Iraqi News Highlights Saturday Evening 3-11-23

Iraqi News Highlights Saturday Evening 3-11-23

Tlm724 Administrator Bondlady’s Corner

Al-Hashemi: The Establishment Of The Market Council Is An Important And Bold Step

Iraqi Council of Ministers  Money and business  Economy News – Baghdad The economist, Ziyad Al-Hashemi, described the establishment of the government by establishing the Market Council as an important and bold step.  Al-Hashemi said that the Iraqi government is finally establishing a market council that includes members of the government and businessmen to support the private sector.

He added that the government is also establishing a development financing fund to support investment, employment and production in the private sector.

He pointed out that the council is in coordination with the government to raise the private sector's contribution to the gross domestic product, so that it reaches 53-55% within ten years.

He noted that it is an important and bold step (if actually achieved) that will help develop non-oil sectors and diversify sources of work and income.

The appearance of Muhammad Salih, the financial advisor to the Prime Minister, Muhammad Shia'a al-Sudani, revealed the details of the government's approach to supporting the private sector.

Saleh said, "The current approach of the government has not deviated from consolidating the issue of proceeding with the national strategy for the private sector, which was approved years ago by the Council of Ministers."

Saleh added, "On the basis of which a specialized council was established in the Ministry of Planning, which included members from the private sector, and is concerned with the policies of state support for the private sector, which is what I personally call the (market council)."

He explained, "The council is currently coordinating with the government to raise the private sector's contribution to the gross domestic product, from less than 37% currently, to become in the next decade about 53-55% in the composition of the gross domestic product of Iraq."

And the financial advisor continued, "Based on the foregoing, the government curriculum included, in an explicit reference, the establishment of a number of (government development financing funds) directed at employment, investment and production in the private sector."

https://economy-news.net/content.php?id=32857

Within A Week.. The Average Iraqi Oil Exports To America Decreased

Economy| 09:51 - 11/03/2023   Follow-up - Balance News  The US Energy Information Administration reported, on Saturday, that Iraq's oil exports to America amounted to an average of 265,000 barrels per day last week, down from the previous week, when oil exports to America amounted to an average of 290,000 barrels per day.

The administration added, in a report, that "most of America's oil revenues during the past week came from Canada, with an average of 3.780 million barrels per day, followed by Mexico, with an average of 556,000 barrels per day, and oil revenues from Saudi Arabia amounted to an average of 476."

The administration indicated that "the amount of US imports of crude oil from Colombia amounted to an average of 222 thousand barrels per day, and from Brazil an average of 71 thousand barrels per day, and from Ecuador an average of 55 thousand barrels per day, while it did not import any quantity from Russia or Libya."     https://www.mawazin.net/Details.aspx?jimare=221559

Judge Hannoun: The Efforts Of The Regulatory Agencies And The Private Sector Must Be Combined To Eradicate The Scourge Of Corruption

Saturday 11 March 2023 11:28 | political Number of readings: 334   Baghdad / NINA / - The Federal Integrity Commission, in cooperation with the Iraqi Economic Council, held a workshop entitled (Strengthening cooperation between oversight agencies and the private sector in the field of combating corruption), at the headquarters of the Iraqi Anti-Corruption Academy, in the presence of the head of the Parliamentary Integrity Committee, the president and vice president of the commission, and a number of General managers therein, and a group of representatives of the private sector.

During the workshop, the head of the Federal Integrity Commission, Judge Haider Hanoun, stressed the importance of the private sector in reducing poverty and unemployment rates in the country, promising it the strong backing of the state in overcoming the crises that may befall it.

He pointed out: "The inclusion in the Sudanese government's ministerial curriculum of the paragraph on combating corruption and poverty allowed the private sector to contribute to that," stressing: "Supporting the work of state institutions is a sacred national duty."

Hanoun called on the representatives of the private sector to develop the performance of this sector. By absorbing labor that the public sector cannot employ, preserving the dignity of workers and granting guarantees to them such as retirement and compensation in the event of physical harm, stressing the need for the private sector to present itself as a competitor to the public sector by providing high-quality products, warning of weak-minded people who collude with some public sector employees To pass corruption deals and discredit the private sector.

He urged reporting on cases of bargaining and extortion to which they are exposed, pointing out: "Contractors and investors resorting to the Integrity Commission and providing evidence that supports the Integrity Commission's investigations represents a guarantee to undermine the pillars of corruption in this sector on the one hand, and to enable the Iraqi judiciary to issue deterrent decisions against them."

For his part, the head of the Parliamentary Integrity Committee (Ziyad Al-Janabi) stressed the need for concerted efforts by all state institutions, oversight agencies and the private sector to reduce corruption paths and prosecute its perpetrators, stressing his strong support for the Integrity Commission through several effective measures, including contributing to amending its law in force and completing the legal system that addresses it. ./End9    https://ninanews.com/Website/News/Details?Key=1039687

A Member Of Parliamentary Finance Confirms To / Nina /: There Is No Specific Date For The Arrival Of The Budget To Parliament

Saturday 11 March 2023 10:06 | Economical Number of readings: 798  Baghdad / NINA / - A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed that there is no specific date for the budget to reach Parliament for approval.

Cougar said in a statement to the National Iraqi News Agency / NINA /: "There is no communication between the Finance Committee and the government regarding the state's general budget law for the year 2023," pointing out: "The Finance Committee and Parliament do not interfere in issuing new laws, which are within the jurisdiction of the government."

He added, "The Finance Committee did not receive a new salary scale law for employees, as well as amending the Pensioners Law," indicating that there is talk about studying the two laws in the government.

He explained: "The approval of the budget law in Parliament will take a long time if it is controversial, and a short time if it is not, and in all cases it needs about a month to approve it after it reaches Parliament."/ End 9    https://ninanews.com/Website/News/Details?Key=1039677

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

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"Tidbits From TNT" Saturday 3-11-2023

TNT:

CandyKisses:  Gold Ends The Week With Gains Of About 1.5%

Gold prices rose almost 2% to above $1860,10 an ounce in Friday, March <>, after the jobs report sent the dollar lower.

Spot gold rose 2% to $1860,23.1 an ounce, and U.S. gold futures rose 6.1850% to $4,1.5 an ounce, recording a weekly gain of about

The U.S. economy added 311,3 jobs in February, much more than expected, but the unemployment rate rose to 6.<> percent and wage growth slowed, easing expectations about the need for interest rate hikes.

Silver prices rose almost 2.1% to above $20.66, while platinum was up 1.46% at $963, and palladium was down 0.5% at $1368,.

CandyKisses: Kurdish Delegation Visits Baghdad On Sunday To Discuss Budget And Oil Law

A source revealed on Saturday that a Kurdish delegation will visit the capital Baghdad on Sunday to discuss the budget and the oil law.

The source told Earth News that "the delegation of the Kurdistan Regional Government negotiator will head tomorrow, Sunday, to Baghdad to continue discussions with the federal government on the issues of salaries of the region's employees, the budget law and the draft oil and gas law."

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Tishwash:  By raising its percentage... The plight of the region's share in the budget is resolved - Urgent

 On Friday, a member of the Patriotic Union of Kurdistan, Salih Faki, revealed the percentage of the Kurdistan region's share in the federal financial budget.

Faki said to (Baghdad Today), "There is constant communication and visits to Baghdad and a political consensus that the 12% rate is unfair and does not correspond to the obligations owed by the Kurdistan region, such as salaries, projects, debts, and others."

"On the other hand, the regional government must fully abide by the agreement concluded with the federal government and not renounce implementation, as it happens every time, for which the Kurdish citizen pays," he added.

Faki confirmed that "the agreement was made to determine the region's share of the budget at 14%."

On February 26, the head of the Cabinet of the Kurdistan Region Council of Ministers, Omid Sabah, announced that a preliminary agreement had been reached with the federal government on the 2023 budget bill.

He added, "After discussing the outstanding issues between Erbil and Baghdad, an initial agreement was reached on the Maronite draft law 2023," noting that "the atmosphere was positive between the two parties."

For about three months, Kurdish delegations have been making shuttle visits to Baghdad to negotiate outstanding issues between the center and the Kurdistan region, during which they met with parties concerned with budget files, oil and gas law, and border crossings.  link

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CandyKissses:  An Economist: The delay in approving the budget will have negative repercussions on the country's economy

Baghdad / NINA / - The Expert in Economic Affairs, Raad Twaij, confirmed that the delay in approving the budget more than this period will have negative repercussions on the country's economy.

Twaij said in a statement to the National Iraqi News Agency / NINA / that "the delay in approving the budget could have a meaning in the great difficulty in controlling its accuracy and the direct follow-up of the Prime Minister in order to match it with the implementation of the provisions of the government program in developing the Iraqi economy, and to work for the parties to agree on it, this From the political side, but from the economic side, it will reflect negatively on the country's economy."

He added, "this delay may be behind the large deficit of the budget, which is offset by the difficulty of financing, so the delay in approving the budget more than this period may have undesirable economic and monetary repercussions in the future."

The Economist stressed the necessity of approving the budget before it is too late and entering into an emergency budget that may affect the operational budget, affect the salaries of state employees, and stop service projects because there is no funding for them./ 

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Mot: .... Be Wary! -- that time of Year!!

Saturday Morning Iraq Economic News Highlights 3-11-23

Saturday Morning Iraq Economic News Highlights 3-11-23

Parliamentary Finance Determines The Percentage Of The Region Within The 2023 Budget

Information / Baghdad..  A member of the Parliamentary Finance Committee, Ikhlas Al-Dulaimi, confirmed today, Saturday, that the share of the Kurdistan region in the general budget for the fiscal year 2023 was set at 12.67%.

