KTFA Members "Iraq and Vietnam News and Views: 1-4-2023
KTFA:
1/04/2023
Baghdad - Conscious - Nassar Al-Haj
Today, Wednesday, the Ministry of Commerce detailed its plan to complete the requirements for Iraq's accession to the World Trade Organization.
The media center in the ministry stated, to the Iraqi News Agency (INA), that "the committee concerned with Iraq's accession to the World Trade Organization, headed by the Minister of Commerce and membership of representatives of ministries and agencies, as well as representatives from the private sector, is working to complete the requirements for Iraq's accession to the organization."
KTFA:
Clare: Government movement to complete the requirements for Iraq's accession to the World Trade Organization
1/04/2023
Baghdad - Conscious - Nassar Al-Haj
Today, Wednesday, the Ministry of Commerce detailed its plan to complete the requirements for Iraq's accession to the World Trade Organization.
The media center in the ministry stated, to the Iraqi News Agency (INA), that "the committee concerned with Iraq's accession to the World Trade Organization, headed by the Minister of Commerce and membership of representatives of ministries and agencies, as well as representatives from the private sector, is working to complete the requirements for Iraq's accession to the organization."
He explained, "The ministry's plan during the current year includes completing technical accession files in terms of goods, services and intellectual property, in addition to harmonizing legislation and laws with the agreements of the multilateral organization."
He pointed out that "the plan includes holding official meetings in the organization in Geneva, and that there be high coordination
With the member states that carry economic weight in the organization to mobilize support and speed up accession procedures and make Iraq an active member and partner in making economic decisions and drawing trade policies that enhance Iraq's integration into the global economy.
He pointed out that "the Minister of Trade confirmed - within the prepared plan - the preparation of the Iraqi negotiating team, which will engage in negotiating rounds with the member states of the organization by strengthening the negotiating capabilities of the members and benefiting from the experiences of the countries." LINK
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Mustangroper: Is Vietnam a member of WTO??
Paulette: IMO......Yes......So???? Many try to compare Vietnam and Iraq when evaluating the currency. Most of these comparisons are flawed:
".......Vietnam has a very low rate and their economy is one of the fastest growing......"
This is a totally irrelevant comparison. The rate is not the issue. The issue is IMF Article 8 Compliance. This allows Freedom of Movement of capital in and out of the country. Vietnam has been officially acknowledged to be Article 8 compliant, Iraq has not.
Additionally, the CBI has clearly stated their intent to implement the "Delete the Zeros" project. Vietnam has not made any such claims.
Bottom line, comparing Iraq and Vietnam due to their low currency value is like comparing Apples to Oranges....
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Henig: Al-Sudani calls, through Shafaq News, for "international cooperation" to recover the looted Iraqi funds
2023-01-03
The Prime Minister, Muhammad Shia'a Al-Sudani stressed, on Tuesday, the need for international cooperation with Iraq to recover the money looted through corruption files over the past years.
Al-Sudani answered a question by Shafaq News agency reporter, during the weekly press conference, about the file of recovering smuggled funds, most notably the "theft of the century" money, and whether there is coordination with the International Monetary Fund, the US Federal Bank, the Paris Club and the International Police, "This is a very important aspect, the recovery of Iraqi funds It needs follow-up, international relations and communication, and Iraq is a member of many international agreements in this regard.
He added, "Today, the National Assessment Report for the Risks of Money Laundering and Terrorist Financing for the Republic of Iraq was presented, and this report was presented by the head of the concerned authority, and it was discussed, and part of it, the recovery of corruption funds, and the Council of Ministers approved the decision."
Al-Sudani affirmed, "There are obligations on the member states of the agreements, and Iraq is serious about activating these agreements in terms of the commitment of the international institutions and the state committed to these agreements, its commitment to hand over the wanted persons and the stolen money, and we believe that this is the right legal context to restore the confidence of the Iraqi people in the government's measures in the field of combating corruption." ".LINK
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Clare: New movements in the budget file after a period of stagnation
1/04/2023
The street is waiting, moment by moment, to vote on the country's draft general budget law in order to proceed with many stalled matters, most notably service projects. Responsible sources confirmed that the budget is just around the corner from being sent to Parliament.
New movements are taking place in the budget file after a long stagnation, most notably the Ministerial Council’s discussion of the draft law, which will focus on developing the economy and services in various sectors in order to achieve the basic points included in the ministerial curriculum, in addition to other strategic axes such as health, education, industry, agriculture and all aspects of service, not to mention About those related to investment plans and spending chapters.
And on the negotiations revealed members bKurdistan Democratic PartyOn the semi-agreement between the central government and the region about the share of the Kurdish component, which will reach fourteen percent during the delegation's recent visit to the capital.
As for the members of the Parliamentary Finance Committee, they confirmed that the budget for the year two thousand and twenty-three will be the same as its predecessors, ruling out any real change to the draft project that is scheduled to be voted on by the federal government and sent to Parliament for approval within days, indicating thatMinistry of FinanceI calculated the price of a barrel of oil at sixty-five dollars, and that the total amount of the law may exceed one hundred and forty trillion dinars.
The Minister of Finance had previously announced that the budget would focus primarily on the health sector, support for vulnerable classes, social care and people with disabilities, and raising the loan capital ceiling for small projects in the Ministry of Labor. LINK
Henig: Parliamentary Economy reviews the "negatives" of delaying budget approval
Economy News - Baghdad
The Parliamentary Committee on Economy, Industry and Trade clarified, on Wednesday, the negative effects of the delay in approving the federal budget.
"The laws and alternative solutions to the federal budget are temporary solutions and remedies for the conduct of economic life in Iraq, such as the Financial Management Law and its other applications or the Emergency Support for Food Security and Development Law," committee member Sardial-Mahyawi told the official news agency.
Al-Mihyawy added, "One of the most important negatives and effects of the delay in approving the budget is disrupting the approval of new and suspended government investment projects from previous years, which leads to a delay in economic growth or urban development and thus the clear negative impact on the life and livelihood of the Iraqi individual, and that extends to the coming years." Due to the accumulation of unfinished projects and the delay in their implementation.
He urged all political blocs to "accelerate the approval of the federal budget, and the need to include important projects that serve society and the country in General LINK
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Henig: MP: The budget will be sent to parliament at the beginning of the new legislative term
Baghdad / NINA / - The MP of Al-Sadiqun Parliamentary Bloc, Rafik Al-Salihi, suggested, on Wednesday, that the budget will be sent to the House of Representatives at the beginning of the legislative session that will begin on the eighth of this month, indicating: "The committees that were formed to resolve differences with the budget articles worked diligently and seriously."
Al-Salihi said in a statement reported by the bloc's website: "The government is determined to complete the draft budget law and send it to parliament at the beginning of the second legislative term, which will start on the eighth of this month," suggesting that "it will arrive in the first week after holding the first session of the next term."
He added, "The committees specialized in resolving disputes with budget articles worked diligently and seriously in order to complete the draft budget law before the end of the first legislative term of the House of Representatives."
Prime Minister Muhammad al-Sudani confirmed in a press conference, yesterday, Tuesday, that the government did not rush to send the budget to the House of Representatives, and took advantage of the legislative recess to conduct reviews of the budget sections and pressure unnecessary expenditures.
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Henig: Rosy prospects for Vietnam-Argentina trade
06:00 | 04/01/2023
(VEN) - Commercial ties between Vietnam and Argentina are expected to expand in 2023. Ahead of the New Year, Argentine Ambassador to Vietnam Luis Pablo Mara Beltramino spoke with Vietnam Economic News’ Hoa Quynh and Thu Trang.
Could you tell us how Vietnam-Argentina trade has developed in recent years?
Argentine exports to Vietnam have grown 600 percent during the past decade, whereas Vietnamese exports to Argentina have increased 700 percent. In 2021, Argentina's sixth largest trading relationship is Vietnam, while Vietnam's third largest commercial partner in Latin America is Argentina.
Argentina exports to Vietnam products that supplies Vietnam's production chains. These goods are then shipped to other countries all over the world.
It can be said that Vietnam and Argentina are strategic trade partners in agricultural products. Vietnam, for its part, exports to Argentina consumer goods such as electronics and mobile phones to equip Argentina's communications and electronic telecommunications system.
How do you rate the prospects of economic and trade cooperation between Vietnam and Argentina in 2023?
We are confident that Argentina-Vietnam trade relationship will continue to steadily grow, particularly in the agribusiness sector. Furthermore, we maintain cooperative relationships with Vietnam in the following areas: technical assistance related to agricultural technology innovation, such as technologies to increase rice productivity, improve soybean production, and control foot-and-mouth disease in livestock in Vietnam.
There are numerous areas of cooperation that the two countries can implement next year to commemorate the 50th anniversary of bilateral diplomatic relations, including cultural cooperation with Argentine artists performing in Vietnam. In addition, photo exhibitions will be held as well as collaboration with the National Library of Vietnam.
What programs and activities will the Argentine Embassy in Vietnam implement in 2023 to promote bilateral economic and trade cooperation?
As usual, we will continue to organize trade promotion programs and activities in Vietnam, including a trade delegation from Argentina to meet with potential partners for export or joint venture opportunities. In addition, we will host a number of events to promote well-known Argentine products such as meat, wine, and Yerba Mate tea. This year marked the inaugural export of Argentine lemons to Vietnam.
In addition, we continue to engage in commercial activities, which are essential promotional activities for products traded in Vietnam, so that Vietnamese consumers are aware of our products. On the basis of the government's partnership for business cooperation, we will attempt to connect the businesses of both nations, thereby contributing to the growth of bilateral trade and bringing benefits to the people of both nations.
On the occasion of the 50th anniversary of bilateral diplomatic relations, we are coordinating with the Vietnamese to implement a cultural cooperation program in 2023. We will organize cultural promotion activities in Vietnam, and the Vietnamese Embassy in Argentina will do the same. Specifically, we will produce stamps and publications commemorating the 50th anniversary of bilateral diplomatic relations. Thus, it can be stated that 2023 will be a year filled with numerous cultural events.
According to the Ministry of Industry and Trade, Vietnam's exports to Argentina in the first 10 months of 2022 totaled US$756.6 million, an increase of 8.2 percent over the same period in 2021, while imports reached US$3.44 billion, a 12 percent rise.
Hoa Quynh & Thu Trang LINK
Iraqi News Highlights Wednesday Afternoon 1-4-23
Iraqi News Highlights Wednesday Afternoon 1-4-23
Tlm724 Administrator Bondlady’s Corner
New Demonstration In Front Of The Central Bank To Demand A Reduction In The Currency Exchange Rate
Wednesday 04 January 2023 14:59 | Economical Number of readings: 289 Baghdad / NINA /- Hundreds of activists and representatives of civil organizations demonstrated today, Wednesday, in front of the Central Bank of Iraq building in the Hafez Al-Qadi area, demanding a reduction in the currency exchange rate against the dinar and activating deterrent legal measures to control banking transactions./
Iraqi News Highlights Wednesday Afternoon 1-4-23
Tlm724 Administrator Bondlady’s Corner
New Demonstration In Front Of The Central Bank To Demand A Reduction In The Currency Exchange Rate
Wednesday 04 January 2023 14:59 | Economical Number of readings: 289 Baghdad / NINA /- Hundreds of activists and representatives of civil organizations demonstrated today, Wednesday, in front of the Central Bank of Iraq building in the Hafez Al-Qadi area, demanding a reduction in the currency exchange rate against the dinar and activating deterrent legal measures to control banking transactions./
Parliamentary Finance Reveals To Nina The Reasons For The Delay In The Budget, The Features Of Its Paragraphs, And The Date For Its Approval In Parliament
Wednesday 04 January 2023 09:17 | Economical Number of readings: 574 Baghdad / NINA / - A member of the Parliamentary Finance Committee, Jamal Cougar, revealed the reasons for the delay in the budget, the features of its paragraphs, and the date for its approval in Parliament.
