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Iraqi News Highlights Saturday Afternoon 4-1-23

Tlm724 Administrator Bondlady’s Corner

Sudanese Advisor: Government Measures Prevented Dollar Smuggling Abroad

Economy| 11:49 - 01/04/2023 Baghdad - Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Saturday, that government measures prevented the smuggling of dollars abroad.

Saleh said, "The legal institution in particular took its active and distinguished role in protecting and sounding the national economy from attacking its constants and variables through illegal external leakages of the country's financial resources, specifically foreign currency," noting that "its active role is equivalent to the power of imposing institutional discipline in managing and directing the country's resources."

Tlm724 Administrator Bondlady’s Corner

Sudanese Advisor: Government Measures Prevented Dollar Smuggling Abroad

Finance in preserving its flows in accordance with the laws, regulations and controls that govern all financial transactions and protecting the national economy from corruption vehicles and the forces of assault on public money and the country's economic system.

Saleh added, in an interview with the official news agency, that "attrition and assault on the constants and variables of the economic system are one and indivisible," pointing out that "the vigilance of the law enforcement force and its distinguished role has become clear in providing a service, foremost of which is the stability of the legal effectiveness of the national economy."

He pointed out that "preserving the country's financial wealth, specifically the illegal disposal of foreign currency, and addressing wasteful operations or deliberately diverting them outside the national economy, is one issue that cannot be divided in all cases."

He continued, "The government's measures are a new stage in establishing the life of the Iraqi state, which has taken a distinguished path at the current stage in the development of the degree of control and cooperation internally and externally, including cooperation with the international financial and legal community in combating money laundering activities and all transient financial crimes." Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=223404

Central Bank: Opening a window to sell dollars to citizens violates international regulations and norms

Economy| 12:56 - 01/04/2023 Baghdad - Mawazine News The Central Bank of Iraq confirmed, today, Saturday, that all financial transfers are monitored from the electronic platform, while indicating that opening a window to sell dollars to citizens violates international controls and norms.

"All financial transfers are followed up and monitored by the Central Bank of Iraq through the electronic platform and the cash sale platform," said the assistant general manager of the investment department at the bank, Muhammad Yunus, to the official news agency.

He added, "These operations come within the international standards for combating money laundering and terrorist financing, and are compatible with all international norms and laws, and do not affect the reputation of Iraq, the Central Bank and financial institutions in the event of any defect in those transfers."

He pointed out that "accepted remittances began to increase continuously, and we expect the Central Bank to reach very high levels."

Concerning the daily conversion rate of foreign currencies, Younis confirmed that "the bank publishes daily its cash sales and transfers, which currently range between 100 to 150 million dollars, in addition to cash sales," expecting "an increase in transfers in the coming days."

Regarding the possibility of the dollar exchange rate returning to its previous price, Younis said, "The parallel rate has begun to gradually decrease on a daily basis during the past days," pointing out that "the Central Bank is working hard to solve all the problems that banks and merchants suffer from in the financial transfer process."

Regarding the possibility of opening a window to sell the dollar to citizens with specific numbers per month, Yunus explained that "the dollar cannot be available to any citizen as it is not a national currency for Iraq," noting that "the dollar must be allocated for dealing outside Iraq for the purposes of financing trade, travel, treatment and study."

"Opening a window to sell dollars to citizens violates all international regulations and norms," Younis added. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=223412

Al-Sudani's Advisor Identifies The Reasons For The Decline In The Parallel Price Of The Dollar In The Iraqi Market

Posted On2023-04-01 By Sotaliraq Today, Saturday, the appearance of Muhammad Salih, the financial and economic advisor to the Prime Minister, Muhammad Shiaa al-Sudani, commented on the decline in the dollar exchange rate in Iraq.

Salih told Shafaq News agency, "Foreign trade financing operations in foreign exchange for the private commercial sector are currently in a stage of recovery and escalating adaptation to the new international compliance requirements that have been implemented since last November.

Window sales are after the three packages launched by the Central Bank and procedures The government regulators that simplified foreign trade operations for the private sector are all undergoing an accelerated state of adaptation towards accelerating external transfer and financing trade at the official exchange rate.

He added that “the central bank’s window sales began to touch their previous normal rates of sale, to reach approximately $200 million per working day in the foreign currency auction, which is a very stable level of sales to meet the market demand for foreign exchange, and is supported at the same time by high reserves of foreign currency that It is in the possession of the monetary authority, which enables it to effectively intervene in the stability of the market in an easy and effective manner.

And the financial and economic advisor to the Prime Minister stated that “in light of the foregoing, the price differences between the official exchange rate of the dinar against the dollar and the price equivalent to it did not widen, but there are strong signals towards contraction and a clear gradual decline towards the convergence of the two prices, especially the decline of the dollar in the parallel price on a daily and tangible basis.” .

On Tuesday, March 21, the Governor of the Central Bank of Iraq, Ali Al-Alaq, expected a decrease in the parallel dollar exchange rate (the market price and local exchange rates) during the coming period.

Al-Alaq said at the time, in a special statement to Shafaq News Agency, "The Central Bank launched several packages of measures, and the packages that were launched are dealt with seriously to control the exchange rate of the parallel dollar."

Al-Alaq indicated that “the central bank’s measures are continuing to control the exchange rate, and we expect a decline in the parallel exchange rate.”

The parallel price means the exchange rate of the dollar in the market and exchanges, and not the official price set at 1132 dinars per dollar, according to the decision of the Board of Directors of the Central Bank of Iraq, which was approved by the Council of Ministers.

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. LINK

The Dollar Drops To Less Than 150 Thousand Dinars Per Paper

Economy| 04:36 - 01/04/2023 Baghdad - Mawazine News The exchange rates of the dollar recorded, today, Saturday, a decline in the local stock exchange trading. The selling prices were recorded at 150,500, while the buying prices were recorded at 149,500 per 100

https://www.mawazin.net/Details.aspx?jimare=223431

Central Bank Sales Approaching 900 Million Dollars In A Week

Money and business Economy News-Baghdad The total sales of the Central Bank of Iraq in US dollars during the past week amounted to more than 870 million dollars.

The "Economy News" correspondent stated that the Central Bank sold during the past week for the four days in which the auction was opened, while it did not sell the dollar on Monday because it coincided with an official holiday, indicating that the amount of sales amounted to 876 million and 229 thousand and 180 dollars at a daily rate of 219 million. And 057 thousand and 295 dollars, up by 1.37% from the record of the previous week, in which the sales rate reached 216 million, 607 thousand and 478 dollars.

Our correspondent added that the highest dollar sales during the past week were on Thursday, when sales amounted to 238,758,264 dollars, while the lowest sales were on Sunday, when sales amounted to 202,134,715 dollars.

He pointed out that sales of foreign remittances amounted to 714,629,180 dollars during the past week, an increase of 70.59% compared to cash sales, which amounted to 210,600,000 dollars.

He explained that the sales went in the form of cash payments and transfers abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards amounted to 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=33249

To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/

DINARRECAPS8 4/1/23 DINARRECAPS8 4/1/23

Saturday Morning Iraq Economic News Highlights 4-1-23

Central Bank: Opening A Window To Sell Dollars To Citizens Violates International Regulations And Norms

Saturday Morning Iraq Economic News Highlights 4-1-23

Central Bank: Opening A Window To Sell Dollars To Citizens Violates International Regulations And Norms

He pointed out that "accepted remittances began to increase continuously, and we expect the Central Bank to reach very high levels."

"Opening a window to sell dollars to citizens violates all international regulations and norms," Younis added. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=223412

American Institute: Washington Will Lose From The Region's Oil Shutdown, And It Must Take These Steps

2023.04.01 - Baghdad - Nas A report by the American Washington Institute confirmed that American interests will be damaged by the cessation of oil exports from the Kurdistan region, calling for obtaining financing to "buy" the debts of the Kurdistan region to oil traders, which amounts to about $4 billion.

According to the report written by "Michael Knights" and translated by "NAS" (April 1, 2023), the removal of half a million barrels from global markets is not welcome at all, and constitutes a particularly dangerous development in the midst of the conflict in Ukraine, and at a time when it was US adversaries like Russia and Iran want to raise oil prices.

The report stressed that the United States has a direct interest in the case because American investors will be affected by the closure of the pipeline if it continues for a few weeks, not to mention the possible delay in the exports of the Iraqi Kurdistan region's much-needed gas to Iraq or Turkey and Europe.

The report concluded that the current situation is a loss for the United States, Iraq, Turkey and the Kurdistan region of Iraq. “In confusing situations, it is important to focus on what needs to happen to keep the oil flowing through the ITP.” The Iraqi government should instruct the State Oil Marketing Organization (SOMO) to send a letter to Turkey stating that it requests the reopening of the pipeline and all storage operations and Provides a set of tanker loading instructions to allow APR shipments to continue.

And the report indicated that both parties would recognize the arrangement as an emergency step limited in time to prevent economic damage to Iraq (including the Kurdistan region of Iraq) and global markets in Europe and Asia. It also gives Iraq and Turkey ample time to settle arbitration cases. Likewise, Baghdad and the Kurdistan region can take a break and return to the negotiating table, as the fundamentals of the recently approached deal are still valid.

The report presented proposals to the US administration and stressed the need to focus on the positive steps in its policy in the Middle East, not just fighting wars, and indicated that the most important and useful thing that it could do in Iraq is to help the country find peace with the Kurds, who represent the largest ethnic minority in the country because the deal The historic budget and oil law between Baghdad and the Kurdistan Region of Iraq are closer than ever” so Washington must go to great lengths to get it done. The pipeline is likely to reopen quickly — even in the coming days — but if it does not, states must the United States to act decisively."

Regarding the next steps, the report stated, "Expanding good offices to include all uncorrupted parties to help put the talks between Iraq, Turkey, Baghdad, and the Kurdistan region back on track."

