"Tidbits From TNT" Sunday Morning 3-26-2023
TNT:
Tishwash: The Saudi Export Bank signs an agreement to support trade and open investment horizons with Iraq
The CEO of the Export-Import Bank, Saad Al-Khalab, signed a line of credit agreement with the Iraqi Islamic Bank for Investment and Development. It aims to enhance export movement and develop trade relations between the Kingdom and Iraq.
The Iraqi Islamic Bank for Investment and Development said, in a statement, that it had signed an international credit line agreement to finance imports and goods with the Saudi Export-Import Bank; Within the framework of his efforts to open investment horizons that support commercial relations between the Republic of Iraq and the Kingdom.
TNT:
Tishwash: The Saudi Export Bank signs an agreement to support trade and open investment horizons with Iraq
The CEO of the Export-Import Bank, Saad Al-Khalab, signed a line of credit agreement with the Iraqi Islamic Bank for Investment and Development. It aims to enhance export movement and develop trade relations between the Kingdom and Iraq.
The Iraqi Islamic Bank for Investment and Development said, in a statement, that it had signed an international credit line agreement to finance imports and goods with the Saudi Export-Import Bank; Within the framework of his efforts to open investment horizons that support commercial relations between the Republic of Iraq and the Kingdom.
The agreement was signed by the Iraqi Islamic Bank for Investment and Development, Chairman of the Board Ahmed Walid Ahmed and the Managing Director, Hammam Thamer Kazem Al-Attar, and from the Saudi Export-Import Bank, CEO, Saad bin Abdulaziz Al-Khalab.
The Iraqi Islamic Bank for Investment and Development added that the signing of the agreement represents an extension of the credit and financing packages that it provides to Iraqi merchants, and aims to enhance the import movement and develop trade relations between the Republic of Iraq and the Kingdom of Saudi Arabia.
The bank stated that the agreement comes within the bank's efforts to provide financing solutions that support the development of Iraqi non-oil imports and enhance their competitiveness in regional and global markets.
The Iraqi Islamic Bank for Investment and Development confirmed that the terms of the agreement were designed to contribute to activating the trade movement between the two brotherly countries, reduce import risks and costs, and bridge financing gaps for imports from the Kingdom. link
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CandyKisses: More than half. Iraq's oil exports to America drop
Baghdad Today - Follow-up
The US Energy Information Administration announced on Sunday that Iraq's oil exports to America fell by more than half during the past week.
The administration said in a report seen by Baghdad Today that "the average US imports of crude oil during the past week from seven countries amounted to 5.423 million barrels per day, down slightly by 4,5 barrels per day from the previous week, which amounted to 423.<> million barrels per day."
She added that "Iraq's oil exports to America averaged 144,202 barrels per day last week, down by 346,<> barrels per day from the previous week, in which oil exports to America reached an average of <>,<> barrels per day."
She pointed out that "the most oil revenues of America during the past week came from Canada at a rate of 3.240 million barrels per day, followed by Mexico with an average of 1.118 million barrels per day, and oil revenues from Saudi Arabia with an average of 483 thousand barrels per day, and then Colombia at a rate of 244 thousand barrels per day."
According to the administration, "the amount of US imports of crude oil from Nigeria averaged 129,69 barrels per day, and from Brazil with an average of <>,<> barrels per day, while no amount was imported from Russia, Libya or Ecuador."
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Tishwash: UAE launches {Digital Dirham}
The UAE Central Bank launched a new digital currency strategy, called the "Digital Dirham".
According to a statement published by the bank on its website, the strategy is one of the nine initiatives of the financial infrastructure transformation program in the UAE.
He explained that in order to implement this strategy, the bank signed an agreement with "G42 Cloud" and "R3" companies to launch the implementation of its strategy, stressing that "the first was chosen to provide infrastructure services for the project, while the second will provide technological services."
The UAE Central statement indicated that the first phase of the strategy will focus on three main pillars, which are “the pilot launch of the bridge platform with the aim of facilitating financial transactions for cross-border digital currencies and settlement of international trade payments, and bilateral cooperation to prove the concept of central digital currencies with the Republic of India, which is the largest The trading partners of the UAE, in addition to working to prove the concept of a digital currency to central banks, to issue a digital currency for the use of individuals, companies and institutions in the Emirates.
The statement expected the completion of the first phase of its digital currency strategy, within the 12 to 15 months coming.
This strategy comes after the success of the digital currency initiatives of central banks, including the “Aber” project with the Saudi Central Bank during 2020, the results of which confirmed the possibility of using the digital currency issued by the two central banks to settle cross-border payments. link
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Tishwash: Iraq and Cuba are discussing ways to enhance bilateral cooperation
Iraqi Foreign Minister Fuad Hussein discussed, during his meeting today, Saturday, with Cuban Deputy Prime Minister Anas Maria Chapman, on the sidelines of the Water Summit, which is holding its meetings at the United Nations headquarters in New York, ways to enhance bilateral cooperation.
The Cuban minister affirms the desire of the government and the people to strengthen the relationship with Iraq
And the Iraqi Ministry of Foreign Affairs stated - in a press statement reported by the Iraqi News Agency (INA) - that Fuad Hussein congratulated Cuba on its presidency this year of the Group of (77) and China, referring to the historical and traditional bilateral relations that combine Iraq and Cuba, and the desire of the Republic of Iraq to Strengthening it in all aspects, especially economic, commercial, scientific and health, as well as political, through multiple diplomacy in international organizations.
For her part, the Cuban Deputy Prime Minister affirmed the desire of the government and people of her country to strengthen bilateral relations with Iraq due to the position it enjoys in the region and international and regional organizations, as well as striving towards resuming economic and trade relations between the two countries, noting the importance of exchanging experiences in many sectors, including agricultural and medical treatments. Climate changes, water resource management, and the health care system. link
Mot: .......... Every. Time.
CandyKisses: WHEN SOMEONE IS RUDE...
Sunday Morning Iraq Economic News Highlights 3-26-23
Sunday Morning Iraq Economic News Highlights 3-26-23
Parliamentary Finance: The Budget Did Not Reach Us, And Its Deficit Is Very Worrying
1,053 A member of the Parliamentary Finance Committee, Hussein Moanis, confirmed, on Saturday, that the committee did not formally review the budget, and it did not start studying the project and reviewing it, except for what was nominated for it.
Moanes said in a press interview, which was seen by “Takadam”, that “the budget reached the presidency of the Council, and it has not reached the Finance Committee until now.” He added that there has been significant inflation in the budget for three consecutive years.
Sunday Morning Iraq Economic News Highlights 3-26-23
Parliamentary Finance: The Budget Did Not Reach Us, And Its Deficit Is Very Worrying
1,053 A member of the Parliamentary Finance Committee, Hussein Moanis, confirmed, on Saturday, that the committee did not formally review the budget, and it did not start studying the project and reviewing it, except for what was nominated for it.
Moanes said in a press interview, which was seen by “Takadam”, that “the budget reached the presidency of the Council, and it has not reached the Finance Committee until now.” He added that there has been significant inflation in the budget for three consecutive years.
And he indicated that “the government curriculum talks about balancing a program, and what we have in our hands is a budget for three years, and when it reaches the Parliamentary Finance Committee, it will be discussed.”
He added, "What we care about now is the oppressed and disadvantaged classes that have suffered from marginalization, whether civilian examiners or lecturers, as well as members of the popular crowd, and we seek to include them in the 2023 budget."
And he stressed that "the financial deficit in the budget is very large and disturbing, which requires stopping the study of the budget and reducing the deficit significantly."
https://takadum-news.com/archives/156174
Al-Sudani Confirms That Iraq Will Continue To Establish Effective Economic Relations
Political | 05:34 - 03/25/2023 Baghdad - Mawazine News , Prime Minister Muhammad Shia Al-Sudani affirmed today, Saturday, that Iraq will continue to establish effective economic relations that contribute to the construction of infrastructure and open the doors of investment and partnership to all friends.
The media office of the Prime Minister stated in a statement, a copy of which was received by Mawazine News, that "Al-Sudani received a phone call from French President Emmanuel Macron," noting that "the contact witnessed discussions between the two sides on ways to strengthen bilateral relations, continue work and economic partnership and expand it for what It is in the interest of both countries."
Al-Sudani assured the French President, "Iraq will continue to establish effective economic relations that contribute to the construction of infrastructure, and open the doors of investment and partnership to all friends, within an effective economic and service program."
The French President praised, according to the statement, "the growing relations between the two friendly countries, in various fields, and the increasing level of cooperation towards building economic partnerships that contribute to achieving mutual interests, in a way that enhances the development path of the two countries and the prosperity of their peoples." Ended 29 / m99
https://www.mawazin.net/Details.aspx?jimare=222839
Iraq Lost More Than 20 Billion Dollars Due To The Delay In Signing The Fifth Licensing Round For Oil Fields
Deputy for / NINA /: Saturday 25 March 2023 18:22 | Economical Number of readings: 469 Kut / NINA / - A member of the Parliamentary Oil Committee, MP for Wasit, Basem Nghimesh Al-Gharibawi, confirmed that the delay in the procedure for signing the fifth licensing round for joint oil fields with neighboring countries caused losses to Iraq that exceeded $20 billion.
Al-Gharibawi told the National Iraqi News Agency ( NINA ) that the countries sharing with Iraq in these fields (Iran and Kuwait) worked to invest the resources of the fields over the years, which caused these losses. He added that this tour was supposed to be the first or the second, due to its importance in enhancing the national economy of Iraq's almost complete dependence on oil revenues./ It's over.
Parliamentary Efforts To Include A Budget For Social Welfare
Iraq 2023/03/26 Muhannad Abdel Wahhab Parliamentary committees and the Ministry of Labor and Social Affairs are concerted efforts to reach all beneficiaries covered by the social protection system, according to instructions issued by the government after a field survey for the purpose of involving families who were unable to apply through the electronic form.
The head of the Social Protection Authority in the Ministry, Ahmed Al-Moussawi, said: “The field survey procedures have reached the third stage, with the number of applicants amounting to more than one million and 700 thousand families,” noting that the authority “began to reach 17 districts, and the field teams moved to 57 districts, and after completing The budget process will implement procedures to include the poorest districts, as we have decided to move to all regions.”
Al-Moussawi added, in an interview with “Al-Sabah,” that “the goal is to reach the poor areas after we put in our plans many areas, including 70 districts,” explaining that “our goal is to reach families who could not submit electronically and had not previously submitted an electronic form.” On this basis, the campaign will continue until next week, after we were able to reach 500,000 families and enter them into the database.”
The head of the Social Protection Authority added that “the current goal within the next four months is to complete the field survey procedures for families,” pointing out that “the number of participating researchers in Baghdad and the governorates has reached two thousand social researchers with the addition of 400 social researchers, while we will witness the participation of 2500
Additional Social Researcher.
Al-Moussawi stated, “The social research process continues until the completion of the form for all applicants, in addition to the field survey work, and for this we are awaiting the approval of the general budget to launch the first group of those covered by the social protection system.”
In turn, Ibtisam al-Hilali, a member of the Women, Family and Childhood Committee and a member of the Legal Committee, said that “allocations for those covered by social care amounted to 7 trillion dinars,” noting that “the government’s approach is focused on caring for this segment.”
