Wednesday Morning Iraq Economic News Highlights 4-12-23

Wednesday Morning Iraq Economic News Highlights 4-12-23

Sudanese Advisor: The Delay In Approving The Budget Will Obscure Part Of The Important Expenditures

Economy| 02:37 - 04/12/2023   Baghdad - Mawazine News   The financial advisor to the Prime Minister, Mazhar Muhammad Salih, stressed, on Wednesday, the need to expedite the budget legislation, warning that the delay in its approval obscures part of the important expenditures in the Iraqi economy, and affects opportunities for progress and growth.

Salih said, "The federal general budget is an important issue in Iraq's economic life, as government expenditures, whether currently underway within the financial management law or to be added in the budget law, constitute about 50 percent of the Iraqi total, and its effects reach about 85 percent in activity." the economist".

Saleh added, "The delay in approving the budget means withholding part of the important expenditures in the Iraqi economy, especially good projects, appointments, programs, and commitments."

He pointed out that "the budget is a big thing, and any delay will affect opportunities for progress and growth," calling for "expediting budget legislation in the coming days."

And he continued, "The country today, in the fifth chapter without a budget, and this does not indicate correctness in the course of the economy," stressing that "accelerating the budget legislation is a strategic and important issue in the progress of Iraq." https://www.mawazin.net/Details.aspx?jimare=224410

Sudanese Advisor: The Delay In Approving The Budget Will Obscure Part Of The Important Expenditures

Economy| 02:37 - 04/12/2023  Baghdad - Mawazine News  The financial advisor to the Prime Minister, Mazhar Muhammad Salih, stressed, on Wednesday, the need to expedite the budget legislation, warning that the delay in its approval obscures part of the important expenditures in the Iraqi economy, and affects opportunities for progress and growth.

Salih said, "The federal general budget is an important issue in Iraq's economic life, as government expenditures, whether currently underway within the financial management law or to be added in the budget law, constitute about 50 percent of the Iraqi total, and its effects reach about 85 percent in activity." the economist".

Saleh added, "The delay in approving the budget means withholding part of the important expenditures in the Iraqi economy, especially good projects, appointments, programs, and commitments."

He pointed out that "the budget is a big thing, and any delay will affect opportunities for progress and growth," calling for "expediting budget legislation in the coming days."

And he continued, "The country today, in the fifth chapter without a budget, and this does not indicate correctness in the course of the economy," stressing that "accelerating the budget legislation is a strategic and important issue in the progress of Iraq." https://www.mawazin.net/Details.aspx?jimare=224410

Former Deputy: Re-Holding Border Crossings Will Support Iraq's Budget By 10 Trillion Dinars

 1,314   Former MP Furat Al-Tamimi confirmed, on Tuesday, that re-keeping the border crossings will support Iraq’s budget by at least 10 trillion dinars.

Al-Tamimi said in a press interview seen by “Takadum”, that “the file of the border crossings is sensitive and complex, in light of the presence of some of them outside the frameworks of the federal administration, and there are smuggling operations that take place on a regular basis, which contributed to creating great negatives for the economy, industry and agriculture inside Iraq.”

He added, "Ending the corruption file and the influence of some influential groups at the border crossings is an important step in order to increase the country's financial revenues," noting that "the crossings are able to support the country's budget with at least more than 10 trillion dinars annually."

He pointed out that "Al-Sudani's decision to support the Mandali and Al-Mundhiriya crossings in Diyala with elite forces is a step in the right direction, with the need to reconsider the mechanisms of dealing with import axes and adopt electronic control."

There are border crossings in the Kurdistan region that are not subject to the instructions of Baghdad, through which a lot of materials and goods are smuggled. https://takadum-news.com/archives/159003   

Parliament's Finances Regarding The Budget: Fixing Controversial Points Regarding Revenues, Expenditures, Deficits, And Loans

Money  and business   Economy News – Baghdad  A member of the Parliamentary Finance Committee, Mustafa Al-Karawi, said, on Wednesday, that the committee has begun studying and reviewing the budget paragraphs in order to prepare its own report to be presented during the next session in the House of Representatives.

Al-Karawi added, in an interview with the official newspaper, "Al-Sabah", "There will be a receipt of the observations by the members of the council, and thus the start of hosting the government to study the paragraphs of the budget accurately and proceed to pass it."

He explained, "The committee has so far discussed about 17 articles, and the points of contention regarding revenues, expenditures, the deficit percentage, and the sections of new and continuous loans have been fixed, and all other details will be discussed and worked on, amended, and improved so that there is a positive impact on the Iraqi citizen and economy."

Al-Karawi indicated, "After the second reading, the amendments and proposals will be studied by the supporting committees in the House of Representatives, and the observations, amendments, and tables will be confirmed, and they will go to vote."

Al-Karaawi pointed out that "the committee deals with the budget in a technical way, and we hope that the political forces will keep the budget away from bets and political conflicts so that there will be no negative impact on the citizen as it directly affects him, because political conflicts will have a negative impact if they enter into the details of approving the budget." ".

Al-Karawi went on to say that "there is an innovation in the contracts that have been confirmed and some special requests for some ministries that have not been decided yet."

https://economy-news.net/content.php?id=33515

The Parliamentary Finance Is Preparing To Complete The Budget Report Before The End Of This Week And Is Recording Many Observations

Posted On2023-04-12 By Sotaliraq   Baghdad / Firas Adnan   The Parliamentary Finance Committee hopes to complete the preparation of its report on the budget law during the current week, before presenting it during the second reading session.

A parliamentary statement received by (Al-Mada) stated that “the Finance Committee held a meeting headed by First Deputy Speaker of Parliament Mohsen Al-Mandlawi to complete its discussions regarding the draft federal budget law for the years 2023-2024-2025.”

And the head of the committee, Atwan Al-Atwani, stated, according to the statement, that “the draft general budget law constitutes a major task for the Iraqi street, and it has an impact on the financial and economic market in the country, which requires reviewing the preliminary vision, reviewing and checking all the paragraphs contained, and fixing notes on them.”

The statement indicated that the “Finance Committee has completed reading the paragraphs and clauses of the draft law related to obligating ministries and agencies not associated with a ministry, which includes the number of manpower in the ministries, and procedures for appointment and contracting in the public sector, based on a three-year budget vision, in addition to procedures for referral to retirement, and other files. and make proposals thereon.

And he continues, “The committee’s observations included a mechanism for granting loans to graduates, approval of a five-year leave to encourage work, revitalize the private sector, and invest in manpower, in addition to the file of electronic taxation with the aim of developing and developing investment, maximizing revenues and supporting investment projects, as well as the issue of advances granted for the years Previous, discussing the issue of development funds ».

And the statement went on, that “the committee continues to hold meetings, and its intention to check all tables attached to the law and find out the details, pointing to the need to host the concerned parties to reach a formula that meets the aspirations and interests of the Iraqi people, and to prepare the committee’s report for the purpose of presenting it during the second reading in the House of Representatives.”

Committee member Mustafa Al-Karawi said, “The Finance Committee started, since Saturday, with a series of continuous meetings to discuss the budget in detail, and these meetings were chaired by Deputy Speaker of Parliament Mohsen Al-Mandalawi.”

Al-Karawi continued, "The discussions included revenues and expenditures, down to the deficit, and the rest of the other details that were mentioned in the government project."

He pointed out, "The discussions lasted article after article, given that there are many problems in the draft, in order to be accurate in selecting and confirming the notes and presenting the report of the Finance Committee during the next session."

Al-Karawi said, "The committee is continuing its meetings until the end of this week, hoping that we will finish preparing the report and studying it extensively."

He stressed, "The article that provides for the reproduction of the budget for three years has not been studied in detail until the present time, as it was developed at the end of the project."

And Al-Karawi indicated that “the dispute over this article still exists, as some go towards adopting it for three years.”

And he added, “Most of the members of the House of Representatives with making it for one year, so that the House of Representatives gives the real role in following up government work for each year.”

Al-Karawi pointed out, “Technical problems facing the budget related to the amounts that it may obtain in the coming years.”  

He noted, "This comes in conjunction with problems related to oil prices and other political problems of an international nature," and he talked about "the lack of desire to take the risk of enacting a law that extends for three years because we do not want to cause a problem for the national economy."

Al-Karawi stressed, "The audit that took place included oil and non-oil revenue data, and we requested additional data to know how to collect these revenues, especially non-oil ones related to customs and taxes, because we want to know the extent to which the numbers that were talked about in the project can be achieved."

He continued, "The size of the deficit in this budget is very high compared to previous years, and amounts to 64 trillion dinars, which is an imaginary number."

Al-Karawi stressed, "The committee will discuss the possibility of reducing this number, by going to the operating budget that carries very large sums of about 150 trillion, and this is an unprecedented number."

And he stated, “Parliament only wants to confirm new loans of importance, and we do not want to be in front of unimportant loans.

Al-Karawi believes that “moving towards new loans may burden the budget, and our going towards reducing the chances of resorting to borrowing, as this will reduce the deficit rate, whether these loans are internal or external, because they carry amounts that burden the budget.”

