Iraqi News Highlights Sunday Afternoon 11-13-22

Iraqi News Highlights Sunday Afternoon 11-13-22

Tlm724 Administrator Bondlady’s Corner

Observers issue serious warnings against resorting to adjusting the dollar exchange rate

Posted On2022-11-13 By Sotaliraq  Translation: Hamed Ahmed  Observers warned of the danger of reconsidering the dollar exchange rate, stressing that this greatly affects the investment environment.

A report by Al-Monitor, translated by Al-Mada, stated that “Iraqi political figures called on the new government of Prime Minister Muhammad Shia Al-Sudani to increase the exchange rate of the Iraqi dinar in the coming days against the dollar by 5.5%, amid warnings from economic experts that such a move might put The economy is in a recession.”

The report added, "The previous government headed by Mustafa Al-Kazemi launched an initiative for a financial and economic reform project called the (White Paper) project."

He pointed out that "the aim of the project was to restore balance to the economy, reduce the size of the public sector, and invest financial resources in improving public services and developing productive sectors," noting that "the white paper stated that the previous exchange rate was harmful to the agricultural and industrial sectors."

The report pointed out that "the Central Bank of Iraq, on December 19, 2020, reduced the value of the Iraqi dinar against the dollar, down from 1,182 dinars to 1,450 dinars per dollar."

He noted, "This measure was caused by the financial crisis that struck Iraq, following the drop in oil prices in global markets to less than $30 a barrel."

And the report stated, "Iraq, and due to the increase in the Iraqi government's spending on securing the entitlements of public sector salaries and retirees, has resorted to borrowing from banks and to the Ministry of Finance's bonds, which amounted to more than 30 trillion dinars ($20.6 billion)."

And he indicated, "The Central Bank had issued a statement at the time, in which it said that the structural distortions in the Iraqi economy are what impoverished the public finances and restricted the reform ability sought by the government and the Ministry of Finance, due to the policy leadership of the economy and the priority of political thinking and the priorities of politicians over economic thought and development priorities. and stability.”

The report added, "After reconsidering the exchange rate, a strong current emerged led by a number of politicians, most notably the Sudanese who called for a return to the previous exchange value," continuing that "the Sudanese insisted at the time that the devaluation of the dinar might stimulate the launch of a hungry revolution."

He finds, "The new value of the dollar exchange rate has been poured into the interest of a number of local industrial sectors that were able to compete with imported goods and achieve financial self-sufficiency." The report spoke of "a decrease in imports from $21.5 billion in 2019 to $15.6 billion in 2021."

He stated, "Foreign investors rushed to invest in private and mixed companies with more than $35 million in 2021." The report continues, "Iraq's exports of other goods, except for crude oil, increased by more than 400 million dollars during the same year to reach 4.6 billion dollars, after it was at a rate of 3.8 billion dollars in the year 2020. In 2022, this rise in the graph receded slightly.

In front of expectations of the emergence of a new mutant of the Corona virus.” And he cautioned, that "the Sudanese, upon his assumption of power, retracted his opinion, and he is now confirming that the Central Bank of Iraq, which is an independent body, is the authority authorized to decide on the issue of the exchange value and that the government does not interfere in this matter."

The report added, "The Prime Minister, on October 31, met with the Governor of the Central Bank, Mustafa Ghaleb, and the two discussed financial policy developments."

The report continues, "The Sudanese since he took office and the market has witnessed a kind of stagnation stage," noting that "businessmen and citizens are concerned that the devaluation of the dinar prevented them from buying assets for fear of future losses in the event of any change in the exchange rate." He stressed, "Al-Kazemi's government was not able to treat the negative consequences of devaluing the currency, especially those that affected the poor segment."

He pointed out that "the government allocated more than 6 billion dollars to support the affected groups, but Parliament reduced this support to less than one billion dollars only."

The report noted, "The Governor of the Central Bank confirmed that the devaluation of the dinar has added to the general budget 23.5 trillion dinars (16.2 billion dollars)."

And he added, "The Central Bank warned that reconsidering the exchange rate may create a state of instability in the currency market, threaten investments, lead to economic stagnation, weaken confidence in financial policy and the value of the local currency, increase speculation in foreign currencies, and encourage hoarding of foreign currencies as a safe haven."

The report stated, "The Central Bank indicated that the previous exchange rate had given a competitive advantage to imported goods against the local and prevented this from making any progress for local products in the market."

Economic researcher Muhammad Dagher said, “Treating a mistake with another mistake could certainly harm the national currency,” adding that “the economy will collapse, and all goods will be sold and bought in dollars only.”

Dagher added, "The increase in the value of the dinar will also lead to problems with regard to contracts between the government and the private sector, as well as between companies and owners of retail and retail stores." Dagher pointed out that "these problems cannot be solved easily," and he believed that "the instability of the exchange rate will also affect the investment environment."

Dagher urged, "the Iraqi government to reduce public sector salaries, which amount to more than 63 trillion Iraqi dinars (43 billion dollars)," and called for "allocating what is saved from this reduction to achieve economic development." In addition, the government financial advisor, Mazhar Muhammad Salih, spoke about the option of “a gradual increase in the value of the dinar.”

Saleh said, "Any future adjustment of the dinar exchange rate must be implemented gradually and over a period of time that takes more than a year, in order to provide an appropriate atmosphere for the financial adjustment." The report went on to say that "returning the value of the dinar to its previous exchange rate against the dollar is impossible, because this would dry up financial reserves and increase the burden of public finance by more than 16 billion dollars."   LINK

A New Rise In The Exchange Rates Of The Dollar Against The Dinar

Economie| 10:07 - 13/11/2022   Baghdad - Mawazine News  , the dollar exchange rates rose slightly in the local markets, today, Sunday.  Selling price: 147.700 dinars per $100   purchase price: 147.600 dinars per $100    https://www.mawazin.net/Details.aspx?jimare=211099

Iraq's Oil Exports To America Rise Within A Week

Sunday, 13 November 2022 9:24 AM   Baghdad/National News Center   Today, Sunday, the US Energy Information Administration announced a significant increase in Iraq's oil exports to America, reaching more than 500,000 barrels per day during the past week.

The administration said in a report seen by the National News Center, that "the average US imports of crude oil during the past week from nine countries amounted to 5.503 million barrels per day, an increase of 38,000 barrels per day from the previous week, which amounted to 5.465 million barrels per day."

She added that "Iraq's oil exports to America reached an average of 503,000 barrels per day last week, up from the previous week, when oil exports to America reached an average of 134,000 barrels per day."

She pointed out that "most of America's oil revenues during the past week came from Canada, at a rate of 3.235 million barrels per day, followed by Saudi Arabia at a rate of 519,000 barrels per day, and oil revenues from Mexico at a rate of 503,000 barrels per day, and then Colombia at a rate of 341,000 barrels per day."

According to the administration, “the amount of American imports of crude oil from Brazil amounted to an average of 140,000 barrels per day, from Nigeria at a rate of 119,000 barrels per day, from Ecuador at a rate of 102 thousand barrels per day, and from Libya at a rate of 41,000 barrels per day, while no amount of and Russia.”    https://nnciraq.com/164134/

Hakim Stresses The Fight Against Corruption

The head of the National Wisdom Movement, Ammar al-Hakim, stressed the need to prioritize projects that achieve job opportunities in the budget, while calling for attention to banks and diversification of service sources.

Al-Hakim said in a statement, "We congratulated the Minister of Finance, Taif Sami, for the confidence of the House of Representatives, and wished her success in her mission. We stressed the fight against corruption and the adoption of automation and modern technology in all departments of the Ministry of Finance, especially customs departments."

During the meeting, Al-Hakim called for paying attention to Iraqi banks and diversifying the sources of services they provide to citizens, especially the file of loans provided for housing projects and small projects, stressing the need to pay attention to the budget and that its doors be consistent with the government program, and that priority should be given to projects that achieve job opportunities and provide services.    https://www.radionawa.com/all-detail.aspx?jimare=32121

Al-Sudani: The State's Economic Paths Cannot Be Corrected Unless The Private Sector Is A Key Partner

Prime Minister Muhammad Shiaa Al-Sudani announced today, Sunday, that the state's economic paths will not be corrected unless the private sector is an essential partner in this correction and reform.

The media office of the Prime Minister said in a statement that Al-Sudani met with a number of businessmen, investors and entrepreneurs in the private sector.

During the meeting, according to the statement, they discussed the national economic reality, the prospects for the work of the private sector and its contribution to expanding job opportunities and development, and the most important obstacles and challenges facing it.

Al-Sudani revealed, in a speech during the meeting, the government's intention to end wrong practices that represent an obstacle to the development of this vital economic sector, calling for private sector projects to be consistent with the nature of economic challenges and the needs faced by citizens.

He expressed his conviction that the state's economic paths cannot be corrected unless the private sector is an essential partner in this correction and reform.

Al-Sudani stressed that the opportunity will be available and supported by the government to enter into a constructive partnership with this national sector, which is highly relied upon to reduce unemployment and provide sustainable national development that contributes to ensuring stability and social peace, stressing that projects will be subject to fair competition on the basis of the principle of equal opportunities. away from monopoly.   https://www.radionawa.com/all-detail.aspx?jimare=32124

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

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"Tidbits From TNT" Sunday 11-13-2022

TNT:

Tishwash:  Reform of the salary payment mechanism system (cash withdrawal machines)

For the requirements of the interest of work and for the purpose of maintaining the integrity and stability of the Iraqi payment system and the salary settlement project, it was decided to oblige banks participating in the salary settlement project and electronic payment service providers (collectors) to:

 1. The programs of the salary localization project should not be combined with the cash withdrawal service, and they are not included in any of the offers submitted by the banks participating in the salary localization project and electronic payment service providers (collectors).

