Iraqi News Highlights Thursday Afternoon 12-15-22
Iraqi News Highlights Thursday Afternoon 12-15-22
Tlm724 Administrator Bondlady’s Corner
The Central Bank Issues An Explanation Regarding The High Exchange Rate Of The Dollar
local| 02:27 - 12/15/2022 Baghdad - Mawazine News Today, Thursday, the Central Bank issued an explanation regarding the rise in the exchange rate of the dollar, while indicating that the rise is due to several factors, including building an electronic platform through which banks raise the requests of their customers.
The central bank said in a statement, a copy of which Mawazine News received, that "the slight rise witnessed by the exchange rate of the dollar in the local markets during the previous days is due to some factors, including the building of an electronic platform through which banks raise the requests of their customers,"
noting that it "started since It was famous for building that platform in coordination with international bodies for the purpose of ruling and organizing the operations of the buying and selling window of foreign currency and ensuring effective control over it, as a specialized international company was assigned to build it and link banks with the Central Bank through it.
He added, "The platform requires providing information about customers requesting transfers, beneficiaries, correspondent banks, etc.," explaining that "due to the recent use of this platform, many errors are being discovered, which requires the bank to re-upload them, and these procedures take additional time to accept the request and pass it through the financial system." Global".
He stressed that "the reserves and financial solvency of the state in general are in excellent condition and at their best levels in decades," pointing out that "the current supply of foreign currency is not linked to resources, but rather to administrative and auditing procedures, which will be bypassed in the coming days in addition to that."
He pointed out, "It has taken a number of measures to expand the supply of foreign exchange to meet the public's demand for cash dollars," stressing, "directing the management of the window to meet the requests of banks for the coming days faster by executing double requests, and a preferential price was given for the implementation of documentary credits, and for the purpose of covering the local demand." 29/AD 99 https://www.mawazin.net/Details.aspx?jimare=214216
Iraq And Jordan Discuss The Development Of Economic Cooperation Between The Two Countries
Political | 04:09 - 12/15/2022 Baghdad - Mawazine News Today, Thursday, Prime Minister Muhammad Shia Al-Sudani discussed with a Jordanian government delegation the development of industrial and economic cooperation with Iraq.
A statement by the Prime Minister's Media Office, of which Mawazine News received a copy, stated: "The Sudanese received the delegation, which included the Minister of Industry and Trade, Youssef Mahmoud Al-Shamali, and the Minister of Energy and Mineral Resources, Saleh Ali Al-Kharabsha. During the meeting, they discussed the development of cooperation between Iraq and Jordan in the fields of industry and economic partnership." .
He added, "The meeting dealt with ways to develop bilateral integration in a way that enhances the ability of the two brotherly countries to face global economic challenges and crises and their local and regional impacts," noting that "the meeting was attended by Minister of Industry and Minerals Khaled Battal Al-Najm." https://www.mawazin.net/Details.aspx?jimare=214224
Parliamentary Efforts To Host Four Ministers.. Will They Be Interrogated?
Political | 03:09 - 12/15/2022 Baghdad - Mawazine News , the Parliamentary State of Law bloc confirmed, on Thursday, the existence of parliamentary efforts to host four ministers after approving the financial budget for the next year 2023.
Aqil al-Fatlawi, a representative of the State of Law bloc, said, “There is no interrogation of any minister in the government of Prime Minister Muhammad Shia’ al-Sudani.” At the present time, since they began their duties a short time ago,” stressing that “there has been no parliamentary request to interrogate any minister or head of an authority.”
Al-Fatlawi added, "There are parliamentary efforts to host the Ministers of Planning Muhammad Ali Tamim, Electricity Ziyad Ali Fadel, Water Resources Aoun Dhiab, and Trade Atheer Dawood Al-Ghurairy, in the House of Representatives to discuss urgent files after approving the 2023 general budget," pointing out that "hosting the ministers in Parliament is a natural thing.” Ended 29 / h
https://www.mawazin.net/Details.aspx?jimare=214219
The World Bank Proposes 3 Solutions To Reduce Oil And Gas Emissions In Iraq
Economie| 12:58 - 12/15/2022 Baghdad - Mawazine News The representative of the World Bank, Richard Abdel Nour, confirmed, on Thursday, that Iraq is the second country in the world in terms of gas combustion, while proposing solutions to reduce oil emissions and gas combustion.
