Iraqi News Highlights Wednesday Evening 3-8-23

Iraqi News Highlights Wednesday Evening 3-8-23

Tlm724 Administrator Bondlady’s Corner

Over $223 Million Central Bank Sales At Auction Today

Economy| 11:53 - 08/03/2023   Baghdad - Mawazine News  Central Bank sales of dollars increased in an auction today, Wednesday, to record more than 223 million dollars.

https://www.mawazin.net/Details.aspx?jimare=221304

Iraqi Trade Bank: Calculating The Exchange Rate Of 1320 Dinars For Currency Conversion Operations

Economy| 06:21 - 08/03/2023   Iraqi Trade Bank: Calculating the exchange rate of 1320 dinars for currency conversion operations   https://www.mawazin.net/Details.aspx?jimare=221343

Oil Prices Rose After The Decline In US Inventories

Wednesday 08 March 2023 08:43 | Economical Number of readings: 310  Baghdad / NINA / - Oil prices rose slightly in early Asian trading today, Wednesday, as industrial data showed a decline in US crude oil inventories, after the market fell in the previous session, amid fears that a sharp increase in US interest rates would hurt demand.

Brent crude futures for April were up 15 cents at $83.45 a barrel by 04:20 GMT.

US West Texas Intermediate crude futures rose 3 cents to $77.61 a barrel.

Supporting the market on Wednesday, data from the American Petroleum Institute showed that US crude inventories fell by about 3.8 million barrels in the week ending March 3, according to market sources.

Gasoline stocks increased by about 1.8 million barrels, while distillate stocks rose by about 1.9 million barrels, according to the sources, who asked not to be identified.

Both Brent and WTI fell more than 3% on Tuesday after US Federal Reserve Chairman Jerome Powell said the central bank would likely need to raise interest rates more than expected in response to the recent strong data./End 8 For more news, subscribe to our Telegram channel

https://ninanews.com/Website/News/Details?key=1039122

Barzani: The Atmosphere Is Positive For Resolving The Differences Between Baghdad And Erbil

01:49 - 08/03/2023   Baghdad - Mawazine News  The President of the Kurdistan Region, Nechirvan Barzani, confirmed, on Wednesday, the availability of a positive atmosphere for dialogue between Erbil and Baghdad to resolve differences and outstanding issues.

And the Kurdistan Regional Presidency stated in a statement, which Mawazine News received a copy of, that "Barzani received German Foreign Minister Analina Berbock, who is currently visiting the city of Erbil."

Barzani, according to the statement, thanked "Germany for the German military, humanitarian and political support for Iraq and the Kurdistan region," stressing that "the threats of terrorism are still ongoing, so Iraq and the Kurdistan region need to continue to support the United States and the international community."

For her part, Birbock stressed that "Germany views importance on its relationship with Iraq and the Kurdistan region and the consolidation of peace and political and economic stability in them. In this regard."

She pointed to "the importance of implementing the agreement concluded between the Kurdistan Regional Government and the Iraqi federal government to normalize the situation in Sinjar, which will lead to the return of the displaced to their homes and the reconstruction of the region."

The relations between Erbil and Baghdad were another focus of the meeting, as Barzani indicated that "there is a positive atmosphere between the two sides to resolve differences, in addition to the existence of strong coordination between the Iraqi forces and the Peshmerga forces to confront ISIS."

The relations of Iraq and the Kurdistan region with neighboring countries, the situation of the displaced and refugees in the region, the situation of Sinjar and the Yazidis in general, and some issues of interest were another focus of the meeting. Barzani thanked Germany for its support and cooperation with the Yazidis, and defining what they were subjected to as a crime of genocide In the German parliament, according to the statement.    https://www.mawazin.net/Details.aspx?jimare=221315

Government Spokesperson: Austin's Visit To Baghdad Was Announced And Not Surprising

Political | 03:33 - 08/03/2023  Baghdad - Mawazine News, the government spokesman on behalf of Al-Awadi confirmed today, Wednesday, that the visit by US Secretary of Defense Lloyd Austin to Baghdad was with the knowledge and approval of the government, while he made it clear that Austin carried a message from the US President to support the stability of Iraq.

Al-Awadi said in a statement to the official agency, followed by Mawazine News, that "the visit that US Secretary of Defense Lloyd Austin made to Baghdad yesterday, Tuesday, was announced, with the knowledge and approval of the government, and it is not surprising," noting that "the American side that informed us about it about A week from the date of the visit, as is the case in the protocol contexts.

He added, "The meeting of Prime Minister Muhammad Shia' al-Sudani with the US Secretary of Defense discussed the development of prospects for strategic cooperation between the two countries," noting that "Austin carried a message from US President Joe Biden to the Iraqi leadership in which he hopes that Iraq will be stable and calm, away from any disturbance."

He noted that "the basic principle that the Commander-in-Chief of the Armed Forces, Muhammad Shia' al-Sudani, indicated more than once is that Iraq does not need any external combat forces, and that cooperation efforts must focus on training, development and intelligence cooperation with files to combat the remnants of ISIS."

He pointed out that "the prime minister affirmed that the government's approach is a policy of moderation and balance between axes in accordance with the principle of mutual respect for sovereignty and work to promote common interests."

Prime Minister Muhammad Shia al-Sudani affirmed, during his meeting with US Secretary of Defense Lloyd Austin, yesterday, Tuesday, the government's keenness to strengthen relations with the United States of America, while Luston indicated his country's commitment to supporting the stability of Iraq, and looking forward to consolidating relations between the two countries and developing their partnerships in various fields.    https://www.mawazin.net/Details.aspx?jimare=221326

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

  https://www.bondladyscorner.com/

Iraqi News Highlights Wednesday Afternoon 3-8-23

Iraqi News Highlights Wednesday Afternoon 3-8-23

Tlm724 Administrator Bondlady’s Corner

Iraqi Trade Bank: Calculating The Exchange Rate Of 1320 Dinars For Currency Conversion Operations

Economy| 06:21 - 08/03/2023   Iraqi Trade Bank: Calculating the exchange rate of 1320 dinars for currency conversion operations   https://www.mawazin.net/Details.aspx?jimare=221343

A New High.. The Price Of The Dollar At The Beginning Of Today's Trading

Economy  Wednesday, March 8, 2023 Baghdad / National News Center  The National News Center publishes the exchange rates of the dollar against the Iraqi dinar on a daily basis, according to the variables of the currency exchange market in the capital, Baghdad, and the provinces of the country.

in Baghdad:  The selling price of the dollar is 158,250 per 100 dollars  The purchase price of the dollar is 157,250 for every 100 dollars

in the north:  The selling price of the dollar is 158,500 per 100 dollars  The buying price of a dollar is 157,500 for every 100 dollars

in the south:  The selling price of the dollar is 158,000 per 100 dollars  The purchase price of the dollar is 157,000 per 100 dollars

It is noteworthy that the exchange rates fluctuate and rise on a daily basis, after their decline about two weeks ago, due to government measures.    https://nnciraq.com/191589/

Iraq Signs Contracts With The German Company Siemens In The Field Of Energy

Prime Minister Mohamed Shiaa Al-Sudani sponsored the signing of three contracts with Siemens Energy Company to rehabilitate 3 power stations.

The office said in a statement: "Prime Minister Muhammad Shia'a al-Sudani received German Foreign Minister Analina Berbock and her accompanying delegation," noting that "during the meeting, they discussed ways to consolidate bilateral relations and partnership in various fields, for the benefit of the Iraqi and German peoples." .

During the meeting, the Prime Minister stressed "the importance of continuing bilateral communication and cooperation, and exchanging information on the security side," expressing "Iraq's openness to all forms of partnerships and investment opportunities, and welcoming the contribution of German companies to building infrastructure in Iraq."

For her part, the German minister conveyed to the Prime Minister the greetings of German Chancellor Olaf Scholz, and expressed her desire.

She stressed, "Germany's support for the efforts of the Iraqi government in its endeavor to implement administrative and economic reforms, and to achieve good governance."

According to the statement of the Prime Minister's Media Office, at the end of the meeting, and under the auspices of the Prime Minister, a signing ceremony took place with the German energy company Siemens for the first group of project contracts included in the memorandum of cooperation, which includes rehabilitation and comprehensive service work for (Kirkuk, Al-Rasheed, and Sadr gas stations) to produce gas.

The office stated, "These contracts cover the service of the stations for a period of five years, with a production capacity of up to 1400MW, which helps to sustain work in them and stabilize the production and distribution of energy," noting, "The German government will work for the first time to follow up the work of Siemens. " In Iraq, to ​​ensure full implementation by the company of the contracts concluded and adherence to them.

