Iraqi News Highlights Monday Afternoon 8-14-23

Iraqi News Highlights Monday Afternoon 8-14-23

Tlm724 Administrator Bondlady’s Corner

Al-Nusairi: The Battle For The Stability Of The Exchange Rate With Speculators In The Black Market Will End With The Recovery Of The Dinar

Money  and business  Economy News _ Baghdad  Samir Al-Nusairi, an adviser to the Association of Iraqi Private Banks, confirmed today, Monday, that the battle led by the government and the central bank with speculators to control the stability of the dinar exchange rate against the dollar on the black market will end with the gradual recovery of the dinar and that the rise in the exchange rate is temporary, and will inevitably decrease back to the target rate of The central bank in Iraq, because the dollar that is traded in, if it does not come from the central bank, then its source is illegitimate and is held accountable by Iraqi law for its negative effects on the national economy.

Al-Nusairi said in an interview with "Al-Iqtisad News", that "one of the most prominent reasons for the dollar's rise is the news of depriving 14 banks of dealing in US dollars and what the big speculators did in withdrawing cash dollars and the manipulation of unauthorized exchanges with exchange rates." In addition, some small retailers did not enter the electronic platform for external transfer.

And he added, “Some media outlets and analysts exacerbated the confusion of the market by amplifying unreal and incomplete data and information, as well as websites and microbes that announce daily the exchange rate on the black market despite the warnings of the Central Bank and its clarification by its statements issued successively that the offer of foreign currency is available for all requests submitted to the electronic platform by companies.”

And merchants and businessmen, and that the platform is the only approved system for external transfers, which achieves the real guarantee for the safety of external financial transactions in accordance with international standards, which guarantee the arrival of transfers to the final beneficiary.

Al-Nusairi pointed out, "The Central Bank follows up and monitors the markets in cooperation with the concerned government agencies, and takes urgent measures to address the situation and stop all countermeasures that harm the national economy." In particular, limiting illegal trade through unofficial outlets.

And he continued, “The Central Bank is working to diagnose and study the causes and obstacles to entering the electronic platform, delaying some transfers, and setting up procedures that facilitate merchants’ conduct of their business smoothly and easily, and taking possible flexibility to accelerate external transfers in banks, the Central Bank, and in the relevant international banking agencies.”

Al-Nusairi noted that “the measures will inevitably result in a decrease in the exchange rate on the black market for the illegal dollar, and that the Central Bank is currently working on adopting new mechanisms and work contexts to control monetary stability, and their results will appear soon.” We urge all government agencies, wholesalers, and businessmen to support the Iraqi dinar and deal with it in all local monetary activities and transactions, as it is strong and covered by foreign monetary reserves that exceed $113 billion, and that its purchasing power is gradually recovering. In addition to being an essential pillar of national sovereignty.  08/14/2023  https://economy-news.net/content.php?id=35658

The Price Of The Dollar Rose In Baghdad And Erbil With The Closing Of The Stock Market

Economy  Monday, August 14, 2023   Baghdad / The National News Center  he prices of the US dollar rose against the Iraqi dinar, today, Monday, in the markets of Baghdad and Erbil, with the closing of the stock exchange.

The correspondent of the National News Center said, “The dollar prices rose with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, to record 153,000 Iraqi dinars against 100 dollars, while prices recorded this morning 152,600 dinars against 100 dollars.”

He added, "The selling prices in exchange shops in the local markets in Baghdad have stabilized, as the selling price reached 153,500 dinars, while the purchase price reached 152,500 dinars for every 100 dollars."

In Erbil, the dollar also recorded an increase, as the selling price reached 153,150 dinars for every 100 dollars, and the purchase price was 153,050 dinars for 100 dollars.  https://nnciraq.com/221532/

201 Million Dollars In Foreign Currency Sales In The Central Bank Today

Economy  Monday, August 14, 2023 Baghdad / National News Center  The Central Bank of Iraq announced the proceeds of selling the dollar through the electronic currency window on Monday. 201 million dollars in foreign currency sales in the Central Bank today   https://nnciraq.com/221470/

A Slight Decline In The Exchange Rates Of The Dollar With The Closing Of The Stock Exchange In Baghdad

Economy  Sunday, August 13, 2023 Baghdad / The National News Center  The dollar prices fell today, Sunday, in the Baghdad markets, with the closure of the main stock exchange in Al-Kifah.

