Iraqi News Highlights Tuesday Afternoon 4-4-23

Iraqi News Highlights Tuesday Afternoon 4-4-23

Tlm724 Administrator Bondlady’s Corner

The Decline In Dollar Prices In Baghdad With The Closing Of The Stock Exchange

Economy   Tuesday, April 4, 2023 4:37 PM  Baghdad / The National News Center  The exchange rates of the US dollar decreased against the Iraqi dinar, today, Tuesday, with the closure of the main stock exchange in Baghdad.

The correspondent of the National News Center said, “The central Kifah Stock Exchange in Baghdad closed at an exchange rate of 1,500 Iraqi dinars against 100 dollars, while the prices this morning were 1505 dinars against 100 dollars.”

He added, "The buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 150,500 Iraqi dinars, while the purchase price reached 149,500 dinars per 100 dollars."   https://nnciraq.com/197900/

Central Bank: We Expect A Further Decline In The Dollar Exchange Rates

Economy| 12:42 - 04/04/2023  Baghdad - Mawazine News  The Central Bank of Iraq confirmed today, Tuesday, that its measures contributed to reducing the exchange rates of the dollar, while it expected a further decline in its exchange rates.

Deputy Governor Ammar Hamad Khalaf told the official news agency, "The recent decline of the dollar was not born of an hour, but rather is due to previous measures, especially the procedural packages launched by the Central Bank and the response of the market, merchants and banks to the directives and instructions of the Central Bank, all of which helped to provide the dollar for the beneficiaries to the beneficiaries." .

Khalaf added, "The central bank sells more than 200 million dollars a day, all for real and organized purposes by the merchant and by the bank, and all of this helps in lowering the dollar exchange rate," expecting "a further decline in the future as long as there is a response by sectors and merchants." .

https://www.mawazin.net/Details.aspx?jimare=223679

Central Bank: We expect a further decline in the dollar exchange rates

Posted On2023-04-04 By Sotaliraq  The Central Bank of Iraq confirmed, today, Tuesday, that its measures contributed to reducing the exchange rates of the dollar, while it expected a further decline in its exchange rates.

Deputy Governor Ammar Hamad Khalaf said in a statement, "The recent decline in the dollar was not born of an hour, but rather is due to previous measures, especially the procedural packages launched by the Central Bank and the response of the market, merchants and banks to the directives and instructions of the Central Bank, and all of this helped to provide the dollar for the beneficiaries to the beneficiaries."

Khalaf added, "The central bank sells more than 200 million dollars a day, all of which are for real and organized purposes by the merchant and by the bank, and all of this helps in lowering the exchange rate of the dollar," expecting "a further decline in the future as long as there is a response by sectors and merchants." LINK

Ports Achieved The Highest Revenues In Its History During The Past Month

Economy  Tuesday, April 4, 2023 12:37 PM  Baghdad / National News Center  Today, Tuesday, the Ministry of Transport announced that the northern port of Umm Qasr in Basra Governorate achieved financial revenues amounting to (48) billion Iraqi dinars during the month of March of this year, which is the highest revenue in the history of the ports.

A statement by the ministry, received by the National News Center, stated that “the northern port of Umm Qasr achieved, for the first time, the highest revenue in the history of ports.”

The statement added, "The company's management is working to increase the volume of handling, which reflects positively on increasing the revenues generated for the state."

He pointed out, "The financial revenues for last March in the port amounted to more than (48) billion Iraqi dinars, and with the efforts of the company's employees in the northern port of Umm Qasr."

https://nnciraq.com/197811/

Oil Rises, And A Barrel Of Brent Exceeds $85

Economy| 08:50 - 04/04/2023   Follow-up - Mawazine News  Oil prices rose in Asian trading today, Tuesday, after the OPEC + decision to cut more production shook the markets on Monday, while investors' attention turned to the prospects for demand and the impact of high prices on the global economy.

Brent crude futures rose 41 cents, or 0.5 percent, to $85.34 a barrel by 0400 GMT. US West Texas Intermediate crude futures also rose 41 cents, or 0.5 percent, to $80.83 a barrel.

Both benchmarks jumped more than six percent on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, in what is known as the OPEC + alliance, shook the markets by announcing on Sunday plans to cut production targets by another 1.16 million barrels per day.   https://www.mawazin.net/Details.aspx?jimare=223664

Al-Sudani Announces The Agreement To Resume Exporting Kurdistan's Oil

political| 01:47 - 04/04/2023   Baghdad - Mawazine News, Prime Minister Muhammad Shia Al-Sudani announced today, Tuesday, the agreement to resume exporting Kurdistan region's oil.

Al-Sudani added, in a joint press conference with the Prime Minister of the Kurdistan Region, Masrour Barzani, that "the technical authorities must immediately implement the agreement with Erbil and find legal ways for this matter."

And he considered, "The agreement confirms the serious and sincere desire of the federal government and the Kurdistan government to confront all the problems and obstacles that were inherited years ago and were postponed, and we did not reach solutions."

And he indicated that "any delay in export clearly affects the total expected revenues in the 2023 budget, and therefore the deficit rate will increase, and this matter has great harm to all Iraqis. As for the direct implementation of this agreement, it will reduce the damage."

And he stressed "the need for everyone to adhere to this agreement," explaining that it is "a temporary agreement until reaching the approval of the budget, which takes on a legal status, covers all obligations, and addresses all problems in this file."

And he continued, "This agreement will pave the way for the passage of the budget law and the texts it contains. It also developed the outcome of a dialogue that took place between the federal government and the regional government that dealt with all issues, including the oil and gas file," expressing his hope that "the House of Representatives will proceed to legislate the budget law as soon as possible to be an umbrella for all HTTP detail file.

The Prime Minister went on to say: "We are waiting for a merit, which is the legislation of the oil and gas law, which will address everywhere the imbalance that has accompanied this file since the adoption of the Iraqi constitution," adding that "there are files that have been pending for years, and now there is a political will and interest for all Iraqis to proceed and address all these files in a spirit Constitution and the public interest.     https://www.mawazin.net/Details.aspx?jimare=223684

Ports Achieved The Highest Revenues In Its History During The Past Month

Economy  Tuesday, April 4, 2023 12:37 PM  Baghdad / National News Center  Today, Tuesday, the Ministry of Transport announced that the northern port of Umm Qasr in Basra Governorate achieved financial revenues amounting to (48) billion Iraqi dinars during the month of March of this year, which is the highest revenue in the history of the ports.

A statement by the ministry, received by the National News Center, stated that “the northern port of Umm Qasr achieved, for the first time, the highest revenue in the history of ports.”

The statement added, "The company's management is working to increase the volume of handling, which reflects positively on increasing the revenues generated for the state."

He pointed out, "The financial revenues for last March in the port amounted to more than (48) billion Iraqi dinars, and with the efforts of the company's employees in the northern port of Umm Qasr."

https://nnciraq.com/197811/

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

https://www.bondladyscorner.com/

Tuesday Morning Iraq Economic News Highlights 4-4-23

Tuesday Morning Iraq Economic News Highlights  4-4-23

Parliamentary Finance: The General Budget Included These Details

Tuesday 04, April 2023 08:13 | Economical Number of readings: 253  Baghdad / NINA / - The Parliamentary Finance Committee announced details of the draft federal budget law, which will be presented for first reading in the agenda of the Parliament session tomorrow, Wednesday.

The head of the committee, Representative Atwan Al-Atwani, said, in a televised statement, that "the 2023 budget included dealing with the file of those whose contracts were terminated in the security ministries and examiners in the Ministry of Defense, and it also included fixing contracts and lecturers, as well as disbursing a monthly financial grant to university and school students."

https://ninanews-com.translate.goog/Website/News/Details?key=1044639&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

Deputy Expects To Pass The General Budget After Making Minor Changes

Tuesday 04, April 2023 08:15 | Economical Number of readings: 294

Baghdad / NINA / - The representative of Basra Governorate, Ali Shaddad, expected the possibility of passing the tripartite budget law in Parliament, while pointing out that "it may witness some partial changes."

Shaddad said, in a press statement, that "the Parliamentary Finance Committee discussed the basics of the draft general budget law with the Minister of Finance and in the presence of the First Deputy Speaker of Parliament," pointing out that "the session tomorrow, Wednesday , will witness the first reading of the general budget law."

Shaddad expected that "the budget law sent by the Council of Ministers will witness some minor changes, but it will be passed by the House of Representatives."

https://ninanews-com.translate.goog/Website/News/Details?key=1044640&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

The Budget.. Hopes That It Will Be Approved Quickly

The first  04/04/2023  Abdul Rahman Ibrahim    With the House of Representatives’ direct decision to read the draft budget law for the years 2023, 2024, and 2025, within the agenda of its next session, which will be held tomorrow, Wednesday, at nine o’clock in the evening, hopes arose to vote on it and approve it quickly.

The decision to proceed with its first reading was preceded by an expanded meeting held by the Parliamentary Finance Committee, yesterday, Monday, chaired by First Deputy Speaker of Parliament Mohsen Al-Mandalawi, in the presence of Finance Minister Taif Sami.

The meeting discussed the provisions of the draft law to be read for a first reading during the next session, as Al-Mandalawi stressed the need to include the paragraph of allocations for fixing contracts on permanent owners within the draft law, and to consider it a priority, as well as focus on increasing allocations for service aspects.

In his office, the First Deputy held a private meeting with the Chairman of the Finance Committee, Atwan Al-Atwani, and the Minister of Finance. To discuss some fine details of the draft budget law, especially the operational and investment budgets, and ways to confront the financial deficit, stressing the importance of taking into account all the important opinions and proposals submitted by the concerned committees, taking into account not prejudice to the operational side, and continuing to implement the service and strategic projects that the citizen aspires to .

Committee member Mueen Al-Kadhimi told the Iraqi News Agency (INA): “The confirmation of contractors was taken into consideration in the 2023 budget through the job grades that were created in the Ministry of Finance, including 28 thousand job grades for lecturers and 74 thousand grades for higher and first degrees, and so on with regard to electricity contracts, the Baghdad Municipality and departments.” other self-financed ones.

And he indicated that "the salaries of employees, who numbered approximately 4 million employees, amount to approximately 58 trillion dinars."   https://alsabaah.iq/74603-.html

Erbil And Baghdad Sign An Oil And Gas Agreement And Grant The Kurds The Position Of Deputy Director Of {SOMO}

Time: 04/04/2023 13:19:42  Read: 975 times  {Politics: Al Furat News} Today, Tuesday, the federal government signed an agreement with the Kurdistan Regional Government regarding the export of the region's oil.

And Kurdish media reported that "an agreement on exporting Kurdistan Region's oil was signed today between Prime Minister Muhammad Shia' al-Sudani and the head of the regional government, Masrour Barzani."

And she added, "The agreement includes granting the Kurds the position of deputy general manager of SOMO."

For his part, Prime Minister Muhammad Shia al-Sudani said, during a press conference he held with Barzani in Baghdad, that stopping the oil of the Kurdistan Region had a negative impact on Iraq, stressing that we are working on preparing the oil and gas law to proceed with its legislation.

This morning, Masrour Barzani arrived in the federal capital, Baghdad, at the head of a high-ranking delegation from the regional government.

Upon his arrival, Masrour Barzani held a meeting with Al-Sudani, discussing a solution to the problems between the region and the federal government, especially discussing the final stages of the agreement on the oil file and the resumption of the region's oil exports.