He stressed, "The signing of the three contracts came as a confirmation of the Ministry of Electricity's obligations under the memorandum of understanding signed with the German company Siemens in Berlin, under the auspices of the Prime Minister last January," pointing out, "The Iraqi government was able, with these three contracts, to obtain a financial reduction." up to 30 percent.

https://www.radionawa.com/all-detail.aspx?jimare=33678

Theft Of The Century Investigations: The List Of Those Involved Includes Political Leaders, Faction Leaders, And Senior Officials

Posted On2023-03-08 By Sotaliraq  Translated by: Hamed Ahmed   The British (Middle East Eye) website, after examining exclusively the report of the Parliamentary Investigation Committee investigating the circumstances of the theft of $ 2.5 billion from a government bank account, which is made up of multiple political parties, revealed that some officials in the previous government were a tool in executing and facilitating the theft and helped smuggle the money. stolen out of the country.

A report by the British (Middle East Eye) website, translated by (Al-Mada), stated that “arrest warrants were issued on Friday against four people who held high positions in the previous government.”

The report added, "These officials are the former Minister of Finance, Ali Allawi, Raed Jouhi, director of Al-Kazemi's office, Mashreq Abbas, the political advisor to Al-Kazemi, and Ahmed Najati, the personal secretary of the former prime minister."

He pointed out, “This is on charges of facilitating the acquisition of tax secretariat funds, and orders were issued to seize their movable and immovable funds, and they all denied these charges.”

The report stated, “The arrest warrants were issued following the emergence of new evidence indicating the involvement of a number of other persons in the previous government.”

He stressed, "The authorities are also seeking to arrest two Kuwaiti merchants of Iraqi origin, who are close to Allawi."

The report quoted, “Former Prime Minister Mustafa Al-Kadhimi, as saying that the investigation lacks acceptable limits of impartiality, and indicates a clear political approach in targeting and terminating anyone associated with or working with the previous government.”

And the report continued, “Al-Kazemi stated that the investigation process targeted some people with the intention of covering up the actual criminals.”

And he stated, "The investigation committee found that the amount that was withdrawn from the Rafidain Bank is four trillion dinars, equivalent to 3 billion dollars."

The report spoke of “withdrawing the amount through 260 instruments distributed among seven private companies, for the period from September 2021 to August 2022.”

He added, "Five of the seven companies were newly established and do not have tax records, and the remaining two companies were purchased by the defendants for the purpose of completing the theft."

And the report added, “None of these companies has a legal authorization from the actual owners of the tax deposits to withdraw these deposits, despite their claim to do so.”

He also stated, "The stolen money is money that was paid in advance by companies in exchange for future tax responsibilities, and previously the Financial Supervisory Authority was the authority to audit requests for repayment of tax secretariats."

The report added, “However, a few weeks before the theft of financial deposits began, a change occurred allowing these funds to be withdrawn without the approval of the FSA. The investigation committee stated that the official communications related to this change were described as the main factor for theft.

A senior official in the Ministry of Finance said that the Financial Supervisory Authority had indicated in a previous report that the tax deposits in the bank account were at risk and tried to warn that people might try to withdraw these funds illegally, however, it seems that there is no one who Take these alerts seriously.

The official added, "The oversight body's reports became the secret key that allowed the plan to evolve from A to Z."

The official pointed out that "the only people who paid attention to the warnings were the thieves themselves who followed these warnings to reach the location of the money and put in place mechanisms to steal it."

And the report continues, “The FCA sent in November 2017 the results of the oversight and audit it conducted on tax secretariats for the years 2015, 2016, and the first four months of 2017 to the Prime Minister’s Office and to the General Tax Authority.”

He added, "The oversight authority included in its report many observations, the most prominent of which was related to how to collect huge amounts of tax deposits in one account."

The report stressed that “the procedures for refinancing deposits were flawed and erroneous, and may lead to manipulation.”

And he goes on, that “the Financial Supervisory Authority found that more than 4.9 trillion dinars (approximately 4 billion dollars) of tax secretariats had been collected in one bank account owned by the General Authority for Taxes at the Al-Ahrar branch of Al-Rafidain Bank,” explaining that “the supervisory authority contacted at the time Department of Accounts of the Ministry of Finance to solve these loopholes.

A senior official familiar with the investigations said, "All the information revealed by the investigations so far indicates that the theft was planned sometime between 2018 and 2020."

The official added, “The network of those involved in this theft is wide, as it includes political leaders, leaders of armed factions, and former and current senior officials, but the name that is repeated at every stage of the investigation is Raed Jouhi.”

He pointed out that the strange thing is that all the other names either lead to mentioning his name, or that he is related to those names in one way or another.

And the report continued, “The report of the investigation committee did not specify exactly the alleged role that Jouhi played in this case, but it mentioned the name of the former prime minister’s office as including the main parties involved in the theft.”

And he emphasized, “The investigation committee stated that the office contacted officials of the Ministry of Finance, directors of the General Tax Authority and branches of the concerned bank without referring to the name of Finance Minister Allawi, and recommended the relevant authorities to cancel the oversight body’s requests to audit the procedures for re-payment of tax deposits.”

The report stated, “Investigations indicate that the individual, Alaa Khalaf Maaran, Jouhi’s private secretary, was always accompanying businessman Nour Zuhair Jassim, the main suspect of theft, on his foreign trips over the last two years, during which Zuhair used his private plane to travel.”

And he stated, “The issuance of an arrest warrant against Maaran in November, for his role in facilitating the smuggling of stolen money outside Iraq.”

The report stated, "Investigations indicated that Zuhair, who possesses a diplomatic passport, made approximately 21 foreign trips between 2021 and 2022 using his private plane."

A senior Iraqi official familiar with the investigation said, “I was shocked when I read the results of the investigations. It is a farce of the age, not theft of the age.”

And the official added, "Nour Zuhair, who was a wanted person holding a diplomatic passport, was accompanied by a high-ranking intelligence officer or an official from the Prime Minister's Office on every trip he took."

And the official went on, that "the only explanation for this is that he was using his private plane in the process of transferring money, there is no other explanation."  LINK

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

  https://www.bondladyscorner.com/

Wednesday Morning Iraq Economic News Highlights 3-8-23

Wednesday Morning Iraq Economic News Highlights 3-8-23

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

"Tidbits From TNT" Wednesday Morning 3-8-2023

TNT:

Tishwash:  With the document.. The Hajj Authority collects its revenues in dinars instead of dollars

The Hajj and Umrah Authority decided to collect its revenues in dinars instead of dollars, in implementation of the decision of the Council of Ministers.

text:

M / exchange rate
 May the peace, blessings, and mercy of God be upon you
 In implementation of Cabinet Resolution No. (23026) of 2023, which includes:

Adopting the Iraqi dinar for the purpose of selling goods and services by the authorities
 government and fixing the exchange rate to the dollar according to the central bank rate
 Depending on the book of the Central Bank No. 868/11/5 in

To kindly inform and take the necessary measures to collect the authority's revenues
 In Iraqi dinars.

 2/8/2023   A appreciation... between generosity phrases      link

Tishwash:   Expert: Dealing with the "Swift" system for dollar transfers needs time and there is a quick solution

The academic and economic researcher, Abdul Karim Al-Issawi, said that what matters to the Iraqi street is how to bridge the gap between the two prices (official and parallel to the dollar), which has reached high levels, in addition to the lack of complexity in the process of obtaining dollars by small merchants who finance their imports, which resulted in continuous increases in prices. .  

Al-Issawi believes, in an interview with the official newspaper, followed by “Nass”, (March 8, 2023), that “the Central Bank of Iraq concluded an agreement with the (JP Morgan) group to act as a mediator and settlement between the private sector and the exporters of Iraq, which is very necessary and would create a kind of Transparency in foreign financial transfers to Iraq.  

At the same time, Al-Issawi pointed out that dealing with foreign transfers through the (Swift) system still needs additional time in order for banks to adapt to it, so it is necessary to take treatments that accelerate the response to the need of ordinary individuals for the dollar and work to increase the outlets for selling foreign currency and not limit them. in specific banks.  link

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CandyKisses:  OPEC expects oil demand to increase this year by more than two million barrels per day

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

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

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

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

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

Tishwash:  When will China start implementing the framework agreement and financing major electricity projects in Iraq?!

