Saturday Evening Iraq Economic News Highlights 10-8-22

Saturday Evening Iraq Economic News Highlights 10-8-22

Oil jumps 4% to its highest level in 5 weeks after the decision of OPEC + to cut production

Energy   Economy News-Baghdad   Oil prices jumped about four percent on Friday, hitting a five-week high, supported by the OPEC+ decision to make the biggest supply cut since 2020, despite worries about a recession and rising interest rates.

Oil rose for the fifth day in a row despite the rise of the dollar after data showed that the US economy is creating jobs at a strong pace, while reinforcing expectations that the Federal Reserve (the US central bank) will continue to tighten monetary policy sharply.

A stronger dollar makes oil more expensive for holders of other currencies, and usually affects oil and other risky assets.

Brent crude futures rose $3.50, or 3.7 percent, to $97.92 a barrel. US West Texas Intermediate crude also rose $4.19, or 4.7 percent, to $92.64 a barrel.

That was the highest closing level for Brent since August 30 and for US crude since August 29. The two contracts recorded gains for the second week in a row, and the largest percentage gain since March this week. During the week, Brent rose by about 11 percent and US crude by 17 percent.

"One of the main implications of the recent OPEC cuts is the likely return to the $100 oil price," said Stephen Brennock of BVM oil brokerage.

The cut decided by the OPEC + cartel, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, comes before the European Union bans Russian oil and will reduce supplies in a market already suffering from tight supply.

On Thursday, US President Joe Biden expressed his disappointment with the OPEC+ plans. He and other officials said the United States was studying all possible alternatives to prevent price hikes.

100 . views   Added 10/08/2022 - 9:04 AM  Update 10/08/2022 - 12:56 PM

https://economy-news.net/content.php?id=30098

Approximately 300,000 Barrels Per Day .. Iraq's Oil Exports To America Rise Within A Week

Shafaq News/ The US Energy Information Administration announced, on Saturday, that Iraq's oil exports to America increased to 275,000 barrels per day during the past week.

The administration said in a report seen by Shafak News Agency, "The average US imports of crude oil during the past week from eight countries amounted to 5.220 million barrels per day, down by 390 thousand barrels per day compared to the previous week, which amounted to 5.610 million barrels per day."

She added that "Iraq's oil exports to America amounted to an average of 275,000 barrels per day last week, higher than the previous week, when oil exports to America reached an average of 202,000 barrels per day."

The administration also indicated that "most of America's oil revenues during the past week came from Canada, at a rate of 3.298 million barrels per day, followed by Mexico at a rate of 539,000 barrels per day, and oil revenues from Saudi Arabia at a rate of 398,000 barrels per day, and then Colombia at a rate of 360 thousand barrels. Daily".

According to the administration, the amount of US imports of crude oil from Ecuador amounted to an average of 203 thousand barrels per day, and from Brazil at a rate of 104 thousand barrels per day, and from Libya at a rate of 43 thousand barrels per day, while it did not import any quantity from Russia or Nigeria.   LINK

The Secretary-General Of The Organization: The Decision Of OPEC + Is Proactive And Considered, And Was Taken Unanimously By 23 Countries

Shafaq News/ The Secretary-General of OPEC, Haitham Al-Ghais, said on Friday that its decision to reduce oil production is considered and was taken unanimously by member states.

In a statement to the Saudi-funded Al Arabiya satellite channel, Al-Ghaid said that the OPEC + decision carries wide flexibility to deal with the expected economic uncertainty.

He explained that the decisions of OPEC + aimed at balancing supply and demand, not prices, adding that the decision was proactive and thoughtful and was taken unanimously by 23 countries.

Al-Ghaid also indicated that the organization does not take sides with one party against another, and we are not a political organization, stressing that the organization is working to ensure oil flows.

On Wednesday, the Organization of (OPEC +) agreed to a new reduction in oil production, while oil prices rose in the US global market.    LINK

Deputy: The Fuel Crisis Was Caused By Financial And Administrative Corruption In The Oil Products Distribution Company

Political news   October 8, 2022   Representative Muhannad Al-Khazraji, a member of the Parliamentary Oil, Gas and Natural Resources Committee, accused the Oil Products Distribution Company of causing a stifling fuel crisis in Iraq, indicating that the crisis was caused by financial and administrative corruption in the company.

Al-Khazraji stressed in a statement, “The waste of public money in the Oil Products Distribution Company affects the most important joint of the Ministry of Oil, which will expose those involved in the measurement and natural file and refer them to the judiciary. .

He pointed out, "The Parliamentary Oil, Gas and Natural Resources Committee is working to monitor the performance of institutions associated with the Ministry of Oil in order to eradicate the corruption that dominates some of the joints of the ministry, which is the vital artery and the main engine of the national economy."   https://khabaar.press/archives/99486https://khabaar.press/archives/99486

A Year Of Political Paralysis Deprives Iraq Of Important Economic Opportunities

October 8, 2022   Baghdad, - (AFP) - On October 10, Iraq will complete a full year since the early parliamentary elections, in the absence of a new government or budget due to political paralysis that threatens to deprive the country of much-needed infrastructure projects and reform opportunities.

Iraq, an oil-rich country wracked by decades of conflict, generated huge oil revenues in 2022. The money is in the Central Bank, which has $87 billion in foreign currency reserves.

But benefiting from these funds for projects that Iraq needs is contingent on forming a government with full powers and a budget that controls the pace of spending.

Yasar Al-Maliki, an economist at the Middle East Economic Survey, explains that “infrastructure projects need years of steady funding from the government,” adding that “the political situation has caused great turmoil that has further weakened Iraq’s already fragile position in front of its investors.”

He explains that "the political crisis has added to other long-standing concerns, especially security and corruption."

Political disputes are still continuing between the two prominent Shiite camps, the Sadrist movement on the one hand, and the coordination framework, which includes blocs representing the Popular Mobilization, an alliance of armed factions loyal to Iran that have become affiliated with the state apparatus, on the other hand, a year after elections that were already hesitant among Iraqi voters. . With the two sides of the political crisis unable to resolve their differences, a new government has yet to be formed.

- 'Great Opportunity Lost' -

On August 29, violence erupted in Baghdad, between fighters from the Sadrist movement on the one hand, and the security forces and the Popular Mobilization Forces on the other, killing about 30 al-Sadr supporters.

And considered the United Nations representative in Iraq, Jenin Plaschaert, before a recent Security Council session, that these events were supposed to represent a "warning bell," adding that "the situation is still very volatile."

And she continued, "Many Iraqis have lost confidence in the ability of the political class in Iraq to work for the benefit of the country and its people."

While the World Bank estimated the growth of the Iraqi economy at an average of 5.4% annually between 2022 and 2024, “the macroeconomic outlook is surrounded by a large degree of risks given the heavy dependence on oil, the persistence of budget stalemates, and the delay in forming the new government.” , as stated in a report in June.

As a result of the absence of a budget, Iraq spends today on the basis of the Federal Financial Management Law, that is, what was spent in the previous budget divided over 12 months, which does not reflect the reality of the revenues that the country achieved in 2022.

However, “these are minimal budgets… that resemble the past, not the present or the future, and there are no opportunities for economic growth, and they deprive Iraq of major strategic projects,” according to the Prime Minister’s financial advisor, Mazhar Salih.

"We are missing out on great opportunities, opportunities to invest in important, strategic and planned projects," he told AFP.

For example, Iraq signed a contract last summer with the French company "Total Energy", which includes several projects, especially in the field of the exploitation of associated gas and solar energy, worth ten billion dollars, partially funded by the Iraqi government, which is still in its infancy.

And “the Iraqi government is working hard to speed up work in it and remove obstacles before it,” according to a source familiar with the file.

Other projects are progressing “at a slow pace” in the oil sector, and with “the absence of a government with full powers, the Ministry of Oil cannot finance, sign and award contracts for these basic projects,” explains Yasar al-Maliki.

- 'People Are Tired' -

To meet emergency expenditures, the Iraqi parliament enacted an emergency subsidy law in June, worth 25 trillion dinars ($17 billion), that allowed meeting emergency needs for the population and buying grain to ensure “food security,” but also ensuring the purchase of energy and electricity from abroad.

With the year 2023 approaching without a budget, the authorities will have to either legislate a new similar food security law or continue spending on a 12-month basis, i.e. “reduce spending again,” as Yasar al-Maliki explains.

Upon resigning from his position as finance minister in August, Ali Allawi, the owner of the economic reform project that had not yet fully turned into a tangible reality, did not hesitate to define the problem quite frankly.

"All plans and programs of the government are always constrained by the need to obtain broad agreement from a fractured political class," he wrote in his resignation letter.

"All calls for reform have been hampered by the political framework of this country," he added.

Out of every ten young people, four are unemployed, according to the United Nations, while a third of the 42 million population are below the poverty line.

Despite the huge oil revenues, the life of Amin Salman, the sixty-year-old retired from the Iraqi army, who was among the demonstrators on the third anniversary of the unprecedented October 2019 uprising, which came out against the regime and corruption, has not improved much.

“The country is going through a political crisis, and this political crisis affects people,” says the man from Tahrir Square in central Baghdad. People are all tired.”

The man earns only 400,000 dinars ($274), a sum that barely covers his daily income, and his two sons are unemployed.

He adds, "Iraq has billions, money and gold, but politicians are only interested in their parties and pockets."     https://www.azzaman.com/archives/410935

After Losing $800 Million... Integrity Intervenes And Invites The Government - Urgent

Policy   2022-10-08 | 07:25   1,938 views  Alsumaria News – Baghdad   The Parliamentary Integrity Committee called, today, Saturday, governmental and supervisory agencies to prevent travel of some managers and senior cadres in the Tax Authority who have been changed until the end of the administrative and judicial investigation, after it was confirmed that there was a theft in the revenues of the trust accounts belonging to the general tax in Rafidain Bank, which exceeds 800 million dollars.

Committee member MP Ahmed Al-Rubaie said in a statement received by Alsumaria News, "The Ministry of Finance indicated that it had formed a committee to conduct an administrative investigation into the matter, and the investigative committee recommended precautionary recommendations against the former general managers."

Al-Rubaie added, "The ministry confirmed that it is awaiting the judicial investigation," calling for "the travel ban of some directors and senior cadres in the Tax Authority who have been changed until the investigation is over."    LINK

Saturday Evening Iraq Parliament News Highlights 10-8-22

Saturday Evening Iraq Parliament News Highlights 10-8-22

A Deputy For Al-Fateh Told Al-Nabaa: We Are Proceeding With The Process Of Forming A Government.. This Is What Is Delaying It Only!

Mohammed Al-Tamimi/ Baghdad   Today, Saturday, the representative of the Al-Fateh Alliance, Karim Aliwi, confirmed that all political blocs will proceed with the process of forming the new Iraqi government, in the coming days.

Al-Salihi told Al-Nabaa Agency that "all the political blocs are proceeding with the process of forming the new Iraqi government, in the coming days, and there is no retreat from this option, as it is the only option to end the state of the political blockage."

And the representative of the Al-Fateh Alliance stated that "what is delaying the process of forming the new government is the Kurdish-Kurdish dispute over the presidency, and we are working to pressure these forces in order to reach a common understanding so as not to hinder the government formation process further."    https://n.annabaa.org/iraq/80719

An Upcoming Parliamentary Session That Cuts Baghdad Apart

The security forces took strict security measures, and cut off a number of vital roads and bridges near the Green Zone in the center of the capital, Baghdad, which includes the parliament building, government buildings and the US embassy, ​​in conjunction with a parliamentary session to be held today, Saturday, amid fears of demonstrations rejecting the session or bombing operations to prevent it.

The scheduled session is the second after Parliament resumed its work after an interruption of about two months. Because of the political crisis in the country, and its agenda was devoid of the file of choosing a president for the republic, over which the Kurdish forces have not resolved the dispute, while the session will discuss the file of Iranian bombing of areas in the Kurdistan region of Iraq, as well as other bills.

