Wednesday Morning Iraq Economic News Highlights 3-1-23
Wednesday Morning Iraq Economic News Highlights 3-1-23
Deputy: The Decision To Change The Exchange Rate Forced The Government To Conduct A Comprehensive Review Of All Budget Items
Iraq 14:36 - 2023-02-28 Representative Nazem Al-Shibli attributed, on Tuesday, the reason for the delay in the arrival of the budget to parliament by making some reforms and changes being carried out by the government after the official reduction of the dollar exchange rate.
Al-Shibli said in a press statement, "The decision to change the exchange rate of the dollar forced the government to conduct a comprehensive review of all items of the budget, as the main reason was the delay in sending it to Parliament," noting that "the government has reached the final technical and mathematical stages, and its arrival in Parliament is very close."
He added, "The negotiations between the government and the region have no impact on the progress of technical procedures in accordance with the government's vision and in accordance with its government program." https://kirkuktv.net/AR/Details/13560
Al-Zubaidi: Evidence Of American Good Intentions Depends On The Federal Government's Non-Adherence To Iraqi Revenues
Today 08:51 A member of the Al-Fateh Alliance, Ali Al-Zubaidi, affirmed that proving America's good intentions depends on the federal government's non-adherence to Iraqi oil revenues, pointing out that America continues to interfere in all files, which will not bring good to Iraq.
Al-Zubaidi told Al-Maalouma, “There is clear American domination over Iraq, especially in the political, military and economic fields, as Washington's ambassador to Baghdad plays the role of prime minister, and this matter does not bode well for the country. "
He added, "Proof of good intentions by the US administration is by sending money and oil revenues directly to Baghdad through the Federal Bank, especially since Iraq does not need someone to protect its money."
And he indicated that "most countries have extinguished their debts to Iraq, in addition to settling financial matters with many countries during the Paris conference during the reign of Adel Abdul-Mahdi, and therefore Iraq no longer needs to put its money in the US Federal Bank to be transferred LINK
Rashid Defines The Challenges Of Iraq.. And Guterres: Conditions Here Have Changed For The Better
Time: 03/01/2023 13:43:05 Read: 429 times {Politics: Al Furat News} The President of the Republic, Abdul Latif Jamal Rashid, received today, Wednesday, at the Baghdad Palace, the Secretary-General of the United Nations, Antonio Guterres, and his accompanying delegation, which included the Under-Secretary-General of the United Nations for Political Affairs and Peacebuilding, Rosemary Di Carlo, and the Special Representative of the Secretary-General of the United Nations. In Iraq, Jeanine Plasschaert.
During the meeting, the two sides discussed, according to a presidential statement, "the efforts made to consolidate security and stability in the country, the work mechanisms of the United Nations Mission in Iraq, and the role it plays alongside national efforts and the role of friendly organizations and countries in supporting the displaced and the displaced."
The President of the Republic Iraq looks forward to the support of the international community, cooperation and joint action to respond to the humanitarian needs of the displaced families.
Rasheed added that there are thousands of displaced families living in very tragic and complex conditions, and we hope to cooperate with the United Nations to resolve this humanitarian issue by returning the displaced to their areas of residence and rebuilding the city of Sinjar in accordance with the agreement Sinjar
On the other hand, he pointed out that Iraq is one of the countries most affected by climate change, as it suffers from water scarcity, drought and desertification, which negatively affected the various aspects of life, indicating that Iraq seeks to obtain a fair share of water.
In this context, the President of the Republic expressed his thanks and appreciation to the Secretary-General of the United Nations for his invitation to attend and participate in the Water Conference for Sustainable Development, wishing the conference success and contributing to addressing the problem of water scarcity.
Rashid touched on the ambitious government program that includes consolidating security and stability, curbing corruption, rebuilding infrastructure, providing the best necessary services to Iraqis, creating good investment opportunities to operate factories and factories and create new job opportunities, as His Excellency indicated that there are continuous efforts to maintain dialogue between the region and the federal government, For the sake of understanding and developing effective solutions, as well as working on an agreement to approve the oil and gas law.
For his part, the Secretary-General of the United Nations expressed his happiness at visiting Iraq, which he described as the best visit. He also expressed his pleasure at meeting His Excellency the President of the Republic, praising the state of security stability in the country and the efforts made by the President to alleviate the suffering of the displaced.
He stressed that the United Nations stands by Iraq and supports all endeavors and efforts to protect its security and stability, pointing to the international organization's commitment to providing support to the displaced and ending their human suffering.
Guterres expressed his happiness at Iraq's participation in the water conference in New York, pointing out that conditions in Iraq have now changed for the better, noting that "the Iraqis are united and their unity and cooperation prevent foreign interference."
In this context, he affirmed the support of the international organization to the Iraqi government
The two sides also discussed the latest political developments and efforts to enhance peace and security at the regional and global levels, in addition to issues of common concern. LINK
The Central Bank Announces The Proceeds Of Selling The Dollar Through The Electronic Window
2023.03.01 Baghdad - people The Central Bank of Iraq announced, on Wednesday, that today’s sales of dollars through the electronic window are 140 million and 390 thousand and 285 in the form of transfers and cash sales. "Nass" channel on Telegram.. our latest updates
The Central Bank of Iraq’s sales schedule in dollars for today came as follows:
The Central Bank announces the proceeds of selling the dollar through the electronic window Me_ga
https://www.nasnews.com/me_ga.php?id=45380
https://www.nasnews.com/view.php?cat=103012
Deputy: Reducing The Price Of The Dollar, The Last Arrival Of The Budget On Time
438 Representative Nazem Al-Shibli attributed, on Tuesday, the reason for the delay in the arrival of the budget to parliament by making some reforms and changes being carried out by the government after the official reduction of the dollar exchange rate.