Abdel Nour said, "The report on climate change and development in Iraq indicated that Iraq is one of the countries affected by climate change, high temperatures, and low water resources on which the country depends, not only for drinking purposes, but also in the economic, agricultural and food security aspects," according to the news agency. official.
He added, "Iraq has large and important oil resources and therefore has carbon emissions at a high level, and there are great solutions to reduce emissions in the oil and gas combustion side," noting that "Iraq is the second country in the world that has a high rate of gas combustion."
He explained, "The solutions include benefiting from gas in the production of electricity, creating job opportunities, as well as using renewable and clean energy," pointing out that "there are great opportunities in Iraq to develop this sector, which will lead to lower emissions and create the growth of a non-oil sector that is important to the Iraqi economy." . Ended 29/N33
An Iraqi Governorate Begins Implementing The Government Program
Economie| 01:54 - 12/15/2022 Baghdad - Mawazine News The Governor of Kirkuk, Rakan Saeed Al-Jubouri, announced, on Thursday, the start of implementing the government program voted for, while he issued directives regarding the province's share in the 2023 budget
. Al-Jubouri said, in an interview with the official news agency and its follow-up / Mawazine News /, that "the local government works from In order to provide the best services to citizens, this is achieved by providing financial support to the concerned departments, which has been worked on by approaching the Ministries of Planning and Finance in addition to the Ministry of Construction, Housing, Municipalities and Public Works to provide the necessary support.
He added, "Government departments have been instructed to implement the Prime Minister's directives to ensure the success of implementing the government program," pointing to "the direct implementation of the government program and adherence to the directives of the Prime Minister, Muhammad Shia' al-Sudani, while chairing an extraordinary meeting of the heads of service departments in Kirkuk hours after holding The Council of Ministers held an extraordinary session and voted on the government program.
And he continued, "The Prime Minister's directives regarding the government program represent the future vision to support the efforts of the federal government and its positive impact on supporting and developing the work of the governorate, through plans for the next stage."
And he stated, "The work of the departments will be evaluated in light of the government's program, and performance will be evaluated according to what has been implemented on the basis of the government program, in light of the implementation of the government program and their commitment to its main axes and priorities."
He pointed out that "the food security projects that have been launched will witness a new stage of upgrading construction and services, and the governorate will witness the implementation of hospitals in the districts of Daquq and Dibis and between the districts of Abbasi and Zab, in addition to projects to expand and develop roads with districts and districts, and support the electricity, health, water, education, university, state institutions and road projects." In the districts and sub-districts, youth and sports projects, completing Kirkuk municipality projects, and supporting the cleaning file, in addition to assigning and supporting the security forces, as they are among the priorities of the administration.
And the governor continued: "We directed all departments to submit their proposals to study and discuss the budget for the year 2023, in a way that secures the best services and contributes to advancing the reconstruction movement in the province and securing job opportunities for the citizens of Kirkuk, and despite the challenges, our one team has achieved achievements after planning, implementation and follow-up, and here is the image of Kirkuk that is thriving." Everybody's effort goes forward." https://www.mawazin.net/Details.aspx?jimare=214213
Low oil prices
Economie| 09:08 - 12/15/2022 Follow-up - Mawazine News Oil prices fell on Thursday, amid rising US inventories, as traders were optimistic about the demand outlook in China.
By 04:21 GMT, Brent crude futures fell 67 cents to $82.03 a barrel, while US crude futures fell 76 cents to $76.52.
US crude oil inventories rose by more than 10 million barrels last week, the most since March 2021, supported by emissions from the Strategic Petroleum Reserve and refinery cuts.