Cougar said in a statement to the National Iraqi News Agency ( NINA ) that the delay in sending the budget is due to several reasons, including that the government was formed late, and also the government was planning for the price of a barrel of oil to be above $70 per barrel, but the drop in oil prices re-examined the price of a barrel again.
And also the differences between the federal government and the Kurdistan region, as well as the differences between the blocs of the State Administration coalition.
He explained, "It is likely that the budget will be approved in February, given that after the legislative recess, it will be sent from the government to the House of Representatives, and it needs at least 20 days to read it, study it, and then approve it."
Cougar suggested to the government that the price of a barrel of oil be precautionary (65-70), to be able to provide services to citizens and complete projects, given that without services it will affect the social reality of the country.
And he stressed that even if oil prices decline in the future, we have a financial surplus and excellent bank reserves that we can go to. https://ninanews.com/Website/News/Details?Key=1024243
Iraq Achieves The Highest Purchase Rate Of US Bonds In 10 Years
Wednesday 04 January 2023 13:38 | Economical Number of readings: 226 Baghdad / NINA / - The US Treasury announced today, Wednesday, that Iraq achieved the largest purchase of its bonds during the month of October of 2022, in more than 10 years, to be one of the largest foreign holders.
And the treasury said in its latest schedule, “Iraq achieved, during the month of October of 2022, the largest purchase of US Treasury bonds, at $38 billion,” noting that “the value of these bonds increased by 86% over the value of the bonds for the year 2021 and increased by 76%.” compared to 2020, and increased by 16% compared to 2019.
And she added, "Iraq's highest possession of US Treasury bonds was in 2012, when the value of bonds in that year reached $48.3 billion, after which it decreased by 29% in 2011."
She pointed out that "Iraq was the fourth largest Arab country in terms of the value of bonds after Saudi Arabia, Kuwait and the UAE, while Japan came on top of the countries with the largest value of these bonds, followed by China second and the United Kingdom third."/ End
Government Movement To Complete The Requirements For Iraq's Accession To The World Trade Organization
Money and business Economy News – Baghdad On Wednesday, the Ministry of Commerce detailed its plan to complete the requirements for Iraq's accession to the World Trade Organization.
The media center in the ministry stated to the official news agency, "The committee concerned with Iraq's accession to the World Trade Organization, headed by the Minister of Commerce and membership of representatives of ministries and agencies as well as representatives from the private sector, is working to complete the requirements for Iraq's accession to the organization."
He explained, "The ministry's plan during the current year includes completing technical accession files in terms of goods, services and intellectual property, in addition to harmonizing legislation and laws with the agreements of the multilateral organization."
He pointed out that "the plan includes holding official meetings in the organization in Geneva, and that there be high coordination with member states that carry economic weight in the organization to mobilize support and accelerate accession procedures and make Iraq an active member and partner in making economic decisions and drawing trade policies that enhance Iraq's integration into the International Economy".
He pointed out that "the Minister of Trade confirmed - within the prepared plan - the preparation of the Iraqi negotiating team, which will engage in negotiating rounds with the member states of the organization by strengthening the negotiating capabilities of the members and benefiting from the experiences of the countries." Views 138 Added 01/04/2023 - 3:56 PM Updated 01/04/2023 - 7:12 PM
https://economy-news.net/content.php?id=31703
Details Of The Central Bank Governor's Meeting With A Number Of Young People Regarding The Exchange Rate Of The Dollar
Money and business Economy News – Baghdad The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, met today, Wednesday, with a number of young people "who call for controlling the exchange rate of the dollar."
Makhaif explained, according to a statement to the Central Bank's media, "the measures taken by the Central Bank in dealing with mechanisms for financing foreign trade, creating the electronic platform for transferring funds for these purposes, and correcting the course of financial and commercial work."
He reviewed the Central Bank's procedures for delivering foreign currency to those wishing to travel, and the challenges facing the monetary authority and the procedures adopted to activate supervision of the banking sector.
The statement added, "The guests showed understanding of these procedures and supported the importance of regulating trade and avoiding inaccurate documents."
Views 206 Added 01/04/2023 - 5:40 PM Updated 01/04/2023 - 7:10 PM
The Dollar Jumps To 156 Thousand Dinars In The Iraqi Market
Economie| 09:45 - 04/01/2023 Baghdad - Mawazine News The exchange rates of the dollar rose today, Wednesday, on the local stock exchange. Selling price: 156,000 dinars per 100 dollars Buying price: 155,500 dinars per 100 dollars https://www.mawazin.net/Details.aspx?jimare=215830
The Central Bank Issues Directives To Banks Regarding The Collection Of Customs Duties And Tax Amounts
Economie| 09:40 - 04/01/2023 Baghdad - Mawazine News The Central Bank issued, on Wednesday, a directive to all banks regarding the collection of customs duties and tax amounts.
And a statement by the Central Bank stated, “Based on what was stated in Cabinet Resolution No. (315) for the year 2022, which includes not working with the mechanism for collecting customs tax deposits in advance stipulated in Article 16 / Fourth of the Federal General Budget Law for the fiscal year 2021, due to the end of work.” With the end of the aforementioned fiscal year, it was decided to cancel work on paragraph (1/Third) of the foreign currency sale controls for the year 2021, and not to send the data of the participants in the electronic platform for financial transfers to the tax and customs departments.
He pointed out that "the General Authority for Taxes and the General Authority for Customs will pay their due dirhams in accordance with their laws and instructions for organizing their work by collecting the fees received from Iraq at the border crossings." Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=215829
Integrity: A Summons Order Was Issued Against The Current Minister Of Justice
Political | 02:48 - 04/01/2023 Baghdad - Mawazine News The Federal Integrity Commission announced, on Wednesday, the issuance of a recruitment order against the current Minister of Justice and the Director of Security Permits in the Ministry. for abusing the power of their positions.
The Investigation Department stated, "The decision was issued by the second Karkh Court, which is specialized in examining integrity cases, for their role in obstructing the implementation of the court's investigation judge's decision in the case related to the file of feeding prisoners and detainees, and refraining from providing the Integrity Commission team with the required documents."
The department stated, in a statement received by Mawazine News, that "the aforementioned court issued a recruitment order, based on the provisions of Article (329) of the Iraqi Penal Code No. (111 of 1969)." Ended https://www.mawazin.net/Details.aspx?jimare=215859
The Head Of The Ports Authority Directs To Double The Electronic Audit
Political | 03:34 - 04/01/2023 Baghdad - Mawazine News , the head of the Border Crossings Authority, Omar Adnan Al-Waeli, directed, on Wednesday, to double the electronic audit and make the current year free of negative phenomena.
The authority said in a statement that Mawazine News received a copy of it, that "Al-Waeli held an important meeting in the Umm Qasr Al-Shamali Port Directorate, in the presence of the Director General of the General Company for Iraqi Ports, Farhan Muhaisen Al-Fartousi, in addition to all the departments operating in the sea port, represented by the customs centers and security services, as well as the ports.
Al-Waeli stressed "the necessity of concerted efforts to confront the scourge of smuggling in all its forms by intensifying detection, examination and auditing of all trucks, containers and wheels, large and small, to prevent the passage of any smuggled or prohibited materials of any kind."
He pointed to "the importance of making the year 2023 a year devoid of all negative manifestations that were diagnosed in the previous year," urging "those gathered to reconsider all procedures and not allow any violation to pass in order to raise the level of work."
He pointed to "the importance of activating and doubling electronic auditing and taking more serious steps to preserve public money."
While the Director General of Iraq's ports stressed, according to the statement, "the necessity of coordination and exchange of information between the port directorates and operating departments," expressing his readiness "to provide full support to the working departments to enable them to perform their tasks, especially with regard to the work of sonar devices and their importance in combating smuggling."
And he stressed that "a sonar device will be installed in a qualitative place to monitor the contents of trucks and containers." https://www.mawazin.net/Details.aspx?jimare=215867
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Wednesday Morning Iraq Economic News Highlights 1-4-22
Wednesday Morning Iraq Economic News Highlights 1-4-22
Once Again.. The Rise In The Exchange Rates Of The Dollar In The Iraqi Markets Today
Economie 01-04-2023 | 01:44 6,887 views Alsumaria News – Economy The exchange rates of the dollar rose today, Wednesday, on the local stock exchange. The selling price of the dollar was recorded at 156,000 dinars per 100 dollars, while the buying price of the dollar was 155,500 dinars per 100 dollars. It is noteworthy that, on December 19, 2020, the Central Bank of Iraq officially announced the adjustment of the exchange rate of the US dollar to be 145 thousand dinars for every 100 dollars, according to the state’s general budget for the year 2021 approved by Parliament.
Wednesday Morning Iraq Economic News Highlights 1-4-22
Once Again.. The Rise In The Exchange Rates Of The Dollar In The Iraqi Markets Today
Economie 01-04-2023 | 01:44 6,887 views Alsumaria News – Economy The exchange rates of the dollar rose today, Wednesday, on the local stock exchange. The selling price of the dollar was recorded at 156,000 dinars per 100 dollars, while the buying price of the dollar was 155,500 dinars per 100 dollars. It is noteworthy that, on December 19, 2020, the Central Bank of Iraq officially announced the adjustment of the exchange rate of the US dollar to be 145 thousand dinars for every 100 dollars, according to the state’s general budget for the year 2021 approved by Parliament. LINK
The Central Bank Of Iraq's Dollar Cash Sales Rise About Four Times As Much As Foreign Remittances
2023-01-04 04:03 Shafaq News/ The Central Bank's sales of dollars increased in an auction today, Wednesday, to more than 84 million dollars, with the participation of 21 banks.
Shafaq News agency reporter stated, "The Central Bank sold today, during its auction for buying and selling the US dollar, 108 million 478 thousand and 625 dollars, which the bank covered at a basic exchange rate of 1460 dinars per dollar.
Our correspondent added that cash sales increased significantly to reach 84,900,000 dollars, while the rest of 23,578,625 dollars went to reinforce balances abroad in the form of (remittances, credits).
Our correspondent indicated that the number of banks that bought the cash dollar amounted to 14, while the number of banks that responded to requests to strengthen balances abroad reached 9, while the total number of exchange and mediation companies participating in the auction was 230 companies.
The Iraqi Dinar Fell By 14%.. Monitoring The Decline Of Middle Eastern Currencies
Economy |Yesterday, 15:56 | Baghdad Today - Follow-up Today, Tuesday, the Saudi newspaper, Al-Sharq Al-Awsat, wrote a report on the collapse of monetary currencies in the countries of the region.
