Iraqi News Highlights Wednesday Afternoon 8-2-23

Iraqi News Highlights Wednesday Afternoon 8-2-23

Tlm724 Administrator Bondlady’s Corner

An Economic Praise For Transferring Money Changers To Non-Punitive Banks To Prevent The Deterioration Of The Market

July 31 11:32  Information / Baghdad..Economic expert Adnan Al-Saadi described, on Monday, the decision of Prime Minister Muhammad Shia Al-Sudani to transfer private exchange work with non-punished banks as a decisive step to prevent the deterioration of the market.

Al-Saadi said, in a statement to Al-Maalouma, that "the government and the Central Bank's procedures regarding the transfer of exchange companies that were receiving their weekly shares of the dollar from the punished banks to other banks, a correct procedure will return to the recovery of the Iraqi dinar against the US dollar." 

He added, "These measures, if they were actually applied and continued, will push the value of the dollar down further against the Iraqi dinar, and the actual value may reach nearly the central bank's exchange rate."   It is noteworthy that the government approved a proposal by the bank to ease tax procedures to obtain dollars. End / 25 AD

https://almaalomah.me/news/economy/اشادة-اقتصادية-بتحويل-الصرافة-الى-بنوك-غير-معاقبة-لمنع-تدهور

Al-Sudani Comments On The Power Station Accidents And Announces A Decisive Battle With The Dollar Smugglers

Political   |  09:08 - 01/08/2023  Baghdad - Mawazine News  Today, Tuesday, the Sudanese Prime Minister, Muhammad Shia'a, confirmed that electricity has returned to normal, and

there are question marks about the recent simultaneous incidents that affected the system, and

while announcing the overthrow of a network of major foreign currency speculators, he referred to the government's continued efforts to combat corruption, pointing out at the same time that

The federal government and the regional government deal responsibly with the bilateral agreement and what was stated in the budget.

And the Prime Minister said during a press conference, "Electricity is a sensitive issue and affects the life of the citizen in service and economically, and there was a problem of stopping imported gas, and

before that, we recorded the highest production in the history of the system, which reached 26,000 megawatts." 

He added, "After stopping the gas, electricity production decreased by the limits of 4,500 megawatts to 5,000 megawatts, and after the decision to exchange black oil for Iranian gas, electricity returned to normal." At the level of the security and technical services.” 

And he continued, “When there is deliberate negligence, there must be such an accident,” referring to “the dismantling of 15 explosive devices in Baiji that were targeting towers placed in articulated areas and nodes.

No country can put guards on every tower and power station, and the state continues its duty to organize and hold accountable, and there are no red lines ahead of us. 

He stressed that "the electrical system has now returned to normal, and we have a fuel crisis because our stations depend on imported gas and oil derivatives, and the oil derivatives crisis was resolved after the opening of the Holy Karbala refinery, and we developed solutions to end the imported gas crisis, and the matter is a matter of time." 

And he continued, "After the completion of Total projects, the fifth round, and some fields, there will be a surplus of gas, and we will not import from any country.

In fact, the fuel crisis is a crisis of corruption and mismanagement, and we bear this heavy legacy."  He added, "We have two companies now that have started producing solar energy and combined cycle projects, which will add up to 3,000 megawatts without fuel, after they were idle in previous years.

We have completed final contracts with Siemens regarding long-term maintenance.

It is also hoped to contract with (GE) for the same purpose."

The Prime Minister indicated in the press conference that "the government continues the executive work according to the priorities of its program with clarity and confidence, and we anticipated the three-year budget by preparing the requirements for the plans we have put in place and we put in place Article Three of the budget, which provides a sovereign guarantee to the private sector." 

He revealed that "an Iraqi delegation visited Germany and Italy and agreed in principle to import production lines to establish factories, and these factories will be covered by a government sovereign guarantee for the private sector at 85% of their value."

In another file, the Prime Minister pointed out that "the Council of Ministers approved the system of the Iraq Fund for Development, and  we are working to form a board of directors, and we received offers from Arab and foreign investment funds to participate in the Iraq Fund for Development, as well as

we received requests from the private sector to implement projects within the Iraq Fund for Development."

Regarding the budget instructions, he explained that "the House of Representatives, during its discussions, deleted the article related to the implementation of the budget instructions, and

the budget implementation instructions will be published this week, and

we held meetings with several ministries to prioritize financing projects in the budget."

With regard to the oil and gas law, the Prime Minister announced that "tomorrow an important session will be held in the presence of political leaders and technicians from the federal ministries of oil and natural resources in the Kurdistan region and legal advisors to discuss the draft oil and gas law."

The Prime Minister revealed the decisions of the Council of Ministers today, stressing that the

Council approved today the Reconstruction Fund system for the poorest provinces, and agreed to allocate 5 billion dinars to the Artists’ Retirement Fund. Individual or tourist entry visas for visitors to the forty from the Gulf countries," indicating that

"the visas are granted through the official border crossings and through a special seal until the end of the month of Safar."

On the file of imported gas, he explained that

"work is continuing with the American side regarding the payment of Iranian gas dues, and

these dues have decreased to 9 billion and 250 million euros, and

we have contributed to a transfer of about one billion and 842 million euros to Iran regarding its gas dues within a period of 7 months of the government's life," revealing That

"an Iraqi delegation from the Central Bank and the Iraqi Trade Bank left for the Sultanate of Oman to agree on a formula for transferring these funds to the Sultanate in coordination with the US Treasury."

On the issue of speculation in foreign currency, the prime minister said,

"The issue of the dollar is a battle, not a crisis.

It is a battle between the state, which insists on completing reform of the financial and banking system, and an affected group, which is a group of speculators and smugglers."  The Prime Minister confirmed that

"the National Security Agency carried out a heroic operation that overthrew a network of major currency speculators, who were setting an exchange rate and communicating with people who would withdraw dollars from the market for them, and

these were associated with others in the Kurdistan region through whom the currency was being smuggled," adding that

"in cooperation with the Kurdistan region." A speculative network was also overthrown in the city of Erbil.  He pointed out that

"there are banks that did not adhere to the Central Bank's instructions, and

we will publish clear details about them, and

one of the speculators who were arrested was sentenced to life imprisonment on the same charge in 2001, and he was pardoned in 2002."  He pointed out that

"security operations against speculators were carried out in high coordination with the judiciary, and

the council was exceptionally cooperative, and

the government will continue the procedures and any movement of speculators will be exposed to us, and

our target is not stock exchanges, but speculators who practice illegal activities and harm the economy."

Regarding the facilities, the Prime Minister explained, "We gave facilities to small merchants to obtain dollars from the Trade Bank of Iraq, and

we have a team working to prepare customs and tax facilities for importers," noting

that the Central Bank is currently reviewing the work of all banks and exchange companies to verify funds.

We care about the number of banks, but we focus on meeting legal procedures and applying modern technologies, and

there are media statements that serve speculators because they affect official institutions, including the Central Bank, and

these statements affected the market because speculators invested them to raise the price of the dollar.

Regarding the battle with corruption, the Prime Minister explained that our efforts in combating corruption are continuing without stopping and blocking the way for those who lurk with public money.

We value the role of brotherly and friendly countries that cooperated with us to recover wanted persons and funds.

An important factor in uncovering the circumstances of the crime, and

yesterday, general managers and officials from the Sultanate of Oman accused of corruption were recovered.

”It is done in a professional and legal manner and not in a way of defamation and extortion."

Regarding the relationship with the region, he said, "The federal government and the regional government deal responsibly with the bilateral agreement and what was stated in the budget, and

today we launched financing for a meal from the entitlement of the Kurdistan region in the budget," stressing at the same time that

"the export of Iraqi oil through Turkey to the port of Ceyhan is still suspended." [/color]

https://www.mawazin.net/Details.aspx?Jimare=232516

An Auction Announcement

August 01, 2023     We would like to inform you that the auction of the traditional financial remittances of the Central Bank of Iraq has been announced for (14) days in the number B302, and the implementation will be on 7/27/2023 and according to the details included in the announcement published on the central conservation system for financial papers, and banks can start applying starting from the date of the announcement Until the day of implementation.

https://cbi.iq/news/view/2395

Principles And Rules Of Ethics Of The Profession Of Internal Audit

August 01, 2023      Principles and rules of the ethics of the profession of internal audit ... click here

 https://cbi.iq/static/uploads/up/file-169087343829327.pdf

https://cbi.iq/news/view/2394

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

https://www.bondladyscorner.com/

Goldilocks' Comments and Global Economic News for August 2, 2023

Goldilocks' Comments and Global Economic News for August 2, 2023

Good afternoon Dinar Recaps,

Goldilocks posted comments and links on the global financial system:

FACT SHEET: Biden-⁠Harris Administration Secures Voluntary Commitments from Leading Artificial Intelligence Companies 

"The Executive Branch and certain members of Congress have strongly indicated their interest in developing a federal-level approach to AI."

The SEC is currently doing reforms with broker-dealers and investment advisers because of the adaptation to Artificial Intelligence currently in use.

AI is changing everything from predictive models to new innovative banking protocols.

© Goldilocks

https://www.jdsupra.com/legalnews/sec-takes-on-ai-use-by-broker-dealers-6687467/

Whitehouse.Gov LINK

BREAKING NEWS

FITCH DOWNGRADES U.S. LONG-TERM RATING TO AA+ FROM AAA

Things are getting awkward.

Again,

This will be a Hollywood ending.