The Minister of Electricity, Ziyad Ali Fadel, discussed with the Chinese Export Bank (Sanyo Shore) the possibility of financing strategic projects within the Iraqi-Chinese framework agreement.

The ministry said in a statement received by Iraq today, "The Minister of Electricity, Ziyad Ali Fadel, chaired a high-level meeting with the Export Bank of China (Sanyo Shore), in the presence of the ministry's advisor and a number of general managers," noting that "the minister welcomed the guest delegation and thanked them for their support in Financing a number of large and important projects in the production sector, such as (Rumaila, Shatt Al-Basra, and Maysan Investment Stations), which returned production that supported the national electrical system.

She added, "The minister affirmed the government's tendency to achieve solid partnerships financially and economically with everyone, and its desire to open up to everyone and develop cooperation with the People's Republic of China."

The Chinese delegation expressed, according to the statement, "its great pleasure at the seriousness and relentless pursuit of the minister, and his clear desire to establish infrastructure, and they expressed their high confidence in proceeding with the ministry and according to what it proposes to finance a large number of projects."

The ministry's advisor reviewed "the types of projects, the size of the technical and financial guarantees, and their mechanisms," stressing that "our plans include combined cycles, thermal stations, solar power stations, and others."  link

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Mot:  Yahoooo - Finally Found a gym this is Free... Fresh Air ...... Wait a minute

Iraqi News Highlights Tuesday Evening 3-7-23

Iraqi News Highlights Tuesday Evening 3-7-23

Tlm724 Administrator Bondlady’s Corner

An Economist For / NINA / The Imposition Of Customs Duties On Imported Goods Will Reflect Positively On The National Industry

Tuesday 07 March 2023 08:15 | Economical Number of readings: 403 Baghdad / NINA / - The expert in economic affairs, Raad Twij, confirmed that imposing customs protection on imported goods similar to some national industries will reflect positively on the national industry.

Twigg said in a statement to the National Iraqi News Agency ( NINA ) that "imposing customs duties in the recent decisions of the Council of Ministers on imported goods similar to some national industries will contribute to a significant development in protecting the local product from foreign competition, and this type of trade policy, if it is written for continuity, And expansion will localize industries locally.”

He pointed out that "customs duty on imported goods similar to local goods will work to stimulate the industrial movement of the Iraqi private sector, and this approach will be appropriate to replace foreign goods with local goods, an abundance of financial resources, an improvement in the business environment in Iraq, and more job creation."

The recent cabinet sessions witnessed several decisions, the most important of which was the imposition of customs duties on some imported goods and services similar to some local industries./ End 8  https://ninanews.com/Website/News/Details?key=1038806

“It Reaches 170 Trillion Dinars.” New Details Of The 2023 Budget

Money and business  Economy News – Baghdad The Finance Committee in the House of Representatives expected, on Tuesday, the volume of oil revenues in the 2023 budget, the final spending figure, and the amounts of its operational and investment budget, according to the new exchange rate.

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

He explained, "The size of the expected operating budget will be 90 trillion dinars, and the investment budget 80 trillion to feed important projects in the fields of health, education, electricity, and financing the Faw Grand Port and the Dry Canal projects."

He pointed out, "The region's percentage of the budget, if it accepts the delivery of clear statements of its revenues from oil, taxes, and border crossings, could exceed 12%."

Al-Kazemi added, in an interview with the official news agency, that "the House of Representatives hopes that the budget will arrive this month, and the parliament and the Parliamentary Finance Committee will devote themselves to discussing and approving the budget after its arrival."

https://economy-news.net/content.php?id=32811

The Rise In Dollar Exchange Rates In Morning Trading

Tuesday, March 7, 2023 11:27 am  The National News Center publishes the exchange rates of the dollar against the Iraqi dinar on a daily basis, according to the variables of the currency exchange market in the capital, Baghdad, and the provinces of the country.

in Baghdad:  The selling price of the dollar is 158 per 100 dollars  The purchase price of the dollar is 156 for every 100 dollars

in the north:  The selling price of the dollar is 158,250 for every 100 dollars, thus increasing the price by 1,500 dinars from yesterday. The purchase price of the dollar is 157,250 per 100 dollars

in the south: The selling price of the dollar is 158,000 for every 100 dollars, which brings the price up by 1,500 dinars from yesterday.  The purchase price of the dollar is 157,000 per 100 dollars.

It is noteworthy that exchange rates fluctuate and rise on a daily basis, after declining about two weeks ago against the backdrop of government measures.    https://nnciraq.com/191343/

High Oil Prices In World Markets

Economy| 10:09 - 07/03/2023 Follow-up - Mawazine News  Oil prices rose, in trading today, Tuesday, and this comes at a time when expectations about medicine and supply of crude in the markets vary.

By 09:26 Baghdad time, US West Texas Intermediate crude futures rose 0.20% to $80.62 a barrel.

While Brent crude futures rose 0.22% to $86.37 a barrel, according to Bloomberg agency data. Ended

https://www.mawazin.net/Details.aspx?jimare=221184

The Ministry Of Planning Is Discussing With The European Union The Support Of Iraq In Joining The World Trade Organization

Monday 06 March 2023 22:25 | Economical    Number of readings: 390 Baghdad / NINA / - The Ministry of Planning discussed with the European Union, supporting Iraq in joining the World Trade Organization.

The ministry said in a statement that  "within the framework of joint cooperation between the Ministry of Planning, the European Union and the International Trade Center, the Department of International Cooperation held today a joint meeting with the director of the Savvy project funded by the European Union, Eric Bouchot."

Saher Abdul-Kadhim Mahdi, Director General of the Department, who chaired the meeting, said,

"Among the issues discussed during the meeting, the role of the Savi project in supporting Iraq to join the World Trade Organization,

as well as discussing the project's progress report and the challenges facing the project and reviewing the observations of the sectoral ministries partnering with the project."

He explained that the meeting also discussed notes on a draft memorandum of understanding between the International Trade Center and the Ministry of Planning. / End

https://ninanews.net/Website/News/Details?key=1038815

Al-Sudani Requests The Assistance Of The European Parliament In Recovering The Looted Iraqi Funds

Mar 6 15:41  Information / Baghdad..  On Monday, Prime Minister Muhammad Shia al-Sudani called on the European Parliament to help Iraq recover its looted funds and arrest those wanted by the Iraqi judiciary.

"Iraq follows a balanced policy in international relations," Al-Sudani said in a statement received by Al-Malooma on the sidelines of his reception of the European Parliament delegation, appreciating "the European Union's stances towards Iraq at various stages."

He pointed to "the importance of international efforts supporting Iraq in implementing its government program, and providing assistance in the field of recovering looted funds and those wanted by the Iraqi judiciary."

For their part, the members of the European delegation affirmed "their support and support of their countries for the Iraqi efforts in the field of reform," expressing

"the serious European desire to forge a partnership with Iraq that flows into the path of sustainable development and common interests."

The meeting witnessed "a presentation of the overall Iraqi-European relations, ways of developing them in various aspects of joint cooperation, and discussions on mechanisms to enhance Iraq's capabilities in facing economic challenges and the effects of climate change." Ended/25 h

https://almaalomah.me/news/politics/السوداني-يطلب-مساعدة-البرلمان-الأوروبي-في-استرداد-الأموال-ال

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

  https://www.bondladyscorner.com/

Iraqi News Highlights Tuesday Afternoon 3-7-23

Iraqi News Highlights Tuesday Afternoon 3-7-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank’s Sales Of The Currency Selling Window Increased By 25.4%

Economy News – Baghdad Sales of the Central Bank of Iraq, in the foreign currency sale window today, Tuesday, increased by 25.4% compared to yesterday, Monday.

Today, the Central Bank sold $216.7 million, of which $153.6 million were remittances and letters of credit, while its cash sales amounted to $63.1 million.

According to the Central Bank of Iraq website, the number of banks that participated in meeting cash requests amounted to 16 banks, while the number of banks participating in meeting requests for strengthening balances abroad reached 23 banks.  https://economy-news.net/content.php?id=32808

Iraq Records An Increase In The Monthly Inflation Rate By 3.6%

Economy| 11:36 - 07/03/2023  Baghdad - Mawazine News  The Ministry of Planning announced, on Tuesday, that it had monitored an increase in the inflation rate during the month of January, at a rate of 3.6%, compared to the last month of 2022

. The Central Statistical Organization teams, through its follow-up of the price movement in the Iraqi local markets in all governorates, recorded changes in the inflation rate during the aforementioned month.