The report also suggested that the United States could help Iraq obtain financing to "buy" the Kurdistan region's debt to oil traders (which would likely be $2-4 billion). This would allow for several things: that trading be passed on to SOMO; That Iraq achieve better prices for a barrel of crude oil administered by the Kurdistan Region of Iraq; And for the oil to pass only to end users who are authorized by the Saudi Oil Marketing Company (SOMO). It may be an option for the United States. The government buys Iraqi oil to restock the Strategic Petroleum Reserve. https://www.nasnews.com/view.php?cat=104854

Central Bank Sales Approaching 900 Million Dollars In A Week

Money and business Economy News-Baghdad The total sales of the Central Bank of Iraq in US dollars during the past week amounted to more than 870 million dollars.

He pointed out that sales of foreign remittances amounted to 714,629,180 dollars during the past week, an increase of 70.59% compared to cash sales, which amounted to 210,600,000 dollars.

Parliamentary Finance Sets The Official Date For Putting The Budget On The Dialogue Table

Information / Baghdad.. A member of the Parliamentary Finance Committee, Faisal Al-Naeli, confirmed, on Saturday, the inclusion of the 2023 budget on the agenda of the parliament sessions this week for the first reading, stressing that the House of Representatives needs 45 days to review and vote on the federal budget law for the year 2023.

Al-Naeli said in an interview with the information agency, that "there are preliminary observations on the draft as it depends on the three-year system," noting that "the deficit, which amounts to 64 trillion dinars, is very large and will be repeated for three consecutive years."

He added, "The budget was approved on the basis of a price of 70 dollars per barrel, which requires a comprehensive review of the 2023 budget, stressing that" the fiscal deficit is large, at about 64 trillion, and all details of the amounts and the doors for their disbursement will be reviewed for the purpose of reducing the deficit.

And a member of the State of Law coalition, MP Muhammad Al-Sahyoud, had confirmed the inclusion of the draft budget law this week, indicating that the form and content of the budget necessitate delay in its presentation and discussion within the parliamentary committees. LINK

Al-Halbousi Is Accused Of Bargaining And Extortion For Refusing To Present The Budget

Information / Baghdad.. On Saturday, a member of the Rights Movement, Hussein Ali Al-Karawi, blamed the Parliament Speaker for the delay in approving the law, expressing his regret that the budget was not included in the parliament's agenda for the first reading.

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Al-Karawi said in an interview with Al-Maalouma agency, "Al-Halbousi is trying to impose his conditions in the budget to achieve personal goals."

He added, "Huquq demanded that the draft budget law be presented, from a legal, professional and political point of view, for the first reading, surprising that "the Parliament Presidency objected to presenting it for the first reading."

He pointed out that "Al-Halbousi is trying to achieve factional electoral gains, especially in light of the conflict on the Sunni arena, control of the political decision, and imposing what he wants, even at the expense of the rest of the people of Iraq from other provinces."

And a member of the Parliamentary Finance Committee, Mustafa Khalil, had confirmed to Al-Malooma, that “the work of the Finance Committee is now suspended, and a press conference will be held in the event that the budget is not sent from the Presidency of Parliament to the Finance Committee in order to complete the amendments in preparation for approval.” LINK

Al-Fath: The Budget Will Be Approved After The Eid Holiday And Under These Conditions

Information/Baghdad.. On Saturday, the representative of the Al-Fateh Alliance, Ali Turki, confirmed the launch of preliminary discussions to pass the budget within the Finance and Planning Committees, indicating that the budget will not be passed without achieving the interests of citizens and services.

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Turki said in a statement to Al-Maalouma, “The Presidency of the House of Representatives referred the draft law to the heads of the political blocs in the House of Representatives, which were sent by the Council of Ministers after the draft law was approved. "

He added, "After briefing the committee chairmen, the budget was referred to the relevant committees for study, which are the Financial and Legal Committee, Planning and Monitoring of the Government Program and the Regions and Governorates Committee."

While Representative Ali Turki suggested that the budget be approved after the blessed month of Ramadan, because most of the political forces seek to approve it as soon as possible, “noting that the budget” will include all the necessary paragraphs to serve the citizens “until the end of / LINK

A Specialist Reveals The Fate Of Dollar Prices Within A Month

A specialist reveals the fate of dollar prices within a month %D8%AF%D9%88%D9%84%D8%A7%D8%B1

The head of the Chambers of Commerce in Diyala, Muhammad al-Tamimi, confirmed today, Friday, that the dollar will lose 10% of its value in Iraq within a month.

Al-Tamimi said, in a press interview seen by “Takadam”, that “the last exchange rate for selling the dollar amounted to 151 thousand dinars for every 100 dollars, which is the lowest price in weeks within what is known as the parallel market, which is an indication of a gradual decline.”

Al-Tamimi expected, “The dollar will lose 10% of its value, and perhaps more within a month in the Iraqi markets, and reach less than 140 thousand for every $ 100 if the central bank’s procedures continue in their current contexts, with strict measures to prevent currency smuggling and end the dollarization file of important internal sectors that depend on Years ago, at a rate of 90% on the dollar in sales and trade, including the automotive sector and internal trade.

He pointed out that "ending the parallel market is not impossible in Iraq, but it needs exceptional efforts, especially ending internal transactions in dollars, which constitute the most important pressure factors on the exchange rate at the present time." https://takadum-news.com/archives/157194

Al-Sudani's Advisor Identifies The Reasons For The Decline In The Parallel Price Of The Dollar In The Iraqi Market

Shafaq News/ Mazhar Muhammad Salih, the financial and economic advisor to the Prime Minister, Muhammad Shia'a al-Sudani, commented today, Saturday, on the decline in the exchange rate of the dollar in Iraq.

Saleh told Shafaq News agency, "Foreign trade financing operations in foreign exchange for the private commercial sector are currently in a stage of recovery and escalating adaptation to the new international compliance requirements that have been implemented since last November. Window sales are after the three packages launched by the Central Bank and procedures The government regulators that simplified foreign trade operations for the private sector are all undergoing an accelerated state of adaptation towards accelerating external transfer and financing trade at the official exchange rate

He added, "The Central Bank's window sales began to touch their previous normal rates of sale, to reach approximately $200 million per working day in the foreign currency auction, which is a very stable level of sales to meet the market demand for foreign exchange, and is supported at the same time by high reserves of foreign currency that It is in the possession of the monetary authority, which enables it to effectively intervene in the stability of the market in an easy and effective manner.

And the financial and economic advisor to the Prime Minister stated that "in light of the foregoing, the price differences between the official exchange rate of the dinar against the dollar and the price equivalent to it did not widen, but there are strong signals towards contraction and a clear gradual decline towards the convergence of the two prices, especially the decline of the dollar in the parallel price on a daily and tangible basis." .

Al-Alaq indicated that "the central bank's measures are continuing to control the exchange rate, and we expect a decrease in the parallel exchange rate."

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. LINK

The Budget Loses 18 Trillion Dinars After Reducing The Price Of The Dollar

Baghdad - Iraq today: A member of the Parliamentary Finance Committee in the Iraqi parliament, Mustafa Al-Karawi, said that the federal budget lost more than 18 trillion dinars due to the high exchange rate of the dollar.

And Al-Karawi indicated that: “In the event of a decline in the price of oil, it will affect the entire budget and will have a significant negative impact because “90%” of Iraq's imports depend on oil. And adding job grades, which exceeded the budget by approximately 21 trillion dinars, and this is one of the things we fear in preparing a budget for three consecutive years. LINK

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Iraqi News Highlights Friday Afternoon 3-31-23

Tlm724 Administrator Bondlady’s Corner

Samir Al-Nusairi, Advisor To The Association Of Private Banks: Economic Reform Begins With Banking Reform

The advisor of the Association of Iraqi Private Banks, Samir Al-Nusairi, confirmed that comprehensive and radical economic reform begins with the reform and development of the banking sector in line with what was stated in Article 12 in Paragraph (7) of the government curriculum, which clearly and accurately stated that (banking reform provides a real and effective basis for advancement In the Iraqi economy and revitalizing investment through restructuring and mechanization of government banks, reviewing their work, stimulating private banks and enabling them to be able to support real investment and development.

Iraqi News Highlights Friday Afternoon 3-31-23

Tlm724 Administrator Bondlady’s Corner

Samir Al-Nusairi, Advisor To The Association Of Private Banks: Economic Reform Begins With Banking Reform

In a lecture held by the Faculty of Business Economics at Al-Nahrain University, Al-Nusairi touched on the importance of the banking sector, which occupies a vital position in the financial structure of the economy in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform.

He added that the measures currently being taken by the Central Bank, with the support of the government, to prepare its new comprehensive strategy to reform, develop and classify banks according to several axes, most notably completing and implementing digital transformation projects and internationally approved payment systems, launching a financial inclusion strategy, working to adhere to international standards of the global financial system, and focusing on controlling transfers.

Foreign Ministry and encourage and motivate merchants and importers and those who need US dollars and other foreign currencies for commercial transactions to enter the electronic platform for external transfer and benefit from the new instructions for external transfer for the year 2023 and the three packages issued by the Central Bank to facilitate joining the services provided by the platform.

He went on to draw up a national plan for lending that adopts new mechanisms to organize the granting of loans for the development of small and medium enterprises, relying on the banks’ own financial capabilities and attracting deposits to provide liquidity and invest it in accordance with the instructions of the Central Bank, directing the initiative to finance small and medium enterprises towards the economic and productive sectors that have the most influence on contributing to development,

and creating a guarantee company. Loans and activating the work of the deposit guarantee company, and continuing the procedures and using monetary policy applications by controlling the exchange rate and reducing the gap between the official rate and the parallel rate, which has begun to narrow towards reaching the target and balanced exchange rate.