And he stressed, “the need to reconsider the price of a barrel of oil, in order to set a real and appropriate price away from risks.”

And Al-Karawi stated, “All the observations that we are recording are of a technical nature that can be affected by political issues, but we aspire to deal with the budget in a technical way, away from political issues, because this is the only legislation that directly affects the citizen.”

He called for "stripping the budget of political conflicts in order to make its legislation successful in a manner consistent with the public interest."

And Al-Karawi continues, “Involving the law in political disputes will have a serious negative impact on the state’s financial program.”

He stressed, "The issue of petrodollars and the development of regions is organized by the Ministry of Planning on the basis of poverty and population density, and we want to achieve social justice by distributing resources to all provinces according to need."

Al-Karawi spoke about “provinces that suffer a lot from a lack of services, resources and infrastructure, and this should be taken into account in order to achieve justice.”

And he stated, "Many poor areas are witnessing great grievances from their citizens, who compare themselves to other cities that are better in terms of services and infrastructure."

Al-Karawi believes that "all regions of Iraq are below the level specified in global indicators of services, but we note that there is a discrepancy between one region and another, which will be noticed when submitting our report on the budget law."

And he finds that “the political aspect is present in the distribution of wealth, as the provinces that have political influence take the major hand in obtaining budget sums, at the expense of others that are currently suffering from a poor time.”

And Al-Karawi concluded, that “one of the notes recorded on the budget is that it involved funds for reconstruction that must be enacted by law, but if it is mentioned with just a text in the budget, that creates a problem and a dispute that has been established regarding the budget.”

For his part, another member of the committee, Mueen Al-Kadhimi, stated that “discussions are still ongoing, and the Finance Committee will continue to prepare the budget report in preparation for presenting it to Parliament.”

And Al-Kazemi added, "The Finance Committee can reduce about half of the deficit that the government has set in its project sent to Parliament."

And he pointed out, “The trend within the Finance Committee is to include in the law a recommendation that the budget be voted on for one year only, while giving the government the opportunity to present the next year’s budget according to the timings stipulated in the Financial Management Law.”

Al-Kazemi refuses, “holding Parliament responsible for delaying the approval of the budget,” noting that “the government’s resort to submitting the next draft budget to Parliament in October is a guarantee that it will be passed before the end of this year.”

The House of Representatives had started discussions on the budget law after it arrived from the government in the middle of last month, with large sums amounting to 200 trillion dinars. LINK

"Tidbits From TNT" Wednesday Morning 4-12-2023

TNT:

Tishwash:  The Iraqi Trade Bank decides to adopt the dinar "only" in its electronic financial transactions

The Iraqi Trade Bank decided, on Wednesday, to adopt the dinar currency only in all ATMs and electronic financial services.

The media advisor to the bank, Aqil Al-Shuwaili, said, “In support of the Iraqi national currency by adopting it in financial transactions inside Iraq and not using the dollar currency, and in implementation of the decision of the Council of Ministers and the directives of the Central Bank of Iraq, it was decided that the cash currency approved in all ATMs of the Iraqi Trade Bank be in the currency of dinars only.

Al-Shuwaili added, in an interview with the official news agency, that "it was decided to cancel the dollar currency from ATMs, and also to adopt the national currency in all electronic financial services."  link

Tishwash:  must be nice  hahaha what about all the other workers 

In the document.. Oil grants a reward of 100,000 dinars to all company employees on the occasion of Eid al-Fitr

 Today, Wednesday, the Deputy Council of Ministers for Energy Affairs, Hayan Abdel-Ghani, announced his agreement to grant a reward of 100,000 to employees of oil companies.

According to a document issued by the ministry, "Oil Minister Hayan Abdul-Ghani agreed on the occasion of Eid Al-Fitr to grant an amount of 100,000 dinars to all employees of the oil sector, disbursed from the account of bonuses or social services."

And she explained that "the reward includes workers in all our oil formations on permanent staffing / daily wage contracts. Workers (attributed) from the formations cover to the center of the ministry from his original department. As for the forgotten ones from the center of the ministry to the point formations, it is disbursed from the beneficiary, including those who enjoy maternity leave."

She pointed out that "the graduates did not include more than 6 months of the academic leave, the accompanying leave, the four- and five-month leave." link

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CandyKisses:  The Minister of Finance directs the Accounting Department to continue working hours for Friday and Saturday

 Baghdad - Nas  

The Minister of Finance, Taif Sami, on Wednesday, directed the continuation of working hours in the Accounting Department for Friday and Saturday to complete the procedures for financing the salaries of employees.      

  The ministry's media office said in a statement received by NAS (April 12, 2023), that "Minister of Finance Taif Sami Mohammed directed the continuation of official working hours in the Accounting Department next Friday and Saturday, for the purpose of completing all procedures for financing salaries for ministries, unrelated entities and governorates before the blessed Eid Al-Fitr holiday."

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CandyKisses:  Member of Parliamentary Finance confirms that there is no fear of the financial deficit in the state budget for the year 2023

Baghdad / NINA / - A member of the Parliamentary Finance Committee, Jamal Cougar, affirmed that there is no fear of the financial deficit in the state budget for the year 2023.

Cougar said in a statement to the National Iraqi News Agency (NINA): "The financial deficit in the state budget for the year 2023 will be covered from the existing financial surplus, which is around 30 trillion dinars, and the approval of the budget in the fifth month means that the previous 5 months are not counted from the year, and therefore the government cannot spend the entire budget during the remainder of the fiscal year, so there will be a rounded amount of money to the next year, up to 20 trillion dinars, to be returned to the government.

He made it clear that there is no fear of a financial deficit in the salaries of employees and retirees, because it is fully insured in the 2023 budget

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CandyKisses:  Iraq and Iran discuss bilateral relations and ways to enhance them in a way that serves the interests of the two peoples

Baghdad / NINA / - The Undersecretary of the Ministry of Foreign Affairs for Administrative and Technical Affairs, Abdul Rahman Al-Husseini, met with the Ambassador of the Islamic Republic of Iran in Baghdad, Muhammad Kadhem Al Sadiq.

A statement by the Ministry of Foreign Affairs stated that the two sides discussed bilateral relations, and ways to enhance them in a way that serves the interests of the two friendly peoples.

The Undersecretary expressed the Iraqi government's satisfaction with the agreement reached between the Islamic Republic of Iran and the Kingdom of Saudi Arabia and the restoration of relations between the two countries. They also discussed developments on the regional and international levels.

The two sides exchanged visions and ideas about the crises that the countries of the region are exposed to, and the need to undertake peaceful solutions, in a way that lays the foundations for stability and achieves security.

For his part, the Iranian Ambassador expressed his gratitude and thanks to Iraq for the constructive role it played and for hosting the talks of the two sides in Baghdad during the past period.

CandyKisses:  YOU PEOPLE WHO GET OFFENDED EASILY......

Mot:  .... LOL -- Noppers... I Ain't Heard it Before!! ~~~~

Iraqi News Highlights Tuesday Evening 4-11-23

Iraqi News Highlights Tuesday Evening 4-11-23

Tlm724 Administrator Bondlady’s Corner

Central Bank Governor Meets A Delegation From Iron point Iconic In Washington

April 11, 2023   His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail, met yesterday, Monday, with a delegation from the company (IronPoint Iconic),

which is one of the largest owners of data centers in the world, and operates in more than 26 markets in the United States, Europe and Asia, and the company owns data centers To the largest global technology companies with the development and operation of these centers, including Apple, Microsoft, Google, and Amazon.

 After the meeting, His Excellency the Governor stated that he had received a presentation from the company regarding global growth trends in the data center market,

whose profits are expected to double in the next four years to reach about $720 billion, indicating that the company is looking forward to investments and development of data centers in Iraq to facilitate the transformation of the Iraqi economy. to digital.

His Excellency also stressed the desire of the Central Bank of Iraq to develop its infrastructure, and the need to store and operate data on Iraqi soil to protect national security, and in line with international best practices.     Central Bank of Iraq    information Office   4/10/2023    https://cbi.iq/news/view/2302

Minister Of Industry: We Have Obtained The Approval Of The Council Of Ministers To Legislate The Economic Reform Law

Economy 04-7-2023, 11:45  Najaf Al-Ashraf - Inform - Haider Farman   Today, Friday, the Minister of Industry, Khaled Battal Al-Najm, counted the suspended factories in the country, and while he made clear the impossibility of restoring work in most of them, he announced obtaining the approval of the Council of Ministers to legislate a law under the name of economic reform.

Al-Najm said, during a press conference attended by the correspondent of the Iraqi News Agency (INA), that

"certain steps known to all have been taken in dealing with some contracts, and we have a review of all partnership contracts amounting to 177 contracts at the ministry's headquarters, in addition to stopping some contracts and trying to process some of them and referral Some of them are sent to the Inclusion Committee because of the waste of public money.”  He added,

"The ministry works within a clear government program, and we adopt strategic industries in Iraq represented in iron and steel, fertilizers, petrochemicals, medicines, sulfur, phosphates, and electrical industries represented by transformers and electric cables."  And he continued:

"As for other detailed industries, we leave room for the private sector to grow, especially as it is important in bringing about a shift in Iraqi industries, and the Ministry of Industry is not only concerned with government industries and companies, but rather sponsors, supports and cooperates with the private sector, but rather offers it over public companies in many cases." detail industries.

