Wednesday Morning Iraq Economic News Highlights 3-8-23

Parliamentary Investment: Fraud And The Black Market Are Behind The Fluctuation Of The Dollar Exchange, And It Will Stabilize Soon

Time: 03/07/2023 23:01:47  Read: 1,066 times    {Politics: Al Furat News} Today, Tuesday, the Parliamentary Investment Committee clarified the reasons for the continued fluctuation of the dollar exchange rates in the local market.   A member of the committee, Muhammad al-Ziyadi, told Al-Furat News that: “The issue of high exchange rates is not related to things getting out of government control, and the official price for the government is 130,000 dinars for each category of $100, and those wishing to buy dollars should review the Central Bank or its affiliated banks, through clear official method.

He attributed the reasons for the continued fluctuation of prices to "fraud in dealing and the black market," expecting "the stability of the exchange rate within days."

And Al-Ziyadi said, "Today there is no high exchange rate, and any merchant or person who wants to import materials must follow the official price and away from the black market."

The exchange rates of the dollar in the central Kifah Stock Exchange in Baghdad this evening settled at 157,350 Iraqi dinars, compared to 100 dollars, while the buying and selling prices in exchange shops in the local markets amounted to 158,500 Iraqi dinars.    From: Raghad Dahham   LINK

Find Out The Exchange Rates Of The Dollar Against The Iraqi Dinar

08/03/2023  1056  Earth News / Today, Wednesday, the exchange rates of the dollar against the dinar witnessed stability in the local markets.

The selling price was 158,250 dinars per 100 dollars, while the purchase price was 157,250 dinars per 100 dollars.   https://earthiq.news/archives/206851

Postponing Sending The Budget To Parliament For A New Week, And Calls For Its Approval In Early April

Posted On2023-03-08 By Sotaliraq   Baghdad / Hussein Hatem   The Parliamentary Finance Committee suggested that the 2023 budget draft will reach the House of Representatives early next week, with a value of 170 trillion Iraqi dinars.

The fluctuation of exchange rates in the Iraqi markets, and the differences between the central and regional governments, caused the delay in the arrival of the budget, which is scheduled to arrive about five months ago.

The financial budget for the year 2022 was not approved by the Council of Ministers and the House of Representatives due to the turmoil that Iraq witnessed after the early elections in October 2021, and the delay in forming the government for more than a year.

A member of the Finance Committee in the House of Representatives, Mueen Al-Kazemi, says, “The draft budget law for 2023 will reach the House of Representatives early next week; To study, discuss, make amendments, and then read, ratify, and approve it in the month of April; So that the government can start implementing its program.

Al-Kazemi added, "The size of the budget will be 170 trillion Iraqi dinars," stressing the need for "the deficit to be logical.

A member of the Parliamentary Finance Committee pointed out, “The estimated share of the Kurdistan region of the budget will amount to more than 12%, provided that the region provides clear statements of its previous and current revenues regarding oil exports, outlets, and the number of employees.”

Al-Kazemi explained, “A committee from the Ministry of Oil set the price of a barrel in the budget with a ceiling of 65 dollars, and the exchange rate of the dollar at 1,300 dinars, and on this basis we expect that oil revenues will be 135 trillion dinars, in addition to other revenues from collection and other files, so that the budget reaches 170 trillion.” Dinars, and this is a reasonable number, but the government aspires to reach 200 trillion dinars.”

In turn, a member of the House of Representatives, Thaer Makhaif, says, “There are two main issues that caused the delay in the 2023 budget, the first of which was exchange rate turmoil and instability.” He added, "The second issue is related to the differences between the central government and the Kurdistan Regional Government and the lack of compatibility between them." He pointed out that "the previous period witnessed the completion of the budget from most ministries, but dollar speculation prevented it from being sent to the House of Representatives."

On February 7, the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to amend the exchange rate, equivalent to 1,300 dinars to one dollar.

For her part, Member of Parliament Mahdia Al-Lami says, “According to the constitutional timings and legal materials, the budget must reach the House of Representatives in the middle of last October.”

