Iraqi News Highlights Thursday Late Morning 7-13-23
Iraqi News Highlights Thursday Late Morning 7-13-23
Tlm724 Administrator Bondlady’s Corner
The Iraqi Central Bank: The Rise Of The Dollar Due To Trade With Iran, Turkey And Syria
Economy | 10:17 - 07/13/2023 Baghdad - Mawazine News The Central Bank attributed the reason for the rise in the dollar in the parallel markets to the large volume of trade with Iran, Turkey and Syria and the restrictions imposed on those countries by the Americans.
The general manager of investments in the bank, Mazen Sabah Ahmed, said, "The rejection of Iraqi transfers by the US Federal Reserve via the electronic platform decreased from 80 percent to 8 percent," noting that "the platform system aims to adopt global transfer standards that limit inaccurate paths of money."
He added, "The currently approved platform is the product of an agreement with the US Federal Reserve, and it takes into account the mechanisms of dealing in dollars, as the request for the auction appeared to be through an electronic system that takes into account all the important details included in the transfer, such as the use of funds and the two parties to the process, the importer and the exporter, and are there penalties for the exporting party." https://www.mawazin.net/Details.aspx?jimare=231215
The US Dollar Between The Official And Parallel Rate And The Black Market
Sameer Al-Nusairi The Central Bank of Iraq set several months ago the official price of the US dollar at 1,300 dinars for the Ministry of Finance, 1,310 dinars for banks, and 1,320 dinars for the citizen. It also issued clear instructions for external transfers for the year 2023 and packages that included facilities and flexibility for citizens, merchants, businessmen, and everyone who needs the dollar at the official rate in daily transactions.
The Central Bank and the banking sector are making great efforts to maintain the stability of the exchange rate and to achieve an exchange rate according to limits close to the official target rate. But so far, there is another price in the dollar trading market that is higher than the official price.
Which is currently dealt with by small traders who are not registered in the Companies Registration Department in the Ministry of Trade and merchants who deal in illegal foreign trade through the unofficial border crossings located in the north, south and central Iraq, which are outside government control in the manner of external transfer through unauthorized exchange and external transfer companies and outside the platform system The electronic system that converts the dollar at the official rate in a proper and real manner and ensures that the amount of the transfer reaches the final (real) beneficiary.
Therefore, it is necessary to distinguish between the official price and the parallel price, which is achieved if we have imports in foreign currency from sources other than oil, which is the main resource for the dollar in Iraq. So there is no parallel price in Iraq, but rather we have a black market that requires the submission of those who deal with it to Iraqi law, as it is an economic crime that harms the economy the National .
It also requires that the competent government agencies focus on following up and monitoring unlicensed exchange companies and outlets (salary exchange shops for retirees and social welfare, which number in the thousands, and they practice dealing in US dollars, contrary to the instructions of the Central Bank and the government, noting that the licensed companies are exclusively under the control and supervision of the Central Bank. 07/13/2023 - https://economy-news.net/content.php?id=35135
215.4 Million Dollars Of Central Bank Sales
Economy News – Baghdad On Thursday, the sales of the Central Bank of Iraq, in the foreign currency sale window, amounted to more than 215.4 million dollars.
The Central Bank’s website published a table of its dollar sales, which was viewed by Al-Eqtisad News, as it included the participation of 27 banks and 17 exchange companies, and covered external transfer requests of $187.6 million, while cash requests amounted to $27.7 million.
The Central Bank of Iraq sells the dollar for documentary credits and international settlements of electronic cards at a price of 1305 dinars per dollar, and the selling price of transfer amounts abroad is (1310) dinars per dollar, as well as the cash sale price (1310) dinars per dollar.
Views 28 Added 07/13/2023 - https://economy-news.net/content.php?id=35142
The Iraq Market Announces The Weekly Trading Indicators
Money and business Economy News – Baghdad The Iraqi Stock Exchange announced, on Thursday, the weekly trading indicators.
The market stated in a statement that, during the second week of July 2023, it organized five trading sessions, from Sunday 07/09/2023 to Thursday 07/13/2023, and the following indicators were achieved during this week:
1. The number of shares traded during this week amounted to more than (1) billion shares.
2. The value of shares traded this week amounted to more than (4) billion dinars.
3. The trading index in the market closed for the first session of the week at (675.13) points, while the index closed at the end of the week at (695.70) points, achieving an increase of (2.96%) from its closing at the beginning of the session.
4. During the week, more than (3300) buying and selling contracts were executed on the shares of the companies listed in the market.
Views 32 Added 07/13/2023 https://economy-news.net/content.php?id=35147
The Decline In The Exchange Rates Of The Dollar In The Baghdad Markets
Economy Thursday, July 13, 2023 Baghdad / National News Center
Today, Thursday, the exchange rates of the US dollar against the Iraqi dinar witnessed a decrease in the local markets.