Regarding the stopped factories, Al-Najm said:

“The stopped factories amount to 104 factories, most of which cannot be worked in because they are outdated and outside the default age, as most of them date from the sixties and fifties,” noting that

“some factories began work in them in the fifties, but they are still working, including Babylon Cement Factory, which started work in 1954, and Al-Rafidain Cement Factory in 1957.  And he added,

"The old factories cannot be re-worked, but we went towards restructuring some companies according to the government program, and we are currently working on restructuring (the General Company for Textiles and Leather, and the General Company for Food Industries), and

this does not mean canceling them or laying off workers, but we are studying the suspended factories It is workable, either we refer it to investment, or we stop it and dispose of it in accordance with the laws that allow that.”

With regard to the ministry's budget, the minister indicated that

"the ministry's budget includes two parts, the

first of which is the operational part through which salaries and other regulated operational expenses are covered, and the

second is the investment part, as there are projects under construction, and there are funds allocated for their completion, while new projects will not be completed."

We include, with the exception of important ruling projects,” stressing that

“the Ministry of Industry is supposed to participate and contribute to financing the budget and not take from it.”

Regarding the transformation from socialism and entering into privatization and capitalism, the star said:

"Part of this issue is related to the clear laws of the constitution, and our constitution in 2005 was working towards the market, but some laws are still represented by trademarks in 1957, and the industrial investment law in 1998, and others.”  And he continued:

“Two weeks ago, we agreed in the Council of Ministers to work on legislating a law called (the Economic Reform Law). We take all the paragraphs from the various laws that have problems with implementation, and we try to put them in one law that goes to the House of Representatives to be legislated.”  He pointed out that

"the holy shrines have industrial projects within the law, and they have industrial investment licenses," stressing that "the ministry deals with the shrines and all the private sector in a spirit of cooperation, as these factories contribute to the national economy." 

He pointed out that  "the Popular Mobilization Authority established the Engineer Company, but it has not yet started with actual projects, as it was established recently," stressing that

"there is no objection to cooperation with the Engineer Company, the Holy Shrines and the private sector, as long as each specialization is preserved and there is no overlap in Work and inclination to a company.  He explained that

"Iraq has a large import from Turkey and Iran, not a commercial exchange, part of this import is related to industries that we can establish in Iraq," pointing out that

"there is an intersection of interests and problems in the Iraqi industrial sector for several reasons, including the lack of raw materials and

the other part is related to the lack of The availability of continuous electric power, as here there will be additional production costs on the factory, and

part of it is relatively related to the strength of the Iraqi dinar, as the merchant searches for a strong dinar and the industrialist searches for a weak dinar, and

the stronger the dinar, the more trade will increase at the expense of industry, and thus foreign trade will increase.    https://www.ina.iq/182376--.html

Al-Sudanese Financial Advisor Identifies 5 Factors That Caused The Decline In Dollar Prices

April 10 15:12    Information / special.  Today, Monday, the advisor to the Prime Minister for financial and economic affairs, Mazhar Muhammad Salih,

identified several factors that led to a decline in the exchange rates of the dollar in the Iraqi markets, while

confirming that the currency window sales reached their highest levels in imposing stability and sterilizing liquidity.  Saleh said, in an interview with Al-Maalouma Agency, that

"the decline in the exchange rates of the dollar and its return to less than 1470 is mainly due to the decline in the hard currency in the parallel market, and the start of its creep towards the official exchange rate."  He added,

"One of the most important factors that led to the decline of the dollar in the local markets is represented mainly by the success of the monetary policy of the Central Bank of Iraq in particular,

in addition to the role of supportive government policies and positive and effective engagement in meeting the demand for foreign currency."  Al-Sudani's advisor pointed out,

"Facilitating and improving the procedures for necessary external transfers, as well as

selling cash dollars through international compliance channels that the private commercial community has adapted to,

which is today more flexible, transparent and broader in governance." 

And between Saleh:  "At the same time, it is supported by large reserves in foreign currency, which are the highest in the country's financial history," noting that

"these factors are gradually shrinking the gap between the two prices, i.e. (official and parallel)."  He emphasized,

"Foreign currency window sales today have reached their high levels in imposing stability and sterilizing liquidity,

which generates accelerated competition in falling prices of goods and services, which is positive about stabilizing the general level of prices."

The exchange rates of the dollar witnessed, during the current days, a significant decrease in the Iraqi markets, as the 100 US dollars recorded 1470 thousand Iraqi dinars. Ended / 25R

https://almaalomah.me/news/economy/مستشار-السوداني-المالي-يحدد-5-عوامل-تسببت-بانخفاض-أسعار-الدو

The Decline In The Dollar Leads To Positive Repercussions For The People And The Government

 Today 08:45    Information / Baghdad...The specialist in economic affairs, Muhammad Attia Al-Saadi, counted the decline in the price of the dollar on the local stock exchanges as a result of the nature of the package of measures that the government followed in facilitating entry to the electronic platform to buy the dollar,

pointing out that the decline will have positive repercussions at the level of the people and the government.  Al-Saadi said in a statement to Al-Maalouma,

"The step of selling hard currency to merchants without mediation through banks will have many positives in the long term and will contribute to lower prices in the markets and raise the value of the Iraqi dinar."  He added,

"The decline will lead the government to control dollar smuggling abroad with fake bills,"

calling for "development of the banking sector and taking steps to transition to the electronic transaction system, as

it will greatly contribute to reducing corruption and gaining citizens' confidence in depositing their money in government banks and abandoning saving it in government banks." houses.”

He expected the continuation of the decline in the exchange rate after it remained yesterday at the limits of 1400 dinars to the dollar, as the continuation of the decline may make it very close to the price set by the government. https://almaalomah.me/news/economy/انخفاض-الدولار-يقود-لتداعيات-ايجابية-للشعب-والحكومة

Trade: We Seek To Stop Importing Wheat And Become Self-Sufficient

 Economy of the day, 11:23  Baghdad - Conscious - Hassan Al-Fawwaz  Today, Tuesday, the General Company for Grain Trade affiliated to the Ministry of Commerce revealed a Cabinet decision regarding wheat production, while indicating that it

seeks to stop importing wheat and to be satisfied with self-production.

The general manager of the company, Haider Nuri, told the Iraqi News Agency (INA):

"A meeting was held between the Ministries of Commerce and Agriculture, to coordinate between them before the start of the season, to facilitate the process of the farmer's delivery of his dues from the marketed crops, in the presence of the managers of the agricultural branches in all governorates in addition to the managers of the company's branches." General for the grain trade in all governorates,” noting that

“all problems were resolved in the presence of me and the Director General of the Planning and Follow-up Department in the Ministry of Agriculture.”  Nuri added,

"After facilitating the problems experienced by the farmer or managers of the branches of agriculture and grain trade,

we seek to make this season different from all other seasons," expressing his hope that "4 million tons of wheat will be received this year."  He continued,

"We are serious about the production being local and self-made.

We do not want to import at all, but rather

we seek to support our Iraqi farmer."  He continued,

"There was a decision by the Council of Ministers outside the plan.

The farmers who planted at their own expense and bought seeds and fertilizer and worked hard will receive all the quantities they produce,"

expressing his hope "to increase yields in the northern governorates such as Salah al-Din, Nineveh, Kirkuk, and the three governorates of the Kurdistan region."  https://www.ina.iq/182657--.html

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

https://www.bondladyscorner.com/

Iraqi News Highlights Tuesday Afternoon 4-11-23

Iraqi News Highlights Tuesday Afternoon 4-11-23

Tlm724 Administrator Bondlady’s Corner

The Minister Of Foreign Affairs Stresses The Need To Strengthen Ties Between Iraq And The World Bank To Implement Vital Projects

Tuesday 11, April 2023 00:00 | Economical Number of readings: 868  Baghdad / NINA / - Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, received the representative of the World Bank in Iraq, Richard Abdel Nour.  During the meeting, according to a statement by the Ministry of Foreign Affairs, projects funded by the World Bank in Iraq, their completion rates, and the obstacles that stand in the way of their implementation were discussed.

The minister stressed the need to strengthen ties between Iraq and the World Bank to implement vital projects to serve the public interest and work to overcome the difficulties facing the implementation of these projects.

The two sides discussed the projects implemented by the World Bank in Iraq, and their implementation will be in coordination with the Ministries of Planning and Finance.

The projects are focused on infrastructure, especially in areas that have been subjected to war operations against terrorism, as the World Bank has allocated $300 million for the community development project to implement projects in all governorates, which is reflected in Positively for the local communities, and an amount of 750 million dollars was allocated for the rehabilitation of bridges and vital projects, of which about 400 million dollars were spent, in addition to that the World Bank allocated an amount of 210 million dollars for the rehabilitation of the Baghdad Water Project./ https://ninanews.com/Website/News/Details?key=1046345

Governor Of The Central Bank Of Iraq: A Large International Company Looking To Invest And Develop Data Centers In Iraq

Tuesday 11, April 2023 10:18 | Economical Number of readings: 434  Baghdad / NINA /- The Governor of the Central Bank, Ali Mohsen Ismail, announced today, Tuesday, that the international company (IronPoint Iconic) is looking forward to investments and the development of data centers in Iraq to facilitate the transformation of the Iraqi economy into digital, stressing the desire of the Central Bank of Iraq to develop its infrastructure.

