Iraqi News Highlights Late Saturday Evening 7-15-23
Iraqi News Highlights Late Saturday Evening 7-15-23
Tlm724 Administrator Bondlady’s Corner
Economist: Bartering Iraqi Oil For Iranian Gas Will Contribute To Preserving The Hard Currency And Relieving Pressure On The Dollar
Saturday 15 July 2023 12:10 | Economical Number of readings: 304 Baghdad / NINA / - The expert on economic affairs, Safwan Qusay, confirmed: "The barter of Iraqi oil for Iranian gas will contribute to preserving the hard currency, relieving pressure on the dollar, and the possibility of expanding the circle of settlement of dues towards the Iranian side."
Qusai said in a statement to the National Iraqi News Agency ( NINA ): "In light of the US allowing Iraq to buy gas and not allowing it to pay in dollars, the Iraqi government found that the most appropriate is to pay with black oil, which represents a need for the Iranian side to operate asphalt plants and other factories that operate."
With black oil, which will replace gas for consumption purposes on the Iranian side, and thus will provide an alternative through which gas consumption can be reduced and its pressure maintained, and thus the possibility of stabilizing its exports to the Iraqi side.
He pointed out, "This agreement will enable Iraq to preserve the hard currency, relieve pressure on the dollar, and the possibility of expanding the circle of settlement of dues towards the Iranian side, whether governmental or private, through the same context, with the possibility of opening a window for exporting Internet capacities and humanitarian materials to the Iranian side and at international prices for settlement." Dues for importing gas, electricity and other commodities from the Iranian side.
And the economist continued: "This issue (the agreement) is supposed to take place in consultation with the US Federal Reserve to facilitate the task of implementation and not to anger the US side."
Prime Minister Muhammad Shia' al-Sudani had announced earlier an Iraqi-Iranian agreement on oil, black and Iranian gas.
Al-Sudani said last week that Iraq would start bartering crude oil for Iranian gas to end the recurring delay in payments due to Tehran because of the need to obtain US approval for such transactions.
On the other hand, US officials and specialists said: The barter will likely conflict with US sanctions, according to Reuters.
"Making this kind of trade-off with Iran would be a violation of US sanctions unless a US national security exception is issued," said Richard Goldberg of the Foundation for Defense of Democracies think tank.
While an official at the US State Department stated that Anthony Blinken, Secretary of State, issued an exception on March 21 for a period of 120 days, allowing Iraq to pay Iran for electricity imports only, not for natural gas used to generate electricity in Iraq.
A former US official said the Treasury Department, which oversees most US sanctions against Iran, defines the term "transaction" broadly, possibly including barter.
The former official added that this may provide "enough room for maneuver ... for the United States to turn a blind eye, but it is a political decision, not a legal issue."
And he added, "From a purely legal angle, it (the barter) certainly violates US sanctions."/ End 8
The Iraqi Central Bank Announces The Increase In The Volume Of Internal Debt To 70 Trillion Dinars
Economy | 03:12 - 07/15/2023 Baghdad - Mawazine News Today, Saturday, the Central Bank of Iraq indicated a group of opportunities and challenges facing the Iraqi economy, while announcing that the volume of internal debt had risen to about 70 trillion dinars, and the volume of foreign reserves to 113 billion dollars.
The Deputy Governor of the Central Bank, Ammar Khalaf, said in a speech during the Sixth Annual Conference on Finance and Banking Services, "The Central Bank of Iraq has a fundamental role in financial and economic stability, as this year witnessed many and many changes to contribute towards achieving stability in Iraq."
Khalaf added, "There are many opportunities for the Iraqi economy, the central bank, all ministries, and the private sector, including the growth of gross domestic product, the achievement of a surplus in the general budget law affected by global oil prices, and an increase in the volume of deposits and credit in general, as well as the increase in foreign reserves to 113 billion dollars." ".
He pointed out that “despite these opportunities, there are challenges, including the approval of the budget law of a very large size, in which public expenditures reach 198 billion, as planned for this year, and also with a fiscal deficit amounting to 64 trillion dinars, and this in itself represents a challenge for the economy and the central bank.” Iraq in particular.
