Bondlady’s Corner

Iraqi News Highlights  Monday Afternoon 2-20-23

Tlm724 Administrator Bondlady’s Corner

The High Exchange Rates Of The Dollar In Baghdad With The Closing Of The Stock Market

Economie   Monday, February 20, 2023 4:19 PM  Baghdad / The National News Center  The exchange rates of the dollar rose against the Iraqi dinar, today, Monday, with the closure of the main stock exchange in Baghdad.   The correspondent of the National News Center said, “The central Kifah Stock Exchange closed in Baghdad at 153,000 Iraqi dinars for 100 dollars, while the prices this morning were 151,500 Iraqi dinars for every 100 dollars.”

He added, “The buying and selling prices in exchange shops in the local markets in Baghdad rose, as the selling price reached 15,400 Iraqi dinars, while the purchase prices reached 152,000 dinars per 100 dollars.”

Al-Sudani’s Advisor: Iraq Has Maintained A Stable Credit Rating Over The Last 8 Years

Economie| 01:03 – 02/20/2023  Baghdad – Mawazine News, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Monday, that Iraq has maintained a stable credit rating during the last eight years, indicating that Iraq has a rating that includes countries, the majority of which are emerging economies.

Salih said, “The credit rating of Iraq has been adopted since 2015 in our country, which led to a reduction in the cost of external borrowing by 50%, when Iraq issued the European bond called (the Euphrates), which Iraq borrowed at the time from the international capital market by about one billion dollars, in circulation.” Currently on European secondary markets.

He pointed out, “There is a (Tigris) bond guaranteed by the United States government in the amount of one billion dollars as well, as well as a European bond for Iraq under the name (Iraq / 2028), which is related to the settlement of foreign private sector debts according to the settlement of the Paris Club agreement, with an issue amount of about $ 2.7 billion.” .

In an interview with the official news agency, Salih said, “The credit rating of Iraq depends in general, and for the aforementioned bonds, on important macroeconomic criteria primarily to achieve what is called (the creditworthiness of Iraq) and the ability of the economy to pay its debt services and external obligations without significant failure.” .

He added, “The economic capabilities are determined by the two issues of deficit or surplus in the current account of the balance of payments and the deficit or surplus in the general budget at the very least, in addition to the role of foreign reserves and their efficiency as an indicator in covering outstanding debts and their short-term services.”

He stressed, “Iraq has maintained, over the past eight years, a stable credit rating. Its indicators are issued by more than one of the international credit rating agencies, such as (Clubl Fitch) and others, on a semi-annual basis, which indicates the great capabilities of Iraq to fulfill its external obligations towards creditors and others around the world.” .

He pointed out, “The classification that Iraq enjoys today, which is in the B-level range, places Iraq among an important international group of no less than 60 countries in the world, most of which are emerging market countries and emerging economies.” Ended 29/N33

Deputy Speaker Of Parliament: The Budget Will Reach The House Of Representatives Next Week

Money and business  The First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, said on Monday that the budget will reach the House of Representatives next week.

A statement from Mandalawi’s office stated that the First Deputy Speaker of the House of Representatives confirmed, after a phone call he made with Finance Minister Taif Sami, that “the draft general budget law will reach the House of Representatives early next week.”

Al-Mandalawi stressed, “The importance of the budget bill coming soon to the parliament and starting to discuss its items and make the necessary amendments to it by the Finance Committee in order to ensure the proper implementation of the government curriculum, especially supporting the poor classes and segments and ensuring the continuity of providing basic materials through the food basket, as well as securing salaries.” Staff and financial allocations required for new appointments.

Foreign Minister: The Iraqi Currency Is Strong And The Dollar Crisis Is On Its Way To A Solution

Money and business  Economy News-Baghdad  Today, Monday, Foreign Minister Fuad Hussein confirmed that the Iraqi currency is strong, while indicating that the dollar crisis is on its way to a solution.

Foreign Minister Fuad Hussein said during a press conference that “the Iraqi delegation that visited Washington consisted of different sectors,” noting that “the purpose of the visit to Washington was related to the economic sector.”

He explained, “Monetary policy was on the agenda of the Iraqi delegation’s visit to Washington,” pointing to “discussing political issues, fighting corruption, and regional relations with the American side.”

Hussein stressed, “The Iraqi currency is strong, and the Iraqi reserves exceeded 100 billion dollars, and there will be stability for the currency soon,” noting that “there are unreal bills that were applying to obtain dollars.”

He added, “The talk about imposing conditions on the Iraqi delegation that visited Washington, including normalization with the Zionist entity, is false,” stressing that “there are no American conditions on the dollar file.”

He continued, “The electronic platform will determine the beneficiary of the dollar and stop smuggling,” noting that “the exchange rate of the dollar has begun to decline.”

Oil Prices Are Rising After A Significant Decline Last Week

Economie| 09:54 – 02/20/2023   Follow-up – Mawazine News  Oil prices rose in early trading, Monday, after falling $2 a barrel at the close on Friday, as increased supplies in the United States and expectations of higher interest rates curbed optimism about a recovery in demand in China.

Brent crude rose by 0.6 percent to about $83.64 a barrel, and West Texas Intermediate crude rose by about 0.5 percent to about $77 a barrel.

Crude Brent and West Texas fell by the end of last week by about 4 percent, amid fears on the part of dealers that demand would be affected by any future hike in interest rates in the United States, and they were also tense due to increasing signs of abundant supplies of crude and fuel, after the United States announced a rise in oil prices. Inventories of crude oil and gasoline. Ended 29/N33

More Than 40 Billion Dollars… Iraq’s Possession Of American Bonds

Monday 20 February 2023 13:21 | Economical Number of readings: 271  Baghdad / NINA / – The US Treasury Department announced today, Monday, that Iraq’s possession of US bonds has risen to more than $40 billion.

And the treasury stated in its latest schedule, that “Iraq’s possession of US Treasury bonds for the month of December of 2022 increased by 1.097 billion dollars, to reach 40.814 billion dollars, after it was 39.717 billion during the previous month,” noting that “these bonds increased by 81.4 billion.” % for the same month of 2021, when Iraq’s possession of bonds amounted to 22.5 billion dollars.

She added, “Iraqi bonds, including long-term guarantees of $28.239 billion and short-term guarantees of $12.575 billion,” noting that “these bonds represent 0.55% of global bonds.”

And in the Arab world, Saudi Arabia comes at the forefront of the countries with the most possession, amounting to 119.709 billion dollars, and the UAE comes second with 58.570 billion dollars, then Kuwait with 48.522 billion dollars, then Iraq fourth and Oman fifth with 6.860 billion dollars, then Morocco with 3.870 billion dollars.

The treasury indicated that “the most holders of US bonds are Japan with 1.076.284 trillion dollars, followed by China with 867.061 billion dollars, followed by the United Kingdom with 654.474 billion dollars, and then comes Belgium with 354.325 billion dollars.”/ End 8 to receive more

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