Bondlady’s Corner

Iraqi News Highlights Friday Afternoon 1-13-23

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In Detail… The Recommendations Of The Council Of Ministers To Address The Effects Of The Rise In The Price Of The Dollar On The Market

Thursday 12 January 2023 19:44 | Economical Number of readings: 484  Baghdad / NINA / – The Council of Ministers approved several recommendations to address the impact of the dollar’s rise in the market and its impact on citizens’ purchases from local markets.  A statement of the General Secretariat of the Council of Ministers stated that, “In support of the sobriety of the national currency and to address the rise of the dollar in the market, the Council of Ministers approved several recommendations, as follows:

  1. Oblige all government agencies to sell all goods and services inside Iraq in Iraqi dinars and at the dollar exchange rate established by the Central Bank of Iraq and amounted to the beneficiary.” The final (1470) dinars for one dollar.
  2. Includes what was stated in paragraph (1) sales of goods and services from the private sector, especially the offices of national and foreign airlines, commercial agencies with all their specializations and dealings, telecommunications companies, the Internet, and sales of residential and commercial investment complexes, and confirming that the prices of goods and services are in Iraqi dinars on the basis of calculating the exchange rate dollar set by the central bank.
  3. The Central Bank sells the dollar to the parties mentioned in Paragraph (2) at the price set by the Central Bank at the price of selling the dollar to Iraqi banks, i.e. (1460) dinars per dollar for remittances, and (1455) dinars per dollar to cover documentary credits, provided that he submits a request to a sale window Currency and an undertaking to sell in Iraqi dinars, and this shall be announced on the official websites of the concerned authorities, and a clear announcement shall be made in the sales outlets.
  4. The Central Bank of Iraq issues an easy mechanism within one working week, starting from the date of issuance of the decision through which the private sector described in paragraphs (2 and 3) above can obtain dollars at the official rate of the bank, and the bank also secures private sector transfers outside Iraq at the same rate to meet their external obligations./ End 8

A Slight Increase In The Exchange Rate Of The Dollar In The Iraqi Market

Economie – 01/13/2023 Baghdad – Mawazine News  The exchange rate of the dollar witnessed a slight increase in the Iraqi markets. The selling price recorded 158,250 dinars per 100 dollars, and the purchase price recorded 157,250 dinars per 100 dollars.

Kurdistan Government: Baghdad Will Send The 400 Billion Dinars Within A Short Period

Money and business  Economy News – Baghdad On Thursday, the Kurdistan Regional Government expected that the federal government would send 400 billion dinars to finance the salaries of employees and workers in the public sector for the months of November and December of last year.

“The Iraqi cabinet met last Tuesday and confirmed the issue of sending 400 billion dinars to Erbil, which is among the dues of the regional government,” government spokesman Jutier Adel said in a statement.

Adel suggested that the major obstacles to the issue of sending these sums would end, explaining that “the money will be sent to the regional government within a short period.”

Views 476   Added 01/12/2023 – 7:41 PM   Updated 01/13/2023 – 5:14 PM

Siemens: We Plan To Expand Cooperation With Iraq With Projects Of More Than 6 Gigawatts

Economie| 01:25 – 01/13/2023   Baghdad – Mawazine News   Siemens plans to expand its cooperation with Iraq by developing projects with a capacity of more than six gigawatts in the next five years.

A spokesman for Siemens Energy told Reuters that this would include, among other things, the construction of power plants as well as development in the renewable energies sector and stabilization of the electricity grid.

The spokesman added that the CEO of the company, Christian Bruch, intends to sign a memorandum of understanding regarding these plans with the Iraqi Minister of Electricity on Friday.

“Having a reliable source of energy is the basis for a stable society,” Bruch told Reuters. “Supplying electricity to large parts of an entire country is therefore one of the most important tasks of our company.”

He said that the company will work to ensure that this is achieved as soon as possible with its partners in Iraq.

The company said that the current roadmap is linked to the 2019 agreement, which includes projects with more than gigawatts by 2023.

It is noteworthy that Iraqi Prime Minister Muhammad Shia al-Sudani is visiting Berlin on Friday with a high-level delegation, where he is scheduled to meet with German Chancellor Olaf Scholz.

Oil.. A Decline In Today’s Trading And Expectations For Weekly Gains

Economie| 09:11 – 01/13/2023   Baghdad – Mawazine News   Oil prices fell in early trading, today, Friday, but are on their way to achieving gains of more than six percent this week, against the backdrop of strong indications of demand growth in China, the largest importer of crude oil, and expectations of raising US interest rates at a less severe pace.

Analysts said recent Chinese crude purchases and a recovery in road traffic boosted confidence in demand recovery in the world’s second-largest economy after China reopened its borders and eased COVID-19 restrictions after last year’s protests.