He explained, "The increase in the monthly average was affected by the increase in a number of commodity totals, as the prices of the transport department witnessed an increase of 7.7%, and the restaurants department recorded an increase in its prices by 6.7%, while the supplies and equipment department increased its prices by 4.2%, and the department of restaurants increased by 4.2%. Miscellaneous goods and services increased by 3.9% as a result of the increase in gold prices without wording, and the prices of food and non-alcoholic beverages increased by 3.8%.

Regarding the annual inflation rate, the statement stated that it “recorded an increase of 7.2%, compared to the first month of last year 2022,” noting at the same time that “the monthly inflation rate during the last month of 2022 (December) had increased by 0.3%. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=221195

The Prime Minister Confirms The Government's Keenness To Strengthen Relations With The United States Of America

Today, Tuesday, Prime Minister Mohamed Shia Al-Sudani affirmed the government's keenness to strengthen relations with the United States of America.

The media office of the Prime Minister stated in a statement, "Prime Minister Muhammad Shia'a Al-Sudani received US Secretary of Defense Lloyd Austin and his accompanying delegation."

He added, "During the meeting, they reviewed the joint cooperation between Iraq and the United States of America, and the performance of the Iraqi security forces in combating terrorism and pursuing ISIS terrorist gangs."

During the meeting, Al-Sudani affirmed, "the government's keenness to strengthen and consolidate relations with the United States of America, at various levels and levels," pointing to "the government's approach to pursuing balanced relations with the regional and international environment based on common interests and respect for sovereignty."

He stated that "Iraq's stability is a key to the security and stability of the region," pointing to "Iraq's role in converging views and reducing tensions in the region."

For his part, the US Secretary of Defense affirmed, "his country's commitment to supporting the stability of Iraq, and looking forward to consolidating relations between the two countries and developing their partnerships in various fields." .    https://www.radionawa.com/all-detail.aspx?jimare=33673

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

  https://www.bondladyscorner.com/

Tuesday Morning Iraq Economic News Highlights 3-7-23

Tuesday Morning Iraq Economic News Highlights 3-7-23

The Draft Budget Law 2023 Will Not Be Included On The Cabinet Table

March 7, 2023  Baghdad / Obelisk: The government spokesman, Basem Al-Awadi, confirmed that the draft general budget law for the year 2023 was not included in the regular cabinet session.

Al-Awadi said, in a statement followed by Al-Ossala, that the draft general budget law for the year 2023 is not included in the agenda of the Council of Ministers in its regular session scheduled for Tuesday.

He added that the draft budget law for the current year will be ready and will be sent to the House of Representatives by the end of this month.

He pointed out that the current year's budget will, for the first time, be devoted to the implementation of the government program, whether the services or the private sector, and all that the ministerial program pledged.    https://almasalah.com/archives/45381

Details Of The 2023 Budget: Reducing The Exchange Rate Cost 14 Trillion, And The Deficit Is 60 Trillion Dinars

March 7, 2023  Baghdad / Obelisk: The Parliamentary Finance Committee spoke of its desire to reduce the amounts of the budget law to 170 trillion dinars, confirming good amounts for the investment part in order to implement the paragraphs of the ministerial platform of the current government.

Committee member Mueen Al-Kazemi said that the draft budget law was supposed to arrive some time ago, but the dollar exchange rate changed from 1,450 dinars to 1,300 dinars.

He added that this change made the government return the project to the Ministries of Finance and Planning in order to reconsider it at the new exchange rate.

He added that the discussion will take place on all items within the relevant committees and in coordination with the political blocs, and he spoke of a desire to establish a fund for the reconstruction of the poorest provinces, a fund affected by terrorism, and a fund for the reconstruction of Dhi Qar.

And he went on to say that the government project reduced the total budget amounts, after it was more than 200 trillion dinars, it has now become about 196 trillion dinars, and this ceiling is subject to discussion within the corridors of Parliament.

He explained that Iraq's oil and non-oil revenues were previously 149 trillion, but after changing the exchange rate they became 135 trillion dinars.

And he stated that Iraq exports 3 million and 500 thousand barrels of oil per day at a price of 65 dollars, according to what is estimated in the budget, although the official price is higher than that.

And he talked about the possibility of the deficit reaching 60 trillion dinars, which is a large amount, explaining that the Finance Committee in the House of Representatives has a vision that the budget will be about 170 trillion, 90 trillion of which goes to the operational side.

He pointed out that salaries alone consume 62 trillion dinars, which are for four million employees, in addition to social care, rations, medicines and other governing materials.

He concluded his speech by saying that 80 trillion dinars will go to the investment component, which is a large sum added to it from the allocations of the emergency support for food security and development law amounting to 9 trillion dinars that were allocated for the development of the regions, because this amount has not been spent until now.   https://almasalah.com/archives/45391

Experts Offer Solutions To Eliminate The Exchange Rate Gap In The Parallel Market

2023.03.07 - Baghdad - Nas    The Federation of Chambers of Commerce revealed the Prime Minister’s directive to facilitate merchants’ access to the electronic transfer platform for selling dollars at the Central Bank as part of efforts to control the large gap between the exchange rate between the official and the market. 

"Nass" channel on Telegram.. our latest updates    

This trend represents, according to a number of specialists in economic affairs, a necessary step to eliminate the monopolies of the parallel market for foreign currency, in addition to being an important factor in limiting the rise in prices resulting from the necessity of "small merchants" to provide their needs in dollars by buying it from money exchanges, which sell it within limits. 157 thousand dinars for every 100 dollars, "until yesterday, Monday."    

In addition to the importance of government directives to facilitate the involvement of merchants in the platform for selling the currency, the economist, Dr. Fares Karim Buraihi, believes during an interview with the official newspaper, followed by “Nass” (March 7, 2023), that “the central bank’s moves represent practical measures that can contribute to an extent.”

What is the decline in the exchange rate of the dollar, but it needs more follow-up,” calling for the involvement of “small traders” who work on a daily basis in commercial exchange without allowing them to enter the platform for selling dollars in the central bank, and obtaining foreign currency at its official rate, indicating that This caused a clear rise in prices.    

Expert Brehi explained that the process of adapting to the platform and stabilizing exchange rates requires more time and continuous government follow-up, and to work diligently to prevent smuggling operations that the dollar was exposed to during the past periods, stressing that these follow-ups will lead to the restoration of the exchange rate and the stability of the parallel market, and thus Eliminating inflation and its negative repercussions on society, praising at the same time the government's efforts to control food prices in the local markets by entering as a competitor in selling some items at official prices, stressing the importance of the step that comes with the approach of the holy month.    

Yesterday, Monday, the head of the Federation of Chambers of Commerce, Abd al-Razzaq al-Zuhairi, announced that "the prime minister directed that there should be meetings between businessmen, merchants, and relevant authorities, including the Central Bank, tax and customs, and facilitate the entry of merchants to the electronic transfer platform."

Contrary to the previous opinion, a member of the Iraqi Economists Association, economic researcher Muqdam Iyad al-Shaibani, believes during an interview with the official newspaper that "monetary policy in Iraq is still subordinate to fiscal policy and is not independent of governmental and political decisions," describing the decision to raise the exchange rate that was taken in the year 2020 from 118 dinars per dollar to 146 dinars, as "a shock method, and represents punishment for the people, in addition to being an unscientific and ill-considered measure that led to the decline of the Iraqi economy and caused a real crisis for the citizen." 

Al-Shaibani explained that "the citizen suffers from accumulated crises as a result of previous economic and financial policies, and that changing the exchange rate within two years without a real study of the market situation, the banking system, and the situation of the private sector led to a gap between the official price and the parallel market price, especially after the Central Bank of Iraq did work." system of the electronic platform for financing foreign trade, without taking into account the weakness of the Iraqi banking system.

Al-Shaibani believes that "the failure of merchants, especially small traders, to deal with the banking system of the Central Bank led to the purchase of dollars from the parallel market to finance their foreign trade," noting that "most of the internal trade operations are still funded in dollars, and that Iraq depends entirely on imports from abroad because the industry And agriculture constitutes only 4% of the gross domestic product, which created a large gap between the official and the parallel price, which negatively affected the situation of the Iraqi economy and the citizen directly.