The newspaper, and its follow-up (Baghdad Today), stated that “at a time when the year 2022 witnessed an unprecedented decline in the exchange rates of a number of national currencies in some Middle Eastern countries, most notably Egypt, Turkey, Sudan and Iraq, the exchange rates of the region's currencies experienced a state of erosion of their value compared to the US dollar, while some of them witnessed very sharp turbulent declines, as is the case of the Iranian rial and the Lebanese pound.
And she continued, "Despite the diversity of the reasons that led to these declines, between political and economic, and the monetary policy of central banks, they agree on several factors that led to these declines, most notably the continuous rise in the interest rate At an accelerated pace, the rise in inflation rates, as well as political tensions, in addition to market speculation.
Black markets, market manipulation, smuggling and the fragility of economies also contributed to the shaky landscape.
According to its report, the newspaper monitored the reality of the most prominent currencies in the region during the year, accompanied by an analytical reading of what happened:
- Half Of The Value
The region's currencies have significantly decreased in value, as the Egyptian pound has lost against the US dollar since the beginning of the year by 58 percent, and by a similar rate, the Turkish lira fell against the dollar By 41 percent,
The Iraqi dinar also recorded a decline against the dollar with a high fluctuation rate of 14 percent, while the exchange rate of the Iranian Riyal witnessed severe swelling at the end of this year, with it declining greatly before returning to stability with a slight loss of 0.61 percent, and the Sudanese pound recorded during 2022, it decreased against the dollar by more than 30 percent, while the Lebanese pound was blown by the winds of price decline due to the black market, which plunged in value by less than a third of the official price.
Speculation And Smuggling
In addition to the fragility of the economies in the region, the escalation of global interest rates is accompanied by local factors that put pressure on the price of national currencies, as the factor of speculation as well as the smuggling of hard currency appears in the scene of the turbulence of national currencies in the region.
And the Central Bank of Lebanon continued to raise the exchange rate of the exchange platform against the US dollar, to reach last week to 38 thousand Lebanese pounds per dollar, from 31.2 thousand pounds, justifying this by controlling the exchange rate of the dollar in the parallel market, which rose during the holidays due to speculation and smuggling operations. The dollar is off limits.
The Governor of the Banque du Liban, Riad Salameh, confirmed, in a statement, that the depreciation of the Lebanese pound in the parallel market during the festive period is due to speculation and the smuggling of dollars outside the country.
He pointed out that this rise caused inflation in the markets, which harmed the Lebanese citizen, since prices in Lebanon are linked to the exchange rate of the dollar. Limits in numbers that they apply to all Lebanese banks to pass these operations. This is until further notice.
In the past days, the exchange rate of the dollar in the parallel market (the black market) exceeded 47,000 pounds per dollar, and it declined again later quickly, reaching the limits of 43,000 pounds.
- International Procedures
On the other hand, some international measures and the political factor in some countries in the region have contributed to disturbing the behavior of national currencies, as the currency markets in Iraq have witnessed, since the beginning of the year, a disturbing, fluctuating decline in the value of the local dinar, especially after the new measures imposed by the US Federal Bank on its Iraqi counterpart.
Control conditions, at the beginning of this month, which prevented money transfers and sales of dollars in favor of banks and companies accused of money laundering for the benefit of armed parties.
The prevention of these banks from dealing in US dollars caused a scarcity of hard currency supply in the market, so that its exchange rate jumped to more than 158 thousand dinars, amid expectations that it would reach the barrier of 160 thousand soon. To reduce the amount of dollars from 250 million to about 50 million per day, in just one month.
And Iraqi sources indicated that Iraqi banks were unable during the past two weeks to adapt to the American conditions for buying dollars related to money laundering and reliable financial assets.
Violent Fluctuations
In the scene of strict regulatory conditions, the Iranian rial continues to record an abnormal state of turmoil with violent fluctuations against the US dollar, especially in the last month of the year, breaking records with the imposition of new sanctions on Tehran following the suppression of popular protests that erupted more than a year ago. 3 months.
And the Iranian currency crisis toppled the governor of the central bank, as Iran finally appointed Muhammad Reza Farzin as the new governor of the central bank, instead of Ali Saleh Abadi, who appeared before Parliament, and partly blamed anti-government protests for the currency's Drop to record levels, and he also talked about high prices. Interest in more than 90 countries around the world.
In May 2018, the currency was trading at about 65,000 riyals to the dollar, ahead of the United States' withdrawal from the Iranian nuclear deal with world powers and the re-imposition of sanctions on Iran. The dollar was at 250,000 riyals when Ibrahim Raisi took office in August last year.
The price of the Iranian currency witnessed a fluctuating path throughout the negotiations aimed at reviving the nuclear agreement, which began in Vienna in April 2021 before faltering last March.
After negotiations faltered until the outbreak of protests in Iran, the Iranian currency lost 40 percent of its value, as it traded at 360,000 riyals at the beginning of the protest movement on September 17.
Despite the Iranian currency's return to cohesion, the riyal has lost nearly two-thirds of its value against the dollar since the nuclear negotiations faltered, according to Radio Farda, which is funded by the US State Department, before the central interventions and pushing its price towards stability at the end of the year, losing only 0.61 percent of its value. .
Experts expect the Iranian currency to decline with the continuation of the unrest and the country's increasing isolation, amid Western criticism of the crackdown launched by the Iranian authorities against the protesters and its relations with Russia.
These relations include the drones that Iran reportedly sold to Russia and used in the war in Ukraine.
- Public And Private
In explanations of the current situation, economic analyst Abdulaziz Al-Sanad said that the depreciation of the exchange value of some currencies is due to two types of reasons: public and private factors, indicating that the general causes are not directly responsible for which governments are responsible, while the special reasons are up to each country accordingly. separately, and the central banks and governments of those countries are fully and directly responsible for them.
Al-Sanad added that the general causes are the high rates of inflation globally, and the increasing raising of interest rates by the Federal Central Bank in the United States of America, pointing out that the abuse of governments and the taking of precautionary and preventive measures Measures fall on the shoulders of governments and countries to mitigate any negative impact that may occur on the value of money. currency and its purchasing power.
Economics And Debt
For his part, financial analyst Hamad Al-Olayan explained that national currencies are generally considered the main interface for any economy, and they give a general perception of the shape of the economy from the inside, pointing out that the reasons for the decline of national Currencies in recent times are similar in their factors among most countries of the world except for the euro region.
Olayan stressed that the reasons for the depreciation of the currencies of the Arab countries and Turkey against the dollar are due to the accumulation of debts and the depletion of reserves of foreign currency "dollars", as well as the economic consequences of the Corona pandemic.
He said that the pandemic led to a deficit in the budgets of a number of those countries, in addition to the rise in product prices in a way that caused currencies to lose their purchasing value in an unprecedented way.
Interest And Inflation
Olayan stressed that high inflation, high interest rates and political tensions in Europe played an important role in putting pressure on currencies not supported by industries or petroleum products.
Al-Olayan believes that the current data indicates that it is difficult for these currencies to return to their previous levels at the beginning of the year, and that it may take many years, until the economic stability of these countries returns and the pressure on major foreign countries returns. currencies, the most important of which is the "euro", eases.
Weakness Of The Economy
Al-Sanad returns, regarding the special reasons for the decline of the national currency, such as a state of disturbance in the value of the Lebanese pound, to the failure to manage financial and monetary policies appropriately, procedurally and temporally, indicating that since the beginning with the emergence of weakness in the Lebanese economy and the decrease in cash flows from abroad, the accumulation of debt, the depletion of hard currencies, the expansion of unregulated parallel markets, and the increase in smuggling through illegal outlets, accompanied by the absence of a comprehensive financial reform programme, and weakness in debt restructuring.
Al-Sanad indicated that the Lebanese pound has lost more than 90 percent of its value since the start of the economic crisis in 2019.
With regard to the Egyptian pound, Al-Sanad indicated that the overall inflation rate in Egypt reached 20 percent, especially in food and real estate, pointing out that the Egyptian Bank's decision to implement a flexible exchange rate system for the pound against foreign currencies led to the decline of the Egyptian pound against the dollar, as it The devaluation of the Egyptian pound was one of the main conditions for the International Monetary Fund to grant Egypt a loan of $3 billion.
Next Year's Scene
Analysts surveyed by Asharq Al-Awsat gather a foggy year that tends to continue the miserable scene of national currencies, as Al-Sanad expects that the year 2023 will witness a continuation of the depreciation of the exchange value of some currencies, but it will be less severe.
He attributed this to taking some reform measures by governments, reducing the severity of the global food crisis, as well as the global trend to develop policies and legislation for digital and encrypted currencies, which may reduce the importance of the US dollar and the impact of it. interest rates and the exchange rate against it. LINK
"Tidbits From TNT" Wednesday Morning 1-4-2023
TNT:
Tishwash: Next Monday.. The Iraqi parliament begins its legislative session
The State of Law bloc reported that the first legislative term for the second year of the Iraqi parliament will begin next Monday, through discussion and approval of a number of laws.
The representative of the bloc, Aref Al-Hamami, told Shafaq News agency, "The legislative recess of the parliament will end next Sunday, but the first legislative term for the second legislative year will start next Monday, January 9."
He added, "The new legislative term will witness the reading and amendment of the election law and the amendment of the unified retirement law, in addition to reading and amending the oil and gas law and many laws that need to be read in preparation for their approval within the House of Representatives."
TNT:
Tishwash: Next Monday.. The Iraqi parliament begins its legislative session
The State of Law bloc reported that the first legislative term for the second year of the Iraqi parliament will begin next Monday, through discussion and approval of a number of laws.
The representative of the bloc, Aref Al-Hamami, told Shafaq News agency, "The legislative recess of the parliament will end next Sunday, but the first legislative term for the second legislative year will start next Monday, January 9."
He added, "The new legislative term will witness the reading and amendment of the election law and the amendment of the unified retirement law, in addition to reading and amending the oil and gas law and many laws that need to be read in preparation for their approval within the House of Representatives."
On the eighth of last December, the Iraqi parliament entered a legislative recess for a period of 30 days, provided that it resumes its sessions as scheduled on the ninth of January.
It is noteworthy that the Presidency of the House of Representatives decided, on November 8, 2022, to extend the second legislative term of the first legislative year of the fifth electoral session, by one month, in order to "approve important laws link
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Tishwash: Deputy: four main tasks before Parliament for the next legislative term
Representative Muhammad Al-Shammari confirmed, on Wednesday, that the second legislative term will have four main tasks, foremost of which is approving the budget and hosting the Prime Minister, Minister of Finance and the Central Bank to discuss ways to develop a new monetary policy.
Al-Shammari said, in a statement to Al-Maalouma, that "the second legislative chapter, which the House of Representatives will start on the eighth of this month, has four main and essential tasks, foremost of which is approving the draft budget law in the first place."
He added, "The issue of hosting the governor of the Central Bank of Iraq will be present, and it is possible that the prime minister and the ministers of finance and planning will be hosted to discuss ways to develop and correct monetary and banking policy, control the market, and the fluctuation of the dollar exchange rate."