Read: https://twitter.com/goldtelegraph_/status/1686500688321236992?s=46

~~~~~~~~~~

Fitch's recent downgrade of the US economy from AAA to AA+ took a toll on Emerging Markets, especially in the Forex Markets.

This is, by the way, a default rating possibility. Although this rating is still high, it does not give full assurances as a AAA rating did on the US being able to pay their debts.

Are we about to see a Jubilee?

It caused lower trading volumes on the Forex Market. The Forex Market builds capital. What happened was not good, and this cannot continue.

Here is where currency reforms and currency interventions come into play.

This is one of many reasons why Emerging Markets are building a financial system (BRICS) that best suits their area of the country's needs.

© Goldilocks

https://www.cnbc.com/2023/08/02/us-debt-downgrade-sinks-global-markets-but-economists-are-not-concerned.html

https://www.bloomberg.com/news/articles/2023-08-02/dollar-s-drop-on-fitch-downgrade-unlikely-to-persist-analysts

https://www.washingtonpost.com/business/2023/08/01/downgrade-federal-government-fitch-debt-ceiling/

~~~~~~~~~~

Simply put. Hedge Funding raises capital. It is a multi-billion dollar set of strategies based on assets under management.

We are beginning to see exotic foreign exchange options trading. Hedge funders are turning to exotic currencies to profit from emerging market carry trades.

The carry of an asset is the return received from holding it, or the cost of holding it.

This new demand for exotic currency trades are beginning to increase the value of their continued use.

"Some examples of exotic currencies include the Turkish new lira (TRY), the Iraqi dinar (IQD), and the Thai baht (THB)."

Chances are you hold one of these or others from Emerging Markets.

Just so you know, traders are beginning to recognize these exotic currencies are about to have a real value, so they are doing options trading that will allow them to make money on them at a later date.

© Goldilocks

FX-Markets 

https://www.babypips.com/forexpedia/exotic-currency#:~:text=

https://en.m.wikipedia.org/wiki/Carry_(investment)

Trading-Options-for-Beginners

Where-does-Hedge-Fund-Get-its-Money

Most-Tradable-Currencies

~~~~~~~~~~

The U.S.’s Hopes In Iraq Have Ended With The Oil-For-Gas Deal With Iran

https://oilprice.com/Energy/Natural-Gas/The-USs-Hopes-In-Iraq-Have-Ended-With-The-Oil-For-Gas-Deal-With-Iran.html

~~~~~~~~~~

"On July 26, 2023, the Commodity Futures Trading Commission (“CFTC”) proposed an amendment (“Proposal”) to, among other things, expand the universe of eligible collateral for the CFTC’s initial margin (“IM”) requirements for uncleared swaps."

Any swap, directly or indirectly, submitted to and cleared by a derivatives clearing organization is expected to be registered with the Commission.

In this case, the CFTC wants more collateral to ensure there are funds on both sides of a trade going forward for uncleared swaps. This is sometimes allowed if past agreements have been successful. This includes currency swaps.

© Goldilocks
Investment Law Watch

Law Insider- Swap Definition

~~~~~~~~~~

Hedge Funders are becoming aware of the profits that can be made with exotic currencies.

© Goldilocks

~~~~~~~~~~

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Thank you Dinar Recaps

"Tidbits From TNT" Wednesday 8-2-2023

TNT:

CandyKisses:  Sulaymaniyah promises a "popular explosion". Salary-free employees rally for protests starting Sunday

Baghdad Today - Sulaymaniyah

Today, Wednesday (August 2, 2023), an informed source revealed that a new date has been set for organizing a demonstration by teaching staff in Sulaymaniyah Governorate to protest the delay in paying employees' salaries for two consecutive months.

The source, who is one of the organizers of the demonstrations, told "Baghdad Today" that "the teaching cadres are currently preparing to go out with protests for the teaching cadres next Sunday, in protest against the delay in salaries for about two consecutive months."

It is noteworthy that the employees of the region received their last salary 45 days ago, and the salaries of June and July have not been paid yet, which prompted most institutions in Sulaymaniyah Governorate during the past hours to go on strike, especially workers in the health sector.

CandyKisses:  Al-Sudani directs the formation of a ministerial committee to agree on the submission of the draft oil and gas law

Shafaq News / Prime Minister Mohamed Shia Al-Sudani held, on Wednesday, a meeting devoted to discussing the draft federal oil and gas law.

The meeting was held in the presence of a number of leaders of political blocs, ministers of foreign affairs, oil and industry, and the adviser to the Minister of Natural Resources in the Kurdistan Regional Government of Iraq, as well as a number of technical and legal advisers and experts, according to a statement issued by the Sudanese Media Office.

During the meeting, the Prime Minister said that the draft oil and gas law is one of the basic and important laws, and represents a factor of strength and unity for Iraq, and it has been stuck for years, at a time when the country today is in dire need of its legislation and benefit from this natural wealth, in all fields and sectors, as well as the contribution of legislating the law to solving many outstanding problems. His Excellency also explained that there are provinces that have not invested their wealth until today, which is a negative thing on development efforts in all its tracks.

He pointed out that the law is part of the commitment to the ministerial curriculum, which was voted by the House of Representatives, and will take into account constitutional principles, in order to ensure the fair distribution of oil wealth and promote the reality of the economy in its various joints, and contribute to the economic reform set by the government in its priorities.

Al-Sudani directed the formation of a ministerial committee to supervise the technical dialogues between the Federal Ministry of Oil and the Ministry of Natural Resources in the region, as well as inviting the governors of the oil-producing provinces, Basra, Maysan, Kirkuk and Dhi Qar, and the general managers of state oil companies for the ongoing technical dialogues regarding the law, provided that these dialogues will be followed by the completion of the political dialogue to agree to submit the draft law.

The oil and gas law is one of the most important differences between the federal government and the Kurdistan Region and the parties have not reached a settlement on it over the past four parliamentary sessions.

During the current parliamentary session, the political blocs are counting on finding solutions to existing differences and pushing for understandings that satisfy all parties to pass the law.

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

CandyKisses:  Senior Kurdish delegation in Baghdad to discuss oil and gas law

Baghdad Today – Baghdad

An informed source revealed today, Wednesday (August 2, 2023), the visit of a high-level delegation from the Kurdistan Regional Government to the capital, Baghdad, to discuss the oil and gas law.

The source told "Baghdad Today": "A high-level delegation from the Kurdistan Regional Government will visit today the capital Baghdad to discuss the oil and gas law."

The source, who preferred not to be named, pointed out that "the delegation will be officials in the Ministry of Natural Resources in the regional government," noting that "it will meet with officials in the Federal Ministry of Oil, and will hold multiple meetings with other leaders in the central government."

On July 27, 2023, the Parliamentary Oil and Gas Committee revealed that the oil and gas law is imminent in the House of Representatives, while stressing that it has priority in legislation after the adoption of the budget law.

The importance of oil and gas law

On Wednesday (July 26, 2023), legal expert Ali Al-Tamimi stressed the importance of not violating the decisions of the Federal Court when moving towards approving the Oil and Gas Law, especially since its decisions have become binding on implementation.

Al-Tamimi explained to "Baghdad Today" that "the draft oil and gas law consists of 53 articles, as it necessitated the establishment of the Federal Oil Council, which is headed by the Prime Minister and the membership of the Minister of Oil and Finance, the Governor of the Central Bank, a representative of the provinces and producing regions and experts in oil, taking into account the representation of the components of the Iraqi people, and is responsible for setting petroleum policies, issuing instructions for the implementation of contracts, approving exploration, development and production, approving contracts concluded and other competencies stipulated in the project."

He added that "the signing of the contracts will be by the Federal Ministry of Oil, provided that they are approved by the Federal Oil Council within 3 months and referred to the Council and not considered invalid, and the draft stipulated the need to review the contracts concluded and to be amended in accordance with this law, which did not specify these contracts, as the first was to be service contracts only and not participation."

He pointed out that "the law needs to be imposed on the contracting companies to employ Iraqis exclusively, as do the producing countries of the same and this is important, as well as the issue of contracts prior to the legislation of the law must be stipulated, and solve the problem with the contracting companies contrary to the Constitution and the decisions of the Federal Court in accordance with the principle of joint management of the two parties, i.e. the federal government and the region, with the right to dispose exclusively of the federal government in accordance with Article 135 of the Civil Code, which states (whoever disposes of property other than his behavior is dependent on the owner's license)."

He pointed out that "the law needs to explicitly stipulate the penalties that affect the parties that conclude contracts contrary to this law, as well as determine the regulatory authorities that are entitled to view these contracts, in addition to its need to stipulate the rest of the oil products, not just oil and gas."

Mot: . Great news!! -- They are Expanding!!! 

Mot: ..... Just Saying!! ---- 

Wednesday Morning Iraq Economic News Highlights 8-2-23

Wednesday Morning Iraq Economic News Highlights 8-2-23

Al-Sudani: Today Is An Important Session To Discuss The Draft Oil And Gas Law

The first  2023/08/02    Baghdad: morning  Prime Minister Muhammad Shia al-Sudani announced the overthrow of a network of major foreign currency speculators, pointing to the government's continued efforts to combat corruption.

The Prime Minister said, in a press conference after presiding over the regular session of the Council of Ministers, yesterday, Tuesday: "Electricity is a sensitive issue and affects the life of the citizen in terms of services and economics," indicating that there are question marks about the recent simultaneous incidents that affected the electricity system.

Al-Sudani explained that the security services dismantled 15 explosive devices in Baiji that were targeting towers placed in articulated areas and nodes, pointing out that protecting the system requires cooperation from society that is dictated by moral and legal responsibility, and no country can put guards on every tower and power station, and the state continues in its duty to organize. Accountability and there are no red lines in front of us.