Al-Lami added, "There are technical, administrative and financial reasons that impeded the budget's arrival to Parliament, in addition to the lack of compatibility between the governments of Baghdad and Erbil."

The member of the House of Representatives indicated that, “Among the reasons for delaying the budget is the file of lecturers, administrators, and contracts for the development of regions in Baghdad, in addition to financial reasons in some ministries.”

For his part, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, says, “The deficit in the 2023 budget will not exceed the deficit percentages in previous budgets,” noting that “the greater the spending ceiling, the greater or higher percentage will be allocated to investment spending in a continuous manner.” He added, Saleh, that "what distinguishes the federal general budget for the year 2023 is the investment spending related to infrastructure services in the cities of Iraq in a consistent manner," noting that "the most important in investment spending activity is the efficiency of material and financial achievement."

He pointed out that “ensuring the efficiency of investment spending was confirmed by the service campaign that came in the government’s ministerial curriculum, whose realistic and practical indicators began strongly since last October before the adoption of the Federal General Budget Law 2023, as the maximum benefit was made from the emergency support law for food security and development in a way that achieves efficient allocation.” And the spending that is really directed at the investment business related to economic development.”

It is noteworthy that the House of Representatives passed, in June 2022, the draft law on emergency support for food security and development, in a step that allowed the government to spend on some projects and conduct state affairs temporarily, despite the political differences that accompanied the process of passing the law.  LINK

Iraq And France Are Discussing Developing Bilateral Relations And Expanding Cooperation Between The Two Countries

Policy  2023-03-08 | 07:26  Today, Wednesday, President Abdel Latif Jamal Rashid stressed, during his meeting with the French Ambassador to Iraq, Eric Chevalier, at the Baghdad Palace, the need to develop bilateral relations and expand cooperation between the two countries.

The media office of the President of the Republic said, in a statement received by Alsumaria News, that "at the outset of the meeting, the ambassador conveyed the greetings of the French President to the President and his wishes for the Iraqi people to continue progress and prosperity, while the President of the Republic entrusted Ambassador Chevalier with his greetings and wishes to President Emmanuel Macron and the French people for further development and prosperity." .

The president stressed, according to the statement, "the need to develop bilateral relations and expand cooperation between the two countries in a way that serves the supreme interests of the two friendly peoples."

The statement added, "During the meeting, they discussed the water file and ways to address the shortage as a result of drought and climate change, in addition to the lack of water releases from the source countries of the Tigris and Euphrates rivers, and the need to reach an agreement with neighboring countries regarding obtaining a fair water share, and improving water management in the country." ".

The president indicated that "the government has set an ambitious program to establish security and stability, improve the reality of services and implement important strategic projects," noting that "efforts are being made to approve the general budget in a manner that achieves the aspirations of Iraqis for a comfortable life."

In turn, Ambassador Chevalier renewed "his country's position in support of Iraq, and its endeavor to strengthen relations of joint cooperation."   LINK

Expectations Of An Increase In Oil Demand By More Than Two Million Barrels Per Day

Today  Information/Baghdad..  OPEC Secretary-General Haitham Al-Ghaith announced that the Organization's countries expect oil demand to grow this year by 2.3 million barrels per day.

This came during a discussion on the platform of the International Energy Conference "CeraWeek", which is taking place in Houston (Texas) in the United States of America, saying, "We see that the market is growing and we expect the situation to improve this year.”

The Secretary-General of "OPEC" stated that "the latest expectations indicate that the demand for oil will increase by 2.3 barrels per day," noting that "most of the growth will be in Asian countries, which includes India and China."

OPEC+ members agreed, on November 5, 2022, to reduce their oil production by two million barrels per day, in an effort to recover oil prices, which fell to about $90 from $120 three months before the decision to cut due to fears of a global economic reduction, a rise in US interest rates and a rise in oil

Expectations Of An Increase In Oil Demand By More Than Two Million Barrels Per Day

Today 10:43  Information/Baghdad..   OPEC Secretary-General Haitham Al-Ghaith announced that the Organization's countries expect oil demand to grow this year by 2.3 million barrels per day.