Last week, Iran targeted camps for the Iranian-Kurdish opposition in towns and border areas within the region. Tehran says that these groups are involved in armed operations in areas in Kurdistan province, west of Iran, adjacent to Iraq.

Since Friday, the security forces have cut off the Al-Sinak bridge leading to the Green Zone with concrete barriers.

With the early morning hours, the security forces intensively reinforced their military deployment, amid tight searches of cars and pedestrians, especially in the areas surrounding the Green Zone.

An officer in the Baghdad Operations Command (the authority responsible for the security of the capital), on condition of anonymity, said that "the forces have already started implementing a strict security plan to secure the Green Zone," noting that "the plan has already started since yesterday, and it has been tightened this morning, and many have been published." From the mobile security barriers in the Karrada, Al-Jadriya, Al-Qadisiyah and Al-Harithiya areas surrounding the Green Zone.

With the early hours of the morning, the security forces intensively reinforced their military deployment

The officer explained that "these checkpoints are working to search cars and pedestrians," adding that "the plan does not focus only on those areas, but includes areas other than those surrounding the green area."

He pointed out that "the instructions issued by the higher authorities focused on avoiding clashes with any demonstrations that might come out, while preventing the arrival of any vehicles, motorcycles or tuk-tuks near the Green Zone," stressing that "any illegal phenomena or attempts to confuse security." Or certain targeting operations, will be dealt with aggressively."

The country is experiencing the longest crisis of its kind, as differences between the political forces have prevented the formation of a new government since the last elections that took place on October 10, 2021.    https://n.annabaa.org/iraq/80715

Al-Halbousi: Iraq Will Present During The Meetings Of The Inter-Parliamentary Union An Emergency Clause To Demand The Preservation Of Its Sovereignty

Political | 02:14 - 10/08/2022  Baghdad - Mawazine News, Parliament Speaker, Muhammad al-Halbousi, announced, on Saturday, that Iraq will submit to the International Parliament Union an emergency clause to demand the preservation of its sovereignty.

Al-Halbousi said, during the parliament session, according to a statement by the Council's media department, that "Iraq will present, during the meetings of the Inter-Parliamentary Union, an emergency item to demand the preservation of Iraq's sovereignty and stop the attacks and interference in its internal affairs to obtain international support."

It is noteworthy that the House of Representatives discussed, in its session this afternoon, the Iranian bombing of the Kurdistan region.    https://www.mawazin.net/Details.aspx?jimare=207657

Today.."State Administration" Enters An Important Meeting

Shafaq News/ The "Coalition of State Administration", which brings together the main Shiite, Sunni and Kurdish political forces, is holding an important meeting, today, Saturday, to discuss the completion of the movement to form the new Iraqi government.

Informed sources told Shafaq News Agency, "The State Administration coalition, with all its forces, will hold an important meeting this evening in the capital, Baghdad, to discuss completing the movement to form the new Iraqi government and pushing the Kurdish forces towards resolving the dispute with the presidency."

The sources indicated that "the meeting of the State Administration Coalition will discuss the issue of forming a delegation representing it for the purpose of conducting dialogue and negotiation with the leader of the Sadrist movement, Muqtada al-Sadr, regarding the next government and its tasks."

And earlier today, Saturday, the head of the "Al-Fateh" coalition bloc, Abbas Al-Zamili, denied the existence of any secret meeting that brought together the leader of the coalition, Hadi Al-Amiri, with the leader of the Sadrist movement, Muqtada Al-Sadr over the past period, stressing that there will be a meeting that brings together Al-Amiri with Al-Sadr soon.   LINK

Parliament Begins The First Reading Of The Bill Addressing Housing Abuses

Political | 02:20 - 10/08/2022   Baghdad - Mawazine News   The House of Representatives began, today, Saturday, the first reading of a bill to address housing abuses.

The Media Department of the House of Representatives said in a statement received by Mawazine News that "the House of Representatives has begun the first reading of the bill addressing housing abuses."

Today, Saturday, the House of Representatives held session No. (3) of Parliament for the second legislative term, headed by Al-Halbousi and attended by 198 deputies. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=207659

Head Of Al-Fateh Bloc: There Is No Secret Meeting Between Al-Amiri And Al-Sadr, And We Are Working On A Public Contract Between Them

Shafaq News/ The head of the "Al-Fateh" coalition bloc, Abbas Al-Zamili, denied on Saturday the existence of any secret meeting that brought together the head of the coalition Hadi Al-Amiri with the leader of the Sadrist movement Muqtada Al-Sadr over the past period.

Al-Zamili said in a statement to Shafaq News Agency, that there was no secret meeting in the last period that brought together Al-Amiri Al-Sadr, and what was published in some media and social networking sites in this regard is incorrect.  He added, "We are working to have a meeting between Al-Amiri and Al-Sadr during the coming period."   LINK

Iraq Is Moving Internationally To Stop The Attacks On Its Soil

Policy    2022-10-08 | 07:14   1,224 views   Today, Saturday, Parliament Speaker Muhammad Al-Halbousi announced that Iraq has moved internationally to stop the attacks on its territory.

Al-Halbousi said during today's session in the House of Representatives, that "Iraq will submit, during the meetings, a request to the IPU to add an emergency clause to demand the preservation of Iraq's sovereignty and to stop attacks and interference in its internal affairs to obtain international support."

Today, Saturday, Parliament Speaker Mohammed Al-Halbousi opened the work of the parliament's session for the second legislative term.

A statement by the Media Department of the House of Representatives, received by Alsumaria News, stated that "Al-Halbousi opened the work of Session No. 3 in the presence of 198 deputies."  LINK

Blackshart And Her Encrypted Messages

FRI, 07-10-2022,PM 10:56   Tayseer Al-Assadi   By: Abbas Sabbagh  

The Iraqi street was not alone in resentment at the obstruction of the political process, but the international community as a whole was also resentful. This was revealed by Mrs. Blackshart, the UN Special Representative for Iraq in her periodic and angry briefing on the Iraqi issue, so it is time for all politicians to direct their attention to rebuilding the political process And put it on the right rail, and the clinical death that paralyzed that process must be treated as soon as possible.

Plasschaert and through her "surroundings" The routine - and it was not the first of its kind - conveyed an encrypted message from several points and kept the door open to the international community for all possible possibilities. It revealed the apparent part of the submerged iceberg and indicated that the situation in Iraq does not bode well and is on the brink of civil war, God forbid.

The blame is all on the political class working against its own people - she says - (actors across the political spectrum have failed to put the national interest first. They have left the country in a long-term impasse, further escalating the already simmering anger).

It is certain, and unequivocally, that the abnormal political situation in Iraq does not appeal to the international community, and this is not the first time that Plasschaert has surrounded the Security Council with the outcomes and outcomes of the dire political situation (all leaders must assume responsibility and refocus to where it should be: Blackshart was very frank that she threw the ball in the court of all politicians and did not exclude anyone from them.

Everyone bears the implicit responsibility because they put Iraq in the crosshairs of regional conflicts and international problems, and they did not achieve any political / social harmony, reassuring and decent living, in addition to that government spending will not be available in the event of continued The blockage to infinity, Iraq still suffers from several intractable files at all levels, including security, economic, environmental and other complications in thorny local and regional files that cast dark shadows on the Iraqi scene in general, and the most dangerous of all this economic file, especially in the event of government spending stopping and in a country that still suffers a lot from Its residents are from the specter of unemployment and live below the level of poverty.

I hope that all the political class will understand that the time has come for a restoration of this process before it takes its last breath and before it is too late. And when I regret it     http://non14.net/public/151432                 

Saturday AM Iraq Parliament News Highlights 10-8-22

Saturday AM Iraq Parliament News Highlights 10-8-22

Parliament opens its session headed by Al-Halbousi

Policy  2022-10-08 | 05:04    Source:  Alsumaria news  1,785 views  Today, Saturday, the House of Representatives opened its session, headed by Parliament Speaker Muhammad Al-Halbousi.

And the media department said in a brief statement received by Alsumaria News, "The House of Representatives opened its session in the presence of 198 deputies."

It is expected that the House of Representatives will discuss its third session of the second legislative term, which included 6 paragraphs, most notably discussing the Iranian bombing of Iraqi territory.

Iraq has witnessed a comprehensive political impasse since the legislative elections in October 2021, with the inability of the major political blocs to agree on the name of the next prime minister and the method of his appointment.   LINK

The Start Of The Parliament Session Headed By Al-Halbousi

political| 12:05 - 10/08/2022   Baghdad - Mawazine News, today, Saturday, the House of Representatives held its session headed by Al-Halbousi.

A statement by the Media Department of the House of Representatives, received by Mawazine News, stated that "Al-Halbousi opened the work of Session No. 3 in the presence of 198 deputies."

The session's agenda includes taking the constitutional oath of some members of the House of Representatives, and discussing the Iranian bombing of areas of Iraqi Kurdistan.

The table also includes the first reading of the bills addressing housing abuse, mineral investment, social security and retirement for workers.    https://www.mawazin.net/Details.aspx?jimare=207646

Parliament Bell Rings Without Response, And Parliamentary Meetings Anticipate The 6-Paragraph Session

Sumerian special  2022-10-08 | 04:59   2,499 views  Alsumaria News – Politics   Alsumaria correspondent revealed, today, Saturday, the latest developments within the corridors of the House of Representatives, ahead of the upcoming session shortly.

Our correspondent said, "The parliament bell has been rung more than once, but the deputies have not entered the session yet."

He added, "Parliament is currently witnessing deliberative meetings of the parliamentary blocs, including (sovereignty, Sindh, Badr and the rule of law)."

It is expected that the House of Representatives will hold its third session of the second legislative term shortly, which included 6 paragraphs, most notably discussing the Iranian bombing on Iraqi territory.

The House of Representatives resumed its work last Wednesday after stopping for several months due to the sit-ins that the country witnessed in the green Zone Protesting the nomination of the coordinating framework, Muhammad Shia Al-Sudani, for the post of Prime Minister.

and testify Iraq A comprehensive political impasse since the legislative elections in October 2021, with the major political blocs unable to agree on the name of the next prime minister and the method for his appointment.   LINK

Today.. A New Parliamentary Session And 5 Items On The Agenda

Political | 09:37 - 10/08/2022  Baghdad - Mawazine News  The House of Representatives is scheduled to hold, today, Saturday, its third session of the second legislative term.

The session's agenda includes taking the constitutional oath of some members of the House of Representatives, and discussing the Iranian bombing of areas of Iraqi Kurdistan.

The table also includes the first reading of the bills addressing housing abuse, mineral investment, social security and retirement for workers.    https://www.mawazin.net/Details.aspx?jimare=207627

In The Presence Of 198 Deputies.. The House Of Representatives Holds Its Regular Session

Iraq   12:14 - 10-08-2022   Today, Saturday, the House of Representatives held its regular session, headed by its Speaker, Muhammad Al-Halbousi.

The parliament's media department stated that "the parliament held today its third session of the fifth electoral cycle for the first legislative year in the second legislative term, headed by its speaker, Muhammad al-Halbousi."  She added, "The session was held in the presence of 198 deputies."

https://kirkuktv.net/AR/Details/9527

Mawazine News" publishes the names of the replacement deputies

Political | 12:15 - 10/08/2022   Baghdad - Mawazine News, the Media Department of the House of Representatives announced, on Saturday, the swearing in of the constitutional oath of the replacement deputies.

According to the constituency, the replacement deputies are: Karim Hussein Aliwi, Suhail Al-Saray, Nadia Muhammad Jabr Kambash Al-Aboudi, Saud Saadoun Ali Saleh Al-Saadi, and Hussein Munis Faraj Abdul-Ridha.

The House of Representatives held, a short while ago, its session headed by Al-Halbousi and attended by 198 deputies. Ended 29/N33   https://www.mawazin.net/Details.aspx?jimare=207647

Parliament Discusses Iranian Bombing Of Kurdistan Regions

Political | 12:28 - 10/08/2022   Baghdad - Mawazine News  The House of Representatives began today, Saturday, to discuss the Iranian bombing of Kurdistan regions.