And Al-Hilali continued, in an interview with “Al-Sabah” that “the women’s and legal committees support the ministry to meet the requests and needs of citizens from the elderly, divorced, widows, the disabled, and those who need a social care salary in the budget, and we are looking for a special budget for the Ministry of Labor to support those who are eligible in the network.”
Social Welfare " . Edited by: Ali Abdel-Khalek https://alsabaah.iq/73969-.html
Parliament Is Looking For Resources To Bridge The Budget Deficit Of 64 Trillion Dinars
Economy , 03/26/2023 10:08 , number of readings: 180 Baghdad - Iraq today: The Parliamentary Finance Committee revealed four resources that contribute to bridging the 2023 budget deficit, which amounts to 64 trillion dinars.
Committee member Moeen Al-Kazemi said, "The investment of associated and free gas was discussed during the visit of Prime Minister Muhammad al-Sudani to Germany and France," noting that "there is a great desire of the European Union to enter this sector and work to deliver it to Europe through pipelines through Turkey."
Al-Kadhimi added, "Treating associated gas and benefiting from it instead of burning it over the past decades is a priority today," pointing out that "exploiting associated gas needs more time and cannot be included in the 2023 budget as revenues, but will need financial allocations to rehabilitate and control it, and thus Associated gas can be included in the imports of 2024 and 2025 in order for Iraq to dispense with importing gas from neighboring countries.
Regarding the budget for the current year, he explained that "the deficit is in the range of 64 trillion Iraqi dinars, as the Ministry of Finance presented the budget, including an offer to cover the deficit through four resources," explaining that "the first resource is the difference between the actual oil sale price with the price approved in the budget of $70." While it is sold for 80 dollars, here 10 dollars is a financial abundance that can increase revenues from 146 to higher.
He added, "The second resource is the possibility of exporting an additional 200 thousand barrels of oil, which is another source instead of three million and 700 thousand barrels, in addition to the financial abundance of the state treasury from previous years, and there are approximately more than 20 trillion dinars that can be used as financial abundance, loans, and others."
The deficit can be covered from it,” pointing out that “the Finance Committee will work to reduce the deficit, because the budget was drawn up for three years and negative possibilities such as the drop in the oil price must be taken into account, and for this the operational budget can be reduced and the investment budget supported, with a period of study in the House of Representatives that may exceed 45 days in the long term.
Regarding the funds of the Emergency Food Security Law and the follow-up of their disbursement, he indicated that "some of the law's funds were disbursed and others are still in the government's accounts, and there are 9 trillion Iraqi dinars allocated for the development of the regions and were not spent in 2022 because time was limited." LINK
A Significant Decrease In The Exchange Rates Of The Dollar In The Baghdad Markets
Economy |Today, 10:24 Baghdad today – Baghdad Today, Sunday, the exchange rates of the dollar against the dinar recorded a significant decrease in exchange shops in the capital, Baghdad .
The (Baghdad Today) correspondent said, "The Al-Kifah and Al-Harithiya stock exchanges recorded an exchange rate of 154,200 dinars for every 100 dollars ."
He added, "The exchange rates of the dollar decreased in exchange shops and local markets in Baghdad, where the selling price reached 155,000, while the purchase price reached 153,500 for every 100 dollars." LINK
The Decline In Gold Prices In The Markets Of Baghdad And Its Stability In The Markets Of Erbil
“Foreign and Iraqi gold prices decreased in the local markets in the capital, Baghdad, while they stabilized in the markets of Erbil, the capital of the Kurdistan Region, today, Sunday, (March 26, 2023).
Also, the gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, recorded this morning. The selling price for one 21-carat weight of Gulf, Turkish and European gold was 423 thousand dinars, and the purchase price was 419 thousand dinars, while the selling prices for yesterday, Saturday, were 428 thousand dinars for one weight.
In addition, the selling price of one 21-carat weight of Iraqi gold also recorded stability at 393 thousand dinars, and the purchase price reached 389 thousand.
With regard to gold prices in goldsmiths' shops, the selling price of the 21-carat Gulf gold weight ranges between 425 thousand dinars and 435 thousand, while the selling price of the Iraqi gold weight ranged between 395 thousand and 405 thousand dinars.
As for gold prices in Erbil, they have stabilized, as the price of 24 carat gold sold 495 thousand dinars, 22 carat recorded 455 thousand dinars, 21 carat sold 440 thousand dinars, while 18 carat sold 370 thousand dinars. LINK
Al-Darraji: The Government's Measures Stopped The Exchange Rate's Plan To Reach 200,000 Dinars
Money and business Economy News – Baghdad The technical advisor to the Prime Minister, Muhammad Sahib al-Darraji, considered that the measures taken by the government stopped the "scheme" for the dollar exchange rate to reach 200 thousand dinars for every 100 dollars.
Al-Darraji said in a televised interview, followed by "Al-Iqtisad News", that "the budget will be annual in terms of revenues and expenditures," noting that "the budget is directed towards the health, education and energy sectors."
He added, "The exchange rate was the main reason for the delay in sending the budget," explaining that "half of the deficit in the budget is due to the conversion of the exchange rate."
Al-Darraji went on to say that "the government's measures stopped the scheme for the exchange rate to reach 200,000 dinars (for every 100 dollars)." https://economy-news.net/content.php?id=33125
Al-Abadi: The Violations Of The US Army In Iraq Are Massive And Were The Root Of The Problems
Today 10:28 Information / Baghdad.. Former Prime Minister Haider al-Abadi accused, on Sunday, the US army of committing grave crimes against humanity in Iraq, indicating that America occupied Iraq without implementing its promises regarding its reconstruction plan and floundering a lot in decisions.
Al-Abadi said in a televised interview, followed by Al-Maalouma, that "the plan for the reconstruction of Iraq after the occupation by the American side has been completely absent, which indicates the confusion of the American decisions towards Baghdad."
He added, "After the invasion of Iraq, we discovered that there was no plan for the reconstruction of the country after the war, and its forces caused a major violation of human rights against Iraqis, which caused successive crises other than the democratic claim and freedom."
He explained that "terrorism has caused successive disasters and crises, causing double problems in Iraq and delaying any economic, political and developmental reforms in the country for twenty years." LINK
Parliamentary Finance Is Considering Reducing The Allocations Of Ministries In The Budget
Political | 09:34 - 03/26/2023 Baghdad - Mawazine News, a member of the Parliamentary Finance Committee, Hussein Moanis, confirmed, on Sunday, that his committee has set a schedule to host the ministries and concerned authorities in order to find out the allocations allocated in the budget for each ministry.
Moanes said, "One of the core of his committee's work is to discuss the allocations allocated in the budget," noting that "some ministries believe that their budgets are inappropriate or inconsistent with the ministerial curriculum adopted by the government."
Moanes added, "Because of the large sums, the hosting has been scheduled to discuss the possibility of reducing it, and the finance minister and the governor of the central bank will be at the head of the figures that will be discussed."
He continued, "We are entrusted with distributing the people's money in a fair manner and supervising the disbursement," noting that "the procedures applied by his committee are within its national responsibility, in order to be accurate in making any decision."
Moanes pointed out that "the Finance Committee demanded the final accounts, but only two years' accounts were sent, and we are waiting for more," according to the official newspaper.
On the 13th of March, the Council of Ministers approved the draft budget law for the years 2023, 2024, and 2025, which is the highest in the history of Iraq, with a value exceeding 197 trillion dinars, based on the price of oil at $70, while the deficit amounted to 63 trillion dinars. Ended 29/N33
Iraqi News Highlights Saturday Afternoon 3-25-23
Iraqi News Highlights Saturday Afternoon 3-25-23
Tlm724 Administrator Bondlady’s Corner
The Decline In The Exchange Rates Of The Dollar In Baghdad With The Closing Of The Stock Market
Economy Saturday, March 25, 2023 4:13 PM Baghdad / The National News Center The exchange rates of the US dollar decreased against the Iraqi dinar, today, Saturday, 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 155,100 Iraqi dinars for 100 dollars, while the prices this morning were 155,800.”
Iraqi News Highlights Saturday Afternoon 3-25-23
Tlm724 Administrator Bondlady’s Corner
The Decline In The Exchange Rates Of The Dollar In Baghdad With The Closing Of The Stock Market
Economy Saturday, March 25, 2023 4:13 PM Baghdad / The National News Center The exchange rates of the US dollar decreased against the Iraqi dinar, today, Saturday, 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 155,100 Iraqi dinars for 100 dollars, while the prices this morning were 155,800.”
He added, "The buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 155,500 Iraqi dinars, while the purchase price reached 154,500 dinars per 100 dollars." https://nnciraq.com/195697/
Iraq Lost More Than 20 Billion Dollars Due To The Delay In Signing The Fifth Licensing Round For Oil Fields
Deputy for / NINA /: Saturday 25 March 2023 18:22 | Economical Number of readings: 73 Kut / NINA / - A member of the Parliamentary Oil Committee, MP for Wasit, Basem Nghimesh Al-Gharibawi, confirmed that the delay in the procedure for signing the fifth licensing round for joint oil fields with neighboring countries caused losses to Iraq that exceeded $20 billion.
Al-Gharibawi told the National Iraqi News Agency ( NINA ) that the countries sharing with Iraq in these fields (Iran and Kuwait) worked to invest the resources of the fields over the years, which caused these losses. He added that this tour was supposed to be the first or the second, due to its importance in enhancing The national economy of Iraq's almost complete dependence on oil revenues./
https://ninanews.com/Website/News/Details?key=1042643
The Central Bank Of Iraq Withdraws The License Of An Islamic Bank And Appoints A Trustee Over It
Document : Saturday 25 March 2023 10:50 | Economical Number of readings: 307 Baghdad / NINA / - The Central Bank of Iraq decided to withdraw the license of the Iraqi Islamic "Al-Wad" Bank, due to its involvement in the theft of "Al-Qarn".
And according to an official letter signed by Ammar Hamad Khalaf, Deputy Governor of the Central Bank, dated March 19, it was decided to take legal measures to withdraw the bank’s license and appoint (Muhammad Jawad Karim) as a trustee of the bank./ End 8
https://ninanews.com/Website/News/Details?key=1042563
Central Bank Sales Exceeded 800 Million Dollars Last Week
Money and business Economy News / Baghdad The total sales of the Central Bank of Iraq through the window of selling hard currency for dollars during the past week amounted to more than 800 million dollars.
According to the bank’s statistics, it sold during the past week for the four days in which the window for selling the currency was opened, with the exception of Tuesday, which coincides with an official holiday, the amount of 866 million 429 thousand and 915 dollars, at a daily rate of 216 million 607 thousand and 478 dollars, up by 2.37% from what was recorded in the week that followed. It preceded it, in which the sales rate reached 211 million 399 thousand 696 dollars.
The highest sales of the dollar during the past week were on Thursday, when sales reached 261 million, 660 thousand and 573 dollars, while the lowest sales were on Sunday, when sales amounted to 245 million, 613 thousand and 190 dollars.
Foreign remittance sales during the past week amounted to 660,171,520 dollars, an increase of 61.82%, compared to cash sales, which amounted to 252,700,000 dollars.