The researcher Al-Shaibani stressed the need for the Central Bank to reform the banking system and work to persuade all segments of the people, especially merchants, investors and other actors in the Iraqi economy, to enter the banking system and work to solve the problem of small traders and find realistic solutions to finance their trade, calling at the same time, to transfer all Domestic trade operations are in Iraqi dinars, and that the dollar be used to finance foreign trade.

https://www.nasnews.com/view.php?cat=103351

The Government Spokesman Resolves The Controversy Of Including The Budget On The Agenda Of Today's Cabinet Meeting

2023.03.07 - Baghdad - Nas    On Tuesday, the government spokesman, Basem Al-Awadi, confirmed that the draft general budget law for the year 2023 was not included in the regular cabinet session.    

"Nass" channel on Telegram.. our latest updates 

Al-Awadi said in a statement to the official agency, followed by "NAS", (March 7, 2023), that "the draft general budget law for the year 2023 is not included in the agenda of the Council of Ministers in its regular session scheduled for today, Tuesday."

He added, "The draft budget law for the current year will be ready and will be sent to the House of Representatives by the end of this month."

He pointed out that "the budget for the current year will be for the first time devoted to the implementation of the government program, whether the service or the private sector and all that the ministerial program pledged."    https://www.nasnews.com/view.php?cat=103365

Al-Sudani: The Iraqi Dinar Is Strong And We Will Not Allow Its Collapse

Mohamed Shiaa Al-Sudani. "Internet"  Money and business   Prime Minister Muhammad Shia al-Sudani affirmed that the Iraqi dinar is strong and we will not allow its collapse.

Al-Sudani said in a televised interview with Al-Hadath channel, followed by "Al-Iqtisad News", that the Iraqi dinar is strong and we will not allow its collapse, and this confidence came from the good economic situation, as the revenues are the highest in the history of Iraq, and our balance has reached more than 100 billion dollars.      

He warned exchange companies and other parties against selling the dollar at a price of more than 1,320 dinars, explaining that the current dollar problem is concentrated in some merchants, companies and small traders who were accustomed to transfers without import requirements, including the establishment of a company, the import license and the payment of customs taxes.

He added that private banks have a role in development and contribute to the process of financing and lending to investors and businessmen to establish projects, and that some private banks work properly and we help them as a government because there is no development without banks and without a banking system.   https://economy-news.net/content.php?id=32805

Representatives Are Calling For The Speedy Sending Of The Budget

Iraq  2023/03/07  Muhannad Abdel Wahhab  Members of the House of Representatives called on the government to quickly send the Federal General Budget Law 2023, saying that delay in this matter will negatively affect the implementation of its provisions and that it is not in the interest of citizens, expecting that the supposed ceiling for the budget will reach 195 trillion dinars at an assumed price of $65 per barrel of oil.

A member of the Finance Committee for the “Ishraqa Canon” bloc, Mustafa Al-Karawi, said, in an interview with “Al-Sabah”: “The budget is still in the corridors of the government and has not yet reached the House of Representatives, and the government continues to delay it, and therefore this will negatively affect its implementation after its approval, on Considering that the remainder of the year 2023 may not be sufficient to implement its provisions, because many matters need to be quickly implemented during the real fiscal year.

A member of the Finance Committee criticized what he described as "the government's continued delay in sending the budget," calling on it to send it as soon as possible "so that we can approve it and benefit the citizen," noting that "until now, there is no documented information in the House of Representatives about the date of the arrival of the budget, There are indications that the budget ceiling will reach 195 trillion dinars, and the price of a barrel of oil could be 65 dollars and the exchange rate of the dollar 1320 dinars, according to the information available from the government.

As for the inconsistency in the exchange rate of the dollar between its sale in government banks and the local market, he stressed that "the real problem is not in the problem of the exchange rate for internal cash transactions, but rather in external remittances, because they represent the largest percentage of transactions."

Al-Karawi explained that "99% of the Iraqi citizen's consumption comes through imports, and thus affects the exchange rate, given that foreign transfers will be outside the controls, because many companies and merchants were not registered with taxes or government institutions, and there are no official documents sent to the exporting authorities, so The government must find a solution to this issue in the correct ways in managing the file of sent documents, invoices and foreign transfers, so that on the basis of which control over the exchange rate inside Iraq is carried out.

For his part, independent MP Amir Al-Mamouri confirmed, “The delay in the process of sending the budget is very clear, and the government may have faced some challenges in the issue of the exchange rate of the dollar, but now it is stable on the part of the government, so the government had to speed up the process of sending the budget to the House of Representatives.” Especially since the year 2022 did not witness the existence of a federal budget, and until now, the budget for 2023 has not been sent.

Al-Mamouri added, in an interview with "Al-Sabah", that "there was confirmation from the House of Representatives to urge the government to expedite sending the budget, but unfortunately, so far, nothing of this kind has been achieved, and we are waiting for it to be sent during the coming days of the current month of March."

He pointed out that "with the arrival of the budget, we will have opinions regarding the joints it contains that need to study the paragraphs, and answer its items to the question of whether, after this delay, it will achieve our ambition to provide what is required in the service and health sectors and other matters."

Member of the Legal Committee, Abd al-Karim Abtan, stated that "the House of Representatives is waiting for the budget to be sent by the government, and it is the one that agrees and sets standards in its sections, and after the Council of Ministers approves it and sends it to Parliament, we read it, amend it, and send it to vote after reading."

Abtan confirmed, in an interview with "Al-Sabah", that "delaying the budget is not in the interest of the country, because the citizen, the private sector, agriculture, industry and all sectors are waiting for it to be sent and approved."

He explained, "The House of Representatives is ready for a budget and setting its vision to serve the public interest, including revitalizing the agricultural and industrial sectors, lagging projects, and youth appointments, and we will work to set some rights for retirees, all of which are calculated in the next budget."   Edited by: Muhammad Al-Ansari  https://alsabaah.iq/72816-.html

Parliamentary Finance Seeks To Reduce 26 Trillion Dinars From The Budget Amounts

Economy  10:49 - 2023-03-07  The Parliamentary Finance Committee spoke of its desire to reduce the amounts of the budget law to 170 trillion dinars, confirming good amounts for the investment part in order to implement the paragraphs of the ministerial platform of the government of Muhammad Shia al-Sudani, expecting the project to reach Parliament next week, after its approval by the Council of Ministers, and a member of the committee said

Maeen Al-Kazemi, that “the draft budget law was supposed to arrive some time ago, but the dollar exchange rate changed from 1450 dinars to 1300 dinars.”

Al-Kazemi continued, "This change made the government return the project to the Ministries of Finance and Planning in order to reconsider it at the new exchange rate."

He pointed out, "Expectations are that the cabinet meeting for today, Tuesday, will witness a discussion of the law in order to ratify it and send it to Parliament."

And Al-Kadhimi indicated that “Parliament will receive the law as soon as the Council of Ministers votes on it, and no later than early next week.”

He explained, "The Finance Committee will start studying the project and present it for the first reading, which will not witness any amendments."

Al-Kazemi pointed out, "Discussions will begin after that, in order to make adjustments to ensure that there is no high ceiling on amounts in a way that harms the economic situation because we do not want the deficit gap to widen."

And he stated, “The discussion will take place on all items within the concerned committees and in coordination with the political blocs,” and he spoke of “a desire to establish a fund for the reconstruction of the poorest provinces, a fund affected by terrorism, and a fund for the reconstruction of Dhi Qar.”

And Al-Kazemi continues, “The government project to reduce the total budget amounts, after it was more than 200 trillion dinars, has now become about 196 trillion dinars, and this ceiling is subject to discussion within the corridors of Parliament.”

And he added, "Iraq's oil and non-oil revenues were previously 149 trillion, but after changing the exchange rate they became 135 trillion dinars."

Al-Kazemi stated, "Iraq exports 3,500,000 barrels of oil per day at a price of $65, according to what is estimated in the budget, although the official price is higher than that."

And he talked about “the possibility of the deficit reaching 60 trillion dinars, which is a large amount,” explaining that “the Finance Committee in the House of Representatives has a vision that the budget is about 170 trillion, 90 trillion of which goes to the operational part.”

Al-Kazemi added, "Salaries alone consume 62 trillion dinars, which are for four million employees, in addition to social care, rations, medicines, and other governing materials."

And he went on, "80 trillion will go to the investment part, which is a large amount added to it the remaining allocations from the Emergency Support for Food Security and Development Law amounting to 9 trillion dinars that were allocated for the development of regions, because this amount has not been spent until now."