And a statement by the central bank stated, “The governor of the Central Bank of Iraq, Ali Mohsen Ismail, met with a delegation from the company (IronPoint Iconic), which is one of the largest owners of data centers in the world, and operates in more than 26 markets in the United States, Europe and Asia, and the company owns data centers.” Data for the world's largest technology companies with development and operation of these centers, including Apple, Microsoft, Google and Amazon.

The governor of the Central Bank indicated that he had received a presentation from the company regarding global growth trends in the data center market, whose profits are expected to double in the next four years to reach about $720 billion.

He explained, "IronPoint Iconic is looking forward to investments and developing data centers in Iraq to facilitate the transformation of the Iraqi economy into digital," stressing "the desire of the Central Bank of Iraq to develop its infrastructure, and the need to store and operate data on Iraqi territory to protect national security, and in line with international best practices." https://ninanews.com/Website/News/Details?key=1046380

The Minister Of Oil Is Discussing With The US Ambassador Issues Of Common Concern

Tuesday 11, April 2023 10:32 | Economical Number of readings: 497   Baghdad / NINA / - Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani, discussed with US Ambassador Alina Romanowsky issues of common concern.

A statement from the Ministry of Oil stated that Abdul-Ghani received Romanowski, and during the meeting they discussed issues of common interest, and ways to enhance cooperation in the oil and energy sector. / End 2    https://ninanews.com/Website/News/Details?key=1046384

The Stability Of Dollar Prices In The Local Markets

Tuesday 11, April 2023 11:16 | Economical Number of readings: 527  Baghdad / NINA / - Today, Tuesday, the exchange rates of the dollar witnessed stability in the local markets. And the selling prices of the dollar were recorded, 144,750 dinars per 100 dollars , while the buying prices of the dollar were recorded at 144,000 dinars per  100 dollars.

A dollar and selling it at (1310) dinars per dollar to banks through the electronic platform, and it is sold at (1320) dinars per dollar from banks and non-bank financial institutions to the final beneficiary.

https://ninanews.com/Website/News/Details?key=1046392

The Finance Committee agrees to fix the exchange rate of the dollar at 130,000 in the budget law

Tuesday 11, April 2023 12:35 | Economical Number of readings: 629  Baghdad / NINA / Thamer Dhiban, a member of the Finance Committee, announced the committee's agreement to fix the exchange rate of the dollar at 130,000 in the budget law. https://ninanews.com/Website/News/Details?key=1046406

High Oil Prices In World Markets

 Energy  Economy News – Baghdad  Oil prices rose today, Tuesday, as market participants assessed the OPEC + decision to cut production, which would reduce supplies in the market, in exchange for concerns about raising interest rates, which is likely to hurt demand.

Investors are awaiting this week a set of reports about inflation, supply and demand in the oil market, which may determine the direction of the market.

Brent crude rose 8 cents to $84.26 a barrel, while West Texas Intermediate crude rose 11 cents to $79.85 a barrel.

Oil prices fell yesterday, Monday, after rising for 3 consecutive weeks, after US jobs data indicated a lack of employment, which raised expectations of another increase in interest rates by the Federal Reserve, which may lead to a decline in demand for oil.

Expectations of a rate hike boosted the dollar index on Monday and Tuesday, which could put pressure on oil prices, as the rise of the dollar makes oil more expensive for buyers holding other currencies.

Oil futures have risen more than 5% since the OPEC + group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, announced last week a new round of production cuts starting in May, surprising the markets.

As for supply in the United States, US crude inventories data is scheduled for release today, Tuesday. Five analysts polled by Reuters predicted that crude inventories fell by an average of 1.3 million barrels during the week ending April 7.

The US inflation report is due out on Wednesday and is expected to help investors determine the path of interest rates in the short term.

A monthly report is also expected from OPEC on Thursday and the International Energy Agency on Friday to update forecasts for oil demand and supply.  https://economy-news.net/content.php?id=33478

“Thanks To The Central Bank’s Measures.” Source: Dollar Prices Will Drop To Less Than 1400 In The Coming Days

Money  and business  Economy News / Baghdad   A government official confirmed that the decline in the exchange rate of the dollar against the dinar is due to the measures taken by the Central Bank within the packages to deal with the dollar file.

Since the end of last year, the value of the dinar has declined after the US Federal Bank tightened procedures on remittances issued from Iraq.

The official, who refused to be named, told Al-Iqtisad News, "The increase in the value of the dinar during the current days is due to the firmness taken by the Central Bank to address the crisis, which was represented by the application of international standards, which made the Federal Bank accept many remittances issued by Iraqi banks." .

He added that "many businessmen have opened bank accounts for their import companies, which has reduced the demand for the dollar in the parallel market," noting that "the coming days will lead to a drop in the dollar to less than 1,400 dinars."    https://economy-news.net/content.php?id=33494

The President of the Republic: The need to work on developing the movement of the internal market and rationing imports

Political | 01:30 - 11/04/2023  Baghdad - Mawazine News, President of the Republic, Abdul Latif Jamal Rashid, received, on Tuesday, the head of the Academic Syndicate, Muhannad Abdul Hassan Hilal, and his accompanying delegation.

During the meeting, according to a statement by the Presidency of the Republic, "the trade union reality was discussed, as the President of the Republic indicated the importance of the contribution of trade unions, organizations and federations to scientific development and knowledge of the progress the world is witnessing."

Rashid stressed, "The importance of academic elites presenting their visions to the government in order to advance its role in achieving its development goals," pointing to "the need to work on developing the internal market movement, legalizing imports, and activating the national industry." Ended 29/N33

https://www.mawazin.net/Details.aspx?jimare=224314

Central Bank Sales Of The Dollar Decreased For The Second Day

Economy| 11:20 - 11/04/2023   Baghdad - Mawazine News   Central Bank sales of dollars decreased for the second day in a row, to record 191.5 million dollars.

https://www.mawazin.net/Details.aspx?jimare=224302

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

https://www.bondladyscorner.com/

Goldilocks "Iraq and Oil News" Tuesday 4-11-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:  Good morning Dinar Recaps,

Goldilocks posted this morning

"His Excellency the Governor  of the Central Bank of Iraq, Mr. Ali Mohsen Ismail, met yesterday, Monday, with a delegation from the company (IronPoint Iconic), which is one of the largest owners of data centers in the world, and operates in more than 26 markets in the United States, Europe and Asia, and the company owns data centers To the largest global technology companies with the development and operation of these centers, including Apple, Microsoft, Google, and Amazon."

This meeting was to learn how to organize and develop their infrastructure, privatize their National security data, and operate in compliance with the International community.

https://cbi.iq/news/view/2302

Iraq has also learned how to develop, control, and strengthen the dinar through electronic mechanisms.

This is not the same Iraq we knew a few years ago. They are rapidly moving into compliance with global economic mechanisms that will allow them to enter the International stage and thrive.