A statement by the Media Department of the House of Representatives stated that "the House began discussing the Iranian bombing of areas of Iraqi Kurdistan."

The House of Representatives held, a short while ago, its session headed by Al-Halbousi and attended by 198 deputies. Ended 29/N33   https://www.mawazin.net/Details.aspx?jimare=207648

Parliamentary Move To Open Files Of Corruption And Food Security After The Formation Of The New Government

Iraq   20:43 - 07-10-2022   The deputy from the coordination framework, Asaad Al-Bazuni, vowed to open the files of corruption and food security after the formation of the new government, pointing out that the coming period during which the parliamentary committees will take an active role in opening the files and bringing the spoilers to justice.

Al-Bazuni said in a press statement, "The House of Representatives will work in the coming days, after the formation of the new government, and through the parliamentary committees, to open the food security file, and this matter will be followed up to eliminate corruption and bring the corrupt to justice."

He added, "There is enough time to investigate the files of the Al-Kazemi government, after the new government is formed, which also needs at least a month to receive the tasks and ministries from its predecessor, and therefore this period is sufficient to open the files."

And he indicated that "many files related to food security will be closely followed up through the parliamentary committees, as such files cannot be passed unnoticed, and Parliament will take its role in it."     https://kirkuktv.net/AR/Details/9513

Barzani Calls On Iraq To Form A Union Similar To The European Union, Which Takes Into Account The Rights Of All

Today, Saturday, the Prime Minister of Kurdistan Regional Government, Masrour Barzani, called for the consolidation of the federal system in Iraq and its upgrading to the level of the existing union in Europe, in a way that guarantees the rights of all components in this country.   LINK

Saturday AM Iraq Economic News Highlights 10-8-22

Saturday AM Iraq Economic News Highlights 10-8-22

Saleh Calls For The Formation Of A Government With Full Powers To Approve The Stalled Budget And Manage The Next Stage

Political | 04:56 - 07/10/2022   Baghdad - Mawazine News

The President of the Republic, Barham Salih, called today, Friday, to hold a serious dialogue in which the main forces participate, while warning that corruption fuels divisions and threatens societal peace.

President Saleh said in his speech during his attendance at the celebration of the Prophet’s birthday in the city of Adhamiya in Baghdad, followed by Mawazine News: “On this anniversary, we must recall the eloquent lessons of tolerance and coexistence from the biography of our Prophet Muhammad (PBUH), who built a state on human foundations, calling for truth, justice and mercy. and declination to peace.

He added, "Al-Adhamiya and Al-Kadhimiya, the twins of Baghdad, are inseparable and inseparable, and they had a prominent role in burying sedition, and they are truly a symbol of unity and cohesion among Iraqis."

He pointed out that "attempts by terrorist groups failed to justify their actions with the true Islamic religion, and those who wanted to charge Muslims with terrorism and extremism were disappointed."

He pointed out that "our country is experiencing a critical moment that puts it at a crossroads, either to go back to internal conflicts and line-ups, or to launch with a unified will that accommodates the grave challenges and meets the needs of citizens."

He continued, "The permanent absence of stability exhausts our country and our people, and opens the door to foreign interventions that have made the country a field and fuel for the struggles of others on its land with the money and lives of Iraqis," noting that "it is no longer acceptable to continue the status quo, the formation of governments is taking longer, and constitutional provisions are more disruptive, The living conditions and services are worse, and we cannot bet on the patience of the Iraqis more.”

He pointed out that "a whole year has passed since the elections were held without completing their constitutional entitlements, which is not acceptable at all." And the management of the next stage.”

President Saleh stressed: “The first reform is to fight corruption, this dangerous scourge that eats away at the body of the state and threatens its entity, and prevents our youth from a fair opportunity to contribute to building their country. Feeding divisions and threatening societal peace,” he said, noting that “Iraq’s geographical location in the heart of the region must be a bridge of communication and an economic, commercial and cultural center, not a hub and arena for the struggles of others.”

President Salih concluded that "the Iraqis insist on a homeland that has complete sovereignty, lives in security with its people and with its neighbors, and takes its civilized position in the region and the world." End 29    https://www.mawazin.net/Details.aspx?jimare=207582

In The Absence Of The Budget To Restore It And With The High Real Estate Prices

Posted On2022-10-08 By Sotaliraq    Ancient houses in Baghdad are crumbling: “Beware, the danger of collapse”     Decades of political turmoil and neglect have cast a shadow over buildings that are part of the city's architectural past. Reuters

A Baghdad – Reuters Date: October 08 2022   A 100-year-old Iraqi palace overlooking the Tigris River in Baghdad stands in a state of disrepair. A sign near the door warns visitors, who hope to catch a glimpse of its fading glory, that reads, "Beware, danger of collapse."

The 16-room building once featured braided windows, delicate carvings, a balcony, and an inner courtyard filled with fruit trees.

Now, like many of Baghdad's 2,500 remaining historic homes, it is falling apart. Decades of political turmoil, neglect, rising property prices and a lack of money have cast a shadow over the buildings that are part of the city's architectural past.

One of the most important remaining heritage houses is a large house dating back to the 1920s," said Zikra Sarsam, a founding member of the Babel Tower Initiative, which works to preserve the cultural heritage of the Iraqi capital. It is an old Baghdadi style, with an inner courtyard and a skylight, and the upper floor is built of wood, many of its parts have fallen.”

Fayez Faleh al-Qasd, one of the owners of the house and a civil engineer and consultant, said the house, which was built nearly a century ago, has been in disrepair for years.

He added that the area where the house is located was chosen to be the site of an opera house during the era of former President Saddam Hussein until 2015. No renovations to the house were allowed at that time, but the opera house was never built.

He added from his home in neighboring Jordan, where he kept old pieces of furniture recovered from the house in Baghdad, that it is now too late to renovate.

He stated, "At the present time, it is clear that it has become corroded ... by 1920, especially within 100 years, and what has become of maintenance, all iron has corroded."

He added, "It represents a sweet memory, but with the passage of time, you learned that the house is falling due to the erosion of wood and corroded iron. Unfortunately, any restoration case will bring down the house."

From her home next door to the historic Al Qasd House, Sarsam is working to raise awareness of the need to preserve Old Baghdad.

Owners of listed buildings are not allowed to demolish them. The government can provide loans or grants for renewals if necessary. But Sarsam said the government is not currently complying with this.

And she added, “The ministry does not implement the law in all its clauses by paying home owners so that they can rehabilitate and preserve them.” These houses and the claim that they fell from themselves without interference due to the circumstances of time and age.”

Muhammad al-Rubaie, head of media and public relations in the Baghdad municipality, said that there is no budget allocated to support the owners, expressing his regret for that.

Al-Rubaie added that to circumvent the ban on demolishing listed buildings, their owners sometimes flood them with water or set them on fire.

He stated that the motive is clear, which is to profit from selling the land in order to build buildings on it in light of the high real estate prices in Baghdad.

With the help of the United Nations Educational, Scientific and Cultural Organization (UNESCO), the government last year renovated Al-Mutanabbi Street, a Baghdad landmark teeming with booksellers and artists. But the nearby residential alleys are full of dilapidated houses and shanasheel (mashrabiyas), traditional balconies decorated with woodwork.

The relative stability that Baghdad witnessed in recent years and the recovery of oil prices after the outbreak of the “Covid-19” pandemic in 2020 were positive factors for the city’s real estate market. Sarsam sometimes receives phone calls from neighbors worried about a possible demolition of the house, causing them to rush to the site.

As she walked past the ruins of a 1930s palace on Baghdad's Abu Nuwas Street, which runs along the eastern bank of the Tigris River, Sarsam pointed to the effects of a fire staining its crumbling interior walls.

She said, "It is clear that he is exposed to fire, because they called us, and they said in flashing in this house, what has fallen from himself is certain in the process of flashing." She contacted the authorities who prevented the demolition and cordoned off the palace, but his fate remains a mystery.

And she continued, "A few of these houses have columns and certain inscriptions that are classified as first-class in terms of heritage houses, so this constitutes a great loss for sure for future generations who will come to meet their city devoid of any teacher who classifies its identity and documents its history."

Some homeowners burn or demolish them to take advantage of the big profits if they sell the land.  LINK

Parliamentary Finance: There Is No Fear And Concern Over The Allocations Of Any Category Of Contract Holders

Iraq   11:47 - 08-10-2022   Today, Saturday, the Parliamentary Finance Committee reassured the allocations of contract holders in the absence of the financial budget and in the event of the expiration of the emergency support law for food security and development.

Committee member Jamal Cougar said that "the file of the lecturers and those covered by Resolution 315 is related to what was mentioned in the Emergency Support Law for Food Security and Development," stressing that "the Food Security Law is a legal cover."

Cougar added that "the lecturers and those covered by Resolution 315, since they have become part of the workforce in the Iraqi state, have become part of the operating budget, which is disbursed even if there is no budget."

He reassured by saying: "There is no fear and concern over the allocations of any category of contract holders, because they are part of the workforce in the Iraqi state."

https://kirkuktv.net/AR/Details/9526

Dollar Exchange Rates In Local Markets

Economie   2022-10-08 | 02:45   1,438 views  Alsumaria News – Economy   Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets for today, Saturday.

And the selling prices of the dollar were recorded at 147.950 dinars per 100 dollars, while the purchase prices of the dollar were recorded at 147.850 dinars per 100 dollars.   LINK

Prices Of "Yellow Metal" In The Iraqi Market

Economie  2022-10-08 | 02:59   1,288 views   Alsumaria News - Economy Alsumaria News  publishes, today, Saturday, gold prices in the local markets.

And gold prices witnessed a decline in the Iraqi markets.

The price of a 21-carat gold weight, the most traded, reached 348,345 dinars, excluding goldsmithing fees.  As for the price of a gold weight of 24 karat, it amounted to 398 thousand and 95 dinars, excluding the fees of the craftsman.   LINK

The Ministry Of Water Resources: The Abuses Hinder The Work Of The Dredging

Iraq  15:07 - 07-10-2022  Today, Friday, the Ministry of Water Resources confirmed that the violations, especially the throwing of waste and rubble in the river column, are hampering irrigation work in it.

The Assistant Director-General of River Irrigation Department in the Ministry, Mahmoud Abdullah, said, "The problem of abuses by throwing waste and rubble into the river column, which has become a dumping ground for waste and waste that hinders the work of irrigating, causes problems in operation because the dredging is a pump that absorbs and moves sediments and with the presence of Waste clogging occurs in the intake pipe, which leads to major interruptions in our work, and this is one of the important problems, and among the other problems is the transgression of the taboos of the river nature.”

Abdullah added that "dredging needs sedimentation basins in some places where there are violations. We cannot establish a sedimentation basin because some of the encroachments are on the river basin and through agricultural contracts owned by the citizen and hinder our work."

He added, "These problems are solved through the directorates of resources as they are responsible for the river. We are an executive body, and despite addressing this issue, it delays work, and the problem of basins also exists within cities.

The river is part of the river basin, which are the banks, and we build basins in which the quantities that are accumulated in the sedimentation basins, and we patch them according to the instructions and existing contexts, either supplying them to the state departments with the original approvals of the ministry exclusively, or selling them in public auctions to the private sector under the sale and rent of state funds, raising these quantities and emptying the basins It guarantees us the continuation of the Cree business.”    https://kirkuktv.net/AR/Details/9503

Parliamentary Finance: The Allocations For The Lecturers And Those Covered By Resolution 315 Are Continuing And Will Not Stop

political| 11:20 - 10/08/2022   Baghdad - Mawazine News   reassured the Parliamentary Finance Committee, on Saturday, about the allocations of contract holders in the absence of the financial budget and in the event of the expiry of the emergency support law for food security and development.

Committee member Jamal Cougar said, "The file of the lecturers and those covered by Resolution 315 is related to what was mentioned in the Emergency Support Law for Food Security and Development," stressing that "the Food Security Law is a legal cover," according to the official news agency.