On the other hand, the market strengthened the expectations of the International Energy Agency, which believes that Chinese demand for oil will recover next year after a contraction of 400 thousand barrels per day in 2022.
The agency raised its estimate of oil demand growth in 2023 to 1.7 million barrels per day, with a total of 101.6 million barrels per day.
The data shows that China's land and air traffic rebounded sharply last month.
Oil prices also received support from the outage of TC Energy's Keystone pipeline (TRP.TO), which normally ships 620,000 barrels per day of Canadian crude to the United States. Ended 29/m99
https://www.mawazin.net/Details.aspx?jimare=214191
A New Rise In The Exchange Rate Of The Dollar
Economie| 10:12 - 12/15/2022 Baghdad - Mawazine News The exchange rates of the dollar rose today, Thursday, on the local stock exchange. Selling price: 152,000 dinars per 100 dollars
Buying price: 151,900 dinars per 100 dollars https://www.mawazin.net/Details.aspx?jimare=214198
The Central Bank And Banks Urgent Action To Control The Foreign Currency Market
Sameer Al-Nusairi Today, the Board of Directors of the Central Bank took an important decision to control the exchange rate, as the selling price of the dollar to the beneficiary (the bank’s customer) whose imports the bank finances with documentary credits was reduced to 1465 instead of 1470, as the Central Bank will sell the dollar to banks for the purposes of opening documentary credits by an amount of 1455 instead from 1460.
Immediately, the Association of Iraqi Private Banks issued a statement endorsing and supporting the Central Bank's procedures and called on all banks to work at the new rate and facilitate the access of merchants and businessmen from the bank's customers to obtain their needs of foreign currency.
It is no secret to the economic elites and citizens that the economic and political conditions and their repercussions negatively affect stability in the monetary system and the financial system, and thus this will lead to economic instability and confusion in the market,
in addition to that, a few days ago, a new wave of criticism began from some media outlets affected by the rumors that it is launching and moving. Speculators in the currency exchange market with the aim of creating a state of confusion and instability and attempting to drag the money market into instability and thwarting the central bank’s plans to control the target rates of the exchange rate, which has remained stable since its adjustment to the new prices for finance, banks and the public.
Speculators have taken advantage of the decline in dollar sales in a window Selling foreign currency, which the Central Bank clarified in a clear statement that the reason is the application of a new electronic platform to control external transfers similar to the letters of guarantee platform currently implemented, and given the insufficient readiness of local banks with the start of the applicationThe demo of the platform, as part of the foreign remittances was postponed, which resulted in a decrease in the sales volume of the foreign currency sale window, and among other rumors is that the central bank will make a new change to the current price.
Although the Central Bank has repeatedly announced that there is no intention to change the price at present and explained the negative effects of any change in the price on the national economy, commercial exchanges, and local and foreign banking dealings with countries of the world,
and that the exchange rate is determined by the Central Bank according to the effects and repercussions of the economic reality in a country like Iraq that suffers from Challenges, repercussions, economic and financial crises, and a structural and systemic imbalance in the management of the economy and money are not borne by the Central Bank alone because its role is clear, specific and independent.
It is concentrated in stimulating the economy according to the tools and applications of monetary policy. However, this cannot be achieved without joint coordination with fiscal policy and other economic sectors, activating the real economy and diversifying sources of income.
The national economy and leaving the unilateral economy depending on oil as a major resource that constitutes 93% of the general budget revenues and 60% of the gross domestic product.Supporting local production and operating the suspended factories, which number more than 140 government factories, and reducing dependence on imports.
Therefore, those who criticize the central bank must be aware of this and that the central bank's announced measures to increase the dollar supply through its regular outlets and banks and the new reduction will inevitably lead to the return of the price to its target rates, inevitably and quickly, and that the sudden rise yesterday has clear reasons, as indicated above.
Views 158 Added 12/15/2022 - 4:04 PM Updated 12/15/2022 - 7:27 PM
https://economy-news.net/content.php?id=31362
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