© Goldilocks

https://search4dinar.wordpress.com/2023/04/11/sudan-advisor-central-bank-succeeded-in-increasing-the-strength-of-the-dinar-and-began-to-approach-the-parallel-price/

~~~~~~~~~~

Gippers News Reader, here on telegram, had a wonderful article this morning on oil prices.

This article tells us why the oil sector has not been repriced fully.

There are two price mechanisms that are primarily used around the world.

When the OPEC recently put a cap on oil production, this created price fluctuations that have not found their equanimity just yet.

Once the oil commodity has been repriced, we will be able to move forward with silver and gold.

You can watch the development of these on the US Debt Clock. As these three sectors of the market get repriced, it will go a long way in helping us finish our currency reforms around the world attaching their value to the new digital asset-based trading system.

© Goldilocks

https://www.newyorkfed.org/research/policy/oil_price_dynamics_report#/overview

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Thank you Dinar Recaps

"Tidbits From TNT" Tuesday Morning 4-11-2023

TNT:

CandyKisses:  A Shiite authority declares April 21 the day of Eid al-Fitr based on its jurisprudential building

Baghdad - Nas  

The office of the religious authority, Kamal al-Haidari, announced that the first day of the month of Shawwal will be on Friday, April 21, 2023.    

The reference office said in a statement received by NAS (April 11, 2023), that "this is based on the jurisprudential structure of the reference, which depends on accurate scientific and astronomical calculations that indicate that the central conjunction (the central new moon) will occur on Thursday, April 20, 2023 at 04:12 UTC."  

CandyKisses:  Karbala suspends official working hours for tomorrow, Wednesday

On the occasion of the anniversary of the martyrdom of Imam Ali (peace be upon him), the Governor of Holy Karbala, Eng. Nassif Jassim Al-Khattabi, extends his deepest condolences to our Maulana Sahib of the era and time, our great references, to the Islamic world in general, and to the Iraqi people in particular

Praying to God Almighty for steadfastness on the approach of the immaculate imams, peace be upon them, and to grant security and security to Iraq and the Iraqis On this occasion, the Governor announces the suspension of official working hours for tomorrow, Wednesday , corresponding to the 12th of April, with the service and security departments continuing to provide their services to citizens.

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CandyKisses:  "It owns Apple, Google, and Amazon data centers." A major international company makes an offer to Iraq

 Economy News - Baghdad

The Governor of the Central Bank of Iraq, Ali Mohsen Ismail Al-Alaq, met with a delegation from Iron Point Iconic.

The central bank's media office said in a statement that the company is "one of the largest owners of data centers in the world, operating in more than 26 markets in the United States, Europe and Asia, and the company owns data centers for the largest global technology companies with the development and operation of those centers, including Apple, Microsoft, Google, and Amazon."

According to the statement, the governor of the Central Bank said after the meeting, that he received "a presentation from the company on global growth trends in the data center market, which is expected to double its profits in the next four years to reach about $ 720 billion," noting that "the company is looking forward to investments and development of data centers in Iraq to facilitate the transformation of the Iraqi economy to digital."

The governor stressed "the desire of the Central Bank of Iraq to develop its infrastructure, and the need to store and operate data on Iraqi territory to protect national security, and in line with international best practices

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CandyKisses:  Sudan Advisor: Central Bank succeeded in increasing the strength of the dinar and began to approach the parallel price

{Economic: Al-Furat News} The financial and economic adviser to the Prime Minister, Mazhar Mohammed Saleh, explained today, Tuesday, that the Central Bank has succeeded in managing the file of controlling exchange rates and gradually reducing them.

Saleh told {Euphrates News}, "The Central Bank has succeeded in managing the file of controlling exchange rates and gradually reducing them through the electronic platform and the management of banks, which thus adapted to the work of the platform, which was reflected positively through the knowledge of the last beneficiary of remittances."

He added, "These are positive indicators as we noticed the approach of the parallel market to the official exchange rate, and that monetary policy succeeded significantly in increasing the strength of the Iraqi dinar until the parallel exchange rate seemed to approach the official."

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Tishwash:  Rashid stresses the need to develop banking systems and reduce red tape

The President of the Republic receives the delegation of the Iraqi Association of Islamic Banks

His Excellency the President of the Republic, Dr. Abdul Latif Jamal Rashid, received today, Tuesday, April 11, 2023, at the Baghdad Palace, the delegation of the Iraqi Association of Islamic Banks Group.

At the outset of the meeting, the President of the Republic congratulated the delegation on the establishment of the Association, wishing them success in performing their work.

His Excellency then spoke about the need to develop banking systems and reduce red tape, in addition to facilitating banking procedures related to investment and capital movement, and the President stressed the importance of supporting and encouraging the private sector, which deserves to flourish in order to improve the standard of living of the citizen, and support factories, merchants and simple stakeholders.

For their part, the members of the delegation reviewed the work of the Association in the various governorates, as they confirmed that it relies on the Islamic approach, noting that Islamic banks were suffering from the lack of a law of their own until 2015.

They stressed that they are working to encourage citizens to deposit and deal with banks, and that the laws are attractive to the investor, as they indicated that private banks are working to support the stability of the dinar exchange rate in the market, expressing their hope to amend the government debt collection law. link

Mot: .. Yahooooooo - Just in Time for Spring!! ~~

Mot:  ... Amazing How Effective My New Security system is these Daze! ~

Tuesday Morning Iraq Economic News Highlights 4-11-23

Tuesday Morning Iraq Economic News Highlights 4-11-23

Economist: The Decline In The Price Of The Dollar Does Not Confuse The Market, And These Are The Beneficiaries

04/11/2023  Earth News / Economic expert Ahmed Saddam confirmed today, Tuesday, that the drop in the exchange rates of the dollar does not cause confusion in the market, while he identified the beneficiaries of this decline.

In an interview with Earth News, Saddam said, "The drop in dollar prices does not cause great confusion in the market, as much as positive expectations postpone some commercial deals only for those who resort to obtaining dollars from exchange companies because there are expectations of a greater decline in the exchange of the dollar against the dinar."

He added, "This decline enables the merchant class to obtain a larger dollar in terms of value because of this decline, and thus raises the level of their trading ability in the future with the stability of the market.

https://earthiq.news/archives/219147

Headed By Mandalawi.. Parliamentary Finance Holds A New Meeting To Complete The Budget Discussion

Baghdad / NINA / - The Parliamentary Finance Committee held, on Monday, a meeting to discuss the draft budget law for three years.

The office of the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, said in a statement, “In order to complete the discussion of its provisions, Al-Mandalawi chaired a new meeting of the Finance Committee to discuss the draft financial budget law for three years.”

A few days ago, the House of Representatives had completed the first reading of the draft general budget law for three years.

https://ninanews-com.translate.goog/Website/News/Details?key=1046326&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

A Parliamentary Committee Expects The Maximum Date For Approving The Budget

The Parliamentary Economy Committee expected, on Monday, the maximum date for approving the federal budget.  Committee member Hussein Al-Sabri said in a press interview seen by “Takadam” that “with regard to the delay in approving the budget law, the law has been read first and the Finance Committee has already begun to study and discuss it, despite the necessity to expedite the approval of the budget law, but there are chapters that need to be studied.”

He added that "the maximum limit for approving the law will be between a month and a month and a half."

And the House of Representatives, in its session on April 6, completed the first reading of the draft federal budget law for the Republic of Iraq for the fiscal years 2023, 2024 and 2025.

And the First Deputy Speaker of the House of Representatives directed in a meeting of the Finance Committee yesterday to expedite the completion of the budget law and complete its requirements,” stressing that “the next few period will witness the second reading of the draft budget law.”

And he stressed “the House of Representatives’ keenness to scrutinize all paragraphs of the budget,” noting that “the people expect their representatives to quickly complete and vote on them because they are directly related to their lives.”

During the meeting, which was chaired by Mandalawi, the budget items were discussed and observations were presented in a way that contributes to increasing the allocations for the development of the regions, reducing the deficit rate, and implementing service and strategic projects, especially the lagging ones.    https://takadum-news.com/archives/158751

The Finance Committee Agrees To Fix The Exchange Rate Of The Dollar At 130,000 In The Budget Law

Tuesday 11, April 2023 12:35 | Economical Number of readings: 272  Baghdad / NINA / Thamer Dhiban, a member of the Finance Committee, announced the committee's agreement to fix the exchange rate of the dollar at 130,000 in the budget law.

https://ninanews-com.translate.goog/Website/News/Details?key=1046406&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

The Sudanese Advisor Identifies 5 Factors That Caused The Decline In Dollar Prices

Today, Monday, the advisor to the Prime Minister for financial and economic affairs, Mazhar Muhammad Salih, identified several factors that led to a decline in the exchange rates of the dollar in the Iraqi markets, while confirming that the currency window sales reached their highest levels in imposing stability and sterilizing liquidity.

Saleh said in a press interview seen by “Takadam” that “the decline in the exchange rates of the dollar and its return to less than 1470 is mainly due to the decline in the hard currency in the parallel market, and the start of its creep towards the official exchange rate.”

He added, “One of the most important factors that led to the decline of the dollar in the local markets is mainly the success of the monetary policy of the Central Bank of Iraq in particular, in addition to the role of supportive government policies and positive and effective engagement in meeting the demand for foreign currency.”