Meanwhile, Reuters quoted official sources as saying that the Iraqi federal government and the Kurdistan Regional Government had reached a final agreement to resume oil exports, to be announced on Tuesday.   LINK

Oil Expert: Voluntary Production Cuts Are In The Interest Of “OPEC +” Countries And Deter US “Manipulation” Of Prices

Iraqi oil expert Hamza Al-Jawahiri revealed, on Monday, that the voluntary reduction of crude production by some “OPEC +” countries, including Iraq, had a positive effect on prices.

Al-Jawahiry said in a press interview, which was seen by “Takadam”, that “as soon as the OPEC + countries, including Iraq, announced a voluntary cut in their oil production before their meeting today, Monday, this led to an increase in prices by $ 5 a barrel, although the implementation of the cut will be early next month.” .

And that "this increase in the price of oil will go to bridge the difference in the event of a reduction."

Al-Jawahiri added, "OPEC will not acquiesce to America's policy, which continued to pump large quantities of oil, which is around one million to one and a half million barrels per day, into the markets from its strategic storage in order to reduce prices and determine these prices according to what it deems appropriate for it."

He stressed that "controlling prices by America affects the sovereignty of OPEC at its core, as the organization seeks to maintain market balance and price stability at the level of $80 a barrel, which is fair to producers and consumers alike."

He continued, “OPEC has understood America not to manipulate and control the oil market alone, and that OPEC is responsible for the economy of the countries that are members of it, and it will continue to monitor the markets.” years, and it continues to do so in order to confront OPEC, which is a war-like confrontation.”

And he stressed that "OPEC will continue to monitor the markets, and the voluntary reduction made by the member states is considered a smart step, and Iraq will not be affected by this cut, which is decided at 211 thousand barrels, because the increase in oil prices will cover the reduction and increase."

Yesterday, Sunday, several oil-producing countries, led by Iraq and Saudi Arabia and 6 other countries affiliated with OPEC +, announced a reduction in their oil production at the beginning of next month, until the end of this year.

And the Iraqi Ministry of Oil announced, on Sunday, that Iraq will voluntarily reduce its oil production by 211 thousand barrels per day from next May until the end of 2023, indicating that its aim is to take precautionary measures to face the challenges facing the global oil market, and to achieve a balance between supply and demand and market stability.   https://takadum-news.com/archives/157594

Parliament Finance Reviews The Most Prominent Contents Of The 2023 Budget And "Reassures" The Iraqis

Money  and business  Economy News – Baghdad  On Tuesday, the head of the Parliamentary Finance Committee, Atwan Al-Atwani, issued a statement regarding the draft budget law

Al-Atwani said in the statement, "Since we received the draft budget law from the Presidency of Parliament, we have been discussing and studying it in a manner that takes into account the country's supreme interests and the rights of all segments."

He added, "We reassure our people that the 2023 budget focused on the priorities of the government curriculum, which includes upgrading the service side, implementing strategic projects in the field of electricity and infrastructure, completing lagging projects, especially hospitals, as well as building specialized centers to treat heart diseases, cancer, and others."

The budget also included, according to Al-Atwani, "treatment of the file of those whose contracts were terminated in the security ministries, examiners in the Ministry of Defense, confirmation of contracts and lecturers, in addition to a monthly financial grant for university and school students, and the expansion of social welfare coverage to 650,000 new beneficiaries, and other items that address the demands of segments of society." Many, in an effort to address the crisis of poverty and unemployment.

Al-Atwani continued, "We affirm our serious endeavor to expedite the completion of the requirements for approving the budget to enable the government to perform its duties and obligations before the people and implement the paragraphs of its ministerial platform." https://economy-news.net/content.php?id=33326

Iraq And America Discuss The Mechanism Of Cooperation In The Field Of Transport

Money  and business  Economy News _ Baghdad  The Minister of Transport, Razzaq Muhibis Al-Saadawi, discussed, during his meeting with the Ambassador of the United States of America in Baghdad, Elena Romansky, at the Ministry's headquarters, the mechanism of cooperation in the field of transportation.

And the Ministry of Transport stated, in a statement received by "Al-Iqtisad News", that "the Minister of Transport, Razzaq Muhibis Al-Saadawi, received the Ambassador of the United States of America in Baghdad, Elena Romansky, at the ministry's headquarters."

The statement added, "During the meeting, the focus was on climate change, and the minister reviewed the ministry's plans in this regard, by working to find environmentally friendly means of transportation, in a way that contributes to promoting the green economy, which the world is in dire need of."

He pointed out that "the meeting discussed the various files of the transportation sector, and the possibility of benefiting from major American companies to develop the reality of the work of the sectors, as well as finding mechanisms to enhance bilateral cooperation between Iraq and America in the fields of transportation, as the Ministry of Transport had contracted with the American Boeing to purchase a number of The aircraft are of different models, and the ministry has a contract with the American company GE for the manufacture of engines to maintain the engines of the parked aircraft belonging to the General Company for Iraqi Airways.

In turn, the ambassador expressed her thanks to the minister for the good reception, stressing "her country's readiness to support the efforts of the Ministry of Transport in developing its services and benefiting from the technological development in the transportation sector in the United States of America."

"The US administration is looking forward to more exchange and close coordination between the two countries," the US ambassador affirmed.  https://economy-news.net/content.php?id=33340

The Arrest Of Currency Counterfeiters With 400,000 Dollars In Possession Of Them In Baghdad And Kirkuk

Time: 04/04/2023 12:22:30  Read: 728 times  {Umniah: Al Furat News} Today, Tuesday, the Security Media Cell announced the arrest of 3 persons accused of smuggling and counterfeiting currency in Baghdad and Kirkuk.

The cell stated, in a statement received by {Euphrates News}, that "the detachments of the National Security Agency in Kirkuk governorate, after obtaining judicial approvals, were able to arrest a person in possession of 400,000 dollars that he intended to smuggle."

In the capital, Baghdad, the cell added, the agency's detachments "were able to arrest two in a tight ambush and red-handed, as they were seized with large quantities of counterfeit money, east of the capital."

The statement confirmed, "The statement of the accused was duly recorded and referred with the seized items to the competent judicial authorities to take the necessary measures against them." LINK

"Tidbits From TNT" Tuesday Morning 4-4-2023

TNT:

Tishwash:  Masrour Barzani comments on the oil agreement:It will be the basis for the budget and the legislation of the oil and gas law

The Prime Minister of Kurdistan Regional Government, Masrour Barzani considered, on Tuesday, the agreement reached by Erbil and Baghdad to resume Kurdistan's oil, which will be a basis for proceeding with the legislation of the oil and gas law, and approving the financial budget in the country.

Masrour Barzani said in a joint press conference with Prime Minister Muhammad Shia' al-Sudani after that, that this agreement is temporary, and will be the basis for the budget and the legislation of the oil and gas law.

He added that stopping oil exports did not harm the Kurdistan Region only, but included all of Iraq, describing this agreement as strengthening relations between Erbil and Baghdad.  link

Tishwash:  The first reading is tomorrow and the second after the holiday.. A deputy sets the date for voting on the budget

 Today, Tuesday, the representative of the coordination framework, Karim Aliwi, confirmed that there is a great parliamentary determination to expedite the approval of the budget law during the coming period.

Aliwi told (Baghdad Today) that "Parliament is determined to expedite the approval of the budget law during the next stage due to the importance of the law," expecting that "the passing of the budget will be decided after only one month."

He added that "Parliament will proceed with the first reading of the budget law tomorrow, Wednesday, and its second reading and vote on it will be after Eid Al-Fitr, and Parliament will work to make some amendments in the paragraphs and items of the budget, according to the powers granted to it, without any financial additions."

Yesterday, Monday, the Parliamentary Finance Committee began discussing the 2023 budget law, in the presence of Finance Minister Taif Sami, while the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, confirmed that the next session will witness the first reading of the Federal Budget Law.  link

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

CandyKisses:  MP expects to pass the general budget after making minor changes

Baghdad / Nina / MP for Basra province Ali Shaddad predicted the possibility of passing the tripartite budget law in the House of Representatives, while pointing out that it "may witness some partial changes."

Shaddad said, in a press statement, that "the Parliamentary Finance Committee discussed the basics of the draft general budget law with the Minister of Finance and in the presence of the First Deputy Speaker of Parliament," pointing out that "tomorrow's session, Wednesday, will witness the first reading of the general budget law."

Shaddad predicted that "the budget law sent by the Council of Ministers will witness some minor changes, but it will be passed by the House of Representatives."

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

CandyKisses:  Integrity announces coordination with 27 international and local bodies to recover smuggled funds

Information/Baghdad.

 The Integrity Commission has intensified its coordination with 27 local and international bodies to cooperate in the files of claiming funds smuggled abroad and returning convicts, while revealing the existence of 32 files to recover these funds against people with special degrees and general managers during the past year .

 The head of the Commission of Integrity, Judge Haider Hanoun, said in a statement reported by Al-Sabah newspaper, “Among the bodies that the Commission deals with to recover smuggled funds are 15 international organizations and ministries, including the United Nations Office on Drugs and Crime, the International Center for Anti-Corruption in London, the World Bank and the Ministry of Justice in Britain.”

And the anti-corruption agency in the same country and the international organization Interpol, as well as the file of cooperation with the German agency, in addition to other international bodies.

And he indicated that here "as 12 of the local authorities that were also coordinated with in this file, including the Ministry of Justice, the Directorate of Arab and International Police, the National Intelligence Service, the Supreme Judicial Council, the Central Bank, the Office of Combating Money Laundering and Terrorist Financing, and the Iraq Stock Exchange, as well as the Ministry of Commerce and the Registrar of Companies." it, along with other local authorities. 

Hanoun pointed out that "the authority is constantly working to coordinate and cooperate with international organizations to develop the performance of state institutions and develop the capabilities of workers, especially those concerned with the framework of combating corruption and money smuggling."

He added, "The Commission revealed, through its investigative offices in Baghdad and the provinces, the existence of 32 files to recover funds prepared against those wanted by the courts with special grades, general managers and their ranks, in addition to a minister, general inspectors, a governor, a member of a provincial council, four general managers, and others of their rank." 

Mot:  It's a Marital Thingy!! - Dont Believe Me --- well ask ur buddy who is . LOL

Mot:  . I Thinks this Just Might be a ""Marital"" Thingy!! ~~~

Iraqi News Highlights Monday Afternoon 4-3-23

Iraqi News Highlights Monday Afternoon 4-3-23

Tlm724 Administrator Bondlady’s Corner

An Economist For / Nina /: Iraq Must Shift To The Oil Refining Industry And Invest In The Associated Gas

Monday 03, April 2023 10:20 | Economical    Number of readings: 563  Baghdad / NINA / - Economic affairs specialist Dergham Muhammad Ali stressed the importance of Iraq moving towards completing the extractive oil industry and investing in the associated gas.

He said in a statement to the National Iraqi News Agency ( NINA ):

"The oil market is unstable, and

sales of crude oil are less attractive than oil derivatives, and

Iraq must move strongly towards refining to reach the global market with high-value oil derivatives, which have a higher demand than crude oil."  He pointed out,

"The next stage must witness a diversification of revenues to avoid entering into a vicious circle due to the total dependence on rentier revenue." / https://ninanews.net/Website/News/Details?key=1044416

An Economist Told NINA: The World Bank's Expectations For The Iraqi Economy Are Unrealistic And Pessimistic..And It Will Reach 6% In 2023

Monday 03, April 2023 09:22 | Economical    Number of readings: 655  Baghdad / NINA / The expert in economic affairs, Raad Twij, described the World Bank's expectations of a decrease in the growth of the Iraqi economy in the years 2023, 2024 as / unrealistic / and pessimistic, indicating that the 

growth rates in Iraq will reach 6% in 2023.