Al-Dulaimi, a representative of the Kurdistan Democratic Party, said in a statement to the information agency, "The draft budget law for the year 2023, and according to the information received, the share of the Kurdistan region has been set at 12.67% of the general budget."

And she added, "The percentage of the Kurdistan region from the general budget will remain the same until the general population census is conducted in Iraq."

Al-Dulaimi indicated, "The 2023 budget will have the official exchange rate of the dollar in it 130 thousand dinars, and the price of a barrel is 65 dollars, while the deficit rate will reach 60%." LINK

Parliamentary Finance Calls On The Government To Impose Strict Control Over The Work Of Dollar Outlets

Information / Baghdad..   On Saturday, the Parliamentary Finance Committee called on the security and oversight agencies to monitor the work of dollar sales outlets inside banks, accusing speculators and traders of exploiting the dollar crisis to reap profits.

Committee member Faisal Al-Naeli said, in an interview with Al-Maalouma Agency, that "some of the speculators and traders took advantage of this process in order to raise the price of the dollar in the local markets," adding that "there are many outlets for selling the dollar that have been opened in order to facilitate the process of selling the dollar at the official price of 132." thousand for every $100.”

He pointed out that "the security and oversight agencies must seize all outlets and check them properly and prevent the smuggling of foreign currency outside the country."

Noting that "after the procedures imposed by the government by tracking the sources of remittances, whether the receiver or the sender, and checking the shipment of goods and their arrival to Iraq, it prompted speculators and merchants to smuggle the currency."

He continued, "The government has taken many important steps to follow up on the money that is spent and to prosecute merchants and currency smugglers."

The economic expert, Mustafa Akram Hantoush, explained the mechanism for dealing with the high exchange rate of the dollar in the local markets, pointing out that the demand for foreign currency exceeds $180 million daily, which is more than the need of the local market. LINK

An Economist Told NINA: The Delay In Approving The Budget Will Have Negative Repercussions On The Country's Economy

Saturday 11 March 2023 09:34 | Economical Number of readings: 290  Baghdad / NINA / - The expert in economic affairs, Raad Twij, confirmed that the delay in approving the budget more than this period will have negative repercussions on the country's economy.

Twigg said in a statement to the National Iraqi News Agency / NINA / that "the delay in approving the budget could have a meaning in the great difficulty in controlling its accuracy and the direct follow-up of the Prime Minister in order to match it with The implementation of the provisions of the government program in developing the Iraqi economy, and to work for the parties to agree on it, this from the political side, but from the economic side, it will reflect negatively on the country's economy.

He added, "This delay may be behind the large deficit of the budget, which is offset by the difficulty of financing, so the delay in approving the budget more than this period may have undesirable economic and monetary repercussions in the future."

The economist stressed the necessity of approving the budget before it is too late and entering into an emergency budget that may affect the operational budget, affect the salaries of state employees, and stop service projects due to lack of funding for them. /   https://ninanews-com.translate.goog/Website/News/Details?key=1039671&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Parliamentary Finance: The Delay In Sending The Budget To Parliament Exceeded All Justifications

The Parliamentary Finance Committee confirmed that the government's delay in sending the law exceeded all justifications, while stressing the need to expedite the completion of the draft budget.

Cougar said in a press interview seen by “Takadam” that “the Kurdistan region’s share of the federal budget is not the core point of contention, and it is possible to pass the budget even without the consent of the Kurds, as happened in previous years.”

He added, “Indications indicate that there is no optimism about the imminent sending of the budget law, as the government was able to do so for a while, and it was able to send it since the end of last year, and the variables that some invoke only take days, including the issue of adjusting the dollar exchange rate, or changes in oil prices.” in the global market.”

Cougar pointed out that “changing the exchange rate led to an increase in the deficit rate, estimated at between 12 to 15 trillion dinars, and the government was faced with only two options, either pressing unnecessary expenditures, or canceling some doors, and these measures do not require a delay of about three months.” .

Cougar explained that “Parliament gives the budget its right, from studying and discussing all paragraphs and numbers, and this is considered at the core of parliamentary work, and its responsibility begins from the day it officially received the budget, through the first and second readings and then discussions and approval,” noting that “the ball is in the government’s court.” Considering that the preparation of the budget is the exclusive responsibility of the executive authority represented by the Federal Council of Ministers.

And he continued, “Discussions on the budget within Parliament, after reaching it, will not take long, given that there is a majority that forms the government and agreed in advance on all points within the State Administration coalition.”

And Cougar concluded, that “the tasks of the House of Representatives on the law are to transfer between the chapters of the budget or reduce its total amounts, but if it wants an increase, then this depends on two conditions that are achieved together, namely the existence of a necessity for this increase and the approval of the Council of Ministers.”   https://takadum-news.com/archives/153719

Huge Numbers In The 2023 Budget... The Salary Bill Swallows The State's Money

Baghdad - Iraq today:   The Future Iraq Foundation for Economic Research and Consulting stated that the budget allocated for the salaries of Iraqi employees in the 2022 budget increased by 3% compared to 2021, and that the salaries of security sector employees constitute 53% of the total amount allocated in the budget for salaries. While a member of the Parliamentary Finance Committee in the Iraqi parliament explained that "the number of employees in the 2023 budget will increase, and 60 to 65 trillion dinars will be allocated from the budget size, which amounts to 200 trillion dinars, for salaries. "

On Thursday (March 9, 2023), the Future Iraq Foundation publishes a summary of its research on the salaries of public sector employees in Iraq.According to the study, the budget allocated to employee salaries reached 43 trillion and 76 billion dinars in 2022, while in the 2021 budget it amounted to 42 trillion and 44 billion dinars, i.e. the amount allocated to employee salaries in 2022 increased by 2.9% compared to to 2021.

The head of the Future Iraq Foundation for Research, Manar Al-Obeidi, said in a press interview followed by (Iraq Today) that "salaries took 26.9% of the total revenues of Iraq for the year 2022. And the security sector got the largest percentage of the budget allocated to salaries, reaching 53.48% of the amount, 27% of these, it went to the Ministry of Interior and 16% to the Ministry of Defense.

While a member of the Parliamentary Finance Committee, Jamal Cougar, stated in a press interview followed by (Iraq Today) that “53 trillion and 834 billion dinars were fixed for the salaries and bonuses of employees in the 2021 budget, after which the number of employees increased and at least 1,000 people were appointed in each governorate in 2022, therefore, there were more than 3 million and 260 thousand employees in Iraq, and now their number has increased to more than 4 million.

Cougar added, "We expect Iraq to allocate 60 to 65 trillion dinars for the salaries of state employees in the 2023 budget. The budget will amount to more than 198 trillion dinars, and on this basis, a third of the budget will be allocated to employee salaries, and those salaries will constitute 70% of the operational budget."

According to the study conducted by the Iraq Future Foundation, the Ministry of Higher Education will receive 5.23% of the budget allocated to employee salaries, the Ministry of Education 5.3%, the Ministry of Health 3.17%, Baghdad Governorate 6.79%, while Dhi Qar Governorate will receive 2.26%, Babil 2.62%, Basra 2.61%, Diyala 2.1%, Najaf 1.76%, Diwaniyah 1.86%, Karbala 1.49%, and Wasit 1.62%. LINK

The Decline In The Exchange Rates Of The Dollar In The Local Markets For This Day

Saturday, 11-03-2023, Am 11:51   Tayseer Al-Asadi  Today, Saturday, the exchange rates of the US dollar against the Iraqi dinar witnessed a decline in the main stock exchange in the capital, Baghdad, and in the Kurdistan Region.

The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded 157,050 Iraqi dinars for 100 US dollars this morning, while the prices last Thursday morning were 157,800 dinars for 100 dollars.

The buying and selling prices decreased in exchange shops in the local markets in Baghdad, as the selling price reached 158,000 Iraqi dinars for every 100 US dollars, while the buying prices reached 156,000 Iraqi dinars for every 100 US dollars.

As for Erbil, the capital of the Kurdistan Region, dollar prices do not trade on official holidays, but exchange shops traded dollars and recorded a decline as well, as the selling price of the dollar reached 157,500 dinars per 100 US dollars, and the purchase price reached 157,000 dinars per 100 US dollars.

While the exchange rates of the dollar on the main stock exchange in the city of Sulaymaniyah reached 157,650 Iraqi dinars for every 100 US dollars.    https://non14.net/public/155301

Decrease In Iraq's Oil Exports To America

The US Energy Information Administration announced today, Saturday, that the average Iraqi oil exports to America fell to 265 thousand barrels per day during the past week.

The administration said in its report that “the average US imports of crude oil during the past week from eight countries amounted to 5.668 million barrels per day, up by 325 thousand barrels per day from the previous week, which amounted to 5.343 million barrels per day.”

She added, "Iraq's oil exports to America amounted to an average of 265 thousand barrels per day last week, down from the previous week, when oil exports to America amounted to an average of 290 thousand barrels per day."

She pointed out that “most of America’s oil revenues during the past week came from Canada with an average of 3.780 million barrels per day, followed by Mexico with an average of 556 thousand barrels per day, and oil revenues from Saudi Arabia amounted to an average of 476 thousand barrels per day, and then Nigeria at an average of 243 thousand barrels per day.” .

According to the administration, “the amount of US imports of crude oil from Colombia amounted to an average of 222 thousand barrels per day, from Brazil an average of 71 thousand barrels per day, and from Ecuador an average of 55 thousand barrels per day, while it did not import any quantity from Russia or Libya.”    LINK

Oil Prices Are Falling Back In The Global Markets

Economy  2023-03-11 | 03:17  483 views   Alsumaria News – Economy Oil prices fell by more than 3 percent on a weekly basis, despite their rise in the last sessions of the week, Friday, after better-than-expected US jobs data.