Al-Sudani's advisor pointed out, "Facilitating and improving the procedures for necessary external transfers, as well as selling cash dollars through international compliance channels that the private commercial community has adapted to, which is today more flexible, transparent and broader in governance."

And between Saleh: “At the same time, it is supported by large reserves in foreign currency, which are the highest in the country’s financial history,” noting that “these factors are gradually shrinking the gap between the two prices, i.e. (official and parallel).”

And he emphasized, “Foreign currency window sales today have reached their high levels in imposing stability and sterilizing liquidity, which generates accelerated competition in the decline in prices of goods and services, which is the positive matter towards stabilizing the general level of prices.”

During the current days, the exchange rates of the dollar witnessed a significant decrease in the Iraqi markets .   https://takadum-news.com/archives/158755

Parliamentary Finance Undertakes To Quickly Pass The Budget

Iraq  04/11/2023  Omar Abdul Latif   Committee member Hussein Moanis said, in an interview with "Al-Sabah": "The Finance Committee and the House of Representatives are keen to come up with the best budget that has passed over the past years, despite the challenges," and indicated that "there is seriousness by the members of the committee in proceeding with the budget without returning it to the government."

Pointing out that "discussions took place in the committee regarding the paragraphs of the budget to prepare a detailed report and introduce proposals and discussions in order to complete and mature all opinions."

He added, "There is a major challenge represented in reducing expenditures and increasing revenues in this year's budget, given the high percentage of deficits that intersect with the Financial Management Law," noting "the committee's keenness to reduce expenditures, given that there will be a problem during the coming years if the budget is passed in this way." The great deficit.

He continued, "There is a complete absence of real plans to know the volume of revenues annually, and the committee is always working on estimating the cash quantities that arrive from those revenues, which appear to have decreased to a level less than half," noting that "the state has given many exemptions recently and the effects of changing the price of exchange rate,

 in addition to the fluctuation of oil prices in the global market, especially after fixing it at 70 dollars in the budget, which prompts us to hedge on the issue of figures on the level of revenues, and there is also the oil agreement between the region and the center, which is still unclear until now, and what is the role of (SOMO) Will the account in which the revenues of the region be placed be monitored? Mu'nis asserted.

A member of the Finance Committee ruled out the reported intentions to raise the prices of oil derivatives, "as it is a matter for producing companies only," pointing to the addition of "a paragraph to pay the differences of the popular crowd, national security and examiners in the Ministry of Defense." He confirmed the closeness of hosting Prime Minister Muhammad Shia' al-Sudani and executive officials to "answer the committee's questions regarding the budget," considering it "a positive point and a complementary issue between the legislative and executive authorities to make the government program a success."

For his part, a member of the Parliamentary Economy Committee, Hussein Al-Sabri, said: “With regard to the delay in approving the budget law, the law has been read first and the Finance Committee has already begun to study and discuss it,” noting that “despite the need to expedite the approval of the budget law, there are doors that need to a study.”

And the House of Representatives completed its session on April 6, the first reading of the draft federal budget law for the fiscal years 2023, 2024, and 2025, and the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, directed in a meeting of the Finance Committee yesterday, Sunday, to expedite the completion of the budget law and complete its requirements, stressing that “the period The next few will witness the second reading of the budget bill. Edited by: Muhammad Al-Ansari   https://alsabaah.iq/75051-.html 

Parliamentary Efforts To Spare The Government From Increasing The Budget Deficit For The Fiscal Year 2023

Iraq  10:40 - 2023-04-11  Independent MP Amer Abdul-Jabbar expected, on Tuesday, an increase in the budget deficit due to the reduction in production in oil exports, while he revealed that the House of Representatives sought to spare the government an increase in the budget deficit for the fiscal year 2023. Abdul-Jabbar said in a press interview, “The budget was discussed within the committees Concerned and controversial points will be evaluated during the second reading.

He added, "There are many observations about the budget legislation, foremost of which is the price of a barrel of oil, especially after the issuance of the decision of OPEC countries to reduce production to two million barrels of oil, including Iraq, about 211 thousand barrels per day."

He pointed out that "Iraq's revenues will be reduced, and thus will increase the budget deficit, and the government has no choice but to borrow to bridge the deficit, and therefore we seek to spare the government an increase in the budget deficit."     https://kirkuktv.net/AR/Details/14512

Iraqi News Highlights Monday Afternoon 4-10-23

Iraqi News Highlights Monday Afternoon 4-10-23

Tlm724 Administrator Bondlady’s Corner

Oil Prices Rose Amid Expectations Of Reduced Supplies

Economy| 08:19 - 10/04/2023  Follow-up - Mawazine News  Oil prices rose in early Asian trading today, Monday, supported by expectations of production cuts targeted by OPEC + starting next month, but concerns about the global economic outlook limited the gains.  Brent crude futures rose 13 cents, or 0.2 percent, to $85.25 a barrel by 2356 GMT.   While US West Texas Intermediate crude rose 14 cents, or 0.2 percent, to $80.84 a barrel. Ended 29/N33   https://www.mawazin.net/Details.aspx?jimare=224201

The Mechanisms of Corruption in Iraq

By Sajad Jiyad   March 30th, 2023

While it is well known that Iraq is entrenched in corruption and that the

political elite are the key enablers of it,

the exact mechanisms of how corruption operates is not well understood.

A peculiar social phenomenon of Iraq is that public debate on corruption is constant, and

politicians engage widely on the topic but published research is limited.

Despite the competing political interests, the elevation of the economic interest above all else has led to a cooperative power-sharing arrangement dominating post-2005 Iraq.

This article previews a forthcoming report that will investigate the mechanisms by which the political elite in Iraq conduct corruption, mostly of the extractive type, and allows them to maintain a decentralised grip on power.

The most important element that allows corruption to operate systemically in Iraq is the political elite’s control of the state through all its institutions and at all levels.

Regime change in 2003 led to various parties taking over the state progressively and eventually led to the power-sharing system known as muhasasa, which is a method of apportionment of positions in the state based on the size of each party’s power and influence, usually measured through their seats in parliament.

The parties apply the muhasasa to every possible institution in the state, meaning the networks of the political elite spread through the state like a mesh.

Because the corruption in Iraq is systemic there are many types of corruption schemes in operation.

The first type involves public procurement and contracting,

The second type is theft of public funds using embezzlement (such as the ‘Heist of the century’).

The third is patronage (to ensure voters, loyalists and members are rewarded by pushing them into the public sector), payroll fraud (through abseentism or ghost employees) and salary skimming.

The fourth is smuggling of oil and derivatives, contraband and fake goods.

The fifth is facilitating the narcotics trade and other similar trades.

The sixth is bribery, extortion, blackmail for political or purely financial purposes.

In the middle of all of this is a key relationship that is not well known, that between the political elite and the businessmen who benefit from these schemes.

It is a kind of political-corporate complex in which politicians do not engage directly in corruption but work with businessmen who may have no political loyalties but are willing to facilitate corruption and launder proceeds from it in return for a cut.

Violence is a readily available tool that the political elite resort to, especially as most of the established parties have armed wings,

Iraq has the potential to be better but so far the political elite are relaxed enough that they do not feel the need to undertake reforms.

About the author  Sajad Jiyad: 
Sajad Jiyad is an Iraqi political analyst based in Baghdad and a fellow at The Century Foundation. Sajad’s main focus is on public policy and governance in Iraq. He tweets at @SajadJiyad
Posted In: Iraq   https://blogs.lse.ac.uk/mec/2023/03/30/the-mechanisms-of-corruption-in-iraq/

Significant Decline In The Price Of The Dollar In The Local Markets

Monday 10, April 2023 09:53 | Economical Number of readings: 473  Baghdad / NINA / - The exchange rates of the dollar against the dinar decreased significantly today, Monday, in the local markets.

The selling prices of the dollar were recorded at 144,000 dinars per 100 dollars, while the purchase prices amounted to 143,000 dinars per 100 dollars./ End 8

https://ninanews.com/Website/News/Details?key=1046140

The World Bank Expects Iraq's GDP To Grow In 2024

Monday 10, April 2023 10:37 | Economical Number of readings: 384  Baghdad / NINA / - The World Bank report for the current month of April expected that Iraq would achieve the second largest growth rate in the Arab world in GDP, during the year 2024.

The bank stated in a report, that "Iraq's gross domestic product is expected to grow during the current year 2023 by 2.8%." After achieving a growth during the year 2022 of 7.9%.

He added, "It is hoped that Iraq will achieve a growth in GDP in 2024 by 4.4%, to rank second after Djibouti, in which the growth will reach 5.4%," noting that "the growth of the GDP for Qatar for the same year will be 2.9%, the UAE 3.4%, and Saudi Arabia 3.3%." While growth will reach 4% for Egypt, 2.4% for Jordan and 3% for Tunisia.

The World Bank report indicated that it is expected that "the growth of per capita GDP in Iraq will also increase during the year 2024, by 2%, after it was 0.4% in 2023," explaining that "the highest growth in per capita GDP." The total in the Arab countries for the year 2024 will go to Djibouti at a rate of 4.2%, followed by the UAE at a rate of 3.4%.

According to the report, the bank’s experts suggested that “the growth of the Middle East and North Africa region in 2023 will increase by 3%, by 3.1% in 2024, and it is expected that the growth rate in per capita GDP in the region will increase in 2023 to 1.6%.” And by 1.7% in 2024.”/ End 8

https://ninanews.com/Website/News/Details?key=1046142

