Iraqi News

Monday Morning Iraq Economic News Highlights 1-2-23

A New Decision From The Central Bank To Deal With The Dollar Crisis

01/02/2023   Earth News / The Central Bank of Iraq announced today, Monday, an increase in the number of banks selling foreign currency.

“After the success achieved by its initiative to enhance the stability of the currency market, the Central Bank of Iraq decided, today, Monday, to expand the number of bank outlets for selling foreign currency from 10 to 20 banks,” the bank said in a statement, which Earth News received, a copy of.

The bank also decided, according to the statement, “to increase the amounts allocated to these banks weekly to meet the largest possible number of those covered by the purchase of foreign currency in accordance with the instructions and controls issued by the bank,” revealing “the names of the banks covered by its new decision according to the table below.”

A New Decision From The Central Bank To Deal With The Dollar Crisis

Central Bank: We need the cooperation of the Ministries of Commerce and Finance to control the price of the dollar

Money and business  Economy News-Baghdad   A member of the Board of Directors of the Central Bank, Majed Al-Suri, called, on Monday, for government measures to be taken to support the bank’s measures in the face of the rise in the exchange rate.

Al-Suri told “Al-Iqtisad News” that “the central bank moved through monetary policy tools to control the price hike by facilitating access to the dollar and allowing cash sales to travelers, whether for tourism, study or treatment, through the electronic card, at a value of 10 thousand dollars.”

He explained that “the monetary measures of the Central Bank will not be integrated or achieve their fruits without being matched by financial measures by the government, which is to control borders and taxes and check import licenses.”

Al-Suri, a representative of the private sector in the Central Bank, pointed out that “the government’s financial policy must be carried out by the Ministry of Finance by controlling borders and taxes, and by the Ministry of Commerce by checking import licenses.”

He pointed out that without communication between these agencies and focusing spending on economic development, the measures of the Central Bank alone are not sufficient in addressing the issue of the exchange rate.  Views 87   Added 01/02/2023 – 12:40 PM    Updated 01/02/2023 – 1:48 PM

The Dollar Settles At 153 Thousand In The Iraqi Market

Economie| 10:07 – 02/01/2023   Baghdad – Mawazine News   The exchange rates of the dollar stabilized today, Monday, in the local markets.  Selling price: 153,000 dinars per 100 dollars  Buying price: 152,800 dinars per 100 dollars

Parliamentary Finance Reveals The Date For Voting On The Budget Law For The Year 2023

01/02/2023   2117   Earth News / The Parliamentary Finance Committee revealed, today, Monday, the date for the House of Representatives to vote on the draft budget law for the year 2023.

Committee member Jamal Cougar told “Earth News” agency, “Until this moment, we do not know the reason for not completing the draft budget bill for the year 2023. By the Iraqi government, and we also do not know the reason for the delay in sending it to Parliament, as it is still with the government and is under construction, according to the latest information that has reached us.

And Cougar indicated that “we believe that the draft budget bill for the year 2023 will reach the House of Representatives during the current month, and after Parliament holds its sessions, and if it reaches us, we need more than two months to pass this law, and for this law it may be legislated next March.”

Why is Iraq depositing oil revenues in the US Federal Reserve

Baghdad-Iraq today:   The financial advisor to the Prime Minister, Mazhar Muhammad Salih, clarified regarding depositing the revenues obtained for Iraq from the sale of oil.

Salih said, in an explanation, “(externally) and according to Security Council Resolution 1483 in May 2003, the revenues of the Ministry of Finance from crude oil, gas, exported derivatives, and other funds are deposited in the Federal Reserve Bank in New York, all of which are deposited in an account that was called DFI or its current alternative, Iraq / 2 And held by the Central Bank of Iraq on behalf of the state to deduct compensation for the Kuwait war that ended more than a year ago from crude oil, derivatives and gas (if any). The reserve is called Iraq/1.

And he added, “As a result, the protection of the former United Nations and the protection of the United States over Iraq’s funds according to the presidential executive order annually is issued on the funds of the Central Bank of Iraq deposited in the US Federal Reserve In the United States specifically, (internal) all the aforementioned funds and others belonging to the Ministry of Finance are recorded in an account Internal in dinars 600/300 for settlement purposes.     LINK

Al-Sudani: The Fluctuations In The Exchange Rate Made Us Adhere To The Inevitability Of Economic Reform – Urgent

Policy  2023-01-02 | 06:17  Al-Sudani: The fluctuations in the exchange rate made us adhere to the inevitability of economic ref Default-Document-Picture

Al-Sudani: The exchange rate fluctuations made us adhere to the inevitability of economic reform LINK

The Dollar And The Crisis

22-12-27 13:14:00   Dr. Mustafa Al-Naji    political advisor   Book talk  13   The change in the exchange rate entered the country since its implementation in 2020 from 1182 to 1460 dinars to compensate for the decline in oil revenues at the time, in a spiral that hit the originally unstable Iraqi market.