Sales went in the form of cash and remittances abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards reached 1,305 dinars per dollar, while the selling price of remittances abroad and the cash sale price amounted to 1,310 dinars per dollar. https://economy-news.net/content.php?id=33102
Al-Sudani To The French President: Iraq Is Continuing To Establish Effective Economic Relations
Money and business Economy News – Baghdad Today, Saturday, Prime Minister Muhammad Shia al-Sudani received a phone call from French President Emmanuel Macron.
According to Al-Sudani's office, the contact witnessed "discussions between the two sides on ways to strengthen bilateral relations, continue work and expand economic partnership for the benefit of the two countries."
Al-Sudani stressed, "Iraq will continue to establish effective economic relations that contribute to the construction of infrastructure, and open the doors of investment and partnership to all friends, within an effective economic and service program."
For his part, the French President praised "the growing relations between the two countries in various fields, and the increasing level of cooperation towards building economic partnerships that contribute to achieving mutual interests, in a way that enhances the development path of the two countries and the prosperity of their peoples." https://economy-news.net/content.php?id=33107
The United Nations Announces Joint Programs With The Iraqi Judiciary
The United Nations Development Program in Iraq announced extensive programs in partnership with the Supreme Judicial Council, including programs aimed at combating corruption, money laundering and investigating financial crimes, while affirming its continued efforts to improve the status of Iraqi women in various sectors.
The Director of the Rule of Law Department at the United Nations Development Program, Romana Schweiger, told the Iraqi News Agency, "The United Nations General Assembly approved on April 28, 2021, its decision to celebrate the role of female judges in various parts of the world," noting that "member states called for the celebration of the tenth date." From the month of March to show support and improve the status of female judges in the judiciary and various agencies.
Schweiger confirmed, "The relationship with the Supreme Judicial Council and the Association of Iraqi Women Judges is excellent," noting that "the program's efforts are continuing to improve the status of women in various sectors of the state and society."
She added, "The joint work that brings us together with the Supreme Judicial Council and Judge Faeq Zaidan is very broad, not only for training programs or various topics of interest to the judiciary and the judges' staff, but also programs to combat corruption, money laundering, and the investigation of financial crimes and related matters," noting that "there are Extensive programs of the United Nations Development Program in its partnership with the Supreme Judiciary.
And she added, "There are unremitting efforts being made by the Supreme Judicial Council and all its cadres to face many challenges, with the aim of achieving justice and promoting economic growth."
https://www.radionawa.com/all-detail.aspx?jimare=33826
Low Oil Prices In The Global Market
Saturday 25 March 2023 08:57 | Economical Number of readings: 255 Baghdad / NINA / - Oil prices fell today, Saturday, despite continuing to record weekly gains, with the assessment of US crude reserves.
The price of Brent crude fell 92 cents, or 1.2 percent, to $74.99 a barrel, while West Texas Intermediate crude futures rose 70 cents, or 1%, to $69.26 a barrel./ End
https://ninanews.com/Website/News/Details?key=1042544
To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/
Saturday Morning Iraq Economic News Highlights 3-25-23
Saturday Morning Iraq Economic News Highlights 3-25-23
The Budget Law Is Imprisoned In Solitary Confinement.. And The Accused Is The Speaker Of Parliament
Information/Baghdad.. On Saturday, Deputy Chairman of the Planning and Government Program Monitoring Committee, Representative Muhammad Al-Baldawi, held the Presidency of Parliament responsible for delaying the introduction of the federal budget law, indicating that some political and technical observations were not studied by the Presidency for the purpose of referring them to the concerned committees or returning them to the government.
Saturday Morning Iraq Economic News Highlights 3-25-23
The Budget Law Is Imprisoned In Solitary Confinement.. And The Accused Is The Speaker Of Parliament
Information/Baghdad.. On Saturday, Deputy Chairman of the Planning and Government Program Monitoring Committee, Representative Muhammad Al-Baldawi, held the Presidency of Parliament responsible for delaying the introduction of the federal budget law, indicating that some political and technical observations were not studied by the Presidency for the purpose of referring them to the concerned committees or returning them to the government.
Al-Baldawi said, in a statement to Al-Maalouma, that "the government has already sent the 2023 budget bill to the House of Representatives, after it was voted on by the House."
He added that "despite the arrival of the draft law almost a week ago, it is still under the inclusion of the Presidency of the Council of Representatives, and it was supposed to be referred to the concerned committees, which are the Finance, Planning Committee and the Legal Committee, but the issue of delaying sending it to these committees is not justified.”
Al-Baldawi indicated that "the presidency of the Council believes that the draft law needs to study some political and technical observations that have not been studied by the Presidency for the purpose of referring it to the concerned committees or returning it to the Council of Ministers .” LINK
Ramadan Revives The Shopping Movement In The Largest Commercial Center In Iraq (Photos)
Shafaq News / With the advent of the month of Ramadan, the markets of the capital, Baghdad, witness an influx of shoppers who buy their food needs, in the Shorja market, Iraq's largest commercial center.
The camera lens of Shafak News Agency, which toured the commercial market, documented the movement of people and shopping with the beginning of Ramadan, as life seemed to return to it after a period of economic stagnation as a result of people's reluctance to buy due to the high dollar prices and its impact on their lives.
The commercial movement was evident in the shops where shoppers crowded, while the "Ramadan movement" also included the porters inside the market, who began to breathe a sigh of relief because of their dependence on daily work. LINK (Many Photos at link)
Parliamentary Finance: The Budget Did Not Reach Us, And Its Deficit Is Very Worrying
Information / Baghdad.. A member of the Parliamentary Finance Committee, Hussein Moanis, confirmed, on Saturday, that the committee did not formally review the budget, and it did not start studying the project and reviewing it, except for what was nominated for it.
Moanes said, in an interview with Al-Maalouma Agency, that "the budget has reached the presidency of the Council, but it has not reached the Finance Committee until now." He added that there has been significant inflation in the budget for three consecutive years.
And he indicated that "the government curriculum talks about balancing a program, and what we have in our hands is a budget for three years, and when it reaches the Parliamentary Finance Committee, it will be discussed."
He added, "What we care about now is the oppressed and disadvantaged classes that have suffered from marginalization, whether civilian examiners or lecturers, as well as members of the popular crowd, and we seek to include them in the 2023 budget."
Stressing that "the financial deficit in the budget is very large and worrisome, which calls for stopping the study of the budget and reducing the deficit significantly."
And the deputy of the State of Law coalition, Jassim Al-Moussawi, has confirmed that passing the budget in parliament needs consensus among all political parties. LINK
The Budget Law Is Imprisoned In Solitary Confinement.. And The Accused Is The Speaker Of Parliament
Information/Baghdad.. On Saturday, Deputy Chairman of the Planning and Government Program Monitoring Committee, Representative Muhammad Al-Baldawi, held the Presidency of Parliament responsible for delaying the introduction of the federal budget law, indicating that some political and technical observations were not studied by the Presidency for the purpose of referring them to the concerned committees or returning them to the government.
Al-Baldawi said, in a statement to Al-Maalouma, that "the government has already sent the 2023 budget bill to the House of Representatives, after it was voted on by the House."
He added that "despite the arrival of the draft law almost a week ago, it is still under the inclusion of the Presidency of the Council of Representatives, and it was supposed to be referred to the concerned committees, which are the Finance, Planning Committee and the Legal Committee, but the issue of delaying sending it to these committees is not justified.”
Al-Baldawi indicated that "the presidency of the Council believes that the draft law needs to study some political and technical observations that have not been studied by the Presidency for the purpose of referring it to the concerned committees or returning it to the Council of Ministers .” LINK
Economist: Inflation In Iraq Has Risen To The Highest Level In Years
https://takadum-news.com/wp-content/uploads/2023/01/%D8%B3%D9%88%D9%82-1170x610.jpg
An economist expected that the annual inflation rate for the month of January 2023 would rise to more than 8.2%, and he considered it “the highest rise in Iraq in years.”
Manar Al-Obeidi said in a statement that "the annual inflation rate in the food sector amounted to 10.4%, while the annual inflation rate in the transportation sector amounted to 13.9%."
He added, "As for the highest increase in inflation rates, it was in the electricity and water supply sector, as it increased by 34% compared to the previous year, while inflation rates in rents only increased by 1.6%."
Al-Obaidi pointed out, "The only two sectors that witnessed a decrease in inflation rates are the telecommunications sector, which decreased by 11%, and the maintenance services sector, which decreased by 1.4%." https://takadum-news.com/archives/156023
A Slight Rise In The Exchange Rates Of The Dollar In The Local Markets
Economy |Today, 11:29 Baghdad today – Baghdad Today, Saturday, the exchange rates of the dollar against the dinar recorded a slight increase in exchange shops in the capital, Baghdad .
The (Baghdad Today) correspondent said, "The Al-Kifah and Al-Harithiya stock exchanges recorded an exchange rate of 156,000 dinars for every 100 dollars ."
He added, "The exchange rates of the dollar rose in exchange shops and local markets in Baghdad, where the selling price reached 157,000, while the purchase price reached 155,000 for every 100 dollars. LINK
The Parliamentary Oil And Gas Committee Explains The Importance Of The Great Port Of Faw To The Oil Sector
Economy 14:02 - 2023-03-25 Today, Saturday, the Parliamentary Oil, Gas and Natural Resources Committee clarified the importance of the large port of Faw to the oil sector, while noting that the port contains 6 berths for oil export with a capacity of 230 thousand barrels per day.
Committee member Zainab Jumaa Al-Musawi said in a press statement, "The large port of Faw will be able to accommodate larger cargo ships due to its depth, as it has a draft greater than the Suez Canal," pointing out that "the port will contain 6 oil export berths with a capacity of 350 thousand barrels per day." And tanks for imports of petroleum products with a capacity of 300,000 cubic metres.
Al-Moussawi added, "Non-oil exports constitute only 4% of the Iraqi budget, and a diversification of income sources can be achieved through projects that exploit the geographical location of Iraq. These interrelated projects aim to be integrated," stressing that "there will be 99 berths in the port of Faw." This makes it the largest port in West Asia, surpassing the Jebel Ali port in the UAE, which has only 67 berths for containers. https://kirkuktv.net/AR/Details/14118
Iraqis Make Profits From Money Transfers To Turkey
2023-03-25 03:10 Shafaq News/ A number of citizens stood in line in front of Al-Taif Islamic Bank for transfer to seize some profits from the process of converting the Iraqi dinar into dollars.
One of the citizens standing in the queue said, in an interview with Shafaq News agency, "Al-Taif Islamic Bank is currently selling the dollar at 7,400 dollars for 10,400,000 Iraqi dinars, which means that the exchange rate will be around 1,400 dinars against one dollar."
He added, "The process of selling the dollar by the bank requires a transfer to Turkey to be received from there by the beneficiary," noting that "this transfer comes to help merchants and importers," adding, at the same time, "there are those who benefit from this process from the price difference from what exists." in the parallel market.
The central bank set a price of 1,300 Iraqi dinars to buy the dollar from the Ministry of Finance, 1,310 dinars to sell it to banks through the “electronic platform,” and 1,320 dinars to sell it to the final beneficiary.
And the Central Bank of Iraq issued three reform packages, which it said came with the aim of addressing the rise in dollar exchange rates.