Al-Shammari continued, "As for the other task, resolving the issue of chairing parliamentary committees after naming the vacant ministries has been completed and pressuring the government to send the provincial councils law for the purpose of discussing and approving it, or the vote on it will be postponed in the third legislative term as a maximum." link
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Tishwash: Al-Kazemi: The draft budget was submitted to the Council of Ministers
The Parliamentary Finance Committee expected two possible dates for the 2023 budget to reach parliament and vote on it.
A member of the committee, Mueen Al-Kazemi, said in a press statement, "According to our information, the Ministry of Finance delivered the draft budget to the Council of Ministers and the Economic Council, which met and discussed the draft and made some amendments."
Al-Kazemi added, "It is assumed that the Council of Ministers will approve the budget at a later date and hand it over to the House of Representatives after the end of the legislative recess on January 8."
He continued, "The consensus between the political blocs and the meeting of the Kurdish forces in Baghdad with Prime Minister Muhammad Shia' al-Sudani resolved many points, and the blocs have a desire to approve the budget to start work and complete the expected service projects."
The deputy pointed out that "achieving this will allow the budget to reach the stage of voting on it in the House of Representatives in the middle of next February, provided that the government begins to initiate projects that await the budget at the beginning of March and implement what is included in the government program." link
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Tishwash: Against the rise in the price of the dollar.. "angry" demonstrations in front of the Central Bank building in Baghdad
On Wednesday, a number of citizens organized angry demonstrations in front of the Central Bank building in the capital, Baghdad.
Our correspondent reported (January 4, 2023), that "a number of citizens organized demonstrations in front of the Central Bank building on Al-Rashid Street in Baghdad, through which they raised banners calling for a reduction in the exchange rate of the dollar."
Pictures monitored by "NAS" showed a side of the demonstrations that coincided with continuous showers of rain, amid an intense security deployment.
Today, Wednesday, the exchange rates of the dollar continued to rise against the dinar in the local markets in the capital, Baghdad.
The selling price of the dollar in exchange shops was 157,750 dinars for every 100 dollars, while the purchase price was 156,750 dinars for every 100 dollars.
This morning, the (Baghdad Today) correspondent said, "The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded an exchange rate of 155,600 dinars against 100 dollars."
He added, "The buying and selling prices in exchange shops in the local markets in Baghdad recorded an increase, as the selling price reached 156,500 dinars, while the purchase price reached 155,500 dinars per 100 dollars."
On December 27, 2022, the Central Bank of Iraq issued a statement regarding the rise in the exchange rate of the dollar against the Iraqi dinar, calling on banks to assume their responsibilities in facilitating and accelerating procedures for their customers to ensure their access to financing with the best banking practices.
And the Central Bank stated in its statement, which was received by (Baghdad Today), that “the Board of Directors of the Central Bank of Iraq met on December 27, 2022 and discussed the repercussions and indicators of the rise in exchange rates in the local markets and what the foreign currency exchange rate has been exposed to for days, from temporary pressures resulting from internal factors.” And external, given the adoption of mechanisms to protect the banking sector, customers and the financial system.
He added that "all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers."
The Central Bank called on merchants to "review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses," referring to "what was issued by the Council of Ministers in its decision No. (351) for the year 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance. This will reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.”
It is noteworthy that the Prime Minister, Muhammad Shia' al-Sudani, met last Tuesday morning with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, where he listened to a detailed presentation from the bank's governor regarding the rise in the foreign exchange rate, and the most important measures taken by the bank in this field.
And the Prime Minister urged, according to a statement, the Central Bank to achieve general stability of prices and the exchange rate, in accordance with the tasks stipulated in Articles (3 and 4) of the Central Bank of Iraq Law, which stipulate that the Central Bank aims to achieve stability in the local exchange rate, and to regulate and monitor the work of banks. Enhancing the safety and efficiency of payment systems and developing the payment system.
The Prime Minister stressed the need for the bank to take the necessary measures to prevent illegal speculation, and everything that harms the local market and leads to a rise in prices. He also urged Al-Sudani to activate the steps to sell foreign currency at the official prices to citizens through purchasing with electronic cards, and to open sales outlets for travelers or clients outside Iraq. , or financing foreign trade, in accordance with the fundamentalist contexts and international standards for opening documentary credits and remittances.
The governor of the bank presented to the Prime Minister the positive position of the financial situation, stressing that the crisis regarding foreign currency is an emergency crisis for technical reasons, and coincided with the work of the new electronic platform and the delay in transfers due to the Christmas holidays.
The governor praised Council of Ministers Resolution No. 352 of 2022 to stop the work of pre-collection of taxes and customs duties on goods entering government ports, prevent double taxation, and collect them according to the approved contexts at border crossings. link
Mot: . and ""Mot"" Does it Again! - Heres the Perfect ""To Do List"" ~
Mot: . Making it Work Is the Key!! ~~~
Iraqi News Highlights Tuesday Evening 1-3-23
Iraqi News Highlights Tuesday Evening 1-3-23
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For The Third Day In A Row, The Dollar Is Stable At 153 Thousand Dinars
Economie| 09:23 - 03/01/2023 Baghdad - Mawazine News The exchange rates of the dollar witnessed, today, Tuesday, stability in the local stock exchange. Selling price: 153,000 dinars per 100 dollars . Buying price: 152,800 dinars per 100 dollars.
Currency Auction.. The Central Bank Of Iraq Sells More Than 134 Million Dollars
Posted On2023-01-03 By Sotaliraq The central bank’s sales of dollars increased in an auction today, Tuesday, to reach more than 134 million dollars, with the participation of 20 banks.
Iraqi News Highlights Tuesday Evening 1-3-23
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For The Third Day In A Row, The Dollar Is Stable At 153 Thousand Dinars
Economie| 09:23 - 03/01/2023 Baghdad - Mawazine News The exchange rates of the dollar witnessed, today, Tuesday, stability in the local stock exchange. Selling price: 153,000 dinars per 100 dollars . Buying price: 152,800 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=215752
Currency Auction.. The Central Bank Of Iraq Sells More Than 134 Million Dollars
Posted On2023-01-03 By Sotaliraq The central bank’s sales of dollars increased in an auction today, Tuesday, to reach more than 134 million dollars, with the participation of 20 banks.
Our correspondent stated that “the Central Bank sold today, during its auction for the sale and purchase of US dollars, 134 million and 531 thousand and 838 dollars, while what was sold yesterday, Monday, was 127 million and 202 thousand and 161 dollars, which the bank covered at a basic exchange rate of 1460 dinars per dollar. .
Our correspondent added; Cash sales decreased to 58,300,000 dollars, while the rest of 76,231,838 dollars went to strengthening balances abroad in the form of (remittances, credits).
Our correspondent indicated that the number of banks that bought cash dollars amounted to 11 banks, while the number of banks that met requests to strengthen balances abroad reached 9 banks, while the total number of exchange and mediation companies participating in the auction was 234 companies. LINK
Minister Of Oil: Achieving More Than (115) Billion Dollars For The Export Of Crude Oil Last Year
Tuesday 03 January 2023 10:23 | Economical Number of readings: 467 Baghdad / NINA / - Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul-Ghani announced that the total revenues generated from exporting crude oil for the past year 2022 amounted to more than (115) billion dollars.
He said in a statement by the ministry: The quantities exported of crude oil amounted to more than one billion and (209) million barrels, and the final outcome of the daily oil export rate was approximately (3) million and (320) thousand barrels per day.
He pointed out: The export operations were carried out according to studies of the oil market for companies of various nationalities, including (Chinese, Indian, South Korean, Turkish, Greek, American, British, French, Russian, Italian, Spanish and Dutch) and others, as well as other Arab companies.
Abdul-Ghani praised the efforts of the employees of the Ministry of Oil and its formations for these achieved achievements, which provided the federal budget with sums of money amounting to more than (115) billion dollars./ End 3 https://ninanews.com/Website/News/Details?key=1024027
Low Oil Prices In World Markets
Economie| 09:03 - 03/01/2023 Follow-up - Mawazine News Oil prices fell on Tuesday from their highest levels in a month on the rise of the dollar and after the Managing Director of the International Monetary Fund warned of more difficulties in 2023 as major economies suffer from weak activity.
Brent crude futures fell 98 cents, or 1.1 percent, to $84.93 a barrel by 0148 GMT.
US West Texas Intermediate crude fell 77 cents, or 1 percent, to $79.49 a barrel, after the dollar rose. A stronger US currency makes commodities denominated in it more expensive for holders of other currencies.
International Monetary Fund Managing Director Kristalina Georgieva said on Sunday that the United States, Europe and China - the main drivers of global growth - are all slowing simultaneously, making 2023 a more difficult year than 2022 for the global economy.
Oil prices had risen more than 2 percent when settling on Friday, with Brent and West Texas Intermediate crude ending 2022 up 10.5 percent and 6.7 percent, respectively. Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=215748
Central Bank: Iraq Is On The Cusp Of A New Development Era That Will Include Several Sectors
Economie| 12:20 - 03/01/2023 Baghdad - Mawazine News The Central Bank of Iraq confirmed, on Tuesday, its launch of several development initiatives that supported the state at the time of the financial crisis, and helped support residential, industrial and real estate projects and the reconstruction and rehabilitation of hospitals and schools, while indicating that Iraq is on the threshold of a developmental era that will include several sectors.
"After 2014, the functions of the central bank were transformed into developmental roles due to the complex problems the country went through, including the emergence of the terrorist gangs of ISIS and the devastation they caused," said Central Bank advisor Ihsan Shamran al-Yasiri, in a statement to the official news agency.
He added, "Financial problems also occurred due to the drop in oil prices in 2014, and the bank entrusted the state's public finances to pay salaries using monetary policy tools, and lending to the government through the secondary market by discounting bonds it bought from banks."
He pointed out that "the Central Bank also launched a development initiative in 2015, and its total funds so far amounted to 18 trillion dinars to support the banks of the agricultural, industrial and real estate sectors and the housing fund."
And he continued, “The bank also launched an initiative (Tamkeen) with the funds of banks and non-bank financial institutions, which enabled the state to rebuild Al-Mutanabbi Street, and rehabilitate orphanages, the elderly, hospitals and schools that were damaged by terrorism, and these are recorded as achievements of the monetary institution, and now we are on the threshold of a new development era that will include several sectors. https://www.mawazin.net/Details.aspx?jimare=215768
Mawazine Publishes The Text Of The Council Of Ministers' Decisions In Today's Session
Political | 06:42 - 03/01/2023 Baghdad - Mawazine News Today, Tuesday, the Council of Ministers held its first regular session for this year, headed by Prime Minister Muhammad Shia Al-Sudani.
The media office of the Prime Minister said in a statement, a copy of which was received by Mawazine News, that "Prime Minister Muhammad Shia'a al-Sudani chaired today, Tuesday, the first regular session of this year for the Council of Ministers," noting that "the developments in the general situation in general were discussed in it." The country, discussing a number of vital issues and files, as well as discussing the topics on the agenda, and issuing decisions in this regard.
