Tuesday Morning Iraq Economic News Highlights 4-11-23
Tuesday Morning Iraq Economic News Highlights 4-11-23
Economist: The Decline In The Price Of The Dollar Does Not Confuse The Market, And These Are The Beneficiaries
04/11/2023 Earth News / Economic expert Ahmed Saddam confirmed today, Tuesday, that the drop in the exchange rates of the dollar does not cause confusion in the market, while he identified the beneficiaries of this decline.
In an interview with Earth News, Saddam said, "The drop in dollar prices does not cause great confusion in the market, as much as positive expectations postpone some commercial deals only for those who resort to obtaining dollars from exchange companies because there are expectations of a greater decline in the exchange of the dollar against the dinar."
He added, "This decline enables the merchant class to obtain a larger dollar in terms of value because of this decline, and thus raises the level of their trading ability in the future with the stability of the market.
https://earthiq.news/archives/219147
Headed By Mandalawi.. Parliamentary Finance Holds A New Meeting To Complete The Budget Discussion
Baghdad / NINA / - The Parliamentary Finance Committee held, on Monday, a meeting to discuss the draft budget law for three years.
The office of the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, said in a statement, “In order to complete the discussion of its provisions, Al-Mandalawi chaired a new meeting of the Finance Committee to discuss the draft financial budget law for three years.”
A few days ago, the House of Representatives had completed the first reading of the draft general budget law for three years.
A Parliamentary Committee Expects The Maximum Date For Approving The Budget
The Parliamentary Economy Committee expected, on Monday, the maximum date for approving the federal budget. Committee member Hussein Al-Sabri said in a press interview seen by “Takadam” that “with regard to the delay in approving the budget law, the law has been read first and the Finance Committee has already begun to study and discuss it, despite the necessity to expedite the approval of the budget law, but there are chapters that need to be studied.”
He added that "the maximum limit for approving the law will be between a month and a month and a half."
And the House of Representatives, in its session on April 6, completed the first reading of the draft federal budget law for the Republic of Iraq for the fiscal years 2023, 2024 and 2025.
And the First Deputy Speaker of the House of Representatives directed in a meeting of the Finance Committee yesterday to expedite the completion of the budget law and complete its requirements,” stressing that “the next few period will witness the second reading of the draft budget law.”
And he stressed “the House of Representatives’ keenness to scrutinize all paragraphs of the budget,” noting that “the people expect their representatives to quickly complete and vote on them because they are directly related to their lives.”
During the meeting, which was chaired by Mandalawi, the budget items were discussed and observations were presented in a way that contributes to increasing the allocations for the development of the regions, reducing the deficit rate, and implementing service and strategic projects, especially the lagging ones. https://takadum-news.com/archives/158751
The Finance Committee Agrees To Fix The Exchange Rate Of The Dollar At 130,000 In The Budget Law
Tuesday 11, April 2023 12:35 | Economical Number of readings: 272 Baghdad / NINA / Thamer Dhiban, a member of the Finance Committee, announced the committee's agreement to fix the exchange rate of the dollar at 130,000 in the budget law.
The Sudanese Advisor Identifies 5 Factors That Caused The Decline In Dollar Prices
Today, Monday, the advisor to the Prime Minister for financial and economic affairs, Mazhar Muhammad Salih, identified several factors that led to a decline in the exchange rates of the dollar in the Iraqi markets, while confirming that the currency window sales reached their highest levels in imposing stability and sterilizing liquidity.
Saleh said in a press interview seen by “Takadam” that “the decline in the exchange rates of the dollar and its return to less than 1470 is mainly due to the decline in the hard currency in the parallel market, and the start of its creep towards the official exchange rate.”
He added, “One of the most important factors that led to the decline of the dollar in the local markets is mainly the success of the monetary policy of the Central Bank of Iraq in particular, in addition to the role of supportive government policies and positive and effective engagement in meeting the demand for foreign currency.”
Al-Sudani's advisor pointed out, "Facilitating and improving the procedures for necessary external transfers, as well as selling cash dollars through international compliance channels that the private commercial community has adapted to, which is today more flexible, transparent and broader in governance."