Cougar added, "The lecturers and those covered by Resolution 315, since they have become part of the workforce in the Iraqi state, have become part of the operating budget, which is disbursed even if there is no budget."

He reassured by saying: "There is no fear and concern over the allocations of any category of contract holders, because they are part of the workforce in the Iraqi state." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=207641

Parliamentary Energy Reveals A Trend To Reduce Electricity Collection Fees

political| 10:42 - 10/08/2022   Baghdad - Mawazine News, a member of the Parliamentary Energy Committee in Radi revealed, today, Saturday, a tendency to reduce electricity collection fees and control losses.

Radi said in an interview with the official news agency, Mawazine News, that "there is a tendency of the Parliamentary Energy Committee to reduce electricity collection fees, the obligation to pay, and the regulated consumption with smart meters to control losses," noting that "the committee will also come out with an official opinion on the connection with Jordan and the Gulf." After its meeting scheduled for tomorrow, Sunday, and consulting the specialists in transport and distribution.

He added, "The meeting will also discuss the paragraphs of the Electricity Law and the possibility of making amendments to it in cooperation with the Ministry of Electricity and the Parliamentary Legal Committee," noting that "the current time is the most appropriate time to make amendments to some paragraphs to create positives that give the ministry powers and support that enables it to work with greater professionalism and freedom."   https://www.mawazin.net/Details.aspx?jimare=207633

"Tidbits From TNT" Saturday 10-8-2022

TNT:

CandyKisses:  Today..”State Administration” enters an important meeting

Shafaq News/ The "Coalition of State Administration", which brings together the main Shiite, Sunni and Kurdish political forces, is holding an important meeting, today, Saturday, to discuss the completion of the movement to form the new Iraqi government.

Informed sources told Shafaq News Agency, "The State Administration coalition, with all its forces, will hold an important meeting this evening in the capital, Baghdad, to discuss completing the movement to form the new Iraqi government and pushing the Kurdish forces towards resolving the dispute with the presidency."

The sources indicated that "the meeting of the State Administration Coalition will discuss the issue of forming a delegation representing it for the purpose of conducting dialogue and negotiation with the leader of the Sadrist movement, Muqtada al-Sadr, regarding the next government and its tasks."

And earlier today, Saturday, the head of the "Al-Fateh" coalition bloc, Abbas Al-Zamili, denied the existence of any secret meeting that brought together the leader of the coalition, Hadi Al-Amiri, with the leader of the Sadrist movement, Muqtada Al-Sadr over the past period, stressing that there will be a meeting that brings together Al-Amiri with Al-Sadr soon.

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Candykisses:  This is what the economy of Iraq lost during a year of political paralysis

On October 10, Iraq completed a full year since the early parliamentary elections, in the absence of a new government or budget due to political paralysis that threatens to deprive the country of much-needed infrastructure projects and reform opportunities

Iraq, an oil-rich country wracked by decades of conflict, generated massive oil revenues in 2022. The money is in the Central Bank, which has $87 billion in foreign currency reserves. But benefiting from these funds in projects that Iraq needs is contingent on forming a government with full powers and a budget that controls the pace of spending

Yasar Al-Maliki, an economist at the Middle East Economic Survey, explains that "infrastructure projects need years of steady funding from the government," adding that "the political situation has caused great turmoil that has further weakened Iraq's already fragile position in front of its investors. He explains that "the political crisis has added to other long-standing concerns, especially security and corruption

Political disputes are still continuing between the two prominent Shiite camps, the Sadrist movement on the one hand, and the coordination framework, which includes blocs representing the Popular Mobilization, an alliance of armed factions loyal to Iran that have become affiliated with the state apparatus, on the other hand, a year after elections that were already hesitant among Iraqi voters. . With the two sides of the political crisis unable to resolve their differences, a new government has yet to be formed

'Loss of great opportunities'

On August 29, violence erupted in Baghdad between fighters from the Sadrist movement on the one hand, and the security forces and the Popular Mobilization Forces on the other, killing about 30 al-Sadr supporters and considered the United Nations representative in Iraq, Jenin Plasschaert, before a recent Security Council session, that these events were supposed to represent "a wake-up call," adding that "the situation is still very volatile

Many Iraqis have lost confidence in the ability of the political class in Iraq to work for the benefit of the country and its people," she said. While the World Bank estimated the growth of the Iraqi economy at an average of 5.4% annually between 2022 and 2024, “the macroeconomic outlook is surrounded by a large degree of risks given the heavy dependence on oil, the persistence of budget stalemates, and the delay in forming the new government”, as stated in a report in June

Arab economy

As a result of the absence of a budget, Iraq spends today on the basis of the Federal Financial Management Law, that is, what was spent in the previous budget divided over 12 months, which does not reflect the reality of the revenues that the country achieved in 2022. However, "these are minimal budgets... that resemble the past, not the present or the future, and there are no opportunities for economic growth, and they deprive Iraq of major strategic projects," according to the Prime Minister's financial advisor, Mazhar Salih. "We are missing out on great opportunities, opportunities to invest in important, strategic and planned projects," he told AFP

For example, Iraq signed a contract last summer with the French company "Total Energy", which includes many projects, especially in the field of the exploitation of associated gas and solar energy, worth ten billion dollars, partially funded by the Iraqi government, which is still in its infancy and "the Iraqi government is working hard to speed up work in it and remove obstacles before it," according to a source familiar with the file

Other projects are progressing “at a slow pace” in the oil sector, and with “the absence of a government with full powers, the Ministry of Oil cannot finance, sign and award contracts for these key projects,” explains Yasar al-Maliki

People are tired

To meet emergency expenditures, the Iraqi parliament enacted an emergency subsidy law in June, worth 25 trillion dinars ($17 billion), which allowed meeting emergency needs for the population and buying grain to ensure “food security,” but also ensuring the purchase of energy and electricity from abroad

As the year 2023 approaches without a budget, the authorities will have to either legislate a new similar food security law or continue spending on a 12-month basis, meaning “reduce spending again,” as Yasar al-Maliki explains

Upon resigning from his position as finance minister in August, Ali Allawi, the owner of the reform economic project that had not yet fully turned into a tangible reality, did not hesitate to define the problem quite frankly. "All plans and programs of the government are always constrained by the need to obtain broad agreement from a fractured political class," he wrote in his resignation letter. "All calls for reform have been hindered by the political framework of this country," he added

People's economy

Out of every ten young people, four are unemployed, according to the United Nations, while a third of the 42 million population are below the poverty line

Despite the huge oil revenues, the life of Amin Salman, the sixty-year-old retired from the Iraqi army, who was among the demonstrators on the third anniversary of the unprecedented October 2019 uprising, which came out against the regime and corruption, has not improved much

"The country is going through a political crisis, and this political crisis affects people. People are all tired," says the man from Tahrir Square in central Baghdad

The man earns only 400,000 dinars ($274), an amount that barely covers his daily income, and his two sons are unemployed. He adds, "Iraq has billions, money and gold, but politicians are only interested in their parties and pockets

*****************

CandyKisses:   After the decision of "OPEC +" .. Economist : Oil prices will rise to 150 dollars per barrel

An expert in economic affairs, Raad Twij, suggested that oil prices would rise in the coming days to 150 dollars per barrel, while attributing this to the recent reduction in the volume of production by two million barrels per day.

Twig said in a statement to the National Iraqi News Agency / NINA /: “The process of monitoring the volume of production by OPEC and Russia is a historic process in managing the oil market, especially the recent reduction in the volume of production by two million barrels per day, stressing:” that the last reduction it turns (OPEC +) into a major oil monopoly, and no other power will be able after today to manipulate the price of oil, whether the United States of America or the International Energy Agency, with shale oil or strategic reserves.”

Twig added, "Oil prices will rise to $150 per barrel, especially as we are on the cusp of the cold season. This will increase Iraq's financial savings."

It is noteworthy that the (OPEC +) alliance decided recently to reduce oil production by two million barrels per day.

The alliance, which includes members of the Organization of the Petroleum Exporting Countries and partners including Russia, has ignored pleas from the White House to continue pumping oil supplies. And he decided to cut production by two million barrels per day, which is the largest reduction since the outbreak of Covid-19 in 2020.

The decision of the “OPEC Plus” group to reduce oil production angered the United States, which accused the group of siding with Russia, and US President Joe Biden instructed the Ministry of Energy to distribute 10 An additional million barrels of strategic petroleum reserve will be in the market next month. 

Mot:  ,, One More REality bout Fall!! ~~~~

Mot: .. Yeppers! - BIG Plans fer Today I Have!! ~~

Friday Evening Iraq Parliament News Highlights 10-7-22

Friday Evening Iraq Parliament News Highlights 10-7-22

Al-Kazemi: Iraq Needs A Government And A Budget

Shafaq News/ Prime Minister Mustafa Al-Kazemi stressed on Thursday the need for Iraq to form a new federal government, and to proceed with approving the country's financial budget.

Al-Kazemi said in his speech during the foundation stone laying ceremony for the Iraqi-Jordanian electrical interconnection line project: “Laying the foundation stone for the Iraqi-Jordanian electrical interconnection project, let us devote the project of cooperation and partnership, and positive interaction with our surroundings, in the service of our country and our people.”

He added, "This exceptional effort of the employees of the Ministry of Electricity secures the path of energy exchange between Iraq and brotherly Jordan, which is a true reflection and translation of the policy of openness and cooperation."

Al-Kazemi also confirmed, "We previously worked on the electrical connection with Saudi Arabia and the Gulf countries, and the agreement was signed at the Jeddah conference months ago."

He also said: The world has changed, and the concepts of political and economic relations have changed in favor of development and cooperation, and this is what we do when we look for partners and cooperate with them to develop our country, and to secure the needs of all our people.

The caretaker prime minister pointed out that "this government, despite the difficult political conditions, the most difficult economic conditions, and the absence of a budget, has steadily proceeded in its vision, and has overcome many obstacles, and it continues to do so tirelessly."

He added, "These circumstances and this obstruction must be resolved and must end, for the sake of Iraq and the Iraqis, and for the sake of building the state and its institutions."

He stressed that the solution is to return to the dialogue and discussion table, put aside differences and speak honestly and honestly. Let's come up with realistic solutions that end this political crisis," stressing that "Iraq needs a government and a budget, and it is unacceptable for it to be absent for so long."

Al-Kazemi described the current political crisis in the country as "a crisis of confidence, and it can only be restored or repaired through frank and constructive dialogue."

He stated, "It is our destiny to understand, cooperate, meet and engage in dialogue. We are the people of one country, and it is our national and moral responsibility to preserve it and its capabilities, and bear full responsibility at this historic moment."

The Prime Minister called on the governorates, the governorate officials to "assume their national and moral responsibilities. They have the powers to address any defect in accordance with the legal contexts and the directions provided to them."   LINK

Parliament publishes the agenda for next Saturday's session

Iraq   16:12 - 06-10-2022   Today, Thursday, the Media Department of the House of Representatives published the agenda for next Saturday’s session.  The agenda includes a discussion of the Iranian bombing of the Kurdistan Region.   Below is the full table:   https://kirkuktv.net/AR/Details/9476

Al-Sadr Calls On Al-Kazemi To "Rein In The Qais Militias" And Freeze The Brigades In Iraq, With The Exception Of Samarra

Shafaq News/ A close associate of the leader of the Sadrist movement Muqtada al-Sadr, known as "the Minister of the Leader", called on Thursday, the Commander-in-Chief of the Armed Forces to "rein in" Asa'ib Ahl al-Haq militias led by Qais Khazali, announcing at the same time the freezing of Saraya al-Salam, the military wing of the Sadrist movement in Regions and cities of Iraq, with the exception of Samarra District, Salah al-Din Governorate.

Saleh Muhammad Al-Iraqi said in a tweet on Twitter, which was followed by Shafak News Agency; "The commander of the armed forces must rein in the insolent Qais militias and their ilk, as they know nothing but terrorism, money and power."

The Minister of Commander added, "In our turn, and to stave off sedition in Basra province, we announce the freezing of all armed factions, if any, including the Peace Brigades, and the prohibition of the use of weapons in all provinces except for (Salah al-Din: (Samarra and its environs) or according to the directives of the current commander-in-chief of the armed forces."