And Al-Kazemi concluded, that “the Council of Ministers has finished most of the provisions of the budget law according to the new formula, and it is preparing today to vote on it and then send it to Parliament so that we can approve it within a period not exceeding a month, with the aim of speeding up the launch of financial allocations and the implementation of the paragraphs of the ministerial platform for the government of Muhammad Shia’a.” Sudanese.” https://kirkuktv.net/AR/Details/13692

"Tidbits From TNT" Tuesday AM 3-7-2023

TNT:

Tishwash:  Al-Sudani: The Iraqi dinar is strong and we will not allow its collapse

 Prime Minister Muhammad Shia al-Sudani affirmed that the Iraqi dinar is strong and we will not allow its collapse.

Al-Sudani said in a televised interview with Al-Hadath channel, followed by "Al-Iqtisad News", that the Iraqi dinar is strong and we will not allow its collapse, and this confidence came from the good economic situation, as the revenues are the highest in the history of Iraq, and our balance has reached more than 100 billion dollars.       

He warned exchange companies and other parties against selling the dollar at a price of more than 1,320 dinars, explaining that the current dollar problem is concentrated in some merchants, companies and small traders who were accustomed to transfers without import requirements, including the establishment of a company, the import license and the payment of customs taxes.

He added that private banks have a role in development and contribute to the process of financing and lending to investors and businessmen to establish projects, and that some private banks work properly and we help them as a government because there is no development without banks and without a banking system.   link

Tishwash:  Deputy: The 2023 budget will be radically different from its predecessors

Representative Ziyad Al-Janabi confirmed, on Tuesday, the current year's budget differs from its predecessors, noting that the government of Muhammad Shia'a Al-Sudani would stimulate the Iraqi economy. 

Al-Janabi said in an interview with Al-Maalouma Agency, "The draft budget for 2023 differs from previous budgets in terms of form and content," adding that "the government program is real and realistic and does not accept the ijtihad of some corrupt people." 

He pointed out that "the 2023 budget will differ from its predecessors, with the presence of an investment component commensurate with the new government program to provide services." 

He continued, "There are understandings between the government and the legislative institution to provide the best services to the Iraqi citizen during the next stage." 

A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, had estimated, in a statement to Al-Maaloumah, the general budget for the year 2023 at 170 trillion dinars, stressing that the coming days will witness the arrival of the budget to the House of Representatives.  link

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

CandyKisses:  A list of governorates that have suspended the official working hours for tomorrow, Wednesday

Baghdad – Nas  

Several Iraqi provinces announced the suspension of official working hours for tomorrow, Wednesday, on the occasion of the Shabani visit.      

The following is a list of governorates that have been disrupted:   

Thi Qar  

Maysan  

Karbala  

Wasit    

Babylon  

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

CandyKisses:  Sudanese succeed in overcoming American obstacles by contracting with Chinese companies and solving the dollar crisis

Prime Minister Mohamed Shia Al-Sudani continues to launch service projects and solve the bottleneck crisis in the capital by contracting with Chinese companies to complete future projects, as well as taking decisions related to the dollar exchange rate and financial transactions, in a step that has been exceeded.

US pressure towards the dollar file and contracts with China, thus achieving the desire of the demanding people to provide a decent life, get rid of high prices, and solve the road crisis and traffic jams.

The leader in the coordination framework, Ali al-Fatlawi, told Al-Maalouma, "The Sudanese succeeded in overcoming many difficulties that America set before his government, including the dollar file, the Chinese file, and other important files, as America today is not America yesterday, as it became clear to all the international community that the market Now it is witnessing a state of great competition, especially between the American-European market and the Chinese-Russian-Iranian-Indian market.

 The acceleration towards the economic summit began, in which it became clear that the Asian side was ahead of it, and therefore the developments about what was mentioned indicate that the Sudanese was able to take advantage of the repeated cases in the Asian region, such as Saudi Arabia and the UAE In order to enter the Chinese market and break the American veto.

On the other hand, Ali Al-Zubaidi, a member of the Al-Fatah Alliance, told Al-Maalouma that “Al-Sudani managed to put things back in order, despite the fact that there are American political and military interventions and hegemony, as US Ambassador Elena Romansky continues her interventions in many files, as the The continuation of American interventions will not bring good to Iraq, unless there is a purely Iraqi decision away from any foreign and American interference in particular.

On the other hand, political analyst Hazem Al-Bawi said, during his interview with Al-Maalouma, that "the government's emphasis on direct dealing in trade exchange with China in the (yuan) currency represents a preemptive blow to the American conditions that Washington intended to put forward soon, as all the assurances issued Many parliamentary circles indicated the intention of the US administration to impose a set of conditions on the Prime Minister, Muhammad Shia’ al-Sudani, during his upcoming visit to Washington.

However, the government seems to have noticed this plan and has worked to introduce the Chinese currency as a currency in circulation between Baghdad and Beijing, which represents one of the most important of these steps. Proactive measures to prove Iraq's eligibility to diversify its economic relations. 

Mot:  ... Just in Case Ur Wondering!!

CandyKisses:  SCIENTISTS SAY ……….

Iraqi News Highlights Monday Evening 3-6-23

Iraqi News Highlights Monday Evening 3-6-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance Is Discussing With The World Bank Joint Cooperation In Supporting The Implementation Of Projects

Monday 06 March 2023 Economical Number of readings: 247  Baghdad / NINA / - The Parliamentary Finance Committee hosted a World Bank delegation to follow up on projects funded by the Bank within the Federal General Budget Law for the year 2023, and joint cooperation between the two sides.

The Parliamentary Committee, headed by Representative Atwan Al-Atwani, reviewed during the hosting in the National Council building several axes, the most important of which is the file of the Federal General Budget Law for the year 2023 and its communication with the government, since the citizen needs job opportunities that depend on the approval of the budget and the inclusion of those paragraphs that belong to a large segment of the poor classes, adding, with the presence A financial deficit in the budget that can be compensated by increasing oil prices, hoping to achieve self-sufficiency and end the deficit during the current year.

The committee indicated its role in including a number of files related to the health sector through the establishment of centers dedicated to cancer diseases, and treatment centers for heart diseases because they do not exist inside Iraq, which forces patients to travel outside Iraq and its money goes outside the country, as well as striving to establish hospitals in all regions of Iraq, in addition to To pay attention to the side of the poor classes and to include a number of families in social care and include it in the budget.

Regarding the electricity sector, the committee indicated its interest in introducing financial allocations for the energy sector through contracting with Siemens and GE, adding that the government is interested in establishing environmentally friendly stations to increase production and reduce environmental pollution.

The committee also assured the World Bank delegation to pay attention to the water file and provide job opportunities for the people of the agricultural governorates, and continued that the water crisis created a big problem, calling for sharing the damage with the riparian countries, because Iraq is serious about improving the modern irrigation system and emphasizing the upstream countries by releasing its water shares.

The Finance Committee drew attention to the trend towards achieving sustainable development and supporting the private sector through the enactment of important laws, including the partnership law between the public and private sectors, and the social security law to strengthen the Iraqi economy and create an economic vision to maximize revenues, stressing the need not to depend on oil by finding alternatives and developing sectors. Others, whether agricultural or industrial, with the imposition of a tax and customs system that supports the private sector.

During the hosting, the Finance Committee appreciated the role of the World Bank team in continuous communication with the government to see its work as far as it relates to them and to provide the necessary support.

For his part, the World Bank team expressed its thanks for hosting, appreciating the role of the Finance Committee and the Council in general for taking care of all these axes, noting that it has frequent visits to Iraq in order to follow up on joint projects between the government and the World Bank, which are funded by the Bank.

He stressed the need to review all projects according to the Iraqi government's priority and completion rates, the most important of which is the development of the financial sector, social security and investment projects, adding the need to diagnose challenges in implementing projects to reach the desired results through cooperation between the Finance Committee and the World Bank.

The meeting emphasized the shift from the theoretical side to the practical side, questioning the bank's line in stimulating the private sector and reducing expenditures, implementing strategic projects for economic reform and bringing about sustainable development, strengthening financial control, in addition to following up on the loan file in financing priority projects.

He also stressed the holding of a workshop between the committee and the World Bank and a strategic dialogue to provide a detailed explanation of the work of the World Bank, how to implement projects, and readiness to provide support./  https://ninanews.com/Website/News/Details?key=1038734

Federation Of Chambers Of Commerce: Al-Sudani Directed To Facilitate The Entry Of Merchants To The Electronic Transfer Platform

Economy| 09:59 - 06/03/2023  Baghdad - Mawazine News  The Federation of Chambers of Commerce announced, on Monday, that Prime Minister Muhammad Shia'a al-Sudani directed the necessity of facilitating merchants' entry to the electronic transfer platform.

