Iraqi News Highlights Tuesday Evening 8-1-23
Iraqi News Highlights Tuesday Evening 8-1-23
Tlm724 Administrator Bondlady’s Corner
The Deputy Speaker Of Parliament Directs The Finance Committee To Clarify The Reasons For The High Dollar Exchange Rate
Tuesday 01 August 2023 15:43 | Economical Number of readings: 177 Baghdad / NINA / The Vice-President of the Council, Shakhwan Abdullah, directed the Finance Committee to clarify the reasons for the rise in the exchange rate of the dollar against the Iraqi dinar and the failure to implement the federal budget instructions so far. https://ninanews.com/Website/News/Details?key=106821
Proceedings Continue To Lower The Exchange Rate Of The Dollar
Samir Al-Nusairi, an advisor to the Iraqi Private Banks Association, confirmed that the rise of the dollar against the dinar on the black market these days is temporary, and will decrease due to the target rate of the Central Bank of Iraq.
Al-Nusairi told the Iraqi News Agency: "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 speculators have done in withdrawing the dollar and unauthorized money exchanges manipulating exchange rates, in addition to the failure of some small retailers to enter the electronic platform for external transfer."
He added, "Some media outlets and analysts exacerbated the confusion of the market by exaggerating unreal and incomplete data and information, and all the aforementioned reasons led to a rise in the exchange rate on the black market."
Al-Nusairi pointed out that "the Central Bank follows up and monitors the markets in cooperation with the concerned government agencies, and urgent measures are taken to address the situation and stop all actions counter to harming the national economy."
And he continued, "The Central Bank is working to diagnose and study the causes and obstacles to entering the electronic platform, and to make possible facilities and flexibility to accelerate external transfers in banks, the Central Bank, and in the relevant international banking agencies, and to ensure that foreign currencies reach the real and final beneficiary."
Al-Nusairi noted that "the measures have resulted in a decline in the dollar since yesterday and will continue to decline, especially since the Central Bank is currently working on adopting new mechanisms and work contexts to control monetary stability, and their results will appear soon, and we urge all government agencies, wholesalers and businessmen to support the Iraqi dinar and deal with it in all Domestic monetary activities and trades, as it is strong and covered by foreign monetary reserves exceeding $113 billion, and its purchasing power is gradually recovering, in addition to being a basic pillar of national sovereignty.
He pointed out that "the Central Bank constantly announces the possibility of securing the dollar in the quantities required by everyone who needs it at the official price and by the only way, which is the electronic platform of the Central Bank."
https://www.radionawa.com/all-detail.aspx?jimare=35242
The Dollar Exchange Rates Rose With The Closing Of The Stock Exchange In Baghdad
Economy Tuesday, August 1, 2023 Baghdad / The National News Center The price of the dollar rose today, Tuesday, 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 rose with the closure of the Al-Kifah and Al-Harithiya stock exchanges, as prices recorded 152,000 dollars against 100 dollars, while the prices this morning were 151,000 dinars against 100 dollars.”
He added, "The selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 152,500 Iraqi dinars, while the purchase price reached 151,000 dinars for every 100 dollars."
Currency Auction: The Central Bank Is Selling $220 Million Today
Economy Tuesday, August 1, 2023 Baghdad / National News Center Today, Tuesday, the central bank’s sales amounted to more than $220 million in auction.
According to the Central Bank’s sales schedule, “The Central Bank sold today, during its auction for buying and selling US dollars, 221 million, 80 thousand, and 248 dollars, which the bank covered at a basic exchange rate of 1,305 dinars, per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for transfers.” Foreign affairs at a price of 1310 dinars per dollar in cash.
Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits) at a rate of 186 million 220 thousand and 248 dollars, while the rest of 34 million and 860 thousand dollars went in the form of cash sales.
The number of banks that bought cash dollars reached 9 banks, while the number of banks that responded to requests for strengthening balances abroad reached 18 banks, while the total number of exchange and mediation companies participating in the auction was 85 companies.
Oil Prices Rise To The Highest Level In 3 Months
Tuesday 01 August 2023 01:01 | Economical Number of readings: 532 Baghdad / NINA / - Oil prices rose to the highest level in three months, on Monday, recording the largest monthly gain since January 2022.
Brent crude prices increased in futures contracts for the month of October, the most active, by $1.02, or 1.2 percent, to close at $85.43. Brent contracts for the month of September, which expired with the settlement of the two, rose 0.7 percent, to close at $85.56 a barrel.
US West Texas Intermediate crude futures rose $1.22, or 1.5 percent, to record $81.80 a barrel.
Brent and West Texas Intermediate crude oil recorded their highest levels since late April for the third consecutive session on Monday, after achieving their fifth consecutive weekly gain last Friday. ./End2
https://ninanews.com/Website/News/Details?key=1068126
Trade Announces That Urgent Measures Will Be Taken To Maintain Price Stability, Coinciding With The Month Of Muharram
Money and business Economy News – Baghdad The Ministry of Commerce announced, on Tuesday, that it would take urgent measures to maintain price stability, coinciding with the month of Muharram.