During the session, Al-Sudani referred to "the most important service projects that the government intends to implement during this year," stressing, "
The office added, "The council approved the creation of job grades and including them in the draft federal budget law for the year 2023, in order to install contract employees and daily workers," noting that "in continuation of the government's effort to support the Gulf Championship 25 in Basra, and to provide the necessary facilities for it, the council approved With the exception of the head of the Iraqi Media Network from the instructions for implementing government contracts (2 of 2014) to contract with the producing company for the television transmission of the Arab Gulf Cup / 25, which will be held on January 6, 2023.
And he continued, "The council discussed the problem of retirees in the Ministry of Industry and Minerals, and the reasons for not resolving their files despite the fact that many months have passed since their retirement, which caused great harm to this segment, as the council approved the following:
1- The State Employees Pension Fund received the files of the 707 retired employees of the Ministry of Industry and Minerals, and paid their pension rights starting from the date of their retirement.
2- The Ministry of Finance / Budget Department included the amount of (4958478170) dinars, four billion nine hundred and fifty-eight million four hundred and seventy-eight thousand one hundred and seventy dinars, within the draft federal budget law for the fiscal year / 2023.
The Council stated that "with the aim of alleviating the suffering of the displaced and families returning from displacement, ensuring that their humanitarian and living needs are met, and facing the challenges of difficult circumstances, the Council of Ministers approved the continuation of the Ministry of Immigration and Displaced Persons to work with Cabinet Resolution (21 of 2022), to meet the needs of displaced families and those returning from displacement."
And alleviating its burdens, until the Federal General Budget Law for the fiscal year / 2023 and its instructions are issued according to the actual expenditure.
And he indicated that "the council discussed the issue of money laundering and terrorist financing, and the need to limit these operations, because of the risks they pose to economic and social security, as it voted to approve the national assessment report for the risks of money laundering and terrorist financing for the Republic of Iraq."
The office affirmed that "the concerned ministries, institutions and government agencies, each according to its specialization, have been obligated to implement the action plan to enhance the commitment of the Republic of Iraq in applying international standards in this field, by implementing the procedures established in the book of the Council for Combating Money Laundering and Terrorism Financing, taking into account the opinion of the department."
Legal in the General Secretariat of the Council of Ministers, which is established in its memorandum, and the recovery of corruption funds from the countries to which those funds were smuggled.
In the context of the government's response to the drug file, and the severe damage it causes in the health, social, security and economic aspects, the Cabinet approved the following:
1- The disbursement of an amount of 1 billion dinars per month, according to the mechanism used in Resolution (15) to combat drugs.
2- Authorizing the Ministry of the Interior to spend on the camps that will be allocated to them by the Ministry of Defense to house and absorb drug users.
3- Holding a conference in Baghdad to raise awareness of drugs and combat them.
And within the framework of supporting national projects in the clean energy sector, the office stated that "the council agreed to endorse the recommendation of the Ministerial Council for Energy (59 of 2022), regarding approving the addition of a project to establish a solar energy plant with a capacity of 200 MW, in the holy governorate of Karbala, to the Cabinet's decision." (312 of 2021), and within the production capacity, provided that the Ministry of Electricity completes the technical and contractual requirements and discharges the loads to the national grid later.
The Cabinet discussed other issues on the agenda, and issued the following decisions:
First: Approving the amendment of Cabinet Decision (36 of 2021) regarding dismembered weapons to become as follows:
- Excluding the dismembered weapons located in the Infrastructure Directorate / Department of Warehouses of Returned and Expendable Materials, one of the Ministry of Interior’s formations, from Cabinet Decision (42 of 2017), and handing them over to the Military Industrialization Commission for the privacy of such material; For fear of being exploited by terrorist groups.
Second / All ministries and agencies not associated with the ministry and state institutions shall donate scrap of colored metals, if they wish, to the beneficiary companies of the Ministry of Industry and Minerals and the Military Industrialization Authority.
Third / Assigning the head of the Federal Financial Control Bureau to manage the administrative and financial affairs of the High Commission for Human Rights, as the independent oversight body associated with the Council of Representatives, based on the provisions of Article (103) of the Constitution of the Republic of Iraq for the year 2005, until the appointment of the Board of Commissioners in the High Commission for Human Rights. https://www.mawazin.net/Details.aspx?jimare=215802
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Iraqi News Highlights Tuesday Afternoon 1-3-23
Iraqi News Highlights Tuesday Afternoon 1-3-23
Tlm724 Administrator Bondlady’s Corner
Hani Ashour To / NINA /: Parliament Is Required To Move Quickly To Put An End To Any Future Rise In The Dollar
Tuesday 03 January 2023 10:05 | General Number of readings: 332 Baghdad / NINA / - The strategic researcher, Hani Ashour, confirmed that Parliament is required to move quickly to put an end to any future rise in the dollar against the local process.
Iraqi News Highlights Tuesday Afternoon 1-3-23
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Hani Ashour To / NINA /: Parliament Is Required To Move Quickly To Put An End To Any Future Rise In The Dollar
Tuesday 03 January 2023 10:05 | General Number of readings: 332 Baghdad / NINA / - The strategic researcher, Hani Ashour, confirmed that Parliament is required to move quickly to put an end to any future rise in the dollar against the local process.
He told the National Iraqi News Agency ( NINA ) that what the local market witnessed of the rise in the dollar is the second wave for it after the first wave, which came by a government decision nearly two years ago, and its price was raised to 145,000 dinars for one hundred dollars.
Ashour added that this wave was due to external influences from the United States and the International Monetary Fund, which led to a new rise in the prices of basic materials, which had a clear impact on the purchasing power of the majority of citizens.
He explained that the parliament, which a number of its deputies demanded to hold an extraordinary session and host the governor of the Central Bank, is required during this period and more than ever before to say its word and enact laws that protect citizens with limited income from these economic fluctuations, from which the citizen did not reap anything but the rise in prices and the stability of his salary without change. / https://ninanews.com/Website/News/Details?Key=1024021
Al-Sudani: Fluctuations In Dollar Exchange Rates Are An Opportunity For Economic Reform And Preventing Currency Smuggling
Tuesday 03 January 2023 19:11 | political Number of readings: 111 Baghdad / NINA / - Prime Minister Muhammad Al-Sudani affirmed that fluctuations in the exchange rates of the dollar are an opportunity for economic reform and preventing currency smuggling.
Al-Sudani said in a press conference: "There is a follow-up with the competent court regarding the return of stolen and smuggled funds inside and outside Iraq.
We have circulated orders to Interpol to pursue those wanted in the tax secretariat theft file."
He added, "We have come a long way in the oil smuggling file. There is a review of the contracts of electronic payment companies that affect citizens."/ End
https://ninanews.com/Website/News/Details?key=1024165
Parliament Intends To Pass 170 Laws During The Current Parliamentary Session
Political | 02:15 - 03/01/2023 Baghdad - Mawazine News The Parliamentary Legal Committee announced, on Tuesday, that 170 laws await legislation in the current session, while determining the fate of the important suspended laws.
Committee member Omid Ahmed said in a statement to the official news agency, which was followed by Mawazine News, that "parliamentary committees are currently discussing 170 deferred laws from previous sessions," pointing out that "the committees are determined to pass these laws during the current parliamentary session."
He added, "The House of Representatives is trying to pass important laws that affect the lives of citizens, including the civil service law, the slums law, the social welfare law, and other laws," noting that "the House of Representatives hopes that the government will send the budget law during the first days of the beginning of the second legislative term." He continued, "
Al-Nazaha: Iraq Will Soon Recover The Money That The Former Regime Smuggled Abroad..And One Of The Ministers Obstructed Our Investigations Into The "Theft Of The Century"
Tuesday 03 January 2023 19:21 | political Number of readings: 106
Baghdad / NINA / - Today, Tuesday, the Federal Integrity Commission announced the recovery of 4 billion Iraqi dinars from one of the defendants, "as part of the list of former officials," and confirmed: "The amount is part of the 17 billion dinars that must be paid by the accused."
The head of the Integrity Commission, Judge Haider Hanoun, said, in a press conference held on Tuesday evening, that "Iraq will recover, within the next few days, more than 80 million dollars from the United States of America, which is part of the money of the former regime smuggled abroad."
He added: "The accused, from whom the money was recovered, is currently in the process of trial, whose date was set on 12/1, and we cannot mention his name at present," noting that: "The accused still owes 13 billion dinars and some millions of dinars that we are working to recover. Currently ".
The head of the Integrity Commission criticized one of the ministers, saying, "He prevented the Integrity Commission from performing its role, and this violates the law, so we will file a lawsuit against him and hold him responsible for the employees' escape," calling on that minister to know: "He is the servant of the people and he must apologize, otherwise we will take the necessary measures against him." .
Judge Hanoun confirmed, "The commission would have prevented important officials from traveling, but this minister obstructed our work, and he is also accused of stealing the century."
And he stated: "An arrest warrant was issued against this official, and he was arrested because he was unable to prove the legality of this money, and we are still working to clarify the secrets of the theft of the century, because the sums are large and the number of the accused is also large," noting that "one of the accused of stealing the century is working In the Integrity Commission, he fled to Turkey, and obtained a Turkish passport there, and we are working to retrieve it now.”/ End 5
https://ninanews.com/Website/News/Details?key=1024162
The Netherlands Is Looking Forward To Enhancing The Extent Of Financial And Investment Cooperation With Iraq
Money and business Economy News – Baghdad Finance Minister Taif Sami received, on Tuesday, the Dutch Ambassador to Iraq, Johannes Lindert, in the presence of a representative of the Iraqi Ministry of Foreign Affairs.
Sami stressed, according to a statement by the Ministry of Finance, "the strength of the cooperation relations between Iraq and the Netherlands and the continuous development and growth they are witnessing in all fields, especially with regard to the financial and economic field."
The Minister of Finance pointed out, "The importance of continuing to work on developing the horizons of cooperation and partnership, and pushing them towards more advanced levels, in a way that benefits the two countries and their friendly peoples."
For his part, Ambassador Lindert expressed "the aspiration of his country's government to enhance the extent of constructive cooperation with Iraq, especially with regard to aspects of money, investment and contribution to sustainable development projects in the country."
Views 104 Added 01/03/2023 - 12:04 PM Updated 01/03/2023 - 7:30 PM
https://economy-news.net/content.php?id=31675
The Dollar Crisis Is Pushing The Government In A Narrow Box, And The Sudanese Are Heading To Diversify Revenues
Posted On2023-01-03 By Sotaliraq Baghdad / Hussein Hatem The exchange rates of the dollar are still fluctuating after the recent rise, which approached 160,000 dinars for every 100 dollars, as it is almost stable at the 150,000 mark.
The government of Muhammad Shia al-Sudani is trying to diversify sources of revenue to maintain the stability of the Iraqi economy, at a time when the Finance Committee confirmed that the exchange rate of the dollar would be 1450 dinars for every one dollar.
And the Prime Minister confirmed, yesterday, Monday, that “the exchange rate fluctuations and their impact on the Iraqi economy made us stick to the inevitability of economic reform, support for agriculture, industry, tourism and trade, instead of Iraq being a market for imported goods and a passage for smuggling hard currency and money laundering,”
noting that “ Iraq has an opportunity to rise as an industrial country, with an industrial identity, and the government is supportive of the industrial sector in this path,” according to a statement by his media office.