The correspondent of the National News Center said, "The dollar prices decreased with the closure of the Al-Kifah and Al-Harithiya stock exchanges, as prices recorded 152,400 dollars against 100 dollars, while the prices this morning were 152,700 dinars against 100 dollars."

He added, "The selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 153,000 Iraqi dinars, while the purchase price reached 152,000 dinars for every 100 dollars."   https://nnciraq.com/221367/

Planning Is Discussing With The International Labor Organization A Mechanism For Benefiting From Savings And Retirement Funds

Money  and business  Economy News _ Baghdad  Today, Monday, the Ministry of Planning discussed with the International Labor Organization a mechanism for benefiting from savings and retirement funds in stimulating development and diversifying investment sources.

The ministry stated, in a statement received by "Al-Iqtisad News", that "the Ministry of Planning, in cooperation with the International Labor Organization, held today a dialogue seminar on how to benefit from savings, retirement and guarantee funds in stimulating development and diversifying sources of self-investment that supports national development, in the presence of the Undersecretary for Technical Affairs, Maher Hammad Johan. ".

She added, "The representative of the International Labor Organization, Amjad Turabi, gave a presentation on the role of national provident funds in building the Malaysian development experience and lessons learned for Iraq," noting that "social security and retirement funds in Malaysia played an important role in the country's national investment efforts through the availability of a stable and reliable source." For local capital to invest, as these funds helped transform savings into productive investments and support long-term economic growth and development in the country.

For his part, Director of the Department of Macro-Policies and Building Economic Models at the Department of Economic and Financial Policies, Muhammad Shihab Ahmed, gave, according to the statement, "a presentation on the economic role of sovereign funds," explaining "the types of sovereign funds and their objectives, which include: (Public Finance Continuity Fund, savings funds, investment institutions, development funds and retirement reserve funds).

The workshop was attended by the Director General of the Department of Human Development, Maha Abdul Karim Al-Rawi, and representatives of ministries and agencies not associated with a ministry, as well as a number of experts, academics and a number of ministry employees, while it was chaired by expert Adnan Yassin. The head of the expert team at the ministry, Ahmed Mohamed Hassan, was its rapporteur.  Views 21   08/14/2023 - https://economy-news.net/content.php?id=35663

International Companies In The Kurdistan Region Urge Respect For Their Rights When Enacting The Oil And Gas Law

Energy  Economy News _ Baghdad  Today, Monday, the Kurdistan Oil Industry Association (IPCOR) called on the governments of Baghdad and Erbil to preserve the contractual rights in the new oil and gas law to be enacted.

The union, which represents companies including “DNO”, “Genel Energy”, “Gulf Keystone Petroleum”, “HKN Energy” and “ShaMaran Petroleum”, said in a statement received by “Al-Iqtisad News”, we urge the integration of the rights of companies in the Iraqi budget and any laws Futurism governing oil and gas in federal Iraq and the Kurdistan Region.

"It is essential for the future of the industry in these regions, and the many jobs that support them, that the outcome of the negotiations include recovery of costs and profits to which international oil companies are entitled under existing production sharing contracts," he added.

The Kurdistan Regional Government and the Iraqi federal government held a meeting on the fifth of August to discuss drafting a new oil and gas law. During the meeting, they agreed to form a committee to draft an oil and gas law to help resolve the dispute over the constitutional rights of the Kurdistan Region over oil and revenues.

Since 2005, the Iraqi Parliament has not been able to pass the draft law and the Kurdistan Region approved its own law and began its independent export through Turkey.

The dispute between Baghdad and Erbil over oil exports escalated last March, when the Court of Arbitration in Paris ruled against independent oil exports to Kurdistan under its 2007 law, prompting Turkey to halt oil exports via the Iraq-Turkey Pipeline (ITP).

So far, talks between Baghdad, Erbil and Ankara have failed to find a solution to resume oil exports. Moreover, according to the Iraqi budget law, the Kurdistan Region is required to deliver 400,000 barrels of oil per day.

A representative of the "IPCOR" consortium said in a statement to "Standard & Poor's" that the oil companies "want to guarantee their contractual rights, including cost recovery and entitlement to oil, and protect them in the discussions between Erbil and Baghdad."

