Thursday Morning Iraq Economic News Highlights 2-24-23
Expert: Liberating Iraq From The US Dollar Is Impossible For A Major Reason, And The Yuan Will Not Change Anything
Baghdad – people Nabil Al-Marsoumi, professor of economics at the University of Basra, commented Thursday on the central bank’s decision to deal in trade exchanges with China in Chinese yuan instead of dollars. “Nass” channel on Telegram.. our latest updates
Al-Marsoumi said in a post followed by “NAS” (February 23, 2023), that “the Central Bank announced that the organization of financing foreign trade with China will be directly and in the Chinese yuan currency, and although Iraq began diversifying its cash reserves five years ago, the dollar prevails due to the fact that oil revenues In dollars and has only a few Chinese yuan, as Iraq is trying today to restore the value of the dinar through a strategy that is now being pursued by other official banks in the Middle East.
Read also: The Iraqi Central Bank’s decision to adopt the yuan with Beijing.. a report warns of “devious attempts.”
He added, “The strategy includes relying on the Chinese yuan currency for the purpose of trade exchange with China, in addition to the European euro, the UAE dirham and the Jordanian dinar, as the Iraqi authorities seek to provide other foreign currencies for local dealings besides the US dollar, and it is known that many countries have begun to take the same steps that It is being carried out by the Central Bank of Iraq and others have already begun to implement it, as Saudi Arabia issued a decision that includes obtaining the Chinese yuan instead of the dollar in exchange for oil sold to China, while Egypt decided to replace the guarantee bonds with the yuan currency instead of the dollar before Israel followed suit, which also announced the use of the Chinese yuan Next to the Canadian and Australian dollars as a direct alternative to the US dollar.
He said: “As long as oil is priced in dollars and as long as oil exports dominate Iraqi exports in light of the almost complete disappearance of non-oil exports, it becomes impossible for Iraq to liberate itself from the US dollar, as Iraq needs the dollar in the end to obtain the yuan. Therefore, Iraq’s dependence on the yuan To finance its foreign trade with China through the American JPMorgan Bank and the Development Bank in Singapore, nothing will change and it will remain captive to the dollar.
Finance: Iraq Is Looking Forward To More Support From The World Bank Group
economy |Yesterday, 19:58 |Baghdad today – Baghdad The Minister of Finance, Taif Sami, confirmed, on Wednesday, that Iraq is looking forward to more support from the World Bank Group to implement the national strategic goals.
A statement from the ministry, which was received by (Baghdad Today), stated that Sami “received, today, Wednesday, a delegation from the International Finance Corporation (IFC) for the Middle East and Asia, affiliated with the World Bank Group, headed by the investment officer, Julie Kalos, and Bilal Rabah, the resident representative of the Corporation in Iraq, and in the presence of the Director General of the Iraqi Fund for Development. Foreign Affairs Brien Abdel Salam.
According to the statement, the two parties discussed “the importance of the role played by the International Finance Corporation alongside the Iraqi government in advancing sustainable development projects in Iraq, including supporting renewable energy projects and electrical interconnection with neighboring countries, and enhancing opportunities to involve the private sector alongside the public in implementing the reform national economy strategy.”
The Minister of Finance stressed the importance of the studies and consultations provided by the International Finance Corporation in the field of capacity-building and technical cooperation to achieve the goals of sustainable development, especially with regard to environmental rehabilitation projects, the reconstruction of liberated cities and economic reform, stressing the Ministry of Finance’s keenness to enhance the process of work and coordination with the International Finance Corporation. To stimulate private sector growth and job creation in Iraq.
She pointed out, “Iraq is looking forward to more support from the World Bank Group to implement the national strategic goals, in addition to the structural reform programs adopted by the new Iraqi government.”
And Sami called for “strengthening cooperation and coordination between Iraq and the World Bank, and providing the necessary assistance to overcome the obstacles facing the institution’s work in Iraq.” LINK
Iraq ranks one among the largest foreign holders of US Treasury bonds
2023-02-23 02:45 Shafaq News/ The US Treasury announced, on Thursday, that Iraq ranks among the largest foreign holders of US Treasury bonds.
In its latest table, seen by Shafaq News agency, the treasury said, “Iraq rose one place to rank 31 among the countries with the largest holders of US treasury bonds, of the 38 countries listed in the table for countries with more than $32 billion in possession.”
And she added, “Iraq’s possession of these bonds amounted to 40.8 billion dollars for the month of December 2022, an increase of 2.77 percent over the month of November of the year 2022, and an increase of 7.37 percent over the month of October 2022.”
She pointed out that “Iraq was the fourth largest Arab country after Saudi Arabia, Kuwait and the UAE, while Japan came on top of the countries with the largest possession of these bonds with trillions and 760 billion dollars, followed by China second with 867 billion dollars, the United Kingdom third with 654 billion dollars, and Belgium fourth with 354 billion.”
billion dollars, and Luxembourg fifth with 329 billion dollars,” indicating that, “the total bonds of the countries of the world amounted to 7 trillion and 314 billion dollars.” LINK
Budget 2023: A deputy for Barzani’s party reveals the expected share of the Kurdistan region
policy |Today, 15:28 | Baghdad today – Kurdistan Today , Wednesday, the Kurdistan Democratic Party estimated the share of the Kurdistan Region within the draft financial budget law for the year 2023 between 14-15 percent.