Brent crude futures fell 17 cents, or 0.2 percent, to $83.86 a barrel by 0119 GMT, while US West Texas Intermediate crude futures fell 12 cents, or 0.2 percent, to $78.27, according to Reuters data.

Brent has jumped 6.7 percent so far this week, and West Texas Intermediate crude has risen 6.2 percent, recouping most of the previous week’s losses.

Oil prices were also boosted by the dollar’s decline to its lowest level in almost nine months after data showed that inflation in the United States fell for the first time in two and a half years, which reinforced expectations that the Federal Reserve will slow the pace of raising interest rates.

A weak dollar usually increases demand for oil because it makes the commodity cheaper for buyers who hold other currencies.

With Five Sessions For The Iraq Market.. 37 Billion Shares Were Traded, With More Than 22 Billion Dinars

Thursday 12 January 2023 15:25 | Economical Number of readings: 154  Baghdad / NINA / – During the second week of this month, the Iraq Stock Exchange organized five trading sessions, from Sunday to Thursday.

The market stated in a statement: The number of shares traded during this week amounted to more than (37) billion shares, with more than (22) billion dinars.

He added: The trading index in the market closed for the first session of the week at (588.47) points, while the index closed at the end of the week at (601.63) points, achieving an increase of (2.19%) from its closing at the beginning of the session.

And during the week, according to the statement, more than (3,800) buying and selling contracts were executed on the shares of companies listed in the market.

Al-Sudani: Our Security Forces Are Capable Of Defeating Terrorism, And We No Longer Need Combat Forces

Friday 13 January 2023 16:52 | political Number of readings: 104  Baghdad / NINA / – Prime Minister Muhammad Shia’a Al-Sudani affirmed: “The Iraqi security forces are capable of defeating terrorism and achieving stability in Iraq.”

Al-Sudani said in a joint press conference with German Chancellor Olaf Scholz: “Iraq now does not need combat forces, and the advisory team of the international coalition is subject to review to assess the need for it.”   He added: “We are working to bring points of view closer and reduce tensions in the region.”/ End 3

Al-Sudani Affirmed Iraq’s Desire To Cooperate With Germany In A Way That Achieves The Priorities Adopted By The Government

Friday 13 January 2023 13:29 | Economical Number of readings: 267   Baghdad / NINA / – Prime Minister Muhammad Shia’ al-Sudani affirmed Iraq’s desire to cooperate with Germany in a way that achieves the priorities adopted by the government in the field of diversifying the economy and sources of income.

A statement by his media office stated that Al-Sudani received, today, Friday, at his residence in the capital, Berlin, the German Minister of Economic Cooperation and Development, Svenia Schulze

. In addition to confirming cooperation with Germany in the field of vocational training, which is one of the government’s directions towards developing capabilities and skills and acquiring expertise in a way that enhances the labor market and private sector development.

The Prime Minister affirmed Iraq’s desire to cooperate with Germany, in a way that contributes to achieving the priorities adopted by the government in the field of diversifying the economy and sources of income, by activating the sectors of industry, agriculture, tourism and other vital sectors in Iraq.

Al-Sudani: The Government Has Prioritized Improving Services, Reducing Poverty Rates And Combating Corruption

Friday, January 13, 2023 4:36 PM  Baghdad / National News Center   Today, Friday, Prime Minister Muhammad Shia’a al-Sudani announced the signing of a contract between the Iraqi Ministry of Electricity and the German company Siemens to increase the production capacity of electric current.

Al-Sudani said in a joint press conference with the Chancellor of the Federal Republic of Germany, Olaf Scholz, and his follower, the National News Center, that “the meetings in Germany establish relations and a strategic partnership between Iraq and Germany,” noting that “the relationship between the two countries is distinct.”

He added, “Germany provided clear support to Iraq in the war against ISIS,” pointing out that “the current government has set its priorities in economic reform, and we are serious about implementing it, and an important aspect of this reform is diversifying sources of income.”

Al-Sudani stressed, “The Iraqi government seeks to invest in gas associated with oil, natural gas, and the petrochemical sector. These aspects provide job opportunities, and Iraq has the ability to be a hub for the economy in the region and the world, and we have clear experience with Siemens.”

Al-Sudani touched on the issue of recovering the wanted persons and the smuggled money, and said that it is “as part of a government campaign to combat financial and administrative corruption, as well as to recover antiquities.”

He noted that “during this visit, we touched on an important file, which is benefiting from the German experience in renewable energy, confronting climate changes at the level of water scarcity, and reducing the water shares of the Tigris and Euphrates rivers, which led to an increase in desertification rates.”

And he continued, “We affirmed the government’s keenness on the foreign relations approach and our pioneering role and our natural role in bringing points of view closer and reducing tensions, which contributes to stability in the region and the world, and we appreciate the support of the German government in this regard.”


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