Iraqi News

Sunday Morning Iraq Economy News Highlights 1-8-23

It Will Return To 1460.. Government Assurances Of The Stability Of The Dollar Exchange Rate

Today, Saturday, the Iraqi government announced the date for the stability of the dollar, while setting the price for its exchange in the market.  The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, said, “The rise in the dollar is not an economic issue because the economic situation in Iraq is good, in addition to the fact that Iraq’s reserves are at their highest levels and as strong as they can be.”

Saleh added, “The exchange rates of the dollar will return to what they were after Iraq adheres to the international compliance set by the countries that deal in the US dollar.”

And that “there are concerns by the World Bank that Iraq’s cash transfers abroad are tainted by some ambiguity.

And he continued: “With the improvement in the degree of disclosure in commercial transactions and the increase in their transparency that requires financing, in dollar currency from the window of the Central Bank of Iraq, the temporary gap between supply and demand for foreign currency will shrink.”

He pointed out, “In the coming days, the exchange rate of the dollar against the Iraqi dinar will stabilize between the price of 1455-1460 dinars per dollar.”

The government advisor called on commercial banks, importers and all trade to “transparency and clarity in their foreign trade behavior to contribute to the stability of the dollar’s exchange rate against the dinar.”

The Dollar Is Stable At 156 Thousand Dinars In The Iraqi Market

Economie| 10:01 – 08/01/2023   Baghdad – Mawazine News  Today, Sunday, the exchange rates of the dollar witnessed stability in the local markets.  Selling price: 156,000 dinars per 100 dollars  Buying price: 155,800 dinars per 100 dollars

The Central Bank Addresses The Ministries Regarding Dollar Sales

Economie  2023-01-08 | Source:  Alsumaria News   4,284 views   Today, Sunday, the Central Bank sent a letter to all ministries regarding foreign currency sales and foreign transfers.

The bank said, according to a document seen by Alsumaria News, that “due to the launch of the electronic platform for foreign transfers at the beginning of this year, the Central Bank of Iraq welcomes the fulfillment of your requests to finance your obligations, transactions and contracts with abroad in foreign currency and at the official rate.”

He added, “We hope that you will send your requests to the banks that open your accounts with them to take the necessary measures according to the approved contexts.”   LINK

Al-Janabi: The Central Bank Is Able To Restore Confidence In The Iraqi Dinar Soon

Policy  2023-01-07 | Source:  Alsumaria News  5,319 views   Representative Ziyad Al-Janabi confirmed, on Saturday, that the Central Bank of Iraq is able to restore confidence in the value of the dinar soon, while indicating that the bank lent the government and saved it from going into the unknown.

Al-Janabi said in an interview with Alsumaria News We appreciate the position Central Bank of Iraq Who supported the Iraqi government with a cash loan of more than 30 billion dollars and saved it from going into the unknown at the time.

Al-Janabi referred to “the ability  Central Bank of Iraq to overcome the current crisis facing the dollar in the local market,” stressing that “the central bank has taken successful strategic steps to end the current crisis.”

And Al-Janabi indicated that “this problem, which confused the state of the Iraqi market, will soon be resolved, and the central bank is able to restore confidence in the value of the Iraqi dinar and adjust technical matters in the near future,” stressing by saying that “the central bank has been able to raise the value of the dollar and gold reserves to a strategic amount, including a safe maneuver.” Good for the Iraqi government.”   LINK

Rashid And Al-Hakim Stress The Importance Of Expediting The Approval Of The Budget And The Completion Of Economic Projects

Policy   2023-01-08 | Source:  Alsumaria News  277 views   Today, Sunday, President Abdel Latif Jamal Rashid stressed, during his meeting with the head of the National Wisdom Movement, Ammar al-Hakim, the importance of speeding up the approval of the budget and the completion of economic projects.

The media office of the Presidency of the Republic stated, in a statement received by Alsumaria News, that “The President of the Republic, Abdul Latif Jamal Rashid, received Ammar al-Hakim, head of the National Wisdom Movement, at the Baghdad Palace.”

The statement added, “During the meeting, views were exchanged regarding political developments in the country, and an emphasis was placed on the need to support the government to enable it to implement the ministerial program that aims to provide the necessary services to the citizen.”

According to the statement, “the importance of urgency in approving the budget was stressed to expedite the completion of projects that will contribute to supporting the economy and strengthening the country’s infrastructure.”

The President of the Republic spoke about his visit to the province Nineveh And his knowledge of her conditions and needs and ways to alleviate the suffering of her children and provide them with a decent life.    LINK

Budget 2023.. Achievement Controversy And Entitlement Questions

With the advent of the current year, the Iraqi people are looking forward to sending the budget by the government for the purpose of its approval and the real start of implementing the government service program, but there is a question that arises: will the 2023 budget differ from its predecessors?

In this regard, Jamal Cougar, a member of the Parliamentary Finance Committee, confirms in a press interview seen by Taqaddam, that “the new government headed by Al-Sudani must make amendments to the draft budget law, as this budget will reflect the new government’s program and its ministerial platform.”

Cougar stressed the need for “the Sudanese government to send the draft budget law at the beginning of the second legislative term so that we can legislate it before the beginning of the new year.”

Financial expert Salam Sumaisem believes that “the government program needs a budget that differs from the draft prepared by the previous government,” noting that “the Sudanese has goals that he will work to implement through some of the budget’s exchange gates, especially those related to investment funds and social expenditures related to poverty and unemployment.” .

Sumaisem added, in a press interview seen by Taqaddam, that “the dates for sending the draft budget law by the government to parliament are related to constitutional issues, and the 2023 budget is supposed to be ready before the start of 2023, and we believe that the price of oil in the budget will be linked to many factors, the most important of which is war conditions.” Russian-Ukrainian”.

She explained, “Iraq used to set the price of a barrel of oil significantly lower than its original price, and the financial surplus would be rounded for the following year, but we always do not know where these surplus funds go because there are no final accounts that reveal their fate.”