The Central Bank's Dollar Sales Recorded A Significant Decrease In Today's Auction

Economy| 11:14 - 10/04/2023   Baghdad - Mawazine News  Central Bank sales decreased in an auction today, Monday, to 213 million dollars.   https://www.mawazin.net/Details.aspx?jimare=224213

The Central Bank Postpones The Deduction Of The Employee Loan Installment

Political | 03:59 - 10/04/2023   Baghdad - Mawazine News  The Central Bank of Iraq decided, on Monday, to postpone the deduction of the employee loan premium.

And the bank stated, in a statement, which Mawazine News received a copy of, that it "instructed licensed banks to postpone the deduction of employee loans for the month of April on the occasion of Eid Al-Fitr."  And he added, "This is based on the directives of the Prime Minister, Muhammad Shia'a al-Sudani." Ended    https://www.mawazin.net/Details.aspx?jimare=224237

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

  https://www.bondladyscorner.com/

Goldilocks "Reports, Ethereum and more" Monday 4-10-2023

Goldilocks and Seeds of Wisdom

Thank you RJ

RJ:   Good morning Dinar Recaps,

Goldilocks posted comments

CPI, PPI, and Bank Earnings reports come out this week.

These reports will give us a good understanding of where we are.

The Futures Market are indicating session lows.

© Goldilocks

The Shanghai Exchange upgrade utilizing Ethereum to move their monetary exchange system in the east happens this Wednesday.

It is a major undertaking that will enable many of the Eastern half of our world's economy to operate in the digital-asset based trading system.

Here is what will be happening: "The highly anticipated Shanghai upgrade, scheduled for April 12, is set to bring significant changes to Ethereum’ (https://thecurrencyanalytics.com/what-is-ethereum)s network.

This final step in Ethereum’s transition from a proof of work (PoW) consensus mechanism to a more eco-friendly proof of stake (PoS) consensus mechanism will unlock ETH coins that users staked last year to secure the network during the transition. The upgrade could introduce some price volatility for Ethereum as the market reacts to these developments."

This upgrade will lower the number of Ethereum coins and drive it's price up. The proof of stake protocol is a consensus mechanism used to verify new cryptocurrency transactions.

This will tighten security and enable proof of funds on both sides of a trade through the use of Ethereum's smart contract mechanisms.

The Shanghai Stock Exchange provides products of stocks, bonds, funds and derivatives. This will lock in cross-border International trading capabilities from the East and the West in the new digital asset-based trading system.

The use of the Chinese Yuan will go a long way in leveling off the playing field among currencies to settle trades.

We have come a long way, and this upgrade moves us closer to a holistic picture of our new global economy.

© Goldilocks

https://thecurrencyanalytics.com/altcoins/april-crypto-forecast-ethereums-shanghai-upgrade-and-market-volatility-amid-interest-rate-uncertainty-43139.php

https://www.analyticsinsight.net/crypto-news-update-ethereum-eth-shows-strength-ahead-of-the-crucial-shanghai-upgrade-dogecoin-doge-gets-renewed-confidence-after-elon-changed-twitter-logo-renq-finance-renq-scoots-past-5-2-m/

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"Tidbits From TNT" Monday 4-10-2023

TNT:

Tishwash:  This is in Iraq's news

BRICS is in the process of launching an alternative common currency to the US dollar

The BRICS group of countries announced, on Monday, that it is about to launch a common currency, an alternative to the US dollar.

And "BRICS" is an abbreviation of the initials in the Latin language BRICS, which make up the names of the countries with the fastest economic growth in the world, namely: Brazil, Russia, India, China and South Africa. And media reported that Türkiye, Egypt and Saudi Arabia are expected to join the group.

It is noteworthy that the first summit between the heads of the four founding countries was held in Yekaterinburg, Russia, in June 2009, which included announcing the establishment of a bipolar world order.

Recently, Kenya signed two deals with Saudi Arabia and the UAE to buy oil in its local currency, the Kenyan shilling, and Ghana in gold instead of the US dollar.

The US dollar is the official currency in the United States and has become an important global reserve currency. It is the most widely used currency in global transactions. America manages the dollar’s ​​financial policy and controls it in global international trade.

Some countries, including Russia, are trying to dispense with the US dollar in their oil sales with exporting countries, given that America uses its national currency to impose sanctions on Russia after the latter's war on Ukraine.

A few days ago, the Russian Ministry of Finance announced that it would change the structure of the National Welfare Fund within a month, as it would dispense with the dollar and replace the US currency with gold and other currencies.

Many countries, including Russia, find it difficult to dispense with the US dollar because the primary commodities are the most traded in the world, with a trade volume estimated at $14 trillion annually, 99% of which is traded in dollars, which is the most important source of income in Russia, in addition to that the dollar is more A currency on which countries rely for monetary reserves.   link

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Tiswhash:  The President of the Republic: Iraq has come a good way in consolidating its security and stability

The President of the Republic, Abdul Latif Jamal Rashid, affirmed that Iraq has come a good way in consolidating its security and stability.

He said during his meeting today with the Minister of Interior of the Republic of Sudan, Lieutenant General Anan Hamid Muhammad, and his accompanying delegation, in the presence of the Minister of Interior, Lieutenant General Abdul Amir Al-Shammari, according to a presidential statement, that the region suffered from security and stability problems, stressing the importance of security cooperation between the countries of the region.

The President indicated that Iraq has come a long way in consolidating its security and stability, and there are understandings between the political parties.

In turn, Lieutenant General Anan Hamid expressed his country's desire to deepen relations with Iraq, stressing the importance of enhancing cooperation and joint coordination in a way that achieves the aspirations of the two brotherly peoples for progress and prosperity.

The statement indicated that preparations for the regional conference on drug control, which is expected to be held soon, were discussed.  link

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Tishwash:  Iraq is on the way to achieving the second rank in the Arab world with the largest GDP growth in 2024

Today, Monday, the World Bank expected that Iraq would achieve the second rank in the Arab world, with the largest growth of gross domestic product, during the year 2024.

And the bank stated in a report, followed by (Baghdad Today), that "Iraq's gross domestic product is expected to grow during the current year 2023 by 2.8%, after it achieved a growth during the year 2022 of 7.9%."

The report added, "It is hoped that Iraq will achieve a growth in the domestic product in 2024 by 4.4%, to rank second after Djibouti, in which the growth will reach 5.4%," noting that "the growth of the GDP of Qatar for the same year will be 2.9%, the Emirates 3.4%, and Saudi Arabia 3.3 %, while growth will reach 4% for Egypt, 2.4% for Jordan and 3% for Tunisia.

The World Bank report indicated that it is expected that "the growth of per capita GDP in Iraq will also increase during the year 2024, by 2%, after it was 0.4% in 2023," explaining that "the highest growth in per capita GDP The total in the Arab countries for the year 2024 will go to Djibouti at a rate of 4.2%, followed by the UAE at a rate of 3.4%.

According to the report, the bank’s experts suggested that “the growth of the Middle East and North Africa region in 2023 will increase by 3%, or 3.1% in 2024, as the World Bank expected, that the growth rate in per capita GDP in the region would increase in 2023.” to 1.6% and by 1.7% in 2024.

The "gross domestic product" gives a general idea of ​​the economic growth of a country, and this growth is usually accompanied by an increase in employment opportunities and an increase in wealth, but this criterion does not include whether the growth is sustainable or temporary, and whether it will cause economic damage in the medium term or the long.

The gross domestic product is a purely physical indicator, and it is not possible to measure the quality of life in a particular country, or the extent of happiness and comfort of the population, just as this indicator does not take into account the environmental standard and the negative consequences of economic activity that will cost a lot of money in the future  link

Mot:  And the Time for the RV is .........

Mot:  .. Yeppers!! - My Kind of Peoples!! ~~~

Monday Morning Iraq Economic News Highlights 4-10-23

Monday Morning Iraq Economic News Highlights 4-10-23

A Decline In Dollar Sales Hits The Central Bank Of Iraq

2023-04-10 04:59   Shafaq News/ The Central Bank's sales of dollars decreased in an auction today, Monday, by 24%, to reach 213 million dollars.

Shafaq News agency reporter stated, "The Central Bank sold today, during its auction for buying and selling US dollars, 213 million and 664 thousand and 251 dollars, a decrease of 24.2%, compared to yesterday, Sunday, in which sales amounted to 281 million, 889 thousand and 29 dollars, which the bank covered at an exchange rate." The base amounted to 1305 dinars per dollar for documentary credits and international settlements of electronic cards, at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar in cash.

Our correspondent added that most of the dollar sales went to boost balances abroad in the form of (remittances, credits) at 182,714,251 dollars, while the rest of 30,950,000 dollars went in the form of cash sales.

Our correspondent indicated that the number of banks that bought cash dollars amounted to 10 banks, while the number of banks that responded to requests for strengthening balances abroad reached 23 banks, while the total number of exchange and mediation companies participating in the auction was 154 companies.  LINK

In Monetary Terms, The Central Bank Of Iraq Sells Nearly 40 Million Dollars Today, Monday

04/10/2023  Earth News / The Central Bank announced today, Monday, the results of the foreign currency window, as it sold nearly 40 million dollars in cash.  https://www.nasnews.com/me_ga.php?id=45940       https://earthiq.news/archives/218757

The Decrease In The Iraqi Central Sales Of The Dollar

Economy |Today, 10:5  Baghdad today – Baghdad  Today, Monday, the Central Bank of Iraq’s sales of foreign currency decreased, to record $ 213 million.

According to the schedule of the currency sale window, and its follow-up (Baghdad Today), the Central Bank sold during its auction today 213,664,251 dollars, which the bank covered at an exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for external transfers, and at a price of 1310 dinars per dollar in the form of monetary.

Most of the dollar sales went to enhance the balances abroad in the form of (remittances, credits), amounting to $182,714,251, while the remaining $30,950,000 went in the form of cash sales.  LINK