Despite the procedures of the Central Bank and its approval of a specific exchange rate, the exchange rates of the dollar still range in the markets between 155 - about 160 thousand dinars for the category of 100 US dollars. LINK
Bigger Than An Emirati.. Revealing New Details About The Great Port Of Faw
Political | 02:07 - 03/25/2023 Baghdad - Mawazine News The Parliamentary Oil, Gas and Natural Resources Committee clarified today, Saturday, the importance of the great port of Faw to the oil sector, while noting that the port contains 6 berths for oil export with a capacity of 230 thousand barrels per day.
Committee member Zainab Jumaa al-Moussawi said, "The large port of Faw will be able to accommodate larger cargo ships due to its depth, as it has a draft greater than the Suez Canal," pointing out that "the port will contain 6 oil export berths with a capacity of 350,000 barrels per day, and storage tanks for imports." Oil products with a capacity of 300,000 cubic metres.
Al-Moussawi added, "Non-oil exports constitute only 4% of the Iraqi budget, and a diversification of income sources can be achieved through projects that exploit the geographical location of Iraq. These interrelated projects aim to be integrated," stressing that "there will be 99 berths in the port of Faw." This makes it the largest port in West Asia, surpassing the Jebel Ali port in the UAE, which has only 67 berths for containers. https://www.mawazin.net/Details.aspx?jimare=222824
"Tidbits From TNT" Saturday Morning 3-25-2023
TNT:
CandyKisses: Economic center: Iraq recorded in January 2023 its highest rise in years in inflation rates
Baghdad - Iraq Today:
The Iraq Future Center announced that Iraq recorded the highest annual inflation rate during January 2023.
The director of the center, Manar Al-Obaidi, said in a statement that "the rise in the annual inflation rate for the month of January 2023 to reach more than 8.2%, is the highest rise for Iraq in years."
Al-Obaidi added that "the annual inflation rate in the food sector reached 10.4%, while the annual inflation rate in the transport sector reached 13.9%."
TNT:
CandyKisses: Economic center: Iraq recorded in January 2023 its highest rise in years in inflation rates
Baghdad - Iraq Today:
The Iraq Future Center announced that Iraq recorded the highest annual inflation rate during January 2023.
The director of the center, Manar Al-Obaidi, said in a statement that "the rise in the annual inflation rate for the month of January 2023 to reach more than 8.2%, is the highest rise for Iraq in years."
Al-Obaidi added that "the annual inflation rate in the food sector reached 10.4%, while the annual inflation rate in the transport sector reached 13.9%."
He continued: "As for the highest rise in inflation rates, it reached in the electricity and water supply sector, as it increased by 34% compared to the previous year," adding: "As for the inflation rates in rents, they rose only by 1.6%."
"The only two sectors that witnessed a decline in inflation rates were the telecommunications sector, which fell by 11%, and the maintenance services sector, which fell by 1.4%," he said.
CandyKisses: Closing the entrances to the green zone and entering only the owners of the "bagat"
Baghdad Today - Baghdad
On Saturday, the Green Zone in central Baghdad witnessed the closure of all its entrances, while only the Bajat campaign was allowed to pass.
The (Baghdad Today) correspondent said, "The security services closed this morning the entire Green Zone, while only owners of (bags) are allowed to cross, amid strict security measures."
It is expected that the House of Representatives will hold its session today, Saturday, to pass the local elections law and the House of Representatives, in light of expectations that citizens will demonstrate to protest against "St. Lego".
************
CandyKisses: Al-Sudani consultant recommends the formation of a consumer protection council to deter price manipulators
Baghdad - Mawazine News
Advisor confirmed Prime Minister Mazhar Mohamed Saleh to accelerate the distribution of baskets Food at government-subsidized prices will contribute to market stability, he recommended By forming a consumer protection council to deter manipulators.
Saleh said The official agency, continued by Mawazine News, said that "consumer protection in Iraq remains A source of social, economic and health mobility, and a consumer culture of official importance And the popularity brought by the Consumer Protection Law No. 1 of 2010, which went to Lofty goals, including ensuring basic consumer rights and protecting them from illegal practices that lead to harm to it, in addition to raising the level of consumer awareness and preventing all action Violates the rules of import, production or marketing of goods, detracts from their benefits, or leads to misleading the consumer."
He added, that" What we are witnessing these days of unjustified price rises that intersect with the ethics of a protection law Consumer No. 1 of 2010 and its obligations", indicating that "there are exploitative phenomena It is practiced by some from the commercial sector, especially in seasons of high household demand for materials food to meet the requirements of the month of Ramadan".
He noted, The wave of seasonal demand for food commodities is described among the commodity demand for necessities, a rigid and inelastic demand that is achieved even if commodity prices rise required," pointing out, that "the forces of commercial supply in the market are aware of Prior to the issue of the decrease in the price elasticity of demand for foodstuffs, as the forces of Greed and exploitation to manipulate market balances through the temporary increase in supply prices For foodstuffs, meat and other necessities in the range of the wave of demand for goods Food before the holy month, which is a negative economic phenomenon inherited in our country and contrary to the principles of religion."
Saleh pointed out, "The speed of distribution of food baskets at subsidized prices by the state will constitute no Reap a large added supply of foodstuffs, and at the same time the prices of baskets will be Very low price equivalent in price cooling down and the immediate market returning to stability in the coming days."
Saleh stressed "The necessity of starting and activating the provisions of Article 4 of the Consumer Protection Law, which Provides for the formation of the Consumer Protection Council, which will go to assume its procedural tasks in terms of setting Policies and work programs to protect and regulate consumers and their rights, and work to raise The level of consumer awareness, as well as the legal and disciplinary issues protecting For consumers such as receiving and investigating complaints and making appropriate decisions
And recommendations in and to warn the violator that the violation must be removed within (7) days from the date of Reporting or initiating the case in the event of the continuation of the violation," he explained, that "the Council The warning is based on the reports of the inspection committees."
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Tishwash: Australia informs Iraq of its desire to invest in 5 sectors
Australia has expressed its desire to strengthen relations with Iraq in five important sectors.
And the Iraqi Ministry of Foreign Affairs stated, in a statement, that "Hisham Al-Alawi, Undersecretary for Political Planning Affairs, met the Australian Ambassador to Iraq, Paula Ganley, at the ministry's headquarters in Baghdad."
The statement added, "During the meeting, they discussed the results of the visit of the Australian special envoy to Baghdad last month, and exploring opportunities to develop bilateral relations between Iraq and Australia and ways to improve them to serve the aspirations of the two friendly countries."
The Undersecretary affirmed, "The Iraqi side's desire to expand cooperation in the academic and professional fields through scientific programs, training courses, and specialized workshops to prepare and qualify diplomatic cadres at the Foreign Service Institute," expressing his "aspiration to benefit from Australian academic and diplomatic expertise."
For her part, Ambassador Ganley expressed her country's desire to strengthen bilateral relations and expand cooperation between the two countries in important sectors, including energy, agriculture, education, health and security, for the benefit of both countries, in addition to its readiness to support the Foreign Service Institute at the Ministry of Foreign Affairs. link
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Iraqi News Highlights Friday Evening 3-24-23
Iraqi News Highlights Friday Evening 3-24-23
Tlm724 Administrator Bondlady’s Corner
Economist: The Dry Canal Project Will Bring Iraq Large Financial Returns Comparable To The Suez Canal
March 23 11:49 Economist: The dry canal project will bring Iraq large financial returns comparable to the Suez Canal Information / Baghdad .. Economic expert Nabil Al-Ali confirmed, on Thursday, that the
Sudanese government's move to establish the dry canal from Basra to Turkey and to Western Europe as well as to Iraq to Iran and Azerbaijan and then to Eastern Europe will achieve large financial returns for Iraq that may match the imports of the Suez Canal.
Iraqi News Highlights Friday Evening 3-24-23
Tlm724 Administrator Bondlady’s Corner
Economist: The Dry Canal Project Will Bring Iraq Large Financial Returns Comparable To The Suez Canal
March 23 11:49 Economist: The dry canal project will bring Iraq large financial returns comparable to the Suez Canal Information / Baghdad .. Economic expert Nabil Al-Ali confirmed, on Thursday, that the
Sudanese government's move to establish the dry canal from Basra to Turkey and to Western Europe as well as to Iraq to Iran and Azerbaijan and then to Eastern Europe will achieve large financial returns for Iraq that may match the imports of the Suez Canal.
Al-Ali said in a statement to Al-Maalouma that "the dry canal project announced by Prime Minister Muhammad Shia'a Al-Sudani is strategic for Iraq and the countries of the region, especially Iran and Turkey, to transport goods and energy to and from northern Europe to the Gulf and Asia and vice versa."
He added that "the establishment of the canal makes Iraq free for the passage of goods and energy through railways and land roads through trucks, as well as extending oil and gas pipelines without exposing it to foreign investment," noting that
"Italian companies and others from international countries will begin to develop plans to establish railways from Basra." To Turkey, as well as to Iraq, to Iran, to Azerbaijan, and then to Eastern Europe.
And the Sudanese Prime Minister, Muhammad Shia'a, revealed during a press conference that he gathered with the President of the Turkish Republic, Recep Tayyip Erdogan, yesterday, Tuesday, about the establishment of the dry canal,
pointing out that the dry canal project will link the east with the west, and it will be a global corridor for the transport of goods and energy, while he directed the "countries of the region to meet In the capital, Baghdad, to discuss the vital development canal project. Ended / 25 pm
https://almaalomah.me/news/economy/اقتصادي-:-مشروع-القناة-الجافة-سيحقق-للعراق-مردودات-مالية-كبي
A New Plan To Increase Domestic Production And Export The Surplus Outside Iraq
Mar 23 13:17 1 shares Information/Baghdad... Today, Thursday, the Ministry of Agriculture revealed its plan to increase the domestic product of agricultural products and export the surplus abroad, while noting that the current year's budget will include the presence of the soft loan fund.
The Undersecretary of the Ministry, Mahdi Sahar, said in an interview followed by Al-Maalouma Agency, that "the government's directives to support the agricultural sector within the government program include facilitating the procedures for providing loans to adopt the modern irrigation canal, the candidate for fixed and pivotal irrigation systems, and providing loans to them without interest, in addition to allowing the import of the private sector."
For modern irrigation systems from abroad, without any customs duties, and facilitating procedures for their entry into Iraq.
He pointed out, "The 2023 budget includes the presence of the
Concessional Agricultural Lending Fund, which provides loans to farmers in order to
facilitate the process of operating small and medium enterprises,
advance the production process, and
finance the establishment or restart of projects," pointing out,
"The Ministry of Agriculture called for the reactivation of the agricultural initiative."
And launching it again, as it provided financial cover and liquidity for agricultural investors, by establishing and operating projects, and
there will be a priority in adopting modern irrigation techniques through fixed and pivotal irrigation systems to face water scarcity and climate changes.
And he added, "Within the food industry lending funds, it will have a role in withdrawing surplus agricultural production.
The establishment of refrigerated and frozen warehouses in all governorates of Iraq will have priority in the investment process and also in providing loans for these projects, and then livestock projects with poultry and fish, in addition to fattening."
Calves and vegetable production projects, especially protected agriculture, which will have a financial allocation within the loans, focusing on protected agriculture, which relies on modern irrigation systems and solar energy.
