Monday Morning Iraq Economic News Highlights 2-20-23
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.”
A New Statement From The Central Bank Of Iraq
2023.02.20 – 10:04 Baghdad – people On Monday, the Central Bank of Iraq issued a new statement regarding outlets for selling foreign currency. “Nass” channel on Telegram.. our latest updates
And the statement, which “NAS” received a copy of, (February 20, 2023), stated that “the Central Bank of Iraq notes that it continues to receive public comments, complaints, and inquiries related to outlets selling foreign currency, the dollar, from eight in the morning until four in the evening, at the numbers 07853330555 and 07809224663 “. https://www.nasnews.com/view.php?cat=102363
Hussein Reveals The Purpose Of Washington’s Visit And Points Out The Differences Between Buying Dollars And The Market’s Need
2023-02-20 02:27 Shafaq News/ Foreign Minister Fouad Hussein revealed, on Monday, the purpose of the Iraqi delegation from its visit to the US capital, Washington, and while pointing to differences between buying the dollar and the market’s need, he stressed that the Iraqi currency is strong and the reserves exceeded 100 billion dollars.
“The Iraqi delegation that visited Washington consisted of different sectors, and the purpose of the visit to Washington was related to the economic sector,” Hussein said in a press conference attended by Shafaq News Agency.
He explained, “Monetary policy was on the agenda of the Iraqi delegation’s visit to Washington, and we discussed political issues, fighting corruption, and regional relations with the American side.”
Hussein indicated, “The Iraqi currency is strong, and the Iraqi reserves exceeded 100 billion dollars, and the financial liquidity is available.”
And the Iraqi Foreign Minister continued, “With the application of the electronic platform, it became clear that the market’s need differs from the currency that pays.”
He pointed out that “the dollar’s relationship with the dinar is in the right direction, and there will be stability for the currency. It is a matter of time. We noticed this before traveling to Washington, and with the measures taken by the Central Bank and the Prime Minister and the Istanbul meeting before the delegation’s visit to Washington, the dollar stopped climbing.”
Hussein said, “There are unreal bills that were applying to obtain dollars.”
He explained, “The issue of smuggling the dollar is not a cause but a consequence.. Through the electronic system, it is difficult to know who receives the dollar and who is the final beneficiary.”
And he indicated that “the electronic platform will help stop the smuggling of the dollar, and the platform that deals with the dollar must also be placed at airports and border crossings.” LINK
Foreign Minister: Dollar Prices In Iraq Will Move Towards Stability
Foreign Minister Fuad Hussein confirmed today, Monday, that the Iraqi currency is strong and that the dollar will soon decline, pointing out that the Iraqi reserves have exceeded one hundred billion.
The minister said, in a press conference held today in Baghdad regarding the Iraqi delegation’s visit to Washington, that “the goal of our visit to Washington was economic, and that the energy file was at the forefront of the Iraqi delegation’s discussions in Washington, and we also discussed monetary policy.”
He added, “All previous discussions were military in Washington, and our relationship with America is good,” pointing out that “our discussions included political issues with the American side, in which we clarified the vision of the new government headed by Al-Sudani.”
Regarding the dollar file, the Foreign Minister said: “We reassure the Iraqi people that the Iraqi currency is strong,” noting that “the Iraqi reserves have exceeded 100 billion dollars, and we have strong cash liquidity.”
He explained, “The dollar crisis was due to the electronic financing system, and we need time to deal with the electronic financing system,” adding: “We discovered a lot of unreal bills during our application of the electronic platform, and we noticed a big difference with the market’s need for currency and that it will contribute to stopping currency smuggling.” foreign.”
The Minister of Foreign Affairs stressed that “the dollar is a basic necessity in the Iraqi market, and the dollar’s relationship with the dinar is moving in the right direction,” adding: “There will be stability for the dollar and we need some time.”
Hussein said, “Washington’s talks contributed to lowering the dollar in the Iraqi market,” stressing: “No conditions were imposed during the talks of the Iraqi delegation in Washington.”
And the foreign minister said, “It is not true to raise the issue of normalization with Israel.”
Iraqi Currency Auction.. An Increase In Dollar Sales For Foreign Remittances
2023-02-20 04:36 Shafaq News/ The Central Bank of Iraq’s sales of foreign remittances of US dollars increased in an auction today, Monday, at the expense of cash sales.
Shafaq News agency reporter stated that the Central Bank sold today, during its auction for buying and selling US dollars, 122 million, 650 thousand and 817 dollars, which the bank covered at a basic exchange rate of 1,305 dinars per dollar for documentary credits and international settlements of electronic cards, and at a price of 1,310 dinars per dollar for external transfers. At a price of 1310 dinars per dollar in cash.
