"Tidbits From TNT" Wednesday 4-26-2023

TNT:

Tishwash:  Iraq supports OPEC's approach to selling oil in foreign currencies instead of dollars

The leader of the State of Law Coalition, Jassem Muhammad Jaafar, confirmed Iraq's intention to support OPEC's plans regarding selling oil without dealing in dollars, indicating that this step will support the economies of all oil-exporting countries.

Jaafar said, in a statement to Al-Maalouma, that "OPEC countries are currently heading not to deal in US dollars in oil transactions, and that dealings will take place in any local currency."

 He added, "The international trend to refrain from buying and selling oil in dollars will increase the strength of the oil-exporting countries and put the American weakness to the test."

And he pointed out that "after revealing this trend, the exchange of the US dollar has declined significantly and will cause a great loss for America," noting that "depositing the sums in the American bank for oil sales money is no longer a condition. link

CandyKisses:  Central bank foreign currency sales rise to more than $187 million

Baghdad / Nina / The Central Bank of Iraq's foreign currency sales rose on Wednesday to record about $ 187 million.

According to the table of the currency sale window, the CBE sold during its auction today 187,888,527 dollars, which the bank covered at an exchange rate of 1305 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar in cash.

Most of the sales went from the dollar to boost balances abroad in the form of (remittances, credits) by $ 172,788,527 million, while the remaining $ 15,100,000 went in the form of cash sales. 

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CandyKisses:  The Finance Committee begins to amend paragraphs and articles in the budget

Baghdad Today - Baghdad

The Parliamentary Finance Committee announced on Wednesday that it is studying the possibility of reducing the budget deficit, while stressing its efforts to make the government's work successful.

During the committee's meeting to discuss the federal budget, committee chairman Atwan al-Atwani said that "the committee has begun meetings to amend paragraphs and articles in the budget according to its constitutional authority," pointing to "the formation of subcommittees in the committee to host executive officials to discuss and study their financial allocations to speed up the process of completing the amendments."

He added that "the committee is studying the possibility of reducing the financial deficit in the budget," calling on "the government to adopt productive advisory projects that contribute to supporting the national economy and enhancing non-oil revenues."

He stressed the need to support the government and empower the private sector, stressing the importance of "working for the success of the government's work."

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Tishwash:  Economist: The parallel dollar will touch its official rate after the budget is approved

Economic expert Bassem Antoine confirmed today, Wednesday, that the exchange of the US dollar against the Iraqi dinar will touch its official rate after the approval of the budget, while he indicated that the fifth column exploited the dollar file over the past months.

Antoine said in a statement, to Al-Maaloumah Agency, that "the government's and central bank's measures contributed to stopping the process of the dollar's rise, in addition to providing it in the local market through the electronic platform system, and obliging all licensed banks and exchange companies to work accordingly."

He added, "The fifth column team took advantage of the dollar's rise during the last period, as it was rumored that the exchange rate of one hundred US dollars would reach 200,000 Iraqi dinars."

Antoine pointed out, "The government and the Central Bank of Iraq's rapid and deliberate measures, by providing foodstuffs and launching the electronic platform system for selling the dollar, prevented its further rise and contributed to its gradual decline during the past two days."

Today, Wednesday, the exchange rates of the dollar against the dinar witnessed stability at the dollar exchange rates in the local markets in all the country’s governorates, as the selling price reached 141,000 dinars per 100 dollars, while the purchase prices reached 139,000 dinars per 100 dollars, in the capital, Baghdad   link

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