Twigg said in a statement to the National Iraqi News Agency / NINA / that

"the pessimistic expectations of the World Bank for the years 2023 and 2024 may be unrealistic, indicating that, growth in the Iraqi economy is fast and strong and has exceeded 9% in 2022, as a result of the rise in oil prices at the time, Despite the decline in oil prices in early 2023, they remained stable within the average range (70-75 dollars) per barrel in the first half of 2023.  He pointed out that

"the political and security conditions are stable, developed, and attractive to foreign investment, and

there is no deficit in electricity and water supplies, which the World Bank has questioned, which made its expectations of growth rates drop to 4% in 2023 and 2.9% in 2024, indicating that while refuting these

The facts are better facts, the improvement of the performance of the Iraqi economy and the attempt of Iraq to be self-reliant in extracting gas, as the growth rates of the Iraqi economy will rise much above what the World Bank expected and will reach 6% in 2023. https://ninanews.net/Website/News/Details?key=1044402   

Representative Oil: The New Refineries Will Reduce The Need For Imports And Save Huge Amounts Of Money

Economy    1-04-2023, 17:49  BAGHDAD - The Parliamentary Oil, Gas and Natural Resources Committee confirmed today, Saturday, that strategic projects in the oil sector achieve three factors of great importance in Iraq, while noting that the new refineries will reduce the need for imports and save huge sums of money.

Committee member Zainab Juma al-Moussawi told the Iraqi News Agency (INA), that

"strategic projects in the black gold sector, including the Karbala refinery, will achieve three factors of great importance in Iraq."  Al-Moussawi added,

"The Karbala refinery will work to cover the country's need for oil derivatives (gasoline) by 60%, as it produces 9 million liters per day, and thus the need for imports will decrease, which saves huge sums."  She pointed out that

"Iraq's import bill of oil derivatives, which exceeds $3 billion annually, will be significantly reduced as a result of the entry of the Karbala refinery and the new refineries that the current government is working to open."  And she continued:

"As for the third factor in the gains with the opening of the Karbala refinery, it is represented by the employment of hundreds of unemployed Iraqi citizens," stressing that

"the new refineries in Iraq will reduce the country's dependence on the global market and address the rents of the Iraqi economy."

And Prime Minister Muhammad Shia Al-Sudani affirmed, this morning, Saturday, that the government has placed at the top of its priorities work to raise the production capacity of refineries.

Al-Sudani said in a statement, followed by the Iraqi News Agency (INA):

"We have placed at the top of the government's priorities the work to raise the production capacity of the existing refineries by supporting and completing the complementary production units under construction and encouraging investment in the refining sector to establish modern refineries with advanced technical specifications,

leading to To dispense with imports and switch to the export stage to achieve the highest added value of the exported barrel.    https://www.ina.iq/181905--.html

Global Visa: 81 Percent Of Iraqis Have No Bank Accounts

Economical 04/03/2023    Baghdad: Hussein Thaghb Al-Tamimi  The regional director of Visa International, Laila Sarhan, revealed the decline in Iraqis' dealings with banks, noting that

81% of the population does not have banking dealings. 

At the same time, she explained that the Iraqi banking system had begun to shift towards digital banking services, while she welcomed the move towards the electronic payment system.  Sarhan said, in an interview with “Al-Sabah”:

“The meetings of the company’s team in Iraq with the Prime Minister and the Governor of the Central Bank focused on developing the reality of electronic payment within the Iraqi labor market and in a way that achieves the goals of the Iraqi Central Bank by moving towards electronic transactions completely.

  She added that

"electronic payment in the country is currently witnessing a major transformation because the

opportunities are great within the Iraqi market in the field of payments, in light of the low dealings of citizens with banks, as

we find that 81% of the population does not have banking dealings, and

the reason is the low financial culture," welcoming the government's efforts. to encourage electronic payments. And she revealed that

there is “great optimism about what can be done in Iraq in cooperation with the government, the banking system and all sectors, and support for digital transformation efforts in terms of financial support and a culture of financial education, and

we can also propose appropriate solutions for the Iraqi market, because

Iraq is still at the beginning of the journey, not He had to start from scratch.”

Sarhan believes that «the directives of the Council of Ministers regarding the activation of points of sale in Iraq, is very important and goes towards creating real electronic transactions, especially since many merchants today do not have a POS, but they can have smart phones.   And she pointed out that

“after the Corona pandemic, a major shift occurred in the reality of digital transactions, and

the citizen began to interact strongly with electronic payment tools, by shifting towards these transactions in full.

And the regional director of the global company, Visa, stated that

“fraud via the Internet represents a major challenge that can be dealt with, and the

infrastructure needs to be developed as well as financial culture, and

it can be achieved through seminars and programs,” explaining that

“global fraud rates are less than 7 cents per US dollar, Also, the

systems that invest in artificial intelligence helped a lot in securing this solution.”   She pointed out that

“financial inclusion and digital transformation is everyone’s responsibility, and

Visa’s vision certainly matches the vision of the Iraqi government with easy and smooth services that suit the public, and

then efforts are made to provide e-commerce in the easiest possible way, such as the Central Bank’s instructions, as it facilitates many digital cards and prepaid wallets for the citizen, each

These things are important for digital transformation.”

Regarding the cost borne by the citizen, she said,

“The citizen receives the safe service, and therefore there is a facilitation of daily commercial operations, and in

this way he saves effort and time for his dealings with banks and transfer shops, and

with this card he can buy in the electronic market.”  Sarhan warned that

“the banking system is undergoing transformation, empowerment, and mechanization in terms of digital banking services, and we see that

it is possible for the card to be digital in an application and reach the user, and

then it will be a tangible card (plastic), as

last year witnessed banking transactions applications, and

the individual can open an account.” In a fast and official way,

it facilitates the transfer of funds from inside to outside and vice versa.  And she stressed that

“the difficulties facing the implementation of the tasks are represented by the infrastructure, and coordination with the public to increase confidence in financial payments, and the

partnership of Iraqi banks with the company is very important to expand financial inclusion and develop the Iraqi banking system,” pointing to

“the existence of communication with the Central Bank of Iraq regarding mutual advice.”

We are also working on 3 important frameworks; operational, solutions, legislative.  Sarhan pointed out,

“There are calls for the private sector to be an active partner in the digital transformation process, and here

it is necessary to run workshops with a number of key players and service providers.

There was a discussion about the use of points of sale, and

there was a discussion with the prime minister, and

we are waiting for how we can take remarkable steps so that the public can use of electronic payment.

https://alsabaah.iq/74521-.html

Customer Care Procedures For Customers

April 03, 2023   Care to customer  https://cbi.iq/static/uploads/up/file-168051377046146.pdf

https://cbi.iq/news/view/2296

[Partial translation] 

Banking Control Department

Non-Banking Financial Institutions Control Section

A Division of Standards and Compliance

NO: Date: : the date  DG: 1 No. 0   To / all licensed banks

8) All licensed exchange companies (from classes 8 and 8).

Brokerage companies selling and buying all approved foreign currency

All authorized electronic payment companies

customer due diligence procedures

Based on the issuance of Statement No. (1) for the year 7102 of the Anti-Money Laundering and Financing Council Terrorism and published in the Official Gazette (Iraqi Gazette) No. (11141) on 51/91/515

Which included canceling the work of the two statements (1) for the year 7:117 and (1) for the year 710, as amended, and replacing them

-: The above statement regarding the implementation of due diligence measures in the following cases

1- When conducting a casual operation, the value of which exceeds (100,000) ten thousand US dollars or its equivalent In Iraqi currency or other foreign currencies,

whether the operation is one or several operations as if they are interconnected” and upon suspicion of committing money laundering or financing terrorism,

or when there is doubt about the authenticity of the Identifiable data, its accuracy or adequacy that it previously obtained about the customer's identity

1- When conducting casual transactions in the form of electronic (wire) transfers, regardless of their value

To act accordingly...with appreciation

Faisal Al-Haimus-. Deputy Governor Agency

https://cbi.iq/static/uploads/up/file-168051377046146.pdf   

https://cbi.iq/news/view/2296

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Monday 4-3-2023

TNT:

Tishwash:  this was in Iraq's news

The “ASEAN” countries are considering striking a blow to the dollar and the euro

The ASEAN finance ministers and central banks are studying the exclusion of the US dollar, the euro and the yen, and Indonesia is calling for the gradual abolition of "Visa" and "MasterCard".

Discussions of reducing dependence on the US dollar, the euro, the yen and the pound sterling from financial transactions and the transition to settlements in local currencies topped the agenda of the meeting held on March 28, bringing together finance ministers and central bank governors in the organization.

The meeting discussed efforts to reduce dependence on major currencies through the local currency system, an extension of the previous Local Currency Settlement (LCS) scheme that has already begun to be implemented among ASEAN members, aseanbriefing reported.

This means that the ASEAN cross-border digital payment system will be further expanded and allow ASEAN countries to use local currencies for trade. 

An agreement on such cooperation was reached between Indonesia, Malaysia, Singapore, the Philippines and Thailand in November 2022. This comes from Indonesia's banking regulator, which said on March 27 that Bank Indonesia is preparing to introduce its own domestic payment system.

Indonesian President Joko Widodo urged regional administrations to start using credit cards issued by local banks and gradually stop using foreign payment systems.

Widodo said moving away from Western payment systems is necessary to protect transactions from "potential geopolitical fallout".

The site indicated that there was some kind of concern about falling into the trap of secondary sanctions led by the United States, and foreign investors in Asia may want to consider the currencies of the US dollar, euro and yen held in their accounts in light of the organization’s decision, and to conduct professional discussions regarding any movement of the company’s funds to alternative currencies. link 

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

CandyKisses:  Erbil-Baghdad oil and gas agreement will be announced in the next two days

RBIL (Kurdistan 24) – An informed source confirmed to Kurdistan 24 that the agreement between Erbil and Baghdad will be announced in the next two days.

The source also revealed that a delegation of the Kurdistan Regional Government (KRG) will go to Baghdad tomorrow to discuss the technical aspects of the final agreement between Erbil and Baghdad on the issue of oil exportation.

The Iraqi Oil Ministry announced today that the Iraqi government insists on accelerating the resumption of oil exportation from the Kurdistan Region to the Ceyhan port in Turkey.

Kurdistan Region Prime Minister Masrour Barzani on March 25 released a statement that “our recent understandings with Baghdad have laid the groundwork for us to overcome the arbitration ruling today.”

At Baghdad’s request, Turkey halted the export of oil through its Ceyhan port on the Mediterranean on Saturday. The KRG was exporting nearly 400,000 bpd while Baghdad was sending 70,000 barrels a day through the pipeline.

THIS ARTICLE WAS POSTED 16 HOURS AGO.

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

CandyKisses:  In the presence of Taif Sami.. Al-Mandlawi chairs a meeting of the parliamentary finance committee to discuss the budget

Shafaq News / On Monday, the Parliamentary Finance Committee held an expanded meeting to discuss the draft federal budget law.

A brief statement by the Office of the First Deputy Speaker of the House of Representatives Mohsen Al-Mandlawi and told Shafaq News, that "the latter chaired the committee meeting in the presence of Finance Minister Taif Sami."

On March 13, the Iraqi Council of Ministers approved the draft budget law for the years 2023, 2024 and 2025 and referred it to the House of Representatives.