2. The commission for cash withdrawals through cash withdrawal machines ( POC ) is fixed at the rate of ( 6 ) per thousand and with a minimum of ( 2,000 ) Iraqi dinars to be deducted from the card holder at the moment of the cash withdrawal process, and it is visible in the customer’s bar.

 The above shall be adhered to and implemented as of 1/1/2023 , with the need to educate customers about that . link

Tishwash:  The dollar re-registers its high official prices.. 10 billion dinars lost by citizens who sold their hard currency and speculators profited

The exchange rates of the dollar against the dinar in the local markets and stock exchanges returned to rise again, to exceed the barrier of 148 thousand dinars per 100 dollars, after an emergency decline in the value of the dollar in the local markets during the past two weeks.

And the central Al-Kifah and Al-Harithiyah stock exchange in Baghdad recorded, this afternoon, an exchange rate of 148,200 Iraqi dinars for 100 US dollars, while the prices this morning, Sunday, were 147,750 Iraqi dinars for 100 dollars.

While the buying and selling prices increased in money exchange shops in the local markets in Baghdad, where the selling price amounted to 148,750 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 147,750 Iraqi dinars per 100 US dollars.

This gradual rise came after about two weeks of a sharp decline in the exchange rates of the dollar in the local markets as a result of “rumors” and statements by deputies and speculators about working to reduce the price of the dollar against the dinar, which manipulated the market severely and prompted citizens to sell their dollars quickly and this wave began from October 25 until Today, during the past week, prices began to rise gradually after the Central Bank's assurances not to manipulate the dollar exchange rate, which led to great losses for citizens who sold their dollars at cheap prices before prices started to rise again.

Cash sales of dollars per day in the Iraqi market are estimated at about 30 million dollars on average, which means that the citizens who sold with a price difference of 30 dinars per dollar due to the decrease and offer their dollars for sale significantly in the market, which led to a drop in prices to 1450 dinars per dollar, have lost nearly one billion dinars in One day, and while the decline continued due to the offer to sell the dollar significantly for about two weeks, this means that the loss of citizens amounted to an average minimum of about 10 billion dinars, and at the same time, speculators gained 10 billion dinars due to this crisis and the confusion in prices caused by the representatives’ statements about devaluation of the exchange rate.

These losses caused calls from experts to the affected citizens to file lawsuits against the deputies and speculators who spread propaganda to reduce the price of the dollar, which led the citizens to sell their dollars at low prices and consequently their loss. link

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Tishwash:  Deputy: Approving the budget before the end of the year is necessary, and the government must raise it this month

The representative of the State of Law coalition, Muhammad Al-Shammari, called on Sunday for the government to complete the 2023 budget and submit it to Parliament during the current month, indicating that approving the budget at the end of this year will contribute to organizing the work of the government curriculum at the times set by Al-Sudani. 

Al-Shammari said in a statement to "Information", "Delaying or accelerating the completion of the next year's budget 2023 is guaranteed by the government because Parliament is ready to review the budget and has insistence on approving it and amending some of its paragraphs as soon as possible," revealing that "there is governmental and parliamentary determination to flee the next year's budget." 2023 before the end of the current year. 

He added that "the approval of the budget will contribute to organizing the work of the government curriculum at the times set by Al-Sudani," calling on the government to "the necessity of completing the 2023 budget and submitting it to Parliament during this month." 
Al-Shammari indicated that "the joint specialized committee between the government and the parliament will contribute to overcoming any obstacle that the government may face." 

And the financial advisor at the Ministry of Finance, Abdul Hassan Jamal, had confirmed in a press statement that I followed / the information /, that his ministry has actually started preparing the 2023 budget, without Jamal setting a date for sending the draft budget to the Council of Ministers, but he indicated that it “will be submitted soon.   link

Mot:  Seriously!! - One Must be Prepared fer the Disappointments of Life 

Mot: Yah Boss - -- That Storm Last Night ~~

Sunday AM Iraq Parliament News Highlights 11-13-22

Sunday AM Iraq Parliament News Highlights 11-13-22

"The Last Chance Government".. The Patriotic Kurdistan: The Sudanese Steps Are Encouraging And They Are Serious About Supporting It

Political | 10:20 - 11/13/2022   Baghdad - Mawazine News, a member of the Patriotic Union of Kurdistan, Mahmoud Khoshnaw, described today, Sunday, the current government as "the government of the great and last opportunity."

Khoshnaw said, "If the Sudanese government succeeds in some files - even if relatively at the beginning - this will reflect positively on public opinion and the popular mood, and there will be messages that it is really serious about continuing reforms, and there will be public and political support, and therefore the masses will be a card."

Put pressure on the political forces that are trying to obstruct the government's efforts, and the picture and harmony (the mass parliamentary political) will be complete and it will be a common starting point towards the stability of a great government.

He explained that "the priority of the current government is to restore the Iraqi state through ministries and some important files such as water, electricity, health, housing, reconstruction, providing the requirements of the stage and a decent life, and what the Iraqi citizen aspires to, whether he is a demonstrator or not," adding in an interview with the official "Al-Sabah" newspaper, that "there is A silent majority that did not participate in the past elections must be paid attention to and try to win over and restore confidence in the electoral and political processes in order to complete the true, undiminished picture of democracy.

He stressed, "The position of the National Union Party is supportive of the Sudanese government in its path, and we support all efforts that pour into the path of zeroing crises and disagreements with all political forces at the governmental and political levels," noting that "the Iraqi system is parliamentary, so the role and the greatest burden falls on the political forces, in If it does not support the prime minister, the government will not achieve anything, and there will be delay and failure in its work.

We are serious about supporting the prime minister and his ministerial team politically and in parliament, and through the government team, and paving the appropriate ground for the success of the Sudanese options and the implementation of the ministerial platform.

And he continued, "So far, the steps and messages of the Sudanese are encouraging and serious, and we need more time to show the extent of care in eliminating political crises and differences," explaining that "the most important files that must be codified by laws is the issue of recovering looted funds, and passing the budget law in a fair and balanced way, and it must That there be a legal basis for the government to strike with an iron fist every party and individual that tries to transgress the law. Ended 29/N33     https://www.mawazin.net/Details.aspx?jimare=211100

Al-Sudani Announces That He Has Found Clues To The Murder Of The American Citizen, And Confirms That All Groups Are Included In The Social Security Law

Political | 07:21 - 11/12/2022    Baghdad - Mawazine News   The Prime Minister, Muhammad Shia'a al-Sudani, announced on Saturday the inclusion of all categories in the Social Security Law, while referring to the access to threads that lead to the killers of the American citizen in Baghdad.

Al-Sudani said, during his meeting with a number of political analysts: “We established in the budget law the establishment of the Iraqi Development Fund, which will be funded by deducting a percentage of oil revenues, and from it specialized funds for housing, education, health, and others, as this fund represents a new idea in amending state administration systems.” It is based on activating the private sector and developing capital, and it will eliminate corruption and provide tens of thousands of job opportunities."

He added: "We have included all groups in the Social Security Law, and it encourages work in the private sector instead of waiting for government appointment, and it includes all groups and all private businesses, no matter how small, as people's optimism is a great additional responsibility, and our approach is not perfect but rather works according to data, just as Business depends on political stability."

He continued, "We will enter into the prohibited files in order to confront corruption, and we will start first with reforming the institutions concerned with combating corruption, and we will deal with express services, because the root of the problem is the citizen's loss of confidence in the service apparatus or the political system."

And he added, "We have reached international levels of the availability of teachers and teachers for schools, but poor distribution hinders the service of the educational process. What concerns us is the next stage. Some say it is a government of last chance. In fact, there are challenges and there is an ability to succeed. An accurate diagnosis of problems exists and opportunities are within reach." .

He continued, "I must remind you of the heavy legacy, and know all its details and at all levels. Every day I meet civil and security officials, and I find them crying out for great accumulated problems, as there are problems that the governors suffer from, they have not been heard of before, and they work alone without a provincial council, Most of their problems are related to routine procedures with the ministries."

The Prime Minister indicated that "the challenges are clear to us, and in light of them we designed the ministerial curriculum. We have a time limit for each track of one, two or three years. The criterion is how do we succeed and make a difference at the level of service and living? And if we agree that the constitution is always the cover, The problems between Baghdad and Erbil all have a solution, and I spoke about this directly to officials in the Kurdistan region of Iraq."

Regarding the killing of the American citizen, he explained, "The killing of the American citizen Stephen Troll is a crime whose timing was intentional, and behind it stands those who seek to test the government, and we have clues that lead us to the perpetrators, and I personally follow the progress of the investigations."

Regarding the poverty file in Iraq, he said: "No one can ignore poverty, and this class needs direct solutions, and it cannot wait for reforms and long-term plans. They must stop everything in order to address their conditions and alleviate their living suffering, as the effort team began Engineering is implementing service projects in three neighborhoods in Baghdad, and the works that are being carried out there are not patchwork, but rather according to the required specifications, and the same projects will be implemented in other tired neighborhoods in the provinces.

And between: "We have more than 1450 lagging projects, and leaving them caused Iraq to incur huge sums, and I focused on these projects, some of which extend their life for more than ten years."

He explained that "the continuation of the attacks on the border areas depends on unifying the unified national discourse inside Iraq in order to confront this situation, and that our lands not be a springboard for attacks on Iraq's neighbors," concluding by saying: "A basic clause in our relations with brotherly and friendly countries is the recovery of Iraqi funds." looted, Iraq is a member of the International Convention against Corruption, and it has the right to claim it.” Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=211062

The President Of The Republic And The Prime Minister Discuss The Results Of Iraq's Participation In The Algiers And Sharm El-Sheikh Summits, And Other Important Issues

Iraq   23:40 - 2022-11-12   His Excellency the President of the Republic, Dr. Abdul Latif Jamal Rashid, received today, Saturday, November 12, 2022, at the Peace Palace in Baghdad, the Prime Minister, Mr. Muhammad Shia’a Al-Sudani.