The weekly decline came on the back of jitters caused by a possible hike in US interest rates.

Expectations of raising interest rates in the largest economy in the world and in Europe clouded the outlook for global growth, and pushed both benchmarks lower this week.

However, the US Federal Reserve may not find much justification for raising interest rates at the pace or the large amount that some expected, after a government report, on Friday, revived hopes that inflation would recede, amid signs that the labor market, which had been faltered by the pandemic, would return to normal.

Brent crude recorded a weekly decline of 3.55 percent, and US West Texas crude fell by 3.77 percent.

And the two benchmarks reduced the size of the decline in the last sessions of the week, Friday, as Brent rose by $ 1.19, or about 1.5 percent, to reach $ 82.78 a barrel, while West Texas Intermediate crude increased by 96 cents, or 1.3 percent, to $ 76.68 a barrel.

The Chairman of the Federal Reserve noted  Jerome Powell  He raised rates at a higher and perhaps faster rate, saying that the US central bank had initially made a mistake when it thought that inflation was transient.

The Council will hold its next meeting from March 21 to 22.

A stronger dollar makes oil more expensive for holders of other currencies.

US jobs data for February beat expectations, with non-farm payrolls increasing by 311,000 jobs, compared to expectations in a survey.ReutersWith an increase of 205 thousand jobs.

This is likely to prompt the Federal Reserve to raise interest rates for a longer period, which analysts say will affect oil prices.

On the supply side, the US has reportedly privately urged some commodity traders to set aside concerns about shipping Russian oil, which has been capped, in a bid to prop up supplies.

Investors are closely watching the cut in exports fromRussia, which decided to cut oil production by 500,000 barrels per day in March.   LINK

Iraqi News Highlights Friday Afternoon 3-10-23

Iraqi News Highlights Friday Afternoon 3-10-23

Tlm724 Administrator Bondlady’s Corner

The Presidents And Ministers Stress The Importance Of Expediting The Approval Of The Budget Law

The President of the Republic, Abdul Latif Jamal Rashid, and the Minister, Muhammad Shia'a Al-Sudani, stressed the importance of expediting the approval of the budget law.

The media office of the Prime Minister said in a statement that "Prime Minister Muhammad Shia' al-Sudani received President Abdel Latif Jamal Rashid," noting that "during the meeting, they discussed the most important situations, issues and files at the national level, and the most prominent challenges facing the government's plans and programs."

Seeking to strengthen the economy, and the importance of speeding up the approval of the general budget law to implement the items of the government program, which flows into the implementation of programs and service projects for citizens.

He added, "The meeting witnessed a review of the priorities adopted by the government in order to improve the living conditions and services for all Iraqis in all governorates."

https://www.radionawa.com/all-detail.aspx?jimare=3369

Approval Of A Parliamentary Request To Add The Marshes Revitalization Plan To The General Budget

Friday 10 March 2023 14:46 | Economical Number of readings: 258  Baghdad / NINA / - The Presidency of the House of Representatives approved an official request to add a plan to revive the marshes to the 2023 budget in order to implement new projects for the people of these oppressed areas that have been subjected to various forms of marginalization and exclusion over the past period.

Representative Hussein Al-Asadi adopted the collection of signatures of more than 100 deputies, to return work to the plan to revive the marshes and add this plan within the 2023 budget./ End 5

https://ninanews.com/Website/News/Details?key=1039578

Parliamentary Integrity: The Communications Service In Iraq Is The Worst, And We Need Radical Changes In The Ministry

Friday 10 March 2023 15:18 | political Number of readings: 240  Baghdad / NINA / - The Integrity Committee criticized what it described as the continuation of chaos and confusion in the joints of the work of the Ministry of Communications.

Committee member MP Vian Dakhil said, in a statement to the National Iraqi News Agency ( NINA ), that "the telecommunications service in Iraq is the worst among countries in the region and the other world, as well as the prices of providing services to citizens are the most expensive in the region."

And she added, "The current minister cannot solve these obstacles or her inability to implement the vocabulary of the government program prepared for the ministry, and from time to time she fabricates administrative and technical problems in exchange for turning a blind eye to the poor and deteriorating provision of the current service, or resorting to launching initiatives that are of no real benefit to citizens."

She explained, "We still need a radical change in the Ministry of Communications and a restructuring of its work and staff, in light of the continued confusion and current chaos within the joints of the Ministry of Communications' work."/   https://ninanews.com/Website/News/Details?Key=1039582

A Slight Change In Oil Prices, With The Persistence Of Concerns Related To Raising Interest Rates

Economy| 09:16 - 03/10/2023  Baghdad - Mawazine News  There was little change in oil prices, on Friday, as dealers remained wary in anticipation of a greater interest rate hike in the Federal Reserve (the US Central Bank), and those fears led to a decline in energy prices in the past three days.

And by 0113 GMT, Brent crude futures rose slightly from nearly a three-week low, at $81.72 a barrel. Brent crude futures have fallen by about 5 percent in the past three days. West Texas Intermediate crude futures rose two years, or 0.03 percent, to $75.74 a barrel, after falling nearly six percent in the past three trading days.

Federal Reserve Chairman Jerome Powell warned of a higher and possibly faster interest rate hike, saying that the US central bank initially made a mistake when it thought inflation was "temporary" and was surprised by the strength of the labor market. https://www.mawazin.net/Details.aspx?jimare=221480

America Allows Iraq To Pay Half A Billion Dollars Of Its Debts Owed To Iran

Economy| 12:29 - 10/03/2023  Baghdad - Mawazine News,  Secretary General of the Joint Iraqi-Iranian Chamber of Commerce, Hamid Hosseini, revealed that America had allowed the payment of $500 million of Iranian funds in Iraqi banks.

The Secretary-General of the Iranian-Iraqi Joint Chamber of Commerce said, "Iraq deposits Iranian electricity and gas funds in a bank account in the name of the National Gas and Electricity Distribution Company, but this does not mean Iran's ability to access these funds."

He added, "Iran's money is in a bank subject to America's supervision, and only non-sanctioned goods are allowed to be imported, since last March, a billion dollars of goods were imported to Iran through this route and Iran's dues to Turkmenistan were paid through it as well."

The Secretary-General of the Joint Iranian-Iraqi Chamber of Commerce said, during the recent visit of the Iraqi Foreign Minister, that "500 million dollars of Iranian funds were allowed to be paid in Iraqi banks."    https://www.mawazin.net/Details.aspx?jimare=221495

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

  https://www.bondladyscorner.com/

Friday Morning Iraq Economic News Highlights 3-10-23

Friday Morning Iraq Economic News Highlights 3-10-23

Parliamentary Investment Reveals A Different Reason For The Delay In The Arrival Of The Budget To Parliament

Time: 03/10/2023 12:52:01  Read: 1,131 times   {Economic: Al Furat News} A member of the Parliamentary Investment Committee revealed a different reason behind the delay in the arrival of the 2023 financial budget bill to Parliament.

Committee member Muhammad al-Ziyadi told {Euphrates News} agency: "The crisis of not completing the budget file and presenting it to the House of Representatives so far for a number of reasons, most notably the failure to approve last year's budget, which caused ministries and government institutions to load a large burden of debt towards investment contracts that needed to be studied."

He pointed out, "In addition to the instability of the price of a barrel of oil and the change in the exchange rate of the dollar so far, and because the Iraqi economy is one-sided."

Al-Ziyadi stressed, "All these matters necessitate waiting in the issue of preparing the budget and how to adopt the price of a barrel of oil in it with the world's variables."  Raghad Daham   LINK

The President Of The Republic Confirms The Imminent Adoption Of The Financial Budget And Its Importance In Economic Development And The Development Of Basic Infrastructure

Thursday 09 March 2023 15:50 | politics Number of readings: 573  Baghdad / NINA / - The President of the Republic, Abdul Latif Jamal Rashid, affirmed that the financial budget will soon be approved and its importance in economic development and the development of basic infrastructure.

A presidential statement stated that the President of the Republic received today, Thursday, at the Baghdad Palace, a delegation from the American Institute of Peace, stressing that the President stressed during the meeting the importance of consolidating the principles of peace in order to move towards a humane society based on good coexistence and understanding. The President indicated that the current stage in the country is

Witnessing security stability, stressing that the government is working to consolidate this stability, improve the general conditions in the country, especially the economic aspect, improve the living and service conditions of citizens and combat corruption, noting the imminent approval of the financial budget and its Importance in economic development and the development of basic infrastructure.

The members of the delegation reviewed the activities carried out by the institute in establishing peace and supporting minorities in a way that strengthens community ties, and interest in rehabilitating the infrastructure of areas that have been subjected to terrorism, expressing their thanks and appreciation to the President of the Republic for his efforts in establishing security and caring for minorities. / End 2

https://ninanews-com.translate.goog/Website/News/Details?key=1039444&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Bribes And Agreements With Iraqi Politicians.. A Parliamentarian Details The Reasons For The Delay In Completing The Port Of Fao

09/03/2023   Earth News / Alaa Al-Haidari, a member of the House of Representatives from Basra Governorate, dismissed today, Thursday, the reasons for not completing the large port of Al-Faw.

Al-Haidari told Earth News Agency, “There are illegal interventions by Kuwait in Iraqi lands and Iraqi territorial waters that are not related to good neighborliness and agreements.

He added, “Corruption and the interests of some politicians are behind the delay in the completion of thousands of projects, foremost of which is the large port of Faw, which was planned to start work before the Kuwaiti port of Mubarak, which reached the final stages of its completion, initiation and entry into operation, while the port of Faw is still witnessing delay.” It is clear, especially since it is considered the sea gate in Iraq.