The 2023 budget is the largest in the history of Iraq after 2003, Prime Minister Mohammed Shia Al-Sudani said that its total is more than 197 trillion dinars ($135 billion), including an operational budget of more than 150 trillion dinars, and an investment amounting to about 47 trillion.

The estimated deficit ratio was close to 63 trillion Iraqi dinars, and the total expected revenues are equivalent to more than 134 trillion dinars, while oil revenues are estimated at 117 trillion dinars based on an oil price of $70, while non-oil reaches 17 trillion.

The last budget approved in Iraq dates back to April 2021, while one was not adopted in 2022 due to the political turmoil that paralyzed the country for a year after the last legislative elections.

***********

Tishwash:  Member of Parliamentary Finance: We will meet today to discuss the budget items and we are serious about speeding up its

The Miabiya Finance Committee announced, today, Monday, that the Kurdistan region’s share of the budget amounts to 16 trillion dinars, while it indicated that the confirmation of retirees was taken into account in the 2023 budget.

Committee member Mueen Al-Kazemi said, “The committee will meet today in the presence of the Minister of Finance.” To discuss the items of the budget, including the reasons for its rise to 200 trillion dinars, including 150 trillion dinars for the operational budget and 50 trillion dinars for the investment budget, and how to address the deficit of 64 trillion dinars.

He added, "The committee is serious about speeding up the completion of the budget accurately, and there must be a real review of the budget and reducing the deficit, which will be through meetings with ministries and institutions, reviewing numbers, reducing some chapters, and transferring from one chapter to another."

He stated, "The share of the Kurdistan region in the budget is 12.67 percent, which is approximately 16 trillion dinars," explaining that "the revenues of the Kurdistan region will be reviewed."

He pointed out that "passing the budget needs from a month to 45 days."

Regarding the confirmation of retirees, Al-Kazemi pointed out that "the confirmation of retirees was taken into consideration in the 2023 budget through the job grades that were created in the Ministry of Finance, including the 280 thousand job degrees for lecturers and the 74 thousand degrees for higher and first degrees, and so on with regard to electricity contracts, the Baghdad Municipality and other self-financing departments." .

And that "the salaries of the employees, who numbered nearly 4 million employees, amounted to approximately 58 trillion dinars."   link

CandyKisses:  ME AND YOU IS FRIENDS

Mot: . oooooh Comon!! ~~~~ Beeeee Nice to Him!! ~~~

Monday Morning Iraq Economic News Highlights 4-3-23

Monday Morning Iraq Economic News Highlights 4-3-23

Member Of Parliamentary Finance: Passing The Budget Takes From One Month To 45 Days

Money  and business  Economy News – Baghdad  A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, confirmed, on Monday, that his committee will meet today, in the presence of Finance Minister Taif Sami, to discuss the budget items, including the reasons for its rise to 200 trillion dinars, including 150 trillion dinars for the operational budget and 50 trillion dinars for the investment budget, and how to address the deficit of 64 trillion dinars.

Al-Kazemi added, "The committee is serious about expediting the completion of the budget accurately, and there must be a real review of the budget and reducing the deficit. It will be through meetings with ministries and institutions, reviewing numbers, reducing some chapters, and transferring from one chapter to another."

He stated, "The share of the Kurdistan region in the budget is 12.67 percent, which is approximately 16 trillion dinars," explaining that "the revenues of the Kurdistan region will be reviewed."

Al-Kazemi pointed out, in an interview with the official news agency, that "passing the budget takes from one month to 45 days."

Regarding the confirmation of contractors, Al-Kazemi said, "The confirmation of contractors was taken into account in the 2023 budget through the job grades that were created in the Ministry of Finance, including the 280,000 job grades for lecturers and the 74,000 grades for higher and first degrees, and so on with regard to electricity contracts, the Baghdad Municipality, and other self-financing departments."

Al-Kazemi added, "The salaries of employees, who numbered nearly 4 million employees, amount to approximately 58 trillion dinars."    https://economy-news.net/content.php?id=33303

Currency Traders Expect The Dollar To Continue Falling For Three Reasons

https://takadum-news.com/wp-content/uploads/2023/01/im-704267.jpg

The US dollar continues to decline against the Iraqi dinar, on Sunday, as the stock market in Sulaymaniyah witnessed a drop in its price below 1,500 dinars.

Traders in the currency market said, in a press interview seen by “Takadam”, that “the exchange rate of the dollar will be parallel to what was set by the Central Bank of Iraq for three reasons, the first of which is that the global stock exchange began dealing with the exchange rate announced by the central bank, and the second is the pumping of large sums of dollars into The market is by the bank, and the last reason is the return of citizens’ confidence in the decisions of the Central Bank.”

Traders expected that "the dollar will stabilize in the provincial markets at 1400 dinars per dollar."

Earlier today, a government official predicted that the price of one dollar against the local currency would drop to approximately 1,400 dinars by the end of this week.

"The dollar is witnessing a daily decrease of one to two dollars," the official said in a press interview.

He added, "The price will then witness stability and a slow decline until it reaches near the official price, with a rise of about three or four orders of magnitude from the official price of 1,300 dinars against one dollar," adding that there is "a plan for the parallel price to be near the official price and not to fall directly in order It does not affect merchants and the market.” https://takadum-news.com/archives/157431

Al-Awadi: If It Were Not For The Government's Measures Towards The Dollar, "The Currency Market Would Have Collapsed"

Money  and business   Economy News – Baghdad  Government spokesman Basem Al-Awadi considered that had it not been for the government's measures towards the dollar, "the currency market would have collapsed."

Al-Awadi added, in a televised interview, that "financial transfers from Baghdad to the Kurdistan region are the salaries and rights of employees and their strength, and they cannot be punished because of political differences."

On the electricity file, Al-Awadi stated, "The Minister of Electricity promised to produce 24,000 megawatts, and I believe that it will provide 18 to 20 hours per day, and the Prime Minister stressed that the supply of electricity is different this summer."  https://economy-news.net/content.php?id=33307

An Economist Told NINA: The World Bank's Expectations For The Iraqi Economy Are Unrealistic And Pessimistic..And It Will Reach 6% In 2023

Monday 03, April 2023 09:22 | Economical Number of readings: 496  Baghdad / NINA / The expert in economic affairs, Raad Twij, described the World Bank's expectations of a decrease in the growth of the Iraqi economy in the years 2023, 2024 as / unrealistic / and pessimistic, indicating that the growth rates in Iraq will reach 6% in 2023.

Twigg said in a statement to the National Iraqi News Agency / NINA / that "the pessimistic expectations of the World Bank for the years 2023 and 2024 may be unrealistic, indicating that, growth in the Iraqi economy is fast and strong and has exceeded 9% in 2022, as a result of the rise in oil prices at the time, despite the decline in oil prices in early 2023, they remained stable within the average range (70-75 dollars) per barrel in the first half of 2023.

He pointed out that "the political and security conditions are stable, developed, and attractive to foreign investment, and there is no deficit in electricity and water supplies, which the World Bank has questioned, which made its expectations of growth rates drop to 4%."

in 2023 and 2.9% in 2024, indicating that while refuting these facts are better facts, the improvement of the performance of the Iraqi economy and the attempt of Iraq to be self-reliant in extracting gas, as the growth rates of the Iraqi economy will rise much above what the World Bank expected and will reach 6% in 2023./ https://ninanews-com.translate.goog/Website/News/Details?key=1044402&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

The Dollar Is Less Than 1,500 Dinars In The Local Markets

Market   Economy News – Baghdad  Al-Iqtisad News publishes a list of dollar exchange rates in the Iraqi markets for Monday.

Baghdad   Sale: 149,250 dinars per 100 dollars   Buying: 148,250 dinars per 100 dollars

South   Sale: 149,500 dinars per 100 dollars        Buying: 148,500 dinars per 100 dollars

North   Sale: 150,000 dinars per 100 dollars        Buying: 149,000 dinars per 100 dollars

 https://economy-news.net/content.php?id=33302

Iraq Is Outside The World Rankings In The Index Of Economic Freedom

2023-04-03 04:49   Shafaq News/ Iraq was not ranked globally in the Index of Economic Freedom for the year 2023, which was recently released by the American Heritage Foundation, and a financial and economic expert attributes the reason to the instability of the security and political situation in the country.

According to a report by the American Heritage Research and Education Foundation, seen by Shafaq News Agency, that among the 184 countries surveyed in the new version of the report (which takes into account policies and economic conditions in the period between July 1, 2021, until June 30, 2022), a decrease in Economic freedom by 115 countries, of which 8 have not changed, and 8 countries, including Iraq, cannot be classified due to lack of reliable data.

The Index of Economic Freedom measures 12 factors related to four key aspects of the economic environment that are rated from 0 to 100 and averaged to determine a country's score: first the rule of law (and related subcategories: property rights, government integrity, and judicial effectiveness) and secondly the size of government (government spending, tax burden , financial health), and thirdly, regulatory efficiency (business, employment, and monetary freedom), and fourthly, open markets (trade, investment, and financial freedom).

According to the report, "Iraq came among eight countries that were not classified globally regarding economic freedom for the year 2023 globally due to the lack of reliable data," noting that "these countries included Iraq, Afghanistan, Libya, Somalia, Syria, Liechtenstein, Ukraine and Yemen."

Globally, Singapore came first in economic freedom for the year 2023, with 83.9 points, followed by Switzerland with 83.8 points, then Ireland with 82 points, then Taiwan with 80.7 points, then New Zealand came fifth with 78.9 points.

In the Arab world, the UAE ranked first and 24th in the world with 70.9 points, followed by Qatar second and 36th in the world with 68.6 points, followed by Bahrain third and 68th in the world with 62.5 points, followed by Jordan fourth and 93rd in the world with 58.8 points, followed by Oman fifth and 95th in the world with 58.5 a point".

For his part, financial expert Hilal Al-Taan considered in an interview with Shafaq News agency that "Iraq was not classified under economic freedom because "Iraqi institutions that provide data to international institutions are unreliable for many reasons, including the instability of the security and political situation in the country."

He added, "Iraq is still a source of concern in the region, according to the belief of the American side, and other reasons that cast doubt on the data and its validity."    LINK

Parliamentary Plan To Accelerate The Adoption Of The Oil And Gas Law

Posted On2023-04-03 By Sotaliraq   Yesterday, Sunday, a specialized parliamentary committee revealed a plan to expedite the approval of the oil and gas law, stressing that the existence of this law is sufficient to resolve financial disputes between the federal government and the Kurdistan region.

The oil and gas law was prevented from being passed due to the presence of major political differences and a small technical side,” Haibat al-Halbousi, head of the Oil, Energy and Natural Resources Committee, said, in a statement to the official news agency.

Al-Halbousi added, "The committee set a course of action to visit the heads of political blocs, to expedite the enactment of the law and present its vision."

He pointed out, "The oil and gas law serves all Iraqis and not a specific party, because oil and mineral investments belong to all the people."

Members of the Oil, Gas and Natural Resources Committee in the House of Representatives said, earlier, that there is an agreement between Baghdad and Erbil to legislate the federal oil and gas law, indicating that the House of Representatives will work to legislate it during the upcoming legislative chapters.

a specialized committee in order to end the oil dispute with the Kurdistan region."

Al-Nouri continued, "The committee met with the delegation of the Kurdistan region, and the committee was headed by the Minister of Oil, and many discussions took place in order to solve this controversial problem that faces us in every budget."