The party’s representative, Jay Taymur, told (Baghdad Today) that “there is almost unanimity on the proportion of the Kurdistan region in the current year’s budget,” pointing out that “the agreement needs final touches to be resolved.”
The representative of the Kurdistan Democratic Party confirmed that “negotiations will take place during the next few days, and the proportion of the Kurdistan region within the budget will be between (14%) to (15%).”
Taymur added, “The Kurdish delegation will discuss Article (140) of the Iraqi constitution, the rights of the Peshmerga, and other outstanding problems with the federal government.”
A Kurdish delegation representing the Kurdistan Regional Government visited, last Sunday, the capital, Baghdad, to negotiate outstanding issues between the two parties.
The source told (Baghdad Today) that “the delegation consists of the Minister of Finance and Economy in the Kurdistan Regional Government, Awat Janab Nuri, in his capacity as head of the delegation, as well as the acting Minister of Electricity and Natural Resources, Kamal Muhammad.” LINK
Al-Hakim: The 2023 Budget Took Into Account The Revitalization Of The Agricultural Situation
Thursday 23 February 2023 13:44 | politics Number of readings: 96 Baghdad / NINA / – The head of the National State Forces Alliance, Ammar al-Hakim al-Hakim, confirmed that the 2023 budget took the revitalization of the agricultural reality into account
Al-Hakim said during his meeting with the heads of clans in Wasit Governorate: “Islam and the Islamic identity in Iraq are preserved by the religious authority, the Husseini rituals and the Iraqi clans,” noting: “The relationship between these titles is a complementary one.”
He pointed out that Iraq has come out of dangerous turns and is approaching the stage of stability.
He called for paying attention to the agricultural sector and supporting the farmer, noting that the next budget took the revitalization of the agricultural situation into consideration./ End 7
For The Second Day… A Slight Decrease In Dollar Prices In Baghdad And Erbil
2023-02-23 01:28 Shafaq News/ The exchange rates of the US dollar against the Iraqi dinar decreased slightly today, Thursday, in the main stock exchange in the capital, Baghdad, and the Kurdistan Region.
Shafaq News agency reporter said that the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded 153,000 Iraqi dinars for 100 US dollars this morning.
While the prices on Wednesday morning were 153,300 Iraqi dinars for 100 dollars.
Our correspondent indicated that the buying and selling prices have stabilized in exchange shops in the local markets in Baghdad, where the selling price reached 154,000 Iraqi dinars for every 100 US dollars, while the buying prices amounted to 152,000 Iraqi dinars for every 100 US dollars.
As for Erbil, the capital of the Kurdistan Region, prices also recorded a slight decrease, as the selling price of the dollar reached 153,200 dinars per 100 US dollars, and the purchase price reached 152,200 dinars per 100 US dollars. LINK
The region sends a new delegation to Baghdad to discuss oil and gas laws and the budget
Posted On2023-02-23 By Sotaliraq Yesterday, Wednesday, the Kurdistan Regional Council of Ministers held its regular weekly meeting headed by Prime Minister Masrour Barzani, and discussed a number of files included in its agenda, while it decided to send a new delegation to Baghdad to discuss oil and gas laws and the budget.[/size]
In the first paragraph of the agenda of the meeting, according to a statement received by (Al-Mada), the Prime Minister presented a summary of the results of the participation of the Kurdistan Regional Government delegation and its meetings at the World Government Summit in Dubai, UAE, and its meetings and meetings with senior Emirati and international officials, as well as his visit to France and his meeting with The President of the Republic and senior French officials.
The Prime Minister and members of the delegation indicated that those two countries welcomed the delegation of the regional government at the highest levels, which indicates the important and well-established status of the Kurdistan region and the development of its diplomatic path within the international community.
The Prime Minister stated that the meetings focused on ways to strengthen relations between the Kurdistan region, the Emirates, France and countries of the world, in addition to discussing the latest developments, developments and general conditions in Iraq and the region.
The second paragraph of the agenda was devoted to presenting the results of the visit of the high-ranking negotiating delegation of the Kurdistan Regional Government to Baghdad and its meetings with the federal government delegation on February 19, regarding the draft federal oil and gas law, which was presented by the Minister of Finance and Economy, Awat Sheikh Janab, and members of the delegation.
The Prime Minister praised the delegation of the region, stressing that the Kurdistan region has always supported a radical solution to the problems with the federal government through dialogue and negotiation and on the basis of the constitution. all Iraqi citizens.
The Prime Minister also reaffirmed that the Kurdistan Region will never give up its constitutional rights and entitlements.
The Council of Ministers decided to visit the Kurdistan Region team concerned with the federal budget and oil and gas bills, Baghdad today, Thursday, to move forward with the discussions in order to complete the final steps regarding determining the share of the Kurdistan region from the federal budget, as well as discussing preparations related to the draft federal oil and gas law.
In the third and final paragraph of the agenda, the Minister of Construction and Housing, Dana Abdel Karim, presented a draft law (public roads in the Kurdistan region).
After discussions and deliberations, it was decided to conduct an extensive research on the draft law with the aim of preparing it for the upcoming meetings of the Council of Ministers, and then endorsing it and referring it to the Kurdistan Parliament. LINK