He continued, "There will be loans for farmers and investors to acquire solar energy systems to operate their projects and operate modern systems, and this will be a great opportunity for the agricultural sector, and will contribute to increasing the gross domestic product and exporting surpluses for agricultural products abroad."
He pointed out, "The winter agricultural plan includes supplying farmers with Dab fertilizers at a rate of 30 kilograms per dunam and urea at 40 kilograms per dunam."
Urea and Dab fertilizers without import licenses facilitated or reduced production costs for importers, and thus fertilizer prices began to decline.
Sahar confirmed that " the agricultural plan for farmers was fully covered by agricultural equipment and at prices subsidized by the Ministry," noting that
"the Ministry of Agriculture continues to receive DAB fertilizers and urea to be presented to farmers within the summer cultivation plans and for the lands covered." Ended / 25 s
https://almaalomah.me/news/economy/خطة-جديدة-لزيادة-الإنتاج-المحلي-وتصدير-الفائض-خارج-العراق
Sudanese Advisor Recommends The Formation Of A Consumer Protection Council To Deter Price Manipulators
Economy| 07:30 - 03/24/2023 Baghdad - Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, that accelerating the distribution of food baskets at subsidized prices by the government will contribute to the stability of the market, while he recommended the formation of a Consumer Protection Council to deter manipulators.
Saleh said to the official agency, followed by Mawazine News, that "consumer protection in Iraq remains a source of social, economic and health movement, and a consumer culture that enjoys the official and popular importance that came with the Consumer Protection Law No. 1 of 2010, which went to lofty goals, including ensuring basic consumer rights And protecting it from illegal practices that lead to harm,
in addition to raising the level of consumer awareness and preventing any action that violates the rules of importing, producing or marketing commodities, detracting from their benefits, or leading to misleading the consumer.
He added, "The unjustified price hikes we are witnessing these days intersect with the ethics of Consumer Protection Law No. 1 of 2010 and its obligations," noting that "there are exploitative phenomena practiced by some of the commercial community, particularly in seasons of high family demand for foodstuffs to meet the requirements of the month." Ramadan.”
He pointed out, "The wave of seasonal demand for food commodities is described as a category of commodity demand for necessities, and it is a rigid, inflexible demand that is achieved even if the prices of the required commodities rise," pointing out, "that"
Saleh pointed out, "The rapid distribution of food baskets at prices subsidized by the state will undoubtedly constitute a large additional supply of foodstuffs, and at the same time the very low prices of baskets will be the price equivalent in calming prices and the immediate return of the market to stability in the coming days."
Saleh stressed the need to start applying and activating the provisions of Article 4 of the Consumer Protection Law, which requires the formation of the Consumer Protection Council, which will proceed to assume its procedural tasks in terms of setting policies and work programs that guarantee consumer protection and rights and organizing them, and work to raise the level of consumer awareness, as well as legal issues.
And disciplinary protection for consumers, such as receiving complaints, investigating them, making appropriate decisions and recommendations in their regard, and issuing a warning to the violator that the violation must be removed within (7) days from the date of notification or filing a lawsuit in the event of the continuation of the violation. inspection". https://www.mawazin.net/Details.aspx?jimare=222752
Oil Prices Fell After An American Announcement
Friday 24 March 2023 09:10 | Economical Number of readings: 551 Baghdad / NINA / - Oil prices fell today, Friday, continuing the losses of the previous day, due to fears of a possible glut in supply, after US Energy Secretary Jennifer Granholm said that refilling the US strategic oil reserves may take years.
And by 0039 GMT, Brent crude futures fell 48 cents, or 0.6 percent, to $ 75.43 a barrel, and West Texas Intermediate crude futures fell 52 cents, or 0.7 percent, to $ 69.44 a barrel.
The two benchmarks are still on track to record weekly gains ranging between three and four percent, recovering from the largest weekly decline in months last week due to the banking sector crisis and fears of a possible recession.
Granholm told members of the House of Representatives on Thursday that it would be difficult to take advantage of lower oil prices this year. Sales directed by President Joe Biden last year pushed oil stocks to their lowest levels since 1983.
And the White House announced in October that it would buy back oil for the Strategic Petroleum Reserve when prices were in the $67-$72 per barrel range or lower./ End
https://ninanews.com/Website/News/Details?key=1042403
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Friday Morning Iraq Economic News Highlights 2-24-23
Friday Morning Iraq Economic News Highlights 2-24-23
Sudanese Calls For The House Of Representatives To Resolve The Budget Law
Baghdad - Iraq today: The Prime Minister, Muhammad Shia'a Al-Sudani, stressed the need for the House of Representatives to expedite the approval of the budget law.
A statement by the National Approach Alliance office stated, "The Secretary-General of the National Approach Alliance, Abdul Sada al-Fariji, received Prime Minister Muhammad Shia' al-Sudani to discuss the latest developments in the country."
Friday Morning Iraq Economic News Highlights 2-24-23
Sudanese Calls For The House Of Representatives To Resolve The Budget Law
Baghdad - Iraq today: The Prime Minister, Muhammad Shia'a Al-Sudani, stressed the need for the House of Representatives to expedite the approval of the budget law.
A statement by the National Approach Alliance office stated, "The Secretary-General of the National Approach Alliance, Abdul Sada al-Fariji, received Prime Minister Muhammad Shia' al-Sudani to discuss the latest developments in the country."
The statement added, “The meeting witnessed, after the exchange of congratulations on the occasion of the holy month of Ramadan, the discussion of the results achieved from the Prime Minister’s recent visit to Turkey, especially the files of border security and water, and the initiation of serious steps to activate the vital development road project.”
Al-Sudani and Al-Fariji stressed, "The need for the House of Representatives to expedite the approval of the general budget law to achieve the aspirations of citizens, implement projects, and raise the level of services in all governorates of the country."
During the meeting, Al-Fariji renewed the National Approach Alliance's support for "the government in implementing the paragraphs of the government program, which leads to stabilizing the pillars of stability at all levels, especially political, economic and security, and continuing the war against corruption corruption. LINK
Starting Today... Baghdad Is In Front Of The "Biggest" Ramadan Cultural And Popular Event
After Iftar every day, starting from Friday, the largest popular cultural event in Baghdad will be held in Al-Qishla Building on Al-Mutanabbi Street.
The events will include cultural sessions, bazaars of a heritage nature, intellectual games, a small book fair, and exhibitions of several institutions to provide their services to the public.
This event is organized by the Revival of Civilization Organization for Heritage and Culture with the support of Tamkeen Fund, the General Secretariat of the Council of Ministers, the Ministry of Culture and the Baghdad Municipality. https://economy-news.net/content.php?id=33087
The Iraq Stock Exchange Ends The Week's Trading On The Rise, Trading Two Billion Dinars
Market Economy News-Baghdad The Iraqi Stock Exchange announced, on Thursday, the weekly trading indicators, indicating a circulation of more than two billion dinars.
The market stated in a statement that "the number of shares traded during this week amounted to more than one billion shares, with a value of more than two billion dinars."
And the trading index in the market closed for the first session of the week at "(637.06) points, while the index closed at the end of the week at (643.50) points, achieving an increase of (1.00%) from its closing at the beginning of the session."
During the week, "more than (1,800) buying and selling contracts were executed on the shares of companies listed in the market."
The market indicated that the past week witnessed the organization of only 4 sessions, as the trading session was not organized for Tuesday, March 21, 2023, as it is considered an official holiday.
https://economy-news.net/content.php?id=33086
Economist: Inflation In Iraq Has Risen To The Highest Level In Years
Time: 03/24/2023 Read: 338 times {Economic: Al Furat News} An economist expected an increase in the annual inflation rate for the month of January 2023 to reach more than 8.2%, "returning to it" the highest rise in Iraq in years.
"The annual inflation rate in the food sector amounted to 10.4%, while the annual inflation rate in the transportation sector amounted to 13.9%," Manar Al-Obeidi said in a statement, which Al-Furat News received a copy of.
"As for the highest increase in inflation rates, it was in the electricity and water supply sector, as it increased by 34% compared to the previous year, while inflation rates in rents only increased by 1.6%," he added.
Al-Obaidi pointed out, "The only two sectors that witnessed a decrease in inflation rates are the telecommunications sector, which decreased by 11%, and the maintenance services sector, which decreased by 1.4%." LINK
Ammar Al-Hakim: The Size Of Our Budget Is The Largest In The History Of The Country And The Third In The Arab World
Policy |Yesterday, Baghdad today – Baghdad Today, Thursday, the leader of the Wisdom Movement, Ammar al-Hakim, considered that Iraq is witnessing unprecedented security stability, and the size of its budget is the largest in the country's history and the third in the Arab world.
Al-Hakim said in a televised statement followed by "Baghdad Today", that "we are witnessing unprecedented security stability," noting that "the current budget is the largest budget in the history of Iraq and the third in the Arab world."
He added that "the previous election law seemed unfair and deprived two-thirds of the voters from voting," noting that "the religious authority said look for a fair election law." Al-Hakim considered that "the new election law encourages the merger of large forces with small ones." LINK
"The Crisis Is Reeling." The Iraqi Government's Moves Collide With The Wall Of The Dollar
Economy |Yesterday, Baghdad today – Baghdad On the seventh of last month, the Iraqi authorities decided to raise the value of the official exchange rate of the dinar against the dollar by 10 percent, from about 1470 dinars to 1300 dinars per dollar, but after weeks of the decision, the exchange rate in the local market is still very high and far from official price.
The exchange rate in what is known as the parallel market (private exchanges and currency dealers) currently exceeds the barrier of 1550 dinars to one dollar, which made many question the Iraqi authorities' measures to control the market.
The Iraqi currency crisis began last November when the Federal Reserve (US Central Bank) in New York approved stricter controls on international transactions in dollars for Iraqi commercial banks.
The move was aimed at stemming the illegal flow of dollars into Iran and putting more pressure, along with US sanctions over Tehran's nuclear program and other disputes, making it more difficult for Tehran to obtain dollars.
Under the new restrictions, Iraqi banks must use an online platform to disclose their transactions and details about the sender and recipients.
US officials can intercept suspicious transfer requests.
Financial experts and officials confirm that these measures created a gap, as banks, which were reluctant to register on the electronic platform, resorted to free markets in Baghdad to buy dollars, which created a deficit and exceeded demand for supply.
Economic expert and academic Abdul Rahman Al-Mashhadani says, "There are two main problems that caused the continuation of the crisis. The first is to punish some private banks and remove them from the currency window, and the second is to implement the electronic platform in which an audit takes place in several stages."
Al-Mashhadani adds, "The unwillingness of Iraqi private banks to work according to the electronic platform or to deal with the requirements of the Federal Reserve has caused many foreign transfers to be rejected."
And he continues, "At one stage, the rejection rate, whether by the Federal Reserve Bank or the Central Bank of Iraq, reached about 80 percent of the transfers required to finance foreign trade."
Al-Mashhadani points out that "the exchange rate of the dinar will not stabilize soon, given that the government's measures are far from resolving the crisis and were not serious," describing them as the closest thing to a "patchwork" and aimed at solving the problem "temporarily and not radically."
In late December, the Central Bank of Iraq approved a package of measures to control the stability of the exchange rate against the dollar, including facilitating the financing of private sector trade in dollars through Iraqi banks, and opening outlets for selling foreign currency in government banks to the public for travel purposes.