And he continued that the oil derivatives crisis was resolved after the opening of the holy Karbala refinery, and we developed solutions to end the imported gas crisis, and the matter is a matter of time, explaining that after the completion of Total projects, the fifth round, and some fields, there will be a surplus of gas, and we will not import from any country.

The Prime Minister indicated that "the government continues the executive work according to the priorities of its program with clarity and confidence, and we anticipated the three-year budget by preparing the requirements of the plans that we have set," pointing out that an Iraqi delegation visited Germany and Italy and agreed in principle to import production lines to establish factories that will be covered by a government sovereign guarantee for the private sector. 85% of its value.

Al-Sudani said: We have received offers from Arab and foreign investment funds to participate in the Iraq Fund for Development, and we have also received requests from the private sector to implement projects within the fund.

Regarding the budget instructions, he indicated that the budget implementation instructions will be published this week, and we held meetings with several ministries to prioritize project financing.

Regarding the oil and gas law, the Prime Minister stated that an important session will be held today in the presence of political leaders and technicians from the federal ministries of oil and natural resources in the Kurdistan region and legal advisors to discuss the draft law.

And on the most prominent decisions of the Council of Ministers, Al-Sudani revealed that the Council approved the Reconstruction Fund system for the poorest governorates, and agreed to allocate 5 billion dinars to the Artists’ Pension Fund, and also decided to refer the seawater desalination plant project to the Governorate of Basra, and approved recommendations to grant individual or tourist entry visas to visitors. The forty-year-old is from the Gulf countries, indicating that the visas are granted through the official border crossings and through a special stamp until the end of the month of Safar.

On the file of imported gas, he explained that work is continuing with the American side regarding the payment of Iranian gas dues, and these dues have decreased to 9.250 billion dollars.

On the issue of speculation in foreign currency, Al-Sudani said: The issue of the dollar is a battle, not a crisis, a battle between the state that insists on completing the reform of the financial and banking system and an affected group that is a group of speculators and smugglers, stressing the determination to pursue speculators and smugglers of foreign currency.

He explained that the National Security Agency carried out a heroic operation that overthrew a network of major currency speculators, who were setting the exchange rate and communicating with people who would withdraw dollars from the market for them, and these were associated with others in the Kurdistan region through whom the currency was smuggled, adding that in cooperation with the Kurdistan region, a network was also overthrown for speculation in Erbil. https://alsabaah.iq/81576-.html 

Parliamentary And Political Movement To Put The Oil And Gas Law To A Vote In Parliament

Information / Baghdad...  Representative of the State of Law coalition, Jassem Al-Alawi, confirmed the existence of parliamentary and political pressures to put the oil and gas law to vote in parliament, pointing out that the law, if voted on, will eliminate political differences over the distribution of natural resources.

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

Al-Alawi told Al-Maalouma, "There is an urgent need to proceed with the oil and gas law, as there are many demands within Parliament to complete the law and put it before the House of Representatives for the purpose of discussing and enacting it."

He added, "There are many moves towards approving the aforementioned law, due to its importance in distributing wealth equally among all Iraqis without granting privileges to one province over another."

And he indicated that "the law, and if it is put to a vote in parliament, it will eliminate the differences and severe damage that threatens the political process, and therefore there is a serious move within parliament to put the oil and gas law to vote in one of the council's sessions." LINK

Al-Fateh: America Took Retaliatory Measures Against Iraq

Today 08:45  Information / Baghdad...The representative of the Al-Fateh Alliance, Muhammad Karim, confirmed taking retaliatory measures against Iraq after the government moved to overcome the electricity crisis and the obstacles that Washington set before Baghdad to overcome the dollar problem, pointing to the US administration's endeavor to impose hegemony and power over the Iraqi decision.

Karim said in a statement to Al-Maalouma, "America is taking retaliatory measures against Iraq after its move towards resolving the electricity crisis, bartering oil with Iranian gas, and getting out of the dollar's impasse."

He added, "America seeks to impose its opinion and be dominant over decisions in Iraq, as it has taken retaliatory measures that have caused an increase in the exchange rate of the dollar in the local markets, thus increasing the prices of goods, commodities and foodstuffs, and causing harm to the citizen."

And he indicated that "the American side seeks, through its procedures, to be in control of Iraq and to take whatever decisions it wants, and otherwise it resorts to using some pressure cards to achieve its interests and harm Iraq and its people."   LINK

Iraq Achieves A Remarkable Increase Of More Than One Billion Dollars In Oil Revenues Within A Month

2023-08-02    Shafaq News/ Iraq's oil revenues increased on a monthly basis to more than one billion dollars, by 13% for the month of July, to reach 8.293 billion dollars, while an expert attributed this noticeable increase to the improvement in prices.

According to a set of data and other statistics issued by the Ministry of Oil, seen by Shafaq News Agency, the total oil revenues for the month of July rose to 1.114 billion dollars, by 13.43%, to reach 8.293 billion dollars on a monthly basis, compared to June, in which revenues amounted to 7.179 billion dollars.

Total oil revenues from Basra oil exports through southern ports increased by 13.54% on a monthly basis to reach $8.207 billion, compared to June, when revenues amounted to $7.096 billion.

According to the data, Iraq exported crude oil to Jordan through basins, with revenues amounting to $22 million, amounting to 344,000 barrels.

For his part, the economist Hamza Al-Jawahiry attributed, in his interview with Shafaq News agency, the increase in financial revenues to "the increase in the quantities of oil exported mainly, in addition to the month of July, which has 31 days, and therefore there is an additional day for exporting crude oil."

He added, "Prices rose to more than $73 to $85 due to the OPEC+ agreement to cut production, especially Saudi Arabia, which made an additional cut of one million barrels for the month of August." LINK

Baghdad Dollar Rises In The Local Markets

Economy  |Today  Baghdad today – Baghdad  Today, Wednesday (August 2, 2023), the dollar exchange rates recorded a slight increase in the local markets in the capital, Baghdad.

The "Baghdad Today" correspondent said, "The buying and selling prices increased in exchange shops in the local markets in Baghdad, where the selling price reached 152,500 dinars per 100 dollars, while the purchase price reached 150,500 dinars per 100 dollars."

The exchange rates recorded an increase during the past week, reaching a peak of 160,000 for every 100 US dollars in the markets and exchanges of the capital, Baghdad, and the provinces, following sanctions imposed by the US Treasury Department on 14 Iraqi banks.   LINK

Among Them Is The Iraqi Rumaila.. Learn About The “Largest” Oil Fields In The Middle East

The “Oil & Gas” website, which specializes in energy news, reviewed the largest oil fields in the region, including Iraq, which has the third largest oil production field in the world, which is the Rumaila field.

The economic report stated that the total oil production in the Middle East increased during the year 2022 by 7.10% compared to the year 2021, adding that Saudi Arabia recorded during the year 2022 the highest oil production, followed by Iraq and the UAE.

The report dealt with the most important oil-producing fields in the region as follows:

1- The Saudi Ghawar field

The report indicated that the Ghawar field is located about 100 kilometers west of Dhahran and 200 kilometers east of Riyadh in Al-Ahsa Governorate, and it is the largest onshore oil field in the world in terms of reserves and daily production. The giant field is managed by the Saudi “Aramco” company, and it has been producing since 1951, and it is able to continue producing at its current rate, i.e. 3.8 million barrels per day, until after 2050. The production of

this field represents more than half of Saudi Arabia’s production since 1938, and about a third of energy. The country's maximum daily productivity, and more than a fifth of the kingdom's remaining proven oil reserves.

2- Kuwaiti Burgan Al-Kabir Field

The report indicated that the Burgan Al-Kabir field includes three main fields and three main reservoirs, in addition to two small fields. It was discovered in 1938, and it is one of the oldest and second largest oil fields in the world after the Saudi Ghawar field.

3- Iraqi Rumaila field

The report stated that the Rumaila field is located near the Kuwait border, about 50 km west of Basra in the south, and has a capacity of 1.5 million barrels of oil per day, and it is the third largest producing field in the world and secures nearly a third of the total oil supply. in Iraq.

The report pointed out that this giant onshore field, which began production in 1954, contains about 17 billion barrels of recoverable oil reserves, and is managed by the Rumail Operations Authority (ROO), through a joint venture between the Basra Oil Company and British Petroleum. Petroleum, the Chinese PetroChina Company, and the State Oil Marketing Corporation (SOMO).

Since 2010, the field has produced more than 4 billion barrels of oil, and has increased the daily production level by 40% since June 2019.

4- The Saudi Khurais Complex

The report pointed out that the Khurais oil field, located 250 km southwest of Dhahran, It is considered the second largest oil field in Saudi Arabia, after the Ghawar oil field, and after its capacity was increased by 300,000 barrels per day, it reached 1.5 million barrels per day. The field is owned and managed by Aramco, and it has been producing since 2009.

5 Saudi Shaybah field

According to the "Global Data" website, which monitors more than 34,000 active and developed oil and gas fields around the world, the Shaybah field located off the coast of Saudi Arabia is being operated by the Saudi Arabian Oil Company, and is located in a concession area belonging to Aramco.

In addition to these five fields, there are five others. Saudi Safaniya is located in the Arabian Gulf. It is considered the largest conventional offshore oil field in the world in terms of extractable reserves and production capacity. It is capable of producing about 1.3 million barrels of Arab Heavy crude oil per day. 1951, and is believed to contain more than 34 billion barrels of oil.

There is also the Upper Zakum field in the Emirates, which is operated by the “ADNOC” company, and it is considered the second largest offshore oil field and the fourth largest oil field in the world, and it is planned to enhance its capacity to one million barrels per day, which will raise the UAE’s total production to 5 million barrels per day by the year. 2027, from 4 million barrels per day.

