"Tidbits From TNT" Sunday 4-2-2023

Apr 2

TNT:

Tishwash: Attention awaits approval of the budget

More than two weeks after the arrival of the draft budget law for the year 2023 from the government to the House of Representatives, all eyes are on the parliament to start working on the law and to start presenting it in its session, while the weightings indicate the possibility of approving the budget and voting on it after the blessed Eid Al-Fitr holiday.

And the Parliamentary Finance Committee announced that until now the budget law had not officially reached the committee, and committee member Mueen Al-Kazemi told “Al-Sabah”:

“The draft budget law has not yet reached the Parliamentary Finance Committee, and that what is included in the committee’s inclusion now is only the draft.” ". And he indicated that "the Finance Committee will have an opinion on the budget law by making amendments to the financial deficit that exists jointly and in agreement with the Ministry of Finance and the government for approval," and stressed that "any financial deficit will not affect operating expenses in terms of employee salaries and appointments link

CandyKisses: Al-Fatah Alliance: Al-Halbousi withholds the budget law to punish the people

Baghdad - Iraq Today:

Karim Aliwi, MP for the Fatah Alliance, confirmed that there is no justification for delaying the sending of the budget law by Parliament Speaker Mohammed Al-Halbousi to the Finance Committee for the purpose of studying and discussing the law.

Aliwi said, in a press interview, that "the Speaker of Parliament deliberately delayed sending the budget law to the Finance Committee, without any justification, especially since the delay in approving the budget is the only affected by it is the Iraqi people, who are waiting for service projects that will be implemented after the adoption of the budget by Parliament."

The MP for the Fatah Alliance stressed that "the budget law must be away from deals and political differences, this law affects the people's livelihood, and delaying the adoption of the budget is a punishment for the Iraqi people, and this is what we did not allow, and this delay hinders the implementation of the government program."

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CandyKisses: Iraq's oil exports to America decline

Economy News _ Baghdad

The US Energy Information Administration announced on Sunday that Iraq's oil exports to America fell for the second week in a row.

The administration said in a report seen by "Economy News" that "the average US imports of crude oil during the past week from nine countries amounted to 4.532 million barrels per day, down by 891 thousand barrels per day from the previous week, which amounted to 5.423 million barrels per day."

She added that "Iraq's oil exports to America reached an average of 138,6 barrels per day last week, down by 144 barrels per day from the previous week, in which oil exports to America reached an average of barrels per day."

It also pointed out that "the most oil revenues of America during the past week came from Canada at a rate of 2.957 million barrels per day, followed by Mexico with an average of 541 thousand barrels per day, and oil revenues from Colombia at a rate of 269 thousand barrels per day, and then Saudi Arabia at a rate of 228 thousand barrels per day."

According to the administration, "the amount of US imports of crude oil from Brazil amounted to an average of 145,118 barrels per day, from Ecuador at a rate of 104,32 barrels per day, from Nigeria at a rate of barrels per day, and from Libya at a rate of barrels per day, while no amount was imported from Russia

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Tishwash: Reserve currencies to the dollar as a store of value and as secondary reserves in central banks

It is very important to keep abreast of changes and developments in the global economy and economic applications and practices, especially the trend towards economic pluralism and the transition from the dollar to reserve currencies for bilateral or intra-exchange between countries with whom we have a large volume of trade exchange

In light of the sustainability of the rentier oil exports in US dollars and the possibility of benefiting from the experience of Brazil and China And Saudi Arabia, Egypt, the BRICS group and some African and Arab countries regarding dealing in currencies in local or reserve currencies instead of the US dollar and the gains of systematic transformation in the system of financial payments to economic diversification and the importance of that specifically for Iraq at the level of economic diversification and the systematic and transitional shift in the financial payments system in a tangible way from the rentier economy to the rentier economy

The Iraqi national economy diversification model.

Undoubtedly, there is a debate about the role of the reserve currencies, the yuan, the euro, the ruble, and others for dealing in non-dollar currencies or inter-state dealings with currencies that cross the dollar and has been going on for a long time.

The concept of reserve currency is linked to the role that the pound sterling played in the global economy from the end of the nineteenth century to the mid-twentieth century.

The main function of the reserve currency is to facilitate the international exchange of goods and services by solving the problem of coordinating transactions in the foreign exchange market and reducing transaction costs in foreign trade operations. In addition, reserve currencies are used as a store of value and are held as reserves by the central banks of most countries in the world.

Performing this function led to the emergence of the term "reserve or secondary currency".
The demand for reserve currencies is made by economic or financial agents operating in all areas of the global economy.

In a way that depends on the functions that reserve currencies perform in international transactions. The amount of demand and therefore the degree/volume of use of the reserve currency is determined by how well each of the main functions is performed. As a result, the effect of this begins to work, when the use of the reserve currency by a large number of economic agents becomes a factor that increases the demand for the reserve currency.

There are factors and methodological foundations for the formation of reserve currencies, including the Chinese yuan, the Russian ruble, the Iranian riyal, and others, which necessitate the development of the foundations of the currency system and the methodological and objective foundations for that, and making recommendations regarding its more balanced regulation, and identifying factors that can improve the status of the Chinese yuan, the Russian ruble, the European euro and others as a reserve currency Regional.

And the importance of dealing with a balance between Iraq's oil exports in US dollars now with gas in the future and balances with the trade balance and the volume of trade and economic exchanges with other countries.

Thus, the main tasks of the work are:
• Finding a specific definition of the concept of reserve currency, as well as the main functions that reserve currencies perform.
• Reviewing the main theoretical models of demand for reserve currencies.
• Analyzing the results of empirical studies of demand factors for reserve currencies.
• It is very important to get acquainted with the concept of the regional reserve currency and to identify the factors that affect the formation of the regional reserve currencies.
• Develop recommendations to enhance the role of the Chinese yuan, the Russian ruble, the European euro and the Iranian riyal in international trade to achieve the status of the regional reserve currency and facilitate international trade procedures, imports and exports.
The work will be in an organized and sober work methodology as follows:

First: Finding a clear definition and concept of the reserve currency in the Central Bank of Iraq law, describing the main functions that reserve currencies perform, and analyzing the advantages and disadvantages of owning a reserve currency. It should also contain, in an independent study or analysis, an overview of the main theoretical models of reserve currencies, taking into account that the methods and results of empirical assessments of the factors affecting the demand for reserve currencies such as Greece, the euro, the ruble, the riyal, and others, are dealt with and analyzed.

The third deals with the concept of a regional reserve currency and provides an empirical analysis of the role of regional reserve currencies.

The fourth is recommendations to raise the status of the Chinese yuan, the Russian ruble, the European euro, the Iranian riyal, and others, according to the momentum, intensity, and priority of trade and economic exchanges, and to form a regional reserve currency on its basis link

Mot: ........ Yeppers - Fur Sure!!! ~~