Iraqi News Highlights Saturday Afternoon 3-18-23
Iraqi News Highlights Saturday Afternoon 3-18-23
Tlm724 Administrator Bondlady’s Corner
The Stability Of The Exchange Rates Of The Dollar In Baghdad With The Closing Of The Stock Market
Economy Saturday, March 18, 2023 4:27 PM Baghdad / The National News Center The exchange rates of the dollar stabilized against the Iraqi dinar, today, Saturday, with the closure of the main stock exchange in Baghdad. The correspondent of the National News Center said, "The central Kifah Stock Exchange closed in Baghdad at 156,400 Iraqi dinars, compared to 100 dollars, while the prices this morning were 156,500 dinars, compared to 100 dollars."
He added, "The buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 157,000 Iraqi dinars, while the purchase prices reached 156,000 dinars per 100 dollars." https://nnciraq.com/194100/
More Than A Billion Dollars In Sales Of The Central Bank Of Iraq In A Week
Saturday 18 March 2023 09:50 | Economical Number of readings: 397 Baghdad / NINA / - The Central Bank of Iraq's total sales of dollars during the past week amounted to more than one billion dollars.
The Central Bank stated in a statement that, during the past week, during the five days in which the auction was opened, from Sunday to Thursday, it sold one billion 056 million 998 thousand and 484 dollars, at a daily rate of 211 million 399 thousand and 696 dollars, an increase of 19.61% from what was recorded. The previous week, in which the sales rate reached 176,741,692 dollars.”
He added, “The highest dollar sales during the past week were on Wednesday, when sales amounted to 241,908,940 dollars, while the lowest sales were on Tuesday, which amounted to It has sales of 176 million and 955 thousand and 968 dollars.
He pointed out that "sales of foreign remittances amounted to 765 million and 218 thousand and 484 dollars, an increase of 61.87% compared to cash sales, which amounted to 291 million and 780 thousand dollars."
He pointed out that "sales went in the form of cash and transfers abroad to finance foreign trade, while the price of selling amounts of documentary credits and international settlements for electronic cards amounted to 1305 dinars per dollar, while the price of selling amounts of transfers abroad and the price of cash sales amounted to 1310 dinars per dollar."/ https://ninanews.com/Website/News/Details?key=1041101
Economist: The Decline In The Dollar Is A Matter Of Time, As Business Operations Adapt To Monetary Policy
Saturday 18 March 2023 10:32 | Economical Number of readings: 427 Baghdad / NINA / - The expert in economic affairs, Raad Twij, confirmed that the decline in the price of the dollar is a matter of time, related to the adaptation of commercial operations with monetary policy.
Twigg said in a statement to the National Iraqi News Agency / NINA /: "The integration of Iraqi merchants' dealings within the electronic platform of the Central Bank does not exceed 20% of the total number of merchants," indicating: "Increasing this percentage could be an administrative issue in which the Central Bank undertakes Al-Iraqi introduces merchants to the mechanisms of submission, which will prompt merchants to move away from parallel markets and resort to the electronic platform.
He explained: "This will be in favor of a greater decline in the dollar and its approach to the official price of 1,300 dinars," stressing that the process of declining the exchange rate is a matter of time in which commercial operations adapt to monetary policy, which will not exceed six months.
And the Central Bank of Iraq announced earlier this year economic measures and packages, including the electronic platform to reduce the exchange rate of the dollar against the dinar, which witnessed a significant rise in the past few months./ https://ninanews.com/Website/News/Details?key=1041112
Al-Sudani: We Will Build A Strong And Capable Iraq For The Coming Decades Through Our Plans "Iraq 2050" / Expanded
Saturday 18 March 2023 12:14 | political Number of readings: 408 Baghdad / NINA / - Prime Minister Muhammad Shia'a Al-Sudani affirmed: "We will build a strong and capable Iraq for the coming decades through our plans, which we call Iraq 2050."
Al-Sudani said in his article published in Al-Sharq Al-Awsat newspaper: These days we are passing the twentieth anniversary of the fall of the former dictatorial regime, which was the result of decades of oppression, tyranny and mismanagement, and attempts to transcend and assault internally and externally, and it is time to heal the wounds and move towards a prosperous future for a people who deserve all the good.
He added: "Our people have been very patient, sacrificed, and offered martyrs in order to liberate people and the land from the filth of terrorism and tyranny, and were able to draft a constitution that made the Iraqi person (man and woman) its main focus, opened the way for building a state of citizenship, and guaranteed the country's sovereignty, independence, and unity. "
Al-Sudani stressed that our people are waiting for the renaissance, the conditions of which are available in their country, and we do not lack human resources or scientific competencies, and we do not lack natural and unnatural resources, and the geographical location, and that what we lack is the development of scientific plans and practical programs, and their implementation firmly in all fields.