This came during a discussion on the platform of the International Energy Conference "CeraWeek", which is taking place in Houston (Texas) in the United States of America, saying, "We see that the market is growing and we expect the situation to improve this year.”

The Secretary-General of "OPEC" stated that "the latest expectations indicate that the demand for oil will increase by 2.3 barrels per day," noting that "most of the growth will be in Asian countries, which includes India and China."

OPEC+ members agreed, on November 5, 2022, to reduce their oil production by two million barrels per day, in an effort to recover oil prices, which fell to about $90 from $120 three months before the decision to cut due to fears of a global economic reduction, a rise in US interest rates and a rise in oil

A Source Reveals The Reason For Suspending Al-Rashid Bank Branches Providing Travelers With Dollars

2023-03-08 05:15  Shafaq News/ An informed source considered, on Wednesday, that the Al-Rasheed Bank's cessation of delivering dollars to travelers is temporary, indicating that the quantity is running out behind that.

In an interview with Shafaq News agency, the source said, "The bank stopped distributing dollars through its branches in Baghdad three days ago."

He added, "The stop comes as a result of not receiving the prescribed share of the dollar from the Central Bank after the distribution of the previous share was completed with a quick time limit," adding, "The large number of travelers and the failure of the Rafidain Bank to open its branches to sell the dollar during this period has led to a momentum of Before travelers on the branches of Al-Rasheed Bank, which led to the depletion of quantity.

As the source indicated, "The stop is considered temporary, and the dollar sale process will resume as soon as the bank receives the next share scheduled for it from the Central Bank."

It is noteworthy that a number of travelers complained about the depletion of the amount of selling dollars from the branches of the Rasheed Bank, which raised questions and embarrassment among some at a time when they were preparing to travel outside Iraq.   LINK

The Dollar Continues To Rise In The Markets Of Baghdad And Erbil

2023-03-08 01:20    Shafaq News/ The exchange rates of the US dollar against the Iraqi dinar increased today, Wednesday, in the main stock exchange in the capital, Baghdad, and in the Kurdistan Region.

Shafaq News agency reporter said that the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded this morning, an exchange rate of 157,800 dinars against 100 dollars, while the prices yesterday morning, Tuesday, were 157,350 dinars.

Our correspondent indicated that the buying and selling prices rose in exchange shops in the local markets in Baghdad, as the selling price reached 159,000 dinars for every 100 dollars, while the purchase price reached 157,000 dinars.

In Erbil, the capital of the Kurdistan Region, the dollar prices also recorded an increase, as the selling price of the dollar reached 157,900 dinars per 100 dollars, and the purchase price reached 156,900 dinars.   LINK

Barzani And The German Foreign Minister Stress The Implementation Of The Sinjar Agreement

Time: 03/08/2023 Read: 780 times    {Politics: Al Furat News} The President of the Kurdistan Regional Government, Masrour Barzani, met today, Wednesday, with German Foreign Minister Analia Birbock.

Barzani thanked Germany for supporting the Kurdistan region and its support, especially in the war against ISIS, and renewed the region's appreciation for the German parliament for classifying what the Yazidis were subjected to as genocide.

The German Foreign Minister expressed her happiness at visiting the Kurdistan region, pointing to the important and prominent position that the region enjoys in the region, as well as her country's readiness to consolidate relations with the Kurdistan region in a comprehensive manner.

The meeting also witnessed an affirmation of the importance of holding the Kurdish parliamentary elections at an appropriate time this year, and also touched on the reforms implemented by the ninth ministerial formation in the areas of economic diversification, interest in the agricultural sector and export of local products to foreign markets, and the need to implement the Sinjar Agreement and remove armed groups and militias outside the borders. Law from that area, to ensure the return of the displaced to their homes.

They also reviewed confronting the negative effects of climate change, in addition to protecting security and stability in the Kurdistan Region, and confronting all forms of terrorism.    LINK