Al-Nusairi added that had it not been for the many services provided by the banking system in developed countries, these countries would not have been able to reach their level of economic progress and growth, and that the strength of the banking structure has become one of the necessities of building a prosperous economy that adopts modern systems and sound sustainable development.

And the development of banking habits and awareness of the importance of developing the banking facility in a way that secures the building of the national savings base and develops the necessary financial resources to build the economy has become a priority for the decision-maker.

Al-Nusairi concluded his speech, "The soundness of the banking system and the mobilization of sound decisions in the field of economic policies towards the development and modernization of banking systems ensures the achievement of momentum in the world of real and financial investment, which revives the financial and monetary markets, which leads to attracting foreign capital looking for profit, which is worthy of a maker

The decision to take the necessary measures to fortify and strengthen the local banking systems in a way that makes them able to face the challenges of transferring capital to and from abroad without causing money laundering or smuggling of foreign exchange, and then increasing the profitability of financial and banking institutions and strengthening the structure of the gross domestic product, and this is what they are active in. government and the central bank now. https://economy-news.net/content.php?id=33234

Central Bank: The Difference Between The Official And Parallel Exchange Rates Will Gradually Disappear

Economy| 09:46 - 03/30/2023 Baghdad - Mawazine News Today, Thursday, the Central Bank of Iraq identified the reasons for the gradual decline in the price of the dollar in the past two days, while noting that the difference between the official and parallel exchange rates will gradually disappear.

The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in a televised interview, followed by Mawazine News: “The Central Bank has taken several measures to reduce the price of the dollar, especially through the three packages that it launched at the beginning of this year, which were sufficient to address the rise in the exchange rate in the parallel market.” ".

He added, "The bank met with the Federation of Iraqi Chambers of Commerce and a number of merchants to discuss the challenges and put in place mechanisms to address them," suggesting that new packages would be issued to address all the challenges facing merchants to facilitate their access to foreign currencies.

He explained behind the gradual decline in the price of the dollar in the past two days to the increase in the volume of sales of the central bank, "noting that" the bank liberated restrictions on sales, and the bank can sell any amount of dollars as long as there is a real demand for the dollar, "explaining, that" the difference between my price The official and parallel exchange will gradually disappear.”

He pointed out, “Iraq does not need to establish new banks at the present time or in the future, but rather activate the existing banks,” pointing to “the presence of more than 70 governmental and private banks,” noting that “the Central Bank is serious about sorting Good banks from not so good.

He pointed out that there was a great response by banks to the instructions of the Central Bank regarding the official exchange rate, "calling at the same time to facilitate the procedures for merchants' transactions quickly." https://www.mawazin.net/Details.aspx?jimare=223290

Kurdistan Owes $6 Billion To Oil Companies

Economy News – Baghdad Trade sources told Reuters that the suspension of oil exports from Iraqi Kurdistan is stopping the payment of $6 billion in oil shipments owed by the semi-autonomous Iraqi region to energy companies including Vitol and Petraco.

The export of 450,000 barrels of oil per day from Iraqi Kurdistan to the Turkish Mediterranean port of Ceyhan was suspended on Saturday after Iraq won an arbitration case in which it said Turkey had violated an agreement by allowing Iraqi Kurdistan to export oil without Baghdad's approval.

The suspension means that Iraqi Kurdistan cannot meet obligations for crude oil supplies, and no alternative plans have been developed.

Three trade sources said the region owes Vitol and smaller rival Petraco between $750 million and $800 million each. The sources estimated the total debts of Iraqi Kurdistan to companies that paid in advance for crude oil before the suspension of exports at about six billion dollars. Both companies declined to comment. The regional government declined to comment.

After the court ruling, the government in Iraqi Kurdistan said that a delegation would visit Baghdad soon to resolve these issues.

An Iraqi government spokesman declined to comment on the debt.

"Let us succeed in finding a way out of the problem of oil exports, and then we can solve the other problems under less pressure," he said.

The suspension sent oil prices soaring, as exports from Iraqi Kurdistan account for about half a percent of global oil supplies and are an important source of crude for refineries in the Mediterranean. Some oil companies began shutting down production in Iraqi Kurdistan this week.

Over the past decade, the region has been able to increase oil exports independently of Baghdad, with commercial companies providing billions of dollars in loans to the region in exchange for crude shipments, and the region has also built a new pipeline to Turkey.

Iraqi Kurdistan held a referendum on independence in 2017, but the interventions of the United States and Iran prevented the goal of complete separation from Baghdad from being achieved.

A legal adviser at the Iraqi Oil Ministry familiar with discussions with Iraqi Kurdistan said Baghdad wanted to manage oil exports through its state oil marketing company (SOMO) and wanted oil sales revenues to be deposited in a separate bank account.

And the consultant conveyed previous proposals that the account be under the control of the regional government and supervised by Baghdad, and that it fulfills multiple purposes, including debt repayment.

"We (the central government in Baghdad) are not ready to pay billions of dollars in debt for deals that we were not aware of or that we are not a party to," the adviser said.

Another official in the Iraqi Oil Ministry said that no progress had been made so far on the debt issue.

Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), exports the lion's share of its oil from ports in the south of the country on the Gulf.

https://economy-news.net/content.php?id=33238

Oil Prices Are Down Slightly

Economy| 09:16 - 03/31/2023 Baghdad - Mawazine News Oil prices fell slightly in Asian trading in the morning, as uncertainty regarding US economic data issued today, Friday, clouded the high sentiment about Chinese demand and possible disruptions in Middle East supplies.

By 04:15 GMT, Brent crude futures fell 19 cents, or 0.24%, to $79.08 a barrel. It had risen about 6% this week.

Markets are now awaiting spending and inflation data in the United States, which will be released on Friday, and its impact on the value of the dollar.

"The market may maintain its bullish trend if US personal consumption expenditures today provide positive signals to markets that US inflation is expected to decline further," said Tina Ting, an analyst at CMC Markets in Auckland.

"The disappointing data may raise concerns about Federal Reserve policy again and limit recent gains," she added.

Prices rose this week on optimism about the economic recovery in China.

China's manufacturing activity grew in March at a slower pace compared to a record increase in February, but still exceeded economists' forecasts in a Reuters poll.

China's industrial activity has become a major price determinant in the past few weeks after anti-coronavirus restrictions were lifted, amid weak global demand.

Oil prices are heading for gains for the second week in a row after the biggest bank failure since the 2008 financial crisis unnerved traders and roiled markets. Fears of a global banking crisis eased after two banks were bailed out in the United States and Europe.

Prices rose more than 1% yesterday, Thursday, thanks to the decline in US crude stocks and the suspension of exports from the Kurdistan region of Iraq, which relieved pressure resulting from a less than expected decline in Russian supplies.

Producers have closed or reduced production at a number of oil fields in the semi-autonomous Kurdistan region in northern Iraq after the northern export pipeline stopped. More outages are expected in the future.

And the US Energy Information Administration said that crude stocks in the United States fell unexpectedly in the week ending March 24, recording the lowest level in two years.

https://www.mawazin.net/Details.aspx?jimare=223304

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

https://www.bondladyscorner.com/

Dinar Recaps 20 3/31/23 Dinar Recaps 20 3/31/23

"Tidbits From TNT" Friday Morning 3-31-2023

TNT:

Tishwash: Parliamentary demands to quickly include the 2023 budget on the agenda: delaying it paralyzes the economic sectors

A member of the Parliamentary Oil, Gas and Natural Resources Committee, Zainab Al-Moussawi, called today, Thursday, for the Presidency of the House of Representatives to include the budget law for the year 2023 on the agenda in the upcoming sessions.

Al-Moussawi said, in a statement to the Iraqi News Agency (INA), that "disrupting the approval of the federal financial budget for the year 2023 completely paralyzes the economic sectors in the country, in addition to the direct and broad impact on the lives of citizens, in light of the dependence of thousands of workers on investment projects related to the budget."

Al-Moussawi called for "the need to include the financial budget law for the year 2023 on the agenda of the House of Representatives for the upcoming sessions, in order to approve it."

TNT:

Tishwash: Parliamentary demands to quickly include the 2023 budget on the agenda: delaying it paralyzes the economic sectors

Al-Moussawi indicated that "the financial budget represents the main tool for achieving the state's general policies, whether economic, social or service, and it is a presentation of the government's plans and annual programs that it prepares in response to challenges."
The Council of Ministers had referred the draft federal budget law to the House of Representatives. link

CandyKisses: What did the Foreign Minister discuss with the Russian ambassador to Iraq?

Baghdad, Iraq Today:

Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein received the Russian Ambassador to Iraq, Mr. Elbrus Kotrachev.

During the meeting, they discussed bilateral relations between the two countries and ways to enhance prospects for cooperation in all fields to serve the mutual interests of the two peoples and countries.

They also discussed developments in the region of common interest, where the importance of reducing tensions and relying on dialogue in resolving outstanding issues in order to establish peace in the region was stressed, and Minister Çavuşoğlu stressed the importance of reaching understandings and settlements on the issue of the Russian-Ukrainian war and avoiding its continuation because its repercussions affect global security in general and food and energy security in particular.

They also discussed the issue of Iraqi refugee migrants at the Polish-Belarusian border, and the minister stressed that the Iraqi government has taken actual steps for the return of citizens wishing to return to Iraq.

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Tishwash: The Kurdish Movement for Change reveals the main points of disagreement between Baghdad and Erbil regarding the oil and gas law

A member of the Kurdistan Parliament for the Movement for Change, Dilir Abdul Khaleq, revealed the points of agreement and disagreement in the oil negotiations between Baghdad and Erbil.

Abdul Khaleq said in a statement that, according to my follow-up, the discussions between the delegations of the Kurdistan Regional Government and the federal government, after the issuance of the decision of the Paris Arbitral Tribunal, are as follows:

1. Iraq and the Kurdistan Region export 500 thousand barrels of oil through the Turkish port of Ceyhan, of which 400 thousand barrels belong for the Kurdistan region and 100,000 barrels for Kirkuk.