He pointed out that "there is another challenge, which is the increase in the domestic debt, which amounted to about 70 trillion dinars, and this represents a challenge to the monetary authority, as well as the financial authority in the mechanism of managing this debt, because it represents great pressure on the various monetary policy tools."
He continued: "In the previous edition of the Fifth Conference, we mentioned the importance of electronic payment and the important performance it represents to achieve economic growth, financial inclusion and financial depth, and we emphasized that there must be a compulsion to adopt its tools, as it was achieved this year through the great support of The current Iraqi government and the great efforts launched by the Central Bank of Iraq, and we have recently witnessed a great movement by the public as well as the private sector in adopting electronic payment tools, and this is a very important thing for achieving economic growth and financial affairs in Iraq.
And he added, "In this field, we notice an increase in electronic payment tools. For example, the number of different cards increased from 6 million cards to 16 million, as well as the number of payment devices from 918 devices to more than 10 thousand devices, as well as an increase in the number of electronic payment devices."
Automated teller machines (ATMs) from 656 machines to more than 2000 machines, and they are constantly increasing. There is also an increase in the number of open and effective electronic wallets from 222 thousand wallets to more than 3 million wallets, and this represents a real transition for the sector.
He stressed that "the Central Bank of Iraq has sufficient flexibility in adopting appropriate monetary policies, as it worked this year on a number of changes in various monetary policy tools, for example, it raised the policy rate from 4-7.5%, as well as raising the interest rate on central bank tools." Iraqi from 3-4 until it reached 7.5%, as well as raising the legal reserve ratio from 15-18%,” pointing out that “all these different tools seek to manage excess cash liquidity in addition to what the electronic platform is doing by achieving the surplus liquidity resulting from Increasing public spending.” Ended 29 / h
https://www.mawazin.net/Details.aspx?jimare=231370
Finance Minister: Iraq Possesses The Requirements Of A Strong Economy
Money and business Economy News – Baghdad Minister of Finance, Taif Sami, confirmed, on Saturday, that the Ministry of Finance has been activating bilateral agreements with various international financial institutions that support the establishment of a balanced and sustainable financial and economic system, noting that the Ministry is taking steady steps towards optimal development of economic goals.
The Director of Al-Rashid Bank, Muhammad Samir, delivered the speech of the Minister of Finance, Taif Sami, during the sixth annual conference on finance and banking services, according to the official news agency, in which he stated that “convening the conference is important because it provided an opportunity to announce our steps in the Ministry of Finance to support the government program through a well-studied platform that pays The wheel of economic advancement and the provision of opportunities for sustainable development, which is reflected in the provision of the best services to citizens through the banking sector, as it is one of the pillars supporting any stable and vital economy, and plays a pivotal and major role in supporting the process of economic industrial renaissance by providing absolute support to the productive sectors of the owners of small and medium local projects ".
And the Minister of Finance added, in her speech: "The ministry has also been activating bilateral agreements between Iraq and various international financial institutions that support the consolidation of a balanced and sustainable financial and economic system, since Iraq possesses the requirements of a strong economy."
And she continued: "Therefore, the Ministry of Finance is moving steadily towards optimal development of economic goals by promoting optimal opportunities to attract investment from infrastructure projects and correcting the course of fiscal policy in light of the current economic challenges."
Views 8 Added 07/15/2023 - https://economy-news.net/content.php?id=35152
Central Bank: The Volume Of Foreign Reserves Increased To 113 Billion Dollars
Money and business Economy News – Baghdad Today, Saturday, the Central Bank of Iraq announced that the volume of internal debt has risen to about 70 trillion dinars, and the volume of foreign reserves to 113 billion dollars.
The Deputy Governor of the Central Bank, Ammar Khalaf, said in a speech during the sixth annual conference on finance and banking services, that "the Central Bank of Iraq has a fundamental role in financial and economic stability, as this year witnessed many and many changes to contribute towards achieving stability in Iraq."