And the Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded this morning, an exchange rate of 147,900 Iraqi dinars, compared to 100 US dollars, while the exchange rates recorded yesterday, Wednesday, were 14,900 dinars. https://nnciraq.com/216042/
Member Of Parliamentary Committee: These Are Iraq's Daily Exports Of Black Oil
Thursday 13, July 2023 13:58 | Economical Number of readings: 186 Baghdad / NINA / - A member of the Parliamentary Oil, Gas and Natural Resources Committee, Representative Zainab Al-Moussawi, revealed that Iraq exports 180,000 barrels per day of black oil, while the rest is consumed internally.
Al-Moussawi said, in a press statement today, Thursday, that "Fuel Oil", which is locally called "black oil", is one of the parts resulting from the process of refining crude oil, and it is used as a very cheap fuel that can be burned in industrial furnaces or generation boilers. heat or the generation of electrical or moving power”.
And she added, "This type of cheap fuel, its value is equivalent to half the value of crude oil, and that Iraq usually sells it near the "hook" in the waters of the Arabian Gulf, as fuel for tankers," noting that "the exploitation of black oil in barter and export maximizes the state's resources." Finance and also contributes to the development of oil policy in Iraq
http://ninanews.com/Website/News/Details?key=1064714
Alia Nassif: The Legislative Authority Today Is At A Crossroads Regarding The Oil And Gas Law
Thursday 13, July 2023 political readings: 264 Baghdad / NINA / - The State of Law Coalition bloc, the Presidency of the House of Representatives and the Parliamentary Oil, Gas and Natural Resources Committee called for the approval of the oil and gas law, which was postponed 18 years ago, to end the chaos of selling and smuggling oil and gas without referring to the federal government.
The representative of the bloc, Alia Nassif, said, in a press statement today, Thursday, that "the oil and gas law regulates the mechanism for extracting natural resources from the lands of the Iraqi state, including the governorates of northern Iraq, and it also regulates oil revenues in accordance with the articles of the constitution that pertain to the distribution of natural resources, and this law is still repeatedly postponed." And again and again, since the first parliamentary session in 2005 until today, the reasons for the obstruction are known, and the obstructors are also known and their goals are clear.
She added, "Iraq still relies on gas imported from Iran to operate power stations, while the Khormor gas field located in Kirkuk governorate produces more gas than the gas we import, but this field is completely under the control of the Barzani family, and Masrour Barzani has announced that he will not hand over a drop." From it to anyone," noting that "the failure to legislate the oil and gas law gave the green light to the loss of natural resources in northern Iraq and the disappearance of their revenues."
And she stressed, "The legislative authority today is at a crossroads, either to enact this law and preserve the wealth of the people, or it is like its predecessors unable to legislate it, bearing in mind that there is a serious intention among most members of the House of Representatives to approve it."/ End
OPEC Expectations... A Slight Slowdown In Global Oil Demand In 2024
Energy Economy News – Baghdad OPEC on Thursday maintained an upbeat outlook for global oil demand despite economic headwinds, raising its growth forecast for 2023 and forecasting a slight slowdown in 2024 as China and India continue to lead growth in fuel demand.
The Organization of the Petroleum Exporting Countries (OPEC) raised its expectations for the growth of global oil demand, during the current year, by 100,000 barrels from last month's estimates to 2.4 million barrels per day, mainly due to the increase in demand in China in the second quarter of 2023.
OPEC had kept its forecast for oil demand unchanged for 4 months in a row.
For the first time, the OPEC report refers to the expectations for the year 2024, as it expected that the global demand for oil would grow at a rate of 2.2 million barrels per day, to reach about 104.25 million barrels per day, which are lower rates than its expectations for the year 2023.
"In 2024, strong global economic growth amid continuous improvements in China is expected to lead to an increase in oil consumption," OPEC said in its monthly report on Thursday.
The report added: "OPEC +'s proactive approach and production cuts "added a great deal of stability to the global oil market, which is expected to extend the strong oil market fundamentals seen this year into 2024."
The report also showed that OPEC's oil production rose by 91,000 barrels per day (bpd) to 28.19 million bpd in June, led by Iran and Iraq, despite production cuts pledged by OPEC+.
On the other hand, OPEC maintained its forecast for the growth of supply from outside it in 2023 by 1.4 million barrels per day, according to the monthly report issued by the organization, Thursday.
OPEC kept its forecast for global economic growth for 2023 unchanged at 2.6 percent, and the organization expected economic growth for 2024 to reach 2.5 percent.
It also revised its forecast for US economic growth for 2023 slightly up to 1.4 percent, followed by 0.7 percent for 2024.
Economic growth in the euro area for 2023 was revised slightly downward at 0.7 percent, while growth in 2024 is expected at 0.8 percent.
The organization maintained its forecast for Chinese economic growth in 2023 at 5.2 percent, and 4.8 percent in 2024. The OPEC report showed that the average price of oil for OPEC countries amounted to about $75 per barrel, down by 0.8% from May.
Views 18 07/13/2023 - https://economy-news.net/content.php?id=35148
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