At the outset of the meeting, the President of the Republic reviewed the results of his participation in the Arab Summit held in Algeria and the United Nations Climate Summit held in Sharm el-Sheikh, Egypt, where they talked about the outcomes of the two summits and the results of the meetings that took place between His Excellency the President of the Republic, leaders of brotherly and friendly countries and heads of participating delegations.

A number of issues related to the general conditions in the country were also discussed, and it was emphasized that everyone should support the government's steps within its service program, which would improve the economic situation and achieve the aspirations of all the people for a free and dignified life. 

The importance of combating corruption and creating a suitable environment for investment that would encourage the private sector to play its role in supporting the national economy and creating job opportunities to employ youth energies was emphasized.

The President of the Republic and the Prime Minister discussed the issue of water, and agreed to fully coordinate in finding appropriate solutions and to continue holding meetings regularly, and for the President of the Republic to conduct field visits to the concerned governorates accompanied by a number of ministers.    https://kirkuktv.net/AR/Details/10605

Japan Announces Its Continued Support For Iraq: We Look Forward To Enhancing Cooperation

Policy   2022-11-13 | 04:25   364 views   Alsumaria News – Politics   The Prime Minister of Japan, Fumio Kishida, praised today, Sunday, Iraq's role in the Middle East, considering it "the cornerstone of peace and stability in the region," while affirming his continued support for Iraq and strengthening cooperation between the two countries.

The media office of the President of the Republic stated, in a statement received by Alsumaria News, that "Abdul Latif Jamal Rashid received a message from Japanese Prime Minister Fumio Kishida, in which he extended congratulations on his election, in his personal name and on behalf of the government and people of his country."

He added, "The Japanese Prime Minister indicated in his message that his country:" attaches great importance to its relationship with Iraq, which is the cornerstone of peace and stability in the Middle East.

The statement indicated that" Fumio Kishida added: "The two countries have celebrated the 80th anniversary of the establishment of diplomatic relations in 2019, and both countries have taken steps to further strengthen relations since then.

The statement concluded: "The Japanese Prime Minister expressed his hope that Iraq, under his presidency, would witness the necessary reform steps to meet the challenges, stressing Japan's continuation of its support in the field of Iraq's development, and his country's desire to enhance cooperation between the two countries in the widest fields."   LINK

Al-Maliki's Coalition: Change 5 Governors Soon

Posted On2022-11-13 By Sotaliraq   A member of the State of Law coalition led by Nuri al-Maliki spoke about changes that will affect five governors at the end of this year, stressing that this is due to various reasons related to corruption and mismanagement.

"Iraq suffers from major problems at the level of local administrations," said Turki al-Atbi, a member of the coalition, in press statements followed by (Al-Mada).

Al-Atbi continued, “Part of the problems in the governorates is the presence of governors, at the head of which are suspicions of financial and administrative corruption, in addition to diagnosing cases of weakness in their performance, with no achievement achieved, which led to severe harm to people’s interests.”

He pointed out that "five governors will have an inevitable change at the end of 2022, according to the readings in particular," noting "orders to open all corruption files and resolve them in the coming weeks."

Al-Atbi noted that "changing the governors is a necessity imposed by the facts, especially because keeping them is a fatal mistake because they did not present anything."

And he concluded, “The Prime Minister’s meeting at the end of last week with the governors expressed his dissatisfaction with the situation of the governorates in light of the deterioration of the public services file.”   LINK

Putin Is Calling My Boss.. And The Strategic Alliance Between Their Two Countries Is Laying Its Foundations.. And Iraq Is In The Heart

Posted On2022-11-13 By Sotaliraq   November 13, 2022  Baghdad / Obelisk: Russian President Vladimir Putin made a phone call on Saturday with his Iranian counterpart Ibrahim Raisi, according to what the Kremlin announced, at a time when Tehran appears to be a key ally of Moscow at a distance that may be far away.

The Russian presidency said in a statement that the two presidents discussed "a series of issues" related to bilateral relations between Iran and Russia, "with a focus on intensifying cooperation in the political, economic and trade fields."

The Kremlin pointed out that Putin and Raisi also touched on “the field of transport and logistical affairs,” at a time when the Russian and Iranian economies are suffering from Western sanctions.

This contact comes at a period of increasing Putin's isolation on the international scene since the start of the Russian invasion of Ukraine on February 24 and the series of setbacks suffered by the Russian army in Ukraine since then.

Putin decided not to attend the G-20 summit next week in Indonesia.

And while China and India, Russia's traditional allies, say they are concerned about the dispute, there has been a significant rapprochement between Moscow and Tehran.

Kyiv, along with its Western allies, accuses Moscow of using Iranian-made drones in Ukraine.

Articles talked about possible deliveries of Iranian surface-to-surface missiles to Moscow. Tehran denied this information.

However, at the beginning of November, Iran admitted that it provided Russia with drones, but confirmed that this process took place before the Russian invasion of Ukraine.

This week, the Secretary of the Russian Security Council, Nikolai Patrushev, visited Tehran, where he held talks on security cooperation between the two countries.

The London-based researcher, Adnan Abu Zaid, believes that both Iran and Russia are working to create new global balances with the participation of China, after the collapse of relations with the West, and that Russian foreign policy is working on Iran, and this will have an impact on Iraq as well, if its influence increases.

The Iraqi forces are allied with Iran, which is what is happening now. Nikita Smagin, a Russian writer specializing in Iranian affairs, wrote an article on the website of the “Russian Council for International Affairs” that Russia and Iran find more points of convergence in both foreign policy and economic fields. It is no coincidence that this year is unprecedented in terms of the frequency of visits at the highest levels between officials of the two countries.

He said that against the backdrop of the current events in Ukraine, the United States seeks to turn Russia into an international pariah state. For Moscow, the Middle East is one way to partially circumvent the sanctions. Therefore, the logical task of Washington was to isolate the Russian side in this region. Despite a strong list of countries allied with the United States and an unenthusiastic reaction from Middle Eastern countries to the special operation in Ukraine, this is not easy.   LINK

Iraqi News Highlights Saturday Afternoon 11-12-22

Iraqi News Highlights Saturday Afternoon 11-12-22

Tlm724 Administrator Bondlady’s Corner

Foreign Minister: Economic Diplomacy Will Be The Effective Way

Money and business Economy News – Baghdad Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein met with a number of ambassadors and employees of the Ministry of Foreign Affairs.

During the meeting, the minister presented, according to a statement of the Ministry of Foreign Affairs, "the most important tasks to be adopted during the next stage, foremost of which is strengthening the work of economic diplomacy and raising the level of efficiency of the administrative apparatus at the center of the ministry and Iraqi missions, in addition to completing the training steps and raising the capabilities of the staffing in the ministry, through Foreign Service Institute.

The minister pointed out that "the next stage should be a real lever and an advanced platform for the Iraqi state to achieve the highest levels of the supreme national interest, in the service of our honorable people, and in line with the government program voted on by the Iraqi parliament."

Views 93  Added 11/12/2022 - 3:56 PM   Update 11/12/2022 - 5:48 PM

https://economy-news.net/content.php?id=30750

The Rise In The Exchange Rate Of The Dollar Against The Dinar

Economie| 10:44 - 12/11/2022   Baghdad - Mawazine News   The dollar exchange rates witnessed an increase, today, Saturday, in the local markets.   Selling price: 147,500 dinars per 100 dollars,  buying price: 147,400 dinars per 100 dollars  https://www.mawazin.net/Details.aspx?jimare=211008

The Iraqi Oil Ministry: The Problems Between Baghdad And Erbil Will Be Resolved Within The Next Six Months

Posted On2022-11-12 By Sotaliraq   The Director General of the Legal Department of the Iraqi Oil Ministry, Laith Abdul-Hussein, confirmed that the problems between Erbil and Baghdad related to oil, are due to the understanding and interpretation of the constitution, noting that there is a rapprochement between Erbil and Baghdad, and these problems will be resolved within the next six months.

In response to the questions of the economic program presenter: Muhammad Sheikh Fateh, Laith Abdul-Hussein said that part of the work program of the new Iraqi government is related to the problems between Erbil and Baghdad, expressing his optimism that the problems could be resolved within the coming months.

The Director General of the Legal Department of the Ministry of Oil, pointed out that the curriculum of the new Iraqi government, which was approved by the House of Representatives on (November 27, 2022), clearly indicated the importance of resolving the oil disputes between Baghdad and Erbil, explaining that the problems that have been going on for years, will be resolved within the six months. coming.   LINK

An Economist Proposes A Price For A Barrel Of Oil In The Budget And Calls For "Not Venturing Far"

Economie| 01:23 - 12/11/2022   Baghdad - Mawazine News, the economic expert, Ali Hadi Judeh, said that the government should not "risk" too far in calculating the price of a barrel of oil, as it is a "volatile and emergency price despite all the reassurances" by OPEC or international economic institutions that confirm its stability above the $90 barrier due to The geo-military conditions the world is witnessing, particularly the war between Russia and Ukraine.

Judeh suggested that "the price of a barrel of oil in the next year's budget does not exceed 65-68 dollars, which guarantees the achievement of financial precaution in it, and focus on moving the wheel of major projects that have been stalled due to the lack of financial liquidity, especially strategic ones, especially infrastructure, public roads, schools and hospitals." ".

Judeh called for "the inclusion in the budget of a high-quality service sale instead of providing it for free and at low levels, taking into account the fragile economic classes in society, which must be immunized by social protection systems, including the unemployment grant." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=211024

A New Rise In Oil Prices

Economie| 08:21 - 12/11/2022   Follow-up - Mawazine News, market data showed that oil prices rose on Friday evening by 2% due to the decision of the Chinese authorities to ease restrictions related to fighting the Corona virus epidemic.

The data indicate that the prices of Brent crude futures for next January recorded a rise of 1.96% as of 21:04 pm, Moscow time, to reach $95.51 per barrel.