The bank called on merchants at the time to deal "with banks directly and not to resort to brokers and speculators to avoid charging their imports with undue commissions and expenses."
And Iraqi government officials confirmed on more than one occasion that achieving stability in the exchange rate will not last long.
In subsequent statements, the Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed that "the central bank's packages will speed up the levels of meeting the demand for foreign currency," explaining that the rise in prices in the parallel market is "artificial and based on false information that is called colored noise and does not match the strength of the situation." financial".
But Al-Mashhadani believes that "the estimates of the Central Bank of Iraq were wrong when it talked about the return of the exchange rate and its regularity within a month of applying the new rate." He predicted that "Iraq will need at least three to four months to achieve this."
Last Tuesday, the governor of the Central Bank of Iraq, Ali Al-Alaq, said that "a decrease in the exchange rate of the parallel dollar will occur during the coming period."
Al-Alaq stated that "the Central Bank launched several packages of measures, and that the packages that were launched are being dealt with seriously to control the parallel dollar exchange rate."
However, a member of the Parliamentary Finance Committee, Jamal Cougar, has a different opinion, as he believes that "government measures are not sufficient to reduce the gap between the market price and the official price."
Cougar says, "The disparity is very large, and the government's steps did not have much impact on the value of the dinar, and it is useless so far."
He adds that "the Iraqi government has not been able to overcome the obstacles faced by merchants in order to ensure the speedy arrival of their remittances to the final beneficiary."
He pointed out the existence of "significant corruption operations in private banks, which began to deal with owners of large capitals in order to divide the profits generated from the difference between the two prices, the official and the parallel."
The Central Bank of Iraq allowed banks and private exchange companies to buy dollars at the official rate and sell them to merchants who meet the conditions at a small profit margin.
However, what is happening on the ground is that some banks buy millions of dollars from the Central Bank in cooperation with some merchants, and then sell it in the local market at a profit margin of more than two hundred and fifty dinars per dollar, according to Cougar.
Cougar also referred to "the continuation of dollar smuggling, with the complicity of large investors, merchants, and some banks."
Cougar said, "Members of the Finance Committee sat down with the governor of the Central Bank and other officials, and we told them about these concerns, but they have not been resolved until today."
Cougar believes that "the exchange rate crisis will continue to fluctuate between advancing one step and retreating two steps back," stressing that the country "needs strong and deterrent government measures to control borders to prevent smuggling."
Cougar accused "influential political parties of standing behind currency smuggling operations in cooperation with large banks that represent fronts for political parties and figures." LINK
Fears Of An Oversupply Of Oil Will Plummet... Prices Stand At $75
Economy |Today, 09:24 Baghdad today - follow-up Oil prices fell today, Friday, extending the losses of the previous day, due to fears of a possible oversupply, after US Energy Secretary Jennifer Granholm said that it may take years to replenish the US strategic oil reserves .
And by 0039 GMT, Brent crude futures fell 48 cents, or 0.6 percent, to $ 75.43 a barrel, and West Texas Intermediate crude futures fell 52 cents, or 0.7 percent, to $ 69.44 a barrel .
And the two raw materials are still on the way to record weekly gains ranging between three and four percent, to recover from the largest weekly decline in months last week due to the banking sector crisis and fears of a possible recession .
Granholm told members of the House of Representatives on Thursday that it will be difficult to take advantage of lower oil prices this year. Sales under President Joe Biden's direction last year pushed oil stocks to their lowest since 1983 .
The White House announced in October that it would buy back oil for the Strategic Petroleum Reserve when prices were in the range of $67-$72 a barrel or lower. LINK
"Tidbits From TNT" Friday Morning 3-24-2023
TNT:
Tishwash: Sudanese calls for the House of Representatives to resolve the budget law
The Prime Minister, Muhammad Shia'a Al-Sudani, stressed the need for the House of Representatives to expedite the approval of the budget law.
A statement by the National Approach Alliance office stated, "The Secretary-General of the National Approach Alliance, Abdul Sada al-Fariji, received Prime Minister Muhammad Shia' al-Sudani to discuss the latest developments in the country."
The statement added, "The meeting witnessed, after the exchange of congratulations on the occasion of the holy month of Ramadan, the discussion of the results achieved from the Prime Minister's recent visit to Turkey, especially the files of border security and water, and the initiation of serious steps to activate the vital development road project."
TNT:
Tishwash: Sudanese calls for the House of Representatives to resolve the budget law
The Prime Minister, Muhammad Shia'a Al-Sudani, stressed the need for the House of Representatives to expedite the approval of the budget law.
A statement by the National Approach Alliance office stated, "The Secretary-General of the National Approach Alliance, Abdul Sada al-Fariji, received Prime Minister Muhammad Shia' al-Sudani to discuss the latest developments in the country."
The statement added, "The meeting witnessed, after the exchange of congratulations on the occasion of the holy month of Ramadan, the discussion of the results achieved from the Prime Minister's recent visit to Turkey, especially the files of border security and water, and the initiation of serious steps to activate the vital development road project."
Al-Sudani and Al-Fariji stressed, "The need for the House of Representatives to expedite the approval of the general budget law to achieve the aspirations of citizens, implement projects, and raise the level of services in all governorates of the country."
During the meeting, Al-Fariji renewed the National Approach Alliance's support for "the government in implementing the paragraphs of the government program, which leads to stabilizing the pillars of stability at all levels, especially political, economic and security, and continuing the war against corruption." link
CandyKisses: Starting today. Baghdad in front of the "greatest" cultural and popular Ramadan event
After Iftar every day, starting today, Friday, the largest popular cultural event in Baghdad will be held at the Al-Qishla building on Al-Mutanabbi Street.
The events will include cultural sessions, heritage-themed bazaars, intellectual games, a small book fair and exhibitions of several institutions to provide their services to the public.
This event is organized by the Revival of Civilization Organization for Heritage and Culture with the support of the Tamkeen Fund, the General Secretariat of the Council of Ministers, the Ministry of Culture and the Municipality of Baghdad.
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Tishwash: Most notably dates and juices.. Iraq exports 60 items to countries of the world
The head of the Iraqi Federation of Industries, Adel Akab, announced on Friday that there is a strong demand for Iraqi dates and foodstuffs.
Akab said in a statement to the official agency, followed by "NAS", (March 24, 2023), that "there are about (60) items that are exported to all countries of the world, especially Europe, Australia and America, in addition to the Arab market, especially juices (Krunji juices)."
Akab added, "We had a participation in the Gulf Wood Dubai exhibition, and there was a strong demand for Iraqi dates and Iraqi foodstuffs," pointing out that "there are 22 outlets in Dubai for these materials, especially the pistachio company, in addition to the presence of nuts and other materials."
He stressed, "There are international organizations that have offered Iraq to contribute support for the participation of the private industrial sector abroad," noting that "this is the first time in history that Iraq participates in international exhibitions," as it participated in the (Halal) project in Istanbul and today (Cool Wood). In Dubai), and will go to Athens, and then go to Istanbul, pointing out that there are exhibitions in Riyadh and Khartoum.
He continued, "There are a lot of foreign posts that will open outlets for Iraq, so there must be promotion, through foreign posts." link
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Tishwash: Iraq to Contain the Kurdish Opposition and Pay Its Debts to Iran in Emirati Dirhams
After Iran and Iraq signed an agreement March 19 to improve border security cooperation, the English-language coverage of the news mostly focused on Iran’s armed Kurdish opposition, which has launched attacks on Iranian territory from its bases in Iraq’s Kurdistan region.
While this angle also dominated the coverage of the agreement in Iran’s state-censored media, there was also mention of the triangular economic coordination among Iran, Iraq, and the United Arab Emirates:
Iraq will begin paying for its debts and imports from Iran in Emirati dirhams, which Iran will use, as an alternative to the U.S. dollar, to secure imports.
March 17: Mashregh News reported that Admiral Ali Shamkhani, secretary of Iran’s Supreme National Security Council, planned to visit Baghdad to discuss security cooperation between Iran and Iraq.
March 19: Nour News, a mouthpiece of the Supreme National Security Council, reported that the governor of the Central Bank of Iran, Foreign Ministry economic affairs director, and Foreign Ministry Persian Gulf director would all join the Shamkhani-led delegation to Baghdad.
March 19: Fars News’ coverage of Shamkhani’s visit to Baghdad focused on the security threats to Iranian territory: “Iran and Iraq signed a security agreement … which will reduce and manage undesired security challenges emanating from the villainy of the counterrevolution present in the Iraqi Kurdistan region … According to the security agencies of the Islamic Republic, elements of the Zionist regime have engaged in operations in Iran in coordination and cooperation with counterrevolutionary groups present in Iraqi Kurdistan.”
March 20: Ali-Reza Enayati, deputy foreign minister and Foreign Ministry Persian Gulf director, explained the purpose of the Shamkhani-led delegation’s visit to Iraq in an interview with the Iranian Students’ News Agency: “The signed security agreement shows the mutual interests of both countries. We have always emphasized that Iraq’s security is also our security, and vice versa. The latest agreement is mostly about our shared borders, so there are not threats against us, and our Iraqi brethren too have always said, according to the Iraqi Constitution, Iraqi soil should not serve as a platform to attack neighboring countries.”
March 20: The Iran Student Correspondents Association, quoting Shamkhani, reported: “The agreement signed has several dimensions. Both countries will follow a specific plan to bereave counterrevolutionary groups of the opportunity to engage in activities against Iran from the Iraqi Kurdistan region.” Turning to the economic dimension of the visit, which includes Iran’s cooperation with the United Arab Emirates:
“We have taken steps to facilitate new means for Iraq to pay its debts to Iran” in Emirati dirhams, which the Iranian government can provide to “Iranian merchants to pay for importing basic goods to Iran.” link
Mot: .. its a marital Thingy I Thinks!! ~~~
Mot: .. Interesting Approach fer Sure!! ~~
Awake-In-3D "Zimbabwe News" 3-23-2023
Awake-in-3D
Our GCR Continues to Progress Into Reality - Zimbabwe Applying for BRICS Membership
March 17, 2023 - HARARE, (CAJ News) – ZIMBABWE, reeling from the effects of economic sanctions illegally imposed by the United States (US) and its Western allies, has expressed interest to join BRICS, the fast-growing trading bloc.
I’ve been awaiting factual confirmation of what I knew was a critical path in our GCR process.
Once the western fiat system reaches its logical conclusion, a large portion of the world (the BRICS Alliance) will revalue their planned “alternative” currency system to gold and other “real” commodities.
This we know.
What’s been difficult to foresee is how the Zimbabwe Bond notes will become liquid and redeemable within this alternative system.
Clearly I needed to see Zimbabwe officially becoming a BRICS member as a path to its bonds becoming valuable. Now it’s happening.
Awake-in-3D
Our GCR Continues to Progress Into Reality - Zimbabwe Applying for BRICS Membership
March 17, 2023 - HARARE, (CAJ News) – ZIMBABWE, reeling from the effects of economic sanctions illegally imposed by the United States (US) and its Western allies, has expressed interest to join BRICS, the fast-growing trading bloc.
I’ve been awaiting factual confirmation of what I knew was a critical path in our GCR process.
