Iraqi News Highlights and Points to Ponder Sunday AM 1-28-24

The Dollar Fluctuates In The Iraqi Stock Exchanges.. And An Economist Shows: There Are 10 Influential People Who Control The Parallel Market

Posted On01-28-2024 By Sotaliraq    The dollar exchange rates throughout Iraq witnessed a slight decline and fluctuation at descending levels for a week, which left impressions on the Iraqi street and doubts about controlling the rise in the dollar exchange rates.

On Friday evening, the exchange rates of the US dollar remained near the level of 151,000 dinars per $100 note on the main stock exchanges in Baghdad, with slight differences in the offices of exchange companies from one region to another. While dollar prices recorded a decline in Baghdad yesterday, Thursday, on the Baghdad stock exchanges, recording 151,500 Iraqi dinars for every 100 dollars.

The Central Bank of Iraq has relied on the dollar auction for years, as one of the tools to adjust the exchange rate of the Iraqi dollar and prevent speculation in it. However, with the arrival of the government of Prime Minister Muhammad Shia al-Sudani, financial revenues improved due to the significant rise in oil prices, and with the Russian-Ukrainian war entering its second year, a crisis emerged. The rise in dollar prices, which agitated all sectors of society and led to an unprecedented increase in commodity prices.

Creating a parallel market

Despite the fact that Iraq sells its oil smoothly to global markets, and receives its value in dollars. Then the journey of converting the dollar into the Iraqi dinar begins towards the local markets, but experts confirm that there is a depletion of hard currency, and it can be compensated for with more modern measures to preserve the value of the local currency and control the official price of the dollar.

Member of the Parliamentary Finance Committee, Mustafa Al-Karaawi, explains, “There is no official decline, according to the financial releases that occur.” Noting that, “If the dollar is available, its price will decrease, but if there are amendments to the procedures by the government, it will return to an increase.”

Al-Karaawi added in an exclusive interview with Al-Mada: “The Central Bank must be serious about implementing a plan to control the dollar exchange rate, as its plans have not yet reached the level of ambition.”

He continues, “If correct mechanisms are applied and the exchange outlets are controlled, as well as control over imported goods and foreign remittances, the government can control the exchange rate of the dollar, as it will have special uses, which will make there a lack of demand for the dollar.” Continuing his speech, he said, “The lack of an electronic system that facilitates the financial transfer process made companies and merchants resort to using the so-called (parallel market).”

Financial Currency Balance

Specialists confirmed that speculation occurs in the parallel market with the publication of inaccurate information that leads to raising or lowering the price of the dollar, and they pointed out that lowering the price moved the solid dollar among individuals and pushed them to sell it for fear of its continued decline.

While economic expert Abdul Salam Hassan explained, “The dollar will remain a moving market due to the lack of a stable basis for it.” Pointing out, “The hard currency in Iraq is unstable, and in the next few days the dollar exchange rate will return to rising, because we do not have a balance for the financial currency, and there is no definition of a correct mechanism for trading.”

Hassan added in his interview with (Al-Mada), “If I had 100,000 US dollars, through which I would be able to control the market, what about the influential people in the market who have many interests, as the number of these influential people does not exceed 10 people and they are the ones who control the currency market in Iraq?”

The economic expert continues his speech by saying, “The control of the parallel market over financial transactions in the country is due to the absence of a parallel market for it in the local currency, and this is what makes solutions non-existent. We, as specialists, have been given a fixed mechanism for Iraqi financial liquidity through which the dollar exchange rate is controlled, and the exchange rate of the dollar has been determined.” A date to consider this proposal by the Council of Ministers, but private interests are the ones who created the parallel market that destroyed the country’s economy.”

It is noteworthy that for more than a year, and specifically since the start of the Central Bank’s work on the electronic platform and the international financial transfer system “SWIFT”, the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel markets.  LINK

Iraq Ranks First With The Cheapest Gasoline Prices In The World

Energy   Economy News _ Baghdad   Iraq moved up one place in the list of the cheapest countries in the world with gasoline prices, reaching 13th place, while Iran topped the countries with the cheapest price, reaching $0.029 per liter.

Al-Eqtisad News reviewed data from the Global Petroleum Press website, which also showed that Libya came in second place with $0.031 per liter, then Venezuela with $0.035 per liter, and Kuwait came fourth with $0.341 per liter.

According to these data, Iraq ranked 13th with a price of $0.572 per liter, while Qatar ranked 14th with a price of $0.577 per liter, while Oman ranked 17th with a price of $0.621 per liter, while Colombia ranked 42nd with a price that reached $1.052 per litre.

Monaco And Hong Kong Ranked Last With The Cheapest Gasoline Prices In The World.