2. The process of exporting oil through the port of Ceyhan must be resumed as soon as possible, which is necessary for the province as it is necessary for the federal government.

3. Early next week, the federal budget bill will be submitted to the House of Representatives. It is clear that delivering the value of (500) thousand barrels is part of the federal budget bill for the years (2023, 2024, 2025).

4- Before the decision of the Paris Arbitration Court, the two sides agreed on a mechanism for the joint management of oil, but after the decision, the level of the federal government's demands increased, as follows:

a. Oil sales must be returned to SOMO.

B. Instead of the term "management," the Federal Ministry of Oil should "oversee" the process.

Q: The federal government cannot afford corporate debt of more than $4 billion.

D - the position of Deputy Ministry of Natural Resources / for the Kurdistan Regional Government will be the share of the federal government.

C - Oil must be exported and the Ministry of Oil has its own mechanism for this process.

In response, the KRG delegation insisted on the following points:

2. As mentioned in the State Administration Agreement, oil money should be deposited in a bank account under the supervision and audit of the federal government and only the KRG should have the right to spend it.

3. Appointment of a deputy director of SOMO from the Kurdistan region.

4. The oil and gas law must be enacted as soon as possible, so that the rights of the Kurdistan region in managing the energy sector are established, so that the two governments jointly manage the region's oil.” He concluded by saying, “The result of these discussions; The two sides agree on the necessity of re-exporting, but they differ on the export mechanism and means of sale. link

Mot: .... Earls My Kind of Guy!! ~~~

Mot: .... As Ya become More Seasoned and When ~~

DINARRECAPS8 3/31/23 DINARRECAPS8 3/31/23

Friday Morning Iraq Economic News Highlights 3-31-23

The Central Bank Announces "Liberating The Dollar From Restrictions": The Difference Between The Official And Parallel Rates Will Disappear

Baghdad - IQ Deputy Governor of the Central Bank Ammar Hamad said, on Thursday, that the difference between the official exchange rate of the dollar against the dinar, and the parallel rate in the markets will gradually disappear. Hamad said, in statements to state television, followed by IQ NEWS, that "the Central Bank has liberated restrictions on sales, and it can sell any amount of dollars as long as there is a real demand for it."

Friday Morning Iraq Economic News Highlights 3-31-23

The Central Bank Announces "Liberating The Dollar From Restrictions": The Difference Between The Official And Parallel Rates Will Disappear

"The difference between the official and parallel exchange rates for the dollar will gradually disappear," he added. And the Deputy Governor of the Central Bank continued that the number of governmental and private banks exceeds 70 banks, and the Central Bank is "very good at sorting out good and not so good banks." https://www.iqiraq.news/economy/48401--.htm

The Central Bank Of Iraq Identifies The Reasons For The Gradual Decline In The Dollar Exchange Rate

Economy 10:36 - 2023-03-31 The Central Bank of Iraq identified the reasons for the gradual decline in the dollar exchange rate recently, while noting that the difference between the official and parallel exchange rates will gradually disappear.

The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said, "The central bank has taken several measures to reduce the price of the dollar, especially through the three packages that it launched at the beginning of this year, which were sufficient to address the high exchange rate in the parallel market."

Al-Azm Calls On The Presidency Of Parliament To Expedite The Transfer Of The Budget To The Finance Committee

Policy |Today, 01:22 Baghdad today - Baghdad On Friday, the Azm Alliance called on the First Deputy Speaker of the House of Representatives to expedite the transfer of the budget from the Presidency of Parliament to the Finance Committee in the House. LINK

An American Perception.. The Budget Agreement Is Invalid After 2023, And The Solution Is To Establish "Skomo"

2023-03-30 10:58 Shafaq News/ An American report identified the issues that still need negotiations and settlement between the Kurdistan Region and the federal government in Baghdad, regarding the 2023 budget, considering that the government's approval of the current draft budget does not definitively answer many questions.

After a year-long process full of bickering to form the government after the 2021 parliamentary elections, the country remained without a budget in 2022, and expenditures were limited to paying salaries and pensions.

A report by the American "Washington Institute" for research, translated by Shafak News Agency, stated that during the past years, debates over allocations and deductions were mixed with broader questions related to the principle of federalism: Does the region have the legal authority to explore for and market oil? And what should be the per capita share of non-sovereign spending in the absence of an official population census? What percentage of the budget should be allocated to non-sovereign expenditures?

And the American report considered, “Each faction of Iraq has its own and strong motives to pass the current year’s budget as soon as possible,” noting that “investments are still frozen at a time when oil prices are high, and federal reserves have accumulated to currently record a huge level of 115 billion.” dollars, given that the 2022 budget was not approved.

Baghdad Pragmatism

The report stated, "All factions are now eager to benefit from the resulting budget, which will be larger than usual, and which is expected to include $152 billion in spending, or a full 50% of the 2021 budget. Therefore, allocating a share for the Kurds is within everyone's reach." year, and the KRI's spending needs can be met (albeit barely) without focusing on other beneficiaries.

The report pointed out that there are issues that still require negotiation, and in practice, many decisions must still be taken, as one of the most important outstanding issues is the marketing of the quantities of oil produced by the region, amounting to 400 thousand barrels per day, and the method of managing the revenues generated.

He believed that Baghdad had, in the past, drawn up overly complex schemes for the region to force it to hand over all or part of its oil exports to the federal authorities in the port of Ceyhan on the Turkish coast, where the pipeline route between Iraq and Turkey ends.

And the American report pointed out, “This time it seems that Baghdad will suffice with adopting a more pragmatic approach, as according to the provisions of the current budget draft, the region will market its oil and deposit the revenues in a bank account that federal officials can monitor, and after that, Baghdad will deduct that amount from its monthly allocations.” to the region, with the transfer of any surplus funds owed to the Kurds.

However, the effect of this arrangement will be valid for only one year, and perhaps only half a year in practice, given that finalizing the budget may take a few more months, and therefore a more sustainable system cannot be imposed before Iraq passes a federal oil and gas law, and perhaps a law sharing revenues as well,” according to the American report.

Oil Deal

The report believes that only through a legal settlement at this level may be sufficient to reconsider the decision of the Federal Supreme Court issued in February 2022, which ruled the unconstitutionality of the region’s oil exports, otherwise the oil and gas law approved by the regional government in 2007 and related investment contracts will remain unconstitutional. legitimacy.

In addition, the report considered that Baghdad, the regional government and other oil-producing provinces must agree on a few other matters if they hope to facilitate further progress on these issues after the 2023 budget agreement, including "sharing revenues according to a fixed equation."

Founding of "Skomo"

In addition to determining the region's per capita share of non-sovereign expenditures, Baghdad must resolve the controversy over sovereign and non-sovereign expenditures, and therefore it must determine the size of the "candy cake" from which the region will receive a piece, according to the "Washington Institute" report.

The American report believed that this measure must be taken so that a similar agreement does not arouse resentment among non-Kurdish voter bases. It is better for the government to include compensatory incentives in the projects of the executive ministry in oil-rich southern Iraq for the years 2023 and 2024.

The Washington Institute urged, according to its report, to "introduce gradual changes to oil marketing," adding, "The region must market its oil to pay off debts owed to merchants amounting to $3.5 billion, as it seems that Baghdad is unwilling to bear these arrears." ".

He stated, "After paying off these debts, it is possible to reach an arrangement for joint oil marketing, similar to the implementation of the proposal that is repeatedly put forward regarding the establishment of the Iraqi and Kurdish Oil Marketing Company (Skomo)."

The American report warned that "any change in international contracts (almost all of which are codified in the English law for arbitration in foreign courts) may lead to many lawsuits that would harm Iraq's level of friendship with investors."

Therefore, the report stressed the need for "any new oil and gas law to exclude the provisions of the current contracts signed under the (Kurdistan Oil and Gas Law of 2007)".

He added, "If the proposed Kurdish regional oil company is established as a joint venture between the federal and Kurdish ministries of oil, it should be given full local authority to approve annual plans and budgets for field development."

Kurdistan reforms

In addition, the American report stressed the need to "undertake economic reforms in the region, despite the large share allocated to Kurdistan from the huge national budget, the region will hardly be able to establish a balance in its regional budget for this year."

And he believed that "the situation is likely to be better in the coming years, so the regional government should prepare by carrying out economic reforms such as reducing subsidies, increasing efficiencies, and transferring public sector employees to the private sector."

On the political level, the report said, "The credit goes to international actors, led by the United States, for resolving the issue after urging the main parties in the Kurdistan Region to show greater flexibility on local Kurdish issues and greater unity in their dealings with Baghdad."

The American Institute concluded the report by stressing the need to continue these efforts with the same intensity until the oil and gas law is ratified. Inaction now may quickly lead to a renewal of the dispute between the Kurds, which may eliminate the possibility of signing a historic agreement.

Translation: Shafak News Agency LINK

Parliamentary Committee: Obstructing The Approval Of The Budget Completely Paralyzes The Economic Sectors In The Country

Political | 10:40 - 31/03/2023 Baghdad - Mawazine News, a member of the Parliamentary Oil, Gas and Natural Resources Committee, Zainab Al-Moussawi, called on the Presidency of the House of Representatives to include the budget law for the year 2023 on the agenda in the upcoming sessions.

Al-Moussawi said, in an interview reported by her media, that "disrupting the approval of the federal financial budget for the year 2023 completely paralyzes the economic sectors in the country, in addition to the direct and broad impact on the lives of citizens, in light of the dependence of thousands of workers on investment projects related to the budget."

Al-Moussawi called for "the need to include the financial budget law for the year 2023 on the agenda of the House of Representatives for the upcoming sessions, in order to approve it."

