"Tidbits From TNT" Thursday Morning 1-5-2023
TNT:
Tishwash: For the first time, Central Bank sales are devoid of foreign remittances
Today, Thursday, the Central Bank’s sales of dollars in an auction were devoid of any foreign transfers, so that sales were limited to cash only.
According to the currency window, "the central bank sold today, during its auction for buying and selling US dollars, 43 million and 500 thousand dollars, which the bank covered at a basic exchange rate of 1460 dinars per dollar."
The window also showed that "sales were limited to cash only, which amounted to 43 million and 500 thousand dollars, while sales were devoid of any foreign transfers."
The number of local banks and banks that bought the dollar currency reached 21 banks and local banks.
Tishwash: US Removes some Iraqi Entities from Sanctions List
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has deleted the following Iraq-related entities from its Specially Designated Nationals (SDN) list:
MIDCO FINANCE S.A. (a.k.a. MIDCO FINANCIAL S.A.; a.k.a. MONTANA MANAGEMENT INC.), 57 Rue du Rhone, Geneva CH-1204, Switzerland; Panama; US FEIN CH-660-0-469-982-0 (United States); Switzerland [IRAQ2].
MIDCO FINANCIAL S.A. (a.k.a. MIDCO FINANCE S.A.; a.k.a. MONTANA MANAGEMENT INC.), 57 Rue du Rhone, Geneva CH-1204, Switzerland; Panama; US FEIN CH-660-0-469-982-0 (United States); Switzerland [IRAQ2].
MONTANA MANAGEMENT INC. (a.k.a. MIDCO FINANCE S.A.; a.k.a. MIDCO FINANCIAL S.A.), 57 Rue du Rhone, Geneva CH-1204, Switzerland; Panama; US FEIN CH-660-0-469-982-0 (United States); Switzerland [IRAQ2].
AL-DULAIMI, Khalaf (a.k.a. AL-DULAYMI, Khalaf M.M.); DOB 25 Jan 1932; Passport #H0044232 (Iraq) (individual) [IRAQ2].
AL-DULAYMI, Khalaf M.M. (a.k.a. AL-DULAIMI, Khalaf); DOB 25 Jan 1932; Passport #H0044232 (Iraq) (individual) [IRAQ2].
The United Nations Security Council had also removed them from its Sanctions List of individuals and entities in May 2022.
Khalaf Al-Dulaymi, also associated with Midco Financial, was a principal of Montana Management, which reportedly owned substantial shares of stock in one or more French firms on behalf of senior officials of the former regime of Saddam Hussein. link
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Tishwash: Disclosure of preliminary indicators for the 2023 budget: the largest public expenditures in the history of Iraq
Economic expert Nabil Al-Marsoumi revealed, today, Thursday, preliminary indicators for the 2023 budget.
Al-Marsoumi said in a post entitled "Preliminary Indicators for the 2023 Budget," that "the assumptions on which the budget is based:
The official exchange rate for the dollar = 1450 dinars.
The price of a barrel of exported crude oil = 65 dollars.
Oil exports withKurdistan= 3.550 million barrels per day.
Public expenditures = 180 trillion dinars = 124 billion dollars, which is the largest in historyIraq.
The budget deficit = 40 trillion dinars, which is the largest in the history of budgets.
The economist explained, "The conclusions: -
Oil revenues = 122 trillion dinars.
Non-oil revenues = 18 trillion dinars.
Public revenues = 140 trillion dinars.
- Covering the deficit will be from the fiscal surplus achieved in 2022
Public expenditures for the 2023 budget exceed the 2021 budget and actual spending for 2022 by about 50 trillion dinars. link
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Tishwash: The Kurdistan Parliament’s finances are dissatisfied with the region’s share of the budget: it does not match the needs
The Deputy Chairman of the Finance Committee in the Parliament of the Kurdistan Region, Havidar Ahmed, confirmed today, Thursday, that the region's share of the federal financial budget for the year 2023 still constitutes a dispute with the federal government.
Ahmed told (Baghdad Today), "The file of the region's share is still an obstacle, because there are political and parliamentary parties trying to impede reaching an agreement with Baghdad that guarantees Kurdistan's share and raises the percentage to at least 14%."
He added, "The current quota is absolutely not commensurate with the region's needs, since salaries only need more than 900 billion dinars, in addition to the accumulated debts of businessmen and banks and the debts of oil companies, and other obligations related to building strategic projects and providing services to the citizen."
Earlier, the President of the Kurdistan Region, Nechirvan Barzani, visited the capital, Baghdad, to complete the existing negotiations between Erbil and Baghdad on the outstanding issues between the two parties.
After his return from the Iraqi capital, the Presidency of the Kurdistan Region issued a statement confirming the cooperation of Erbil and Baghdad, and "coordination between all parties to support the new federal government and the successful implementation of its ministerial platform, and work together to resolve outstanding problems between Erbil and Baghdad, starting with Article (140) of the constitution, the budget, and dues." Finance and leading to the normalization of the situation in Sinjar and the country's problems in general, through dialogue and on the basis of the constitution and preserving the country's stability and sovereignty.
The two sides stressed "not allowing any threats or military operations targeting neighboring countries across the borders of Iraq and the Kurdistan Region, while ensuring the provision of aid and humanitarian assistance to refugees, and not allowing the presence of armed factions in the Kurdistan Region," stressing "the cooperation of Erbil and Baghdad and coordination to protect security." borders, as well as coordination with neighboring countries and taking the necessary measures in this regard," according to the statement
It is noteworthy that the House of Representatives is awaiting the arrival of the Iraq budget bill for the year 2023 to the parliament hall, and it is likely that disputes will begin after the draft law reaches the Finance Committee, due to the disagreement of the political blocs and parties about confirming their demands in the draft state budget law.
It is worth noting that the Kurdistan Region’s share of the general financial budget in Iraq for the year 2021 was determined at 11 trillion and 482 billion and 394 million dinars, which included 8 trillion and 161 billion dinars as operating expenses, 3 trillion and 271 billion dinars for investment, and 923 billion and 434 million dinars as ruling expenses. .
The size of the Iraqi federal general budget for the year 2021 was more than 101 trillion dinars, and the price of oil was estimated at $45 per barrel, but the price of oil has risen to nearly double that price.
It is noteworthy that Iraq did not vote on the 2022 budget, due to differences between the political parties, which followed the parliamentary elections. link
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