And Saleh Muhammad al-Iraqi added, "Because of him, we will announce other measures later. Intimidation and frightening of civilians is forbidden and forbidden, and internal fighting is forbidden and forbidden."    LINK

Iraq: The War Of Rumors Surrounds Al-Kazemi's Government

Baghdad   Safa Al Kubaisi  October 06, 2022

An unprecedented campaign of rumors and accusations against Al-Kazemi (Hussein Faleh/AFP)

Today, Thursday, the spokesman for the Iraqi Prime Minister, Yahya Rasoul, warned of the danger of rumors and misleading news circulated by local news agencies and social networking sites, stressing “the need to adopt news from non-partisan websites, in a step to limit the attack of rumors and accusations against the government and its head.” Mustafa Al-Kazemi , with political motives.

During the recent period, rumors and accusations campaigns against Al-Kazemi and his government have escalated in an unprecedented manner, especially on news sites and platforms associated with the parties to the " Coordination Framework " coalition , in light of a raging political crisis in the country.

That campaign focused on accusing the government of negligence in most of the files, as well as accusing it of taking ill-considered decisions and steps that caused security confusion and political and economic crises, among others.

The representative of the "Coordination Framework", Intisar Al-Moussawi, accused in a statement, yesterday, Wednesday, Al-Kazemi's government of seeking to ignite security tensions in Basra province , and said that " the Popular Mobilization and the Basra Operations Command were able to control the security situation after the province witnessed tensions and targeting the headquarters of the Popular Mobilization in the palaces. " presidency."

Iraq: News  Al-Kazemi's office expenses raise widespread controversy among Iraqis

She added, "The caretaker government has caused all the chaos that Basra and Iraq in general are experiencing, as this government is trying to prolong chaos and instability, in order to stay in power as long as possible, and ensure that the new government is not formed."

Also, yesterday, Wednesday, news platforms linked to the armed factions, Al-Kazemi, were accused of making major changes at the level of security leaders, in order to ensure the loyalty of the army leaders to them, which prompted Al-Kazemi's office to respond to them and deny the authenticity of these news.

Al-Kazemi’s spokesman, Major General Yahya Rasoul, confirmed, in a statement, that “some social media and media sites are working to promote news of the referral of high-ranking officers in the security services to the command, and that this news is incorrect,” noting that “these officers are still in their positions, and that these miserable attempts will not affect their determination and professionalism.”

He called on everyone to be "accurate in transmitting information, not spreading rumors, and knowing the facts from their official sources exclusively."

For his part, an official close to Al-Kazemi's office confirmed that political motives were behind these rumors, and the official told "Al-Araby Al-Jadeed", on condition of anonymity, today, Thursday, that "the parties who spread the rumors are identified by us, and all of them are linked to the forces of the coordination framework, It is trying to disrupt and thwart the government's wheel in order to proceed with the project of forming the new government."

Iraq: Arabic reports   Al-Sadr freezes his armed factions in Basra and calls on Al-Kazemi to curb "Asaib"

He stressed that "this method is professionally and morally rejected, and it is a deliberate attempt to disrupt the government's work," stressing that "Al-Kazemi is not committed to remaining in power, and he is working to stabilize the situation, and he does not mind forming a new government."

He called on those parties, whom he did not name, to "pay attention to the political crisis and find solutions to it, instead of making accusations and promoting malicious rumours."

And a document revealed by a member of the Iraqi Parliament, this week, allocating an amount of 70 billion Iraqi dinars (one dinar equals 0.00068 US dollars) to furnish the office of Prime Minister Mustafa Al-Kazemi, has sparked controversy among political and popular circles, amid criticism on social media sites for the continuation of corruption. , prompting Al-Kazemi's office to issue a statement denying its authenticity.   LINK

Friday Afternoon Iraq Parliament News Highlights 10-7-22

Friday Afternoon Iraq Parliament News Highlights 10-7-22

Al-Sadr Comments On The Security Council Session And Provides Advice Regarding The Representative Of Iraq

Posted On2022-10-06 By Sotaliraq    The leader of the Sadrist movement, Muqtada al-Sadr, considered, on Tuesday, that the aspirations of the people are to form a government that is far from corruption.

Al-Sadr expressed, in a tweet to him on Twitter, "his support for the words of the participants in the Security Council session of self-restraint, calling for self-restraint and not to resort to violence and weapons from all parties."

Al-Sadr gave advice to the Security Council not to listen to what the permanent representative  of Iraq made  at this meeting, considering that "his speech strayed from the truth in most of what it contained, with great regret."

The United Nations representative in  Iraq  , Jenin Plasschaert, presented to the Security Council today, Tuesday, a briefing on the developments in the country.

She said that "the political differences in  Iraq  have affected the citizens because it is not possible to predict their end," noting that "the political class in Iraq  is unable to resolve the crisis."  LINK

The Iraqi Parliament Discusses The Iranian Bombing In A Session On Saturday .. Document

Shafaq News / The Media Department of the Iraqi Parliament announced, on Thursday, the agenda of the parliament session scheduled for next Saturday, including discussing the Iranian bombing file on the Kurdistan Region.

And the media department said in a statement received by Shafaq News Agency, that "the Saturday session will include taking the constitutional oath of some deputies, and discussing the Iranian bombing file on the Kurdistan Region."

She added that "the session will also include the first reading of the draft mineral investment law, the first reading of the draft law on social security and retirement for workers, as well as general discussions."   LINK

Iranian Foreign Minister: We Will Not Tolerate The Continuation Of The Attacks From Kurdistan Region

Shafaq News/ On Friday, Iranian Foreign Minister Hossein Amir Abdollahian expressed his regret over what he called the continued attacks by the Iranian Kurdish opposition parties against his country, for which the territory of the Kurdistan Region of Iraq is a refuge.

This came in a phone call Abdollahian had with Iraqi Foreign Minister Fouad Hussein, according to what the first said today in a post on social media.

The Iranian foreign minister added that he thanked Hussein and the Iraqi prime minister for their efforts to release the Iranian Hajj, who was detained in Saudi Arabia.

Regarding the issue of the Kurdistan Region of Iraq, Abdollahian said: After 4 decades and despite repeated commitments by the region's authorities, the movements of armed terrorist groups from the region's territory against Iran's national security are still continuing, unfortunately.

He added, "We, with respect and commitment to developing distinguished relations between the two countries, as emphasized by senior military officials in the Islamic Republic of Iran, will not tolerate the continuation of attacks and terrorist acts by these factions that take the region as a refuge and target Iranian national security."

For nearly two weeks, the Iranian forces have launched intense artillery and drone bombardment targeting border areas in the Kurdistan Region under the pretext of attacking the Kurdish parties opposing the regime of the Islamic Republic in Tehran.

The Iraqi parliament is scheduled to hold a session to discuss the ongoing Iranian bombing of the region, which resulted in casualties and injuries, and for which Baghdad summoned the Iranian ambassador.

LINK

US Senator: The Kurds Are Our Allies, And Iran's Attacks On The Region Are Dangerous

Shafaq News/ On Thursday, US Senator Chris Van Hollen described the Iranian attacks on Kurdistan Region as a "dangerous development", stressing the importance of the United States continuing to support "our Kurdish allies", whom he described as "key partners".

In an interview with the Kurdish service on "Voice of America" ​​radio, translated by Shafak News Agency, Houlin, who is also the Democratic member of the Senate Foreign Relations Committee, responded to a question about the Iranian Revolutionary Guards' bombing of areas in Kurdistan Region with missiles and drones, and how dangerous that is. On regional stability, he said, "Well, it's a serious matter, and it's a violation of Iraq's sovereignty in terms of the Iranian government's overstepping the border and attacking positions and people on the Iraqi side."

"The Iraqi government and the United States have been very clear that these violations of sovereignty must end," he said.

Iranian Bombing And Turkish Incursion

Hollin said that the Iranian regime "should only blame itself for the escalation of peaceful protests because of its suppression of the Iranian people, and should not try to export that to Iraq."

He added that the United States should do everything in its power to protect Iraq's sovereignty.

In response to a question regarding Turkish incursions and bombing as well, the US senator said that Turkish forces have been launching attacks for months in the regions of the region, where many innocent people were killed, adding, "Everyone outside Iraq must put an end to their violations of Iraq's sovereignty. American forces are there at the invitation of the The government of Iraq, but these other external powers do not."

On the targeting of the US consulate in Erbil with bombing and threats by Iranian-backed militias and what the United States must do in order to support its ally, the KRG, Hollin said, "The United States was doing two things, the first is to support the Iraqi government, where we now have the constant challenge in forming We are working with the parties to try to resolve that."

"But we also need to continue to support our Kurdish allies, who have been a key partner in the fight against ISIS and others in the region who are malign actors," the US senator added.

Hollin said that Washington "has provided continuous support and training to the Kurdish forces, but it is also clear in the context of supporting the Iraqi army in general."

Iran Protests

Regarding US President Joe Biden's release on Monday of a statement about taking further action against perpetrators of violence in Iran, Hollin said, "I think what the Biden administration will continue to do is look for entities that are part of this network that is suppressing peaceful protests." in such a brutal way."

On Iran's Supreme Leader Ali Khamenei and Iranian officials accusing the United States and Israel of plotting the ongoing protests in Iran, Hollin said, "This is laughable, and Iran has a habit of pointing fingers at others when they need to look in the mirror."

He added, "These protests are a natural result of the absolute deprivation of people's basic human rights. There is a regime that continues to suppress those human rights, in order to deprive women of basic freedoms, and therefore it is natural for there to be this kind of reaction from people seeking to be free." .

The US senator added, "I think that the United States maintains an open line of communication with civil society inside Iran to the extent that we can communicate with civil society groups inside Iran."

But he said, "If you're asking me whether or not the administration should adopt a policy of public regime change, I think the administration is on the right track at the moment. And if you look at the situation on the ground, I think the Biden administration is responding as it should."

And whether the United States would help the Iranian people bring down this regime, Hollin said, "I personally would like to see this regime go. The question is how will things go? And if the Iranians want to do it themselves, that is the question they have to decide. But what The United States should be careful not to do it is to suggest that, for example, we will use our military or our power to try to replace the regime in Iran."

On the impact of the Iranian protests on the position of many American representatives from both political parties who demanded that the Biden administration stop its talks with Iran in order to revive the nuclear agreement, Hollin said, "I do not support moving away from trying to reach a diplomatic solution that prevents Iran from obtaining a nuclear weapon... The question is How to achieve this goal? There are those who would like to go to war in the region. But my view, and I am aware of President Biden's view, is that we will all be better off if this goal is achieved peacefully."

Iran's Role In Iraq

The US senator continued, saying, "Iran's malign actions in Iraq are taking place now in the absence of the (nuclear) Joint Comprehensive Plan of Action, and their actions in Iraq have increased dramatically after President Donald Trump tore up the JCPOA, and Iran has become more aggressive in Iraq."

The US senator concluded by recalling that in the middle of the Cold War, former President Ronald Reagan launched an "evil empire" on the Soviet Union, but he negotiated with Moscow an agreement to limit nuclear weapons, as at that time it was in our interest, and it is certainly in our interest to prevent Iran from Possession of a nuclear weapon, and it is in our interest to stand by the Iranian people and support them in their war against oppression."    LINK

Some "Vietnam News" Posted by Samson Friday PM 10-7-2022

KTFA:

Việt Nam's GDP projected at 7% in 2022: AMRO

7th October, 2022

The ASEAN+3 Macroeconomic Research Office (AMRO) has joined many international organisations in revising up Việt Nam’s GDP growth this year thanks to the country’s strong performance since early this year and success in containing inflation.

In its quarterly update of the ASEAN+3 Regional Economic Outlook released on Thursday, Việt Nam’s economy is projected to expand by 7 per cent in 2022, up from 6.5 per cent in its July forecast and making it the second-highest gainer in the region this year after Malaysia with expected growth of 7.3 per cent.