Al-Moussawi indicated, "The financial budget represents the main tool for achieving the state's general policies, whether economic, social or service, and it is a presentation of the government's plans and annual programs that it prepares in response to challenges."

https://www.mawazin.net/Details.aspx?jimare=223323

The Dollar Is Heading To Record The Second Quarterly Loss In A Row

Time: 03/31/2023 09:52:54 Read: 1,209 times {Economic: Al Furat News} The dollar is heading towards recording the second quarterly loss in a row, today, Friday, while investors believe that US interest rates are close to their peak.

It seems that the modest support resulting from the demand for safe havens in mid-March is about to expire, after concerns about the banking sector rocked global markets.

The dollar index fell 1.3% during the first quarter of the year, while the euro rose 0.5% overnight after data on inflation in Germany reinforced expectations of further rate hikes in the euro zone.

The euro recorded in the latest trading in Asia a slight rise to $ 1.0, and the dollar rose 0.2% against the yen to 133 yen, while Societe Generale analysts expected that the dollar would remain restricted to a limited range until the impact becomes more evident, but if the US interest rate expectations continue to be re-evaluated, There will be more backtracking.

The New Zealand dollar recorded its highest level in nearly two weeks at $0.6, and declined by about 1% during the first quarter of the year, while the Australian dollar rose 0.2% to $0.6, which is also down by about 1.3% during the quarter.

Eurozone inflation and core personal consumption expenditures in the US are due later in the day. LINK

Parliamentary Calls To Expedite The Inclusion Of The 2023 Budget On The Parliament's Agenda

Iraq 2023-03-31 A member of the Parliamentary Oil, Gas and Natural Resources Committee, Zainab al-Moussawi, called on the Presidency of the House of Representatives to include the budget law for the year 2023 on the agenda in the upcoming sessions. Direct and broad impact on the lives of citizens, in light of the dependence of thousands of workers on investment projects linked to the budget.

Al-Moussawi called for "the need to include the financial budget law for the year 2023 on the agenda of the House of Representatives for the upcoming sessions, in order to approve it."

The Council of Ministers had referred the draft federal budget law to the House of Representatives.

https://kirkuktv.net/AR/Details/14249

Parliament Decision: Parliamentary Finance Will Receive The Budget Early Next Week And Approve It Within A Month

Time: 03/31/2023 11:22:21 Read: 1,066 times {Politics: Al-Furat News} The Rapporteur of the House of Representatives, Representative Gharib Askar Al-Turkmani, announced the arrival of the draft financial budget law to the Parliamentary Finance Committee early next week.

Al-Turkmani told Al-Furat News agency that: "The final committee will discuss the budget and make some amendments to it, after which it will be discussed in the parliament."

He added, "The approval of the budget law in parliament may take a period of one to two months."

And the House of Representatives announced, on March 16, that it had received the draft budget law.

It is noteworthy that the Council of Ministers approved, in its meeting on March 13, 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." Raghad Daham LINK

DINARRECAPS8 3/30/23 DINARRECAPS8 3/30/23

Iraqi News Highlights Thursday Evening 3-30-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Announces The Imminent Issuance Of A Decision Regarding The Possibility Of Printing A Denomination Of 20 Thousand Dinars

Economy Yesterday, 11:21 Baghdad - Conscious - Muhammad Al-Talebi Today, Wednesday, the Central Bank expected a decrease in the difference between the official and parallel exchange rates during the coming period, and while it indicated the imminent issuance of a decision regarding the possibility of printing a denomination of 20,000 dinars, it clarified its procedures for monitoring commercial banks.

Iraqi News Highlights Thursday Evening 3-30-23

Tlm724 Administrator Bondlady’s Corner

The Central Bank Announces The Imminent Issuance Of A Decision Regarding The Possibility Of Printing A Denomination Of 20 Thousand Dinars

The assistant general manager of the investment department in the bank, Muhammad Yunus, told the Iraqi News Agency (INA):

“The packages and procedures of the Central Bank of Iraq contributed to limiting the continuous rise in the dollar exchange rate,”

expecting “a decrease in the difference between the official and parallel exchange rates in the coming period from During the first, second and third packages of the Central Bank, as well as the government's continuous support. Younes continued,

"The Central Bank is in continuous updating of all procedures, and

every step that is launched is viewed and measured, and the extent of its response and impact on the market, and what are its pros and cons, if any."

Regarding printing new cash categories, Younis indicated that

"the Central Bank is amending and updating currency notes in response to market requests and developments and limiting counterfeiting," noting that

"the Department of Issuance and Treasurys is working to study the possibility of printing a cash category of 20 thousand dinars, and in the coming days it will take The decision to print or not to print.

Regarding the central bank building, he stressed that "work is in full swing and 24 hours to complete it."

On the other hand, he pointed out,

"The Banking and Credit Control Department monitors commercial banks, and there are field and office inspection teams that are responsible for monitoring the work and performance of banks." And he stressed,

"The doors and phones of the Central Bank are open to any complaint submitted by the citizen to the banks or one of the financial institutions or merchants, and the complaint is met and urgent action is taken in its regard." https://www.ina.iq/181644--20-.html

The Council For The Anti -Money Laundering And Terrorism Council Holds Its Regular Monthly Session For 2023

March 29, 2023 The Council for the Anti -Money Laundering and Terrorism Council held its normal monthly session today, Wednesday, March 29, 2023, headed by the President of the Council (Governor of the Central Bank of Iraq) and all members of the council from the ministries and not related to the Ministry, and the laws of law.

The Council hosted the Deputy Prosecutor in the Supreme Judicial Council, along with Al -Karkh, to discuss the regulations for declaring funds when they were entered and removed through the Iraqi border ports, with the aim of making the necessary amendments to these controls.

The Council also discussed the developments taking place in the Real Estate Registration Department in the Ministry of Justice by adopting the provisions of due care controls to combat money laundering and terrorist financing, including conducting transactions through the banking system, and other procedures.

The Council was briefed on the steps for preparing for the mutual evaluation of the Republic of Iraq to be held next August, and made a number of decisions in this regard, for the sake of Iraq governorate on its advanced position in the control procedures that resulted in its exit from the gray region in the international classification in 2018.

The Central Bank of Iraq information Office 29/23/29 https://cbi.iq/news/view/2293

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

https://www.bondladyscorner.com/

DINARRECAPS8 3/30/23 DINARRECAPS8 3/30/23

Iraqi News Highlights Thursday Afternoon 3-30-23

Tlm724 Administrator Bondlady’s Corner

The Minister Of Planning Is Discussing With The Regional Director Of The International Monetary Fund The Mechanisms For Achieving Economic And Financial Reforms In Iraq

Thursday 30 March 2023 11:55 | Economical Number of readings: 455 Baghdad / NINA / - The Deputy Prime Minister, Minister of Planning, Muhammad Ali Tamim, discussed with the Regional Director of the International Monetary Fund, Ghazi Al-Shubaikat, the mechanisms for achieving economic and financial reforms in Iraq.

Iraqi News Highlights Thursday Afternoon 3-30-23

Tlm724 Administrator Bondlady’s Corner

The Minister Of Planning Is Discussing With The Regional Director Of The International Monetary Fund The Mechanisms For Achieving Economic And Financial Reforms In Iraq

And the Ministry of Planning stated in a statement, "During the meeting, which was attended by the head of the Central Statistical Organization, Diaa Awad Kazem, they discussed a number of files related to the fund's work in Iraq, and ways to enhance joint cooperation between the two sides."

The statement added, "The presentation touched on the economic and financial reform file, and the possibility of benefiting from the capabilities and expertise of the International Monetary Fund in supporting the Iraqi government's efforts in this field, especially with regard to preparing medium-term budgets, automating the banking sector, and working to achieve economic diversification."

For his part, Al-Shabikat expressed "the fund's readiness to provide possible support to Iraq in many fields, whether related to economic and financial aspects, or statistical."/ End To

https://ninanews.com/Website/News/Details?key=1043624

Iraq And The International Monetary Fund Are Discussing Cooperation In Achieving Stability In The Iraqi Economy

Political | 05:15 - 03/30/2023 Iraq and the International Monetary Fund are discussing cooperation in achieving stability in the Iraqi economy https://www.mawazin.net/Details.aspx?jimare=223261

Al-Sudani Discusses With The Resident Representative Of The International Monetary Fund The Financial And Administrative Reforms Adopted By The Government

Thursday 30 March 2023 17:17 | political Number of readings: 79 Baghdad / NINA / - The Prime Minister, Muhammad Shia'a Al-Sudani, discussed with the Resident Representative of the International Monetary Fund in Iraq, Ghazi Shbeikat, the importance of the financial and administrative reforms adopted by the government.

A statement by his media office stated that Al-Sudani met with Shbeikat today, Thursday, and during the meeting they discussed Iraq's relationship with the International Monetary Fund, and cooperation in the field of supporting financial policies and plans, in a way that contributes to achieving the stability of the Iraqi economy. According to the statement, the meeting witnessed a discussion of the importance of financial reforms and administrative measures adopted by the government, and supporting its efforts to combat corruption./End 2 https://ninanews.com/Website/News/Details?key=1043696

The Central Bank Talks About The "Signs" Of Its Measures: The Dollar Began To Decline Against The Dinar

Economy News – Baghdad On Thursday, the Central Bank of Iraq identified four measures to support the strength of the Iraqi dinar, while confirming that its packages met most of the market's requests and contributed to the decline of the dollar.

And the assistant general manager of the investment department in the bank, Muhammad Yunus, said, “The central bank has taken a group of packages to support the process of the strength of the Iraqi dinar, and to enhance external transfer, financing trade, study, and others,” noting that “the signs of these packages on the strength of the Iraqi dinar began to appear today.”

Younes added, "The dollar began to decline continuously against the dinar as a result of these packages that met most of the Iraqi market's requests," noting that "this contributed to reducing the difference between the official and parallel exchange rate."

