Iraqi News Highlights Thursday Afternoon 11-3-22
Iraqi News Highlights Thursday Afternoon 11-3-22
Tlm724 Administrator Bondlady’s Corner
The secret of the Sudanese government's retreat from changing the exchange rate of the Iraqi dinar
Posted On2022-11-03 By Sotaliraq Alhurra/Private - Washington November 03, 2022 Al-Sudani criticized in previous statements the increase in the exchange rate of the Iraqi dinar against the dollar
The Iraqi Prime Minister, Muhammad Shia Al-Sudani, confirmed in statements on Tuesday that the decision to “change the exchange rate of the Iraqi dinar against the dollar is the prerogative of the Central Bank, and we are committed to implementing what the Central Bank sees as a retreat from previous promises and positions of the President to reduce the exchange rate.”
The new prime minister indicated that the decision to “raise the dollar exchange rate was not accompanied by measures to protect the vulnerable classes,” according to local media.
In 2020, the Central Bank of Iraq raised the exchange rate against the dollar to 1460 dinars, after it was in the range of 1182 dinars against the dollar, in a move aimed at compensating for the decline in oil revenues at the time.
The Sudanese Prime Minister had expressed, in previous statements before taking office, his rejection of the central decision that he approved in agreement with the caretaker government, headed by Mustafa Al-Kazemi at the time, calling for the need to reconsider the decision to raise the “dollar exchange rate to prevent its negative effects.” LINK
The US Secretary Of State Assures Al-Sudani Of Washington's Keenness To Work With His Government
Political | 05:09 - 03/11/2022 Baghdad - Mawazine News , Thursday, Prime Minister Muhammad Shia Al-Sudani and US Secretary of State Antonio Blinken affirmed Baghdad and Washington's commitment to the Strategic Framework Agreement.
According to a statement by the US State Department, Mawazine News received a copy of it, "this came during a phone call between Al-Sudani and Blinken."
https://www.mawazin.net/Details.aspx?jimare=210126
The Secret Of The Sudanese Government's Retreat From Changing The Exchange Rate Of The Iraqi Dinar
Posted On2022-11-03 By Sotaliraq Alhurra/Private - Washington November 03, 2022 Al-Sudani criticized in previous statements the increase in the exchange rate of the Iraqi dinar against the dollar
The Iraqi Prime Minister, Muhammad Shia Al-Sudani, confirmed in statements on Tuesday that the decision to “change the exchange rate of the Iraqi dinar against the dollar is the prerogative of the Central Bank, and we are committed to implementing what the Central Bank sees as a retreat from previous promises and positions of the President to reduce the exchange rate.”
The new prime minister indicated that the decision to “raise the dollar exchange rate was not accompanied by measures to protect the vulnerable classes,” according to local media.
In 2020, the Central Bank of Iraq raised the exchange rate against the dollar to 1460 dinars, after it was in the range of 1182 dinars against the dollar, in a move aimed at compensating for the decline in oil revenues at the time.
The Sudanese Prime Minister had expressed, in previous statements before taking office, his rejection of the central decision that he approved in agreement with the caretaker government, headed by Mustafa Al-Kazemi at the time, calling for the need to reconsider the decision to raise the “dollar exchange rate to prevent its negative effects.” LINK
The Exchange Rate.. Fluctuation And Chaos Burdened The Citizen
Posted On2022-11-03 By Sotaliraq Reporting: Fouad Abdullah As soon as the new government was formed, news and gossip surfaced promoting the possibility of reducing the dollar exchange rate and returning it to its previous era, and the extent to which Prime Minister Muhammad Shia Al-Sudani was able to adopt some sensitive economic issues, including returning the dollar price to its previous position, which was one of the most prominent criticisms that It was directed by the forces of the coordination framework for former Prime Minister Mustafa Al-Kazemi.
Political Influence
The journalist Ali Al-Hadi explained to (Al-Masra) that as citizens, "we note in recent years that there is a significant impact of politics on the monetary and financial situation of the country, which led to the creation of major problems, including the change in the dollar exchange rate, which in turn formed a crisis and chaos in the Iraqi markets,"
noting That “the change that took place in the exchange rate burdened the citizen because the prices of goods rose and created a continuous fluctuation in the value of goods, not to mention the merchants’ exploitation of this issue in order to increase their imports at the expense of the citizen.”
