KTFA Members "News and Views" Tuesday 1-3-2023
KTFA:
Henig: Al-Sudani: Fluctuations in dollar exchange rates are an opportunity for economic reform and preventing currency smuggling
Baghdad / NINA /- Prime Minister Muhammad Al-Sudani affirmed that fluctuations in the exchange rates of the dollar are an opportunity for economic reform and preventing currency smuggling.
Al-Sudani said in a press conference: "There is a follow-up with the competent court regarding the return of stolen and smuggled money inside and outside Iraq.
We circulated orders to Interpol to pursue those wanted in the file of theft of tax secretariats.
He added, "We have come a long way in the oil smuggling file. There is a review of the contracts of electronic payment companies that affect citizens." LINK
Henig: Iraq’s oil revenues in December exceed 7.6 billion USD
January 2, 2023
Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil announced on Monday that oil export revenues for December exceeded 7.6 billion USD, according to the Oil Ministry statement cited by the Iraqi news Agency (INA).
According to initial statistics issued by the State Organization for Marketing of Oil (SOMO), the total exports of crude oil during December exceeded 103.28 million barrels with revenues exceeding 7.6 billion USD, the statement mentioned.
The statement indicated that the total quantities of crude oil exported during December from oil fields in central and southern Iraq were more than 100.7 million barrels, while the quantities exported from oil fields in Kirkuk through the port of Ceyhan were more than 2.22 million barrels.
The average price per barrel exceeded 73.64 USD, the statement elaborated.
The Iraqi Ministry of Oil started to share information about its oil export operations and revenues out of its awareness and belief to let the information available for the Iraqi people.
The Iraqi Ministry of Oil announced earlier that oil export revenues for November exceeded eight billion USD, with an average price exceeding 82.41 USD per barrel, while revenues of oil exports during October were more than nine billion USD. LINK
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Margarita: Sanctions against Iraq - Wikipedia
I am posting this wikipedia page just to counteract some people saying iraq is still under sanctions and thus cannot do anything until they are taken care of...notice the wording all throughout this article..
The sanctions against Iraq were a comprehensive financial and trade embargo imposed by the United Nations Security Council (UNSC) on Iraq. PAST TENSE...WERE...if they were still in force it would say ARE.
This information is readily available.
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Henig: Iraq: The government is keen to support the relations with Iran
INA - BAGHDAD
Finance Minister Taif Sami affirmed the Iraqi government's keenness to support and enhance bilateral relations with Iran.
Sami received at the ministry's headquarters, the Ambassador of the Islamic Republic of Iran to Baghdad, Muhammed Kadhim Al-Sadiq, in the presence of a representative of the Ministry of Foreign Affairs, according to a statement by the Ministry of Finance, received by the Iraqi News Agency - INA.
At the beginning of the meeting, Sami welcomed the ambassador, indicating the depth of the close bilateral relations that bind Iraq and Iran, and affirmed the Iraqi government's keenness to support and enhance it to include various fields, especially with regard to financial and economic affairs.
The statement included that, "Minister Sami also appreciated the various tireless efforts aimed at enhancing communication and joint coordination between Iraq and Iran, which would develop bilateral relations and open new horizons of cooperation between the two sides."
In turn, Ambassador Al-Sadiq praised, according to the statement, the efforts and interest of the Minister of Finance towards strengthening the bonds of friendship between the two sides, wishing to continue the cooperation and partnership for the benefit of the two neighboring people. LINK
MOakes: Well, Well, Well, Frank said that the Iranian Rial would be in the middle eastern basket.
As Jackie Gleason used to say "How Sweet It Is".Diversify, Diversify.
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Henig: Integrity: The (4) billion dinars recovered today are from one of the parties accused of stealing the century
01/03/2023
Head of the Integrity Commission, Haider Hanoun, in a press conference:
Integrity: the coming days will witness the recovery of about 80 million dollars smuggled to America
Integrity: the recovery of 4 billion dinars from one of the accused
Integrity: The (4) billion dinars recovered today are from one of the parties accused of stealing the century LINK
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Henig: Central Bank: Iraq is on the cusp of a development era that will include several sectors
2023-01-03
Today, Tuesday, the Central Bank of Iraq confirmed its launch of several development initiatives that supported the state at the time of the financial crisis, and helped support residential, industrial and real estate projects, as well as the reconstruction and rehabilitation of hospitals and schools, while indicating that Iraq is on the threshold of a developmental era that will include several sectors.
The Central Bank's advisor, Ihsan Shamran al-Yasiri, said in a statement to the Iraqi News Agency (INA): "After 2014, the tasks of the Central Bank turned into developmental roles due to the complex problems that the country went through, including the emergence of the terrorist ISIS gangs and the devastation they caused."
He added, "Financial problems also occurred due to the drop in oil prices in 2014, and the bank entrusted the state's public finances to pay salaries using monetary policy tools, and lending to the government through the secondary market by discounting bonds it bought from banks."
He pointed out that "the Central Bank also launched a development initiative in 2015, and its total funds so far amounted to 18 trillion dinars to support the banks of the agricultural, industrial and real estate sectors and the housing fund."
And he continued, "The bank also launched an initiative (Tamkeen) with the funds of banks and non-bank financial institutions, which enabled the state to rebuild Al-Mutanabbi Street, and rehabilitate orphanages, the elderly, hospitals and schools that were damaged by terrorism, and these are recorded as achievements of the monetary institution, and now we are on the cusp of a new development era that will include several sectors. LINK
Henig: The world economy is expected to be in recession in 2023, says IMF
INA – SOURCES
The International Monetary Fund’s – IMF chief, Kristalina Georgieva warned that this year is going to be tougher on the global economy than the one we have left behind.
“Why? Because the three big economies, US, EU, China, are all slowing down simultaneously,” she said.
She noted, “We expect one-third of the world economy to be in recession,” adding that even for countries that are not in recession, “it would feel like a recession for hundreds of millions of people.”
While the US may end up avoiding a recession, the situation looks bleaker in Europe, which has been hit hard by the war in Ukraine, she highlighted, saying “Half of the European Union will be in recession.”
The IMF currently projects global growth to be at 2.7% this year, slowing from 3.2% in 2022. LINK
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Henig: Gold rose to the highest level in 6 months
Time: 01/03/2023 08:15:04
{Economic: Al Furat News} Gold prices recorded their highest level in six months on Tuesday, amid weak trading, with the market's attention shifting to the minutes of the last monetary policy meeting of the US Federal Reserve, scheduled for release this week.
Gold in spot contracts rose 0.8 percent to $1838.69 an ounce, according to Reuters data, and gold futures contracts in the United States increased by one percent to $1843.90.
The dollar index fell 0.1 percent, making gold priced in the US currency more attractive to buyers abroad.
Minutes of the Federal Reserve's December monetary policy meeting are due to be released next Wednesday, which could provide guidance on the Fed's tightening path.
Gold is considered a hedge against inflation and economic uncertainties, but high interest rates increase the opportunity cost of owning gold because it does not generate interest.
Spot silver rose 1.1 percent to $24.25, platinum rose 0.8 percent to $1,077.98, while palladium fell 0.1 percent to $1,792.21. LINK