The prices of West Texas Intermediate oil (WTI) futures contracts for the month of December rose by 2.29%, to reach $88.45 a barrel.

Despite this, analysts point out that with the outcome of the week, oil prices may fall by 3 to 4%, as the markets were concerned about the Chinese "zero tolerance" policy towards the Corona virus.

On Friday, China decided to cancel some restrictions related to the Corona virus, especially the abolition of the rule that requires the suspension of international flights in the event that people with the virus are discovered on board the plane, the relaxation of the system for verifying Corona virus tests for boarding flights, and the reduction of the quarantine period for those coming from abroad.

https://www.mawazin.net/Details.aspx?jimare=210991

Economist: In Iraq, A Golden Opportunity To Benefit From Rain Water

Saturday 12 November 2022 12:40 | Economic Number of readings: 270  Baghdad / NINA / - The expert in economic affairs, Malath Al-Amin, called for benefiting from rain water by storing it to benefit from it in agriculture during the summer season, when the water in rivers decreases.

In a statement to the National Iraqi News Agency ( NINA ), Al-Amin said : "Iraq can benefit from the rainfall on its lands in the winter season by storing it to benefit from it in agriculture during the summer season, when the water decreases in the rivers.

He pointed out that" the diversity of terrain in Iraq with The presence of desert lands, with large areas, provides a golden opportunity to make part of them lakes to store water for use in the dry seasons to ensure the continuation of agricultural production in all seasons and to protect the country’s food security, in addition to the possibility of exploiting these lakes to attract tourism and fish farming, which will provide many job opportunities For the unemployed. / End 8

https://ninanews.com/Website/News/Details?Key=1013525

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

 https://www.bondladyscorner.com/

"Tidbits From TNT" Saturday AM 11-12-2022

TNT:

CandyKisses:  The governor of the Central Bank denies talking about fixing the exchange rate for years

Central Bank Governor Mustafa Ghaleb Mikheib denied the talk about fixing the exchange rate for years

An informed source said in an interview with Alsumaria news,that "the governor of the central bank denies his talk about the current dollar price, which will be established for other years to come."

He was the prime minister Muhammed Shiaa Al-Sudani He confirmed, a few days ago, that the decision to raise the dollar exchange rate was not accompanied by measures to protect the vulnerable classes.

Tishwash:  The budget for the year 2023, the price of a certified barrel of oil, and the size of the surplus

he economic steps that the new government must take are many and important, and the most important of these steps is to approve the federal budget as soon as possible.

If we assume that the budget for the next year will be 130 trillion Iraqi dinars, if a new dollar rate is adopted, which is 1350 dinars per dollar, the budget will be 96 billion dollars, and if the current exchange rate is maintained, which is 1480, the size of the budget in dollars will be 87.8 billion dollars. It is worth noting that the current export volume of oil is about 3.6 million barrels of oil per day,  and therefore the price of a barrel of oil that achieves equality between revenues and public spending will be 66 dollars per barrel on the basis that public spending for the next year is 130 trillion dinars and the old exchange rate.

But if we impose the new exchange rate, which is likely to reduce the value of the dollar to 1350 dinars (and this is unlikely according to the statements of some officials), the volume of public spending will be 96 billion dinars, and the price of a barrel of oil that achieves this is 73 dollars per barrel.

Note

The total spending for 2020 is 101 trillion, not 130 trillion, and if we adopt that, the amounts will be less. We will not repeat the previous calculations. The sufficient barrel price will be 52 dollars for the exchange rate of 1480 dinars per one dollar, and the price will be useful if it rises above 56 dollars in the event that an exchange rate of 1350 dinars is adopted.

Surplus

All experts in oil expect prices to be above $90 for Brent reference crude, and therefore the surplus will be around $22 billion if the exchange rate is adopted 1350 and spending 130 trillion, and the surplus will be around 30 billion if the current exchange rate remains and the volume of spending is 130 trillion, i.e. Same spending as last year.

It is possible to use it to bring about a major change in solving many problems such as electricity and activating neglected sectors in previous years such as industry, agriculture and tourism, and thus we have increased non-oil revenues and we must work seriously to reduce public spending and the most important points is to reduce job slack and stay away from employment and its replacement Creating job opportunities, not hiring.

As for increasing the appointment and approving the law of compulsory conscription, this means wasting the financial surplus and making it within the current budget, not investment, and adopting a wrong economic policy.

Finance stated that the price of a barrel of oil may remain unspecified in the federal general budget, and this is a major financial violation. Otherwise, how is the first article calculated in the federal general budget, which is revenues, because it is 95% approved on oil revenues, in previous budgets and in the event of fear of price fluctuations, a price is set A barrel of oil expecting the worst conditions. In the 2021 budget, the price of a barrel of oil was approved at 46 dollars, while it was around 70 dollars, and after that it rose more.

As a result, I recommend to officials on the federal budget that the price of a barrel ranges from 66-72 dollars per barrel of oil to be adopted.  link

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Tishwash:  The Minister of Foreign Affairs to the ambassadors of Iraq: Economic diplomacy is our effective way

Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein affirmed, during a meeting with a number of the ministry's ambassadors and employees; Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein said that economic diplomacy "will be our effective way."

A statement of the Ministry of Foreign Affairs, of which {Al-Furat News} received a copy, stated that Hussein "met a number of ambassadors and employees of the Ministry of Foreign Affairs, during a welcoming ceremony held by the ministry on the occasion of renewing the minister's ascension to the helm of diplomacy."

During the meeting, the minister presented "the most important works to be approved during the next stage, foremost of which is strengthening the work of economic diplomacy and raising the level of efficiency of the administrative apparatus in the center of the ministry and Iraqi missions, in addition to completing the steps of training and raising the capabilities of the staffing in the ministry, through the Foreign Service Institute."

In his speech, the minister indicated that "the next stage should be a real lever and an advanced platform for the Iraqi state to achieve the highest levels of the supreme national interest, in the service of our honorable people, and in line with the government program that the Iraqi parliament voted on." ink

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Sunak affirms his country's support for the Sudanese government in implementing economic reform

On Saturday, the Iraqi Prime Minister, Muhammad Shia Al-Sudani, received a congratulatory message from the British Prime Minister, in which he stressed the importance of continuing the partnership between Iraq and the United Kingdom.

 Al-Sudani’s office said in a statement received by Shafaq News Agency, that the latter received a message from British Prime Minister Rishi Sunak, which included congratulations on the occasion of assuming his duties and forming the government, indicating that the message carried Mr. Sunak’s emphasis on the importance of continuing the partnership between Iraq and the United Kingdom, and working together for interests of the two friendly countries. 

In his message, the British Prime Minister referred, according to the statement, to the common and firm goals that unite the two countries, the most important of which is the fight against terrorism and the prevention of the return of ISIS terrorist gangs in Iraq and the region, and security and military cooperation with the Iraqi forces.

Sunak's letter to the Prime Minister also confirmed Britain's commitment to working with Iraq in the economic aspects, developing the private sector, and supporting stability within the Iraq Economic Liaison Group, along with the Group of Seven, the International Monetary Fund and the World Bank, and supporting the Iraqi government in implementing economic reform.

He also affirmed Britain's support for Iraq's efforts in developing investment and switching to environmentally friendly energy, combating the effects of climate change, and continuing regional partnerships for long-term stability in the Middle East.   link

Mot:  .. One More Reality when - Raising the Fur Balls! ~~~~~

Mot:  . any suggestions will be Helpful!! ~~~

Iraqi News Highlights Friday Evening 11-11-22

Iraqi News Highlights Friday Evening 11-11-22

Tlm724 Administrator Bondlady’s Corner

Demands To Change The Price Of The Dollar In Front Of Two Options "Whose Dreams Are Bitter "(Video)

528 economy  2022/11/10 22:46   Baghdad today-Baghdad   The file of changing the dollar exchange rate is still oscillating between the rejection of the concerned authorities and economists, and between popular demands and some political blocs,  while economic principles put the demanding parties to change the dollar exchange rate between two options, either fixing the exchange rate as it is, or changing it,

but after two important measures, namely diversifying the Iraqi economy and not relying on oil, as well as squeezing operating expenses by at least 20%, a measure that requires completely preventing employment and reducing some salaries, allocations and operating expenses in general, as any change to the exchange rate without these two conditions will return Iraq to the tragedy of austerity and borrow again.  Video:   https://www.youtube.com/watch?v=CDZttT5v1Kw

https://baghdadtoday.news/news/205810/المطالبون-بتغيير-سعر-الد

Scary: The Current Dollar Exchange Rate Will ‘Stabilize’ For Years To Come

Thursday, 10 November 2022 11: 24 am   Baghdad/National News Center  The governor of the Central Bank of Iraq, Mustafa Ghalib mukheeb, announced on Thursday that  the current dollar exchange rate in the country “will be fixed for future years".

”We do not intend in any way to prejudice the current exchange rate of the US dollar against the Iraqi dinar,”mukhaif said in a press statement.

“The current price will be fixed for many more years to come,”he added.

”The decision to change the exchange rate in the past was not accompanied by measures to protect the poor, middle classes and low-income people, and

this exacerbated the problem and its negative repercussions on citizens,” Sudanese Prime Minister Mohammed Shiaa said at a press conference on the first of this month. https://nnciraq.com/163417/

Kurdistan Government Spokesman: The Agreement Of The Political Blocs Provides For The Legislation Of The Oil And Gas Law Within 6 Months

Posted On2022-11-10 By Sotaliraq    Kurdistan Regional Government spokesman, Jutiar Adel, announced today, Thursday, that the Kurdistan Regional Government has always had serious intentions to resolve differences and outstanding issues with the federal government.