A Clear Decrease In The Exchange Rates Of The Dollar In The Local Markets For Today

MONDAY, 10-04-2023, AM 10:27   TAYSEER AL-ASA  Today, Monday, the exchange rates of the US dollar against the Iraqi dinar witnessed a clear decline in the main stock exchange in the capital, Baghdad, and Erbil, the capital of the Kurdistan Region.

And the central Kifah Stock Exchange in Baghdad recorded, this morning, an exchange rate of 144,100 dinars for every 100 dollars, while the prices yesterday morning, Sunday, were 147,950 dinars for 100 dollars.

The buying and selling prices also decreased in exchange shops in the local markets in Baghdad, as the selling price reached 145,000 dinars, while the purchase price reached 143,000 dinars for every 100 dollars.                                          

In Erbil, the capital of the Kurdistan Region, the price of the dollar also decreased, as the selling price reached 142,250 dinars, and the purchase price reached 141,250 dinars for every 100 dollars, while the exchange rate on the Sulaymaniyah Stock Exchange reached 142,000 Iraqi dinars.

 Yesterday evening, Sunday, the exchange rates of the US dollar against the Iraqi dinar witnessed a decline that continued until the night hours, on the main stock exchange in Baghdad and Erbil.

https://non14.net/public/156093

Al-Mandalawi Directs The Parliamentary Finance Committee To Expedite The Completion Of The Budget Law And Complete Its Requirements / Expanded

Sunday 09, April 2023 23:46 | politics Number of readings: 716   Baghdad / NINA / - Mohsen Al-Mandalawi, First Deputy Speaker of Parliament, chaired this evening, Sunday, a meeting of the Parliamentary Finance Committee, in the presence of its chairman and members, to discuss the draft federal budget law for the years ( 2023, 2024, 2025).

Al-Mandalawi directed the Parliamentary Finance Committee to continue holding continuous meetings in order to expedite the completion of the draft budget law, and to set appropriate and accurate mechanisms to complete its requirements, including the formation of subcommittees, and the preparation of a detailed report on them, indicating that the law will focus on meeting people's demands and increasing allocations for service aspects and projects. investment, and activating the private sector.

The first deputy confirmed the parliament's keenness to scrutinize all paragraphs of the budget, and that the next few period will witness the inclusion of the second reading of the law on the parliament's agenda, indicating that the people are waiting for their representatives to complete quickly and Vote on it because it is directly related to their lives.

During the meeting, the items of the budget were discussed, and notes were made about a number of its paragraphs, and the importance of making the necessary transfers, in a way that contributes to increasing the allocations for the development of the regions, reducing the deficit rate, and implementing service and strategic projects, especially those that are lagging behind./ End 9 To receive more news, subscribe to our channel on

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Gold Slips Below $2,000 As The Dollar Rises

Market  Economy News _ Baghdad  Gold prices fell about 1 percent, falling below $2,000 an ounce on Monday, after the dollar rose and expectations of the Federal Reserve raising interest rates again in May increased.   Spot gold was down 0.9% at $1,990.69 an ounce as of 04:02 GMT. US gold futures fell 1% to $2,006.30.  Gold fell on profit-taking on expectations of a rate hike by the Federal Reserve followed by a strong US jobs growth report on Friday and a stable dollar.

The dollar index rose 0.1%, making bullion too expensive for overseas buyers.  Spot silver fell 1% to $24.75 an ounce, platinum lost 0.5% to $1002.35, and palladium fell 0.3% to $1461.31.   https://economy-news.net/content.php?id=33456

Parliamentary Finance Sets The Deadline For Voting On The Budget

Policy  |Yesterday  Baghdad today – Baghdad  Today, Sunday, the Parliamentary Finance Committee revealed the date for the final vote on the 2023 budget.

A member of the committee, Mueen Al-Kadhimi, said in a statement to the official news agency, which was followed by (Baghdad Today), that “the Finance Committee is serious about moving towards discussing and approving the budget, and the official sessions have begun and will continue to come out with conviction and a joint report submitted to the House of Representatives for the purpose of the second reading,” noting that “the reading The second will be completed immediately after Eid al-Fitr,” noting that “the final vote on the 2023 budget will take place during the month of May.”

Al-Kadhimi added, “There is seriousness among the blocs about the need to pass the budget while taking into account the observations,” noting that “there is an objection to the amounts of development of the regions allocated to 15 governorates, which are considered few,” noting that “there is a remaining amount of emergency support allocated to the governorates, and it is possible to transfer Amounts allocated to ministries to the provinces," noting that "the objection to shares in the budget can be resolved through dialogue."

Al-Kazemi confirmed: "There is no objection to the price of a barrel of oil in the budget, which is $70, because it is good and reliable," explaining that "there is no increase in the prices of gasoline and kerosene produced internally, and there is a serious tendency to benefit from associated and free gas."

LINK

Mandalawi: The Next Few Period Will Witness The Second Reading Of The Budget

Time: 04/09/2023 23:39:02   Read: 52 times   LINK

The {Parallel} Dollar Is Close To The Official Rate

Economical  04/10/2023  Yesterday, Sunday, the exchange rate of the dollar fell against the Iraqi dinar in the main stock exchange in the capital, Baghdad, to about 145,500 Iraqi dinars for every 100 US dollars, while Mazhar Muhammad Salih, advisor to the Prime Minister, believes that the monetary policy of the Central Bank has succeeded in overcoming the crisis.

Yesterday, the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded 146,500 Iraqi dinars for 100 dollars, and 145,500 Iraqi dinars for every 100 dollars.

For his part, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained in a press statement that "the decline in the exchange rate of the dollar in the parallel market and its start to creep towards the official exchange rate is mainly due to the success of the monetary policy of the Central Bank of Iraq in particular and the role of supportive government policies in general to deal with Positive and effective in meeting the demand for foreign currency.

And he indicated that "facilitating and improving the procedures for necessary external transfers, and selling cash dollars through international compliance channels, to which the private commercial community and all beneficiaries of foreign exchange in our country have rapidly adapted, after today's international compliance procedures have become more flexible, more transparent, and broader governance."

He added, "At the same time, it is supported by large foreign currency reserves, which are the highest in the country's financial history. All of these factors are gradually narrowing the gap between the two prices," noting that "foreign currency window sales today have reached their high levels in imposing stability and sterilizing liquidity."    https://alsabaah.iq/74961-.html

Iraq Is On The Way To Achieving The Second Rank In The Arab World With The Largest GDP Growth In 2024

Economy  |Today, Today, Monday, the World Bank expected that Iraq would achieve the second rank in the Arab world, with the largest growth of gross domestic product, during the year 2024.

And the bank stated in a report, followed by (Baghdad Today), that "Iraq's gross domestic product is expected to grow during the current year 2023 by 2.8%, after it achieved a growth during the year 2022 of 7.9%."

The report added, "It is hoped that Iraq will achieve a growth in the domestic product in 2024 by 4.4%, to rank second after Djibouti, in which the growth will reach 5.4%," noting that "the growth of the GDP of Qatar for the same year will be 2.9%, the Emirates 3.4%, and Saudi Arabia 3.3 %, while growth will reach 4% for Egypt, 2.4% for Jordan and 3% for Tunisia.

The World Bank report indicated that it is expected that "the growth of per capita GDP in Iraq will also increase during the year 2024, by 2%, after it was 0.4% in 2023," explaining that "the highest growth in per capita GDP The total in the Arab countries for the year 2024 will go to Djibouti at a rate of 4.2%, followed by the UAE at a rate of 3.4%.

According to the report, the bank’s experts suggested that “the growth of the Middle East and North Africa region in 2023 will increase by 3%, or 3.1% in 2024, as the World Bank expected, that the growth rate in per capita GDP in the region would increase in 2023.” to 1.6% and by 1.7% in 2024.

The "gross domestic product" gives a general idea of ​​the economic growth of a country, and this growth is usually accompanied by an increase in employment opportunities and an increase in wealth, but this criterion does not include whether the growth is sustainable or temporary, and whether it will cause economic damage in the medium term or the long.

The gross domestic product is a purely physical indicator, and it is not possible to measure the quality of life in a particular country, or the extent of happiness and comfort of the population, just as this indicator does not take into account the environmental standard and the negative consequences of economic activity that will cost a lot of money in the future.   LINK

Mandalawi Directs The Finance Committee To Expedite The Completion Of The Budget Law

Baghdad today – Baghdad  The First Deputy Speaker of the House of Representatives, Muhsin al-Mandoulay, directed, on Sunday evening, the Parliamentary Finance Committee, "to expedite the completion of the financial budget law and complete its requirements."

A statement from his office, which was received by (Baghdad Today), stated that Al-Mandalawi "chaired a meeting of the Parliamentary Finance Committee, in the presence of its chairman and members, to discuss the draft federal budget law for the years (2023, 2024, 2025)."

Al-Mandalawi instructed the Parliamentary Finance Committee to continue holding continuous meetings in order to expedite the completion of the draft budget law, and to establish appropriate and accurate mechanisms to complete its requirements, including the formation of subcommittees, and the preparation of a detailed report on them, noting that “the law will focus on meeting people’s demands and increasing allocations Service aspects, investment projects, and activating the private sector.

He stressed, "The House of Representatives was keen to scrutinize all paragraphs of the budget, and that the next few period will witness the inclusion of the second reading of the law on the parliament's agenda," noting that "the people expect their representatives to quickly complete and vote on it because it is directly related to their lives."

During the meeting, according to the statement, the budget items were discussed, notes were made about a number of its paragraphs, and the importance of making the necessary transfers, in a way that contributes to increasing the allocations for the development of regions, reducing the deficit rate, and implementing service and strategic projects, especially those that are lagging behind.   LINK