He continued, "We aspire to enter Iraq on the Silk Road and the Chinese agreement to be the economic lung of the country."

He pointed out that there is “a clear and explicit failure by the Iraqi Ministry of Foreign Affairs to prevent Kuwaiti abuses, whether in previous governments or this government, and we hope that the Prime Minister will intervene to solve these problems.”

And Al-Haidari indicated that “the only sea outlet for Iraq is the port of Al-Faw, and therefore there are Kuwaiti lobbies in agreement with some politicians in Iraq by paying huge bribes in order to delay the port of Al-Faw, condoning Kuwait’s thefts to Iraq, and not submitting a complaint to the United Nations.”    https://earthiq.news/archives/207448

An Expert Explains The Mechanism For Dealing With The High Exchange Rate Of The Dollar In The Markets

791  The economic expert, Mustafa Akram Hantoush, explained the mechanism for dealing with the high exchange rate of the dollar in the local markets, pointing out that the demand for foreign currency exceeds $180 million daily.

Hantoush said in a press interview seen by “Takadam” that “there is a scarcity of the dollar amid a great demand from the market, as about 100 million dollars are sold daily, while the demand exceeds 180 million.”

He added, "Whoever obtains the dollar, whether a trader or the owner of an exchange office, calculates the cost of an alternative opportunity, as he works to present an invoice officially in order to sell it in the parallel market."

And he indicated that “what is happening today in the market is an attempt to entice the citizen and withdraw from his savings,” pointing out that “the cause of the crisis lies in the fact that small merchants used to resort to the sincere one, who is the owner of a bank or company, so that he works to collect a group of requests and performs the process of consolidating an account in order to distribute the sums To the destinations from which they import their goods, after which they will be delivered to their shops.”

He pointed out that “the new procedures stopped the so-called loyalist, and the small merchant became responsible for strengthening the account in order to import his goods at a time when the merchant does not have this culture.”

And he continued: The solution to this problem is through finding companies for retail sale to loyal people, whether they are banking companies or financially empowered people, so that they work to collect applications to take them to the Central Bank, which in turn checks the names of the applicants, and then the import process is in the names of the companies that submitted the applications. The bank will be able to sell about 140 million dollars a day, and the crisis of high dollar prices in the market will be eliminated.”   https://takadum-news.com/archives/153564

Sudanese Advisor: The "Parallel" Exchange Rate Will Approach The "Official" In This Case

Money and business   Economy News _ Baghdad  Today, Thursday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, clarified about the fluctuation of the exchange rates of the dollar in the parallel market, while setting a condition for its approach to the official market.

Saleh said, "If the daily sales of the Central Bank of Iraq window reach approximately $200 million per working day and continuously, then certainly the parallel market will shrink and exchange rates in it will approach the fixed central official market."

Saleh added, in an interview with the official news agency, that "this requires that the level of sales be at the mentioned rate, and that it takes a range of days and stability and continuously in order to appear."

He pointed out, "The financing of foreign trade for the private sector has really adapted to the climate of the compliance platform and its controls in the matter of transparency of commercial information, especially knowing the final beneficiary of the external transfer."

https://economy-news.net/content.php?id=32847

Parliament's Finances Are Resentful Because Promises Of Expediting Sending The Budget Have Not Been Fulfilled

Posted On2023-03-09 By Sotaliraq  Baghdad / Firas Adnan  The Parliamentary Finance Committee seemed pessimistic about the possibility of sending the budget soon, stressing that all the government's justifications for delaying it have disappeared, stressing that the dispute over the share of the Kurdistan region is not the main reason behind this delay.

Committee member Jamal Cougar said, "The talk about the budget law's imminent arrival in Parliament has become boring, and we have stated over the past three months that days separate the government from sending the project, but none of these promises have been fulfilled until the present time."

Cougar added, "Indications indicate that there is no optimism about the imminent sending of the budget law, because the government was able to do so for a while, perhaps at the end of last year."

He pointed out, "The variables that some invoke do not take time except for days, including two issues, including the adjustment to the exchange rate of the dollar against the Iraqi dinar, or the change in oil prices in the global market."

And Cougar indicated that “changing the exchange rate led to an increase in the deficit rate, estimated at between 12 to 15 trillion dinars, and the government has two options, and there are no third ones, either pressing unnecessary expenditures, or canceling some doors, and these measures do not require a delay of about three months.” .

He explained, “The Kurdistan region’s share of the budget is not the core point of contention,” inferring that “previous budgets left the dispute over this share with paragraphs that are discussed at the end, and they were passed without the approval of the region’s representatives in Parliament.”

Cougar pointed out, "Parliament gives the budget its right, meaning: discussing all paragraphs and numbers, and this is considered at the core of parliamentary work."

He promised, “The government’s delay in sending the law has exceeded all justifications,” noting that “the committee has called more than once for the need to expedite the completion of the draft budget.”

However, Cougar expressed his regret, because “Finance Minister Taif Sami did not attend the House of Representatives since she assumed her ministerial duties in the government of Muhammad Shia’ al-Sudani.”

And he stressed, “The ball is in the government’s court, given that preparing the budget is the exclusive responsibility of the executive authority represented by the Federal Council of Ministers.”

And Cougar continues, “Parliament’s responsibility begins from the day it officially received the budget, through the first and second readings, and then discussions and approval.”

And he added, “The committee has the right to hold meetings with all public spending units in order to identify the expenditures it needs in the budget law.” Previously on all points within the State Administration Alliance.

And Cougar concluded, that “the tasks of the House of Representatives on the law are to transfer between the chapters of the budget or reduce its total amounts, but if it wants an increase, then this depends on two conditions that are achieved together, namely the existence of a necessity for this increase and the approval of the Council of Ministers.”

Unlike Cougar, committee member Moein Al-Kadhimi expresses his hope that the law will be sent during the current month so that Parliament can devote itself to discussing it.

Al-Kadhimi continued, "The budget amounts will reach 196 trillion dinars," stressing that "a very good amount has been allocated to the investment side, estimated at 80 trillion dinars."

He pointed out, "The agreements with the Kurdistan region regarding its share of the budget have reached advanced stages, and thus we will ensure that they are passed within the Council as soon as possible."

Al-Kadhimi relied on “previous agreements within the State Administration Alliance, after which the government was formed, to speed up the approval of the budget as soon as it reaches Parliament.”

For his part, Ahmed Al-Saffar, the committee’s rapporteur in the former parliament, stated that “the budget in Iraq is of a political nature par excellence.”

Al-Saffar continued, "Most of the important materials are decided and passed according to political consensus, especially with regard to the investment budget and the shares of the Kurdistan region and the provinces."

And he pointed out, “These articles are a reason for delaying the approval of the budget,” explaining that “Iraq did not enact the budget for the year 2022, so all investment spending has stopped, and this causes an increase in unemployment and poverty rates and damage to the monetary situation.”

And Al-Saffar stated, “Any delay in approving the budget, more than we are at the present time, will have negative economic and social effects.”

And he cannot, “give perceptions about the law, especially with regard to the expected deficit in it, until it is officially sent to Parliament.”

Al-Saffar expresses his extreme surprise, because “the government has been declaring for a month that it will send the law to parliament within days, and this promise has not been fulfilled until now.”

And while the officials are quoted as saying that “oil prices and the change in the exchange rate of the dollar are the reason for not sending the law,” but he believes that “the political differences are what hinders his access to parliament.” LINK

"Tidbits From TNT" Friday Morning 3-10-2023

TNT:

CandyKisses:  The International Astronomy Center determines the first day of the month of Ramadan

Baghdad Today - Follow-up

The director of the International Astronomy Center, Muhammad Shawkat Odeh, revealed that March 23 is the first day of next Ramadan.

Odeh said in a statement: “With regard to the countries that will investigate the crescent on Tuesday, March 21, seeing it on that day is impossible for the moon to set before the sun and for the pairing to occur after sunset, and therefore these countries will complete the month of Sha’ban thirty days, to be on Thursday, March 23. March is the beginning of the month of Ramadan.

And he added: “For the countries that will investigate the crescent on Wednesday, March 22, seeing the crescent on that day is possible using a telescope from the east of the world, while it is possible with the naked eye with difficulty from central Asia, eastern Europe and southern Africa, and it is possible with the naked eye relatively easily.” from western Asia, most of Africa, western Europe, and the Americas.

Tishwash:  On Chinese soil.. An Iranian-Saudi agreement to resume relations between the two countries

 Today, Friday, Iran and Saudi Arabia announced, in a joint statement, the agreement to resume bilateral relations between the two countries, according to what was reported by the Iranian Tasnim Agency.

The agency said that, following the visit of Iranian President Ibrahim Raisi to Beijing last February, the Secretary of the Iranian Supreme National Security Council, Ali Shamkhani, began intensive discussions with his Saudi counterpart last Monday, with the aim of following up the agreements of the Iranian president's visit in order to resolve issues between Tehran and Riyadh once and for all.

And he announced in a joint statement that Iran and Saudi Arabia agreed to resume bilateral relations.

At the conclusion of the completed talks, "the Islamic Republic of Iran and the Kingdom of Saudi Arabia agreed to resume diplomatic relations and reopen embassies and representations within two months."  link

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CandyKisses:  Xi Jinping elected president of China for third term

Baghdad Today - Follow-up

Xi Jinping was re-elected as China's president for an unprecedented third five-year term on Friday after lawmakers voted unanimously in favor of him.

The result of the deputies' vote, announced at around 03:00 GMT, was final: 2,952 votes in favor of Xi, the 69-year-old leader, with no votes against or abstentions, which took place in the Great Hall of the People in Beijing.