He stressed, "The only solution we can proceed with is the legislation of the oil and gas law, in order to regulate the relationship well, and for everyone to know what they have and what they have."

Al-Nouri said, "The Parliamentary Oil Committee seeks to pass this law to end this dispute, which if it remains and in this way will affect the process of approving the budget as well as the share of the Kurdistan region," stressing the need to "find a mechanism that satisfies everyone."

In addition, committee member Bassem Al-Gharibawi said, “The government’s approach included approving the oil, gas and natural resources law.”

Al-Gharibawi added, "The government has become obligated to move in this direction, and to initiate this law because it is one of the most important laws that will address the most important contentious issues between the federal government, the Kurdistan Regional Government, and the provinces not associated with a region." He pointed out that the legislation of the oil and gas law will "contribute significantly to resolving disputes and problems and regulating the oil wealth, which is the only revenue for Iraq."

Al-Gharibawi talked about "reaching an agreement on the committee's field visits to political leaders, to inform them and notify them of the need to legislate the oil and gas law," noting that "technical matters between Baghdad and Erbil are proceeding properly.

And Al-Gharibawi went on to say, “Obstacles related to oil management, the Oil Union Council and other issues that are essentially a point of previous contention and need consensus and political intervention by leaders to resolve issues.” It is noteworthy that the Iraqi constitution provided for the legislation of a law regulating the oil relationship between the federal government and the regions and governorates, but this law has not been approved until the present time due to political differences.   LINK

Parliamentary Finance Sets The Date For The First Reading Of The Budget

Economy  |Yesterday, 20:5  A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, announced on Sunday evening that the draft financial budget law will be presented for the first reading in the House of Representatives during the next week.

Al-Kazemi said in a televised statement: "It is hoped that next week will be the date for the first reading of the budget in the House of Representatives, and since today it has been considered on the agenda of the House of Representatives, and tomorrow we have a meeting with the Ministry of Finance and the acting staff to discuss the draft law."

He added, that the size of the budget " amounted to 199 trillion dinars, but it must be reviewed because of the large financial deficit in it."

Al-Kazemi explained, "The share of the Kurdistan region amounted to 12.67%, approximately 16 trillion dinars, and they have a debt of 400 billion dinars, in addition to calculating 400 thousand barrels of oil per day with the revenues of the outlets and collection, and all of this will be deducted within the total amount according to the agreement between Baghdad and Erbil, and the Finance Committee will review these numbers." ".

He expected "the need for the budget to be approved in Parliament from a month to 45 days to pass it fully," suggesting "the occurrence of objections to the political blocs on the budget, and we will seek understanding and convergence of points of view."

Al-Kazemi stressed, "The government must look at all governorates and components with a fair view, and this is what we see in the draft budget."

Today, Sunday, the Parliamentary Finance Committee received the draft financial budget law, 17 days after it reached the House of Representatives.

It is noteworthy that the government, through its official spokesman, Basem Al-Awadi, urged today, Sunday, the House of Representatives, the need to expedite the approval of the budget and not to make an amendment or report in its items.

Al-Awadi said in a statement: “The government is fully convinced of the foundations on which the budget was based, and accordingly it finds it necessary to draw the attention of representatives to the importance of keeping the budget in the form on which it was built, that is, for three years, and the government cannot continue its approach except with what the three years give flexibility in Coverage of strategic projects related to important service infrastructure.   LINK

Iraqi News Highlights Sunday Evening 4-2-23

Iraqi News Highlights Sunday Evening 4-2-23

Tlm724 Administrator Bondlady’s Corner

The Iraq Stock Exchange Traded More Than Two Billion Dinars Last Week

Money  and business  Economy News / Baghdad  The Iraqi Stock Exchange announced, on Sunday, the trading of shares with a financial value of more than two billion dinars during the past week.

The market said in a report, "The number of companies whose shares were traded during the past week amounted to 53 joint-stock companies, while the shares of 47 companies did not trade because the prices of purchase orders did not meet with the sales orders, while 3 companies continue to stop for not providing disclosure out of the 103 companies listed in the market."

And that "the number of shares traded amounted to one billion and 380 million and 782 thousand shares, a decrease of 22% compared to the previous week, with a financial value of two billion and 247 million and 279 thousand dinars, up by 6% compared to the previous week through the implementation of 1828 deals."

He pointed out that "the ISX60 traded prices index closed at 641.46 points, recording a decrease of 0.32% from its closing in the previous session."

He pointed out that "the number of shares purchased from non-Iraqi investors for the past week amounted to 39 million shares, with a financial value of 36 million dinars, through the implementation of 24 deals, while the number of shares sold from non-Iraqi investors reached 73 million shares, with a financial value of 124 million dinars, through the implementation of 48 deals.

It is noteworthy that the Iraq Stock Exchange organizes five trading sessions per week, from Sunday to Thursday, and includes 103 Iraqi joint-stock companies representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism, hotels and services.

https://economy-news.net/content.php?id=33288

Zaidan And Al-Alaq Are Discussing Follow-Up Cases Of The Central Bank Before The Courts

Economy| 09:53 - 02/04/2023    Baghdad - Mawazine News, Chairman of the Supreme Judicial Council, Judge Faeq Zaidan, discussed with the Governor of the Central Bank, Ali Al-Alaq, on Sunday, the follow-up of cases related to the Central Bank before the courts.

And a statement by the Supreme Judicial Council said, "The head of the Supreme Judicial Council, Judge Faiq Zaidan, received today the Governor of the Central Bank, Ali Mohsen Al-Alaq."

The two parties discussed, according to the statement, "following up on cases related to the Central Bank that are brought before the courts." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=223480

Iraqi Oil Exports To America Decreased For The Second Week In A Row

Economy| 09:13 - 02/04/2023   Follow-up - Mawazine News  The US Energy Information Administration announced, on Sunday, that Iraq's oil exports to America amounted to an average of 138,000 barrels per day last week, down by 6,000 barrels as a daily average from the previous week, in which exports amounted to an average of 144,000 barrels per day.

The administration added in a report that the average US imports of crude oil during the past week from nine countries amounted to 4.532 million barrels per day, down by 891 thousand barrels per day from the previous week, which amounted to 5.423 million barrels per day.

She pointed out that most of America's oil revenues during the past week came from Canada at a rate of 2.957 million barrels per day, followed by Mexico with an average of 541 thousand barrels per day, and oil revenues from Colombia at a rate of 269 thousand barrels per day. Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=223475

Oil: We Are Keen To Expedite The Resumption Of Oil Exports For The Region's Oil

Economy| 03:53 - 02/04/2023  Baghdad - Mawazine News  Today, Sunday, the Ministry of Oil confirmed its keenness to expedite the resumption of oil exports for the region's oil through the Turkish port of Ceyhan.

The ministry said in a statement, a copy of which was received by Mawazine News, that "the government is keen to expedite the resumption of exports of the region's oil through the Turkish port of Ceyhan and work to bring points of view closer to serve the public interest," noting that "the flexibility required to move forward towards achieving the goal of Resuming export first according to the new data after the decision of the international court, and then discussing other outstanding technical issues between the center and the region.

The ministry stressed, according to the statement, "the importance of revenues from resuming the region's oil exports in supplementing the federal budget according to the agreed quantities," noting that it "expressed all of this in bilateral meetings with the region's delegation."

And she expressed her hope, "in light of the positive atmosphere and bilateral understandings, to reach an agreement to resume oil exports soon."   https://www.mawazin.net/Details.aspx?jimare=223531

The Minister Of Planning Determines The Basic Pillars Of The Budget

Economy    Today, 01:32  Baghdad –  The Minister of Planning, Muhammad Ali Tamim, today, Thursday, identified the basic pillars of the budget.

Tamim said, in a statement received by the Iraqi News Agency (INA), that "preparing a budget for three years is not new, but it was mentioned in the Financial Management and Public Debt Law of 2019 and approved in the previous session," noting that

"the budget depends on the main pillars, which are revenues,  expenditures, deficit and covering the deficit." 

He added, "The budget is for three years, but the Council of Ministers did not attach the schedules for the years 2024 and 2025, so in practice it is for the year 2023 only," pointing out that

"the budget for the year 2023 was approved by nearly 200 trillion dinars, with a deficit of 60 trillion dinars, and this deficit is for the year 2023 only."  He continued,

"The 2023 budget relied on the price of a barrel of $70, and it was calculated according to realistic estimates," stressing that "  And he continued,

"We put in the budget a plan to address the internal and external debts owed by the government, of which only 15% has been paid during the past ten years," noting that

"we have taken serious steps in the Social Security Law."  He pointed out that

"the private sector is the main partner to aid the state and

the government in implementing programs and policies, and

we have taken practical steps to advance and develop it, as

Iraq is not experiencing a planning crisis,

but rather there is a problem in implementation."  He concluded his speech by saying:

"We have taken steps to address the housing crisis by establishing new cities far from the center, and

we have put plans in place to address bottlenecks and overcrowding in addition to encouraging investment, so that Iraq faces two main entitlements, the first is to hold provincial council elections, and the second is to conduct a comprehensive population and development census that determines what the country needs from services, infrastructure and others to achieve development.

https://www.ina.iq/181803--.html

Experts: Implementation Challenges Hinder Private Sector Development Strategies

Economical 04/01/2023  Baghdad: Nafeh Al-Naji   Experts said that implementation challenges stand in the way of completing the strategies launched by the Ministry of Planning for the development of the private sector.

The Cabinet recently approved the recommendations of the Ministerial Council of Economy regarding

supporting the private sector,

providing the necessary facilities, and

addressing the obstacles facing it, in

implementation of the requirements of the government program, which included

reducing wages, fees, taxes, and some dues related to commercial companies and the industrial sector. and agricultural.

The process of developing and supporting the private sector is an indispensable solution to addressing one of Iraq's economic problems, represented in absorbing the scourge of unemployment that affects many young people looking for job opportunities.

The economist, Dr. Safwan Qusay, told Al-Sabah that  the issue of the role of the private sector in development was the focus of attention of all the strategies launched by the Ministry of Planning during the previous years,

but the process of converting these strategies into implementation faces a set of challenges.  He added that there are deep problems in these strategies,

for example the process of guaranteeing workers in the private sector and enacting a law to protect them is one of the most important challenges that the government and parliament must contribute to the process of creating a kind of reassurance for workers in this sector.  He pointed out that

one of the most important problems that impedes the growth of the private sector is the existence of an informal labor market and illegal outlets for import operations, with the presence of large scale tax evaders and fraud in manufacturing, especially in informal private markets,

all of which in general impede the growth of the formal private sector.

Qusai stressed the importance of organizing the private sector in order to have an effective and organized economic force,

calling for taking care of shareholders and fixed costs such as fuel, transportation and energy costs, which led to the high cost of the local product.

He pointed out the importance of having a clear strategy for the growth of the private and public sectors, so that they are not in conflict,

in the sense that the economic map is divided into areas of growth, the public sector withdraws from some investments and the private sector gradually turns to lead the development process, and this means diversification.

The economist.

For his part, a spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said:

The contribution of the private sector to the gross domestic product, which is currently estimated at approximately 37 percent, is small compared to the role and size of the private sector in the country.

He continued that the decisions and incentive measures by the government contribute to raising this percentage by increasing the pace of economic activities practiced by the private sector, in general, whether in industry, agriculture or other productive sectors.