The ministry stated, in a statement received by "Al-Iqtisad News", that "the crisis cell in the Ministry of Commerce has taken urgent measures to maintain price stability, including strengthening the food stores in the ministry with basic materials, and securing thousands of tons of basic foodstuffs (zero flour - senior milk - paste). Tomatoes - table eggs - grains - legumes) in their marketing outlets.
She added, "The measures also included the launch of a new portion of flour, and the launch of a control campaign to follow up on prices and in coordination with the security services to curb the greed of some merchants exploiting the current situation."
The ministry indicated that "the completion of the readiness to operate a number of trucks loaded with basic foodstuffs in the districts and districts and sell them at competitive prices."
Views 38 08/01/2023 - https://economy-news.net/content.php?id=35435
World Bank: Iraq Is Witnessing A Strong Recovery After Years Of Turmoil
The World Bank confirmed that Iraq is witnessing a strong recovery after years of turmoil.
"Iraq is witnessing a strong recovery after many years of turmoil," Jean-Christophe Carré, Regional Director of the Middle East Department at the World Bank, said in a statement.
Carre added, "It is necessary to take measures to accelerate the move towards diversification of economic activity."
He continued, "The importance of reforming the banking sector and promoting digital financial services in order to increase financial intermediation activities and enhance financial inclusion."
https://www.radionawa.com/all-detail.aspx?jimare=35255
Oil: Revenues Last Month Amounted To More Than $8 Billion
Political | 02:06 - 01/08/2023 Baghdad - Mawazine News The Oil Ministry announced today, Tuesday, that last month's revenues amounted to more than $8 billion.
A statement of the ministry, of which Mawazine News received a copy, stated that "the total exports of crude oil, according to the preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO), amounted to (106) million (755) thousand and (169) barrels, with revenues amounting to (8.293). Billion dollar".
He pointed out, "The total exported quantities of crude oil for the month of July from the oil fields in central and southern Iraq amounted to (105) million and (487) thousand and (610) barrels, while the quantities exported to Jordan amounted to (344) thousand and ( 804 barrels, while exports from Qayyarah were (922) thousand and (755) barrels.
He added, "The average daily quantities exported amounted to (3) million and (444) thousand barrels per day," noting that "the average price of one barrel amounted to (77.69) dollars."
Iraq's Revenues Exceed 45 Trillion Dinars In 5 Months, And An Expert Warns Of The Rentier Economy
Economy breaking Oil export Iraqi economy Rental economy Financial revenue
2023-07-31 05:04 Shafaq News/ The Iraqi Ministry of Finance revealed, on Monday, that the revenues collected for the country during the past five months exceeded 45 trillion dinars, of which 95.5% were oil, while an economist warned of the continuation of the rentier economy.
The ministry published the accounts of the Iraqi state from January until last May for the fiscal year 2023, and Shafaq News Agency reviewed them, as it showed that oil is still the main resource for Iraq's general budget, which indicates that the rentier economy is the basis for the budget. General Iraq.
And through the financial tables, it indicated that the total revenues until the month of May amounted to 45 trillion and 552 billion and 80 million and 454 thousand and 325 dinars, after excluding the transfer revenues from them, which amounted to one trillion and 935 billion and 958 million and 139 thousand dinars, explaining that the total expenditures with advances amounted to 37 trillion and 856 One billion and 446 million and 546 thousand dinars.
According to the finance table, oil revenues amounted to 45 trillion and 462 billion and 287 million and 873 thousand and 109 dinars, while non-oil revenues amounted to two trillion and 25 billion 750 million and 720 thousand and 592 dinars, which provided the federal budget.
For his part, economist Muhammad al-Hassani said, in an interview with Shafaq News Agency, that "the survival of Iraq's economy as a rentier will pose a threat to the economy in the future," noting that "any collapse in oil prices will lead to bankruptcy of the general budget."
He added that "the countries of the world are currently moving towards clean energy and dispensing with fossil fuels," pointing out that "the developed countries have allocated no less than 40% of the funds to finance green energy projects."
Al-Hassani explained that "oil-producing countries, especially the Gulf countries, have realized the dangers of this and have begun to diversify their economy and reduce their dependence on oil,
with the exception of Iraq, which is still throwing its weight on oil and gas without diversifying its economy, and for this we see that the Iraqi market is the largest importer of goods, commodities, and even vegetables."
The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed in March 2021, in an interview with Shafaq News agency, that
"the reasons for the economy remaining rentier go back to the wars and the imposition of the siege during the past era and the political conflicts we are witnessing today, which led to the dispersal of economic resources."".
The continuation of the Iraqi state’s dependence on oil as the sole source of the general budget is a dangerous matter in the face of global crises that occur from time to time due to the impact of oil on them,
which makes the country tend every time to cover the deficit through borrowing from abroad or from the inside, and thus indicates the inability to manage State funds effectively, and the inability to find alternative financing solutions.
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