Al-Shibli said in a press interview seen by “Takadam” that “the decision to change the exchange rate of the dollar forced the government to conduct a comprehensive review of all items of the budget, as the main reason was the delay in sending it to Parliament,” noting that “the government has reached the final technical and computational stages, and that its arrival in Parliament is close.” very ".
He added, "The negotiations between the government and the region have no impact on the conduct of technical procedures in accordance with the government's vision and in accordance with its government program." https://takadum-news.com/archives/151743
The Exchange Rates Of The Dollar Exceed 15,500 Dinars In The Markets Of Baghdad And Erbil
2023-03-01 01:33 Shafaq News/ The exchange rates of the US dollar against the Iraqi dinar rose today, Wednesday, in the main stock exchange and local markets in the capital, Baghdad, and in the Kurdistan Region, to exceed the barrier of 15,500 thousand dinars per 100 dollars.
Shafaq News agency reporter said that the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded, this morning, an exchange rate of 155,500 dinars against 100 dollars, while yesterday morning, prices were 153,900 dinars against 100 dollars.
Our correspondent indicated that the buying and selling prices rose in exchange shops in the local markets in Baghdad, as the selling price reached 156,500 dinars for every 100 dollars, while the purchase price reached 154,500 dinars.
In Erbil, the capital of the Kurdistan Region, the dollar prices also recorded an increase, as the selling price of the dollar reached 156,100 dinars for every 100 dollars, and the purchase price reached 155,100 dinars. LINK
Sudanese Advisor Explains The Size Of Iraq's Reserves Of Foreign Currency And Monetary Gold
Economie 19:12 - 2023-02-28 Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, clarified the size of Iraq's reserves of foreign currency and monetary gold, and while he indicated that the management of foreign reserves is subject to international standard investment guides, he clarified the mechanism for recovering looted and frozen funds outside Iraq.
Salih said, in a press interview, that "Iraq's foreign currency reserves have reached their highest levels in Iraq's financial history and have now touched $115 billion," stressing that "the monetary authority in Iraq has high efficiency in managing reserves."
He added, "The coverage of reserves from foreign exchange to the exported national currency amounts to approximately 150%, which is a very high percentage and represents optimal efficiency in reserves management standards, in addition to covering the external debt that is obligatory to pay Iraq by about five times."
He stated, "About half of the amount of reserves is in the currency of the United States of America (US dollar), and a high percentage of the country's dollar reserves is being invested in safe financial instruments, most of which are short-term United States Treasury bonds, which carry interest of more than 4% annually, currently on average, and have a very advanced credit rating." And it can be converted into liquid dollars immediately, when needed.
And he stated, "The management of foreign reserves is all subject to international standard investment guides issued by multilateral international financial institutions, within the framework of managing an optimal investment portfolio that avoids risks, the most important of which is avoiding legal risks and the risks of fluctuations in exchange rates, interest rates and other operational risks."
He continued by saying: “The rest of the remaining foreign reserves, which are 50% (except for the dollar), are deposited with reliable European global central banks and a global monetary institution, and in currencies such as the pound sterling, the European euro, the Chinese yuan, the Japanese yen, and the currency of the International Monetary Fund called special drawing rights units, in addition to gold.” Cash in excess of 132 tons of gold or more as officially declared and deposited in safe global gold vaults.
He pointed out, "There are reinforcements in foreign exchange for Iraqi private banks in US dollars, and they are made through the window of the Central Bank of Iraq and the current compliance platform, and are deposited with private bank correspondents in banks abroad, and they are intended to cover documentary credits or documentary transfers for the purposes of financing private trade in goods." And services, as well as payment of electronic payment card dues, in addition to the deposits of the Iraqi Trade Bank with its correspondents, which is concerned with opening external credits to finance foreign trade for government imports.
He continued, "All of these external deposits are moving balances, and their average is no less than $12-15 billion."
At the same time, regarding the frozen Iraqi funds, he indicated that "the pursuit of the Iraqi state's funds that date back to the time of the former regime or the operations of encroaching on public money as a result of corruption after the year 2003 are all subject to the provisions of Law No. 7 of 2019, which is the amended money recovery fund law that is currently administered." From a board of directors headed by the head of the National Integrity Commission, which takes recovery decisions according to legal and administrative work mechanisms, in cooperation with the state’s oversight agencies.
He explained, "The fund's management is responsible for providing the House of Representatives with periodic reports on its follow-ups in recovering public money, especially outside the country."
He pointed out, "Article 14 of Law No. 7 of 2019 obligated the government, when concluding investment or economic agreements with any country that has funds for Iraq, to include the provisions of the Money Recovery Law, including funds that fled after 2003 due to corruption operations."
Regarding China's influence on the world economy and the central bank's decision to finance imports from it in yuan, he explained that "China has contributed to lowering levels of consumer basket prices in the world and has led price stability in the world during the last two decades, due to its high competition and the invasion of its goods into world markets at low prices, generating movement It is called (disinflation or moderation of growth in prices around the world).
He added, however, by saying: "China is still the subject of a complaint and dispute before the World Trade Organization due to its fierce competition, which has reached the point of commodity dumping, which has caused a drop in prices globally to indicate whether it is a result of the efficiency of the Chinese economy or as a result of the devaluation of the Chinese currency to the extent that its goods invaded the world's markets." He noted that “equipment from the Chinese market is still the cheapest compared to other world markets.” https://kirkuktv.net/AR/Details/13567