Saturday Morning Iraq Economic News Highlights 3-25-23
Saturday Morning Iraq Economic News Highlights 3-25-23
The Budget Law Is Imprisoned In Solitary Confinement.. And The Accused Is The Speaker Of Parliament
Information/Baghdad.. On Saturday, Deputy Chairman of the Planning and Government Program Monitoring Committee, Representative Muhammad Al-Baldawi, held the Presidency of Parliament responsible for delaying the introduction of the federal budget law, indicating that some political and technical observations were not studied by the Presidency for the purpose of referring them to the concerned committees or returning them to the government.
Al-Baldawi said, in a statement to Al-Maalouma, that "the government has already sent the 2023 budget bill to the House of Representatives, after it was voted on by the House."
He added that "despite the arrival of the draft law almost a week ago, it is still under the inclusion of the Presidency of the Council of Representatives, and it was supposed to be referred to the concerned committees, which are the Finance, Planning Committee and the Legal Committee, but the issue of delaying sending it to these committees is not justified.”
Al-Baldawi indicated that "the presidency of the Council believes that the draft law needs to study some political and technical observations that have not been studied by the Presidency for the purpose of referring it to the concerned committees or returning it to the Council of Ministers .” LINK
Ramadan Revives The Shopping Movement In The Largest Commercial Center In Iraq (Photos)
Shafaq News / With the advent of the month of Ramadan, the markets of the capital, Baghdad, witness an influx of shoppers who buy their food needs, in the Shorja market, Iraq's largest commercial center.
The camera lens of Shafak News Agency, which toured the commercial market, documented the movement of people and shopping with the beginning of Ramadan, as life seemed to return to it after a period of economic stagnation as a result of people's reluctance to buy due to the high dollar prices and its impact on their lives.
The commercial movement was evident in the shops where shoppers crowded, while the "Ramadan movement" also included the porters inside the market, who began to breathe a sigh of relief because of their dependence on daily work. LINK (Many Photos at link)
Parliamentary Finance: The Budget Did Not Reach Us, And Its Deficit Is Very Worrying
Information / Baghdad.. A member of the Parliamentary Finance Committee, Hussein Moanis, confirmed, on Saturday, that the committee did not formally review the budget, and it did not start studying the project and reviewing it, except for what was nominated for it.
Moanes said, in an interview with Al-Maalouma Agency, that "the budget has reached the presidency of the Council, but it has not reached the Finance Committee until now." He added that there has been significant inflation in the budget for three consecutive years.
And he indicated that "the government curriculum talks about balancing a program, and what we have in our hands is a budget for three years, and when it reaches the Parliamentary Finance Committee, it will be discussed."
He added, "What we care about now is the oppressed and disadvantaged classes that have suffered from marginalization, whether civilian examiners or lecturers, as well as members of the popular crowd, and we seek to include them in the 2023 budget."
Stressing that "the financial deficit in the budget is very large and worrisome, which calls for stopping the study of the budget and reducing the deficit significantly."
And the deputy of the State of Law coalition, Jassim Al-Moussawi, has confirmed that passing the budget in parliament needs consensus among all political parties. LINK
The Budget Law Is Imprisoned In Solitary Confinement.. And The Accused Is The Speaker Of Parliament
Information/Baghdad.. On Saturday, Deputy Chairman of the Planning and Government Program Monitoring Committee, Representative Muhammad Al-Baldawi, held the Presidency of Parliament responsible for delaying the introduction of the federal budget law, indicating that some political and technical observations were not studied by the Presidency for the purpose of referring them to the concerned committees or returning them to the government.
Al-Baldawi said, in a statement to Al-Maalouma, that "the government has already sent the 2023 budget bill to the House of Representatives, after it was voted on by the House."
He added that "despite the arrival of the draft law almost a week ago, it is still under the inclusion of the Presidency of the Council of Representatives, and it was supposed to be referred to the concerned committees, which are the Finance, Planning Committee and the Legal Committee, but the issue of delaying sending it to these committees is not justified.”
Al-Baldawi indicated that "the presidency of the Council believes that the draft law needs to study some political and technical observations that have not been studied by the Presidency for the purpose of referring it to the concerned committees or returning it to the Council of Ministers .” LINK
Economist: Inflation In Iraq Has Risen To The Highest Level In Years
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An economist expected that the annual inflation rate for the month of January 2023 would rise to more than 8.2%, and he considered it “the highest rise in Iraq in years.”
Manar Al-Obeidi said in a statement that "the annual inflation rate in the food sector amounted to 10.4%, while the annual inflation rate in the transportation sector amounted to 13.9%."