"The international oil companies in Kurdistan must be compensated for the real costs, just as they are in federal Iraq. Our investments have fully funded the entire sector and there are solutions that will guarantee future foreign investment in the Iraqi energy sector," he added.

He pointed out that "the PSC (professional standards) model used in the Kurdistan Region has a competitive investment structure that is widely used in oil regions around the world."

He continued, "Within the framework of the security companies of the Kurdistan Region, the international oil companies bear all the financial risks, and in the event of success, the Kurdistan Region retains the majority share of the reward."

"To provide international oil companies with confidence in their contractual right to recover costs and receive profit payments from successful projects, the Kurdistan Company PSC model is governed by English law, with disputes settled through international arbitration at the London Court of International Arbitration," said the Epicor consortium.

The oil companies also said that it would not be possible for the Kurdistan Region to provide 400,000 barrels of oil per day to Baghdad, without the international oil companies operating in the Kurdistan Region.

"To achieve this, the Kurdistan Region will depend on production from fields run by the International Olympic Committee," he said.

"Despite the political, security and geological challenges in the region, the sector operated by the ICRC has developed from almost nothing 15 years ago to produce about 250,000 barrels of oil per day," he added.

"As (oil) the most important industry in Kurdistan by far, the oil and gas sector now provides tens of thousands of high-quality jobs directly through the IOCs themselves as well as indirectly through service companies and contractors and in the communities surrounding our operations, homes and offices," he added.

Moreover, due to the cessation of oil exports, foreign companies operating in the Kurdistan Region had to implement cost-cutting measures, which led to staff layoffs.

Views 75   08/14/2023 - https://economy-news.net/content.php?id=35659

Oil Prices Fell After Gains For The Seventh Week In A Row

Economy |  08/14/2023  Baghdad - Mawazine News  Oil prices fell today, Monday, after a series of gains that continued for seven consecutive weeks, as a result of concerns about slowing economic growth in China and the impact of the appreciation of the dollar.

Brent crude futures fell by 29 cents, or 0.3%, to $86.52 a barrel, by 00:33 GMT, while US West Texas Intermediate crude fell by 24 cents, or 0.3%, to $82.95 a barrel.

The price decline came in light of the rise in the value of the US dollar, as the dollar index recorded its gains today, Monday, while the rise in US producer prices, last July, also led to an increase in Treasury yields, despite expectations that the US Federal Reserve will stop raise interest rates.

And oil prices rose after the International Energy Agency expected record global demand and a contraction in supply, which made oil achieve gains, for the seventh week in a row, in the longest series of gains since 2022.   https://www.mawazin.net/Details.aspx?jimare=233210

Advisor To The Prime Minister: The Financial Situation In The Country Indicates A High Degree Of Stability

Political   Baghdad - Conscious - Nassar Al-Hajj   Saturday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih,  ruled out a financial deficit during the current fiscal year 2023, and while he put forward two reasons, he confirmed that the financial situation in the country indicates a high degree of stability.

Saleh said, to the Iraqi News Agency (INA), that "the federal general budget for the years 2023-2024-2025 has taken sufficient precaution for fluctuations in annual budget revenues, specifically oil revenues, as the fiscal policy adopted a hypothetical or precautionary deficit amounting to approximately 64 trillion dinars."

He added, "The federal general budget indicated at the same time in its law a clear precautionary detail for the sources of financing that deficit as well, as its financing sources will be when necessary from the surpluses of the internal financial market, by dealing with bonds and treasury transfers issued by the government and bought by the banking system and the public from their financial resources." available in order to invest in those government securities and consider them excellent debt instruments.  

And he continued, “Despite the foregoing, we do not expect a deficit during the current fiscal year for two reasons: the first is the existence of a financial surplus of about 23 trillion dinars, and the second is that the cycle of oil assets is trending upward, as the average barrel of Brent oil touches 85 dollars, which means that there is demand.” increasing global demand for oil.

And he added, "If the situation continues until the end of the current fiscal year, the country's financial situation indicates a high degree of stability in a positive way, warning at the same time the importance of imposing financial discipline in managing the state's public expenditures, as well as maximizing financial revenues according to the timing required to ensure their cash flows."  In a reassuring and proper manner, to ensure the country's financial sustainability. https://www.ina.iq/191392--.html

 

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