And he indicated, "Iraq is an importer of everything, and therefore the large volume of its demand for the dollar sometimes makes it strong against the dinar," noting that "the central bank's actions are supported by the decisions of the Prime Minister and the Council of Ministers."

And he stressed, "The need for all efforts to come together to support the strength of the dinar through measures represented first by supporting the local product, secondly by reducing import operations, third by controlling markets, and fourth by controlling border crossings," noting that "most markets have started dealing in the Iraqi dinar, and this will contribute to its support."

He pointed out that "some departments faced a problem because their contracts are in dollars, but the Council of Ministers and the Central Bank began to solve these problems," stressing that "Iraq has more than 130 tons of gold," according to the official agency. https://economy-news.net/content.php?id=33218

Central Bank: We Have Taken A Set Of Packages To Support The Strength Of The Dinar, And Its Signs Began To Appear Today

Economy| 11:07 - 30/03/2023 Baghdad - Mawazine News , on Thursday, the Central Bank of Iraq identified four measures to support the strength of the Iraqi dinar, while confirming that its packages met most of the market's demands and contributed to the decline of the dollar.

And he indicated, "Iraq is an importer of everything, and therefore the large volume of its demand for the dollar sometimes makes it strong against the dinar," pointing out that "

https://www.mawazin.net/Details.aspx?jimare=223230

The Decline Of The Dollar In Baghdad With The Closing Of The Stock Market

Thursday, March 30, 2023 4:55 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 this evening at an exchange rate of 151,800 dinars against 100 dollars, while the prices this morning were 153,000.”

He added, "The buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 152,500 dinars, while the purchase prices amounted to 151,000 dinars per 100 dollars." https://nnciraq.com/196849/

Over $238 Million Central Bank Sales At Auction Today

Economy| 11:48 - 03/30/2023 Baghdad - Mawazine News Central Bank sales of foreign currency increased in an auction today, Thursday, to record more than 238 million dollars. https://www.mawazin.net/Details.aspx?jimare=223232

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

https://www.bondladyscorner.com/

DINARRECAPS8 3/30/23 DINARRECAPS8 3/30/23

Thursday Morning Iraq Economic News Highlights 3-30-23

Al-Saadi: Oil Revenues Will Not Cover The Size Of The Budget, Especially The Investment

Today 08:44 Information / Baghdad.. The specialist in economic affairs, Muhammad Attia Al-Saadi, explained that the oil revenues will not be sufficient to cover the budget expenditures, especially the investment ones, as the government ventured with these sums.

Al-Saadi told Al-Maalouma, "The size of the investment budget prepared by the government in the general budget represents an adventure that may make investment projects ink on paper in the event of a drop in oil prices."

Thursday Morning Iraq Economic News Highlights 3-30-23

Al-Saadi: Oil Revenues Will Not Cover The Size Of The Budget, Especially The Investment

He added, "The operational budget carries with it large and explosive numbers of employee salary allocations," noting that "all oil revenues and other revenues do not cover the size of that operational budget."

Al-Saadi warned of the consequences of low oil prices and its impact on the government program in completing projects and addressing poverty. It happens in all countries of the world LINK

The Dollar Opened At A New Low In The Iraqi Stock Exchange Today

2023.03.30 - 10:27 Baghdad - Nas “NAS” publishes the exchange rates of the dollar on the Iraqi Stock Exchange, for this reason on Thursday, (March 30, 2023), according to the monitoring of specialists.

"Nass" channel on Telegram.. our latest updates

Baghdad - Stock Exchange: 153,300

Price in exchange: 152,750 153,750

The exchange rates yesterday morning on the Iraqi Stock Exchange were as follows:

Baghdad Stock Exchange: 154,250

Basra Stock Exchange: 154,500

Erbil Stock Exchange: 154,600

https://www.nasnews.com/view.php?cat=104739

An Economic Center Warns Of Government Decisions To Raise Fuel Prices Within The 2023 Budget

Thursday 30 March 2023 11:06 | Economical Number of readings: 274 Baghdad / NINA / - The Iraqi Political and Economic Center warned of the repercussions of imposing taxes and fees on the prices of gasoline, kerosene and refinery products within the 2023 budget, indicating that people with limited income will be the biggest losers.

There are indications that the 2023 draft budget will include a fee of 5% on the quantities of gasoline and kerosene sold to citizens, and the imposition of a 5% tax on the products of Iraqi refineries and 15% on the value of what is sold imported derivatives," said the center's director, Wissam Hammal Al-Helou, in a statement.

He added, “These taxes, through which it is intended to add 450 billion dinars to the state treasury, will add additional costs that burden the citizens and will cause an economic downturn in the country that is paid for by the private sector due to the dependence of the majority of laboratories and factories on oil derivatives, not to mention the increase in transportation for citizens, especially those with limited income costs. who depend on private transportation.”

Al-Helou pointed out that "Iraq consumes between 28-30 million liters per day of fuel, and a high amount of it is imported, and imposing a rate of 15% on each liter consumed will mean a general rise in prices ranging between 15 -20% over the current prices, to add a new burden on citizens who suffer. Among the burdens of high prices due to the greed of some merchants with the advent of the month of Ramadan, as well as the high cost of foodstuffs caused by the Russian-Ukrainian war, which affected Iraq.

And he warned that "adding such price ratios to fuel will further complicate the economic situation, with fluctuations in the exchange rate and the government's inability to control it, and the impact of this on production costs and imported materials, which clearly raised prices in the Market, which reduced the value of the Iraqi dinar, which needs deliberate decisions to return to its previous recovery. against the dollar.

Al-Helou pointed out that "the government is called upon to study its plans again and not be drawn into solutions that do not match the rentier Iraqi economy, in which spending on salaries provides liquidity in the market in light of the continuous ability to find a private sector capable of providing resources that provides additional income for citizens that increases their purchasing power as well as It enables the state to seek the help of a major partner that supports its economy.

And he stressed that “the government should consider, before issuing any decision, its repercussions on people with limited incomes, and not implement plans that target groups that it considers to have high purchasing power, while previous experiences confirm that the poor citizen is the biggest.” loser." LINK

The Markets Of Baghdad And Kurdistan Are Closing Down At Dollar Prices

Today, Wednesday, the exchange rates of the US dollar fell against the Iraqi dinar, with the closure of the main stock exchange in Baghdad and Erbil.

An informed source said that the central Kifah Stock Exchange in Baghdad closed this evening at an exchange rate of 153,000 dinars for every 100 dollars, while the prices this morning were 154,200 dinars.

The source indicated that the buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 154,000 dinars, while the purchase price reached 152,000 dinars for every 100 dollars.

In Erbil, the dollar also recorded a decrease, as the selling price reached 153,500 dinars, and the purchase price was 152,500 dinars, compared to 100 dollars. https://takadum-news.com/archives/156886

Deputy For The Framework: Parliamentary Agreement To Return The Budget To The Government

Policy |Yesterday, 22:12 Baghdad today – Baghdad The representative of the coordination framework, Intisar al-Mousawi, revealed the existence of a parliamentary agreement to return the financial budget for the current year 2023 to the government and not to proceed with its reading.

Al-Moussawi told (Baghdad Today) that: "The government cannot exclude the parliament's work. It is not correct to legislate the budget law for three years and keep the parliament without clear work because the budget is one of its most important annual works."

She added, "The budget will return to the government because it has some shortcomings, and we will wait for it to be returned to parliament as an annual budget."

It is noteworthy that the Council of Ministers, on March 13, approved the draft federal budget law for the years 2023-2024-2025 at once and referred it to the House of Representatives for passage, in a precedent that is the first of its kind in the country’s history.

On the 16th of this month, the House of Representatives received the draft budget law.

Prime Minister Muhammad Shia’a al-Sudani justified the approval of three financial budgets at once, contrary to what is customary, that it was in order to “support financial stability,” adding that the one-year budget approached 198 trillion dinars (140 billion dollars, given that the price of the dollar is 1320 dinars). , and it will iterate based on the variables.

According to Al-Sudani, the total revenues of the financial budget for one year amounted to more than 134 trillion dinars, of which 117 trillion dinars were made from oil revenues, while the largest budget deficit in the country’s history amounted to 63 trillion dinars. LINK

Parliamentary Finance Reveals The Reasons For The Delay In Reading The 2023 Budget

Economy |Today, 10:18 Baghdad today – Baghdad Today, Thursday, the Parliamentary Finance Committee revealed the reason for the delay in discussing the draft financial budget law in previous parliament sessions.

Committee member Mustafa Al-Karawi told (Baghdad Today) that "the House of Representatives was preoccupied during the previous sessions with the election law, especially the disputes over it, and some sessions were without a quorum due to disputes over the law, and for this reason the budget law was not put forward for discussion and first reading."

Al-Karawi said, "The Presidency of the House of Representatives will set a session during the next week, with the aim of discussing the budget law."

He stressed that "the parliament's vote on the budget needs time, as the law needs study, review, and lengthy discussions, and for this reason, its approval may be after Eid al-Fitr."

On March 16, 2023, Parliament received the draft federal budget law, after it was approved by the Council of Ministers on March 13.

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, while the deficit amounted to 63 trillion dinars. LINK

The Central Bank Of Iraq Sets Measures To Support The Dinar And Comments On The Drop In Exchange Rates Today

2023.03.30 - 11:10 Baghdad - people On Thursday, the Central Bank of Iraq identified four measures to support the strength of the Iraqi dinar, and while confirming that its packages met most of the market's requests and contributed to the decline of the dollar, it announced that it would address the problem of contracting in dollars for some departments.

"Nass" channel on Telegram.. our latest updates The assistant general manager of the investment department in the bank, Muhammad Yunus, said in a statement to the official agency, followed by “NAS”, (March 30, 2023), that “the central bank has taken a group of packages to support the process of strengthening the Iraqi dinar, enhancing external transfer, financing trade, study, and others,” indicating, “that” Signs of these firmnesses on the strength of the Iraqi dinar began to appear today.