He added, "As for the highest increase in inflation rates, it was in the electricity and water supply sector, as it increased by 34% compared to the previous year, while inflation rates in rents only increased by 1.6%."
Al-Obaidi pointed out, "The only two sectors that witnessed a decrease in inflation rates are the telecommunications sector, which decreased by 11%, and the maintenance services sector, which decreased by 1.4%." https://takadum-news.com/archives/156023
A Slight Rise In The Exchange Rates Of The Dollar In The Local Markets
Economy |Today, 11:29 Baghdad today – Baghdad Today, Saturday, the exchange rates of the dollar against the dinar recorded a slight increase in exchange shops in the capital, Baghdad .
The (Baghdad Today) correspondent said, "The Al-Kifah and Al-Harithiya stock exchanges recorded an exchange rate of 156,000 dinars for every 100 dollars ."
He added, "The exchange rates of the dollar rose in exchange shops and local markets in Baghdad, where the selling price reached 157,000, while the purchase price reached 155,000 for every 100 dollars. LINK
The Parliamentary Oil And Gas Committee Explains The Importance Of The Great Port Of Faw To The Oil Sector
Economy 14:02 - 2023-03-25 Today, Saturday, the Parliamentary Oil, Gas and Natural Resources Committee clarified the importance of the large port of Faw to the oil sector, while noting that the port contains 6 berths for oil export with a capacity of 230 thousand barrels per day.
Committee member Zainab Jumaa Al-Musawi said in a press statement, "The large port of Faw will be able to accommodate larger cargo ships due to its depth, as it has a draft greater than the Suez Canal," pointing out that "the port will contain 6 oil export berths with a capacity of 350 thousand barrels per day." And tanks for imports of petroleum products with a capacity of 300,000 cubic metres.
Al-Moussawi added, "Non-oil exports constitute only 4% of the Iraqi budget, and a diversification of income sources can be achieved through projects that exploit the geographical location of Iraq. These interrelated projects aim to be integrated," stressing that "there will be 99 berths in the port of Faw." This makes it the largest port in West Asia, surpassing the Jebel Ali port in the UAE, which has only 67 berths for containers. https://kirkuktv.net/AR/Details/14118
Iraqis Make Profits From Money Transfers To Turkey
2023-03-25 03:10 Shafaq News/ A number of citizens stood in line in front of Al-Taif Islamic Bank for transfer to seize some profits from the process of converting the Iraqi dinar into dollars.
One of the citizens standing in the queue said, in an interview with Shafaq News agency, "Al-Taif Islamic Bank is currently selling the dollar at 7,400 dollars for 10,400,000 Iraqi dinars, which means that the exchange rate will be around 1,400 dinars against one dollar."
He added, "The process of selling the dollar by the bank requires a transfer to Turkey to be received from there by the beneficiary," noting that "this transfer comes to help merchants and importers," adding, at the same time, "there are those who benefit from this process from the price difference from what exists." in the parallel market.
The central bank set a price of 1,300 Iraqi dinars to buy the dollar from the Ministry of Finance, 1,310 dinars to sell it to banks through the “electronic platform,” and 1,320 dinars to sell it to the final beneficiary.
And the Central Bank of Iraq issued three reform packages, which it said came with the aim of addressing the rise in dollar exchange rates.
Despite the procedures of the Central Bank and its approval of a specific exchange rate, the exchange rates of the dollar still range in the markets between 155 - about 160 thousand dinars for the category of 100 US dollars. LINK
Bigger Than An Emirati.. Revealing New Details About The Great Port Of Faw
Political | 02:07 - 03/25/2023 Baghdad - Mawazine News The Parliamentary Oil, Gas and Natural Resources Committee clarified today, Saturday, the importance of the great port of Faw to the oil sector, while noting that the port contains 6 berths for oil export with a capacity of 230 thousand barrels per day.
Committee member Zainab Jumaa al-Moussawi said, "The large port of Faw will be able to accommodate larger cargo ships due to its depth, as it has a draft greater than the Suez Canal," pointing out that "the port will contain 6 oil export berths with a capacity of 350,000 barrels per day, and storage tanks for imports." Oil products with a capacity of 300,000 cubic metres.
Al-Moussawi added, "Non-oil exports constitute only 4% of the Iraqi budget, and a diversification of income sources can be achieved through projects that exploit the geographical location of Iraq. These interrelated projects aim to be integrated," stressing that "there will be 99 berths in the port of Faw." This makes it the largest port in West Asia, surpassing the Jebel Ali port in the UAE, which has only 67 berths for containers. https://www.mawazin.net/Details.aspx?jimare=222824