In October, Xi Jinping was granted a 5-year extension at the head of the Chinese Communist Party and the Military Commission, the two most important positions in the country's ladder of power.

Until last December, China was still applying the most stringent policies against Covid in the world, affecting economic growth and the daily lives of its residents, whether through almost daily PCR tests and long-term quarantine or through travel restrictions.

The "zero Covid" policy was associated with the image of Jinping himself. When demonstrations broke out in November across the country, some did not hesitate to demand that he leave.

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CandyKisses:  Iraq seeks to join WTO

Iraq seeks to meet the requirements for joining a member of the World Trade Organization, amid significant challenges related to what observers describe as structural, economic and legislative “distorities” that have officially hampered the process of obtaining membership. Baghdad had previously obtained observer status only, because there are many requirements that it did not meet in this context.

The Director of the World Trade Organization Department (a government institution) of the Iraqi Ministry of Commerce, Tharwat Akram, told Al-Arabi Al-Jadeed that his ministry has prepared the necessary plans to join the organization, and specialized committees were formed with the participation of the Iraqi private sector and relevant bodies and ministries.

He added that the ministry worked on completing the technical accession files in terms of goods, services and intellectual property, in addition to harmonizing legislation and laws with the organization's agreements, in coordination with the General Authority of Customs and the Iraqi Standardization and Quality Control Authority, for the purpose of submitting and negotiating the file, and approving it after completing the requirements for joining.

Akram stressed that the private sector is one of the most important active partners in drawing up the state's economic policy, and it is very important to have a say in making decisions that will advance the national economic reality.

In order to obtain membership in the World Trade Organization, a number of structural and regulatory conditions and determinants must be met by Iraqi economic policy, according to the economic researcher Ali Al-Hayani, foremost of which is addressing structural imbalances, the diversity of economic sectors, and not relying solely on oil to finance GDP.

Al-Hayani told Al-Arabi Al-Jadeed that Iraq is not ready to join the World Trade Organization, under its current situation, unless it achieves economic and legislative reforms in order to overcome obstacles to the application file to join.

He added that one of the most important conditions for joining is adherence to trade protection policies, the abolition of customs restrictions on imports, and the placement of a customs tariff in its place, which requires a comprehensive review of Iraqi customs laws, in addition to working to implement an appropriate agricultural policy that addresses support issues, allowing agricultural imports to enter local markets, and subjecting them to customs tariffs.

He explained that other conditions to be met include activating the services sector towards the outside world, issuing and applying a measure of legislation compatible with the requirements of the minimum protection of intellectual property rights agreed in the Uruguay Agreement, as well as Iraq's commitment to implement comprehensive economic reform policies that allow the free movement of capital and foreign investments.

In 2010, the Iraqi Ministry of Commerce announced that it had taken several economic and trade steps to obtain membership in the World Trade Organization, by reviewing the agreements previously signed with more than twenty countries, and recently announced its quest to join the World Trade Organization, through a plan it prepared to complete the requirements for joining the organization, after completing the technical files in terms of goods, services and intellectual property.

The World Trade Organization (WTO) is the largest economic organization, being the main driver of the world economy, and its membership includes 164 member states, representing more than 98 percent of world trade and global trade GDP.

Iraq's orientation towards accession is important at the level of the country's economy in general and the stability of its markets, as it will create the necessary economic and legislative conditions for development, but it does not guarantee the desired benefits for the country, because obtaining these advantages depends on the country's ability to create a suitable climate capable of implementing the organization's obligations, while Iraq's survival outside the framework of the organization will make it in international isolation.

Specialists believe that Iraq is not prepared to join the organization unless economic and legislative reforms are achieved that overcome obstacles to the file of Iraq's accession, which requires more efforts to prepare all the necessary requirements, to facilitate its task of obtaining full membership.

The general coordinator of the Iraqi Economists Network, Barek Shubar, sees the lack of benefit from Iraq's current accession to the organization, due to the current economic and political situation.

Speaking to Al-Arabi Al-Jadeed, Shubar pointed out that membership in the World Trade Organization brings benefits to countries that have strong export industries and goods, and this is what Iraq loses, because it does not have such industries, but depends to a high degree on imports.

He added that Iraq's accession to the organization means adherence to the rules of free international trade, and one of its conditions is to freeze the level of customs tariffs at the current ceilings and gradually reduce it, and Iraq is not allowed to raise its levels except in cases of dumping after the approval of the organization.

He explained that Iraq should not rush the process of joining the organization, and maintain the status of observer, so that it can work to create a fertile and suitable environment for joining.

Mot:  ... Sooooooooo - That is how She Did it!!! ~~

Mot:  . I Had No Idea How Much I have in Comon With Him!! ~~

Iraqi News Highlights Thursday Evening 3-9-23

Iraqi News Highlights Thursday Evening 3-9-23

Tlm724 Administrator Bondlady’s Corner

The President Of The Republic Confirms The Imminent Approval Of The Financial Budget

Political | 03:41 - 09/03/2023  Baghdad - Mawazine News, President of the Republic, Abdul Latif Jamal Rashid, confirmed today, Thursday, that the current stage in the country is witnessing security stability, while indicating that the financial budget will soon be approved.

The Presidency of the Republic said in a statement, a copy of which Mawazine News received, that "President of the Republic Abdul Latif Jamal Rashid received, today, at the Baghdad Palace, the delegation of the American Institute of Peace."

During the meeting, the President stressed "the importance of consolidating the principles of peace in order to move towards a humane society based on good coexistence and understanding," noting that "the current stage in the country is witnessing security stability."

He stated that "the government is working to consolidate this stability, improve the general conditions in the country, especially the economic aspect, improve the living and service conditions of citizens and combat corruption," noting that "

The members of the delegation reviewed the activities carried out by the Institute in establishing peace and supporting minorities in a way that strengthens societal ties, and interest in rehabilitating the infrastructure of areas that have been subjected to terrorism, expressing their thanks and appreciation to the President for his efforts in establishing security and caring for minorities. Ended 29 / m99

https://www.mawazin.net/Details.aspx?jimare=221427

In the document, the Central Bank directs the adoption of the dinar in electronic financial services

Economy| 12:18 - 09/03/2023   Baghdad - Mawazine News  directed the Central Bank to adopt the dinar in electronic financial services inside Iraq.   https://www.mawazin.net/Details.aspx?jimare=221404

Iraq And Britain Are Discussing Aspects Of Cooperation In The Economic And Investment Fields

Economy| 11:49 - 09/03/2023   Baghdad - Mawazine News,  Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, received, on Thursday, the British Ambassador to Iraq, Mark Bryson Richardson, and his accompanying delegation.

During the meeting, according to a statement by the Ministry of Planning, which Mawazine News received, they discussed aspects of joint cooperation between the two friendly countries in the economic, investment and trade fields, and energy issues.

The two sides also discussed "the priorities of the government program, and the role of the United Kingdom in supporting the Iraqi government's efforts in implementing service projects, investing in clean energy projects, confronting climate changes, as well as achieving economic reform and supporting the private sector."    https://www.mawazin.net/Details.aspx?jimare=221401

Planning Discusses The Final Framework For The National Development Plan

Economy| 12:00 - 09/03/2023  Baghdad - Mawazine News  Today, Thursday, the Ministry of Planning discussed the overall (final) framework for the next national development plan.

The ministry stated, in a statement received by Mawazine News, that "this came as part of a meeting of the Preparatory Committee to prepare the National Development Plan (2023-2027), with the participation of the general managers of the ministry, a group of experts, specialists and representatives of the concerned departments."

According to the statement, "The meeting, which was chaired by the Undersecretary for Technical Affairs, Maher Hammad Johan, and attended by the Administrative Undersecretary of the Ministry, Azhar Hussein Salih, presented a definition of the plan's priorities within the human capital pillar in its final form, as well as a discussion of the proposed timelines for the plan."

The meeting dealt with presenting the proposed time frame for preparing the National Development Plan (2023-2027), and it included the stages of its preparation consisting of the first (preparatory) stage, which includes: the formation of higher, technical and sectoral committees specialized in preparing the plan and holding meetings and workshops to clarify work procedures in addition to formulating the general framework. and its future development vision.

The statement added, “As for the second stage, it is (diagnosis), and it included: conducting a comprehensive presentation of the current situation of the axes and sectors of the plan and presenting the preliminary sectoral papers according to the axes and sectors, while the third stage included planning in terms of formulating the strategic and sub-objectives of the plan’s sectors and the means of achieving them, while the last stage is approving The final version of the National Development Plan (2023-2027). Ended 29/N33   https://www.mawazin.net/Details.aspx?jimare=221402

Stability Of Global Oil Prices

Economy| 08:26 - 09/03/2023  Follow-up - Mawazine News  Oil prices stabilized, Thursday, as a larger-than-expected withdrawal of US crude stocks led to fears that a sharp increase in US interest rates would strain economic growth and thus reduce oil consumption.

Brent crude futures rose 5 cents to $82.71 a barrel by 04:23 GMT, while US West Texas Intermediate crude futures rose two years to $76.68 a barrel.

Oil futures fell, on Tuesday, by more than 3%, and recorded their largest daily decline since early January, after US Federal Reserve Chairman Jerome Powell's comments that the central bank may likely need to raise interest rates more than expected in response to the recent strong data. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=221380

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Deputy Speaker Of Parliament: Iraq Is Keen On Establishing Economic Partnerships With Industrialized Countries

Money and business  Economy News – Baghdad Today, Thursday, Deputy Speaker of the House of Representatives, Shakhwan Abdullah, affirmed Iraq's keenness to enhance cooperation with major industrial countries and to conclude economic and investment partnerships.