Younis added, "The dollar began to decline continuously against the dinar as a result of these packages that met most of the Iraqi market's requests," noting that "this contributed to reducing the difference between the official and parallel exchange rate."

And that "Iraq is an importer of everything, and therefore the large volume of its demand for the dollar makes it sometimes strong against the dinar," noting that "the central bank's actions are supported by the decisions of the Prime Minister and the Council of Ministers."

And he stressed, "The need for all efforts to join forces to support the strength of the dinar through measures represented first by supporting the local product, secondly by reducing import operations, third by controlling markets, and fourth by controlling border crossings," noting that "most markets have started dealing in the Iraqi dinar, and this will contribute to its support."

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"Tidbits From TNT" Thursday Morning 3-30-2023

TNT:

CandyKisses: China, Brazil agree to abandon dollar in bilateral trade

BAGHDAD (Reuters) - The Brazilian government announced that it has reached an agreement with China to abandon the dollar and use their local currencies in their bilateral trade transactions.

The deal will allow China, the biggest rival of U.S. economic dominance, and Brazil, Latin America's largest economy, to make their massive trade deals directly and exchange the yuan for the rial and vice versa instead of relying on the dollar.

The Brazilian Agency for the Promotion of Trade and Investment (APEXBRSIL) said in a statement last night that there are expectations that this will reduce costs, further boost bilateral trade and facilitate investment.

China is Brazil's largest trading partner, with trade worth about $150 billion last year.

TNT:

CandyKisses: China, Brazil agree to abandon dollar in bilateral trade

BAGHDAD (Reuters) - The Brazilian government announced that it has reached an agreement with China to abandon the dollar and use their local currencies in their bilateral trade transactions.

China is Brazil's largest trading partner, with trade worth about $150 billion last year.

The agreement was announced at a high-level China-Brazil business forum in Beijing and follows a preliminary agreement in January.

Brazilian President Luiz Inácio Lula da Silva was due to attend the forum, but was forced to postpone his visit to China after suffering from pneumonia.

Officials said the Industrial and Commercial Bank of China and BPM Bank would carry out the transactions.

China has also abandoned dealing in dollars with Russia, Pakistan and several other countries.

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CandyKisses: IMF: Global economy to face another difficult year in 2023

Baghdad Today - Follow-up

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said the global economy faces another difficult year in 2023, due to the crisis in Ukraine and ongoing monetary tightening measures.

Georgieva said at the Boao Forum for Asia 2023 in China: "We expect 2023 to be another difficult year, as global growth eases below 3 percent, as a result of the repercussions of the conflict in Ukraine and continued monetary tightening measures."

The IMF chief added that a rapid transition from low to higher interest rates was necessary to fight inflation, but that this necessarily led to disruptions in the banking sector in some advanced economies, making policymaking difficult.

Trade integration has become a key component of strong economic growth for decades, but it is important to make supply chains safer and more diversified.

"Addressing these concerns requires a pragmatic approach – working together where it is most needed, for example, to revive international trade in a fair way and diversify supply chains based on economic logic," she said.

In this context, Georgieva called on States to stand in solidarity with those who need it most, and stressed the importance of protecting vulnerable individuals and providing them with targeted support

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Tishwash: The new salary scale law between processing and passing

So far, the General Secretariat of the Council of Ministers has not finished amending the new salary scale, while the Legislative House stresses the need to make adjustments with the current year's budget.

Until now, the salary scale law has not reached the legislative house, as it is still included in the General Secretariat ofCouncil of Ministers Specifically at the competent committees. On the other hand, Parliament intends to pass it with the budget in one basket.

The competent parliamentary committees say that the salary scale law is independent of the budget law, and this means that the ground is ready for its passage without any obstacles, as the weightings indicate that it will reach Parliament next week. link

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Tishwash: Central Bank: There are 4 measures to support the strength of the Iraqi dinar

Today, Thursday, the Central Bank of Iraq announced the identification of four measures to support the strength of the Iraqi dinar, stressing that its packages met most of the market’s requests and contributed to the decline of the dollar.

The assistant general manager of the investment department in the bank, Muhammad Yunus, said in a press statement followed by NRT Arabia, that "the central bank has taken a group of packages to support the process of the strength of the Iraqi dinar and to enhance external transfer and financing of trade, study and others," noting that "the signs of these packages on the strength of the dinar Al-Iraqi started showing up today

He explained, "Iraq is an importer of everything, and therefore the large volume of its demand for the dollar sometimes makes it strong against the dinar," noting that "the central bank's actions are supported by the decisions of the Prime Minister and the Council of Ministers."

Younes stressed, "The need for all efforts to come together to support the strength of the dinar through measures represented first by supporting the local product, second by reducing import operations, third by controlling markets, and fourth by controlling border crossings," explaining that "most markets have started dealing in the Iraqi dinar, and this will contribute to its support."

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Investors Association: Foreign Investors Are Now Selling Their Shares From Iraqi Companies

Market The head of the Investors Association, Alaa al-Moussawi, confirmed that foreign investors are now selling their shares of Iraqi companies on the stock exchange, to take advantage of the dollar price difference. Al-Moussawi told "Al-Iqtisad News" that "the reform package launched by the Central Bank allowed foreign investors to transfer their money after selling it from joint-stock companies, at the official price of 1320 dinars, which makes profits of 11%, in addition to changing the exchange rate, making the dinar stronger than before.

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Investors Association: Foreign Investors Are Now Selling Their Shares From Iraqi Companies

He added that the Iraqi Stock Exchange is currently witnessing reluctance by foreign and local investors, and the trend towards investing in forex and commodities such as gold, oil and others, which achieve good returns, especially since a number of banks have established platforms for trading in the shares of international companies, after they were prohibited in previous years.

Al-Moussawi pointed out that the quantities of stocks currently offered on the stock exchange do not match the large quantities of demand, which made the stocks continue to decline.

And he indicated that brokerage firms have established electronic trading platforms, and these will encourage young people to buy and sell without attending the market, pointing out that the drop in the price of the Baghdad invasive company's share is due to the sale of one of the foreign investors' shares.

https://economy-news.net/content.php?id=33194

The Central Bank Expects A Decrease In The Difference Between The Official And Parallel Exchange Rates In The Coming Period

Economy| 11:23 - 03/29/2023 Baghdad - Mawazine News The Central Bank expected, on Wednesday, a decrease in the difference between the official and parallel exchange rates during the coming period, while it pointed to the imminent issuance of a decision regarding the possibility of printing a denomination of 20 thousand dinars.

The assistant general manager of the investment department in the bank, Muhammad Mounir, said, "The packages and procedures of the Central Bank of Iraq contributed to limiting the continuous rise in the exchange rate of the dollar," expecting "a decrease in the difference between the official and parallel exchange rates in the coming period through the first, second and third packages of the Central Bank." In addition to the government's continued support.

Mounir added, "The Central Bank is in continuous updating of all procedures, and every step that is launched is reviewed and the extent of its response and impact on the market is measured and what are its pros and cons, if any," according to the official news agency.

Regarding printing new cash denominations, Mounir stated that "the Central Bank is amending and updating currency notes in response to market requests and developments and limiting counterfeiting," noting that "the Department of Issuance and Treasurys is working to study the possibility of printing a cash denomination of 20,000 dinars, and in the coming days it will take the decision to print it or not printed.” https://www.mawazin.net/Details.aspx?jimare=223143

Lawmakers: The Three-Year Budget Blocks The Path Of Corruption

The first 2023/03/29 Baghdad: Omar Abdul Latif Representatives believe that preparing a budget for the next three years will reduce the chances of looting and corruption from public money, while

an economist warned against adopting 2023 allocations in the 2024 and 2025 budgets, explaining that these allocations may go into the pockets of manipulators and corrupt people, he said.

Representative Abbas al-Jubouri said, in an interview with "Al-Sabah", that

"the three-year budget that the government sent to the House of Representatives is a financial plan for more than a year, according to what is designed by the Ministry of Finance and after the approval of the Council of Ministers," adding that

"the stages of budget formation are preparation, approval and implementation."". The deputy pointed out that

the budget "took a long period of time for a new government not more than four months ago, which is normal for a government with national expertise that walks between mines and surprises," noting that

the government's supporters consider it "a national achievement that is produced for the first time in Iraq, and indicates a state of stability." This gives a reassuring impression to others.” Al-Jubouri continued,

"The government is working to gain time for the coming years and not to waste useful time in discussions that are often repetitive every year." The deputy pointed out that the

opponents of this government "see that the three-year budget is a point in Al-Sudani's political balance due to its leadership and high audacity, and it is an early election propaganda for Al-Sudani and a method for rapid implementation," adding that

"the budget from the opponents' point of view gives Al-Sudani "surplus power" that enables him to Building a lot in the world of politics, money and power, and distancing the government from the House of Representatives and expelling it from the circle of partnership, monitoring and accounts, in light of the instability of the global and local market, the dollar exchange rate and oil prices, and these are all factors of concern. The deputy explained that

"the neutrals believe that the tripartite budget was adopted in many stable countries and was not a financial or political heresy, and

the objection to it falls within the political framework, not the economic or financial."

Economist Haitham Al-Husseini points out, "An error in understanding Article 4 second of Financial Management Law No. 6 of 2019 for preparing a medium-term budget."

Al-Husseini added in his interview with "Al-Sabah" that

"within the general framework, the purpose of preparing a medium-term budget may be to provide financial stability," adding that

"what is mentioned in the budget law in Article 65 is just a reference to approving the same allocations for the year 2023 for the two years that follow.". The expert stressed that

"preparing three separate budgets with an allocation for each fiscal year according to the actual need based on the final accounts of previous years is the right procedure," explaining that

"if the same previous allocations are approved, they may go into the pockets of the manipulators and the corrupt." https://alsabaah.iq/74232-.html

Social Protection Confirms The Return Of 17 Billion To The State Treasury

Tuesday, March 28, 2023 9:53 PM Baghdad / The National News Center The Social Protection Department of the Ministry of Labor and Social Affairs confirmed, today, Tuesday, that 17 billion dinars have been returned to the state treasury.