Once the western fiat system reaches its logical conclusion, a large portion of the world (the BRICS Alliance) will revalue their planned “alternative” currency system to gold and other “real” commodities.
This we know.
What’s been difficult to foresee is how the Zimbabwe Bond notes will become liquid and redeemable within this alternative system.
Clearly I needed to see Zimbabwe officially becoming a BRICS member as a path to its bonds becoming valuable. Now it’s happening.
While it’s not a done deal at this time, we now see that Zimbabwe’s BRICS application process has begun. The annual BRICS Summit in South Africa will be a must watch this September.
@GCR_RealTimeNews
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Zimbabwe confirms interest in joining BRICS
https://www.cajnewsafrica.com/2023/03/17/zimbabwe-confirms-interest-in-joining-brics/
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NOTE TO IRAQ
Ps. Now that Iran has applied for BRICS Membership, where is Iraq?
The Iraqi Government must stop fighting amongst themselves and wake up! Their puppet masters in the United States will not allow Iraq to revalue at true value.
Hello Iraq - It’s time to shake off your western monetary system fleas and shape your own sovereign currency destiny.
Saudi-Iran deal: Towards the de-Americanisation of the Middle East?
Does the Chinese diplomatic breakthrough mark a new era for the Middle East and North Africa to finally exit the US sphere of influence?
https://www.middleeasteye.net/opinion/saudi-iran-reconciliation-middle-east-de-americanisation
@GCR_RealTimeNews
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NEW RV/GCR FACT-BASED NEWS CHANNEL ON TELEGRAM
Awake-In-3D reports on “real world” financial events in the context of an emerging asset-backed Global Currency Reset as Central Banksters fight hard to preserve their collapsing Fiat Currency regime and dominance over humanity.
Providing unique commentary, backed by factual articles and reference links, the new "GCR Real-Time News" channel provides readers with a critical-thinking approach to world financial events documenting this historical financial Shift which is unfolding at this very moment.
Link to join: GCR Real-Time News
I don't sell products and this channel is not monetized. I'm not competing with other news sites. My only goal is providing Unique GCR commentary and analysis as a beneficial public service to GCR-Land.
Iraqi News Highlights Thursday Afternoon 3-23-23
Iraqi News Highlights Thursday Afternoon 3-23-23
Tlm724 Administrator Bondlady’s Corner
Al-Sudani's Advisor: The Cash Leakage Generated An Illegal Market That Deals With Usury And Interest
Economy| 08:54 - 03/22/2023 Baghdad - Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, that the current cash leakage rate is more than 70 percent, while indicating that this leakage generated an illegal market that deals with usury and excessive interest.
Saleh said to the official agency, followed by Mawazine News, that "the customs of settling payments and dealing in paying the prices of transactions within the economic community are still based on a legacy of payment, payment and receipt in cash," noting that "money issued for circulation outside the operations of the banking system is considered a cash leak."
Iraqi News Highlights Thursday Afternoon 3-23-23
Tlm724 Administrator Bondlady’s Corner
Al-Sudani's Advisor: The Cash Leakage Generated An Illegal Market That Deals With Usury And Interest
Economy| 08:54 - 03/22/2023 Baghdad - Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Wednesday, that the current cash leakage rate is more than 70 percent, while indicating that this leakage generated an illegal market that deals with usury and excessive interest.
Saleh said to the official agency, followed by Mawazine News, that "the customs of settling payments and dealing in paying the prices of transactions within the economic community are still based on a legacy of payment, payment and receipt in cash," noting that "money issued for circulation outside the operations of the banking system is considered a cash leak."
He added, "The aforementioned cash leakage rate amounts to more than 70 percent of the total cash issuance of the Central Bank of Iraq and perhaps more," noting that "this matter does not help monetary policy to apply its tools in monetary stability adequately and comfortably."
He continued, "This is a cash hoarding that deducts from the income cycle and does not help the desired investment spending, in addition to the inactive role of this cash block accumulated outside the banking system, which is exposed to various legal risks, disputes, and assaults on cash ownership rights."
He explained that "if the cash loans provided by the banking system to the public are linked to the goals of economic development and poverty alleviation and with acceptable interest rates provided by bank deposits to the public itself, then the massive cash leakage outside the banking system amounting to more than 70 trillion dinars has made banks shackled to the limits of cash lending." associated with the small deposits of the public they have.”
He stated that "the market and the general population in the private sector are still receiving limited cash lending, which constitutes only 13 percent of the gross domestic product," pointing out that "an important part of that percentage came through the initiatives of the Central Bank of Iraq in the year 2015 and the following years in order to Activating macroeconomic financing and development movement due to the economic recession, although the share of the private sector in bank cash lending in industrialized countries exceeds an average of 106 percent of GDP.
He stated that "the phenomenon of cash leakage and direct cash use came at a time when the world was beginning to switch to digital money that was preceded by electronic payment to reduce transaction costs and raise the efficiency of payments," explaining that "handling liquid cash in our country still constitutes a high cost for cash circulation services, whether in transfers The currency, its calculation, counting and sorting in every single monetary transaction, in addition to the risks arising from the preservation and circulation of large amounts of cash outside the banking system or when settling payments between individuals.
He stressed that "the cash leakage of 70 percent of the current total cash issuance of the Central Bank of Iraq, which amounts to about 70 trillion dinars, has generated an illegal money market that deals with (usury and excessive interest), in which the annual borrowing cost, as illegal cash markets, reaches about 80 percent." annually,” explaining that “the costs are very high for illegal borrowers, which impedes development and increases the costs of unregulated economic activity.” End 29/M99
The Iraqi Stock Exchange Announces The Weekly Trading Indicators
Economy| 03:47 - 03/23/2023 Baghdad - Mawazine News The Iraqi Stock Exchange announced today, Thursday, the weekly trading indicators.
A statement issued by the market management, a copy of which was received by Mawazine News, said, “The market organized four trading sessions during the third week of March 2023, from Sunday 03/19/2023 to Thursday 03/23/2023, as The trading session was not organized for Tuesday, March 21, 2023, as it is considered an official holiday.
She added, "During this week, the following indicators were achieved:
1. The number of shares traded during this week amounted to more than (1) billion shares.
2. The value of shares traded this week amounted to more than (2) two billion dinars.
3. The trading index closed at The market for the first session of the week reached (637.06) points, while the index closed at the end of the week at (643.50) points, achieving an increase of (1.00%) from its closing at the beginning of the session.
4. During the week, more than (1800) buying and selling contracts were executed on the shares of the companies listed in the market. https://www.mawazin.net/Details.aspx?jimare=222682
A Jump In Central Bank Sales Of The Dollar
Economy| 11:28 - 03/23/2023 Baghdad - Mawazine News The Iraqi Central Bank's sales of dollars increased in the currency auction today, Thursday, to reach more than 261 million dollars.
Yesterday, Wednesday, sales recorded more than $213 million.
https://www.mawazin.net/Details.aspx?jimare=222661
The Decline In The Exchange Rates Of The Dollar In Baghdad With The Closing Of The Stock Market
Economy Thursday, March 23, 2023 4:35 PM 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 155,700 Iraqi dinars for 100 dollars, while the prices this morning were 156,000.”
He added, "The buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 156,000 Iraqi dinars, while the purchase prices reached 155,000 dinars per 100 dollars." https://nnciraq.com/195333/
Oil Prices Are Falling As Investors Evaluate The Statements Of The US Federal Reserve Chairman
Economy| 09:29 - 03/23/2023 Follow-up - Mawazine News Oil prices fell in early Thursday trading, following three sessions of gains, after Jerome Powell, Chairman of the Federal Reserve (US Central Bank), renewed his commitment to curbing inflation, including the possibility of raising interest rates again.
And by 0540 GMT, Brent crude futures fell 64 cents, or 0.8 percent, to $ 76.05 a barrel, and West Texas Intermediate crude futures fell 72 cents, or 1 percent, to $ 70.06 a barrel.
Both benchmarks reached their highest closing levels since March 14, in a settlement on Wednesday.
Powell said yesterday, Wednesday, that the pressures of the banking sector may lead to a credit crisis, with "clear" repercussions on the US economy, which officials at the US Central Bank expect to slow down more than expected before this year.
The US banking crisis caused fluctuations in the trading of risky assets such as oil during the past week, with investors anticipating the US Central Bank's decision to raise interest on Wednesday.
The data of the US Energy Information Administration showed, on Wednesday, that crude stocks rose by 1.1 million barrels during the week ending on March 17. Analysts polled by Reuters expected inventories to decline by about 1.6 million barrels. https://www.mawazin.net/Details.aspx?jimare=222644
To read more current and reliable Iraqi news please visit BondLady’s Corner:
Thursday Morning Iraq Economic News Highlights 3-23-23
Thursday Morning Iraq Economic News Highlights 3-23-23
Parliamentary Oil: The Price Of Oil In The Budget Is High And Puts The Government In An Awkward Position
Time: 03/23/2023 12:39:33 Read: 715 times {Economic: Al Furat News} The Parliamentary Oil and Gas Committee described setting the price of a barrel of oil in the financial budget at $70 as "embarrassing" for the government. Committee member Ali al-Mashkoor told {Euphrates News} agency, "Determining the price of a barrel of oil in the budget and the drop in international prices, the government bears the matter." He added, "We do not rule out facing a financial deficit in separate periods of the year, but the possibility of bridging it will be during other months."
Thursday Morning Iraq Economic News Highlights 3-23-23
Parliamentary Oil: The Price Of Oil In The Budget Is High And Puts The Government In An Awkward Position
Time: 03/23/2023 12:39:33 Read: 715 times {Economic: Al Furat News} The Parliamentary Oil and Gas Committee described setting the price of a barrel of oil in the financial budget at $70 as "embarrassing" for the government. Committee member Ali al-Mashkoor told {Euphrates News} agency, "Determining the price of a barrel of oil in the budget and the drop in international prices, the government bears the matter." He added, "We do not rule out facing a financial deficit in separate periods of the year, but the possibility of bridging it will be during other months."
He added, "We see that the price specified in the budget is high and puts the government in embarrassment, especially with its seriousness in implementing the government program that it launched."
The House of Representatives announced that it had received the draft budget law on March 16.
The Council of Ministers, in its session on March 13, approved the three budgets and referred them to Parliament for approval.
Prime Minister Muhammad Shia al-Sudani said, after the council meeting in a press conference, that: "The total budget is more than 197 trillion dinars, the operational budget is more than 150 trillion dinars, and the investment budget is more than 47 trillion, and the budget deficit is 63 trillion dinars."
And that "total revenues amount to more than 134 trillion dinars, and oil revenues amount to more than 117 trillion based on the price of oil at 70 dollars, and non-oil revenues amount to more than 17 trillion dinars." From.. Raghad Dahham LINK
Parliamentarian: The Tripartite Budget Has Not Yet Reached The Parliament Committees
The representative of the State of Law coalition, Muhammad Al-Shammari, confirmed today, Wednesday, that the draft budget law for the next three years has not yet reached the Finance Committee.
Al-Shammari said, in a press interview, which was seen by “Progress,” that “the draft financial budget law for the years 2023, 2024, and 2025 has not reached the Parliamentary Finance Committee yet.”
He added, “The budget reached the Presidency of Parliament, but it did not reach the Finance Committee,” noting that “the time period that it takes to approve it is not known yet.”