In turn, Moein Al-Kadhimi, a member of the Finance Committee in the House of Representatives, said in an interview with (Al-Mada) that “the rise in dollar exchange rates during the last month of last year negatively affected the local market and the citizen.”
Al-Kazemi added, "The treatments were fast, and the exchange rates will return to what they were (approximately 145,000 dinars per 100 dollars)."
He pointed out, "The Prime Minister is trying to implement his government program accurately, by diversifying sources of income and encouraging the private sector, agriculture and industry, and not being satisfied with oil financial revenues."
Al-Kadhimi stressed, "The need to reduce unnecessary expenditures and increase investment expenditures in order to transform the Iraqi economy from a rentier one to an economy with multiple dimensions."
As for the price of the dollar in the 2023 budget, the member of the Finance Committee explained that “the price will remain constant as it was in the 2021 budget (1145 for every 100 dollars), while the price of a barrel of oil will range between 62-65 dollars.”
And he expected, “The arrival of the draft public financial budget law for the year 2023, with the beginning of the legislative term of the House of Representatives,” stressing that “any delay in the draft budget law will not affect the salaries of employees.”
In turn, Mazhar Muhammad Salih, the financial advisor to the Prime Minister, said in an interview with (Al-Mada) that “the fluctuations witnessed by the exchange markets in Iraq during the past period are not due to economic reasons, and that the financial situation in Iraq is at its best.”
Saleh added, "Iraq's reserves of foreign currency exceeded $100 billion, and the current account surplus rate amounted to about 15 percent."
He pointed out, "What happened was as a result of regulatory controls that linked the window for selling foreign currency, especially foreign transfers, to the so-called (international compliance with the dollar area). Therefore, the Federal Reserve Bank in the United States monitors its currency, and asks about ways to go."
Saleh explained that "Iraqi merchants are required to provide correct documents on their orientations and the final beneficiary, as well as the type and price of the goods, so as not to arouse suspicion among the international authorities."
And he continued, “In the first period, demand was more than supply and the gap occurred,” noting that “with the passage of time and the regularity of foreign currency requests with more transparent documents, the market will organize and the gap will disappear.”
And Saleh went on to say: “There is no fear of the Iraqi dinar, for it is strong,” expecting that “it will be stronger in the future once the financing of foreign trade for Iraq is regular.”
In addition, the (Al-Mada) correspondent said, “The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad closed at an exchange rate of 152,900 Iraqi dinars for 100 dollars.”
He pointed out that the buying and selling prices in exchange shops in the local markets in Baghdad have stabilized, as the selling price reached 153,500 Iraqi dinars, while the purchase prices reached 152,500 dinars for every 100 dollars. LINK
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Henig: Al-Sudani: Fluctuations in dollar exchange rates are an opportunity for economic reform and preventing currency smuggling
Baghdad / NINA /- Prime Minister Muhammad Al-Sudani affirmed that fluctuations in the exchange rates of the dollar are an opportunity for economic reform and preventing currency smuggling.
Al-Sudani said in a press conference: "There is a follow-up with the competent court regarding the return of stolen and smuggled money inside and outside Iraq.
We circulated orders to Interpol to pursue those wanted in the file of theft of tax secretariats.
He added, "We have come a long way in the oil smuggling file. There is a review of the contracts of electronic payment companies that affect citizens." LINK
Henig: Iraq’s oil revenues in December exceed 7.6 billion USD
January 2, 2023
Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil announced on Monday that oil export revenues for December exceeded 7.6 billion USD, according to the Oil Ministry statement cited by the Iraqi news Agency (INA).
According to initial statistics issued by the State Organization for Marketing of Oil (SOMO), the total exports of crude oil during December exceeded 103.28 million barrels with revenues exceeding 7.6 billion USD, the statement mentioned.
The statement indicated that the total quantities of crude oil exported during December from oil fields in central and southern Iraq were more than 100.7 million barrels, while the quantities exported from oil fields in Kirkuk through the port of Ceyhan were more than 2.22 million barrels.
The average price per barrel exceeded 73.64 USD, the statement elaborated.
The Iraqi Ministry of Oil started to share information about its oil export operations and revenues out of its awareness and belief to let the information available for the Iraqi people.
The Iraqi Ministry of Oil announced earlier that oil export revenues for November exceeded eight billion USD, with an average price exceeding 82.41 USD per barrel, while revenues of oil exports during October were more than nine billion USD. LINK
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Margarita: Sanctions against Iraq - Wikipedia
I am posting this wikipedia page just to counteract some people saying iraq is still under sanctions and thus cannot do anything until they are taken care of...notice the wording all throughout this article..
The sanctions against Iraq were a comprehensive financial and trade embargo imposed by the United Nations Security Council (UNSC) on Iraq. PAST TENSE...WERE...if they were still in force it would say ARE.
This information is readily available.
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Henig: Iraq: The government is keen to support the relations with Iran
INA - BAGHDAD
Finance Minister Taif Sami affirmed the Iraqi government's keenness to support and enhance bilateral relations with Iran.
Sami received at the ministry's headquarters, the Ambassador of the Islamic Republic of Iran to Baghdad, Muhammed Kadhim Al-Sadiq, in the presence of a representative of the Ministry of Foreign Affairs, according to a statement by the Ministry of Finance, received by the Iraqi News Agency - INA.
At the beginning of the meeting, Sami welcomed the ambassador, indicating the depth of the close bilateral relations that bind Iraq and Iran, and affirmed the Iraqi government's keenness to support and enhance it to include various fields, especially with regard to financial and economic affairs.
The statement included that, "Minister Sami also appreciated the various tireless efforts aimed at enhancing communication and joint coordination between Iraq and Iran, which would develop bilateral relations and open new horizons of cooperation between the two sides."
In turn, Ambassador Al-Sadiq praised, according to the statement, the efforts and interest of the Minister of Finance towards strengthening the bonds of friendship between the two sides, wishing to continue the cooperation and partnership for the benefit of the two neighboring people. LINK
MOakes: Well, Well, Well, Frank said that the Iranian Rial would be in the middle eastern basket.
As Jackie Gleason used to say "How Sweet It Is".Diversify, Diversify.
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Henig: Integrity: The (4) billion dinars recovered today are from one of the parties accused of stealing the century
01/03/2023
Head of the Integrity Commission, Haider Hanoun, in a press conference:
Integrity: the coming days will witness the recovery of about 80 million dollars smuggled to America
Integrity: the recovery of 4 billion dinars from one of the accused
Integrity: The (4) billion dinars recovered today are from one of the parties accused of stealing the century LINK
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Henig: Central Bank: Iraq is on the cusp of a development era that will include several sectors
2023-01-03
Today, Tuesday, the Central Bank of Iraq confirmed its launch of several development initiatives that supported the state at the time of the financial crisis, and helped support residential, industrial and real estate projects, as well as the reconstruction and rehabilitation of hospitals and schools, while indicating that Iraq is on the threshold of a developmental era that will include several sectors.
The Central Bank's advisor, Ihsan Shamran al-Yasiri, said in a statement to the Iraqi News Agency (INA): "After 2014, the tasks of the Central Bank turned into developmental roles due to the complex problems that the country went through, including the emergence of the terrorist ISIS gangs and the devastation they caused."
He added, "Financial problems also occurred due to the drop in oil prices in 2014, and the bank entrusted the state's public finances to pay salaries using monetary policy tools, and lending to the government through the secondary market by discounting bonds it bought from banks."
He pointed out that "the Central Bank also launched a development initiative in 2015, and its total funds so far amounted to 18 trillion dinars to support the banks of the agricultural, industrial and real estate sectors and the housing fund."
And he continued, "The bank also launched an initiative (Tamkeen) with the funds of banks and non-bank financial institutions, which enabled the state to rebuild Al-Mutanabbi Street, and rehabilitate orphanages, the elderly, hospitals and schools that were damaged by terrorism, and these are recorded as achievements of the monetary institution, and now we are on the cusp of a new development era that will include several sectors. LINK
Henig: The world economy is expected to be in recession in 2023, says IMF
INA – SOURCES
The International Monetary Fund’s – IMF chief, Kristalina Georgieva warned that this year is going to be tougher on the global economy than the one we have left behind.
“Why? Because the three big economies, US, EU, China, are all slowing down simultaneously,” she said.
She noted, “We expect one-third of the world economy to be in recession,” adding that even for countries that are not in recession, “it would feel like a recession for hundreds of millions of people.”
While the US may end up avoiding a recession, the situation looks bleaker in Europe, which has been hit hard by the war in Ukraine, she highlighted, saying “Half of the European Union will be in recession.”
The IMF currently projects global growth to be at 2.7% this year, slowing from 3.2% in 2022. LINK
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Henig: Gold rose to the highest level in 6 months
Time: 01/03/2023 08:15:04
{Economic: Al Furat News} Gold prices recorded their highest level in six months on Tuesday, amid weak trading, with the market's attention shifting to the minutes of the last monetary policy meeting of the US Federal Reserve, scheduled for release this week.
Gold in spot contracts rose 0.8 percent to $1838.69 an ounce, according to Reuters data, and gold futures contracts in the United States increased by one percent to $1843.90.
The dollar index fell 0.1 percent, making gold priced in the US currency more attractive to buyers abroad.
Minutes of the Federal Reserve's December monetary policy meeting are due to be released next Wednesday, which could provide guidance on the Fed's tightening path.
Gold is considered a hedge against inflation and economic uncertainties, but high interest rates increase the opportunity cost of owning gold because it does not generate interest.
Spot silver rose 1.1 percent to $24.25, platinum rose 0.8 percent to $1,077.98, while palladium fell 0.1 percent to $1,792.21. LINK
Tuesday Morning Iraq Economic News Highlights 1-3-23
Tuesday Morning Iraq Economic News Highlights 1-3-23
Will the exchange rate of the dollar be fixed on the (153 thousand) .. The Sudanese advisor explains
2023-01-03 03:51 Shafaq News/ The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, commented today, Tuesday, on the possibility of the dollar exchange rate remaining at (153,000) for every $100 fixedly.
Saleh told Shafaq News agency; It is "with the improvement in the degree of disclosure in commercial transactions and the increase in their transparency that require funding in dollar currency from the window of the Central Bank of Iraq, the temporary gap between supply and demand for foreign currency will shrink."
Tuesday Morning Iraq Economic News Highlights 1-3-23
Will the exchange rate of the dollar be fixed on the (153 thousand) .. The Sudanese advisor explains
2023-01-03 03:51 Shafaq News/ The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, commented today, Tuesday, on the possibility of the dollar exchange rate remaining at (153,000) for every $100 fixedly.
Saleh told Shafaq News agency; It is "with the improvement in the degree of disclosure in commercial transactions and the increase in their transparency that require funding in dollar currency from the window of the Central Bank of Iraq, the temporary gap between supply and demand for foreign currency will shrink."