Adel said in a press conference held today: "The Kurdistan Regional Government had and still has serious intentions to resolve differences and outstanding issues with the federal government, especially during the ninth cabinet of the Kurdistan Government," adding, "But we were not able to resolve these differences because of the obstacles we faced." "We are still serious about resolving these differences," he said.

He added, "The regional government has formed a ministerial delegation to discuss with Baghdad, and we are waiting for a response so that the delegation will go and start negotiations soon."

Adding that, "a number of files that were agreed upon by the political forces before the formation of the government will be discussed in this visit, and some of them relate to executive affairs and others relate to legislative affairs."

Noting that "one of the most important files that will be discussed is the budget, the issue of oil and gas, and Article 140 of the constitution," and he continued, "there is an agreement with the federal government on how to prepare the budget, and give the Kurdistan Region's share in accordance with the constitution," adding that "there is good coordination between the Oversight Bureau. Finance in the region and the Federal Financial Supervision Bureau to solve the financial problems between the two sides.

Noting that "the agreement concluded between the political blocs in Baghdad stipulates that the oil and gas law, the Federal Supreme Court Law, and the Federal Service Council Law shall be legislated within a period of 6 months from the age of the formation of the current federal government."

On the relations of the Kurdistan Regional Government with neighboring countries, he said, "The Kurdistan Regional Government respects the sovereignty of neighboring countries, and these countries must respect the sovereignty of the Kurdistan Region, and we are ready to hold talks with any country that has any concerns."   LINK

Hammam Al-Shamaa To / Nina /: Extinguishing Debts And Establishing A Sovereign Fund For Generations ..   An Important Step That The Current Government Should Take

Friday 11 November 2022 10:42 | Economic Number of readings: 395  Baghdad / NINA / - The economic expert, Hammam Al-Shamma, confirmed that extinguishing debts and establishing a sovereign fund for generations is an important step that the current government should take.

He told the National Iraqi News Agency ( NINA ) that if serious thought is given to extinguishing debts and establishing a sovereign fund, a price for the next budget should be set between 30 to 40 dollars per barrel. From projects such as petrochemical projects, increasing its productivity and diversifying its products.

He explained that the lesson is not to set a high price for building a new budget, but rather the amount of benefit from the current high revenues to liquidate external and internal debts./End 3

https://ninanews.com/Website/News/Details?key=1013341

Central Bank Governor: Our Banking Sector Has Become Qualified To Play Its Roles In Development And Prosperity

Banks Economy News-Baghdad   is Excellency the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhif, participated in the Autumn Conference of the Iraq British Business Council, which opens its work today, Thursday, in the United Arab Emirates / Dubai.

"The efforts made by countries to create industrial and agricultural development and provide job opportunities and development cannot be achieved without the banking sector responding to the aspirations and expectations of investors and workers in the economic sector," he said in a statement.

He added: "Money is the lifeblood and means of development, development and prosperity, and we believe that our banking sector has become qualified to play its roles that everyone aspires to."

Views 194   Added 11/10/2022 - 1:44 PM  Update 11/11/2022 - 6:25 PM

https://economy-news.net/content.php?id=30715

The Iraq Stock Exchange Is Trading More Than Three Billion Shares At The End Of The Week's Trading

Market   Economy News / Baghdad   The Iraqi Stock Exchange closed, on Thursday, with an increase of more than 3 billion shares.

A statement to the market stated that "the number of shares traded this week more than (3) billion shares, and the value of shares traded this week reached more than (4) billion dinars."

The trading index closed in the market for the first session of the week at "576.09 points, while the index closed at the end of the week at (576.50) points, achieving an increase of (0.07%) from its closing in the first session."

During the week, it executed "more than (3100) buying and selling contracts on the shares of companies listed in the market."   Views 202   Added 11/10/2022 - 3:13 PM  Update 11/11/2022 - 6:10 PM

https://economy-news.net/content.php?id=30717

Central Bank Governor: We were keen to facilitate the procedures for opening the first branch of a private bank abroad

Banks   Economy News – Baghdad The Governor of the Central Bank, Mustafa Ghaleb, confirmed that the bank was keen to support the "Development Bank" and facilitate the procedures for opening the bank's branch in the Emirate of Dubai.

Ghaleb said in an interview with "Economy News", that the Development Bank "opened branches inside Iraq and spread in almost all governorates, and worked to provide international requirements and standards for launching to the regional region, and its first step was the UAE."

Ghalib added, "We were keen to support this bank and facilitate all procedures for it, and we communicated with the UAE Central Bank, who were keen with us to provide these requirements and complete the fundamental procedures to open this branch."

He continued, "We, as the management of the Central Bank of Iraq, were keen to attend the opening of this branch, as it is the first private sector bank to open a branch outside Iraq to strengthen economic relations between the two countries." 126 views  Added 11/11/2022 - 12:12 PM Update 11/11/2022 - 6:21 PM    https://economy-news.net/content.php?id=30734

The Exchange Of The Dollar Stabilizes In The Iraqi Markets

Economie| 09:35 - 11/11/2022   Baghdad - Mawazine News  The dollar exchange rates witnessed, today, Friday, stability in the local markets.

The selling prices of the dollar were 147.150 dinars per 100 dollars, while the purchase prices of the dollar were 147.050 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=210907

Oil Price Hike

Economie| 08:42 - 11/11/2022  Follow-up - Mawazine News  : Oil prices rose on Friday, as fears of an economic recession in the United States eased, but they are heading to record a weekly decline of more than 4% after a jump in Covid-19 cases in China, the largest oil importer, which threatens to weaken demand for oil. fuel.

Brent crude futures rose 23 cents, or 0.3%, to $93.80 a barrel by 01:01 GMT, to continue rising 1.1% in the previous session.

US West Texas Intermediate crude futures rose 28 cents, or 0.3%, to $86.75 a barrel, after rising 0.8% in the previous session.

But since the beginning of the week, US crude has fallen more than 6%, while Brent is down about 5%.

Analysts said oil prices rebounded on Friday as the dollar fell after data on Thursday showed US inflation was weaker than expected, dampening expectations of sharp interest rate hikes.

The weak US dollar boosts the demand for oil as it makes it cheaper for buyers of other currencies.

But locals said the risk China still posed to demand limited price gains, with COVID-19 cases rising in Guangzhou, the country's manufacturing hub, as authorities asked residents to work from home.

In addition to working from home, which reduces commuting and fuel demand, travel through China has remained weak, as residents fear being stuck in quarantine areas, ANZ Research analysts said in a note.

Hopes that China would ease the policy of non-proliferation of the Corona virus had led to the recovery of oil last week, but the statements of health officials this week made it clear that they would continue to respond firmly to any outbreak.    https://www.mawazin.net/Details.aspx?jimare=210904

Italy Announces The Volume Of Trade Exchange With Iraq Within A Year

Economie| 01:12 - 11/11/2022   Baghdad - Mawazine News  The Italian Commercial Attaché confirmed today, Friday, that the volume of trade exchange between Iraq and Italy amounted to 656 million dollars last year, indicating that the volume of Iraqi exports to Italy amounted to 3.4 million dollars annually.

The Italian regional commercial attaché to Iraq, Elisa Salazar, confirmed in a statement to the official news agency, which was followed by / Mawazine News, that "the participation of Italian companies in this year's Baghdad exhibition comes to efforts to contract with the Iraqi government to rehabilitate infrastructure, especially industrial (transformation) facilities capable of manufacturing materials Iraqi crude for the purpose of importing it, given the high quality of Iraqi raw materials.

She added that "Iraqi exports to Italy have declined a lot in recent years, after Italy was importing wool, leather and various kinds of salt from Iraq," stressing "her country's keenness to establish the best economic and trade relations with Iraq in a way that parallels the historical relationship between the two friendly peoples." Ended 29/M 99   https://www.mawazin.net/Details.aspx?jimare=210921

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

 https://www.bondladyscorner.com/

MilitiaMan Friday PM "Internationalism is a Big Deal" 11-11-2022

KTFA:

The governor of the Central Bank denies talking about fixing the exchange rate for years

Economie  2022-11-10

Central Bank Governor Mustafa Ghaleb Mikheib denied the talk about fixing the exchange rate for years.

An informed source said in an interview withAlsumaria news, that "the governor of the central bank denies his talk about the current dollar price, which will be established for other years to come."

He was the prime ministerMuhammed Shiaa Al-Sudani He confirmed, a few days ago, that the decision to raise the dollar exchange rate was not accompanied by measures to protect the vulnerable classes.  LINK

MilitiaMan:  Kinda like, "Hey it wasn't me that talked about that.. They did.. lol" "Doesn't make it not true, but, it wasn't me.". lol.. "By the way it (the xr)(Exchange rate?)  will be established for years to come.. Just so you know.." lol imo.. ~ MM

Samson:  Central Bank Governor: We were keen to facilitate the procedures for opening the first branch of a private bank abroad

11th November, 2022

The Governor of the Central Bank, Mustafa Ghaleb, confirmed that the bank was keen to support the "Development Bank" and facilitate the procedures for opening the bank's branch in the Emirate of Dubai

Ghaleb said in an interview with "Economy News", that the Development Bank "opened branches inside Iraq and spread in almost all governorates, and worked to provide international requirements and standards for launching to the regional region, and its first step was the UAE

Ghalib added, "We were keen to support this bank and facilitate all procedures for it, and we communicated with the UAE Central Bank, who were keen with us to provide these requirements and complete the fundamental procedures to open this branch

He continued, "We, as the management of the Central Bank of Iraq, were keen to attend the opening of this branch, as it is the first private sector bank to open a branch outside Iraq to strengthen economic relations between the two countries    LINK

MilitiaMan:  Opening the first private sector bank outside of Iraq is not a small accomplishment. It actually has massive implications, imo.

Internationalism is a big deal and it will require an international relationship at a higher level than it is today. 