And Abdullah’s office stated in a statement, that “Deputy Speaker of Parliament Shakhwan Abdullah Ahmed held, on the sidelines of the activities of the Berlin Economic Forum, which is currently being held in Germany, and which continues for several days, side meetings and discussions with the German side, and he met with the director of the Academy of Cultural Diplomacy in Berlin (Mark Dunn). Fred), and former German Economics Minister (Drech Nebel).

Abdullah stressed, according to the statement, "Iraq's keenness to strengthen coordination and cooperation mechanisms with major industrial countries, to hold economic and investment partnerships, and to contribute to reconstruction and empowerment to implement infrastructure projects to provide basic services to citizens."  https://economy-news.net/content.php?id=32848

The Minister Of Industry Stresses The Need To Focus On The Principle Of Consumer Protection By Imposing Customs Duties

Thursday 09 March 2023 17:59 | Economical Number of readings: 150  Baghdad / NINA / - The Minister of Industry and Minerals, Khaled Battal Al-Najm, stressed the need to focus on the principle of consumer protection by imposing customs duties.

A statement by the Ministry of Industry said: "The Minister of Industry and Minerals, Khaled Battal Al-Najm, chaired a preliminary meeting of the committee specialized in studying the standardization of the customs fee for all goods and products and the problem by a decision of the Ministerial Council of Economy, in the presence of members of the committee that includes the scientific advisor to the ministry, the head of the Iraqi Federation of Industries, general managers and representatives from the Ministry of Trade and Agriculture." The National Investment Commission, the Border Crossings Authority, the General Authority for Customs and the Baghdad Chamber of Commerce.

The statement added, "During the meeting, the issued decisions related to customs fees and tariffs were discussed, customs laws and instructions were reviewed, the applicable work contexts, and how rates and pricing are calculated. Some problems and obstacles facing the private sector related to border crossings, customs, the issue of entry of goods and other related issues were also discussed." ".

Al-Najm stressed, according to the statement, "the need for customs fees and tariff decisions to be fully and properly studied as they affect the economy, and to focus on protecting and serving the consumer primarily," noting "the importance of studying these decisions and taking into consideration the opinion of all the competent authorities before taking them." Because of its economic effects and its submission to the Ministerial Council of Economy for the purpose of discussing it in a comprehensive and integrated manner before presenting it to the Council of Ministers.

The Minister of Industry pointed out, "The need for the investor and partner from the private sector to establish factories inside Iraq in a way that achieves gains for the country."

And he instructed that "the committee assumes its tasks and work in studying the decisions in an extensive manner and includes all the paragraphs and the vision of the concerned authorities and the consumer mainly, in a way that ensures achieving a balance between product protection and consumer protection in light of the government's formation of the producer and consumer protection councils, in addition to preparing a working paper with basic and integrated recommendations in order to raise them To the Ministerial Council for the Economy, in preparation for presenting it to the Council of Ministers, and based on the importance of these decisions as they contribute to achieving the economic security of the country. / End 2   https://ninanews.com/Website/News/Details?key=1039469

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

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KTFA Members "News and Views" Thursday 3-9-2023

 KTFA:

Clare:  The President of the Republic confirms the imminent adoption of the budget

3/09/2023

On Thursday, the President of the Republic, Abdul Latif Jamal Rashid, confirmed the imminence of approving the financial budget law for the year 2023.

And the Presidency of the Republic stated in a statement, "The President of the Republic, Abd al-Latif Jamal Rashid, received today, at the Baghdad Palace, a delegation from the American Institute of Peace."

Rashid said, "The government is working to improve the general conditions in the country, especially the economic aspect, to improve the living and service conditions of citizens, and to combat corruption."

Rashid pointed out, "The imminent approval of the financial budget and its importance in economic development and the development of basic infrastructure."  LINK

RMF:  At my age memory is not what it once was but I seem to recall that Iraq last revalued their currency in a December...of course it was the wrong direction but nevertheless a change without any fanfare.

None of their changes have removed them from the grips of a worthless currency as is now being proposed. So IMOO I still hold out for purchasing power to be revealed even this month.

They have promised a change for months. How long can the citizens hold on to their dinars in Iraq waiting for purchasing power when there are immediate living needs ?? 

I think I understand that they will also, perhaps, reveal the NSC (New small currency) notes and possibility even the coins this month...possibility in the coming week. 

 I seem to also recall that it was once said that simultaneously or shortly afterwards the rate would be exposed.  Again this gives me hope that this may be our month.  Seems like the people who have been most hurt by these delays are expectant also per our FF.(firefly)

I also seem to recall that the rate would be revealed  prior to the Budget release. The Budget needs the rate.  Wouldn't be wonderful and encouraging if it changed to 1:1,000 ?  

If not then we seem to be waiting until after Ramadan which ends on the 22nd of April.  IMO

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Clare:  The Central Bank of Iraq decides to use only the local currency at ATMs

3/09/2023

The Central Bank decided today, Thursday, to use the local currency only at ATMs.

The bank said in a statement received by Shafaq News agency, "Based on the decision of the Council of Ministers and in light of the policy of the Central Bank of Iraq to encourage reliance on the national currency in financial transactions inside Iraq provided by the banking system and non-banking financial institutions, it was decided that the electronic financial services provided inside Iraq Through (automated teller machines, point-of-sale devices, electronic payment gateway) in the Iraqi dinar.

It is noteworthy that the automatic teller machines use the denominations of Iraqi dinars and dollars in withdrawal operations for citizens.    LINK

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Clare:  Iraq completes preliminary designs for the Baghdad Elevated Train Project

3/09/2023

The Ministry of Transport announced, on Thursday, the completion of the basic design and track for the Baghdad Elevated Train (BET) project, which is also called the Baghdad Metro or the suspended train.

The ministry's media office said in a statement, "The (BET) project is among the important transportation projects targeted for implementation this year and is included in the current year's budget."

Zawya Projects Company stated, "The work on BET includes 14 stations with a total length of 31 km."

During his visit to Paris at the end of January, the Prime Minister, Muhammad Shia' al-Sudani, discussed with the French company (Alstom) specialized in establishing railway infrastructure and the train industry, the implementation of the economic model for the Baghdad Suspended Train Project, which was commissioned by the Iraqi government to prepare.

For his part, Minister of Transport, Razzaq Muhaibis, announced that: "Baghdad train includes 14 stations, and a length of 31 kilometers," stressing that "there are efforts to expand the line outside the city of Baghdad, and it may reach more than 50 kilometers."  LINK

Clare:  Kuwaiti dinar first and US dollar tenth: the 10 most powerful currencies in the world

 The American "Forbes" magazine stated that the US dollar is not the strongest currency in the world, but rather the Kuwaiti dinar, and with a big difference between them.

 The American magazine stated that the US dollar is generally seen as the most powerful currency in the world, adding that it is the most traded currency on the world stage, but it is surprising that the "dollar" is not the most powerful paper currency, among the world's 180 legally recognized currencies. all over the world. 

He reviewed the report, which was translated by Shafak News Agency. The 10 most powerful currencies in the world, based on their relative value against the US dollar, noting that most currencies are "floating", which means that their value fluctuates according to supply and demand, while some currencies are "correlated", which means that their value is relative to another currency (such as USD) fixed at an agreed rate.

The report pointed out that exchange rates affect the cost of goods and services in a foreign currency, but exchange rate fluctuations also create an opportunity for investors looking to make profits through foreign currency trading. 

Here are the 10 most powerful currencies:

1. The Kuwaiti dinar 

The Kuwaiti dinar is the strongest currency in the world, as a Kuwaiti dinar buys 3.26 US dollars (or in other words, 1 US dollar is equivalent to 0.31 Kuwaiti dinars, meaning that every Kuwaiti dinar is equivalent to about 3 dollars). 

The report indicated that Kuwait earns much of its wealth from being a leading global exporter of oil, and the Kuwaiti dinar was introduced in the sixties of the last century and was initially pegged to the pound sterling before it was re-linked to a basket of currencies.

2. The Bahraini dinar 

The Bahraini dinar is the second strongest currency in the world with one Bahraini dinar buying 2.65 US dollars (or one dollar equals 0.38 Bahraini dinars).

Bahrain earns much of its wealth from oil and gas exports. The Bahraini dinar was put into circulation in 1965 and is pegged to the US dollar.

3. The Omani Rial 

The Omani Rial is the third strongest currency in the world with one Rial Omani buying US$2.60 (or one dollar equals 0.38 Omani Rial). As with its other wealthy neighbors, Oman is a major exporter of oil and gas, and the Omani rial was introduced in the 1970s and is pegged to the US dollar.

4. The Jordanian dinar 

The Jordanian dinar is the fourth strongest currency in the world, with a Jordanian dinar buying 1.41 US dollars (or one dollar equals 0.71 Jordanian dinars).

Jordan is less dependent on oil and gas exports than its neighbours, and is suffering from sluggish economic growth and mounting debt. The Jordanian dinar was put into circulation in the year 1950 and is linked to the US dollar.

5. Sterling 

The British pound is the fifth strongest currency in the world with a British pound buying 1.20 US dollars (or 1 US dollar equals 0.83 British pounds).

Britain is the sixth largest country in terms of gross domestic product, according to the World Bank, and the pound was introduced for the first time in the 14th century before its decimal value was broken in 1971. It is a free currency and is not linked to other currencies.

6. The Cayman Islands dollar 

The Cayman Islands dollar is the sixth strongest common currency in the world, with 1 Cayman Islands dollar buying 1.20 US dollars (or 1 US dollar equals 0.83 Cayman Islands dollars).