Since the first formation of the current service government, the exchange rate has witnessed a change due to many factors, the first of which is the application of a regulatory system (the platform) to monitor financial transfers to and from Iraq, and the corruption prevailing in the money sector (the central bank – banks – remittance offices), as well as a major factor related to the United States.

America and its impact on the movement of hard currency, with conditions and restrictions that it considers as means of pressure on the Iraqi government and its dealings with countries that fall under US sanctions. All this and more, especially the fragility of the Iraqi financial sector and its impact on the news, data and positions published by social media.

The current government is concerned with confronting this crisis, and I am assured that it will take measures to ensure financial stability, and will address the change and change of the exchange rate in the next few days because it has the ability and capabilities to play this responsible role. Because it is a government that came from the suffering of the people and will not shirk its national mandate.

In this context, the following points are required:

1- Reassuring the Iraqi street by addressing it directly and clearly, and not leaving that space for tendentious media platforms. This is done through two paths:

The first is to invite all satellite channels to a government conference on the exchange rate crisis.

Second: Covering the government’s activities with all its details related to the crisis.

2- The prime minister summoned the governor of the central bank (the governor did not perform his role as a competent authority in the crisis as required) and gave him 24 hours to provide practical solutions.

3- The possibility of pumping 10 million dollars into the market at the official exchange rate of 146 in the stock exchanges Al-Kifah – Al-Samuel – Al-Kadhimiya – Al-Harithiya – Basra – Mosul) within the next 24 hours.

These (simple and possible) procedures are sufficient to provide time space for the government to arrange its papers and determine the next paths of action.

Hamoudi: The Dollar Crisis Is Our Chance To End Financial Tutelage

2023-01-01 | 06:58   Source:  Alsumaria News  3,896 views  Alsumaria News – Localities The head of the Islamic Supreme Council of Iraq, Hammam Hamoudi, confirmed today, Sunday, that the dollar crisis is an opportunity for Iraq to liberate itself from financial tutelage.

Hammoudi said in a statement received by Alsumaria News, “The dollar crisis is an opportunity for Iraq to liberate from financial tutelage, calling for rationing imports, involving national banks in development, investing savings and balances in vital projects, and betting on the national product, praising the government’s measures to address the crisis by expanding sales outlets.” currency, and what is related to preserving food prices and increasing the ration for those covered by care.

He stressed that “any renaissance that we aspire to will not be achieved without the role of the people and their cooperation with the government, as they are required to play a real role in follow-up, oversight, and constructive criticism, and not stand by in the face of any imbalance or tampering, and at the same time support any positive effort that serves their interests and future.”

He urged the cadres of the Supreme Council to “activate its role in follow-up and oversight, and to harness all its activities and capabilities for service and social effort, with a pure intention of God,” noting that “Iraq cannot be compared with other countries, because it is a country rich in its natural resources, human forces and scientific competencies, and its people possess the will Strong and self-pride, that is why we made our motto “Live on Dignity” because we are optimistic that the next phase is transitional towards a better reality.   LINK

Al-Sudani: The Exchange Rate Fluctuations And Their Impact Made Us Adhere To The Inevitability Of Economic Reform

Money and business  Economy News _ Baghdad  Prime Minister Muhammad Shia al-Sudani affirmed today, Monday, that the fluctuations in the exchange rate made the government adhere to the inevitability of economic reform, while he directed to scrutinize industrial development licenses.

The media office of the Prime Minister said, in a statement received by “Al-Iqtisad News”, that “the Prime Minister, Muhammad Shia’a Al-Sudani, conducted an inspection visit today to the Ministry of Industry and Minerals,” noting that “he was briefed on the progress of work in the ministry’s factories and companies, and he also chaired a meeting of the staff.”

He listened to a briefing by the Minister of Industry on the ministry’s investment plan for development, its vision towards supporting strategic industries, and the obstacles facing the upgrading of the industrial reality in Iraq, and he was briefed on lagging projects and ways to address them.

Al-Sudani stressed that “his visit to the ministry at the beginning of the new year reflects the government’s keenness to implement its ministerial curriculum that focuses on services and the economy,” noting that “economic reform is a prelude to social reform, and it is not an intellectual luxury or media consumption.”

The Prime Minister stated that “the exchange rate fluctuations and their impact on the Iraqi economy made us stick to the inevitability of economic reform, support for agriculture, industry, tourism and trade, instead of Iraq being a market for imported goods and a passage for smuggling hard currency and money laundering,” pointing out that “Iraq has an opportunity To rise as an industrial country, with an industrial identity, and that the government is supportive of the industrial sector in this path.

The Prime Minister stressed “the need for the industry to be far from political investment, and for partnership with the private sector to contribute to the advancement of the Iraqi industry,” directing “to work to protect the local product as a means to support the private sector, and to reduce dumping of the local market with imported goods.”

Al-Sudani also directed “to review permits for industrial development, and to sponsor small and medium enterprises, as they establish major projects, and contribute to providing job opportunities.”

Views 77  Added 01/02/2023 – 2:36 PM   Updated 01/02/2023 – 4:07 PM