Views 39  Added 01/28/2024 - 11:20 AM  https://economy-news.net/content.php?id=39888

Evening Dollar Bulletin In Iraq

Economy News – Baghdad   Al-Iqtisad News publishes the dollar bulletin until 4:30 pm Baghdad time, and it is as follows:

Baghdad $100: 151.100   Basra $100: 151,400   Erbil $100: 151.100   Sulaymaniyah $100: 151.250

Duhok $100: 151.100    01/28/2024 - 4:44 PM  https://economy-news.net/content.php?id=39905

Trade: Iraqi Merchants Were Affected By The Rise In Maritime Transport Prices

A map showing the location of the Red Sea   Money   and business  Economy News – Baghdad   The Ministry of Commerce announced that it seeks to reduce the harm caused to Iraqi merchants as a result of the rise in transportation prices due to security developments in the Red Sea.

The official spokesman for the Iraqi Ministry of Commerce, Muhammad Hanoun, said, “Everything that affects the world in terms of security and political developments affects Iraq. With regard to the Ministry of Commerce, we have worked for some time to provide a strategic stock related to the ration card system that the government distributes to citizens, and we have achieved a good stock in all stores.” Baghdad and the governorates.

He added, "We seek to reduce the harm caused to Iraqi merchants as a result of the rise in transport prices across the seas and the Red Sea in particular."

It is noteworthy that Bab al-Mandab is witnessing security tension, with the Houthis targeting commercial ships transporting goods from east to west.

Views 77   Added 01/28/2024 - https://economy-news.net/content.php?id=39890

Oil: Export Revenues Amounted To $8 Billion Last Month

Economy | 01:11 - 01/28/2024  https://www.mawazin.net/Details.aspx?jimare=241182

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Iraq Seeks To Strengthen Its Naval Fleet With 13 Ships

Economy - 01/27/2024  Mawazine News – Baghdad  The Ministry of Transport confirmed today, Saturday, its endeavor to keep pace with the development road and Al-Faw port projects by strengthening its naval fleet with new ships and vessels, confirming an approach to the Ministry of Planning in order to begin manufacturing 13 of them, while pointing out that the maritime transport company has obtained an entry permit to all the world’s ports. .

The Ministry’s media office said in a statement received by Mawazine News: “The Ministry is keen to strengthen its naval fleet with new ships and ships, and the Ministry of Planning was approached regarding the manufacture of 13 ships for the General Maritime Transport Company’s fleet, six of which are within the investment budget, two for operational and five for the loan.” "Japanese."

He added, "We own six ships, three of which have a capacity of 14,000 tons, one of which has a capacity of 10,000, and two of different tonnage."

He pointed out, "The Ministry is in the process of holding new discussions to strengthen its fleet to keep pace with the Development Road and Al-Faw Port projects, as well as Umm Qasr, and the General Maritime Transport Company has obtained entry permission to all ports of the world."

https://www.mawazin.net/Details.aspx?jimare=241135

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4 Billion Dinars Were Wasted On Rehabilitating Berths In Khor Al-Zubair Port In Basra

January 28, 2024 Baghdad/Al-Masala Al-Hadath: The Federal Integrity Commission announced that it had detected a waste of (4) billion dinars of public money in Basra Governorate.

The authority stated in a statement received by Al-Masala, that the Basra Investigation Directorate’s work team, which moved to the General Company for Iraqi Ports, monitored the existence of a waste of public money after seizing a disbursement document worth (4,000,000,000) billion dinars, noting that the amount was disbursed to one of the companies working in the project. Rehabilitation of docks in Khor Al-Zubair Port despite the lack of economic feasibility of the project.

She added, in the customs of the Grand Welcome Yard in the port of Umm Qasr, (57) containers were seized that had not been inspected or demarcated, and they were content with preparing a fake statement to evade customs duties that amounted to more than (110,000,000) million dinars, explaining that the inspection and completion of transactions were carried out despite Although some containers were still on board the ship.

She confirmed that the Real Estate Registration Directorate seized the property's priors after transferring its ownership from the Ministry of Finance, following the discovery of irregularities in the transfer process.

She continued, that the team that moved to the Zubair Municipality Directorate and the Real Estate Registry Supervisory Office seized the properties of a property, after noticing the existence of a violation and possession by a person of the property that belongs to the municipality.

https://almasalah.com/archives/80928

Top 100 Inspirational Quotes  Compiled By Kevin Kruse 

 Inspirational quotes and motivational quotes have the power to get us through a bad week, and can even  give us the courage to pursue our life’s dreams.  In my book, 4 Keys to Happiness and Fulfillment at Work, By Kevin Kruse, I share surprising research into the true triggers of workplace motivation.

 So in the spirit of self motivation, here are 100 inspirational quotes.

42. Everything you’ve ever wanted is on the other side of fear. – George Addair

43. We can easily forgive a child who is afraid of the dark; the real tragedy of life is when men are afraid of the light. – Plato

44. Teach thy tongue to say, “I do not know,” and thous shalt progress. – Maimonides

45. Start where you are. Use what you have.  Do what you can. – Arthur Ashe

46. When I was 5 years old, my mother always told me that happiness was the key to life.  When I went to school, they asked me what I wanted to be when I grew up.  I wrote down ‘happy’.  They told me I didn’t understand the assignment, and I told them they didn’t understand life. – John Lennon

http://www.forbes.com/sites/kevinkruse/2013/05/28/inspirational-quotes/