The head of the union, Abd al-Razzaq al-Zuhairi, said, "According to the Prime Minister's directives, that there should be meetings between businessmen, merchants, and relevant authorities, including the Central Bank, tax and customs, and to facilitate the entry of merchants to the electronic transfer platform, the union, in cooperation with the Association of Iraqi Banks, established a forum and exhibition of banking services." and trade for merchants and businessmen, which lasts for three days.

Al-Zuhairi added, in an interview with the official news agency, which was followed by Mawazine News, that "the first day has been set for banks, the second for companies, and the third for customs." Ended 29/N33    https://www.mawazin.net/Details.aspx?jimare=221078

The Central Bank Announces The Start Of Expanding Coverage By Entering The Electronic Platform

Economy| 05:53 - 06/03/2023  Baghdad - Mawazine News  Today, Monday, the Central Bank announced the start of expanding inclusion in entering the electronic platform, and while indicating its continuation in issuing positive steps to facilitate foreign trade financing, it confirmed its communication with Chinese banks regarding dealing in the yuan currency.

The deputy governor of the Central Bank, Ammar Hamad Khalaf, told the official agency, followed by Mawazine News, that "the Central Bank continues to follow up on previously issued instructions to ensure the stability of the parallel exchange rate."

He pointed out that "a meeting was held with the banking sector, merchants and factory owners to confront and overcome challenges," noting that "the Central Bank began expanding the channels and entities covered by entering the electronic platform."

He explained, "This is the first step, while continuing to issue positive steps to facilitate the financing of foreign trade or any sound official transfers abroad."

He added, "The measures taken can control the market," calling on "citizens and project owners to review the official channels to obtain foreign currency, as for merchants, there are great facilities for them from banks to finance their foreign trade instead of other methods."

He pointed out, "The recent decisions of the Council of Ministers referred to dealing in dinars, so there is no justification for citizens to use foreign currency in local transactions."

Regarding dealing in the Ioan, Khalaf stated, "There is continuous communication by the central bank with Chinese banks, in order to activate and allow merchants to transfer directly, meaning that the central bank delivers the dinar through banks, and the transfer is directly through the use of the Chinese currency, the yuan."     https://www.mawazin.net/Details.aspx?jimare=221135

The Central Bank Raises Gold Prices By 0.3%

Gold Market  Today, Monday, the Central Bank raised gold prices by 0.3%.  According to the daily bulletin, the Central Bank decided to raise the price of gold by 0.3%, as the prices were as follows:

Coins of 22 grams, 1,893,000 dinars

5 gm ingot 405,000 dinars

Ingot 10 grams 800.250 dinars

15 gm ingot 1,203,000 dinars

20 g ingot 1,613,500 dinars

25 gm ingot 2,025,500 dinars

Views 365  Added 03/06/2023 - 10:37 AM  https://economy-news.net/content.php?id=32792

A New Rise In The Exchange Rates Of The Dollar In The Local Markets

Economy  Monday, March 6, 2023 10:47 am  Baghdad / National News Center  The National News Center publishes the exchange rates of the dollar against the Iraqi dinar on a daily basis, according to the variables of the currency exchange market in the capital, Baghdad, and the provinces of the country.

in Baghdad:  The selling price of the dollar is 157,500 for every 100 dollars, thus increasing the price by 1,500 dinars from yesterday.  The purchase price of the dollar is 156,500 per 100 dollars

in the north:  The selling price of the dollar is 157,750 for every 100 dollars, bringing the price up by 1250 dinars from yesterday.  The purchase price of the dollar is 156,750 per 100 dollars

in the south:  The selling price of the dollar is 157,250 for every 100 dollars, thus increasing the price by 1,500 dinars from yesterday.  The purchase price of the dollar is 156,250 per 100 dollars

It is noteworthy that the exchange rates fluctuate and rise on a daily basis, after their decline about two weeks ago, due to government measures.   https://nnciraq.com/191076/

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KTFA Members "News and Views" Monday PM 3-6-2023

KTFA:

Clare:  Parliamentary Finance expects to approve the budget in the month of Ramadan

  3/06/2023

The Parliamentary Finance Committee expected the approval of the draft financial budget law for the year 2023 during the holy month of Ramadan.

Committee member Mueen Al-Kadhimi told {Euphrates News} agency, "The draft general budget law for the year 2023 will reach parliament next week, and it will need to be presented for voting between a month and 45 days," that is, during the month of Ramadan.

He added, "The price of oil will be approved in the budget, in which it will be $65 per barrel."

Al-Kazemi stressed, "There are no job grades in the budget, but there is deletion, creation and confirmation of contracts and lecturers."

And the Minister of Construction and Housing, Bankin Rikani, announced that "the budget will be passed by the Council of Ministers in the next week [current]," pointing out that "the share of the Kurdistan region in the budget will reach 12.64%."

It is noteworthy that the Parliamentary Finance Committee announced last Tuesday that the total value of the budget will be 195 trillion dinars, and its deficit is 60 trillion or less, and the price of a barrel of oil was set at 65 dollars.

Raghad Daham LINK

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Clare:  Government directives to facilitate merchants' access to the electronic transfer platform

3/06/2023

Baghdad - Conscious - Nassar Al-Hajj

Today, Monday, the Federation of Chambers of Commerce announced the directives of Prime Minister Mohamed Shiaa Al-Sudani to facilitate the entry of merchants to the electronic transfer platform .

The head of the union, Abd al-Razzaq al-Zuhairi, told the Iraqi News Agency (INA), that "according to the Prime Minister's directives, there should be meetings between businessmen, merchants and relevant authorities, including the central bank, tax and customs, and to facilitate the entry of merchants to the electronic transfer platform.

The union established, in cooperation with the Association of Banks Al-Iraqiya, a forum and exhibition of banking and commercial services for merchants and businessmen, which lasts for three days.

He added, "The first day has been set for banks, the second for companies, and the third for customs."   LINK

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Henig:  Parliamentary Finance stresses the introduction of the new salary scale before the budget legislation

 10 hours ago

A member of the Finance Committee stressed the need to submit the new salary scale bill before the fiscal budget for 2023.

Jamal Kojar said in a press interview seen by Taqadum, that "the law of unifying the salary scale cannot be linked to the budget law, as each law is different from the other."

He added, "The only relationship that binds them is the financial dues that are allocated to the salary scale law to be guaranteed in the budget law."

"Either an amount is allocated to this file or the salary scale is re-legislated, because if the law is submitted after the budget, it will not have a financial allocation for the new scale," Koger said.

It is noteworthy that in July 2022, the previous government sent the amendment of the salary scale to the House of Representatives for approval, and there has been no development in it since that time.LINK

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DeepWoodz:  Imo  God morning KTFA! I I picked this article to pontificate on for two reasons. The first is because it isn’t highlighted.

The second is because I’ve often thought about some of the things they would have to do BEFORE changing the rate.

One of those things was to change the salary scale. Why? Google shows the national minimum wage to be 250,000-350,000 dinar per MONTH. Not much income at 1460 or even 1310, but if you plan on going through a major change, it would behoove you to change the scale accordingly. Don’t ya think?

I would like to note that it states that has been the going rate since 2018. Which one can also confer that during the rate change in Dec. 2020, they did not make an adjustment. They also did not make an adjustment BEFORE going back to 1310. So……

Why do they need one now would be the next question I would ask, with a grin on my face?!

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Suzie:  With this news of the budget coming forth and all the other info being brought to us and especially with the Kurds being happy with the HCL I can see no way Iraq won't pull this off in the month of March, I mean, what else could get in their way at this point????  Just MY opinion....  

DeepWoodz:  imo   Hi Suzie! It seems it’s down to getting their internal economy geared up for their new currency and rate and I don’t mean the 1300 ilk either. 

The article out today on the salary scale to me is big. They have also mentioned pricing of commodities recently. These are the kind of things I’m looking for.

Who am I to say but the kind of change we are expecting would require a complete overhaul of pricing of everything in the country.

This is one reason I believe the electronic POS are a must. As well as the border ports being on electronic platforms and of course clearing their currency on the BUNA concerning trade with other countries.

They can then pull it off with the “push of the button” simultaneously.

Clare:  The Council of Ministers approves the draft budget tomorrow... The decision will be in April

3/06/2023

Today, Monday, the Finance Committee in the Iraqi Parliament suggested that the Council of Ministers approve the draft federal budget law for the year 2023, tomorrow, Tuesday.

Committee member Moeen Al-Kazemi said, in an interview with Al-Sumaria, that "the cabinet will approve tomorrow, Tuesday, the draft budget law."