There is also the Saudi Munifa field, which is operated by “Aramco”, and it is a shallow water field off the northern coast of the Gulf, and it is one of the largest producing oil fields in the world, and it began operating in the year 1964. Also on the Saudi side, there is the Zulf field, which is a huge offshore

field It is located in the Gulf, about 240 km north of Dhahran, and is undergoing major expansion to add 600,000 barrels per day of Arab Heavy crude production. The current maximum production capacity of the field is 800 thousand barrels per day.

As for the tenth field, it is the Omani “Block 6”, which is located in Dhofar, and it produced during the year 2022, 0.76 million barrels per day, and is capable of producing until the year 2055.

https://takadum-news.com/archives/176664

The Average Price Of Iraqi Oil Exported To Jordan Is Less Than $14 A Barrel

Energy  Economy News _ Baghdad  Statistics of the Iraqi Oil Marketing Company "SOMO" revealed that the average price of crude oil exported to Jordan amounted to 64.05 dollars during the month of July.

Thus, Iraq sold one barrel of crude oil to Jordan last month for less than $13.64 from the official selling price announced by the Ministry of Oil, which is $77.69, according to statistics issued by the ministry.

And statistics of the "SOMO" company, seen by "Al-Iqtisad News", showed that "the total oil exports to Jordan during the month of July amounted to 344 thousand and 804 barrels," indicating that "the export rate amounted to 11 thousand barrels per day."

The Iraqi Oil Marketing Company added that "the average price of a barrel sold to Jordan amounted to 64.05 dollars," noting that "the value of imports from Jordan's oil exports during one month amounted to about 22 million dollars."

During its meeting, on March 28, 2023, the Iraqi Council of Ministers approved the recommendation of the Energy Ministerial Council regarding approving the signing of a new memorandum of understanding for the processing of crude oil between the Ministry of Oil and the Jordanian Ministry of Energy and Mineral Resources, indicating that the extension will be for one year, starting from the date of entry into force.

In September 2021, Jordan received shipments of oil under an agreement to buy 10,000 barrels per day of crude oil from the Kirkuk fields to meet part of the local demand, before it stopped it in February 2022 as a result of the expiration of the contract to start again in April, to be stopped in August and resumed. Again last September 2022.

It is noteworthy that Iraq exports crude oil at preferential prices to Jordan through tank trucks at a rate of approximately 10,000 barrels per day.

Views 18  08/02/2023   https://economy-news.net/content.php?id=35447

MilitiaMan and Crew: Al - Sudani - Iraq Dinar Rate Change - Iraq's Future

Al - Sudani - Iraq Dinar Rate Change - Iraq's Future

MilitiaMan and Ccrew:  8-1-2023

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

MM: This is a moving target that continues to need adjusting.

Please listen to the full video for all the information

https://www.youtube.com/watch?v=xqcFFhCq4pA

Iraqi News Highlights Tuesday Evening 8-1-23

Iraqi News Highlights Tuesday Evening 8-1-23

Tlm724 Administrator Bondlady’s Corner

The Deputy Speaker Of Parliament Directs The Finance Committee To Clarify The Reasons For The High Dollar Exchange Rate

 Tuesday 01 August 2023 15:43 | Economical Number of readings: 177  Baghdad / NINA / The Vice-President of the Council, Shakhwan Abdullah, directed the Finance Committee to clarify the reasons for the rise in the exchange rate of the dollar against the Iraqi dinar and the failure to implement the federal budget instructions so far.  https://ninanews.com/Website/News/Details?key=106821

Proceedings Continue To Lower The Exchange Rate Of The Dollar

Samir Al-Nusairi, an advisor to the Iraqi Private Banks Association, confirmed that the rise of the dollar against the dinar on the black market these days is temporary, and will decrease due to the target rate of the Central Bank of Iraq.

Al-Nusairi told the Iraqi News Agency: "One of the most prominent reasons for the dollar's rise is the news of depriving 14 banks of dealing in US dollars and what speculators have done in withdrawing the dollar and unauthorized money exchanges manipulating exchange rates, in addition to the failure of some small retailers to enter the electronic platform for external transfer."

He added, "Some media outlets and analysts exacerbated the confusion of the market by exaggerating unreal and incomplete data and information, and all the aforementioned reasons led to a rise in the exchange rate on the black market."

Al-Nusairi pointed out that "the Central Bank follows up and monitors the markets in cooperation with the concerned government agencies, and urgent measures are taken to address the situation and stop all actions counter to harming the national economy."

And he continued, "The Central Bank is working to diagnose and study the causes and obstacles to entering the electronic platform, and to make possible facilities and flexibility to accelerate external transfers in banks, the Central Bank, and in the relevant international banking agencies, and to ensure that foreign currencies reach the real and final beneficiary."

Al-Nusairi noted that "the measures have resulted in a decline in the dollar since yesterday and will continue to decline, especially since the Central Bank is currently working on adopting new mechanisms and work contexts to control monetary stability, and their results will appear soon, and we urge all government agencies, wholesalers and businessmen to support the Iraqi dinar and deal with it in all Domestic monetary activities and trades, as it is strong and covered by foreign monetary reserves exceeding $113 billion, and its purchasing power is gradually recovering, in addition to being a basic pillar of national sovereignty.

He pointed out that "the Central Bank constantly announces the possibility of securing the dollar in the quantities required by everyone who needs it at the official price and by the only way, which is the electronic platform of the Central Bank."

https://www.radionawa.com/all-detail.aspx?jimare=35242

The Dollar Exchange Rates Rose With The Closing Of The Stock Exchange In Baghdad

Economy   Tuesday, August 1, 2023 Baghdad / The National News Center  The price of the dollar rose today, Tuesday, in the Baghdad markets, with the closure of the main stock exchange in Al-Kifah.

The correspondent of the National News Center said, “The dollar prices rose with the closure of the Al-Kifah and Al-Harithiya stock exchanges, as prices recorded 152,000 dollars against 100 dollars, while the prices this morning were 151,000 dinars against 100 dollars.”

He added, "The selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 152,500 Iraqi dinars, while the purchase price reached 151,000 dinars for every 100 dollars."

https://nnciraq.com/219549/

Currency Auction: The Central Bank Is Selling $220 Million Today

Economy   Tuesday, August 1, 2023  Baghdad / National News Center   Today, Tuesday, the central bank’s sales amounted to more than $220 million in auction.

According to the Central Bank’s sales schedule, “The Central Bank sold today, during its auction for buying and selling US dollars, 221 million, 80 thousand, and 248 dollars, which the bank covered at a basic exchange rate of 1,305 dinars, per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for transfers.” Foreign affairs at a price of 1310 dinars per dollar in cash.

Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits) at a rate of 186 million 220 thousand and 248 dollars, while the rest of 34 million and 860 thousand dollars went in the form of cash sales.

The number of banks that bought cash dollars reached 9 banks, while the number of banks that responded to requests for strengthening balances abroad reached 18 banks, while the total number of exchange and mediation companies participating in the auction was 85 companies.

https://nnciraq.com/219447/

Oil Prices Rise To The Highest Level In 3 Months

Tuesday 01 August 2023 01:01 | Economical Number of readings: 532  Baghdad / NINA / - Oil prices rose to the highest level in three months, on Monday, recording the largest monthly gain since January 2022.

Brent crude prices increased in futures contracts for the month of October, the most active, by $1.02, or 1.2 percent, to close at $85.43. Brent contracts for the month of September, which expired with the settlement of the two, rose 0.7 percent, to close at $85.56 a barrel.

US West Texas Intermediate crude futures rose $1.22, or 1.5 percent, to record $81.80 a barrel.

Brent and West Texas Intermediate crude oil recorded their highest levels since late April for the third consecutive session on Monday, after achieving their fifth consecutive weekly gain last Friday. ./End2

https://ninanews.com/Website/News/Details?key=1068126

Trade Announces That Urgent Measures Will Be Taken To Maintain Price Stability, Coinciding With The Month Of Muharram

Money  and business   Economy News – Baghdad   The Ministry of Commerce announced, on Tuesday, that it would take urgent measures to maintain price stability, coinciding with the month of Muharram.

The ministry stated, in a statement received by "Al-Iqtisad News", that "the crisis cell in the Ministry of Commerce has taken urgent measures to maintain price stability, including strengthening the food stores in the ministry with basic materials, and securing thousands of tons of basic foodstuffs (zero flour - senior milk - paste). Tomatoes - table eggs - grains - legumes) in their marketing outlets.

She added, "The measures also included the launch of a new portion of flour, and the launch of a control campaign to follow up on prices and in coordination with the security services to curb the greed of some merchants exploiting the current situation."

The ministry indicated that "the completion of the readiness to operate a number of trucks loaded with basic foodstuffs in the districts and districts and sell them at competitive prices."

Views 38   08/01/2023 - https://economy-news.net/content.php?id=35435

World Bank: Iraq Is Witnessing A Strong Recovery After Years Of Turmoil

The World Bank confirmed that Iraq is witnessing a strong recovery after years of turmoil.

"Iraq is witnessing a strong recovery after many years of turmoil," Jean-Christophe Carré, Regional Director of the Middle East Department at the World Bank, said in a statement.

Carre added, "It is necessary to take measures to accelerate the move towards diversification of economic activity."

He continued, "The importance of reforming the banking sector and promoting digital financial services in order to increase financial intermediation activities and enhance financial inclusion."

https://www.radionawa.com/all-detail.aspx?jimare=35255

Oil: Revenues Last Month Amounted To More Than $8 Billion

Political  | 02:06 - 01/08/2023  Baghdad - Mawazine News   The Oil Ministry announced today, Tuesday, that last month's revenues amounted to more than $8 billion.