He added, "This means that the flexibility of monetary policy intervention in the exchange market to restore market stability will accelerate, and this is what we expect in the coming days for all exchange markets to settle between the price of 1455-1460 dinars per dollar." LINK
An Expert Suggests Linking The Local Currency To Gold After Pessimistic Expectations
January 2, 2023 Opening new outlets for selling the dollar, and the central reserve exceeds 99 billion
An expert suggests linking the local currency to gold after pessimistic expectations
Baghdad - Qusay Munther The Director of the International Monetary Fund, Kristalina Georgieva, said earlier that the increase in Corona infections in China is disturbing news for the global economy.
And she indicated in a statement yesterday that (the escalation of Corona cases in China carries bad news for the global economy in the short term), and she added that (the European Union was severely affected by the war in Ukraine, and half of its countries may enter a recession next year),
stressing that (this year will be more difficult than precedent for most of the world's economies), and Georgieva explained that (the future prospects of emerging markets are more dangerous due to debt levels and the strength of the dollar), and she expected that (the global economy would be in a state of recession during the current year).
In addition, the Governor of the Central Bank, Mustafa Ghaleb Makhaif, affirmed that the bank is open to strengthening banking relations with the countries of the world. A statement received by Al-Zaman yesterday said that (the bank’s governor met with the Chinese People’s Ambassador to Iraq Cui Wei, and during the meeting they discussed aspects of bilateral cooperation between Baghdad and Beijing and facilitating the movement of banking transactions and trade exchange in accordance with international standards), and the governor confirmed that (the bank is open to Strengthening its banking relations with the countries of the world to serve the interest of the local banking sector.
The bank expanded the outlets of banks to sell the currency to 20 banks. And the statement indicated that (it was decided to expand the number of bank outlets for selling foreign currency from 10 to 20 banks), and indicated that (the bank decided to increase the amounts allocated to these banks weekly, to meet the largest possible number of those covered by the purchase of foreign currency in accordance with the instructions and controls issued by it),
and continued That (the banks are Mosul, Assyria, the Islamic Spectrum, the Secretary of Iraq, the Commercial Region, the South, the World, the Islamic National, the Investment, the Islamic Alpha, the Trust, the Islamic Hermit, across Iraq, Zain Iraq, Hammurabi, the Islamic Rajeh, the Union, the Sammthar, the first Iraq and the Islamic International).
In a development, the bank launched the electronic platform for foreign trade. And Deputy Governor Ammar Hamad confirmed in a statement yesterday that (the Central Bank witnessed the launch of the work of the electronic platform for foreign trade), and he continued that (work on this platform continued for more than a year and a half with the aim of organizing the process of external financial transfer and financing foreign trade), and indicated that (this platform is The only way and way to finance foreign trade),
noting that (private and government banks have sufficient information about the mechanism for using the platform), and he went on to say that (documentary credits will be financed at a subsidized exchange rate of 1465 dinars per dollar), and he pointed out that (the platform is an opportunity for traders, investors and owners companies to finance their trade and financial work), and went on to say that (the bank's reserves of currency amounted to more than 99 billion dollars).
The currency exchange rates witnessed stability in the local markets. The selling prices of the dollar were recorded at 153 dinars per hundred dollars, while the buying prices of the dollar were recorded at 152,800 thousand dinars per hundred dollars. LINK
While It Continues To Rise In Iraq, Egypt Is “Turning” Against The World Bank To Solve The Dollar Problem
Posted On2023-01-02 By Sotaliraq Today, Monday, the Egyptian authorities announced their move to “control” the exchange rate of the Egyptian pound against the dollar, after the local currency witnessed a decline against the dollar due to the conditions imposed by the World Bank on borrowing countries, including Iraq.
The Egyptian authorities, according to what Al-Sharq Al-Awsat reported on its English page and translated (Baghdad Today), announced that it “will take measures to limit the circulation of the dollar on the black market and stop the floating of the currency,” noting that “the Egyptian measures are a “coup” against the conditions imposed by the World Bank on countries borrowed from it.”
The conditions of the World Bank to float the currency in the market and reduce local support for the local currency against the dollar, greatly affected the rise in exchange rates for the dollar against the dinar, as I showed (Baghdad Today) earlier, as Iraq continues to cooperate with the World Bank in dealing with the local economy according to what is between via its official website.
Edited by: Shams Baghdad Today – translation LINK
The Dollar Crisis Is Pushing The Government In A Narrow Box, And The Sudanese Are Heading To Diversify Revenues
Posted On2023-01-03 By Sotaliraq Baghdad / Hussein Hatem The exchange rates of the dollar are still fluctuating after the recent rise, which approached 160,000 dinars for every 100 dollars, as it is almost stable at the 150,000 mark.
The government of Muhammad Shia al-Sudani is trying to diversify sources of revenue to maintain the stability of the Iraqi economy, at a time when the Finance Committee confirmed that the exchange rate of the dollar will be 1450 dinars for every one dollar.
And the Prime Minister confirmed, yesterday, Monday, that “the exchange rate fluctuations and their impact on the Iraqi economy made us stick to the inevitability of economic reform, support for agriculture, industry, tourism and trade, instead of Iraq being a market for imported goods and a passage for smuggling hard currency and money laundering,” noting that “ Iraq has an opportunity to rise as an industrial country, with an industrial identity, and the government is supportive of the industrial sector in this path,” according to a statement by his media office.
In turn, Moein Al-Kadhimi, a member of the Finance Committee in the House of Representatives, said in an interview with (Al-Mada) that “the rise in dollar exchange rates during the last month of last year negatively affected the local market and the citizen.”
Al-Kazemi added, "The treatments were fast, and the exchange rates will return to what they were (approximately 145,000 dinars per 100 dollars)."
He pointed out, "The Prime Minister is trying to implement his government program accurately, by diversifying sources of income and encouraging the private sector, agriculture and industry, and not being satisfied with oil financial revenues."
Al-Kadhimi stressed, "The need to reduce unnecessary expenditures and increase investment expenditures in order to transform the Iraqi economy from a rentier one to an economy with multiple dimensions."
As for the price of the dollar in the 2023 budget, the member of the Finance Committee explained that “the price will remain constant as it was in the 2021 budget (1145 for every 100 dollars), while the price of a barrel of oil will range between 62-65 dollars.”
And he expected, “The arrival of the draft public financial budget law for the year 2023, with the beginning of the legislative term of the House of Representatives,” stressing that “any delay in the draft budget law will not affect the salaries of employees.”
In turn, Mazhar Muhammad Salih, the financial advisor to the Prime Minister, said in an interview with (Al-Mada) that “the fluctuations witnessed by the exchange markets in Iraq during the past period are not due to economic reasons, and that the financial situation in Iraq is at its best.”
Saleh added, "Iraq's reserves of foreign currency exceeded $100 billion, and the current account surplus rate amounted to about 15 percent."
He pointed out, "What happened was as a result of regulatory controls that linked the window for selling foreign currency, especially foreign transfers, to the so-called (international compliance with the dollar area). Therefore, the Federal Reserve Bank in the United States monitors its currency, and asks about ways to go."
Saleh explained that "Iraqi merchants are required to provide correct documents on their orientations and the final beneficiary, as well as the type and price of the goods, so as not to arouse suspicion among the international authorities."
And he continued, “In the first period, demand was more than supply and the gap occurred,” noting that “with the passage of time and the regularity of foreign currency requests with more transparent documents, the market will organize and the gap will disappear.”
And Saleh went on to say: “There is no fear of the Iraqi dinar, for it is strong,” expecting that “it will be stronger in the future once the financing of foreign trade for Iraq is regular.
In addition, the (Al-Mada) correspondent said, “The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad closed at an exchange rate of 152,900 Iraqi dinars for 100 dollars.”
He pointed out that the buying and selling prices in exchange shops in the local markets in Baghdad have stabilized, as the selling price reached 153,500 Iraqi dinars, while the purchase prices reached 152,500 dinars for every 100 dollars. LINK
"Tidbits From TNT" Tuesday Morning 1-3-2023
CandyKisses: For the first time since early December. Brent price rises to $87
Baghdad - Nas
The price of the Brent crude futures contract for March 2023 delivery on the London Stock Exchange (ICE) briefly rose to $87 a barrel for the first time since December 5, according to trading data on Tuesday.
According to the stock exchange trading at 11:00 Moscow time, the cost of Brent crude rose by 1.27% to $ 87 per barrel.
By 11:26 Moscow time, the price of oil had slowed to $86.3 per barrel.
Meanwhile, WTI crude futures for February 2023 delivery rose 0.66% to $80.79 per barrel.
CandyKisses: For the first time since early December. Brent price rises to $87
Baghdad - Nas
The price of the Brent crude futures contract for March 2023 delivery on the London Stock Exchange (ICE) briefly rose to $87 a barrel for the first time since December 5, according to trading data on Tuesday.
According to the stock exchange trading at 11:00 Moscow time, the cost of Brent crude rose by 1.27% to $ 87 per barrel.
By 11:26 Moscow time, the price of oil had slowed to $86.3 per barrel.
Meanwhile, WTI crude futures for February 2023 delivery rose 0.66% to $80.79 per barrel.
TNT:
Tishwash: Parliament intends to pass 170 laws during the current parliamentary session
The Parliamentary Legal Committee announced, on Tuesday, that 170 laws await legislation in the current session, while determining the fate of the important suspended laws.
Committee member Omid Ahmed said in a statement to the official news agency, which was followed by Mawazine News, that "parliamentary committees are currently discussing 170 deferred laws from previous sessions," pointing out that "the committees are determined to pass these laws during the current parliamentary session."
He added, "The House of Representatives is trying to pass important laws that affect the lives of citizens, including the civil service law, the slums law, the social welfare law, and other laws," noting that "the House of Representatives hopes that the government will send the budget law during the first days of the beginning of the second legislative term." link
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CandyKisses: While it continues to rise in Iraq, Egypt “turns” on the World Bank to solve the dollar problem
Baghdad Today - Translator
The Egyptian authorities announced today, Monday, their move towards "control" of the exchange rate of the Egyptian pound against the dollar, after the local currency witnessed a decline against the dollar due to the conditions imposed by the World Bank on borrowing countries, including Iraq.
The Egyptian authorities, according to what Al-Sharq Al-Awsat reported on its English page and translated (Baghdad Today), announced that it “will take measures to limit the circulation of the dollar on the black market and stop the floating of the currency,” noting that “the Egyptian measures are a” coup “on the conditions imposed by the World Bank on countries borrowed from it.
The conditions of the World Bank to float the currency in the market and reduce local support for the local currency against the dollar, greatly affected the rise in exchange rates for the dollar against the dinar, as I showed (Baghdad Today) earlier, as Iraq continues to cooperate with the World Bank in dealing with the local economy according to what is between via its official website.
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CandyKisses: Central Bank Governor: We Are Open To Strengthening Banking Relations With The Countries Of The World
The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, confirmed that the Central Bank is open to strengthening banking relations with the countries of the world.
The media office of the Central Bank of Iraq stated, in a statement received by the Iraqi News Agency (INA), that the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, received today the Ambassador of the People's Republic of China to Iraq, Tsui Wei, indicating that during the meeting they discussed aspects of bilateral cooperation between Baghdad and Beijing and facilitating movement Banking transactions and commercial exchange in accordance with international standards.
He confirmed, according to the statement, that the Central Bank of Iraq is open to strengthening its banking relations with the countries of the world in a way that serves the interest of the Iraqi banking sector.