In turn, the official spokesman for the General Secretariat of the Council of Ministers, Haider Majeed, told Al-Sabah that

Prime Minister Muhammad Shia'a al-Sudani gave great attention to the file of supporting the private sector, and confirmed more than once his interest in government partnership with this sector.  And he indicated that

government decisions came to enable this sector to participate and contribute effectively to development and enhance the gross product,

which is reflected in the success of the national strategy to support the private sector to take its pivotal role in the process of construction, reconstruction and partnership.   https://alsabaah.iq/74366-.html

Duble Care Procedures

April 02, 2023       المرال Take care procedures ... for knowledge, click here

https://cbi.iq/static/uploads/up/file-168042122041711.pdf

https://cbi.iq/news/view/2295

[incomplete translation]

To / all licensed banks  --   M/ due diligence procedures

We stress the need to verify that the exchange companies you deal with comply with the requirements of this bank

Including owning specialized systems, policies and procedures for combating money laundering and the financing of terrorism stipulated in the Anti-Money Laundering and Terrorist Financing Law No. (53?)

For the year 110 and instructions for due diligence rules for financial institutions No. (1) for the year 1115.    To act upon it...with appreciation https://cbi.iq/static/uploads/up/file-168042122041711.pdf

https://cbi.iq/news/view/2295

Recommendations To Address The Repercussions Of Changing Exchange Rates

The first 2023/03/28  Baghdad: morning  Yesterday, Monday, the Ministry of Planning submitted recommendations to the Council of Ministers to address the repercussions of changing exchange rates on the movement  Economic.

And the ministry’s statement stated that

“The Undersecretary for Technical Affairs, Maher Hammad Johan, held an expanded meeting with the participation of the

Investment Authority and a

number of government agencies, representatives of the

Iraqi Contractors Union, the

Iraqi Federation of Industries, the

Baghdad Chamber of Commerce, and the

Foundation for Sustainable Development,

to discuss the effects of changing the exchange rate in the Iraqi market.”".  The statement indicated that

"the meeting discussed a number of proposals and recommendations,

which aim to address the repercussions of changing exchange rates on the economic and commercial movement," stressing that

"the ministry will present its recommendations to the Council of Ministers during the coming period."  The statement pointed out that

"Prime Minister Muhammad Shia' al-Sudani directed earlier that the Ministry of Planning should study the effects of changing the exchange rate in the Iraqi market."    https://alsabaah.iq/74141-.html

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

  https://www.bondladyscorner.com/

Iraqi News Highlights Sunday Afternoon 4-2-23

Iraqi News Highlights Sunday Afternoon 4-2-23

Tlm724 Administrator Bondlady’s Corner

Reserve Currencies To The Dollar As A Store Of Value And As Secondary Reserves In Central Banks

Aqil Jabr Ali   It is very important to keep abreast of changes and developments in the global economy and economic applications and practices, especially the trend towards economic pluralism and the transition from the dollar to reserve currencies for bilateral or intra-exchange between countries with whom we have a large volume of trade exchange in light of the sustainability of the rentier oil exports in US dollars and the possibility of benefiting from the experience of Brazil and China And Saudi Arabia, Egypt, the BRICS group and some African and Arab countries regarding dealing in currencies in local or reserve currencies instead of the US dollar and the gains of systematic transformation in the system of financial payments to economic diversification and the importance of that specifically for Iraq at the level of economic diversification and the systematic and transitional shift in the financial payments system in a tangible way from the rentier economy to the rentier economy The Iraqi national economy diversification model.

Undoubtedly, there is a debate about the role of the reserve currencies, the yuan, the euro, the ruble, and others for dealing in non-dollar currencies or inter-state dealings with currencies that cross the dollar and has been going on for a long time. The concept of reserve currency is linked to the role that the pound sterling played in the global economy from the end of the nineteenth century to the mid-twentieth century.

The main function of the reserve currency is to facilitate the international exchange of goods and services by solving the problem of coordinating transactions in the foreign exchange market and reducing transaction costs in foreign trade operations. In addition, reserve currencies are used as a store of value and are held as reserves by the central banks of most countries in the world.

Performing this function led to the emergence of the term "reserve or secondary currency".

The demand for reserve currencies is made by economic or financial agents operating in all areas of the global economy.

In a way that depends on the functions that reserve currencies perform in international transactions. The amount of demand and therefore the degree/volume of use of the reserve currency is determined by how well each of the main functions is performed. As a result, the effect of this begins to work, when the use of the reserve currency by a large number of economic agents becomes a factor that increases the demand for the reserve currency. 

There are factors and methodological foundations for the formation of reserve currencies, including the Chinese yuan, the Russian ruble, the Iranian riyal, and others, which necessitates the development of the foundations of the currency system and the methodological and objective foundations for that, and making recommendations regarding its more balanced organization, and identifying factors that can improve the status of the Chinese yuan, the Russian ruble, the European euro and others as a reserve currency Regional. And the importance of dealing with a balance between Iraq's oil exports in US dollars now with gas in the future and balances with the trade balance and the volume of trade and economic exchanges with other countries.

Thus, the main tasks of the work are:

• Finding a specific definition of the concept of reserve currency, as well as the main functions that reserve currencies perform.

• Reviewing the main theoretical models of demand for reserve currencies.

• Analyzing the results of empirical studies of demand factors for reserve currencies.

• It is very important to get acquainted with the concept of the regional reserve currency and to identify the factors that affect the formation of the regional reserve currencies.

• Develop recommendations to enhance the role of the Chinese yuan, the Russian ruble, the European euro and the Iranian riyal in international trade to achieve the status of the regional reserve currency and facilitate international trade procedures, imports and exports.

The work will be in an organized and sober work methodology as follows:

First: Finding a clear definition and concept of the reserve currency in the Central Bank of Iraq law, describing the main functions that reserve currencies perform, and analyzing the advantages and disadvantages of owning a reserve currency. It should also contain, in an independent study or analysis, an overview of the main theoretical models of reserve currencies, taking into account that the methods and results of empirical assessments of the factors affecting the demand for reserve currencies such as Greece, the euro, the ruble, the riyal, and others, are dealt with and analyzed.

The third deals with the concept of a regional reserve currency and provides an empirical analysis of the role of regional reserve currencies.

The fourth is recommendations to raise the status of the Chinese yuan, the Russian ruble, the European euro, the Iranian riyal, and others, according to the momentum, intensity, and priority of trade and economic exchanges, and to form a regional reserve currency on its basis.

https://economy-news.net/content.php?id=33282

Central Bank: Gradual decline of the dollar in the parallel market

Posted On2023-04-02 By Sotaliraq   The Central Bank spoke of a gradual decline in the exchange rate of the dollar in the parallel market, stressing that it is not possible to open a direct window to citizens.

And the assistant general manager of the investment department in the bank, Muhammad Yunus, said in a statement to the official news agency, followed by (Al-Mada), that “all financial transfers are followed up and monitored by the Central Bank of Iraq through the electronic platform and the cash sale platform.”

Yunus added, "These operations come within the international standards for combating money laundering and terrorist financing, and are compatible with all international norms and laws."

He pointed out, "These operations do not affect the reputation of Iraq, the Central Bank and financial institutions in the event of any defect in those transfers."

Younes explained, "The accepted transfers started 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 indicated that “the parallel rate has begun to gradually decrease on a daily basis during the past days,” noting that “the Central Bank is working hard to solve all the problems that banks and merchants suffer from in the process of financial transfer.”

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, given that 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.”

Yunus went on to say that “opening a window to sell dollars to citizens violates all international regulations and norms.”

For his part, the Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in a televised statement followed by (Al-Mada): “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 market.” Parallel.”

Khalaf added, "The bank met with the Federation of Iraqi Chambers of Commerce and a number of merchants to discuss the challenges and develop mechanisms to address them," suggesting "the issuance of new packages to address all the challenges facing merchants to facilitate their access to foreign currencies."

Khalaf explained the gradual decline in the price of the dollar during the past week by increasing 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 dollars,” explaining that “the difference between my price Official and parallel exchange will gradually disappear.

Khalaf 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 good ones." ".

Khalaf pointed out, "There is 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."    LINK

Central Bank Sales Of The Dollar In Today's Auction

Economy| 11:44 - 02/04/2023   Baghdad - Mawazine News   The Central Bank's sales of dollars in an auction today, Sunday, recorded more than 236 million dollars.

https://www.mawazin.net/Details.aspx?jimare=223494

Al-Khazraji Calls For Reviving "Made In Iraq" And Revitalizing Factories

Sunday 02, April 2023 15:43 | Economical Number of readings: 162  Baghdad / NINA / - A member of the Oil and Energy Parliamentary Committee for the State of Law Coalition, Muhannad Al-Khazraji, called for reviving "Made in Iraq" by reviving idle factories and liberating them from the rentier economy.

Al-Khazraji said in a statement, "Industry is the backbone of life, and through it, countries can liberate themselves from the unilateral rentier economy, and build a sober multi-economy that does not depend on fluctuations in oil prices."

He added that "the previous governments did not move to revive the idled factories, and the current government must breathe life into them gradually."

Representative Al-Khazraji stressed "the necessity of reviving 'Made in Iraq', and leaving dependence on the importer, which contributes to the loss of hard currency and damage to the country's economy./ End 7   https://ninanews.com/Website/News/Details?key=1044237

Iraq Discusses With The International Monetary Fund To Support Its Financial Plans

 Baghdad/ National News Center  On Thursday, Prime Minister Mohamed Shi'a Al -Sudani discussed with the residing representative of the International Monetary Fund in Iraq, Ghazi Shabikat, cooperation in supporting policies and financial plans for Iraq.

The Media Office of the Prime Minister said in a statement received by the National News Center / that “Prime Minister Muhammad Sha’a Al -Sudani met today, the resident representative of the International Monetary Fund in Iraq, Ghazi Shabikat.”  The statement added,

"During the meeting, Iraq’s relationship with the International Monetary Fund was discussed and cooperation in the field of supporting policies and financial plans, in a way that contributes to achieving the stability of the Iraqi economy.”  The statement continued,

"The meeting witnessed the discussion of the importance of the financial and administrative reforms adopted by the government, and assigning its efforts to fight corruption."

https://nnciraq.com/196860/

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

  https://www.bondladyscorner.com/

"Tidbits From TNT" Sunday 4-2-2023

TNT:

Tishwash:  Attention awaits approval of the budget

 More than two weeks after the arrival of the draft budget law for the year 2023 from the government to the House of Representatives, all eyes are on the parliament to start working on the law and to start presenting it in its session, while the weightings indicate the possibility of approving the budget and voting on it after the blessed Eid Al-Fitr holiday. 

And the Parliamentary Finance Committee announced that until now the budget law had not officially reached the committee, and committee member Mueen Al-Kazemi told “Al-Sabah”:

“The draft budget law has not yet reached the Parliamentary Finance Committee, and that what is included in the committee’s inclusion now is only the draft.” ". And he indicated that "the Finance Committee will have an opinion on the budget law by making amendments to the financial deficit that exists jointly and in agreement with the Ministry of Finance and the government for approval," and stressed that "any financial deficit will not affect operating expenses in terms of employee salaries and appointments  link

CandyKisses:  Al-Fatah Alliance: Al-Halbousi withholds the budget law to punish the people

Baghdad - Iraq Today:

Karim Aliwi, MP for the Fatah Alliance, confirmed that there is no justification for delaying the sending of the budget law by Parliament Speaker Mohammed Al-Halbousi to the Finance Committee for the purpose of studying and discussing the law.