And between Saleh: “At the same time, it is supported by large reserves in foreign currency, which are the highest in the country’s financial history,” noting that “these factors are gradually shrinking the gap between the two prices, i.e. (official and parallel).”
And he emphasized, “Foreign currency window sales today have reached their high levels in imposing stability and sterilizing liquidity, which generates accelerated competition in the decline in prices of goods and services, which is the positive matter towards stabilizing the general level of prices.”
During the current days, the exchange rates of the dollar witnessed a significant decrease in the Iraqi markets . https://takadum-news.com/archives/158755
Parliamentary Finance Undertakes To Quickly Pass The Budget
Iraq 04/11/2023 Omar Abdul Latif Committee member Hussein Moanis said, in an interview with "Al-Sabah": "The Finance Committee and the House of Representatives are keen to come up with the best budget that has passed over the past years, despite the challenges," and indicated that "there is seriousness by the members of the committee in proceeding with the budget without returning it to the government."
Pointing out that "discussions took place in the committee regarding the paragraphs of the budget to prepare a detailed report and introduce proposals and discussions in order to complete and mature all opinions."
He added, "There is a major challenge represented in reducing expenditures and increasing revenues in this year's budget, given the high percentage of deficits that intersect with the Financial Management Law," noting "the committee's keenness to reduce expenditures, given that there will be a problem during the coming years if the budget is passed in this way." The great deficit.
He continued, "There is a complete absence of real plans to know the volume of revenues annually, and the committee is always working on estimating the cash quantities that arrive from those revenues, which appear to have decreased to a level less than half," noting that "the state has given many exemptions recently and the effects of changing the price of exchange rate,
in addition to the fluctuation of oil prices in the global market, especially after fixing it at 70 dollars in the budget, which prompts us to hedge on the issue of figures on the level of revenues, and there is also the oil agreement between the region and the center, which is still unclear until now, and what is the role of (SOMO) Will the account in which the revenues of the region be placed be monitored? Mu'nis asserted.
A member of the Finance Committee ruled out the reported intentions to raise the prices of oil derivatives, "as it is a matter for producing companies only," pointing to the addition of "a paragraph to pay the differences of the popular crowd, national security and examiners in the Ministry of Defense." He confirmed the closeness of hosting Prime Minister Muhammad Shia' al-Sudani and executive officials to "answer the committee's questions regarding the budget," considering it "a positive point and a complementary issue between the legislative and executive authorities to make the government program a success."
For his part, a member of the Parliamentary Economy Committee, Hussein Al-Sabri, said: “With regard to the delay in approving the budget law, the law has been read first and the Finance Committee has already begun to study and discuss it,” noting that “despite the need to expedite the approval of the budget law, there are doors that need to a study.”
And the House of Representatives completed its session on April 6, the first reading of the draft federal budget law for the fiscal years 2023, 2024, and 2025, and the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, directed in a meeting of the Finance Committee yesterday, Sunday, to expedite the completion of the budget law and complete its requirements, stressing that “the period The next few will witness the second reading of the budget bill. Edited by: Muhammad Al-Ansari https://alsabaah.iq/75051-.html
Parliamentary Efforts To Spare The Government From Increasing The Budget Deficit For The Fiscal Year 2023
Iraq 10:40 - 2023-04-11 Independent MP Amer Abdul-Jabbar expected, on Tuesday, an increase in the budget deficit due to the reduction in production in oil exports, while he revealed that the House of Representatives sought to spare the government an increase in the budget deficit for the fiscal year 2023. Abdul-Jabbar said in a press interview, “The budget was discussed within the committees Concerned and controversial points will be evaluated during the second reading.
He added, "There are many observations about the budget legislation, foremost of which is the price of a barrel of oil, especially after the issuance of the decision of OPEC countries to reduce production to two million barrels of oil, including Iraq, about 211 thousand barrels per day."
He pointed out that "Iraq's revenues will be reduced, and thus will increase the budget deficit, and the government has no choice but to borrow to bridge the deficit, and therefore we seek to spare the government an increase in the budget deficit." https://kirkuktv.net/AR/Details/14512