Lets see what the Kurds bring to town, at anytime now. I suspect when they arrive it will be with the two Minister picks and the need to see the Mechanism that the HCL will require, as likely the new private sector bank branch will too.. ~ MM

Friday Early AM Iraq Economic News Highlights 11-11-22

Friday Early AM Iraq Economic News Highlights 11-11-22

Iraq Loses More Than A Quarter Of A Billion Dollars During October.. India's Import Of Iraqi Oil Decreases By About 10%

2022-11-11   Yes Iraq: Baghdad   After Iraqi oil exports to India exceeded one million barrels per day over the past two years, last October recorded the largest drop in 20 months for the quantities that India imported from Iraqi oil, as they decreased to more than 900,000 barrels per day, in a decrease that led to Iraq losing export About 100,000 barrels per day.

Preliminary data showed that India's imports of Iraqi oil recorded their lowest level in 20 months last October, as oil refiners continued to buy Russian crude at a reduced price and boosted their purchases of West African crudes.

According to Reuters, the data showed that “India, the third largest importer and consumer of oil in the world, bought 907,500 barrels of oil per day in October from its largest supplier, Iraq, down 9.6 percent from the previous year, the lowest level since February 2021.

The data also showed that "India's imports from Russia, New Delhi's second supplier, also slowed during this period, as Nayara Energy, partly owned by the major Russian oil company Rosneft, reduced purchases before maintenance at its refineries as of this month."

According to this, Iraq lost 100,000 barrels per day of its exports to India, which is approximately 3 million barrels during the month of October, meaning that Iraq lost 265 million dollars (more than a quarter of a billion dollars) during last October due to the decline in its exports to India.

Data Volatility

Last October, the map of Iraqi oil's share in the Asian market fluctuated between India and China, as Iraq left the forefront of the Indian market and returned to the lead of the Chinese market.

However, Reuters data, which indicates that Iraq exported more than 900,000 barrels per day during October to India, slightly contradicts previous data that said that Russian oil accounted for 22% and Iraqi oil accounted for 20.5% of India's oil imports during October.

The data indicated that India’s imports of crude oil from Russia amounted to 946 thousand barrels per day during last October, representing Russian oil 22% of India’s total imports of crude oil, and according to this percentage, India imported 4.3 million barrels per day during October. Iraq's share of it was 20.5%. It is assumed that Iraq's oil exports to India amounted to only 881 thousand barrels per day, meaning that the percentage of decline in Iraqi oil exports to India amounted to about 12%, not 9.6%, as Reuters indicates.   LINK

The Governor Of The Central Bank Denies Talking About Fixing The Exchange Rate For Years

Economie  2022-11-10 | 15:12  Source:  Alsumaria news  8,150 views  Central Bank Governor Mustafa Ghaleb Mikheib denied the talk about fixing the exchange rate for years.

An informed source said in an interview with Alsumaria news, that "the governor of the central bank denies his talk about the current dollar price, which will be established for other years to come."

He was the prime minister Muhammed Shiaa Al-Sudani  He confirmed, a few days ago, that the decision to raise the dollar exchange rate was not accompanied by measures to protect the vulnerable classes. LINK

Parliamentary Finance Rules Out A Change In The Value Of The Dinar Against The Dollar In The Budget

1,543   The Parliamentary Finance Committee ruled out a change in the value of the dinar against the dollar in next year’s budget, pointing out that the price of a barrel of oil will not be the same as its predecessor in the budget, especially with the increase in global prices.

Committee member Jamal Ahmed said in a press interview seen by "Progress", that "there is an urgent need to make changes in the investment budget to suit the actual need of the country in order to implement the government program of the Sudanese government."

He added that "the dollar's exchange rate in the budget will remain fixed without making any change, especially since the central bank is responsible for this policy and has made clear its opinion on this issue."

And he indicated that “the price of a barrel of oil in the budget will change from its predecessor, and it is likely that it will be lower than the price offered in the global markets,” pointing out the importance of “putting a reserve price of oil in the budget, especially since global markets may witness an increase in the quantities supplied of oil.”    https://takadum-news.com/archives/130502

Governor Of The Central Bank Of Iraq: The Current Dollar Price Will Be Established For Other Years To Come

Economie| 03:31 - 10/11/2022   Baghdad - Mawazine News   The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, said that they do not intend in any way to prejudice the current exchange rate of the US dollar against the Iraqi dinar.

"We will not touch this exchange rate," Makheif said on the sidelines of the IBBC conference to develop economic, trade and investment relations between Britain and Iraq in Dubai.

And about the period in which the current exchange rate will be adopted, the Governor of the Central Bank of Iraq said, “It will be adopted for a number of coming years,” stressing that they did not think about compromising the current exchange rate of the dollar against the dinar. Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=210839

Scary: The Current Dollar Exchange Rate Will “Fix” For Years To Come

Economie  Thursday, 10 November 2022 11:24 AM  Baghdad/National News Center  Today, Thursday, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhaif, announced that the current dollar exchange rate in the country “will be established for years to come.”

Makheif said in a press statement: “We do not intend in any way to prejudice the current exchange rate of the US dollar against the Iraqi dinar.”

He added that "the current price will be fixed for other years to come."

And Prime Minister Muhammad Shiaa al-Sudani said in a press conference on the first of this month that: “The decision to change the exchange rate in the past was not accompanied by protection measures for the poor, middle and low-income classes, and this exacerbated the problem and its negative repercussions on citizens.”    https://nnciraq.com/163417/

The Exchange Of The Dollar Stabilizes In The Iraqi Markets

Economie| 09:35 - 11/11/2022   Baghdad - Mawazine News   The dollar exchange rates witnessed, today, Friday, stability in the local markets.   The selling prices of the dollar were 147.150 dinars per 100 dollars, while the purchase prices of the dollar were 147.050 dinars per 100 dollars.  https://www.mawazin.net/Details.aspx?jimare=210907

Iraqi Oil Minister: We Are Working To Achieve The Highest Financial Revenues Through The Marketing And Export Of Crude

Shafaq News/ Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani affirmed on Wednesday, Iraq's keenness to deal realistically with the challenges facing the global oil market.

This came in his speech during the meeting of the pricing of Iraqi crude oil for global markets, which is held monthly at the Ministry's headquarters.

At the meeting, the minister said that Iraq respects the (OPEC Plus) agreement in achieving balance and stability for the global market, stressing that Iraq's policy aims to raise the value or financial return of a barrel of oil in a way that fulfills the wishes of producers and consumers.

And he added, "We are working to achieve the highest financial revenues through the marketing and export of crude oil in support of the federal budget."

Abdul-Ghani also indicated that Iraq is a founding country of the organization and the second largest producer that works to bring the views of the members closer, in order to achieve the producers' goals in stabilizing the global market, stressing that the financial revenues of crude oil constitute 95 percent of the federal budget.

The Minister stressed the adoption of the most accurate standards of transparency in the marketing of Iraqi oil, the revenues generated, and cooperation with Transparency International.

He continued by saying that the marketing price of Iraqi oil is determined on a monthly basis, after studying and reviewing reports, research and challenges surrounding global markets.   LINK

With The Closure Of The Stock Exchange .. Dollar Prices Rise In Baghdad

Shafaq News/ The exchange rates of the dollar rose against the Iraqi dinar, today, Thursday, with the closure of the main stock exchange in Baghdad.

Shafak News Agency correspondent said that the central Al-Kifah and Al-Harithiya stock exchanges closed in Baghdad at 147,600 Iraqi dinars for $100.

While the prices this morning were 147,050 Iraqi dinars, compared to 100 dollars. Our correspondent indicated that the buying and selling prices in banking shops in the local markets in Baghdad increased, as the selling price reached 148000 Iraqi dinars, while the purchase prices amounted to 147000 dinars per 100 dollars.    LINK

Parliamentary Finance: The 2023 Budget Will Be “Different”

Money and business   Economy News – Baghdad   Today, Thursday, the Parliamentary Finance Committee described the financial budget for the year 2023 as “different.”

Committee member Jamal Cougar said that "the budget for the year 2023 will be somewhat different, especially the investment budget in it."

He explained, "The operational in it will be similar. As for the investment, we believe it will be different, as the budget is supposed to include job opportunities, support for the private sector, and support for small projects."

In a statement to "Al-Furat News", which was followed by "Al-Iqtisad News," Cougar added, "We also expect that it will include steps that lead to the construction of strategic projects such as roads and dams," stressing "the need to focus on these areas."

422 views    Added 11/10/2022 - 6:59 PM   Update 11/11/2022 - 1:58 PM

https://economy-news.net/content.php?id=30722

Italy: $656 Million, The Volume Of Trade Exchange With Iraq Last Year

Money and business   Economy News – Baghdad The Italian Commercial Attaché confirmed, on Friday, that the volume of trade exchange between Iraq and Italy amounted to 656 million dollars last year, indicating that the volume of Iraqi exports to Italy amounted to 3.4 million dollars annually.

The Italian regional commercial attaché for Iraq, Elisa Salazar, said, "The participation of Italian companies in this year's Baghdad exhibition comes to efforts to contract with the Iraqi government to rehabilitate the infrastructure, especially industrial (transformational) facilities capable of manufacturing Iraqi raw materials for the purpose of importing them, given the Iraqi raw materials enjoyment. of high quality."

She added that "Iraqi exports to Italy have declined a lot in recent years, after Italy was importing wool, leather and various kinds of salt from Iraq," stressing "her country's keenness to establish the best economic and trade relations with Iraq in a way that parallels the historical relationship between the two peoples," according to the official news agency. .

29 . views   Added 11/11/2022 - 1:17 PM  Update 11/11/2022 - 2:18 PM

https://economy-news.net/content.php?id=30736

Dollar Exchange Rates In The Iraqi Market Today

Economie  11-11 2022 | 01:32   Source:   Alsumaria news   2,142 views   Today, Friday, the dollar exchange rates witnessed stability in the local markets.