He continued, "We have developed an integrated program to address the most urgent problems. We have moved from the first moment to remove obstacles, and financial and administrative corruption was one of them. That is why we took the initiative, from the early days, to pursue it and target its centers and tools wherever they are." The side of the state and its institutions in this confrontation, which is no less dangerous than terrorism.
Al-Sudani affirmed: "We are determined to rebuild Iraq within a clear-cut vision and a drawn road map based on several stages. We have started the first stage by mobilizing the state's energies towards construction, economic reform and fighting poverty, as we clarified it in our comprehensive government program in which we set priorities." Until the second stage is economic, human, military and security development.
He explained: "The ordeals and calamities that the Iraqi people faced, with all its noble components, increased their faith, and that their Iraqi identity is the solid bond that must be adhered to. Sub-identities cannot be a substitute for the national identity and the unifying Iraqi tent. And that Iraq today is an Iraq reconciled with itself." Peaceful with others, he does not want to harm anyone, nor does he allow anyone to attack him.
He went on to say: "We look forward to serious work and cooperation with all friendly countries and international organizations to overcome the common challenges facing the planet in terms of the environment, climate, desertification, increasing sand and dust storms, water shortages, high temperatures, increasing pollution and diseases, increasing poverty and poor services." The seriousness of these challenges, and we seek to create partnerships and solidarity among countries to confront them. Iraq opens its arms to every good relationship and partnership in security, economy or environment."
And he stated: "We urgently need to diversify sources of income, and not rely on oil revenues as almost the only source to cover budget expenditures, and we must activate agriculture, industry, tourism, trade, etc. We have developed plans to encourage internal and external investment and opened the doors to investors and project owners, within a well-thought-out plan and opportunities Encouraging," noting:
"The construction and investment movement will need more trained manpower and build more capabilities, and we launched an advanced program in this field called the Leadership Program to help young people gain the necessary expertise and skills without forgetting to build military and security capabilities."
He pointed out that development can only be achieved through internal and external stability. Internal stability means the rule of law and limiting weapons to the state. We will not accept that there are weapons outside the state’s security and military establishment. As for external stability, it means building regional and international partnerships. As Iraq's strategic location, its regional weight, its abundance of resources, and its influence in the world economy give it the ability to play a large role commensurate with its true size.”
He said that Iraq's good relations with brotherly and friendly countries paved the way for building bilateral and multilateral partnerships with many countries of the world. We still have a lot of these relationships ahead of us.
Al-Sudani concluded his article by saying: "I find today a favorable opportunity to launch a comprehensive national campaign for construction, reconstruction and development of services in all parts of the country. With the help of the people, partners and friends, we will build a strong and capable Iraq for the coming decades, and we will achieve this in our next plans that we call "Iraq 2050"./ End 9 https://ninanews.com/Website/News/Details?Key=1041132
Al-Nusairi: The Lack Of Clarity In Financial Policies In The 2023 Budget Will Put The Central Bank And The Economy At Risk
Money and business Economy News-Baghdad Samir Al-Nusairi, the economic and banking advisor to the Association of Iraqi Private Banks, predicted that the lack of clarity in financial policies and poor coordination with monetary policy in preparing and presenting the 2023 budget will lead to blurry vision and confusion in the implementation of the budget when it is issued by a law from the House of Representatives.
He added, to Al-Eqtisad News, that the Council of Ministers’ approval of the allocations allocated for operating expenses, in the amount of 150 trillion dinars, at a rate of 13 trillion per month, and the continuation of budget revenues depend at 86% as planned on oil revenues confirms that financial policies are planned in isolation from monetary policy.
Because the expected total oil revenues In 2023, amounting to 117 trillion dinars, equivalent to 90.9 billion dollars, at a planned price of 70 dollars, which must be converted into the local currency, secured by the Central Bank for the purposes of implementing the operational budget, at a price of 1300 dinars per dollar, which is the official price set by the Central Bank.
He explained, which will oblige the central bank in the current complex conditions that the central bank faces in controlling the stability of the exchange rate and addressing the decline in dollar sales in the window for the purposes of the Ministry of Finance, which will lead to an increase in the exported local currency, which currently exceeds, as the information indicates, more than 93 trillion dinars, of which there is outside the device.
The banking sector is more than 80%, and its increase will inevitably lead to an increase in the inflation rate and will affect the adequacy of foreign cash reserves to cover the local currency in circulation.
He pointed out that adopting the budget to cover the deficit, which exceeded 63 trillion dinars, at a rate of 23% of the gross domestic product, while the percentage specified in the Financial Management Law 6 of 2019 is 3%, which will lead to pressure on the Central Bank and its foreign monetary reserves and the applications of its monetary policy tools.