Việt Nam’s GDP will likely slow down in the next year to 6.5 per cent, topping the region and followed by the Philippines at 6.3 per cent.

AMRO’s forecast followed recent moves by Moody’s, the World Bank (WB), the International Monetary Fund (IMF) and the Singapore-based United Overseas Bank (UOB) which forecast Việt Nam’s 2022 GDP will reach between 7 per cent and 8.5 per cent. “Việt Nam is doing well,” said AMRO chief economist Hoe Ee Khor at the Thursday meeting.

Though attributing the high GDP growth partly to the low base from last year, Dr. Khor said the opening up of the economy, relaxation on pandemic control, increase in domestic demand, recovery in tourism and successful attraction of foreign direct investment (FDI) all contributed to Việt Nam’s quick recovery.

“On top of that, the Government’s policy is quite supportive this year. So, because of all these factors, we expect Việt Nam’s economy to grow strongly,” Khor said. However, Khor pointed out an external risk of import inflation coming from high oil prices. “I mentioned the Vietnamese Government has cut taxes to curb inflation, but that’s not sustainable or the switch you need to refer back to normal,” Khor said, adding the Government needs to start raising the policy rate to contain coming inflation.

For the first time in two years, the State Bank of Việt Nam (SBV) decided to raise its policy rates by one percentage point on September 23. SBV’s move was deemed inevitable as the FED has been raising interest rates, subsequently putting pressure on exchange rates.

Khor also endorsed the Vietnamese central bank’s move, emphasising Việt Nam’s economy is already recovering very strongly and there’s no need for monetary stimulus at this point in time. “The focus is shifting from supporting growth to containing inflation,” he said.

Việt Nam’s inflation is expected to reach 3.5 per cent this year and drop slightly to 3.3 per cent in 2023. This year, most countries are forecast to see their inflation surpass their targets but in the case of mainland China, Hong Kong and Việt Nam, the expected inflation by year-end will be under the ceiling target.

Regional outlook

For the regional outlook, AMRO revised downwards its short-term growth forecast for the ASEAN+3 region due to the continuing strict dynamic zero-COVID policy and real estate sector weakness in China and potential recessions in the United States and the euro area.

The ASEAN+3 region (ASEAN plus China, Japan and the Republic of Korea) is expected to grow by 3.7 per cent this year – down from the 4.3 per cent growth projected in the July forecast.

China’s growth was revised down to 3.8 per cent in 2022 from 4.8 per cent in the previous forecast. Japan and Korea’s GDP were projected at 1.6 per cent and 2.4 per cent, respectively.

The ASEAN region alone is slated to grow strongly by 5.3 per cent. The region’s inflation rate for 2022 is now projected to be 6.2 per cent – a full percentage point higher than previously forecast. Growth is expected to increase to 4.6 per cent in 2023 as China’s economy picks up, with inflation moderating to about 3.4 per cent.

The prolonged war in Ukraine is deepening Europe’s energy crisis, pushing it closer to recession. In the United States, aggressive monetary tightening to fight persistently high inflation is intensifying fears of a hard landing. “A simultaneous economic slowdown in the United States and euro area, in conjunction with tightening global financial conditions, would have negative spillover effects for the region through trade and financial channels,” Khor said.

In ASEAN+3, inflation is accelerating. Food and fuel prices remain elevated despite recent easing in key global commodity benchmarks. Subsidy cuts in some economies and depreciating currencies have also pushed prices higher. “Central banks in the region are raising policy interest rates to safeguard price stability and support their currencies. However, the pace of monetary tightening has generally been more measured and gradual than in the United States and the euro area,” Khor said.  LINK

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Samson:  Symposium seeks to foster Vietnam-Korea  co-operation in digital banking

3rd October, 2022

Korea’s digital transformation policy and implications for Việt Nam, Việt Nam’s digital banking transformation policy, the importance of credit information system in digital transformation, the leap towards digitisation and the recent trend of digital banking and payments in Asia were discussed at a symposium in Hà Nội last week.

Organised by Shinhan Bank Vietnam to mark the 30th anniversary of Việt Nam - Korea diplomatic relations, the event discussed the vision for and direction of Việt Nam's digital bank, and sought to foster collaboration between the two countries in investment and development of a secure financial framework.

Attendees included senior officials from the State Bank of Vietnam, the prime minister's economic advisory group, the Korean embassy in Việt Nam, the Korean Financial Services Commission, the Korea Credit Information Service, Shinhan Bank Korea, Shinhan Bank Vietnam, Korean financial companies, and major local banks and fintech companies.

A spokesperson for Shinhan Bank Vietnam said: "This symposium is the driving force for Shinhan Bank to continue its efforts to promote effective digital bank development towards its objective of becoming a leading digital banking in Việt Nam by 2030’. “Furthermore, this is a valuable opportunity for our bank to promote and maintain sustainable financial cooperation between the two countries, contributing to Việt Nam's future socioeconomic growth.”

Shinhan Bank Vietnam established a ‘future bank group’ last May to strengthen internal digital capabilities and respond immediately to the rapidly changing digital financial environment. Since its inception, the future bank group has effectively promoted its capabilities by cooperating with digital enterprises in various industries to provide innovative, safe, and convenient digital banking services.

Its Mobile Banking SOL digital banking application had 800,000 users by the end of August 2022, a big achievement by the bank in its efforts to promote digital banking. LINK

Samson: Việt Nam retains positive economic outlook in short-term: World Bank

28th September, 2022

World Bank experts has forecast Việt Nam's economy to grow by 7.2 per cent in 2022, the highest growth rate among East Asian and Pacific economies. 

According to the East Asia and the Pacific (EAP) Economic Update October 2022 released on September 27, WB experts said the growth will be supported by a strong recovery in domestic demand and continued solid performance by export-oriented manufacturing. However, it would revert to normal rates over the medium-term, with 6.7 per cent for 2023 and 6.5 per cent for 2024.

Việt Nam's inflation rose to 3.1 per cent in July on grounds of higher transport costs, which increased by 15.2 per cent. It is projected to accelerate to 3.8 per cent in 2022 and 4.0 per cent in 2023 due to second-round effects of community price impacts.

Its public debt is estimated at 39.9 per cent of GDP in 2022 and 40.5 per cent for 2023, sustainable and well below the threshold of 60 per cent of GDP set by the National Assembly.

Its poverty is expected to decline from 3.7 per cent in 2021 to 3.3 per cent in 2022. The same goes for lower middle-income poverty, which would fall from 3.7 per cent to 3.4 per cent, before ending up at 3.1 per cent in 2023.

Its public expenditures are likely to speed up in the second half of the year, resulting in a fiscal deficit of 2.8 per cent of GDP in 2022. The deficit is projected to rise to 3.2 per cent next year as the implementation of the 2022-23 support programme picks up.

In the short term, given Việt Nam's ongoing economic recovery and well-controlled inflation, the current accommodative monetary policy remains appropriate whereas a more supportive fiscal policy would hedge against downside risks, including heightened financial risks.  However, if inflation overshoots 4.0 per cent and core inflation hikes up, Vietnamese authorities should consider recalibrating monetary and fiscal policies.

Notably, higher financial sector risks would require intensified prudential supervision, reporting and provisioning on NPLs, and improved corporate insolvency and banking sector resolution frameworks.

In the regional scale, three factors could be a hindrance to regional growth beyond the end of 2022, which are global deceleration, rising debt and policy distortions. The growth is projected to slow to 3.2 per cent this year and accelerate to 4.6 per cent in 2023.

The consumer price index has been on the rise in recent months but remained around target ranges in several major economies. Meanwhile, inflationary pressure is building rapidly in other countries, reflecting mounting energy and food prices, as well as idiosyncratic factors.

In most EAP countries, the rise in public debt during the pandemic was driven primarily by an increase in domestic debt. At the same time, private sector debt remains high, especially household debt in China, Malaysia and Thailand.

Poverty in the region is expected to fall thanks to continued recovery from the pandemic. The pace of poverty reduction returned to pre-pandemic levels in 2022 and the number of poor is projected to reach historic lows.   LINK

Iraqi News Friday AM 10-7-22

Iraqi News Friday AM 10-7-22

Tlm724 Administrator Bondlady’s Corner

The Central Bank Talks About The Details Of The New Twenty Thousand Category

Today, Thursday, the Central Bank of Iraq confirmed that the new twenty thousand category will carry high security marks, and while he pointed out that there is no tendency to print a category higher than 50 thousand, he revealed that the volume of money circulating in Iraq is 84 trillion dinars.

Central Bank Adviser Ihsan Shamran al-Yasiri said in a televised interview, "The printing of the new 20,000 dinars denomination is part of the normal monetary practices of the Central Bank and within the framework of reconsidering the structure of the national banknote series."

He added, "This category will be an intermediate currency structure and will be enhanced with high security marks from the latest globally, and will provide an addition to smaller denominations such as the five thousand and ten thousand."

He added that "the denomination of twenty thousand will be of the (standard) size under which the denomination of fifty thousand was printed, and it will also bear Iraqi features, as was done in the currencies that preceded it," noting that "there is no current trend to reprint the current currencies with new copies."

In response to a question about the possibility of issuing higher categories, between Al-Yasiri, that "the 50 thousand category is sufficient at the present time for the upper limit of the Iraqi currency, which is a very strong and sober category and can be used for storage, savings and cash transactions."

He pointed out that "the size of the monetary mass circulating in banks and the public currently ranges between 83-84 trillion Iraqi dinars, and the new issuance of the 20,000 denomination will not change much of the volume of circulation because it will enter into the existing liquidity."

He stressed that "the printing of the new category will not affect the value of the Iraqi currency and will not cause inflation, and the issue of inflation is linked to economic policies and has nothing to do with monetary circulation."    https://www.radionawa.com/all-detail.aspx?jimare=31536

On The Anniversary Of The Prophet’s Birthday..Al-Halbousi Calls For The Renunciation Of Sects And Differences

Friday 07 October 2022 16:43 | political Number of readings: 62 Baghdad / NINA / - Parliament Speaker Muhammad Al-Halbousi congratulated on the anniversary of the Prophet's birthday.

Al-Halbousi said in a tweet, "On the anniversary of the birth of our master Muhammad - may God's prayers and peace be upon him and his family and companions - we ask God Almighty to restore this occasion to our dear country and our patient people with goodness and stability, and rejects sects and differences and adds honorable principles and differences.

And to return this fragrant memory to the Arab and Islamic nations with Yemen and blessings./ End 8

https://ninanews.com/Website/News/Details?Key=1006020

The Central Bank Launches Loans To Treat Cancerous Diseases And Incurable Cases

Economy News – Baghdad The Central Bank of Iraq expanded, among the targeted segments in its development initiatives, as it announced today, Friday, the inclusion of people with cancerous diseases and incurable cases in health loans.

The Central Bank had launched development initiatives to support the sectors of industry, agriculture, housing, trade and others, with a value of 18 trillion dinars, which contributed to the employment of hundreds of thousands of citizens directly and indirectly.

And the central bank said in a press statement, seen by "Al-Iqtisad News", that it "decided to include people with cancerous diseases and incurable cases with loans as part of its development initiative granted through authorized banks in Iraq."

The statement added, "The loans come from the role of the Central Bank to support vulnerable segments of Iraqi society, who have health conditions that require spending on urgent and critical cases within its development initiatives, as cancer patients and incurable cases were included to facilitate their access to the required treatment."

And the Central Bank of Iraq set a mechanism for granting easy health loans with “limits (15) million dinars for the above cases.”