The selling prices of the dollar were 147.150 dinars per 100 dollars, while the purchase prices of the dollar were 147.050 dinars per 100 dollars.

mention that Central Bank of Iraq  On December 19, 2020, it was officially announced that the US dollar exchange rate would be 145,000 dinars for every $100, according to the state’s general budget for 2021 approved by the House of Representatives.   LINK

"Tidbits From TNT" Friday Morning 11-11-2022

TNT:

Tishwash:  Economist: Conflicting statements about the dollar confuse markets and investments

The professor of economics at the University of Basra, Nabil Al-Marsoumi, warned against conflicting statements regarding the dollar, indicating that it confuses markets and investments.   

Al-Marsoumi said in his blog post, followed by "Nass" (November 11, 2022), "The Prime Minister says that setting the exchange rate is one of the tasks of the Central Bank of Iraq exclusively, and the Governor of the Central Bank says that the price of the dollar against the dinar will remain fixed for several years, then he returns to deny his statement, and in return, collectors The signatures threaten not to pass the budget in Parliament in the event of not returning to the old exchange rate."   

He added, "In the midst of these conflicting statements and in light of the state of uncertainty, the currency market is currently suffering from great confusion that has negatively impacted economic life and entered it into the tunnel of stagnation, as everyone is watching exchange rate developments and postponing their purchases and investments, and it seems that the situation will continue like this for several months until a law is approved." 2023 budget.      link

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Tishwash:  Central Bank Governor: We were keen to facilitate the procedures for opening the first branch of a private bank abroad

The Governor of the Central Bank, Mustafa Ghaleb, confirmed that the bank was keen to support the "Development Bank" and facilitate the procedures for opening the bank's branch in the Emirate of Dubai.

Ghaleb said in an interview with "Economy News", that the Development Bank "opened branches inside Iraq and spread in almost all governorates, and worked to provide international requirements and standards for launching to the regional region, and its first step was the UAE."

Ghalib added, "We were keen to support this bank and facilitate all procedures for it, and we communicated with the UAE Central Bank, who were keen with us to provide these requirements and complete the fundamental procedures to open this branch."

He continued, "We, as the management of the Central Bank of Iraq, were keen to attend the opening of this branch, as it is the first private sector bank to open a branch outside Iraq to strengthen economic relations between the two countries   link

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Tishwash:  Iraq's market turmoil: calls to change the price of the dinar are political bids

A Member of political parties called for raising the value of the local currency against the dollar and returning the Iraqi dinar to the price it was more than two years ago, while other parties called for a slight decrease in the dollar, which would lead to a structural change in the balance of the local market on the one hand, And relieve part of the suffering of the citizen.

The Central Bank of Iraq had earlier reduced the value of the local currency by raising the dollar exchange rate to 1450 dinars, after it was within 1200 dinars, in a move aimed at compensating for the decline in oil revenues, and Iraq's need for cash to cover expenses and salaries.

And the former Iraqi Prime Minister, Nuri al-Maliki, called for the need to reduce the dollar exchange rate to pay harm to the citizen and strengthen the national economy.
Al-Maliki said in a statement last week that decreasing the price of the dinar and not addressing the effects on the citizen causes a difficult economic and living crisis that must be addressed, noting that the government must address this file by developing a well-studied and integrated plan.

Al-Maliki suggested that the exchange rate be 1375 dinars instead of 1450 dinars per dollar, an alternative solution between the old price and the current price.

However, the current Iraqi Prime Minister, Muhammad Shia Al-Sudani, confirmed in his recent statements that the decision to change the exchange rate of the dinar against the dollar is exclusively the prerogative of the Central Bank, and the government is committed to implementing what he sees, after he had promised before taking office to return the exchange rate to the previous rate.

The position of the Central Bank
An official in the Central Bank of Iraq commented on Al-Maliki’s proposal to reduce the exchange rate of the dollar against the Iraqi dinar to 1375 dinars against the dollar, saying: The Central Bank does not intend to change the exchange rate of the dollar against the dinar, during the next stage at the near or long level And any manipulation of this price will have negative consequences on the Iraqi economic situation.

And the official, whose identity was not revealed to local newspapers, indicated that the Central Bank will keep the current exchange rate as it is without any manipulation, and this matter was resolved and the new government was informed of this decision, according to an economic vision that supports the Iraqi economy at the near and long level.
For his part, the Governor of the Central Bank, Mustafa Mikhaif, said earlier that the Central Bank has no intention to reduce or change the dollar exchange rate, stressing that his country is still in the early stages of reaping the positive effects of changing the exchange rate, and there are some negative indicators that it is working to address. during the coming period.

Economic warnings
As well, specialists in financial and economic affairs warned of the danger of changing the dollar's exchange rate against the dinar, because of the damages that greatly affect the national economy.

The researcher in economic affairs, Ali Awad, stressed that the frequent change of the exchange rate is one of the main motives for speculating on the currency and heading towards real and in-kind assets to preserve value, which increases the price of these assets at the expense of saving and investment in the productive sectors of the economy.

Awad stressed to Al-Araby Al-Jadeed that changing the exchange rate under political pressure may lose the central bank's independence, weaken the credibility of monetary policy and its role in achieving monetary and financial stability for the country, and is a negative indicator of investment and the international classification of the Iraqi economy.

The researcher added in the economic affairs, that changing the exchange rate of the dollar against the dinar, will lead to striking economic and financial stability and create winners and losers in the market, and may lead to a lack of confidence in foreign investment in the Iraqi economy, in addition to losing the confidence of companies and individuals in the banking system, which disrupts the movement of Deposits and loans are putting pressure on the Iraqi banking system.

He also continued, that decreasing the exchange rate of the dollar increases the burden of the internal public debt on the budget and the economy, and with the rise in global production costs and the doubling of transportation and insurance costs as a result of the Ukrainian-Russian war and the repercussions of the Corona pandemic that preceded it, all of this increases the reality of the rise in prices of imported goods and materials.

Awwad stressed the need to correct the economic situation, to reduce the inflation rate and confront unemployment and poverty, instead of suddenly changing the dollar's exchange rate against the dinar again, as it has very great economic and financial risks.

Political bidding
In turn, the Iraqi financial expert, Abdul Rahman Al-Sheikhly, said that the Central Bank is the only entity authorized to change the exchange rate in accordance with Article 16 of the Central Bank Law, which granted it to deal in dollars exclusively and determine the nature, form and mechanisms of exchange.

Al-Sheikhly indicated to Al-Araby Al-Jadeed that calls for changing the exchange rate are part of the political bidding at the expense of the simple citizen.

The Iraqi financial expert, Abdul Rahman Al-Sheikhly, said that the Central Bank is the only body authorized to change the exchange rate

The Iraqi financial expert stressed that there are practical and scientific steps that must be worked on and provided, in order to achieve an economic balance in Iraq before working on changing the exchange rate, foremost of which is the development of Iraqi industries, and work to export some Iraqi products to bring in the largest amount of hard currencies at cheap prices.

Al-Sheikhly added that among the factors that must be available, is to find outlets to finance the budget outside the oil rent, by controlling the border crossings and limiting the rampant corruption in those outlets, as well as using the automation of tax and customs fulfillment with professionalism and modern means, and a return to the control system. To import through the Ministry of Planning to determine the materials allowed to be imported from outside the country, and to support and protect the local industry.

Al-Sheikhly stressed the importance of reducing government spending and establishing a base to reduce waste and flight of funds abroad, limiting dealing in the local currency, and that the central bank reserves of the dinar with hard currencies and gold, and the government’s support for citizens by increasing the number of beneficiaries of the social welfare system and raising the percentage of salaries, at least equal to They were not affected by the reduction, which is more than 22 percent of the purchasing power of the dinar.  link

This Display Hangs in the National Veterans......

Mot:  I Fought For You ~~~   https://www.youtube.com/watch?v=AgYLr_LfhLo

More Iraqi News Highlights Thursday Evening 11-10-22

More Iraqi News Highlights Thursday Evening 11-10-22

Tlm724 Administrator Bondlady’s Corner

How Will The Government Be Able To Recover Money Smuggled Abroad

Preparation: affirmations.. Compulsory conscription will not be introduced next year amid warnings of corruption    Today 08:57

Information / Baghdad...Legal expert Ali Al-Tamimi explained the legal ways through which the government of Mohammed Shia al-Sudani can recover smuggled and looted funds outside the country.

"The best international move to recover the money smuggled abroad, which is estimated at 500 billion US dollars, is through the money laundering agreement of 2003, signed by Iraq in 2007 with the help of these countries, as well as in accordance with the Baghdad-Washington agreement in accordance with Article 28 of the 2008 agreement," Al-Tamimi told Al-maalouma.

He added that  "Iraq has the right to recover its funds in accordance with Article 50 of the UN Charter, which confirms the right of countries fighting organizations placed under Chapter VII of the UN Charter to request the assistance of the United Nations and Iraq was fighting the terrorist ISIS placed under Chapter VII under resolution 2170 of 2014".  He pointed out that

"some countries, including the mentioned ones, have a lot of smuggled funds and are also wanted for the judiciary, and   they can help Iraq recover its smuggled funds, as

the US Federal Bank contains 65 billion frozen dollars belonging to the former regime and Iraq can claim them, according to the above agreement for 2008"

https://almaalomah.me/news/politics/كيف-ستتمكن-الحكومة-من-استعادة-الأموال-المهربة-للخارج

An Economist Outlines Steps To Fight Inflation In Iraq

Today 18:08   Information/private..  Economist Abdul Rahman al-Mashhadani, on Thursday, outlined the steps through which to address the inflation facing Iraq now, adding that

the rise in food contributed to raising inflation rates.

"There are three steps through which inflation rates that are happening now can be controlled, including

reducing fuel prices for citizens and sectors that use it, such as generators,"al-Mashhadani said in an interview with Al-Malouma.  He added that

"the corruption deals made by some political parties contributed significantly to raising inflation rates by manipulating the real estate market at double prices than they were, "pointing out that

"the reason for the rise in the real estate market is money laundering for fear of confiscation".