Aliwi said, in a press interview, that "the Speaker of Parliament deliberately delayed sending the budget law to the Finance Committee, without any justification, especially since the delay in approving the budget is the only affected by it is the Iraqi people, who are waiting for service projects that will be implemented after the adoption of the budget by Parliament."

The MP for the Fatah Alliance stressed that "the budget law must be away from deals and political differences, this law affects the people's livelihood, and delaying the adoption of the budget is a punishment for the Iraqi people, and this is what we did not allow, and this delay hinders the implementation of the government program."

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

CandyKisses:  Iraq's oil exports to America decline

Economy News _ Baghdad

The US Energy Information Administration announced on Sunday that Iraq's oil exports to America fell for the second week in a row.

The administration said in a report seen by "Economy News" that "the average US imports of crude oil during the past week from nine countries amounted to 4.532 million barrels per day, down by 891 thousand barrels per day from the previous week, which amounted to 5.423 million barrels per day."

She added that "Iraq's oil exports to America reached an average of 138,6 barrels per day last week, down by 144 barrels per day from the previous week, in which oil exports to America reached an average of  barrels per day."

It also pointed out that "the most oil revenues of America during the past week came from Canada at a rate of 2.957 million barrels per day, followed by Mexico with an average of 541 thousand barrels per day, and oil revenues from Colombia at a rate of 269 thousand barrels per day, and then Saudi Arabia at a rate of 228 thousand barrels per day."

According to the administration, "the amount of US imports of crude oil from Brazil amounted to an average of 145,118 barrels per day, from Ecuador at a rate of 104,32 barrels per day, from Nigeria at a rate of barrels per day, and from Libya at a rate of  barrels per day, while no amount was imported from Russia

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

Tishwash:  Reserve currencies to the dollar as a store of value and as secondary reserves in central banks

 It is very important to keep abreast of changes and developments in the global economy and economic applications and practices, especially the trend towards economic pluralism and the transition from the dollar to reserve currencies for bilateral or intra-exchange between countries with whom we have a large volume of trade exchange

In light of the sustainability of the rentier oil exports in US dollars and the possibility of benefiting from the experience of Brazil and China And Saudi Arabia, Egypt, the BRICS group and some African and Arab countries regarding dealing in currencies in local or reserve currencies instead of the US dollar and the gains of systematic transformation in the system of financial payments to economic diversification and the importance of that specifically for Iraq at the level of economic diversification and the systematic and transitional shift in the financial payments system in a tangible way from the rentier economy to the rentier economy

The Iraqi national economy diversification model. 

Undoubtedly, there is a debate about the role of the reserve currencies, the yuan, the euro, the ruble, and others for dealing in non-dollar currencies or inter-state dealings with currencies that cross the dollar and has been going on for a long time. 

The concept of reserve currency is linked to the role that the pound sterling played in the global economy from the end of the nineteenth century to the mid-twentieth century. 

The main function of the reserve currency is to facilitate the international exchange of goods and services by solving the problem of coordinating transactions in the foreign exchange market and reducing transaction costs in foreign trade operations. In addition, reserve currencies are used as a store of value and are held as reserves by the central banks of most countries in the world.  

Performing this function led to the emergence of the term "reserve or secondary currency".
 The demand for reserve currencies is made by economic or financial agents operating in all areas of the global economy.  

In a way that depends on the functions that reserve currencies perform in international transactions. The amount of demand and therefore the degree/volume of use of the reserve currency is determined by how well each of the main functions is performed. As a result, the effect of this begins to work, when the use of the reserve currency by a large number of economic agents becomes a factor that increases the demand for the reserve currency.

There are factors and methodological foundations for the formation of reserve currencies, including the Chinese yuan, the Russian ruble, the Iranian riyal, and others, which necessitate the development of the foundations of the currency system and the methodological and objective foundations for that, and making recommendations regarding its more balanced regulation, and identifying factors that can improve the status of the Chinese yuan, the Russian ruble, the European euro and others as a reserve currency Regional.

And the importance of dealing with a balance between Iraq's oil exports in US dollars now with gas in the future and balances with the trade balance and the volume of trade and economic exchanges with other countries.

Thus, the main tasks of the work are:
 • Finding a specific definition of the concept of reserve currency, as well as the main functions that reserve currencies perform.
 • Reviewing the main theoretical models of demand for reserve currencies.
 • Analyzing the results of empirical studies of demand factors for reserve currencies.
 • It is very important to get acquainted with the concept of the regional reserve currency and to identify the factors that affect the formation of the regional reserve currencies.
 • Develop recommendations to enhance the role of the Chinese yuan, the Russian ruble, the European euro and the Iranian riyal in international trade to achieve the status of the regional reserve currency and facilitate international trade procedures, imports and exports.
 The work will be in an organized and sober work methodology as follows: 

First: Finding a clear definition and concept of the reserve currency in the Central Bank of Iraq law, describing the main functions that reserve currencies perform, and analyzing the advantages and disadvantages of owning a reserve currency. It should also contain, in an independent study or analysis, an overview of the main theoretical models of reserve currencies, taking into account that the methods and results of empirical assessments of the factors affecting the demand for reserve currencies such as Greece, the euro, the ruble, the riyal, and others, are dealt with and analyzed.
 
The third deals with the concept of a regional reserve currency and provides an empirical analysis of the role of regional reserve currencies.  

The fourth is recommendations to raise the status of the Chinese yuan, the Russian ruble, the European euro, the Iranian riyal, and others, according to the momentum, intensity, and priority of trade and economic exchanges, and to form a regional reserve currency on its basis link

Mot:  ........ Yeppers - Fur Sure!!! ~~

Mot: ... Be Sure and Be Ready fer Summer Driving!!! ~~~

Sunday Morning Iraq Economic News Highlights 4-2-23

Sunday Morning Iraq Economic News Highlights 4-2-23

An Iraqi Government Official Expects The Dollar To Drop To 1,400 Dinars By The End Of The Week

2023-04-02 04:57  Shafaq News/ An Iraqi government official expected, on Sunday, that the price of one dollar against the local currency would drop to approximately 1,400 dinars by the end of this week.

In an interview with Shafaq News agency, the official said, "The dollar is witnessing a daily decrease of one to two dollars."

He added, "The price will then witness stability and a slow decline until it reaches near the official price, with a rise of about three or four tigers from the official price of 1,300 dinars for one dollar," adding that there is "a plan for the parallel price to be near the official price and not to fall directly in order to It does not affect merchants and the market."

It is noteworthy that the price of the dollar is witnessing a daily decline against the Iraqi dinar in the parallel market, to reach today 149,900 thousand dinars against 100 dollars, at a time when the dollar was fixed in the budget at 1,300 dinars against one dollar.

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 decrease 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

Al-Khalidi: The Percentage Of The Operational Budget In Iraq Is Terrifying, Being The Highest In The World

Information / Baghdad  On Sunday, the Secretary-General of the Bayariq Al-Khair Movement, Muhammad Al-Khalidi, described the operating budget numbers as terrifying, indicating that the percentage is the highest among the world’s budgets.

Follow the "information" channel on Telegram.. news that does not need to be documented..

 l-Khalidi said in an interview with Al-Maalouma, "The budget is a very important draft law in the Iraqi state, and it cannot be passed without national consensus, as it represents the rights of more than 40 million people."

He added, "By looking at some budget items, some matters of concern can be monitored, especially the operating budget, which amounted to more than 70%, which is perhaps the highest in the world, because all the determinants stand at 20%, which shows the large difference in numbers, which poses a real danger if Oil prices have fallen to high levels.

He pointed out that "Iraq depends on selling oil by 90%, and any collapse in prices will make it face very difficult choices in securing salaries and the rest of the other requirements, stressing that the 2023 budget is the most complex in the Iraqi state after 2003."

The total amounts allocated for the 2023 budget amount to 200 trillion Iraqi dinars, with a deficit estimated at about 60 trillion, according to the figures currently presented.  LINK

The Large Deficit In The Upcoming Budget Is Scary And Will Be Repeated In The Coming Years

Amer Al-Jawahiry To / NINA /: Sunday 02, April 2023 11:10 | Economical Number of readings: 221 Baghdad / NINA / - The consultant in industrial development and investment, Amer Al-Jawahiri, confirmed: The large deficit in the upcoming budget is frightening and will be repeated in the coming years.

He told the National Iraqi News Agency / NINA /: The government's approach to preparing a budget for three years is reasonable, but it is frightening for the future of Iraq through the deficit rate of 32%, equivalent to 64 trillion dinars, and this is very big. 

He explained: The deficit will be repeated in subsequent years, and there are no resources to cover this deficit, stressing the importance of reducing expenditures to the lowest possible extent. It is preferable in the future that the budget be without a deficit, and that we take into account stopping borrowing, whatever it is

https://ninanews-com.translate.goog/Website/News/Details?key=1044166&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

More Than 50 Million Dollars... The Region's Losses Due To The Cessation Of Oil Exports

Today, Saturday, the economic expert, Bahgat Ahmed, revealed the size of the financial losses as a result of the suspension of Kurdistan's oil exports through the Turkish port of Ceyhan.

Ahmed said in a press interview seen by “Takadam” that “there are daily losses estimated at about 50 million dollars as a result of stopping the export of oil after the International Arbitration Court’s decision on the illegality of exporting the oil of the Kurdistan region through Turkey.”

He added, "Most of the foreign fields and companies have stopped, and this matter will be reflected in the region's budget and the payment of employee salaries, in the event that a new agreement is not reached with Baghdad."

Iraq won an arbitration case, which it filed last Thursday, against Ankara regarding the export of crude oil from the Kurdistan region through the Turkish port of Ceyhan without referring to the Iraqi oil marketing company “SOMO” by the arbitral tribunal of the International Chamber of Commerce in Paris.

https://takadum-news.com/archives/157289

For The First Time In Years, Dollarization Is Declining In 5 Vital Sectors In Iraq

The head of the Chambers of Commerce in Diyala, Muhammad al-Tamimi, confirmed, on Saturday, that dollarization decreased in 5 vital sectors in Iraq for the first time in many years.

Al-Tamimi said in a press interview, which was seen by “Takadam”, that “the reliance on the dollar in the payment of dues for trade exchange inside Iraq emerged remarkably after 2007 and formed the end of 2022, a percentage of up to 70% of the payment mechanisms, which formed what is known as the phenomenon of dollarization, which has serious risks, especially since it It is subject to procedures and challenges that could make the entire economy hostage to the outside world.

He added, “The procedures of the Central Bank and the government in reformulating the mechanisms of internal dealings in dinars in paying all dues away from the dollar created an atmosphere that contributed to reducing dollarization in 5 vital sectors, which are the car market and payment of dues between merchants, in addition to reducing transfers in dollars between governorates.”

He pointed out, "Although the decline is slight, it is an indication of the possibility of abandoning dealing in dollars internally, and this is very important to keep the economy away from any vibrations that lead to damage and raise prices."

And the Iraqi markets have suffered in recent months from a remarkable rise in the exchange rate of the dollar against the dinar, which led to an increase in the prices of materials in the markets.

https://takadum-news.com/archives/157317

Fears Of The Collapse Of Oil Prices And The Delay In The Budget Put Iraq On An "Uncharted Road

2023-04-02 02:17  Shafaq News/ Although the Iraqi Council of Ministers, since last March 13, referred the draft budget law for the years 2023, 2024, and 2025 to the Parliament, the Presidency of Parliament did not transfer the draft law to the Finance Committee for discussion and then presenting it to the Parliament for a vote until today. .