The statement continued, "The loans are paid after submitting medical reports from the competent authorities that prove the satisfactory condition of the loan applicants to the bank," noting that "these loans will be subject to the unified controls for the initiative, with an administrative commission for the Central Bank of Iraq at the rate of (5 per thousand) of the loan amount to be deducted. For one time, and an interest rate of (2.9%) decreasing in favor of the bank, with payment periods not exceeding (5) years.   Views 133   Added 10/07/2022 - 1:10 PM   Update 10/07/2022 - 5:03 PM

https://economy-news.net/content.php?id=30095

The Stability Of The Dollar Exchange Rates

Economie| 11:00 - 07/10/2022   Baghdad - Mawazine News  The dollar exchange rates witnessed, today, Friday, stability in the local markets.  And the selling prices of the dollar were recorded at 147.900 dinars per 100 dollars, while the purchase prices of the dollar were recorded at 147.800 dinars per 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=207554

Slight Drop In Oil Prices

Economie| 09:35 - 07/10/2022  Follow-up - Mawazine News:   Oil prices fell slightly, on Friday, after an accelerating rise, caused by the decision of the OPEC + group of oil producers to reduce production.

This decline comes before the announcement of important US economic data, after it rose by more than one percent in the previous session, but it is heading for weekly gains.

By 0900 GMT, Brent crude futures fell 14 cents to $ 94.28 a barrel. West Texas Intermediate crude futures fell 12 cents to $88.33 a barrel, after hitting $89.37 a barrel, the highest level since Sept. 14.

The two crudes are heading towards recording weekly gains, supported by the OPEC + announcement of a greater reduction in oil production.

The cut that OPEC + decided to implement is the largest since 2020 and comes before the European Union imposed a ban on Russian oil. This decision will put pressure on a market that is already suffering from a lack of supply. Ended 29 / AD 99   https://www.mawazin.net/Details.aspx?jimare=207548

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

"20K Note Confusion" with KTFA Members Friday 10-7-2022

KTFA:

Clare:  The Central Bank: We will not print a currency higher than 50 thousand Iraqi dinars

06/10/2022   Baghdad -

the Central Bank of Iraq confirmed, today, Thursday, that the new twenty thousand category will carry high security marks, and while he pointed out that there is no tendency to print a category higher than 50 thousand, he revealed that the volume of cash circulating in Iraq is 84 trillion dinars.

Central Bank Adviser Ihssan Shamran Al-Yasiri said that "the printing of the new 20,000 dinars denomination is part of the normal monetary practices of the Central Bank and within the framework of reconsidering the structure of the national banknote series."

He added, "This category will be an intermediate currency structure and will be enhanced with high security marks from the latest globally and will provide an addition to smaller denominations such as the five thousand and ten thousand."

He added that "the denomination of twenty thousand will be of the (standard) size under which the denomination of fifty thousand was printed, and it will also bear Iraqi features, as was done in the currencies that preceded it," noting that "there is no current trend to reprint the current currencies with new copies."

In response to a question about the possibility of issuing higher categories, between Al-Yasiri, that "the 50 thousand category is sufficient at the present time for the upper limit of the Iraqi currency, which is a very strong and sober category and can be used for storage, savings and cash transactions."

He pointed out that "the size of the monetary mass circulating in banks and the public currently ranges between 83-84 trillion Iraqi dinars, and the new issuance of the 20,000 denomination will not change much of the volume of circulation because it will enter into the existing liquidity."

He stressed that "the printing of the new category will not affect the value of the Iraqi currency and will not cause inflation, and the issue of inflation is linked to economic policies and has nothing to do with monetary circulation."    LINK

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Margarita:  Ok I am freaking out a little.  Can someone explain to me like I am a 5 year old why this 20k note is a good thing?  And can they really RV 1 to 1 with 84 trillion dinars in circulation?  I mean I know everyone wont be exchanging for the U.S. dollar...Many iraqs wont...I wonder how much of that is in USA?  

My brain cannot grasp this.  It takes me to the place of the dreaded L word.  Can MM or PEtra weigh in again on this?  Geez...84 trillion.  I thought they had reduced that elephant.

Frank talked about some satellite banks that were going to open this week.  Well I went to the ole google machine and cannot find even a definition of a satellite bank.  Help us please.  We need some clarity here.

Zeeman:  as frank said the international world uses 20000 dollar bills and also the banks will use it more then the people as well as companies

KandG:  The math certainly doesn't work at a pre-war era of $3 per dinar - I'm with you - don't understand how that can work.

OlLar:  IMO 84 trillion includes all the notes in the Central bank but not on the street , they are considered in circulation until they are marked for destruction, the real numbers on the street are top secret, we may never know .

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Samson:  20 thousand dinars.. the new category under the lens of experts, negative and positive

07/10/2022 10:32:12

 The Central Bank of Iraq is heading to issue a new category of local currency for cash circulation that is not very high, after the depreciation of its currency against the dollar, in a move described as useless and will increase inflation on the one hand, and its goal is to improve the efficiency of the performance of the cash payments system in the country in intermediate currencies that serve the speed of monetary exchange and facilitate settlement of transactions and payment methods within the economic community on the other hand.

This trend came on the lips of the Governor of the Central Bank, Mustafa Makheeb, who revealed during his participation in the “Al-Rafidain Forum for Dialogue” last September 27, about the Iraqi Central Bank’s intention to issue a new denomination of the Iraqi currency with a value of 20 thousand dinars (approximately $13) based on comparative study and research. With neighboring countries, he is working on completing the paper's form, and in the coming days it will be announced

He said, "We are working on a new currency, a category of 20 thousand dinars, after studies in order to keep pace with the requirements and to match the neighboring countries," adding, "We will start announcing the new category after completing its requirements."  

It is noteworthy that Iraq possesses - so far - 7 categories of local currency issued by the Central Bank of Iraq, which are {250 dinars, 500 dinars, 1000 dinars, 5000 dinars, 10,000 dinars, 25000 dinars, and 50,000 dinars).

During the post-2003 years, the Iraqi currency went through volatile and volatile stages that lost its local value and market influence, but it was subjected to what can be described as a “semi-collapse” on December 21, 2020 when the Central Bank reduced the exchange rate from 1190 to 1450 dinars against one dollar, with the aim of better managing payments and the economic crisis in the country, and estimated that the value of the local currency in the market would fall by about 22% of its previous value.

Repercussions and risks

The devaluation of the Iraqi dinar against the dollar resulted in significant repercussions, as this resulted in increases in the prices of most consumer and food materials and services, in particular, by more than 45%, according to economic estimates, which reduced the economic welfare of the local currency against other currencies and the dollar. specifically

And what made the recent devaluation of the Iraqi dinar against the dollar, which is the harshest and most harmful - according to experts in economic affairs - is that it came at a time when the correct premises are not available in terms of the existence of a reliable base for industry and agriculture and the availability of a commodity alternative to many imported industrial and agricultural commodities whose prices have risen. Also, the change in the exchange rate was sudden and not gradual

What makes the devaluation of the Iraqi currency in embarrassment due to its low price, is that the country’s economy is single in production and relies on oil exports to secure its annual budgets. In other words, decreasing the exchange rate does not contribute to an increase in oil exports, since the latter’s prices are set in the world market by a single price system

This report answers a set of questions: What are the main reasons for launching the new Iraqi currency at a value of 20 thousand dinars (about $13)? What are its pros and cons? Then what role is it supposed to play in improving the image of the local currency after a wave of "semi-collapse" following the rise in the price of the dollar and its depreciation about 3 years ago

The pros and cons of the new cash category

A member of the Parliament’s Finance Committee, Jamal Cougar, disagrees with the Central Bank of Iraq and believes that it was more appropriate to print small denominations of cash, such as the 150 dinars denomination, but he went to print a new denomination (20 thousand) between two currencies far from each other (10 thousand and 25 thousand) and there is no between them any other currency

Cougar expressed his support for printing small currencies instead of large or high ones because it contributes to creating space for goods entering the country, so that they are sold in a way that serves the citizen more. But the situation would have been better if there were another, lesser currency, such as 150 dinars

Representative Cougar suggests printing the new category gradually, not at once and for varying periods, especially since there is talk about the possibility of printing about 70 trillion Iraqi dinars (about 45 billion dollars) for several categories, especially the 25 thousand dinars category, warning of market inflation in the event that all payments are made. These quantities of categories printed to market

What is the supposed role of the new class?

The appearance of Muhammad Salih, the financial and economic advisor to the Prime Minister, shows the assumed role of the new monetary category, saying that it comes within the framework of improving the Central Bank’s policy in managing the cash payments system, which required - through experience - the need to issue a category (intermediate currency) divisible by two to facilitate Cash payments (not large) within the cash circulation system

Saleh denies that the issuance of a new category of cash circulation is an expression of inflationary conditions, but rather a measure to improve the efficiency of the performance of the cash payments system in the country with intermediate currencies that serve the speed of monetary exchange and facilitate the settlement of transactions

Does the issuance of the new category contribute to the increase in inflation?

Economic researcher Diaa Al-Mohsen acknowledges in his response to the possibility that the issuance of the new category would contribute to increasing inflation or not; The lack of any benefit from the idea of ​​the Iraqi Central in this approach as much as it will be a burden on the economy, as "the more monetary issuances will lead to the disappearance of other monetary categories in the market, and this may lead to a kind of inflation in the Iraqi economy, which exceeded 6%

He describes the Mohsen as a “dangerous indicator of the economy,” especially that the country’s economy is rentier and the real sectors are ineffective, while stressing that Iraq does not need to issue a new currency because it will affect the rate of inflation and therefore the citizen will be harmed by this issuance instead of being a benefit to him.

What is the purpose of printing a new banknote?

In the case of the Central Bank of Iraq, the main objective of issuing a new currency denomination of 20 thousand dinars comes to give individuals greater flexibility in local commercial and financial transactions and obligations, according to the hadith of the economist and academic Ali Dadush, and at the same time its costs will be covered by the difference between the amount of the banknote (as an ordinary paper). ) and its actual amount after trading in the markets, and therefore there is no loss or waste of public money

In return for the printing of any currency by the central banks, Daadush requires that it be matched by assets or assets, whether foreign assets or domestic credits, and then we see the goals that central banks want from issuing or printing new banknotes (or adding new categories of currency), in addition to not ignore printing costs for new or added currency

The economic expert comments on the possibility of the Iraqi currency entering another stage of collapse against the US dollar - as it is said from time to time - that the oil dollars leading to an increase in foreign reserves with the Iraqi Central prevent the collapse of the local currency, through the foreign currency sale window, and also led to confidence relatively individuals in dinars, and the narrowness of the dollarization phenomenon that the Iraqi economy was suffering from   LINK

Samson: The methodology of the interrelationship between oil prices and the exchange rate

7th October, 2022 by Aqil Jaber Ali Al-Muhammadawi

The methodology of the interrelationship between oil prices, the exchange rate and macroeconomic variables in Iraq / a proposal of the Granger measurement model

We would like to discuss a very controversial and challenging topic and the method of dealing in research and analysis and at the level of privacy of expert and specialized opinion building related to this fundamental and strategic issue of estimating the course of fluctuations in oil prices and its relationship to oil prices and macroeconomic variables and its impact on the development of the structure of the global economy in general.

Changes in crude oil prices, especially price fluctuations, are certainly an important factor in determining the global economic structure. Supply and demand in the oil market has a significant impact on world currencies in the exporting countries. In 2014-2016 the oil market was characterized by high volatility. This was affected by a number of fundamental factors. Among them: macroeconomic conditions, market conditions, the transformation of the regulatory component, changes in the cost structure, and the geopolitical and geoeconomic confrontation.t

As it is related to the determinants of fluctuations in world oil prices, from our angle we show that these unstable fluctuations in conditions of uncertainty are subject to the relationship between oil prices and macroeconomic indicators and the situation of the global oil market in Iraq, as the world oil price is still one of the most important external factors that affect the exchange rate, the dollar against the dinar. 

Iraq is one of the largest suppliers of “black gold” in the world, and its economy is mainly linked to oil production, with more than 90% of the federal budget’s revenues. Therefore, the slightest fluctuations in oil prices have a strong influence on it. 

The purpose of this subtraction is to study the relationship between macroeconomic variables and oil prices. Objectives: Determining the factors that have a positive long-term relationship with oil prices based on a mathematical approach and preparing proposals to improve the macroeconomic indicators of Iraq.

