"Tidbits From TNT" Monday 3-25-2024

EconomicsNews

Mar 25

TNT:

Tishwash: The decline of the dollar reduces the burden of high prices on the Iraqi citizen

The markets of the capital, Baghdad, witnessed, on Monday morning, a decline in the exchange rates of the US dollar against the Iraqi dinar.

the details:

The exchange rate of the dollar on the Kifah and Al-Harithiya stock exchanges recorded 147,400 dinars for every 100 dollars, a decrease of 1,300 dinars from the price of yesterday, Sunday.

The selling price in banking shops in local markets in Baghdad decreased to 148,500 dinars, while the purchasing price reached 146,500 dinars for every 100 dollars.

the reasons:

No official body has announced the reason for the decline in dollar exchange rates.

Some sources suggested that the decline was due to an increase in the dollar supply in the market.

Other sources indicated that the decline in global oil prices may be one of the factors that led to the decline in dollar exchange rates.

Effects:

The decline in dollar exchange rates is expected to lead to a decline in the prices of imported goods.

Declining dollar prices may encourage increased investment in Iraq.

The decline in dollar exchange rates is positive news for the Iraqi economy, but it is important that steps are taken to ensure exchange rate stability in the long term. link

CandyKisses: Al-Sudani confirms the start of financing the region according to the decision of the Federal Court

Baghdad Today - Baghdad

Prime Minister Mohamed Shia Al-Sudani confirmed on Monday (March 25, 2024) the start of financing the region in accordance with the decision of the Federal Court.

The Prime Minister's Media Office said in a statement received by "Baghdad Today" that "the Sudanese received members of the House of Representatives from the Patriotic Union of Kurdistan parliamentary bloc, in the presence of the Ministers of Environment and Justice, and during the meeting , they discussed the general situation throughout the country, and the government's measures aimed at developing the economy sector, and its efforts to improve services and ensure a decent living for citizens throughout Iraq, according to the priorities included in the government program in this aspect. "

He added that "the meeting witnessed the affirmation of the need for the integration of the relationship between the executive and legislative authorities, and the importance of continuous coordination in order to legislate laws that support the work of the government and address the obstacles facing the implementation of projects, programs and plans in various sectors."

Al-Sudani pointed out, according to the statement, "the start of financing the region in accordance with the decision of the Federal Court in this regard, and the follow-up of procedures between the Federal Ministry of Finance and the Ministry of Finance in the Kurdistan Regional Government of Iraq, with regard to the localization of the salaries of the region's employees in order to continue paying them."

He continued, "It was also stressed to continue dialogues between the federal government and the Kurdistan Regional Government of Iraq on common files, and that the treatments be in accordance with what is stipulated in the constitution, and that the interest of citizens and their demands are at the forefront of the targets, and make all efforts to enhance internal stability, and push the wheel of economic and social development forward."

************

Tishwash: Oil: Foreign companies wishing to work in Iraq must respect the country’s sovereignty, laws, and judicial decisions

The Ministry of Oil announced: “The most important reason for stopping the export of oil through the Turkish pipeline currently is the refusal of foreign companies operating in the Kurdistan region to officially hand over their production to the regional government,” stressing: “Foreign companies wishing to work in Iraq must respect the country’s sovereignty.” And its laws and judicial decisions, and adapt their conditions accordingly instead of interfering in sovereign affairs related to Iraq’s foreign policy.”

The ministry said in a statement in response to the statement of the Kurdistan Oil Industry Association (APIKOR): “The cessation of oil exports through the Iraqi-Turkish pipeline in March 2023 was... Because of a Turkish decision that resulted from the issuance of an international arbitration decision by the Paris Chamber of Commerce in favor of Iraq. Export did not stop - not for a single day - as a result of an Iraqi federal decision.

After more than six months and important negotiations led by this ministry with the Turkish side, the two parties reached a restart. The pipeline and the treatment of the technical problems that resulted from its closure, in the shortest possible time. The federal government is the most affected by the cessation of exports for reasons related to the sovereign oil policy and others.”

She added: “One of the most important reasons for the current cessation of exports is the refusal of foreign companies operating in the Kurdistan region of Iraq.” About officially handing over its production to the regional government to be exported in accordance with the federal general budget law in force, and this includes companies joining the association mentioned above. It is possible to resume exports in a short period if these companies deliver the oil produced from the fields located in the region in accordance with the law,”

Noting that: “The federal government and the ministry have previously made diligent efforts to overcome all obstacles to resume exports, as is evident from the content of a large number From books, official correspondence, meetings and relevant decisions over a whole year.”

She explained: “The alleged contracts between the oil companies operating in the region and the Ministry of Natural Resources in the region were not approved by the federal government nor the Federal Ministry of Oil at all, because they lack a sound constitutional and legal basis.” . This has been the position of successive federal governments and the Ministry of Oil for more than a decade. It is consistent with the decision of the Federal Supreme Court No. (59/Federal/2012 and Consolidated No. 110/Federal/2019) on 2/15/2022. There is no longer room for discussion after the Federal Court issued its final decision that is binding on all authorities, other than adherence to the decision.”

She continued that she had previously requested from the Kurdistan Regional Government and the oil companies operating in it complete copies of all the contracts mentioned above for the purpose of studying them and arriving at new contracts in accordance with the Constitution and the law. The best policies followed by this ministry are with major international companies, but the required contracts have not yet been delivered. So how can this ministry be asked to abide by contracts that it has not seen and does not recognize, and which are in principle contrary to clear and binding judicial decisions?

The Ministry of Oil explained: “The Iraqi government has previously received, at the highest levels, representatives of oil companies operating in the region as a gesture of good faith with the aim of finding acceptable legal solutions. The Ministry has also previously invited those companies to negotiating meetings for the purpose of finding fair solutions, and has initiated judicial procedures.” The ongoing attacks against the aforementioned companies for the purpose of giving space for consensual solutions, but the companies’ position remained without flexibility or change.”

The Ministry concluded by saying: “The aforementioned association statement included blatant interference in internal and external Iraqi sovereign affairs that have nothing to do with the work of companies, and that this records an additional violation against the aforementioned association and the companies it represents, and is not consistent with the principles of good faith and the principles of foreign investment work,”

Stressing that Under the guidance of the government, it is committed to making all possible efforts to resolve the differences and resume exports through the Iraqi-Turkish pipeline in a manner consistent with the constitution and the law. Foreign companies wishing to work in Iraq must respect the country’s sovereignty, laws, and judicial decisions, and adapt their conditions accordingly, instead of interfering in sovereign affairs related to Iraq’s foreign policy.” link

Mot: ... UH OH!!!!