Price Fluctuation
For his part, the economic expert, Dr. Ali Al-Shami, told Al-Masra that “there is a fluctuation in currency rates in the Iraqi markets, due to the formation of the new government, as well as the presence of previous statements by the political parties that formed that government to return the dollar exchange rate to its previous position or to the status of Average, and also the impact of the new prime minister’s policy on the country’s monetary policy, all of these certainly have an impact on the fluctuation of currency rates, and thus the concerns of economists and the negative cases accompanying such a political situation.”
Stagnation And Stagnation
Al-Shami stressed that "this new fluctuating situation will have a role in the coming months on the Iraqi economic reality, and consequently, there will be some reluctance and economic stagnation because of this fluctuation in currency rates."
Negative Role
As for the economic expert, Dr. Najm Tarish, he indicated to (Al-Masra) that “changing the exchange rate still has a negative role on the financial centers of citizens, meaning that citizens were associated with specific financial centers previously identified by the Central Bank, and their transactions began to proceed according to this subject, and this situation created a kind of From fears, caution and economic downturn, and consequently a recession that may harm the poor classes in particular,”
noting that “the price of the dollar against the Iraqi dinar must be determined according to the purely economic considerations determined by economists, not political rivalries and outbidding, as well as trying to win people’s affection and feelings through slogans.” .
Transparency And Clarity
Tarish added, "Until today, no Iraqi official has come out and speaks to the citizens in a clear and transparent way and tries to alleviate or eliminate the state of turmoil that pervades the markets, because frankly this is the government's responsibility, as it must be clear and transparent in dealing with its citizens in all fields, nor It leaves a loophole that is exploited for slogans and propaganda that may lead to negative effects on the Iraqi economy in the future.”
Affected
And Muhammad Shia Al-Sudani announced in previous statements to him when he was a deputy in Parliament before the assignment, that nearly (17) million Iraqis were affected by the decision to adopt the dollar exchange, and called at the time the government to take urgent protection measures and serious treatments to alleviate them with the need to reconsider the minimum salary . LINK
The Iraqi Stock Exchange Closed Lower, And 17 Billion Shares Were Traded
Market Economy News / Baghdad During the first week of November 2022, the Iraq Stock Exchange organized five trading sessions from Sunday, 10/30/2022 to Thursday, 03/11/2022. During this week, the following indicators were achieved
1. The number of shares traded during this week reached more than (17) billion shares.
2. The value of traded shares this week amounted to more than (6) billion dinars.
3. The market trading index closed for the first session of the week at (600.43) points, while the index closed at (584.71) points at the end of the week, achieving a decrease of (2.69%) compared to its closing at the beginning of the session.
4. During the week, more than (2800) purchase and sale contracts were executed on the shares of companies listed in the market. Views 113 Added 11/03/2022 - 2:58 PM Update 11/03/2022 - 6:43 PM
Finance Begins Canceling Customs Orders And Approvals Issued After October 8, 2021
Money and business Economy News – Baghdad Today, Thursday, the Ministry of Finance announced the implementation of the recommendations of the Council of Ministers regarding the cancellation of the customs orders and approvals issued after October 8, 2021.
The ministry said in a statement, that it "began to implement the decisions issued by the cabinet meetings in its second session, including Resolution 280 regarding the cancellation of all decisions of the caretaker government in the previous government after the date of October 8, 2021, related to the issuance of Diwaniyah orders to occupy administrative positions."
The ministry affirmed "its explicit commitment to implement all decisions issued by the Council of Ministers," noting that it "is proceeding with all relevant legal procedures, and that all decisions issued by the previous government after this date do not acquire legal status according to the Iraqi constitution." 73 . views Added 11/03/2022 - 4:02 PM Update 11/03/2022 - 6:42 PM
https://economy-news.net/content.php?id=30570
The rise in the exchange rates of the dollar in Iraq
Economie| 10:11 - 03/11/2022 Baghdad - Mawazine News, the dollar exchange rates rose slightly on the Iraqi Stock Exchange, today, Thursday.
And the selling prices of the dollar were 146.300 dinars per 100 dollars, while the purchase prices of the dollar were 146.200 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=210079
Falling Oil Prices In World Markets
Economie| 08:44 - 03/11/2022 Follow-up - Mawazine News: Oil futures fell early, Thursday, with the dollar holding on to the Fed's hawkish stance, but concerns about looming supply risks kept prices lower.
Brent crude fell 36 cents, or 0.37 percent, to $ 95.80 a barrel at 014:12 GMT, while US West Texas Intermediate crude futures fell 50 cents, or 0.56 percent, to $ 89.50.
Benchmark indexes settled higher by more than $1 on Wednesday, buoyed by another drop in US oil inventories, even as the Federal Reserve raised interest rates by 75 basis points. Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=210070
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