Mot: .. Get Ready fer it!! ~~~~~~
Mot: ... getting Started Real Soon I Is! ~~~~
Iraqi News Highlights Monday Evening 1-2-23
Iraqi News Highlights Monday Evening 1-2-23
Tlm724 Administrator Bondlady’s Corner
The Central Bank Expands The Number Of Bank Outlets For Selling Foreign Currency To 20 Banks
Economie| 01:31 - 02/01/2023 Baghdad - Mawazine News The Central Bank decided, today, Monday, to expand the number of bank outlets for selling foreign currency to 20 banks.
And according to a bank statement received by Mawazine News, "it was decided to expand the number of bank outlets for selling foreign currency from 10 banks to 20 banks."
Iraqi News Highlights Monday Evening 1-2-23
Tlm724 Administrator Bondlady’s Corner
The Central Bank Expands The Number Of Bank Outlets For Selling Foreign Currency To 20 Banks
Economie| 01:31 - 02/01/2023 Baghdad - Mawazine News The Central Bank decided, today, Monday, to expand the number of bank outlets for selling foreign currency to 20 banks.
And according to a bank statement received by Mawazine News, "it was decided to expand the number of bank outlets for selling foreign currency from 10 banks to 20 banks."
He added, "The Central Bank also decided to increase the amounts allocated to these banks weekly to meet the largest possible number of those covered by the purchase of foreign currency, in accordance with the instructions and controls issued by the bank."
The bank revealed the names of the banks covered by its new decision, according to the table below:
https://www.mawazin.net/Details.aspx?jimare=215694
Central Bank: Hard Currency Reserves Amounted To More Than $99 Billion
Political | 03:22 - 02/01/2023 Baghdad - Mawazine News The Central Bank of Iraq announced, on Monday, the launch of the electronic platform for foreign trade, while noting that hard currency reserves amounted to more than 99 billion dollars.
The bank's deputy governor, Ammar Hamad, said, "Today, the Central Bank witnessed the launch of the electronic platform for foreign trade," noting that "work on this platform continued for more than a year and a half with the aim of organizing the external financial transfer process and financing foreign trade."
He added, "This platform is the only way and way to finance foreign trade," noting that "private and government banks have sufficient information about the mechanism for using the platform."
And he continued, "The documentary credits will be financed at a subsidized exchange rate of 1465 dinars to one dollar," explaining that "
On the bank's reserves, Hamad said that "the central bank's reserves amounted to more than 99 billion dollars," pointing out that "within a short period, it will reach 100 billion dollars due to the rise in oil prices."
And he stressed, "The rise in reserves is a positive indicator for the Iraqi government and the central bank for the stability of the exchange rate and the local currency." Ended 29 / H
https://www.mawazin.net/Details.aspx?jimare=215702
The Dollar Settles At 153 Thousand In The Iraqi Market
Economie| 10:07 - 02/01/2023 Baghdad - Mawazine News The exchange rates of the dollar stabilized today, Monday, in the local markets. Selling price: 153,000 dinars per 100 dollars Buying price: 152,800 dinars per 100 dollars https://www.mawazin.net/Details.aspx?jimare=215677
Sudanese Presides Over The Meeting Of The Ministerial Council Of The Economy
Political | 02:41 - 02/01/2023 Baghdad - Mawazine News, Prime Minister Muhammad Shia Al-Sudani chaired, on Monday, the meeting of the Ministerial Council for Economy.
Al-Sudani's office stated, in a brief statement, that "Prime Minister Muhammad Shia'a Al-Sudani chaired today the meeting of the Ministerial Council for the Economy." Ended 29/N33
Central Bank Governor: We Are Open To Strengthening Our Banking Relations With The Countries Of The World
Economie| 12:33 - 02/01/2023 Baghdad - Mawazine News, Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, confirmed, on Monday, that the Central Bank is open to strengthening banking relations with the countries of the world.
The media office of the Central Bank stated in a statement, "The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, received today the Ambassador of the People's Republic of China to Iraq, Cui Wei."
During the meeting, they discussed aspects of bilateral cooperation between Baghdad and Beijing and facilitating the movement of banking transactions and trade exchange in accordance with international standards.
Makhaif confirmed, according to the statement, that "the Central Bank of Iraq is open to strengthening its banking relations with countries of the world in a way that serves the interest of the Iraqi banking sector." https://www.mawazin.net/Details.aspx?jimare=215689
Oil: Revenues For The Month Of December Amounted To More Than $7 Billion
Economie| 01:25 - 02/01/2023 Baghdad - Mawazine News Today, Monday, the Ministry of Oil announced the total exports and revenues achieved for the month of December, according to preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO).
The ministry said, in a statement received by Mawazine News, that "the total exports of crude oil amounted to 103 million and 281 thousand and 459 barrels, with revenues amounting to (7.606) billion dollars."
She added, "The total exported quantities of crude oil for the month of December from the oil fields in central and southern Iraq amounted to 100 million and 735 thousand and 151 barrels, while from the Kirkuk fields through the port of Ceyhan, the exported quantities amounted to 2 million and 223 thousand and 338 barrels."
The Ministry of Oil indicated that "the average price of one barrel amounted to more than (73,644) dollars." https://www.mawazin.net/Details.aspx?jimare=215693
The Central Bank Launches The Electronic Platform For Foreign Trade
Monday, January 2, 2023 3:27 PM Baghdad / The National News Center The Central Bank of Iraq announced today, Monday, the launch of the electronic platform for foreign trade, while noting that hard currency reserves amounted to more than 99 billion dollars.
The Deputy Governor of the Bank, Ammar Hamad, said, in a statement affiliated with the National News Center, that “the Central Bank today witnessed the launch of the electronic platform for foreign trade,” noting that “work on this platform continued for more than a year and a half with the aim of organizing the external financial transfer process and financing foreign trade.” .
He added, "The documentary credits will be financed at a subsidized exchange rate of 1465 dinars per dollar," explaining that "the platform is an opportunity for merchants, investors, and company owners to finance their trade and financial work."
He explained that "this platform is the only way and way to finance foreign trade," noting that "private and government banks have sufficient information about the mechanism for using the platform."
He continued, "The central bank's reserves amounted to more than 99 billion dollars," noting that "within a short period, it will reach 100 billion dollars due to the rise in oil prices."
He pointed out that "the rise in reserves is a positive indicator for the Iraqi government and the central bank for the stability of the exchange rate and the local currency." https://nnciraq.com/176479/
To read more current and reliable Iraqi news please visit BondLady’s Corner:
News, Rumors and Humor Monday Night 1-2-2023
KTFA: Vietnam News:
Hanoi enters New Year with fresh optimism
11:46 | 01/01/2023
Facing a range of difficulties and challenges last year, Hanoi has realised and even exceeded all 22 of its socio-economic targets, Secretary of the municipal Party Committee Dinh Tien Dung told the Vietnam News Agency (VNA) in a recent interview.
According to the official, the capital city grew 8.8 percent, higher than the nation’s average level of about eight percent. It saw better-than-expected outcomes in its Gross Regional Domestic Product (GRDP), GRDP per capita, growth rate of export turnover, and reduction of poor households.
KTFA: Vietnam News:
Hanoi enters New Year with fresh optimism
11:46 | 01/01/2023
Facing a range of difficulties and challenges last year, Hanoi has realised and even exceeded all 22 of its socio-economic targets, Secretary of the municipal Party Committee Dinh Tien Dung told the Vietnam News Agency (VNA) in a recent interview.
According to the official, the capital city grew 8.8 percent, higher than the nation’s average level of about eight percent. It saw better-than-expected outcomes in its Gross Regional Domestic Product (GRDP), GRDP per capita, growth rate of export turnover, and reduction of poor households.
Dung said 2023 is key to Hanoi’s socio-economic development plan for the 2020-2025 period and takes the work theme of discipline, responsibility, action, innovation, and development.
This year, Hanoi will strive for an increase of 7 percent and above in GRDP, with its rates of social investment and export growth expected to hit 10.5-11 percent and 7.5-8 percent, respectively.
Concerning tasks to be completed to realise such goals, the official stressed improving the business climate and economic restructuring; developing the quality, effectiveness, and competitiveness of local craft villages; and encouraging the application of technological advances, among others.
The city will also work to complete its planning for 2021-2030 with a vision to 2050 for submission to the Prime Minister.
Dung said in the future, the capital will develop two affiliated cities – one to the north of the Red River (Me Linh-Soc Son-Dong Anh) andother to the west of Hanoi (Hoa Lac-Xuan Mai), serving as a premise for further growth.
Hanoi prioritises fostering cultural and social development to be on par with economic growth, while continuing its plan for investment in education, health, and culture, he affirmed.
VNA LINK
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Courtesy of Dinar Guru
Clare Article: "What is meant by currency float? What are its advantages and disadvantages?” Quote: "There are millions of traders around the world buying and selling currencies...The basis of the currency floating system is supply and demand. If the supply is greater than the demand, the value of the currency will decrease. On the contrary, if the demand is greater than the supply, its value will increase..."
Pimpy Article: "Expert: No Concern About The Stability Of The Dinar With The Presence Of large Reserves Of The Dollar And Gold" Remember I was telling you as they continue to increase their foreign reserve assets and their gold reserves the whole purpose of that was to help stabilize and protect the Iraqi dinar and that's what this economist is talking about...
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TNT:
CandyKisses: Sudani stresses immunizing Iraq from currency smuggling and money laundering
Twilight News / Prime Minister Mohammed Shiaa al-Sudani stressed on Monday the need for economic reform and support for the sectors of agriculture, industry, tourism and trade, stressing the fortification of Iraq so as not to be a corridor for smuggling hard currency and money laundering.
The Sudanese Media Office said in a statement received by Shafaq News Agency that the latter conducted an inspection visit to the Ministry of Industry and Minerals to see the progress of work in the ministry's factories and companies. He also chaired a meeting of advanced owners, and listened to a summary given by the Minister of Industry on the Ministry's investment plan for development, its vision towards supporting
Al-Sudani stressed that his visit to the ministry at the beginning of the new year reflects the government's keenness to implement its ministerial platform, which focuses on services and the economy, noting that "economic reform is a prelude to social reform, which is not an intellectual luxury or for media consumption."
He pointed out that "the fluctuations of the exchange rate and their impact on the Iraqi economy, made us adhere to the inevitability of economic reform, and support agriculture, industry, tourism and trade, instead of Iraq being a market for imported goods and a corridor for smuggling hard currency and money laundering."
Al-Sudani pointed out that "Iraq has an opportunity to rise as an industrialized country, with an industrial identity, and that the government supports the industrial sector in this path."
He stressed "the need for industry to be away from political investment, and that partnership with the private sector contributes to the advancement of Iraqi industry," stressing "the protection of the local product as a means of supporting the private sector, and reducing the dumping of the local market with imported goods."
Al-Sudani directed to audit industrial development licenses, and to sponsor small and medium enterprises as they establish major projects, and contribute to job creation.
Mot: .. You Can Always Count on Maxine to Stir da Pot!! ~~~
Mot: ...... on and on and on and on .......
Mot: . Uh Oh! --- Got Caught on dat Un! ~~
