil and gas law is awaiting approval within the Council of Ministers, indicating that the
joint committees between the federal government and the regional government are continuing their work to resolve the law. Al-Touki told Al-Maalouma Agency,
“There are controversial articles that hinder sending the draft oil and gas law to the House of Representatives,” pointing out that
“the draft is still in the custody of the government.” He added,
"The oil and gas law is still on the table for government discussions," noting that
"the relevant committees are continuing their meetings in the hope that they will reach an agreement on the controversial issues." He stressed that
"there is a common vision between the governments of Baghdad and the region to finalize the oil and gas law file and send it to the House of Representatives." Ended / 25 hours
https://almaalomah.me/news/80545/politics/بانتظار-إرساله-قانون-النفط-والغاز-على-طاولة-النقاشات-الحكومي
Ministry Of Oil: Crude Oil Exports Last September Amounted To (99) Million, (311) Thousand, And (107) Barrels
Thursday 24 October 2024 | Economic Number of readings: 157 Baghdad / NINA / The Ministry of Oil announced the total oil exports achieved for last September.
The ministry stated in a statement: "According to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), the total exports of crude oil amounted to (99) million and (311) thousand and (107) barrels.
The statistics indicated that the total quantities of crude oil exported for last September from the oil fields in central and southern Iraq amounted to (99) million and (4) thousand and (320) barrels, while exports to Jordan amounted to (306) thousand and (787) barrels. / End7 https://ninanews.com/Website/News/Details?key=1164061
The Iraqi Stock Exchange Decides To Launch Trading On The Shares Of Al-Sinam Islamic Bank Next Sunday
Stock Exchange Economy News – Baghdad The Iraq Stock Exchange announced the launch of trading in the shares of Al-Sanam Islamic Bank next Sunday.
According to a document issued by the Iraqi Stock Exchange, “the shares of Al-Sanam Islamic Bank deposited will be available for trading starting from next Sunday’s session.” She pointed out that "the company's capital amounts to 300 billion dinars." https://economy-news.net/content.php?id=49099
Central Bank Of Iraq's Dollar Sales Rise To More Than $266 Million
economy | 10/24/2024 Mawazine News – Economy The Central Bank of Iraq's dollar sales rose on Thursday to more than $266 million in a currency auction, compared to the previous day.
The bank reported that it sold $266,872,747 in its auction today, at basic exchange rates of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, 1,310 dinars per dollar for foreign transfers, and 1,305 dinars per dollar in cash.
The bank explained that most of the dollar sales went to boost balances abroad in the form of transfers and credits, amounting to $258,972,747, up 97% from cash sales of $7,900,000.
He pointed out that the number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 13 banks, and the total number of exchange companies participating in the auction was 9 companies. https://www.mawazin.net/Details.aspx?jimare=256173
Open Branches
October 24, 2024 :diamonds: Opening branches of exchange companies for category (A) ... For more, click here https://cbi.iq/static/uploads/up/file-172977092862454.pdf
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approximate and incomplete translation of : https://cbi.iq/static/uploads/up/file-172977092862454.pdf
DATE: 2024/10/24 (Population Census... the Pillar of Development)
Exchange Companies for the Art (A) M/ Opening Branches
Based on the decision of the Board of Directors of this bank No. (225) of 2024, the following has been decided: -
1- Cancel the decision of the Board of Directors of this bank No. (192) of 2023, addressed to you pursuant to our circular No. (19/3/33) on 12/25/2023,
2- Allow your companies that have not exceeded 10 branches (including the main office) to open new branches for them, not exceeding that.
3- Request your companies that have reached 10 branches, including the main office, to increase their capital by an amount of (250) million dinars
When they wish to open a new branch, regardless of the period of granting them the license.
With appreciation. https://cbi.iq/news/view/2698
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