Specialists attribute this delay to the tensions and disagreements between some political blocs, especially the Sunni parties, which are trying to find solutions to other outstanding issues through "bargaining" on the budget law, in addition to understandings with the Kurds and the percentage of their share in it. It is also expected that there will be obstacles for independent parties and representatives. Independents to protest the passing of the recent election law.

The delay in approving the budget causes negative repercussions on economic activity from various aspects, in light of the “total paralysis” witnessed by the private sector, due to the suspension of government funding and projects, the disruption of job bonuses and promotions, the dollar crisis and other negatives that are reflected in purchasing power and a decrease in living standards in all governorates. Iraq, according to specialists.

Absent Balance

Adviser to the Prime Minister for Financial Affairs, Dr. Mazhar Muhammad Salih, says, "Iraq has entered the fifth chapter of its financial life without the availability of a federal law for the general budget until now, as the joints of the national economy with its projects and programs are still looking forward to enacting the Federal General Budget Law for the year 2023."

Saleh added to Shafaq News agency, "The absence of the general budget law over a year and a half, constitutes an ambiguous image for decision-makers in the investment and business sectors of civil activity, due to the interdependence of the state's new projects and programs with intertwined relations with market forces, especially the labor, equipment and contracting markets." and others.”

And he continues, “Government investment spending is an important accelerating lever in the growth of income and employment opportunities and market stability, because government spending has a high impact force on all aspects of economic activity, whether directly or indirectly, and with significant impact rates that reach 80% of employment and demand cases.” aggregate in the economy.

Based on the foregoing, "the clarification of the country's legislative financial picture, and the launch of its effects and tools through the general budget, are linked to an important connection with the increase in general economic activity, and the stability of private sector decisions, or the market economy in particular," according to the Prime Minister's Advisor for Financial Affairs.

Saleh explains, "The country's financial policy has adopted medium-term financial planning by presenting a draft budget for the two years 2024-2025, which, if enacted, will provide high information efficiency that helps investment opportunities and market makers in particular to build their decisions high and early, which is something that strengthens at the time Undoubtedly, it will provide employment opportunities and encourage economic growth.”

Budget Disputes

A member of the Parliamentary Finance Committee, Representative Thamer Al-Hamdani, indicates that “the draft budget law for the three years was received by the Presidency of Parliament from the government nearly a month ago, but the Presidency did not transfer it to the Finance Committee until it is discussed and presented for voting in the House of Representatives until today. Because of the tensions and disagreements between some political blocs.

Al-Hamdani told Shafaq News agency, "Some political blocs believe that the budget should be for one year, while others believe that the three-year budget will give political and economic stability."

A member of the Finance Committee confirms, "The size of the budget and the percentage of its deficit are large, but it is possible to discuss it in the Finance Committee, reduce the deficit and the amount of the budget, and address some of the lapses in it, so that it is a safe budget, especially there is a fear of a crisis due to the drop in oil prices."

Al-Hamdani expressed his hope that "the Presidency of Parliament will refer the budget law to the Finance Committee during the next few period, so that the committee in turn will start holding meetings to complete it and present it to the House of Representatives for a vote, so that the stage of direct implementation of the government program begins according to what is included in the budget."

Regarding the fears of the three-year budget, the deputy pointed out that "these fears are due to the regional and international situation, and the harbingers and problems surrounding Iraq, from the possibility of a drop in oil prices due to the lack of market stability, as well as the issue of dollar exchange rates, and this fear is more peaceful than political. Because everyone wants to serve on the condition that there is sobriety and reassurance of the budget law.  

The Repercussions Of The Budget Delay?

The delay in approving and enacting the budget law causes negative repercussions on the market and monetary movement from various aspects, and greatly affects economic activity, according to researcher in economic affairs, Ahmed Eid.

Eid added to Shafaq News agency, "Many economic and monetary activities are suspended, including job bonuses and promotions, in addition to the issue of balancing the job ladder and raising salaries compared to the rise in inflation levels the country is witnessing, in addition to the significant increase in poverty rates in all governorates of Iraq." .

He explains, "All of this is reflected in the purchasing power and the decline in living standards, in addition to the disruption of many economic projects, and the decline in the size of the balance of payments."

Other Influences

Another negative effect of the delay in the budget is that "the private sector is currently in a state of complete paralysis due to the cessation of government funding and the cessation of launching projects, whether service, investment or even operational, as a result of the association of most of the corporate sector with the government sector," according to the economist, Dr. Ahmed Fouad.

Fouad added to Shafaq News agency, "There is confusion and anxiety prevailing among employees because of rumors that appear about salaries and allocations, in addition to new job grades, and the salary scale to be changed, and this waiting, as it increases, will negatively affect the price rise and the crisis of the US dollar, which is linked to a large part of it." at the dollar exchange rate in the budget.

When Is The Budget Approved?

Fouad points out, "The approval of the budget is expected after the next Eid al-Fitr, but there are some expected delays due to the struggle of political parties among themselves over the approval of a number of laws, especially the Sunni parties that are working to find solutions to other outstanding issues by bargaining over the budget law."

Among other obstacles, the economist states, "the understandings with the Kurds and their share of the budget and the financial releases that the Sudanese government secretly promised to them, and there are also expected obstacles by independent parties and independents due to the passing of the recent election law."

Fears Of A Collapse In Oil Prices

The oil expert, Hamza Al-Jawahiry, explains that "Oil is a strategic commodity, as it is very important for the perpetuation of the wheels of production and life in all countries without exception, and now European countries are going through a crisis as a result of the war in Ukraine, and most of them are non-oil-producing countries, as they import oil, with the same Time pays very high bills as a contribution to the Ukrainians, who are fighting the most powerful country in the world in terms of military terms, so they found themselves in a real dilemma to bear the high bills of war and energy.

Al-Jawahiry added to Shafaq News agency, "Therefore, Western countries in general stand in a real confrontation with OPEC Plus, and the aim of this entrenchment is to reduce energy bills, but the positions of OPEC Plus countries, on the other hand, are very strong, as they are defending their most important strategic commodity in the world."

And he continues, "None of the two parties can resolve the confrontation in his favour, because they have effective tools in this confrontation, hence the fears that oil prices could collapse at any time, and the biggest affected will be Iraq, as it depends on oil revenues to supply the budget by a percentage." 95%, while the rest of the OPEC plus countries have other financial resources, not as is the case with Iraq, the rentier state par excellence.

And he explains, "From this standpoint, we see the need for the default price of oil in the budget to be no more than $50, and it is preferable for the price to be $45 per barrel."

On March 13, the Iraqi Council of Ministers approved the draft budget law for the years 2023, 2024, and 2025, and referred it to Parliament.

The 2023 budget is the largest in the history of Iraq after 2003, and Prime Minister Muhammad Shia’ al-Sudani said that its total amounted to more than 197 trillion dinars (135 billion dollars), including an operational budget of more than 150 trillion dinars, and an investment budget of about 47 trillion.

The estimated deficit rate is close to 63 trillion Iraqi dinars, and the total expected revenues are equivalent to more than 134 trillion dinars, while oil revenues are estimated at 117 trillion dinars based on an oil price of $70, while non-oil revenues amount to 17 trillion.

The last budget approved in Iraq dates back to April 2021, while one was not adopted in 2022 due to the political turmoil that paralyzed the country for a year after the last legislative elections. LINK

"Al-Iqtisad News" monitors the exchange rates of the dollar against the dinar

Market  Economy News – Baghdad   Al-Eqtisad News publishes a list of exchange rates of the dollar against the dinar in the Iraqi markets.

Baghdad    Sale: 150,250 dinars per 100 dollars   Buying: 149,250 dinars per 100 dollars

South    Sale: 150,500 dinars per 100 dollars       Buying: 149,500 dinars per 100 dollars

North    Sale: 150,750 dinars per 100 dollars      Purchase: 149,750 dinars per 100 dollars

https://economy-news.net/content.php?id=33272

Al-Sudani's advisor: A "daily and tangible" decline in the exchange rate of the parallel dollar

Money  and business  Economy News _ Baghdad   The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, said that financing foreign trade is in the recovery stage, while stressing that government measures prevented the smuggling of dollars abroad.

Saleh said, in a press statement, seen by "Al-Iqtisad News", that "foreign trade financing operations in foreign exchange for the private commercial sector are currently in a stage of recovery and escalating adaptation in the face of the new international compliance requirements that have been implemented since last November.

The three measures launched by the Central Bank and government regulatory measures 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, reaching nearly $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." Which 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, "In light of the above, the price differences between the official exchange rate of the dinar and the price parallel to it have not widened, but there are strong signs of 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." .

Saleh continued, "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."

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.

He pointed out that "attrition and assault on the constants and variables of the economic system is one indivisible case," pointing out that "the power of law enforcement and its distinguished role has become clear in providing service, foremost of which is the stability of the legal effectiveness of the national economy."

He explained that "preserving the country's financial wealth, specifically preventing illegal disposal of foreign currency and addressing wasteful operations or intentionally 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."

https://economy-news.net/content.php?id=33269

"Tidbits From TNT" Saturday 4-1-2023

TNT:

CandyKisses:  Chinese newspaper: The United States is losing its "dollar" dominance

Information/Baghdad ...

The United States, which uses the dollar as a tool of coercion and as a weapon around the world, will lead to the end of its hegemony.

The Global Times notes that the pressure of US sanctions on Russia is the embodiment of US hegemonic ambitions, which strengthens the desire of other countries in the international arena to reduce dependence on the dollar. These countries are looking for an alternative to SWIFT in order to avoid "monetary coercion" by the United States, while this momentum has become "more visible and stronger."

For example, China and Brazil earlier signed an agreement on the execution of financial and commercial transactions directly in riyals and yuan, bypassing the median in dollar form.

Although the dollar is still the most widely used currency in the world, an increasing number of countries will be looking for an alternative.

The newspaper concluded, "History teaches us that the decline of dominance often begins with its currency."

Earlier, Kenyan President William Ruto also signed an agreement with Saudi Arabia to buy oil for Kenyan shillings instead of the dollar. 

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

CandyKisses:  Democrat: Sudanese visit to Erbil resolved the dispute. And it reveals that the region has been subjected to pressure

{Politician: Al-Furat News} The Kurdistan Democratic Party, headed by Massoud Barzani, confirmed today, Saturday, that Prime Minister Muhammad Shia Al-Sudanese visit to Erbil resolved controversial points.

Party member Wafaa Mohammed Karim told {Euphrates News} that "the visits of the Kurdistan Regional delegation to Baghdad came to resolve all files on the legislation of the oil and gas law, which has two months left for the date of its approval."

Karim pointed out that "there are some parties trying to pressure the region after the decision of the Paris court and shirk the agreements, but those of political parties are not from the government."

Karim pointed out that "the origin of the agreement between the center and the region to legislate the oil and gas law was from 14 points and the controversial points in it are only 4 and it was agreed and resolved by the Sudanese visit to the region and his meeting with Gervan Barzani."

On March 14, Sudani arrived in Erbil where a “comprehensive agreement” was reached on outstanding issues between the federal government in Baghdad and the region.

Iraq earlier announced the decision of the International Court of Arbitration in Paris in favor of Baghdad, for Turkey to stop exporting oil in the Kurdistan region.

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

Tishwash:  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 the 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.

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 the completion and implementation of digital transformation projects and internationally approved payment systems, launching the 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 access to 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.  link 

Mot: .. Dang!! - Already!!!??? ~~~~~

Mot:  ~~ April Fools --- on the Ark!! ~~~~