The Cayman Islands is a British territory in the Caribbean and is an offshore financial centre. The Cayman Islands dollar was first introduced in the 1970s and is pegged to the US dollar.

7. Gibraltar pound 

The Gibraltar pound is the sixth strongest common currency in the world, with 1 Gibraltar pound buying 1.20 US dollars (or 1 US dollar equals 0.83 Gibraltar pounds).

Gibraltar is located in the southern part of Spain and is officially a British territory. The Gibraltar pound was first introduced in the 1920s and is pegged to the British pound (and the Gibraltar pound is equal to one British pound).

8. Swiss francs 

The Swiss franc is the eighth strongest currency in the world, with one Swiss franc buying 1.07 US dollars (or 1 US dollar equals 0.93 Swiss francs).

The Swiss franc is the official legal currency of Switzerland and Liechtenstein and is viewed as a safe haven due to the political stability in Switzerland. The Swiss franc was introduced in the year 1850 and was briefly pegged to the euro before moving into a free float.

9. EUR

The euro is the ninth strongest currency in the world, with 1 euro buying 1.07 US dollars (or 1 US dollar equals 0.94 euros).

The euro is the official currency of the eurozone, which consists of 19 countries out of the 27 countries that are part of the European Union. The physical currency entered circulation in the year 2002 and is floating and free.

10. US dollars 

The US dollar is the 10th most powerful currency in the world, at exactly 1 to itself. All other currency units around the world are worth less than the US dollar.

The conclusion of the report; The US dollar was introduced in the 18th century, and is legal tender in the United States, other American territories, and sovereign nations including Puerto Rico, Ecuador, and Zimbabwe.

The United States is the largest economy in the world in terms of gross domestic product. The US dollar is the most traded currency in the world. The US dollar is the largest reserve currency in the world (the currency most often held by central banks) and is the currency used to price many commodities, including Oil, gold and copper.  link   

Iraqi News Highlights Thursday Afternoon 3-9-23

Iraqi News Highlights Thursday Afternoon 3-9-23

Tlm724 Administrator Bondlady’s Corner

How Iraq Caused A Currency Crisis By Paying Iran In Dinars

Desperate to avoid power shortages, Kadhimi's government gave Iran billions of dinars.

US sanctions however mean it can no longer access the dinars it needs

The Iraqi Central Bank has found it increasingly difficult to obtain its own currency (AFP/file photo)

By Suadad al-Salhy in  Baghdad  Published date: 4 March 2023 09:27 UTC | Last update: 2 days 7 hours ago  Iraq has worsened its financial crisis and contributed to its currency depreciating by paying its debts to Iran in Iraqi dinars, Iraqi officials told Middle East Eye.

Iraq’s currency has been struggling for months against the dollar since new restrictions were imposed by the US Federal Reserve on how the country's central bank trades the dollars it receives from oil sales.

The subsequent liquidity crisis has meant the government is failing to pay the salaries of millions of public servants, as well as pensions and payments to other beneficiaries of social welfare programmes.

Iraq has been one of the largest importers of Iranian goods over the last two decades, in particular gas, electricity, food, and construction materials.

Yet Iran was nonetheless able to turn these dinars into dollars - which are far more useful - using a currency auction the Central Bank of Iraq holds daily to convert the dollars it received from oil sales.

But since November, the US Federal Reserve, which holds the money Iraq makes from oil sales and delivers it to Baghdad by request, has imposed restrictions aimed at stopping Iran from accessing these dollars and combatting money laundering.

The impact of handing Iran large amounts of dinars - that it is now unable to trade for dollars - is still being felt.

"Paying Iranian debt in Iraqi dinars was not a calculated step. The financial crisis we are currently suffering from is caused by this stupid step,

Intractable problems and patchwork solutions

Despite having one of the largest oil reserves in the world, Iraq has suffered from severe energy shortages since the 1990s, due to conflicts, sanctions, mismanagement, and a failure to develop infrastructure.

Iraq spends around $900m a month on Iranian goods, according to Iranian officials. Fifty percent of that is electricity and gas.

The United States only agreed to waive sanctions if Iraq placed the funds in the Trade Bank of Iraq with the understanding that it would be used later by Iran to pay for food and medicine.

The next prime minister, ex-intelligence chief Mustafa al-Kadhimi, and his backer, Sadr, sought to find quick solutions to the intractable problems that Iraq suffers from, including the Iranian debt

The debt to Iran that had been accumulated since 2019 was one of the most pressing issues for Kadhimi’s government at the time.

“Sadr had to find a way out for his ally,"

Sadr wanted to present "a gesture of goodwill to the Iranians to prove that his project does not target them or threaten their interests,"

In February 2019, the Central Bank of Iraq concluded an agreement with the Central Bank of Iran, allowing customers of both banks to open accounts in the two countries and conduct their banking transactions in dinars and euros.

“The Iranians are very smart and they are investing in all the details that serve their goals. They were clear from the beginning. They said if you could not pay in dollars, pay in dinars and leave it to us,”

the complete article is at  https://www.middleeasteye.net/news/iraq-dinar-iran-undermined-own-currency-crisis

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

Economy    6-03-2023, 17:42  Baghdad – INA – Wissam Al-Mulla  The Central Bank announced, today, Monday, 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, said in a statement to the Iraqi News Agency (INA), that

"the central bank continues to follow the instructions previously issued 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,"  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.ina.iq/179894--.html

The Central Bank Decides To Use Only The Local Currency At Atms

Economy News _ Baghdad  Today, Thursday, the Central Bank decided to use the local currency only in ATMs.   The bank said in a statement received by "Al-Iqtisad News", that "based on the decision of the Council of Ministers and in light of the policy of the Central Bank of Iraq to encourage reliance on the national currency in financial transactions inside Iraq provided by the banking system and non-bank financial institutions, it was decided that the electronic financial services provided within Iraq through (automated teller machines, point-of-sale devices, electronic payment gateway) in the Iraqi dinar.

It is noteworthy that the automatic teller machines use the denominations of Iraqi dinars and dollars in withdrawal operations for citizens.   https://economy-news.net/content.php?id=32844

Central Bank Sales Fell To 144 Million Dollars In Today's Auction

Posted On2023-03-09 By Sotaliraq  The central bank’s sales of dollars at auction today, Thursday, decreased by 35%, to reach 144 million dollars.

And the Central Bank sold today, during its auction for the sale and purchase of US dollars, 144 million and 951 thousand and 21 dollars, a decrease of 35.43% compared to yesterday, Wednesday, in which sales amounted to 223 million, 406 thousand and 794 dollars, covered by the bank at a basic exchange rate of 1305 dinars per dollar for documentary credits.

And international settlements for electronic cards, at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar in cash.

Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits) at 83 million 151 thousand 21 dollars, while the rest of 61 million 800 thousand dollars went in the form of cash sales.

The number of banks that bought cash dollars reached 12 banks, while the number of banks that responded to requests for strengthening balances abroad reached 22 banks, while the total number of exchange and mediation companies participating in the auction was 130 companies.   LINK

A Slight Decrease In The Exchange Rates Of The Dollar In Baghdad With The Closing Of The Stock Market

Thursday, March 9, 2023 Baghdad / The National News Center  The exchange rates of the US dollar decreased against the Iraqi dinar, today, Thursday, with the closure of the main stock exchange in Baghdad.

The correspondent of the National News Center said, “The central Kifah Stock Exchange in Baghdad closed at an exchange rate of 157,000 Iraqi dinars against 100 dollars, while the prices this morning were 157,900 dinars.”

He added, "The buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 157,500 Iraqi dinars, while the purchase price reached 156,000 dinars per 100 dollars."   https://nnciraq.com/191972/

Calculating The Exchange Rate Of 1320 Dinars For Currency Conversion Operations

The Iraqi Trade Bank confirmed that the exchange rate was calculated at 1,320 dinars for currency conversion operations.

The media expert at the bank, Aqil Al-Shuwaili, said in a statement: "It was decided to calculate the exchange rate at (1320) dinars per dollar for currency conversion operations in the event that electronic cards are used while traveling or via the Internet (online) and according to the instructions of the Central Bank of Iraq."    https://www.radionawa.com/all-detail.aspx?jimare=33686

Sudanese Advisor: The "Parallel" Exchange Rate Will Approach The "Official" In This Case

Money and business  Economy News _ Baghdad  Today, Thursday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, clarified about the fluctuation of the exchange rates of the dollar in the parallel market, while setting a condition for its approach to the official market.

Saleh said, "If the daily sales of the Central Bank of Iraq window reach approximately $200 million per working day and continuously, then certainly the parallel market will shrink and exchange rates in it will approach the fixed central official market."

Saleh added, in an interview with the official news agency, that "this requires that the level of sales be at the mentioned rate, and that it takes a range of days and stability and continuously in order to appear."

He pointed out, "The financing of foreign trade for the private sector has really adapted to the climate of the compliance platform and its controls in the matter of transparency of commercial information, especially knowing the final beneficiary of the external transfer."

https://economy-news.net/content.php?id=32847

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

  https://www.bondladyscorner.com/

"Tidbits From TNT" Thursday AM 3-9-2023

TNT:

Tishwash:  The Central Bank decides to use the local currency only at ATMs (document)

Today, Thursday, the Central Bank of Iraq decided to use the local currency (the dinar) only at ATMs.

A statement by the Central Bank, which it received (Baghdad Today), stated that “based on the decision of the Council of Ministers and in light of the policy of the Central Bank of Iraq to encourage reliance on the national currency in financial transactions inside Iraq provided by the banking system and non-banking financial institutions, it was decided that the electronic financial services provided inside Iraq Through (automated teller machines, point-of-sale devices, electronic payment gateway) in the Iraqi dinar currency.