Al-Nusairi pointed out that since the internal debt of the central bank owed by the government for several years, amounting to 46 trillion dinars, has not been paid yet, which if it is paid, it will enable the central bank to face the expected risks in internal and international economic changes due to the sudden collapse of the US banks Silicon Valley and Silver Gate.
It will spread and expectations of the collapse of other banks and the impact of Asian and European stock markets and the possibility of the continuation of the Russian-Ukrainian war portends the risks of falling oil prices to less than planned in the 2023 budget, and its indicators actually started since yesterday, as the price of Brent fell today to $ 76 a barrel,
which will force the finance to demand from the Central Bank Sooner or later, to fill the deficit in the budget by rediscounting the treasury transfers that will be issued and because of the expectations of the inability to implement the paragraphs of the budget in its operational and investment parts, which will increase the internal debt,
which the government did not pay the previous debt in the first place, and return to zero point.Which constitutes an embarrassment to the Central Bank and its inclusion in the circle of government interventions, which will impede the implementation of its strategy to control the exchange rate and achieve stability in the monetary system. https://economy-news.net/content.php?id=32986
Sudanese Advisor: Low Oil Prices May Raise The Budget Deficit To Record Levels
Economy| 11:27 - 03/18/2023 Baghdad - Mawazine News The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said today, Saturday, that there are signs of an "oil glut" that may lead to a drop in prices this year to an average between 60-65 dollars a barrel, indicating that the drop in oil prices may raise the deficit in Budgeting to standard rates.
Saleh stated, "Indicators of oil markets in the world show that the cycle of oil assets is heading towards a decline, causing semi-deflationary price effects under two effects. Aggregate demand, especially in the energy-importing and consuming western economies, which affects the growth of demand for crude oil in the energy markets.
Saleh added, in an interview with the official news agency, followed by Mawazine News, that "the second effect comes in that the Russian Federation, as a party to the war with the West, has begun to market its oil to the markets of India, China and Asia at $ 20 less than global oil prices, which is a pattern of an undeclared price war." .
He continued, "The two factors constitute signs of an oil glut that may lead to a decline in oil prices this year to an average between 60-65 dollars a barrel, which may push the Organization of Petroleum Exporting Countries or the (OPEC Plus) group to maintain the stability of their countries' budgets by reducing something." of production according to members’ quotas,
but the decision of OPEC Plus may contradict the hypothetical ceiling for oil prices adopted by Western economies from the parties to the war in Ukraine and energy consumers, specifically (NATO countries), which implicitly want to load part of the war bill on the shoulders of the oil-exporting countries and devour their surpluses from oil revenues."
Regarding the possibility of a decrease in oil prices and its impact on the budget, Saleh said, “The draft federal budget law for the year 2023, which was approved by the Council of Ministers in the past few days and was submitted for legislation to Parliament, which approved the price of a barrel of oil of $70 in order to evaluate oil revenues in the aforementioned budget.
The possibility of oil prices falling below $70 per barrel of Iraqi oil, which will inevitably expand the planned deficit bill in the federal general budget, currently estimated at about 63 trillion dinars, and may raise the deficit to other record rates, adding between 8-16 trillion. Dinars to the aforementioned deficit balance in the event that expenditures remain at their current estimated status, especially when the average price of a barrel of exported oil reaches between 60-65 dollars per barrel.
And he continued, "The entire draft budget has become before the table of the House of Representatives, whose duties are to consider expenditures in light of the expected revenues before legislation," noting that "if the general budget law is legislated as approved by the Council of Ministers, the executive authority will face the possible possibilities of a cycle The oil assets themselves, but in a way that preserves the goals of the government program to protect and stabilize the standard of living, without compromising the principle of tightening financial discipline and building spending priorities with high precision. https://www.mawazin.net/Details.aspx?jimare=222215
Sharp Declines Hit The Global Oil Market
Economy| 10:02 - 03/18/2023 Follow-up - Mawazine News Oil ended the week's trading with significant declines, as concerns about the banking sector prompted the two benchmarks to record their largest weekly losses in months.
In Friday's session, oil gave up its early gains, and Brent crude futures fell $1.73, or 2.3 percent, to $72.97 a barrel at settlement, while US West Texas Intermediate crude lost $1.61, or 2.4 percent, to reach $66.74.
Brent lost about 12 percent for the week, its biggest weekly loss since December. West Texas Intermediate crude futures have fallen 13 percent since last Friday's close, recording their biggest weekly loss since last April.
"The fundamentals are not as bad as the market expects here, but there are concerns that oil will not be as safe as it is for liquidity or gold," John Kilduff, a partner at Again Capital in New York, told Reuters.
The crisis of the collapse of Silicon Valley and Signature banks in America raised fears of infection spreading to other banks around the world, similar to what happened in the global financial crisis in 2008, which led to a strong selling wave of assets. https://www.mawazin.net/Details.aspx?jimare=222203
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