A statement of the ministry, of which Mawazine News received a copy, stated that "the total exports of crude oil, according to the preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO), amounted to (106) million (755) thousand and (169) barrels, with revenues amounting to (8.293). Billion dollar".

He pointed out, "The total exported quantities of crude oil for the month of July from the oil fields in central and southern Iraq amounted to (105) million and (487) thousand and (610) barrels, while the quantities exported to Jordan amounted to (344) thousand and ( 804 barrels, while exports from Qayyarah were (922) thousand and (755) barrels.

He added, "The average daily quantities exported amounted to (3) million and (444) thousand barrels per day," noting that "the average price of one barrel amounted to (77.69) dollars."

https://www.mawazin.net/Details.aspx?jimare=232483

Iraq's Revenues Exceed 45 Trillion Dinars In 5 Months, And An Expert Warns Of The Rentier Economy

Economy      breaking     Oil export     Iraqi economy     Rental economy     Financial revenue

2023-07-31 05:04  Shafaq News/ The Iraqi Ministry of Finance revealed, on Monday, that the revenues collected for the country during the past five months exceeded 45 trillion dinars, of which 95.5% were oil, while an economist warned of the continuation of the rentier economy.

The ministry published the accounts of the Iraqi state from January until last May for the fiscal year 2023, and Shafaq News Agency reviewed them, as it showed that oil is still the main resource for Iraq's general budget, which indicates that the rentier economy is the basis for the budget. General Iraq.

And through the financial tables, it indicated that the total revenues until the month of May amounted to 45 trillion and 552 billion and 80 million and 454 thousand and 325 dinars, after excluding the transfer revenues from them, which amounted to one trillion and 935 billion and 958 million and 139 thousand dinars, explaining that the total expenditures with advances amounted to 37 trillion and 856 One billion and 446 million and 546 thousand dinars.

According to the finance table, oil revenues amounted to 45 trillion and 462 billion and 287 million and 873 thousand and 109 dinars, while non-oil revenues amounted to two trillion and 25 billion 750 million and 720 thousand and 592 dinars, which provided the federal budget.

For his part, economist Muhammad al-Hassani said, in an interview with Shafaq News Agency, that "the survival of Iraq's economy as a rentier will pose a threat to the economy in the future," noting that "any collapse in oil prices will lead to bankruptcy of the general budget." 

He added that "the countries of the world are currently moving towards clean energy and dispensing with fossil fuels," pointing out that "the developed countries have allocated no less than 40% of the funds to finance green energy projects." 

Al-Hassani explained that "oil-producing countries, especially the Gulf countries, have realized the dangers of this and have begun to diversify their economy and reduce their dependence on oil,

with the exception of Iraq, which is still throwing its weight on oil and gas without diversifying its economy, and for this we see that the Iraqi market is the largest importer of goods, commodities, and even vegetables."

The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed in March 2021, in an interview with Shafaq News agency, that

"the reasons for the economy remaining rentier go back to the wars and the imposition of the siege during the past era and the political conflicts we are witnessing today, which led to the dispersal of economic resources."".

The continuation of the Iraqi state’s dependence on oil as the sole source of the general budget is a dangerous matter in the face of global crises that occur from time to time due to the impact of oil on them,

which makes the country tend every time to cover the deficit through borrowing from abroad or from the inside, and  thus indicates the inability to manage State funds effectively, and  the inability to find alternative financing solutions.

https://shafaq.com/ar/اقتصـاد/يرادات-العراق-تتجاوز-45-تريليون-دينار-في-5-شهر-وخبير-يحذر-من-الاقتصاد-الريعي

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

Bond Ladys Corner

Some Iraq News Posted by Clare at KTFA 8-1-2023

KTFA:

Clare:  The State Council announces the completion of the audit of the 2023 budget instructions

The State Council announced today, Tuesday, the completion of the audit of the tripartite budget.

A brief statement by the State Council, received by Shafaq News agency, stated; The process of checking the instructions for implementing the Budget Law for the years 2023-2024-2025 No. (13) for the year 2023 took place in the presence of the Minister of Finance, the Ministry of Planning, and the relevant authorities, for the purpose of facilitating the procedures for implementing the aforementioned law.

 On Monday (June 12), the Iraqi parliament voted on the federal budget law for the years 2023, 2024, and 2025, after discussions that lasted for five days.

The value of the current year budget is 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars), while the items of the 2023 and 2024 budgets have not been published.   LINK

Clare:  Parliamentary Finance: Routine procedures for two ministries contributed to delaying the implementation of the budget

8/01/2023

A member of the Parliamentary Finance Committee, Yahya Al-Muhammadi revealed today, Tuesday, the existence of administrative and routine procedures from the Ministries of Finance and Planning that contributed to an "unintentional" delay in implementing the budget law, calling on the two ministries to expedite the completion of their work in this regard.

Al-Mohammadi told Shafaq News agency, "An unintentional delay in completing the instructions of the budget law by the Ministries of Finance and Planning contributed to the delay in implementing the budget law in ministries and state institutions."

Al-Muhammadi added, "We asked the Parliamentary Finance Committee from the two ministries to expedite the publication of the budget instructions," noting that "administrative and routine procedures delayed the implementation of the budget law, and there is no intention in that."

And the deputy added, "The Ministry of Finance will, in the coming days, publish the instructions of the budget law and send them to the ministries and state institutions."

And the Iraqi parliament voted, at dawn today, Monday, June 12, on the federal budget law for the years 2023, 2024, 2025, after discussions that lasted for five days.

The value of the current year budget is 197 trillion and 828 billion Iraqi dinars (about 152.2 billion dollars), with a total deficit of 63 trillion dinars (48.3 billion dollars), while the items of the 2023 and 2024 budgets have not been published.

On June 21, 2023, the President of the Republic, Abdul Latif Jamal Rashid, approved the Federal Public Finance Law.

Last July, the Federal Supreme Court (the highest judicial authority in Iraq) issued a state order regarding some articles of the country's tripartite financial budget law.

The state order included suspending the implementation of the following articles (Article 28 / Fourth: A - B), (57 / First - C), (65 / Second), (70 / Second), (71) and (75) of Law No. ( 13) for the year 2023 (the federal general budget of the Republic of Iraq for the fiscal years (2023 – 2024 – 2025) until a decision is made on the constitutional case filed before this court to challenge its constitutionality, registered in the number (153 / federal / 2023).

Prime Minister Muhammad Shia al-Sudani had requested the issuance of a state order against Parliament Speaker Muhammad al-Halbousi regarding the above articles, according to the statement issued by the Federal Court.

Sabhan Al-Mulla Jiyad, Advisor to the Prime Minister for Political Affairs, suggested last June that the government would challenge some of the budget articles.   LINK

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

Clare:  The Kurdistan Democratic Party Calls On The Government To Send The Region's Share Of The Budget, Similar To The Provinces

7/31/2023

Earth News / Member of the Kurdistan Democratic Party, Sobhi Al-Mandalawi, demanded today, Monday, the federal government to send the region's share of the budget, similar to the provinces.

Al-Mandalawi said in a statement to Earth News: “The regional government delegation met with the competent authorities in Baghdad for the purpose of implementing the federal budget items after the regional government fulfilled its legal obligations.”

He added, “After holding technical meetings, it was agreed to implement the budget items after agreeing on a mechanism for the federal government to obtain half of the non-oil revenues according to the constitution.”

And Mandalawi continued, “Therefore, Baghdad is required today to send the region’s share of the budget, similar to the provinces.”  LINK

 Godson:  Imo... Kurdistan demands.. Parliament demands.. citizens demands.. Cbi?.. crickets

Clare:  The Secretary General Of The National Product Calls For The Application Of Article 304 Of The Iraqi Penal Code To Protect The Dinar

7/31/2023

Earth News / The Secretary-General of the Parliamentary National Product Bloc, Jassem Al-Amiri, called today, Sunday, for the implementation of Article 304 of the Iraqi Penal Code to protect the dinar.

Al-Amiri's media office said, in a statement received by Earth News, that "the government's measures to control fluctuations in the exchange rate of the dollar, which included authorizing more than 100 exchange companies to obtain their shares of the dollar, and after the United States denied the issuance of any sanctions against Iraqi banks, the dollar prices started It is witnessing, on a daily basis, a significant decrease.”

He added, "One of the reasons for the high price of the dollar is the statements of some that the US Treasury Department could impose sanctions on the central bank, which aroused citizens' anger and concern, which prompted them to resort to buying the dollar, which increased the demand for it."

Al-Amiri called on “the government, and specifically the Central Bank, to take measures to reassure the Iraqi people and encourage them to deal in the Iraqi dinar, and to take strict measures against manipulators of the exchange rate, and to activate Article 304 of the Iraqi Penal Code, which stipulates the punishment and imprisonment of anyone who publicly broadcasts fabricated facts or allegations that would Causing a decline in the national banknotes or weakening confidence in the state’s currency and its bonds.

He pointed out that "the main affected by the inconsistency in the price of the dollar is the people, who will face a rise in the prices of materials, especially foodstuffs." LINK

Tuesday Afternoon Iraq Economic News Highlights 8-1-23

Tuesday Afternoon  Iraq Economic News Highlights 8-1-23

Fears Of A New Shock To The "Iraqi Dinar" Due To A Lack Of Supply And An Increase In Demand!