The Director General of the Social Protection Department, Abd al-Rahman al-Mansouri, said in a statement affiliated with the National News Center / that

“the Social Protection Authority revealed 28,500 salary transgressors between a retired and a contractor in one of the state departments,” pointing out that

“the transgressors are held accountable and the money they received is returned according to of the law.” He added,

"The Commission has returned more than 17 billion Iraqi dinars to the state treasury," noting that

"all the money that is recovered goes to the Social Protection Fund to include those who are eligible." He explained that

"the money is recovered from the transgressors by calculating all the salaries they previously received, and its recovery is divided into several months." And he continued,

“The first stage and the second stage of the audit were implemented for numbers 3 times more than the numbers of the first stage,” noting that

“the authority has methods to detect those who exceed social protection salaries.” He pointed out that

“the authority revealed a person who was receiving a social protection salary even though he owned a (garage) car,” noting that

“the number of violators may reach 100,000 violators of social protection salaries.” He stressed,

"The authority is continuing the field survey process, and the number of families it has reached so far has reached 600,000 families." https://nnciraq.com/196459/

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Finance Minister: Iraq Is Looking Forward To More Cooperation With The IMF

Economy| 03:41 - 03/29/2023 Baghdad - Mawazine News, Finance Minister Taif Sami Muhammad confirmed today, Wednesday, Iraq's aspiration for more cooperation with the IMF.

The Ministry of Finance said in a statement, which Mawazine News received, a copy of, that "The Minister of Finance, Taif Sami Muhammad, received today the Regional Director of the International Monetary Fund in Iraq, Ghazi Shbeikat," noting that "the meeting discussed a number of files related to the framework of joint cooperation between The two sides, most notably the provision of the necessary technical advice by the Fund to enhance financial reform plans, in addition to the involvement of international experts in the process of developing the performance of the banking sector and improving accounting systems and budget work.

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Finance Minister: Iraq Is Looking Forward To More Cooperation With The IMF

Economy| 03:41 - 03/29/2023 Baghdad - Mawazine News, Finance Minister Taif Sami Muhammad confirmed today, Wednesday, Iraq's aspiration for more cooperation with the IMF.

And the Minister of Finance confirmed that "Iraq is looking forward to more cooperation with the IMF, in support of the government's reform programs that it is implementing in the sectors of finance, economy, investment and sustainable development projects."

While Shbeikat expressed his optimism "that the Iraqi economy will witness an improvement in annual growth rates, and that this improvement will be reflected in supporting the rest of the development sectors." Ended 29/M99 https://www.mawazin.net/Details.aspx?jimare=223164

Finance Urges The Participation Of International Experts In The Process Of Developing The Performance Of The Banking Sector

Money and business Economy News / Baghdad Today, Wednesday, Finance Minister Taif Sami Muhammad confirmed Iraq's aspiration for more cooperation with the IMF.

The Ministry of Finance said in a statement, "The Minister of Finance, Taif Sami Muhammad, received today the Regional Director of the International Monetary Fund in Iraq, Ghazi Shbeikat," noting that "the meeting discussed a number of files related to the framework of joint cooperation between the two sides, most notably the provision of the necessary technical advice by The fund to promote financial reform plans, in addition to involving international experts in the process of developing the performance of the banking sector and improving accounting systems and budget work.

The President Of The Republic Stresses The Need To Expedite The Approval Of The Oil And Gas Law

The President of the Republic, Abdul Latif Jamal Rashid, stressed the need to expedite the approval of the oil and gas law, in a way that guarantees the Iraqis to enjoy their national wealth in fairness and equality.

A statement by the Presidency of the Republic stated, "The President of the Republic, Abdul Latif Jamal Rashid, received in Baghdad the Chairman of the Parliamentary Oil, Gas and Natural Resources Committee, Representative Haibat al-Halbousi, the first and second deputies of the committee chairman, and a number of committee members."

During the meeting, the President stressed the need to expedite the approval of the oil and gas law in a way that guarantees the Iraqis to enjoy their national wealth with justice and equality, and that it belongs to the people and future generations, indicating that the approval of the law is important in resolving outstanding issues between the federal government and the Kurdistan Regional Government.

The President touched on the necessity of supporting the oil industry, especially with regard to investment projects in the sectors of gas, oil exploration, and refining industries, and addressing the obstacles it encounters, stressing that it has priorities in the government program.

The President of the Republic stressed the need for good planning and management and following modern methods in implementing projects aimed at increasing and improving the level of oil production in the country, and working to find appropriate mechanisms to benefit from the gas wealth in the country and not waste it, and reduce dependence on imported oil derivatives.

The President of the Republic spoke about his participation in the United Nations Water Conference held in New York, and the realistic picture put forward by the Iraqi delegation about the dangers facing the country as a result of water scarcity, which has begun to affect the lives and livelihoods of citizens in general.

The President also stressed the importance of taking urgent measures to confront the water crisis and reduce the severity of these risks by finding innovative and sustainable relief solutions at the local, regional and international levels, stressing that he sensed, during his meetings with a number of leaders of the participating countries, solidarity and support for Iraq in the face of water scarcity and climate changes represented by desertification. And the drought that bears its burdens greatly.

In turn, the Chairman of the Parliamentary Oil, Gas and Natural Resources Committee affirmed the committee's interest in the president's directives, and work to invest the country's natural resources in the best way and in a way that achieves progress and well-being for our country and our people, calling for adopting the water file in order to find solutions to reduce its effects.

Al-Halbousi indicated that the committee has been working to endorse the oil and gas law that has been stalled in Parliament for years, pointing out that there is a desire among most blocs to legislate this law in a way that reflects positively on strengthening and developing the reality of the oil sector in Iraq.

https://www.radionawa.com/all-detail.aspx?jimare=33873

Dollar Exchange Rates In Today's Trading

Wednesday 29 March 2023 11:56 | Economical Number of readings: 321 Baghdad / NINA / - The exchange rates of the dollar against the dinar witnessed, today, Wednesday, a slight decrease in the exchange rates of the dollar in the local markets in all the country's governorates.

The buying and selling prices of dollar exchange in exchange shops in the local markets in all governorates of the country decreased slightly, as the selling price reached 154,750 dinars per 100 dollars, while the purchase prices reached 153,750 dinars per 100 dollars./ End 8 To receive more

https://ninanews.com/Website/News/Details?key=1043431

Central Bank Sales Are Down In The Currency Auction Today, Wednesday

Wednesday 29 March 2023 11:52 | Economical Number of readings: 268 Baghdad / NINA / - The Central Bank of Iraq's sales of foreign currency decreased, on Wednesday, recording 205 million dollars.

The results of the window for selling foreign currency came, according to what was announced by the Iraqi Central Bank:

The price of selling amounts of documentary credits and international settlements for electronic cards (1305) dinars per dollar. The price of selling remittances abroad is (1310) dinars per dollar. The cash selling price is (1310) dinars per dollar./ https://ninanews.com/Website/News/Details?key=1043433

The Tripartite Budget Will Support The Private Sector And Reduce Foreign Imports

Economist for / NINA /: Wednesday 29 March 2023 10:51 | Economical Number of readings: 313 Baghdad / NINA / - Economic expert, Malath Al-Amin, confirmed today, Wednesday, that the 2023 tripartite budget will contribute to supporting the private sector to implement productive projects and provide various types of consumer goods, which enhances the local economy and reduces imports.

Al-Amin said, in a statement to the National Iraqi News Agency ( NINA ), that "the total budget amounts to more than 197 trillion dinars (151.5 billion dollars), and more than 150 trillion dinars (115 billion dollars) were allocated for the operational budget, and the price of a barrel of oil was relied on at 70 dollars, with an export capacity of about 3.5 million barrels per day, including 400 thousand barrels per day through the Kurdistan region, and this budget will be repeated for a period of three years (2023, 2024 and 2025) within the government's plan to support financial stability.

He pointed out that "the budget law granted the provinces the right to rotate the amounts allocated to them, and the draft law of the Iraq Fund for Development was also included and allocating one trillion for it, which will be directed to the private sector and contribute to the implementation of eight thousand schools at once."

And the economist stressed, "This law gave privacy to the governorates in building and keeping the funds allocated to them in the event that they were not disbursed during the allotted time period, and this matter is done through legal financial control mechanisms and under the supervision of the Financial Supervision Bureau, so the surplus amounts from the governorate budget can be directed towards Investment projects such as the establishment of factories or production projects and the development of border crossings or tourist sites that contribute to the opening of new job opportunities and financial revenues for the governorate X, and so it works for other governorates by benefiting from its location and wealth in coordination with the central government, which will not hesitate to provide financial and logistical support for the success of investment projects.

Al-Amin continued, "The budget will contribute to supporting the private sector to implement productive projects and provide various types of consumer goods, which enhances the local economy and reduces imports, while creating a positive competitive atmosphere among the poles of national industries that lead to the improvement and development of the local product to enable it to compete with the importer."/ End https://ninanews.com/Website/News/Details?Key=1043403

The Stock Market Closed Higher By 0.15%.

Stock Market Economy News – Baghdad The Iraqi Stock Exchange closed, today, Wednesday, up by 0.15%. And stock exchange trading, the shares of 33 companies, of which 9 companies achieved profits and 11 achieved losses. The traded shares amounted to 421.4 million shares, at a value of 687.5 million dinars. The most traded companies in terms of shares were Sumer Commercial Bank, Baghdad Bank and Baghdad Soft Drinks. https://economy-news.net/content.php?id=33198

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