In addition, ATMs operate in Iraq in local currencies (dinars) and foreign currencies (dollars). link

Tishwash:  Adoption of the national currency (CBI)

Based on the decision of the Council of Ministers and in light of the policy of the Central Bank of Iraq to encourage reliance on the national currency in financial transactions inside Iraq provided by the banking system and non-bank financial institutions, it was decided that the electronic financial services provided inside Iraq through (automated teller machines, points of sale devices , electronic payment gateway ) in the Iraqi dinar currency. ink

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Tishwash:  Representatives: It is not possible to evaluate the performance of the Sudanese government without approving the budget

The deadline for evaluating the performance of the general managers in the Sudanese government is nearing its end, while deputies believe that the time is not sufficient for evaluation in the absence of a budget.

The twelfth of the current month of March is the scheduled date for the completion of the evaluation of the performance and work of general managers in all ministries, at the request of Prime Minister Muhammad Shia al-Sudani, while deputies believe that the most prominent achievements of the current government are dealing with corruption files.

It is not possible to evaluate government performance without approving the general budget. This is what the Legislative House says, because the evaluation comes based on the implementation of projects and the provision of services to citizens, and this has not happened so far.   link

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Tishwash:  Parliamentary finance determines the value of the budget deficit and the date of its approval

Today, Thursday, the Parliamentary Finance Committee determined the value of the deficit in the general budget for the year 2023 and the date for voting on it inside the parliament dome.

Committee member Ikhlas Al-Dulaimi said, in a statement to Al-Maalouma news agency, that "the 2023 budget will be voted on during the cabinet session on Tuesday of next week, and then sent to Parliament to complete the procedures for passing it."

Al-Dulaimi added, "The 2023 budget will have an official dollar exchange rate of 130,000 dinars, and a barrel price of 65 dollars, while the deficit will reach 60 percent."

And she continued, "The approval of the general budget will be completed at the end of next April, to be implemented at the beginning of May," noting that "the deficit rate will decrease significantly during the period of its approval and actual implementation."  link

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Tishwash:  A major currency dealer was arrested with $320,000 in his possession

A security source said today, Thursday, that a major currency dealer had been arrested in possession of 320,000 dollars.

The source told Earth News Agency, "A security force managed to arrest one of the largest currency smugglers within the control of Bawa Mahmoud in Khanaqin. 

He added, "And he seized about 320,000 US dollars in his possession, along with 10 million Iraqi dinars, which he intended to smuggle to the region  link

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CandyKisses:  :  Parliamentary movement to legislate the law on the recovery of the proceeds of corruption

Baghdad Today - Baghdad

A member of the Parliamentary Integrity Committee, Abdul Amir Al-Mayahi, revealed on Thursday the imminent legislation of the law on the recovery of the proceeds of corruption, indicating that many points of it will be a deterrent to bribery.

Al-Mayahi told (Baghdad Today) that "there are important paragraphs that will be included in the law that was previously read, and we will work to read it a second reading and then go to pass it." 

He added, "The law includes points related to the courts' confiscation of all amounts and proceeds of those who committed the crime by enriching state funds," noting that "many points that deter bribery will also be included in the law." 

Al-Mayahi indicated that "this law is one of the most important things that will be legislated in the House of Representatives and aims to preserve public money," stressing that "no general amnesty law will cover those accused of corruption." 

Al-Mayahi indicated that "there is a great deal of work between the government and parliament for the purpose of returning the money smuggled from abroad." 

It is noteworthy that the Sudanese Prime Minister, Muhammad Shia'a, stressed on more than one occasion the need for international cooperation with Iraq to recover the funds looted through corruption files over the past years.

Al-Sudani stressed, according to press statements, that "recovering money from abroad is one of the government's priorities," noting that "the battle against corruption is crucial."

Mot:  ...... For our friends in California.

Mot: ~~ Yah --- Whats That All about anyways!! ~~

Thursday Morning Iraq Economic News Highlights 3-9-23

Thursday Morning Iraq Economic News Highlights 3-9-23

Expert: Dealing With The "Swift" System For Dollar Transfers Needs Time And There Is A Quick Solution

2023.03.08 - Baghdad - Nas  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.

https://www.nasnews.com/view.php?cat=103446

How Much Does The Budget Need To Be Passed In The House Of Representatives.. A Parliamentarian Answers

The representative of the State of Law Coalition, Asaad Al-Bazuni, revealed, on Wednesday, the reasons for the delay in sending the general budget to Parliament until now, while stressing that the creation of more than 750,000 job degrees is one of the obstacles to sending the general budget law to the House of Representatives.

Al-Bazouni said in a press interview, which was seen by “Takadam”, that “the creation of more than 750,000 job degrees constituted a burden on the general budget and worked to delay sending them to the House of Representatives until now,” noting that “the parliament needs no less than Two weeks to vote on it after the amendments that the parliamentary committees will add to some paragraphs.

And he continued, “The previous budgets did not witness the appointment of such numbers of employees at once,” pointing to “the possibility of recording objections to them from some political forces after the first and second reading of them.”

And he continued: “The government takes care to send the budget to Parliament in order to ensure that it is not greatly delayed in amending it and submitting it to the House of Representatives.”

https://takadum-news.com/archives/153423

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

Economy News – Baghdad The Iraqi Trade Bank confirmed, on Wednesday, that the exchange rate was calculated at 1,320 dinars for currency conversion operations.

The media expert at the bank, Aqil Al-Shuwaili, said in a statement, "It was decided to calculate the exchange rate at (1320) dinars per dollar for currency transfers in the event that electronic cards are used while traveling or via the Internet (online) and according to the instructions of the Central Bank of Iraq."    https://economy-news.net/content.php?id=32833

Kurdish Leader: Determining The Percentage Of The Region In The Budget Depends On Conditions

Today, Wednesday, the leader of the Patriotic Union of Kurdistan, Ghiath Al-Sorji, pledged that the Kurdistan region's share of the federal budget depends on several conditions and the ongoing talks between the parties.

Al-Sorji said in a press interview seen by “Takadum” that “there is a semi-final agreement to grant the region 14% in the 2023 budget, in return for Kurdistan’s commitment to hand over the official data on the sale of oil, or to hand it over to the Oil Marketing Company SOMO in Baghdad.”

He added, "The regional government's handover of the revenues and official data related to the sale of oil to Baghdad is matched by a commitment by the central government regarding paying the debts of the extraction companies incurred by Kurdistan."

Al-Sorji continued, “There is agreement on a 14% share for the Kurdistan region in the 2023 budget,” noting that “the matter is left to the House of Representatives, which has the last word in the chapter.”

https://takadum-news.com/archives/153371

Financial Times: The Iraq War Insulted America, Which Did Not Learn From Its Lesson

March 8, 2023  Baghdad / Obelisk: The Financial Times newspaper called for reflection on the Iraq war twenty years later, and how it left its mark in the form of a treasury of pain added to the bitter experience of Vietnam when the number of American forces in Vietnam reached its peak in 1969.

American casualties are much higher in Vietnam. Yes, and the war of conscripts leaves scars in society in a way that not all volunteers can do, but Iraq was the most controversial war fought by a Western country in the past half century, and yet it did not leave much of its impact on the culture of the Western generation, especially the mechanisms of opposition to war, or its acceptance .

Some leaders have fallen (José María Aznar in Spain), and others have been re-elected after a long period despite the war (George W. Bush and Tony Blair), but there has been no systemic change. Also, the question about how the leaders behaved during the war quickly faded away and was no longer a test of his patriotism, his rule, or anything else.

The current President of the United States, Biden, voted for it. So have every British prime minister since 2003 except for the last two, who were not MPs at the time. Had these leaders voted the other way, their rise would not have been halted.

On the margins he may have been helped by Donald Trump’s pledge to end “forever wars” in 2016. But there is no hope that we can attribute recent populism to post-Iraq disenchantment with elites. The populists are doing well in France, which has stayed out of the war. The Tea Party hates Barack Obama, who opposed it. If anything tainted the good reputation of the ruling class, it was the financial crash of 2008.

There was no Iraqi version of the Vietnam syndrome: no hesitation in the use or threat of hard force. By 2011, the West was engaged in Libya. France spent nine years in the Sahel. It is difficult to imagine the deployment of troops on such a large scale, and rightly so.

And Joe Biden suggests, over and over again, that America will defend Taiwan even though he is not formally obligated to protect it. It seems that there is no lesson in Iraq that can be learned from.

The pain in Iraq disturbed and shamed the United States, which made it not interact with Russia's actions in Georgia, Crimea and Syria, which emboldened the Kremlin and led to the current war in Ukraine.

Even in the narrow sphere of military doctrine, the change brought about by the experience of Iraq (and the experience of Afghanistan) turned out to be fleeting. And here is the experience being repeated in Ukraine, as it was thought that the traditional wars between countries had ended.

For Iraq itself, the repercussions of the war have not ceased to appear. Including the rise of ISIS and the expansion of the stronger hand of Iran. Translated by Adnan AZ

https://almasalah.com/archives/45540

Parliamentary Investment: Iraq Needs 150 Thousand Housing Units To Reduce Real Estate Prices

The Parliamentary Investment Committee confirmed that Iraq needs 150,000 housing units to reduce real estate prices.

Committee member Muhammad al-Ziyadi said in a press interview seen by Taqaddam that “the issue of investment falls within supply and demand.

He added, "There is a need in the capital, Baghdad, for 100,000 housing units, and we have to provide 150,000 units in order to be able to reduce the price of housing units."

Al-Ziyadi explained that "providing units that are less than required will lead to an increase in demand and an increase in prices."   https://takadum-news.com/archives/153374