Political  scene Tuesday August 01 2023 (158 views)  Baghdad / Sky Press  Fluctuations in the exchange rates of the US dollar in Iraq raised fears that the dinar might be subject to a new shock, while news spread of a campaign of arrests of those accused by the authorities of "manipulating the currency market."  And the value of the dollar reached 1580 dinars, on Friday, before it fell on Saturday to less than 1500 dinars, to rise on Sunday and Monday to 1520-1540 dinars per dollar.

And the United States prevented 14 Iraqi banks from conducting transactions in dollars as part of a comprehensive campaign to transfer US currency to Iran and other countries subject to sanctions in the Middle East.

"We have strong reason to suspect that some of these money laundering operations may benefit either sanctioned individuals or potentially sanctioned individuals," a senior US official said.

“The main danger of sanctions in Iraq is definitely related to Iran,” the US official added.

And on Wednesday, US State Department spokesman Matthew Miller said that the United States would like Iraq to have bilateral relations with Iran.

Miller continued, saying: "We haven't always seen that in the past, you've seen that we implement policies to try to prevent, reduce, or mitigate the way Iran is trying to gain influence over Iraq."

Money changers warned of the possibility of a new rise in the dollar at the beginning of the week due to a "lack of supply" and increased demand, which "is not linked to a change in market requirements, but to extreme international and local measures." ,” says Salim Mustafa, owner of a money exchange company operating in Baghdad.

Mustafa added, "The lack of supply in the market was associated with the exit of a number of banks from work due to international decisions, and also due to the reluctance of a large number of currency traders to work because of fears of a campaign of arrests launched by the Iraqi Economic Security Service.”

According to Mustafa, a number of currency dealers are now under investigation on charges of working in the "parallel market" that sells dollars at market prices, not at its official rates.

The Iraqi Ministry of Interior did not respond to inquiries about the existence of arrests or investigations against currency dealers.

And the Iraqi Supreme Judicial Council announced, on Monday, efforts to "support the Iraqi dinar and confront manipulation and speculation."

The council said in a statement that it held a meeting that included the head of the Public Prosecution Service, the investigation judges of the economic courts in Baghdad, the head of the National Security Agency, and the Undersecretary of the Ministry of Interior for Intelligence Affairs .

The statement added that the meeting discussed "the best ways and mechanisms to address the phenomenon of manipulation of the value of the Iraqi dinar against the dollar, in order to limit it and prosecute those involved in it in accordance with the laws in force."

A ban on dealing in dollars, imposed by the US financial authorities on 14 Iraqi banks, led to a rise in the price of the dollar resulting from “these banks being part of the process of financing the local market” in hard currency, says Ahmed Al-Saadi, managing director of the Islamic Advisor Bank, one of the banks that was subject to the ban. .

Al-Saadi says that their bank, and other banks, were "victims" of the country's political problems.

According to the Prime Minister's advisor, Fadi Al-Shammari, the sanctioned banks were financing 116 local exchange companies.

Al-Shammari said in a press statement that the Central Bank of Iraq transferred these companies to other banks, which led to a drop in the dollar by 60 points, against the dinar, and strengthened the value of the local operation.

The decision of the US financial authorities led to losses in the Iraqi banking sector, according to Tamkeen Al-Hasnawi, director and owner of Mosul Bank, one of the banks that were subject to sanctions.

Al-Hasnawi said that the decision led to "many customers withdrawing their bank deposits after the US Federal Reserve's decision, which caused great losses for the bank and for these customers."

Dollar depositors in the banned banks received their deposits - or part of them - in Iraqi dinars according to the official exchange rates of 1,350 dinars to the dollar, at a loss of 150 dinars for every dollar, or 150,000 dinars for every thousand dollars of deposits .

The 14 banks said in a statement that they are ready for local or international financial scrutiny, according to Reuters, and denied any wrongdoing.

The Federal Reserve Board in New York had approved more stringent controls on international transactions in dollars for Iraqi commercial banks last November.

The US ambassador to Baghdad, Alina Romanowski, said the measure was a "restriction" of banks' dealings in dollars.

In a tweet, on Saturday, the ambassador denied imposing sanctions on any Iraqi bank, and said that the measures were imposed due to "money laundering concerns."

Economist Ali Hameed warned that the impact of the measures could create a state of mistrust in the country's banking system.

"The recent measures were vague in nature, which could contribute to increasing the alienation of citizens from the banking system, and impede the modernization of the country's financial system," Hamid said.

According to Hamid, "the largest percentage of the Iraqi financial bloc moves outside the banks, which deprives the country of huge funds that can be pumped into investments through banks, and impedes the building of economic policies based on accurate data and correct expectations."

And the Central Bank of Iraq confirmed, on Wednesday, that other banks were able to cover the market's needs for transactions in dollars, as the 14 banks subject to US procedures represent only 8% of foreign transfers.

And prevented the 14 banks from conducting transactions in dollars, but they can continue to use Iraqi dinars and other foreign currencies.

According to the governor of the Central Bank, Ali Al-Alaq, the transactions on the basis of which the restriction measures were imposed took place in 2022 “before the Central Bank of Iraq imposed stricter regulations on dollar transfers that required applicants to go through an online platform and provide detailed information on the end beneficiaries,” according to Reuters. .

Two officials at the Central Bank of Iraq said that the latest US sanctions, along with previous sanctions on eight banks, left nearly a third of Iraq's 72 banks on the blacklist.

The dinar exchange rate crisis against the dollar continues in Iraq, since late last year, which is witnessing fluctuations despite measures taken by the country's central bank with the aim of pushing the stability of currency prices.

Last February, the Central Bank decided to raise the value of the official exchange rate of the dinar against the dollar by 10 percent, in a measure aimed at limiting the currency depreciation that accompanied the adoption of stricter regulations regarding financial transfers outside the country.

At the time, the Iraqi government agreed to the Central Bank's proposal to raise the value of the exchange rate from about 1,470 dinars to 1,300 dinars per dollar, which had a clear impact on the exchange market at the time by reducing prices, which reached the level of 1,700 dinars in the parallel market.   LINK

Trade Takes "Urgent" Measures To Maintain Price Stability, Coinciding With The Month Of Muharram

Localities / Economy |Today   Baghdad today – Baghdad  Today, Tuesday (August 1, 2023), the Ministry of Commerce announced taking a package of measures to maintain price stability in conjunction with the month of Muharram.

The ministry, in a statement received by "Baghdad Today," stated that "the crisis cell in the Ministry of Commerce took urgent measures to maintain price stability in conjunction with the month of Muharram," indicating, "strengthening food stores in the Ministry of Commerce." Trade with basic materials."

And she added that "thousands of tons of basic foodstuffs (flour, adult milk, tomato paste, table eggs, grains, legumes) have been secured in its marketing outlets, in addition to the launch of a new portion of flour."

And she indicated that "a monitoring campaign was launched to follow up prices in coordination with the security services to curb the greed of some merchants," explaining that "the readiness to run trucks loaded with basic foodstuffs in districts and districts and sell them at competitive prices has been completed." LINK

Specialists: The Dollar Crisis Is Economic And Political

Iraq  2023/08/01    Baghdad: Hoda Al-Azzawi  The exchange rate crisis reared its head again in the local markets after US sanctions included 14 banks that prevented them from dealing in hard currency and entering the currency auction. political and economic dimensions.

The rapporteur of the Finance Committee in the former parliament, Ahmed Al-Saffar, said in an interview with “Al-Sabah”: “The instability of the dollar exchange rate, which causes a great burden on the citizen as a result of the high prices and the erosion of his income in general, whether he is an employee or a worker or has intermittent income.

It makes us think that its cause is political, economic and financial," noting that "the Iraqi economy is in the hands of politicians, meaning that politics is what drives the economy and the political blocs interfere in the process of writing and legislating public budgets and their provisions and allocations."

Al-Saffar explained that "the political class, since 2003, has not been able to set a financial and economic policy to rebuild the Iraqi economy, but they deliberately increased dependence on oil rents, and therefore there is no real Iraqi production.  

The local tendency to cover the needs is to import more than 95% of the country's need." This is a natural thing with the existence of oil rents in dollars, as goods and commodities are imported from regional countries.

He explained that "there is a deliberate policy that Iraq does not have a production device for goods and services and that it remains a market for the exchange of goods of regional countries in exchange for oil revenues, noting that Iraq has become an arena for international and regional political conflict."

He pointed out that "the imposition of sanctions by the US Federal Reserve and the US Treasury on 14 Iraqi banks under the pretext of transferring them to dollars to countries subject to US sanctions has a structural and economic imbalance. Iraq has always consumed from these countries and certainly it pays in dollars."

While the professor in economic affairs, Jaafar Alloush, said, in an interview with "Al-Sabah", that "the dollar crisis is an actual crisis that may exacerbate. The dollar is owned by the US and the rest of the countries own it, and the owner sets controls to deal with it, and underestimating these controls is not always possible."

While the expert on economic affairs, Nabil Jabbar Al-Tamimi, indicated to "Al-Sabah" that "what happened in recent days is a repetition of US Treasury sanctions," noting that "imposing new sanctions on Iraqi banks often generates fears that the dollar will rise again, as happened eight years ago." Months".

Al-Tamimi added, "The rumors fuel the idea of ​​the dollar's rise without a backlash by state agencies or even political and economist analysts who have become like bearers of wood and pouring oil on the fire. So far, there is no convincing indication or a clear factor for the dollar's rise again," adding that "there is One possibility that may lead to its rise again for a short period is the behavior of punished banks by buying dollars from the markets with the trillions of dinars available to them.  https://alsabaah.iq/81469-.html

Contrary To What Is Expected.. The World Bank Confirms That Iraq Is Witnessing An Economic Recovery

Economy  2023/08/01 Number of readings: 156   Baghdad - Iraq today:  The World Bank confirmed that Iraq is witnessing a strong recovery after years of turmoil.