Khalaf added, "There are many opportunities for the Iraqi economy, the central bank, all ministries, and the private sector, including the growth of gross domestic product, the achievement of a surplus in the general budget law affected by global oil prices, and an increase in the volume of deposits and credit in general, as well as the increase in foreign reserves to 113 billion dollars." ".
He pointed out that “despite these opportunities, there are challenges, including the approval of the budget law of a very large size, in which public expenditures reach 198 billion, as planned for this year, and also with a fiscal deficit amounting to 64 trillion dinars, and this in itself represents a challenge for the economy and the central bank.” Iraq in particular.
He pointed out that "there is another challenge, which is the increase in the domestic debt, which amounted to about 70 trillion dinars, and this represents a challenge to the monetary authority, as well as the financial authority in the mechanism of managing this debt, because it represents great pressure on the various monetary policy tools."
He continued: "In the previous edition of the Fifth Conference, we mentioned the importance of electronic payment and the important performance it represents to achieve economic growth, financial inclusion and financial depth, and we emphasized that there must be a compulsion to adopt its tools, as it was achieved this year through the great support of The current Iraqi government and the great efforts launched by the Central Bank of Iraq, and we have recently witnessed a great movement by the public as well as the private sector in adopting electronic payment tools, and this is a very important thing for achieving economic growth and financial affairs in Iraq.
And he added, "In this field, we notice an increase in electronic payment tools. For example, the number of different cards increased from 6 million cards to 16 million, as well as the number of payment devices from 918 devices to more than 10 thousand devices, as well as an increase in the number of electronic payment devices." Automated teller machines (ATMs) from 656 machines to more than 2000 machines, and they are constantly increasing. There is also an increase in the number of open and effective electronic wallets from 222 thousand wallets to more than 3 million wallets, and this represents a real transition for the sector.
He stressed that "the Central Bank of Iraq has sufficient flexibility in adopting appropriate monetary policies, as it worked this year on a number of changes in various monetary policy tools, for example, it raised the policy rate from 4-7.5%, as well as raising the interest rate on central bank tools."
Iraqi from 3-4 until it reached 7.5%, as well as raising the legal reserve ratio from 15-18%,” pointing out that “all these different tools seek to manage excess cash liquidity in addition to what the electronic platform is doing by achieving the surplus liquidity resulting from Increase public spending.
Views 68 07/15/2023 - https://economy-news.net/content.php?id=35151
Al-Halbousi Stresses The Importance Of The Role Of The Financial Supervision Bureau In Combating Administrative And Financial Corruption And Preserving Public Money
Saturday 15 July 2023 17:35 | political Number of readings: 111 Baghdad / NINA / - Parliament Speaker Muhammad Al-Halbousi stressed the importance of the role of the Financial Supervision Bureau in combating administrative and financial corruption and preserving public money.
The media office stated in a statement: “Al-Halbousi met today with the new head of the Federal Bureau of Financial Supervision, Ammar Sobhi Khalaf, in the presence of the heads of the parliamentary integrity and finance committees, to discuss a number of issues related to the work of the Bureau and its oversight activities during the coming period.” Al-Halbousi confirmed, during the meeting,
The importance of the role of the Office of Financial Supervision in combating administrative and financial corruption and preserving public money, and the need to make more efforts in this regard, referring to the support of the House of Representatives to the Bureau in order to achieve its goals and perform its tasks./ End https://ninanews.com/Website/News/Details?key=1065061
The Decline In Dollar Prices In Baghdad With The Closing Of The Stock Market
Economy Saturday, July 15, 2023 Baghdad / The National News Center The exchange rates of the US dollar decreased against the Iraqi dinar, today, Saturday, on the main stock exchange in the capital, Baghdad.
The correspondent of the National News Center said, “The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded an exchange rate of 147,900 dinars, compared to 100 dollars, while the prices this morning were 148,200 dinars.”
He added, "The buying and selling prices decreased in the exchange shops in the local markets in Baghdad, where the selling price reached 148,500 dinars, while the purchase prices amounted to 147,500 dinars per 100 dollars." https://nnciraq.com/216485/
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