Our correspondent added that most of the dollar sales went to reinforce the balances abroad in the form of (remittances, credits), amounting to 85,850,817 dollars, while the remaining 36,800,000 dollars went in the form of cash sales.
Our correspondent indicated that the number of banks that bought cash dollars amounted to 10 banks, while the number of banks that responded to requests to strengthen balances abroad reached 22 banks, while the total number of exchange and mediation companies participating in the auction was 140 companies. LINK
The Finance Committee Reveals New Details Regarding The 2023 Budget: It Will Exceed $140 Billion – Urgent
Today, Monday, the Parliamentary Finance Committee revealed new details regarding the draft budget law for the year 2023, while indicating that it will exceed $140 billion.
Committee member Jamal Cougar told (Baghdad Today) that “the total amount of the budget bill for the year 2023 will exceed $140 billion,” noting that “the exchange rate of the dollar was included in the law at 1300 according to the new official price, and the price of a barrel of oil in it will be At $70 a barrel.
He added, “According to the latest information we received from the Council of Ministers, the draft budget law for the year 2023 will reach the House of Representatives at the beginning of next month. The law is almost complete, and what delays its approval by the Council of Ministers is the lack of agreement on the percentage of the region within the budget.”
And yesterday, Sunday, the Prime Minister, Muhammad Shia Al-Sudani, announced that the financial budget for 2023 would soon be approved.
Al-Sudani told state television, and it was followed by (Baghdad Today), that the financial budget for the current year will be approved soon.
Earlier, the financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, attributed the delay in the government’s submission of the 2023 budget bill to the House of Representatives so far due to the recent dollar crisis.
“The government’s decision to reduce the official price prompted a reformulation and restructuring of the project according to the new official price of the dollar,” Saleh said in a press statement followed by (Baghdad Today).
And he stressed, “The budget for the year 2023 will be completely different from previous budgets, in terms of service projects and financial allocations to complete important projects that have high completion rates, and the deficit in them will be estimated, and it will be filled through surplus funds from the last fiscal year.”
According to parliamentary leaks, the budget for the year 2023 is expected to be the highest in the country’s history, and it included in its provisions the largest operational part, estimated at 80 trillion dinars, including government expenditures and employee salaries, while the price of a barrel of oil was set in the budget with estimated numbers not exceeding $70. Editing: A.Q LINK
The Dollar Crisis Is Exacerbating In Iran, And Fingers Point To A “Government Plan”
2023.02.20 – Baghdad – people The collapse of the Iranian currency against hard currencies continues in light of the authorities’ inability to contain the escalating crisis, after the price of one dollar approached 50,000 Iranian tomans, in a precedent that is the first of its kind in the history of the Iranian economy.
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Jahan Sanat newspaper mentioned in a report affiliated with “Nass” (February 20, 2023) that some of the news circulating in the Iranian milieu are about the government deliberately raising dollar prices to pay for its budget shortfall. She wrote: “The terrible rise in dollar and gold prices confused all sectors in the markets,” referring to the repercussions of the crisis of the collapse of the Iranian toman and the consequent decline in the purchasing power of citizens in Iran.
Jihan Sanat quoted the words of the economic expert, Hossein Raghfar, who said, “The government raises the price of hard currencies in order to make it easier for it to provide salaries to employees and thus pay off its debts. The truth is that the cost of these measures by the government will be costly to Iranian society, and the most important question: Is the government thinking And who is responsible for the consequences of such decisions?”
In turn, economic researcher Peyman Mawlawi told the newspaper: “There is a proposal that says that the government, in order to cover the shortfall in its budget, raises the price of hard currencies, but the government must realize that the budget shortfall, estimated at 500 thousand billion tomans, cannot be compensated by raising the price of hard currencies.”
The researcher explained: “Even if we very much accept that this policy will lead to addressing the budget deficit, it will result in the loss of citizens’ confidence in the government.”
Parliamentary Finance attributes the delay in sending the budget to Parliament to changing the exchange rate of the dollar
Political | 01:13 – 02/20/2023 Baghdad – Mawazine News Today, Monday, the Parliamentary Finance Committee attributed the delay in the 2023 budget at the government discussion table to changing the exchange rate of the dollar.
The head of the committee, Atwan Al-Atwani, said in an interview with the official newspaper, “Al-Sabah”, which was followed by Mawazine News, that “the budget is still under study by the government, and it is certain that a re-evaluation of it will be carried out in light of the reduction in the exchange rate of the dollar.”
He added, “The exchange rate was set by the government at 1,300, and therefore there will be a re-review after the funding gap,” noting that “the budget deficit grows whenever the exchange rate decreases, so the government is working today to set an acceptable deficit ratio that can be dealt with.”
Al-Atwani pointed out, “Changing the exchange rate forced the government to work to control and bridge the financing gap, in a budget that will witness lower expenditures by 200 trillion dinars.” Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=219818