"Iraq is witnessing a strong recovery after many years of turmoil," Jean-Christophe Carré, Regional Director of the Middle East Department at the World Bank, said in a press statement.

Carre added, "It is necessary to take measures to accelerate the move towards diversification of economic activity."

He continued, "The importance of reforming the banking sector and promoting digital financial services in order to increase financial intermediation activities and enhance financial inclusion."  LINK

Oil: Revenues Last Month Amounted To More Than $8 Billion

Balsam Hameed  Oil: The Oil Ministry announced today, Tuesday, that last month's revenues amounted to more than $8 billion.  A statement by the ministry, received by (Al-Oula News), stated that “the total exports of crude oil, according to the preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO), amounted to (106) million (755) thousand and (169) barrels, with revenues amounting to (8.293) billion.” dollar".

He pointed out, “The total quantities of crude oil exported for the month of July from the oil fields in central and southern Iraq amounted to (105) million and (487) thousand and (610) barrels, while the quantities exported to Jordan amounted to (344) thousand and ( 804) barrels, while exports from Qayyarah were (922) thousand and (755) barrels.

He added, “The average daily quantities exported amounted to (3) million and (444) thousand barrels per day,” noting that “the average price of one barrel amounted to (77.69) dollars.”  LINK

A Source Reveals The Issuance Of Secret Implementation Instructions For The Budget!

Policy  2023/08/01 Number of readings: 231    Baghdad-Iraq Today:  An official source in the Budget Department of the Ministry of Finance indicated that instructions for implementing the budget were sent to the ministries, with government secrecy and unwillingness to announce the matter.

The source said in a press interview, “The Ministry of Finance has sent instructions to implement the budget to the ministries during the past days.”

The source added, on condition of anonymity, that “the government issued instructions to the ministries and asked them not to disclose this, in order to avoid the anger of some groups, whose contracts have been terminated, and the lecturers who were not included in the budget materials within its allocations.”

He explained, "The government fears their anger in light of the state of confusion that Iraq is witnessing at the present time, and the state of anger, as a result of the collapse of the electricity system more than once, and the imbalance in the rest of the services, including the continued interruption of drinking water.”

He stressed that "firm instructions were issued by the Prime Minister's Office not to make a statement or to disclose the matter."  LINK

Goldilocks' Comments and Global Economic News for August 1, 2023

Goldilocks' Comments and Global Economic News for August 1, 2023

Good morning Dinar Recaps,

Goldilocks posted comments and links on the global financial system:

Exploring the Future of Digital Wallets and Prepaid Cards in Vietnam

Prepaid cards in Vietnam are gaining traction. In an age of digitization, it is a way for smart contracts to ensure that there is funding available on both sides of a trade.

This can and will avoid overspending and debt issues that we face currently.

© Goldilocks

https://fagenwasanni.com/news/exploring-the-future-of-digital-wallets-and-prepaid-cards-in-vietnam/52785/

Zimbabwe has officially requested to join BRICS' New Development Bank.

Zimbabwe is among several African nations that are attending the BRICS Summit this month on the 22nd of August.

The number of countries joining BRICS just keep climbing.

© Goldilocks

https://naija247news.com/2023/07/31/zimbabwe-requests-to-join-brics-new-development-bank/

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China's Blockchain Plan For Shanghai By 2025 – NullTX

The Shanghai Exchange is going to blockchain technology. It has between now and 2025 to complete its full plan of implementation.

It is noted that some protocols have already been established and there are many more to come.

It is believed that this will help them in their trade exchanges in the Eastern half of our world and other countries around the world.

©  Goldilocks

https://nulltx.com/chinas-blockchain-plan-for-shanghai-by-2025/

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Breaking News:

Russia to launch digital ruble CBDC payments on August 1

"Russian President Vladimir Putin signed a digital ruble bill into law on Monday, approving the use of its central bank digital currency for payments starting from Aug. 1, 2023."

Yahoo Finance Link

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BREAKING NEWS

CHINA'S CURRENCY REGULATORS ARE ASKING SOME COMMERCIAL BANKS TO REDUCE OR POSTPONE THEIR PURCHASES OF U.S. DOLLARS

Let the games begin?

ttps://twitter.com/goldtelegraph_/status/1686354314497843200?s=46

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Iraqi News Highlights Late Monday Evening 7-31-23

Iraqi News Highlights Late Monday Evening 7-31-23

Tlm724 Administrator Bondlady’s Corner

Adviser To The Prime Minister: Central Bank Measures Reduced The Dollar By 60 Points Against The Dinar

 Economy yesterday, 22:07  Baghdad – conscious  Adviser to the Prime Minister Fadi Al-Shammari confirmed today, Monday, that the  Central Bank's measures reduced the dollar by 60 points against the dinar.  Al-Shammari said, in a statement received by the Iraqi News Agency (INA):

"The rapid measures that Prime Minister Muhammad Shia'a al-Sudani directed to implement them contributed to gradually rebalancing the dinar exchange rate," noting that, "after a series of precise and effective measures from the Central Bank, it decreased." The dollar increased by 60 points against the Iraqi dinar. 

He added, "The Iraqi government seeks to control the rhythm of the financial market, encourage traders to engage in legitimate financial transactions, and ease administrative procedures," expecting that "decisions to reduce taxes will contribute to increasing the value of the Iraqi dinar during the coming period." 

And he continued, "The central bank's procedures for transferring 116 exchange companies that were receiving their weekly shares of dollars from the punished banks to other banks and  easing the imposed taxes, as well as the central bank's diagnosis of manipulators, contributed effectively to the stability of the dinar's exchange rate."   https://www.ina.iq/190618--60-.html

Petroleum Products Announce The Adoption Of An Electronic Application To Complete Citizens' Transactions

 Economy 07-29-2023, 21:31 Baghdad - Conscious - Hassan Al-Fawwaz  Today, Saturday, the Petroleum Products Distribution Company announced the adoption of an electronic application to complete citizens' transactions, while indicating that it will reduce routine and end extortion.

The Director General of the Petroleum Products Distribution Company, Hussein Talib, told the Iraqi News Agency (INA):

"The (electronic fuel card) application has become available on all mobile phones, and it is linked to all administrative formations in the Petroleum Products Distribution Company, to complete citizens' transactions without reviewing the company."". 

He stressed, "The company intends to make the automation project a success, to reduce the routine episodes, and to end suspicious operations or extortion operations that the citizen may be exposed to by outlaws."  He added, "The application of the electronic fuel card was implemented in Kirkuk Governorate, and succeeded in expediting the completion of citizens' transactions to receive the fuel card." 

He pointed out, "The application will be circulated to all interests associated with the oil products distribution company, to end the extortion operations that the citizen may be exposed to, and to remove suspicions against the company."   https://www.ina.iq/190487--.html

Al-Budaiwi: There Are Gulf Plans To Supplement The Iraqi Economy

 Monday 31, July 2023 12:31 | political     Number of readings: 501 Baghdad / NINA / - The Secretary-General of the Cooperation Council for the Arab States of the Gulf, Jassem Muhammad Al-Budaiwi, affirmed:

"There are Gulf plans to supplement the Iraqi economy, and we hope to benefit from them."

Al-Budaiwi said in a joint press conference with Foreign Minister Fuad Hussein:

"We need to move forward to consolidate relations between Iraq and the Gulf states," noting:

"The electrical connection with Iraq is an ambitious project." 

He added: "We are working to ensure the security and prosperity of Iraq and strengthen relations with it," noting: "Iraq plays a major role in managing the regional and international files." / End 9

https://ninanews.com/Website/News/Details?key=1067987

Iraq's Revenues Exceed 45 Trillion Dinars In 5 Months, And An Expert Warns Of The Rentier Economy

Economy      breaking     Oil export     Iraqi economy     Rental economy     Financial revenue

2023-07-31 05:04  Shafaq News/ The Iraqi Ministry of Finance revealed, on Monday, that the revenues collected for the country during the past five months exceeded 45 trillion dinars, of which 95.5% were oil, while an economist warned of the continuation of the rentier economy.

The ministry published the accounts of the Iraqi state from January until last May for the fiscal year 2023, and Shafaq News Agency reviewed them, as it showed that oil is still the main resource for Iraq's general budget, which indicates that the rentier economy is the basis for the budget. General Iraq.

And through the financial tables, it indicated that the total revenues until the month of May amounted to 45 trillion and 552 billion and 80 million and 454 thousand and 325 dinars, after excluding the transfer revenues from them, which amounted to one trillion and 935 billion and 958 million and 139 thousand dinars, explaining that the total expenditures with advances amounted to 37 trillion and 856 One billion and 446 million and 546 thousand dinars.

According to the finance table, oil revenues amounted to 45 trillion and 462 billion and 287 million and 873 thousand and 109 dinars, while non-oil revenues amounted to two trillion and 25 billion 750 million and 720 thousand and 592 dinars, which provided the federal budget.

For his part, economist Muhammad al-Hassani said, in an interview with Shafaq News Agency, that

"the survival of Iraq's economy as a rentier will pose a threat to the economy in the future," noting that "any collapse in oil prices will lead to bankruptcy of the general budget."  He added that "the countries of the world are currently moving towards clean energy and dispensing with fossil fuels," pointing out that "the developed countries have allocated no less than 40% of the funds to finance green energy projects." 