Al-Shammari pointed out, “The draft of the state’s general budget law was sent by the government to the House of Representatives, and five days passed, but it has not yet reached the Parliamentary Finance Committee.”
The current budget is considered the highest in the history of Iraq, with a value of up to 200 trillion dinars, at a price of $70 per barrel of oil, while the deficit rate was 63 trillion dinars.
Parliamentary Finance Sets The Official Date For The Start Of The Marathon Budget Talks
A member of the Parliamentary Finance Committee, Representative Mudar Al-Karawi, confirmed, on Wednesday, that the discussion of the 2023 budget items will start at the beginning of next week.
Al-Karawi said, in a press interview seen by “Takadum”, that “the discussion of the 2023 budget items by the Finance Committee will start next week, pointing out that it will be determined later to host ministers and general managers in order to find out the reasons for the needs and expenditures.”
He added, "The most important endeavor of the Finance Committee is to create a flexible budget that adapts to the country's conditions and the fluctuations of the global oil market, in a way that does not lead to any large deficit."
He pointed out that “reducing the fiscal deficit for us is a priority, especially since in the 2023 budget it is the largest after 2003.”
And the House of Representatives announced 3 days ago the arrival of the 2023 budget, pending its referral to the Parliamentary Finance Committee in order to conduct discussions.
https://takadum-news.com/archives/155719
The Continued Rise In The Exchange Rate Of The Dollar...Concern In The Markets And Exhaustion Of The Citizen
The instability of the dollar exchange rate in the parallel market and its rise to more than 150,000 dinars for every 100 dollars made traders anxious despite the great benefit they achieved after entering the electronic platform to buy currency and sell their goods on the basis of the parallel market price, which exhausted the people The citizen who hopes that more effective decisions will be taken through which he will be able to buy what he aspires to easily and without exhausting his financial budget.
A member of the Parliamentary Finance Committee, Representative Faisal Al-Naeli, said in a press interview, which was seen by Taqaddam, that “the government measures taken by the Sudanese government in the face of the dollar crisis were somewhat successful, but the state of stability of the local market is linked to several measures taken by the government, foremost of which is the opening of more banks.”
Currency selling outlets to facilitate the dollar exchange process, as well as putting the hands of the government and security services on the border crossings through which the currency is smuggled.
On the other hand, Professor of Economics at the University of Baghdad, Dr. Safwan Qusay, explained in a press interview seen by “Takadum” that “regulating trade in Iraq needs a unified database so that the system becomes a commercial system through long-term contracts, so that the Ministry of Trade works in This stage involves importing goods and directing consumers towards them,
in addition to the possibility of increasing the transparency of information from the Central Bank so that everyone knows who are the merchants who obtain the dollar at the official rate and import goods, as it is assumed that they will be followed at the parallel market price, pointing out that the bank The Central Bank is keen to expand the circle of dealers in the currency sale window, especially for those who have real bills and real suppliers, and thus the demand for the parallel market will recede.
On a related level, the economist Nabil Jabbar said in a press interview seen by Taqaddam that “the exchange rates of the dollar in the Iraqi markets are still on the rise despite the high indicators of the Iraqi Central Bank’s daily sales of dollars, related to remittances and credits that appear good and growing in a promising way.”
As it increased from an average of 30 million dollars per day to 100 million dollars per day, which is a matter of optimism, but the problem is still related to small merchants who conduct their transfers away from the banking system and away from the (platform) by buying dollars and transferring them through private offices that conduct transfers.
In an illegal way, which caused an increase in the demand for the dollar locally and contributed to its rise, in light of the limited supply practiced by the government and the central bank to stop the phenomenon of dollarization in the local market. https://takadum-news.com/archives/155724
Former Iraqi Minister Of Education: The 3-Year Budget Is A Smart Move
How Iraq's Tripartite Budget Plan Paves The Way For A More Stable Economic And Political Future
Researcher Shatha Khalil* Last week, the Iraqi Council of Ministers, led by its Prime Minister, Muhammad Shia'a Al-Sudani, approved a draft of the general federal budget bill for a period of three years, making Al-Sudani the first prime minister to present such a project since the American occupation of Iraq until now.
The political and economic debate increased, especially after the challenges faced by the political forces in order to reach an agreement and reach the formation of the Sudanese government, which some considered unacceptable and sparked widespread controversy..
Here we will discuss in this article the economic analysis of this economic law in Iraq.
A government budget is a financial plan that outlines projected government revenues and expenditures for a given period, usually a year. The budget is an essential tool for governments to allocate resources to various sectors of the economy, such as education, healthcare, defense, infrastructure, and social welfare programmes. It also reflects the government's priorities, goals and policies.
The Iraqi government under al-Sudani chose for the first time to have a multi-year budget to provide greater certainty and stability to the planning process.
Multi-year budgets can help ensure adequate financing for long-term projects and programs and avoid disruptions due to annual budget cycles.
Properly building the state and ensuring stability can be some of the goals that the government aims to achieve through its budget. However, the effectiveness of budgeting in achieving these goals will depend on various factors, such as economic conditions, political climate, and implementation of policies and programs.
A stable budget can bring various benefits to the country, including:
Predictability: A stable budget provides a predictable source of funding for government programs and services, which can enable better planning and implementation of policies and initiatives. This can help create a more stable environment for businesses and individuals, which in turn can support economic growth and development.
Increased Confidence: A stable budget can increase the confidence of investors, both domestic and foreign, in the country's economic prospects. This can lead to increased investment, which can create jobs and boost economic activity.
Lower Borrowing Costs: A stable budget can help reduce borrowing costs for the government because it shows investors that the country is fiscally responsible and solvent. This can lead to lower interest rates on government bonds, which can save the government money on debt servicing costs.
Credit Rating Improvement: A stable budget can help improve a country's credit rating, which can have a positive impact on a country's borrowing costs and overall economic outlook. A higher credit rating can make it easier for the government to borrow money in the international market.
More transparency and accountability: A stable budget can increase transparency and accountability in government spending by providing a clear and predictable source of funding for government programs and services. It can also help ensure that taxpayers' money is used effectively and efficiently to achieve government priorities and goals.
In conclusion.. In general, a stable budget is an essential component of the economic and social development of a country such as Iraq. It provides the necessary financial resources to support government programs and services and enables better planning and implementation of policies and initiatives. Economic Studies Unit / North America Office
Rawabet Center for Research and Strategic Studies LINK
A Parliamentary Split Over The “Age Of The Budget,” And A Party Objects To Making It For Three Years
Posted On2023-03-23 By Sotaliraq Baghdad / Firas Adnan Representatives talked about a division within Parliament regarding the age of the budget, stressing that the first opinion is with the government’s position to make it for three years, and the other wants it for one year, fearing the large deficit, stressing that the project is still in the office of Parliament Speaker Muhammad al-Halbousi, pointing out that the start of real discussions It will start early next week.
The Council of Ministers had voted on the draft budget law for three years, in the amount of 196 trillion dinars, 150 trillion dinars were allocated to the operational budget, which represents salaries and other necessary expenses, and the deficit amounted to 64 trillion dinars, with real fears of not fulfilling it, and thus will The government resorts to covering it through internal or external borrowing.
Representative Ali Al-Bandawi said, "The budget was expected to arrive during the past month, but due to some procedures, it has been somewhat disrupted."
Al-Bandawi added, "The copy of the budget sent by the government is still in the office of Parliament Speaker Muhammad al-Halbousi."
He pointed out, "The budget is awaiting Iraqis, federal institutions and governorates in order to initiate service projects for the citizen."
Al-Bandawi said, "Expectations indicate that the law will be approved within a month, before the Eid Al-Fitr holiday."
And he added, "The investment budget amounted to 48 trillion dinars, and it will go to projects in various sectors, whether services, such as building schools, hospitals, electric power projects, and the port of Faw."
And he stressed, "These amounts are the largest in the history of the budget and come in line with the ministerial platform that the House of Representatives voted on when granting confidence to the government of Muhammad Shia'a al-Sudani."
Al-Bandawi spoke about "the possibility of an urban renaissance after the approval of the budget," stressing that "the sums allocated for projects are not sufficient for all that Iraq needs."
And he stated, “The House of Representatives will exercise its oversight role in following up on the disbursement of the amounts allocated in the budget.”
Al-Bandawi hopes that "the local administrations will play their role in directing the funds to the planned projects, which have direct contact with the Iraqis."
And he stressed, "The planned deficit in the budget is large, amounting to 64 trillion dinars, so the budget discussions will see all the amounts and move towards reducing this deficit."[/size]
Al-Bandawi spoke of "Parliament's keenness for the government to perform its role to the fullest, without the financial accumulations that result from the deficit."
And he continues, “Parliament will delete any money that it finds unjustified for its existence, in order not to burden the state with new burdens and debts through which it covers the deficit.”
Al-Bandawi noted that "Parliament is divided over the government's project, which provides for making the budget for three years. The first supports the project on the pretext of not disrupting the implementation of projects, as it happens every year."
And he goes on, that “public life is suspended, given that we are in the month of March and the budget has not been legislated, and this situation may continue until April and its implementation will be in May, so it is not reasonable that this disruption be repeated every year.”
And Al-Bindawi concluded, that “the second opinion stands against making the budget for more than a year, given the large deficit in it, which can be covered currently through abundance, but what will be the case for the next two years?”
For his part, the other deputy, Jay Taymur, stated, "The Parliamentary Finance Committee has not received, until the present time, the draft budget, and it is still with Al-Halbousi's office."
And Timur continued, "Next Saturday, the project will reach the Finance Committee in order to start discussing it, working on it, checking it, and making amendments if necessary."[/size]
He pointed out, "Parliament wants to pass the law as quickly as possible, but it cannot pass within a period of less than a month."
Timur noted, "The previous sessions took the budget for two months or more," adding that "the consensus between the political blocs, especially those aligned within the State Administration Alliance, is one of the factors that will help speed up its passage."
And he stressed the need for "the specialized committees to stand on all paragraphs and review them, by meeting with ministries and experts to complete the project and end all deficiencies, if any."
And Timur continues, "Making amendments is harmless, and does not prejudice political agreements, because we want to complete them and in a manner consistent with the public interest."
And he talked about "court agreements that have taken place, whether within the coalition of state administration or between the federal government and the Kurdistan region, to obtain and pass the law."
And Timur concluded, "The Kurdistan region has a tendency to support the government of Muhammad Shia'a al-Sudani, through several aspects, the most important of which is the acceleration of the legislation of the budget law."
In addition, Representative Firas Al-Maslamawi confirmed that "the best thing included in the budget is the provision for the establishment of a development fund."
Al-Maslamawi added, "The creation of this fund is correct, but we need more details in order for the vision to be clear."
He explained, "This is done by stating each governorate and the funds it needs to be placed in this fund and the targeted projects."
Al-Maslamawi spoke about "many projects that should be present in this fund, including sewage networks, bridges, roads, hospitals and schools."
And he stressed, "The delay in approving the budget in Parliament is not in the interest of any party, and we support the speedy discussion in order to put it to a vote."
Al-Maslamawi concluded by saying, “The House of Representatives will conduct a comprehensive review of the project in order to know its items and the allocated quantities, and in light of that, it will use its powers, especially in terms of reductions and transfers, leading to voting.” LINK