The authors, analysts and researchers use modern mathematical methods of vector automatic regression (VAR model), the Granger measurement method, and the Dickey-Fowler test to study the long-term and short-term relationships between time series for the period from 2014 to 2016. 1% GDP growth leads to a strengthening of the national currency by 1.47 %. This fact can be explained by the growth of the country's economy as a whole. The results of the Granger test model show that the price of oil (as well as GDP) has the greatest effect on the exchange rate in the short term.

The following actions are proposed to improve macroeconomic indicators in Iraq: Stability of foreign economic policy; Diversification of exports: oil revenues can become a tool for improving the quality of the development of Iraq's economy and the life of society as a whole; Formation of the Iraqi oil standard and increase its trading volumes to the global level; Convert oil payments to dinars or petrodollars; The use of the dinar index (a dinar barrel) for the price of Basra oil in the formation of the financial and economic policy for Iraq.

There are now three major oil indices or markers on three major exchanges:

• WTI crude oil is traded on the New York Mercantile Exchange (NYMEX).
• On the London Petroleum Exchange (IPE) - Brent North Sea Crude (Brent).
• On the Singapore International Commodity Exchange (Simex) - Middle East Oil (Dubai)

Previously, there was an OPEC basket, which included 12 grades of oil. In addition, many oil-exporting countries have their own oil basins that have certain fixed parameters (Statfjord in Norway, Kirkuk in Iraq, two types in Iran - Iran Light and Iran Heavy). The price of oil is determined by differentiation depending on its quality and location in relation to consumers. The drop in oil prices in 2014-2015 was so rapid that it became almost a determining factor in the world's economic and geopolitical structure. In December 2014, West Texas Intermediate (WTI) oil prices fell from $100 a barrel to $60 a barrel, and the decline continued into 2015, breaking through $40 a barrel after a slight recovery.

The main reasons for this fall are called “the shift in the methodology of the oil price situation in the oil market.” The world's first shale oil company was created in the United States. The United States provides 95% of its own needs, and is no longer one of the leading countries in global imports. Saudi Arabia has increased production growth. Black gold shipments from Libya and Iraq also started against the backdrop of Iranian exports at dumping prices. These processes have been accompanied by a slowdown in economic growth, improved processing efficiency, changes in the regulatory environment, and geopolitical factors.

The oil market greatly affects the exchange rate in particular. While less influence is observed in the relationship between the dynamics of the dollar index and changes in oil prices. The strengthening of the US dollar, as one of the catalysts for lower oil prices, has not attracted much attention. Since oil prices are set in dollars, when this currency strengthens, cheaper oil is obtained. We are trying to build a path or a Guanger test model to explain and understand the theoretical and empirical aspects of the mutual influence of oil prices and long-term exchange rates.

Accordingly, if the prices of “black gold” in the world market tend to decline (in dollars), the Iraqi economy begins to lose a certain part of the profits from selling oil. Therefore, there is a continuous need to evaluate the devaluation of the national currency in Iraq and the extent of the need for a future devaluation in light of the lack of standard models to measure the reciprocal relationship between fluctuations in oil prices, the exchange rate and macroeconomic variables on a systematic basis. Oil (and gas in the future) is one of Iraq's most important export products. In this regard, the amount of foreign exchange earnings depends on oil prices.

Objectively, we believe that the OPEC + decision is a very successful decision that includes purely economic and geo-economic reasons and geopolitical reasons and justifications in light of the repercussions of the stagnant snowball roll, the continuation of the Russian-Ukrainian crisis and the urgent need for consumer imports for the ongoing war in light of the presence of indistinctly hidden damages between the leading oil-producing countries. 

The objective function is heading towards restoring balance, stimulating production, rebalancing markets and competition, although the risks of inflation are increasing, but it is gradually absorbed by reducing the quantities of oil production and reducing the margin of costs of production factors, transportation, etc.

The main objective of the great powers is to impede the restoration of the dollar to its true value! This is what we see clear in the precautionary step of the United States of America, with the decision to use the American oil reserves to confront and confront the OPEC + decision. We wonder about Iraq's future oil methodology regarding the decision to reduce oil production and include Iraq by reducing the amount of production of 220 thousand barrels per day, starting from the beginning of next month and for a period of two months?

Iraq should take advantage of the real opportunities for the growing demand for oil and the indicators of price rebound towards rise and stability according to the model drawn by OPEC + by reducing production quantities, and the importance of preparing and developing a new approach methodology for the national oil policy based on advanced thinking and mentality

Targeting national industrial investment and investing in reducing oil quantities and market fluctuations Global and the strength of OPEC + towards the path of building industrial, investment and trade relations with OPEC countries, building the industrial and agricultural base and moving to the approach of building industry and qualifying industrialists according to the industry model, generating promising trade opportunities and a trade model that supports the industry and integration between them?  LINK

KTFA Members "News and Views" Friday 10-7-2022

KTFA

Samson:  Bloomberg: A trillion dollars evaporate from global foreign exchange reserves!

6th October, 2022

Global foreign exchange reserves are declining at the fastest pace ever, as central banks intervene from east to west to prop up their currencies.

According to data compiled by Bloomberg, reserves have fallen by nearly $1 trillion, or 7.8%, this year to $12 trillion, the biggest drop since it began compiling the data in 2003.

Much of the decline is due to valuation changes. With the dollar jumping to its highest levels in two decades against other reserve currencies, such as the euro and the yen, the dollar has thus reduced the value of these banks' dollar holdings. But dwindling reserves also reflect pressure in the currency market that is forcing an increasing number of central banks to turn to their currency assets to stave off a decline.

For example, India's reserves declined by $96 billion this year to $538 billion. The country's central bank said asset valuation changes accounted for 67 percent of the decline in reserves during the fiscal year beginning in April, meaning the rest came from intervention to support the currency. The rupee has lost about 9% against the dollar this year and hit a record low last month.

Japan spent about $20 billion in September to slow the yen's decline in its first intervention to support the currency since 1998. This would represent about 19% of the loss of reserves this year. Currency intervention in the Czech Republic has helped reduce reserves there by 19% since February.

While the scale of the decline is unusual, the practice of using reserves to defend currencies is nothing new. Central banks buy dollars and increase their stock of currencies to slow the appreciation of a currency when foreign capital flows. In bad times, they rely on reserves to cushion the blow from capital flight.

 “Some countries, particularly in Asia, can go both ways, to quell weakness,” said Alan Ruskin, chief international strategist at Deutsche Bank AG.

Most central banks still have enough strength to continue interventions, if they so choose, as India's foreign reserves are still 49% higher than 2017 levels, enough to pay off 9 months of imports.

Central banks including Indonesia, Malaysia, China and Thailand will release their latest foreign reserves data on Friday. But for others, they deplete quickly. Data compiled by Bloomberg shows that after a 42% drop this year, Pakistan's $14 billion in reserves are not enough to cover 3 months of imports.   LINK

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Samson: The Kurdistan Regional Government will suspend the official working hours tomorrow, Saturday

7th October, 2022

The Information and Information Department of the Kurdistan Regional Government announced the suspension of working hours in all official institutions in the region, on the occasion of the Prophet's birthday.

The Prophet’s birthday is an annual commemoration that coincides with the birthday of the Prophet Muhammad bin Abdullah on the 12th of Rabi’ al-Awwal, as Muslims celebrate it every year in some Islamic countries not as a holiday but as a joy at the birth of their Prophet.

The popular celebrations begin from the beginning of the month of Rabi’ al-Awwal to its end, by setting up councils in which he sings poems in praise of the Prophet, and in which lessons are learned from his life, his merits are mentioned, and food and sweets are served, such as the sweetness of the birthday.

LINK

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Samson:  Parliamentary Integrity reveals the theft of more than (800) million dollars in tax revenues

6th October, 2022

Thursday, the Parliamentary Integrity Committee revealed the theft of tax funds exceeding $800 million

Committee member Ahmed Al-Rubaie said in a statement received by Al-Ghad Press, a copy of it, that "there is a theft in the revenues of the trust accounts belonging to the general tax in Al-Rafidain Bank, which exceeds (800) million dollars, and no authority or entity can cover or deny this theft. in favor of thieves of public money

He added, "After addressing the Ministry of Finance to disclose the results of the investigative committees on the file of the loss of trust account revenues related to the general tax in the Rafidain Bank, which is estimated at more than one trillion Iraqi dinars, and to indicate the real numbers of the amounts and suspected persons who illegally acquired the funds, the ministry answered It has formed an investigative committee to conduct an administrative investigation into the matter

He pointed out that "the investigative committee recommended precautionary measures regarding what was changed in the investigation, because the loss of these huge sums from the account of the General Tax Authority was during the period of their administration and under their direct responsibility and authority

He pointed out that "the answers of the Ministry of Finance confirm the existence of this theft, and no party or authority can cover it or even deny it," calling on government and regulatory agencies to "prevent the travel of some managers and senior cadres in the Tax Authority who have been changed until the end of the administrative and judicial investigation  LINK

Samson:  The repercussions of the OPEC Plus decision .. a draft law to withdraw US forces from Saudi Arabia and the UAE

7th October, 2022

Three members of the US House of Representatives announced that they had submitted a bill requiring the withdrawal of US forces stationed in Saudi Arabia and the UAE, and stressed that they did not see any reason for US forces to stay there after the UAE and Saudi Arabia supported the OPEC Plus decision

"Saudi Arabia and the UAE have long relied on the US military presence in the Gulf to protect their security and oil fields," the three members of the US House of Representatives, Tom Malinowski of New Jersey, Sean Kasten of Illinois, and Susan Wild of Pennsylvania, said in a joint statement

"Following their (Riyadh and Abu Dhabi) support for the OPEC Plus decision, we see no reason for US forces and contractors to continue providing this service to countries that are actively working against us," the statement added

The statement indicated that "if Saudi Arabia and the UAE want to help Russian President Vladimir Putin, they should look to him to defend them," according to the statement, which stressed that "this decision is a turning point in our relationship with our Gulf partners

"If Saudi Arabia and the UAE hope to maintain the good relationship with the United States that has always been beneficial to them, they must demonstrate a greater willingness to work with us, not against us, in advancing what is now our most urgent national security goal, which is to defeat Russian aggression in Ukraine   LINK

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Sir:  IMO-This is the end of the road for the Federal Reserve note , the petro-dollar is officially dead. Prepare for the flood of dollars coming home as you will see inflation in America never seen before. You will witness first hand the rise of all countries currency against the dollar . That’s why you have witnessed countries continually up their gold reserve like never seen before. This is Biblical and we are here to witness it first hand. Hold on tight people, it’s going to get rough here in the states. 

MOakes12:  It is way past time the families who own the Federal Reserve are bought to their knees. They have been ripping off people since Pres. Woodrow Willson signed the Federal Reserve Act into law. We will have to deal with the pain in order to get out from under their control.

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Samson:  What to do...before Plasschaert delegitimizes you

5th October, 2022

In front of representatives of all countries, the UN envoy, Jenin Plasschaert, spoke in a way that causes “shyness”, “humiliation” and “shame” about Iraq, and described the regime in Baghdad, in which it “does not respect the people”, and that the parties are working against the Iraqis.

This utterance is not insignificant, as it is an internationalist view extracted from the practical experience of Plasschaert in Iraq, and no matter how much we support him or disagree with him, we must stand with him.

The influential elites have no reaction when they listen to an international representative who considers them enemies of their people, and almost delegitimizes them, after a global, historical insult.

The most dangerous thing in Plasschaert's briefing is her saying that the political class is unable to resolve the crisis, and any local leader can drag the country into a bloody conflict, and this is an inferior view of our leaders, unfortunately.

It may be early to talk about Iraq's return to Chapter VII, but it will be a possibility, if we put Plasschaert's ruler on the international tools, especially since the regional alignment allows this, to keep Iraq away from Iran.

Did the bell sounded by Plasschaert reach the leaders?

O frame, hold things, or else leave the leadership to the Sadrists.

I heard if you called alive..  LINK

DoTalkToMe:  the way the leaders are not handling the affairs of the country...they deserve to be thrown back into chapter VII