Al-Hassani explained that "oil-producing countries, especially the Gulf countries, have realized the dangers of this and have begun to diversify their economy and reduce their dependence on oil, with the exception of Iraq, which is still throwing its weight on oil and gas without diversifying its economy, and for this we see that the Iraqi market is the largest importer of goods, commodities, and even vegetables."

The Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, confirmed in March 2021, in an interview with Shafaq News agency, that "the reasons for the economy remaining rentier go back to the wars and the imposition of the siege during the past era and the political conflicts we are witnessing today, which led to the dispersal of economic resources."".

The continuation of the Iraqi state’s dependence on oil as the sole source of the general budget is a dangerous matter in the face of global crises that occur from time to time due to the impact of oil on them, which makes the country tend every time to cover the deficit through borrowing from abroad or from the inside, and thus indicates the inability to manage State funds effectively, and the inability to find alternative financing solutions.

https://shafaq.com/ar/اقتصـاد/يرادات-العراق-تتجاوز-45-تريليون-دينار-في-5-شهر-وخبير-يحذر-من-الاقتصاد-الريعي

Iraq Recovers Government Officials Convicted Of Corruption Cases From The Sultanate Of Oman

Policy      breaking     Integrity Commission     Corruption in Iraq

2023-07-31 00:21  Shafaq News/ The Federal Integrity Commission announced, on Monday, the recovery of two government officials convicted of financial corruption cases, who fled to the Sultanate of Oman, indicating that their arrest was carried out in cooperation with the Omani authorities and Interpol.

The recovery department of the authority said, in a statement received by Shafaq News agency, that the convicts, one of whom was the former director general of urban planning in the Ministry of Construction, Housing, Municipalities and Public Works, and the other the former director general of the Anbar Agriculture Department.

It indicated that they were arrested on the territory of the Sultanate of Oman. Based on the international arrest warrants and recovery files organized by the department in cooperation with the competent courts, according to the research radio issued by the Council of Arab Interior Ministers.

She explained that a team from the Recovery Department, accompanied by a security detachment from the Arab and International Police Directorate at the Ministry of Interior (Interpol), received the convicts in cases of abuse of job position and willful damage to state funds and illegal appropriation of them in the capital, Muscat, and they arrived this morning at Baghdad International Airport, from in order to hand them over to the judicial authorities; to receive their just punishment.

The department added that the two convicts had previously been convicted by the Iraqi judicial authorities by decisions in absentia issued by the Central Anti-Corruption and Anbar Criminal Courts; Based on the provisions of Articles 316 and 340 of the Penal Code.

The department appreciated the role of the competent authorities in the Sultanate of Oman in cooperation and coordination with the Iraqi authorities in arresting and handing over the convicts, stressing that the commission is determined to clamp down on the corrupt fugitives, and to coordinate with the countries in which they reside; In order not to become safe havens for wanted fugitives.

It indicated that the convicts were arrested in the territory of the Sultanate of Oman, according to the radio search issued against them. Based on the international arrest warrant with the Iraqi judicial authorities, which was requested and organized by the Recovery Department, the recovery files were organized very quickly; This led to the success of their recovery process.

On February 23, the commission announced a preliminary agreement between the head of the Integrity Commission, Judge Haider Hanoun, and the head of the Financial and Administrative Control Authority in the Sultanate of Oman, Sheikh Ghosn bin Hilal Al-Alawi, to conclude a memorandum of understanding in the field of combating corruption and exchanging information and investigations about the defendants wanted by the court. and corruption funds smuggled abroad in order to recover them.

https://shafaq.com/ar/سیاسة/العراق-يسترد-مس-ولين-حكوميين-مدانين-بقضايا-فساد-من-سلطنة-عمان

The Discovery Of New Oil And Gas Fields In The Western Anbar Desert Areas

Information / Anbar.. On Friday, the director of the Jubbah Municipality Department in Anbar, Qatari Al-Obeidi, announced the discovery of new oil and gas fields in the province, denying that exploration operations had stopped for security reasons in the western regions.

Al-Obeidi said in a statement to Al-Maalouma Agency, "The Oil Exploration Company affiliated with the Ministry of Oil conducted exploration operations targeting the desert of al-Baghdadi district in the Hit district towards the Tharthar desert, west of Anbar, which resulted in the discovery of new oil and gas fields that are not indicated by the Ministry of Oil." 

He added,  "These fields contain large quantities of oil derivatives, minerals and phosphates, and the targeted areas are still subject to exploration after there are indications that these areas float on large quantities of oil and gas fields." 

The director of the Jubba municipality department explained, "The news that talked about stopping the exploration of oil and gas fields for security reasons is untrue, and the exploration operations are taking place according to the plan drawn for them by the concerned authorities and with the support of the security forces," noting that "the exploration operations are still ongoing and from It is hoped that the results of excavations in these areas will be announced within the next few days. 

Al-Obaidi said, "The security forces have fully secured all the areas where excavations are being conducted, in addition to the explosives treatment teams deactivating hundreds of unexploded explosive devices left behind by ISIS terrorists."

It is noteworthy that the Ministry of Oil sent a short while ago new seismic teams to the western regions to conduct exploration operations for oil and gas fields. Ended / 12 a

https://almaalomah.me/news/local/اكتشاف-حقول-جديدة-للنفط-والغاز-في-مناطق-صحراء-الانبار-الغربي

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

https://www.bondladyscorner.com/

"Tidbits From TNT" Tuesday Morning 8-1-2023

TNT:

CandyKisses:  A source reveals that the instructions for implementing the budget were issued secretly!

Baghdad - Iraq Today:    2023/08/01 10:06 , 

An official source, in the Budget Department of the Ministry of Finance, indicated that instructions for implementing the budget were sent to the ministries, with government secrecy and unwillingness to announce the matter.

The source said in a press interview that "the Ministry of Finance has sent instructions for implementing the budget to the ministries during the past days."

The source added, on condition of anonymity, that "the government issued instructions to the ministries and asked them not to disclose this, in order to avoid the anger of some groups, from the termination of their contracts and lecturers who were not included in the budget articles within their allocations."

He explained, "The government fears the anger of these people in light of the state of confusion that Iraq is witnessing at the present time, and the state of anger, as a result of the collapse of the electricity system more than once, and the defect in the rest of the services, including the continued interruption of drinking water."

He stressed that "firm instructions were issued by the Prime Minister's Office not to declare and disclose the matter."

CandyKisses:  Hundreds demonstrate in front of the Martyrs Foundation in Ramadi due to the suspension of salaries

Baghdad Today - Anbar

Today, Tuesday (August 1, 2023), hundreds of martyrs' families demonstrated in front of the Martyrs Foundation in the city of Ramadi, the center of Anbar province.

The "Baghdad Today" correspondent stated, "Hundreds of martyrs' families demonstrated in front of the Martyrs' Foundation building in Ramadi, following the suspension of the salaries of the martyrs in Anbar Governorate, demanding the re-launch of salaries

On the fifth of last July, an informed source reported that the director of the Martyrs and Wounded Foundation in Anbar Governorate had been dismissed on suspicion of financial corruption.

The source said, "An order was issued by the federal head of the Martyrs and Wounded Foundation to relieve the director of the Martyrs and Wounded Foundation in Anbar, Abdul Aziz al-Badri, from his post, based on a directive from the Prime Minister, Muhammad Shia' al-Sudani."

"The removal from office came against the backdrop of suspicions of financial and administrative corruption at the Anbar Martyrs Foundation," he said.

Anbar province has been witnessing a campaign to open financial and administrative corruption files by the Supreme Anti-Corruption Committee, headed by Abu Ali al-Basri, in cooperation with the Integrity Commission.

The campaign resulted in the arrest of a number of officials in the province, the last of whom was the director of the Pension Authority in Anbar

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Tishwash:  The oil-for-gas agreement between Iraq and Iran enters into force

The barter agreement (oil for gas) between Iraq and Iran entered into force, starting today, Tuesday, August 1.

Hamid Hosseini, head of Iran's Petroleum Products Exporters Union, declared in a statement to Iranian media that: "Iraq will send us about 30,000 barrels of crude oil and 70,000 barrels of diesel in exchange for gas exports, starting in August."

He explained the volume of electricity and gas exports to Iraq and the amount of oil and other products imports in the form of barter, noting that, according to the statistics announced by the National Iranian Gas Company, we exported 18 billion cubic meters of gas last year, most of which went to Turkey and Iraq.

He added: “We exported an average of 25 million cubic meters of gas to Turkey and the same amount also to Iraq, and the export quantities may vary in some seasons of the year to reach 50 million cubic meters per day, but when we face a shortage of gas in the winter, this quantity decreases significantly.” Where 9-10 billion cubic meters of gas must be delivered to Iraq every year according to the agreement signed between the two countries, and this amount can decrease or increase in certain seasons of the year.

Referring to the value of electricity and gas exports to Iraq, Hosseini mentioned: “The Iraqi government announced that it imported 3 billion and 800 million dollars of gas in 2022, and since Iraq does not import gas from any other country, we can say that the total value of that value is attributed to Iranian exports. In addition to this, we have exported $700 million in electricity. Therefore, Iran has exported $4.5 billion in electricity and gas to Iraq over the past year.”

It is noteworthy that Iraq and Iran signed an agreement in Baghdad on July 11, according to which the imported Iranian gas, which operates power stations, will be exchanged for Iraqi crude oil and black oil.

The agreement was reached, according to the Prime Minister's Office, "after negotiations that lasted for several days, in which delegations and technical and technical committees from both sides participated."

A statement by the office stated, "This agreement is within the framework of the government's effort to address the crisis of supplying gas that powers power stations, and avoid financing problems and the complexities of US sanctions that prevented the continuity of payment of import requirements. ".   link

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