He added, "The draft will reach the House of Representatives early next week, for study, discussion, and amendments, then read, ratify, and approve it in April, so that the government of Muhammad al-Sudani can start implementing its program."

Al-Kazemi indicated that "the size of the budget will be 170 trillion Iraqi dinars," stressing the need for "the deficit to be reasonable."

A member of the Finance Committee revealed that "the estimated share of Kurdistan from the budget will amount to more than 12%, provided that the region provides clear statements of its previous and current revenues regarding oil exports, outlets and the number of employees." LINK

Iraqi News Highlights Monday Afternoon 3-6-23

Iraqi News Highlights Monday Afternoon 3-6-23

Tlm724 Administrator Bondlady’s Corner

An Economist For / Nina /: All The Measures Of The Central Bank Did Not Succeed In Controlling The Rise In The Price Of The Dollar

Monday 06 March 2023 09:04 | Economical Number of readings: 538 Baghdad / NINA / - The specialist in economic affairs, Dergham Muhammad Ali, confirmed: "All the measures of the Central Bank and economic security did not contribute to controlling the rhythm of the commodity and dollar market."

Muhammad Ali said in a statement to the National Iraqi News Agency ( NINA ) that "the intermediate link, represented by the banks, is the cause of the problem. None of the treatments succeeded in achieving price stability, and the only beneficiaries are the bank brokers."

He pointed out, "Linking dollar sales to travel outside Iraq is a kind of legal smuggling of foreign currency, and the local market does not benefit from it, and most of the goods and products are still at high prices without real solutions."

The economic specialist stressed, "The economic security must monitor the selling prices of imported goods to the beneficiaries of remittances at the official price, especially basic commodities."

The Central Bank of Iraq had issued several packages of economic measures to control the exchange rate of the dollar against the dinar in the Iraqi market. The dollar is still high, and today it reached 158 thousand dinars for every 100 dollars. https://ninanews.com/Website/News/Details?Key=1038591

Al-Sudani Meets With The Director-General Of UNESCO And Appreciates Her Efforts And Initiatives In Iraq

Monday 06 March 2023 17:42 | political Number of readings: 128  Baghdad / NINA / - Prime Minister Muhammad Shia'a Al-Sudani met today, Monday, with the Director-General of the United Nations Educational, Scientific and Cultural Organization (UNESCO), Audrey Azoulay, and her accompanying delegation.

Al-Sudani appreciated the organization's efforts and initiatives in Iraq, in addition to what was discussed with it during his recent visit to Paris.

The Prime Minister expressed Iraq's aspiration to enhance the international organization's support for its efforts in the field of recovering stolen Iraqi antiquities, stressing his high evaluation of the organization's efforts to include many Iraqi tangible and natural heritage files in the World Heritage List.

He stressed Iraq's quest for more cooperation with UNESCO in various files, including; The file of the displaced and their camps, assistance in rehabilitating them and providing them with educational opportunities, maintenance of archaeological sites that were vandalized by ISIS gangs, building human capacities, developing school curricula, and many other files of cooperation.

For her part, Azulari affirmed the international organization's openness to all forms of cultural, scientific and heritage cooperation with Iraq, noting the desire to provide support in the matter of updating curricula and making them parallel to international standards.

She described cooperation with Iraq as continuous, and that her visit comes in order to set priorities and develop plans to develop joint action.

She indicated the organization's readiness to send a specialized team to support Iraq in the field of water management within the international hydrological program concerned with water affairs./End 7

https://ninanews.com/Website/News/Details?key=1038773

A Slight Decrease In World Oil Prices

Monday 06 March 2023 09:47 | Economical Number of readings: 312  Baghdad / NINA / - International oil prices fell at the beginning of trading today, Monday, after China set a modest target for economic growth this year of about 5%.

Today, Monday, Brent crude futures contracts recorded $85.33 a barrel, while West Texas Intermediate crude futures recorded a decrease of $79.22 a barrel./ End 9

https://ninanews.com/Website/News/Details?key=1038640

The Central Bank Provides Facilities To Traders That Prevent Smuggling Of Dollars To Countries Facing Sanctions

Posted On2023-03-06 By Sotaliraq  Baghdad / Firas Adnan  The Parliamentary Finance Committee talked about great facilities that the Central Bank began to provide to Iraqi merchants wishing to import, stressing that these measures ensure the safety of transferring the dollar outside Iraq and not going to unofficial destinations, noting that the stability of the exchange rate in the parallel market still needs some time.

Committee member Mueen Al-Kazemi said, "The Central Bank of Iraq is working in cooperation with the government to facilitate the currency window and enable the issuance of bank transfers to merchants smoothly and quickly."

Al-Kazemi added, "The aim of this is to make it easy to pass the bank transfer transaction to merchants, whether large or small, and thus not resorting to money changers and private banks to obtain dollars."

He pointed out, "These measures would maintain the exchange rate of the dollar, and ensure that it does not rise in the parallel market."

Al-Kadhimi stressed that “there are facilities in the field of accepting merchants according to the identity of the Chamber of Commerce and a statement of the materials that each merchant wants to import, the importer from and all the data for the issuance of the transfer, which leads to the application of the electronic platform system known as (SWIFT).”

And he continues, “The Central Bank is working to continue this trend, and it is required that there be a performance of banks that buy currency and are charged with providing what merchants need to adhere to the controls.”

Al-Kazemi noted, "The government confirms that the measures taken, which need a short period of time, will show their effects in reducing the price of the dollar in the parallel market."

And he continues, “The central bank adopts a price of 1,300 dinars per dollar, and on this basis there will be seriousness in providing it at this price.”

Al-Kadhimi spoke of a “gradual decline that will occur in the parallel market, which was stated by the Prime Minister, Muhammad Shia’a Al-Sudani.”

And he reported, "Al-Sudani advised the acquisition of the Iraqi dinar, which was supported by the government in the face of the price of the dollar, although this measure reduced state revenues from 149 trillion dinars to 135 trillion dinars."

Al-Kazemi stressed that “the parallel market benefits speculators, and they are currently making large sums of money, taking advantage of the margin of difference with the price at which the central bank sells, and this requires that the government impose its control in order to implement steps to address the dollar crisis and prevent speculation.”

And he called, to “impose an application on private banks that buy from the currency auction, because they are responsible for providing dollars to merchants and groups identified by the Central Bank.”

And Al-Kadhimi went on, that “the price that was decided by the Council of Ministers earlier will be approved in the budget law for the current year, which witnessed complete changes to its investment and operational aspects.”

For his part, economic academic Safwan Qusai said, "The measures of the Central Bank of Iraq, in cooperation with the US Federal Bank, contributed to the dollar not reaching goods that were imported from unofficial places."

Qusai continued, "Those merchants who used to obtain dollars through this mechanism moved after the door was closed in their face to the parallel market, and there is a growing demand with the passage of time."

He pointed out, "This comes in conjunction with the collapse of the Iranian currency and the decline of the Turkish currency," pointing out that "there is a system for obtaining dollars outside the window of selling the official currency from the Central Bank, which is trying to expand legitimate transactions."

Qusay confirmed, "The expansion of the price between the one declared at the Central Bank and what is in the parallel market indicates the presence of irregular traders who continue to export goods to Iraq without external transfer."

And he called for “controlling border crossings and preventing the entry of goods that are purchased informally, to ensure the stability of exchange rates.”

And Qusai stated, “Iraqi banks have begun to fear entering into financial transfers to countries that are subject to sanctions for fear of being included in the penalties, because the (Swift) system began tracking the movement of funds for more than 13 transfers, and it is not possible to risk behind a forged invoice or a supplier that transfers money to these countries.” .

And he believes, "The control over private banks has begun to grow, but the problem we have is with banking companies, especially at the level of their relations with tourism companies, and they need to tighten control."

Qusai suggested that “these exchange offices sell the currencies of the countries to which tourists go, not the dollar,” noting that “this will prevent the dollar from leaving the hands of the tourism company or the traveler until it is sold to speculators or appears in a penalized country because that weakens the US Federal Bank’s confidence in the procedures.” Iraqi.

And Qusai concluded, “The Iraqi economy should not be placed in a gray area, with the presence of continuous tracking of the movement of funds, and this requires not introducing our economy into the area of​​suspicion, especially as there are fears of transferring funds to penalized countries.”

The parallel market is still witnessing instability in the exchange rate of the dollar, despite government promises that spoke of the imminent end of the dollar crisis, which began with the imposition of measures by the American side on the conversion process and the currency auction.  LINK

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

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