"The new government should work to improve the vocabulary of the ration card in order to reduce its commercial prices in the markets," he added.

It is noteworthy that the high inflation rates have negative effects on the Iraqi economy

and may lead to a major economic recession if the responsible authorities such as the government and the central bank do not hurry to adopt support plans that lead to breaking the pattern of rising inflation and trying to turn it into a downward pattern.

https://almaalomah.me/news/economy/اقتصادي-يحدد-خطوات-محاربة-التضخم-في-العراق

"If She Wants To Succeed," He Said.. Parliamentary Economy: Sudanese Government Should Focus On Service Sectors

Today 16:13  Information/private..  A member of the parliamentary investment and economy committee, Hussein al-saabri, said on Thursday that the financial abundance that

Iraq now has will be the reason for the success of the new government if it is exploited properly, while Al-Sudani demanded to focus on service areas.

"The financial abundance that the government of Mohammed Shiaa al-Sudani has is one of the reasons for its success if it is exploited properly," Al-saabri said in an interview with Al-Malouma, stressing that

"the situation now needs to build infrastructure and activate service projects that citizens need in the current situation.

"The Sudanese government is required to focus on the health, education, agriculture and investment sectors in order to reach a high percentage of the implementation of the government program," he added.

He continued,  "the government's platform for the Sudanese included identifying the problems faced by the private sector and investment in order to use them as a source of non-oil budget replenishment".

The leader of the state of Law Coalition, Wael Al-Rikabi, had said in a previous statement to Al-Malouma that  "despite the financial abundance that Iraq is going through now, the previous government did not work to exploit it in the establishment of service projects, infrastructure, job creation or the private sector, according to".   https://almaalomah.me/news/economy/ان-ارادت-النجاح-الاقتصاد-النيابية:-على-حكومة-السوداني-التركي

The Governor Of The Central Bank Of Iraq Participates In The Autumn Conference Of The Iraqi-British Business Council In Dubai

November 10, 2022   His Excellency the governor of the Central Bank of Iraq, Mr. Mustafa Ghalib mukheef, participated in the autumn conference of the Iraqi-British Business Council, which opens its work on Thursday in the United Arab Emirates/ Dubai.

His Excellency said that the efforts exerted by the countries in creating industrial and agricultural development, providing job opportunities and development cannot be achieved without the banking sector responding to the aspirations and expectations of investors and those working in the economic sector.

He added:  money is the lifeblood and the means of development, development and prosperity.

We believe that our banking sector has become qualified to play the roles that everyone aspires to.

His Excellency praised the efforts of the organizers of the conference and the welcoming of the brothers in the UAE.  Central Bank of Iraq   Media office   2022/11/10      https://cbi.iq/news/view/2124  

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

 https://www.bondladyscorner.com/

MilitiaMan Thursday PM "Timing is Perfect-IMO" 11-10-2022

KTFA:

MilitiaMan:  The agreements they have apparently nothing new. (See article below) The part about the delegation from the Democratic Part to Bahgdad to see the the mechanism for implementing the government program and full filling promises has my attention.

The citizens have been promised purchasing power. Not to mention infrastructure build out, etc.. Well that take a mechanism to do so.

The Kurds are interested in the investment side of the 2022 budget, as is the Oil and Gas Law.  I am not sure of what day they are to arrive, however, there is little time left to the estimated time frame they told us about getting the 2022 budget data for the purpose of the 2023 Budget Draft to Parliament and Council of Ministers..

 They told us within two weeks from 11/05/2022.. Not on, but, on or before.. imo ~ MM

A leader reveals the agenda of the Kurdish political delegation that will visit Baghdad

11/09/2022 19:47:27

The leader of the Kurdistan Democratic Party, Wafa Muhammad Karim, revealed Wednesday, the agenda of the Kurdish political delegation that will visit Baghdad.

 Karim told Al-Furat News that: "There is a visit by a political delegation from the Democratic Party to Baghdad to see the mechanism for implementing the government program and fulfilling the promises made by Prime Minister Muhammad Shaaa Al-Sudani."

He referred to "promises that include political agreements, resolving disputes for the disputed areas, and resolving the oil and gas law file."

Karim added, "The political delegation will discuss a number of issues and points that were agreed upon before."  LINK

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MilitiaMan:  The CBI opening a bank internationally with confidence is obviously a mile stone for the bank. An international move that is likely a sign of things to come.. Timing is perfect. imo ~ MM

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The Governor of the Central Bank of Iraq inaugurates a branch of the International Development Bank in Dubai

10th November, 2022

His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mokhif, inaugurated today, Wednesday, the branch of the International Development Bank in the United Arab Emirates / Dubai.

His Excellency said: We feel happy and proud when we see one of our banks occupy a position within the UAE banking sector after obtaining the confidence of the Central Bank of the United Arab Emirates, which is an important event on which we build our hopes for the participation of our banks with this vibrant sector in the sisterly country.

His Excellency wished the bank, its management and employees continued progress and payment.

Central Bank of Iraq Media Office
9/11/2022   LINK

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The Governor of the Central Bank inaugurates the branch of the International Development Bank in Dubai

9th November, 2022

Wednesday, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhif, inaugurated the branch of the International Development Bank in the United Arab Emirates/Dubai

We feel happy and proud when we see one of our banks occupying a position within the UAE banking sector after obtaining the confidence of the Central Bank of the UAE," Makheif said in a statement on the sidelines of the        opening             

He considered that "the event is important, on which we build hopes that our banks will participate with this vibrant sector in the sister country

He wished the bank, its management and employees continued progress and payment  LINK

Central Bank Governor: The current dollar price will be established for years and there is no intention to change it in any way

10/11/2022 11:02:17

  The Governor of the Central Bank of Iraq, Mustafa Ghaleb, announced that the current dollar exchange rate in the country will "be established for years to come."

"We do not intend in any way to prejudice the current exchange rate of the US dollar against the Iraqi dinar," Makheif said in a press statement. He added that "the current price will be fixed for many more years to come."

Prime Minister Muhammad Shiaa al-Sudani said in a press conference on the first of this month that: "The decision to change the exchange rate in the past was not accompanied by protection measures for poor, medium and low-income orders, and this exacerbated the problem and its negative repercussions on citizens."

But he stressed that "this government is committed to implementing laws, as well as to the law of the Central Bank, which authorizes this institution to formulate monetary policy, and the decisions and policies that the Central Bank deems necessary. We will maintain and support the independence of the Bank, as it is the only party concerned with the issue of the exchange rate."  LINK

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"The exchange rate is proven for years" .. Central Bank Governor: politicians' statements will not affect our decisions

10th November, 2022

Today, Thursday, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, confirmed that the current price of the dollar will be established for other years to come, and politicians' statements will not affect the bank's decisions

In a statement on the sidelines of his participation in the IBBC Conference for the Development of Economic and Trade Relations and Investments, held in Dubai, Makheif denied that "the bank has an intention to change the current exchange rate of the dollar against the Iraqi dinar

He stressed that “the current price of the dollar will be established for other years to come,” noting that “the statements of government officials, politicians and representatives will not affect the decisions of the Central Bank of Iraq in this regard LINK

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 MilitiaMan:  It is in my view that the CB has already made the appropriate calculations to the 2022 budget in the recent past, therefore, the rate has been adjusted and not the same, but different, and it has not been announced just yet.

 I recall a comment (paraphrased) by PM Kahdimi when in the dome during a sit in telling the citizens there was a rate change and it is coming.. It had a calming effect.

There are articles (snippets below) that support that this is the case. So, the CBI cleverly tells us they are to fix the exchange rate and it will be fixed for years, while suggesting they do not intend in anyway to prejudice the current exchange rate of the US Dollar (bring harm) against the Iraqi Dinar.

 Well that may still hold true in whereas they have appear to have adjusted the exchange rate already within the 2022 investment side of the budget that is yet to be exposed.

Hence, the Kurds are bringing a delegation to see the mechanism that will facilitate the Oil and Gas Law among other government agreements.

So in essence the CBI is telling us in my view that they have already changed the exchange rate and then they are going to fix the exchange rate and it will be fixed for years to come.

 We need them to do it and tell us. I look for the exposure of the 2022 / EFSL after the Kurds meet here shortly and prior to the delivery of the reconciled 2022 budget that is expected to be given to the Parliament and COM on or prior to 11/19/2022 per article # 67. 11/05/2022.

All of this is in ink and supported.. jimo.. ~ MM

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""The Ministry of Planning informed the Ministry of Finance that it will start preparing the budget for the next year," noting that "the 2022 budget that was prepared previously will be changed and amendments will be made to it for many considerations, including changing the situation and the government,""

, "We are currently working in detail, as we communicate with the Ministry of Finance on the details that pertain to the common sides, whether as investment budget items or as loans," noting that "the budget ceilings have not been determined so far.""

"Parliamentary Finance sets the date for the arrival of the budget and its details 5th November, 2022 A member of the Parliamentary Finance Committee, Jamal Kougar, suggested, on Saturday, that the draft budget law will arrive within the next two weeks, indicating that the draft will be different from the laws presented for several reasons.

 In a statement to Al-Maalouma, Cougar said, "The draft budget is ready and needs additional details to be in harmony with the current government's program and plans."

 He added, "The project is in two parts, including operational, and it is known, and the numbers cannot be tampered with too much, as they pertain to the salaries and allocations of employees and the investment section. Projects, services and job grades can be added according to the government's need."

Cougar pointed out that "the budget will be different due to the presence of the Minister of Finance, Taif Sami, who is the most experienced in managing and implementing the budget at the head of the ministry, as well as Muhammad Shia'a Al-Sudani's ambition to establish service projects."" Post #67 11/05/2022