Iraqi News

Monday Evening Iraq Economy News Highlights 1-9-23

Al-Nusairi: The Return Of The Exchange Rate To Its Target Rates Will Be Achieved By Revitalizing And Stabilizing The Economy

Money and business   Economy News-Baghdad  Samir Al-Nusairi, advisor to the Association of Banks, affirmed, on Monday, that the return of stability in the exchange rate to its target rates from the central bank is achieved by stimulating and stimulating the economy and overcoming the challenges of achieving economic stability,

which means achieving stability in the financial system and the monetary system, and this is not only the duty of the central bank alone, but rather a duty Fundamental to fiscal policy and the government’s methodology in managing the economy and activating non-oil sources of national income.

Al-Nusairi explained to “Al-Iqtisad News”: “Before the end of 2022, the money market entered with a new challenge of monetary policy, which is the rise in the exchange rate of the dinar against the US dollar from the specified and targeted price from the Central Bank, which is 1470 dinars for sale to the public, to traders, businessmen and importers due to international and local technical requirements that led to the decrease in the daily rates of foreign currency sales in the window and the exploitation of speculators and the yellow media by trying to benefit personally and harm the relative stability of the economy that was achieved during 2022.

And the expectations of the Central Bank and specialists hope for a decrease in the price during the coming days due to the measures taken by the Central Bank to increase the supply of dollars through banking outlets Governmental and private, and during all days of the week, including Fridays and official holidays, and under field control and supervision of the Central Bank.

He pointed out that “the criterion approved and confirmed by the Central Bank and the specialists in achieving this is the availability of cash reserves of foreign currency exceeding 96 billion dollars, and the continued flow of dollar revenues from oil sales on a daily basis, according to the planned quantities and the current high prices of the product, which are expected to continue to rise during 2023, as expected by energy experts.” to exceed $100.

Al-Nusairi saw through economic analysis that “the decisive solution to control the money market is to find immediate and strategic solutions to the complex and accumulated challenges and repercussions that the Iraqi economy suffers from for systematic and structural economic reasons and the failure of the concerned government agencies to stimulate and activate the productive economic sectors,

which official data indicate that the percentage of the contribution of The agriculture and industry sectors in the gross domestic product do not exceed 4.77% and 1.67%, respectively, which are very weak percentages, just as the 2022 budget has not had its features and indicators clear yet,

and we expect that it will not be approved before the end of the first quarter of this year.And the statistics announced by the Ministry of Planning on the numbers of the population and their classifications, especially the youth group within the working age,

which constitutes about 60% of the total population, the high poverty rate at a rate of 25% and exceeded 40% in some southern governorates such as Nasiriyah, Maysan and Muthanna, and the high unemployment rate at an average rate exceeding 31% of Those who are able to work with a clear deficit in the balance of payments,

which led to a state of stagnation and economic contraction, is considered one of the most prominent challenges of monetary policy and requires support and support for the plans and procedures of the Central Bank, clarity of financial policies and continuous coordination with monetary policy.

Al-Nusairi concluded his speech that “the methodology of advancing and reforming the Iraqi economy and achieving economic growth and stability in 2023 requires exceptional efforts, programs, mechanisms and governmental procedures in partnership with the private sector and specialized national competencies, and the most important thing is sincere and true intentions for change towards the desired economic advancement with an emphasis on supporting the banking sector as the main link first in economics.   Views 89   Added 01/09/2023 – 11:19 AM   Updated 01/09/2023 – 2:00 PM

Deputy: The House Of Representatives Will Summon The Responsible Authorities Regarding The Exchange Rate Of The Dollar

Iraq  11:49 – 2023-01-09   Independent MP Kazem Al-Touki confirmed that the House of Representatives will summon, during its next session of its new legislative term, the authorities responsible for the exchange rate of the dollar and its repercussions, and the most important real solutions to ensure the return of the price to its previous state.

Al-Touki said that many members of the House of Representatives worked on all signatures in order to hold an extraordinary session, with the aim of discussing the issue of the rise in the exchange rate of the dollar in the local markets and identifying its causes and repercussions.

He added that Parliament will begin its new legislative term by holding a session in which the issue of the exchange rate will be discussed, in order to summon the concerned authorities in financial affairs with the aim of knowing the real solutions to the rise and restoring the situation to its predecessor.

And he indicated that the government moved and took measures to reduce the exchange rate of the dollar, but this did not bring the desired results despite the distribution of the currency to the banks authorized with the same value, but the treatment was immediate and it was unable to return the exchange rate to its previous state.

The 2023 Budget Is Awaiting “Final Touches” Before Discussing It In The Corridors Of The Council Of Ministers

2023-01-09 02:08   Shafaq News/ The Parliamentary Finance Committee announced, on Monday, that the completion rate of the 2023 draft budget amounted to more than 95%, indicating that “final touches” are delaying its discussion in the corridors of the Council of Ministers.

Committee member Muhammad Nouri told Shafaq News agency, “The Ministry of Finance is about to complete the final draft of the draft general budget law for the year 2023,” explaining that “the ministry needs some additions to finalize it from the financial allocation contracts that have proven permanent staffing in ministries and state institutions.”

He continued, “The budget has been completed by more than 95%, and it needs final touches before it is sent to the Council of Ministers.”

Al-Nouri indicated that “the total amount of the budget law is more than 140 trillion dinars. It may not be sent this week due to the recent additions, and that the Ministry of Finance will send the final draft of the budget law to the Council of Ministers next week.”

On Tuesday (3/1/2022), Prime Minister Muhammad Shia al-Sudani announced an increase in the amount of salaries in the general budget for the year 2023, realizing that the draft law needs a lot of time.

“The amount of salaries in the budget increased from 41 to 62 trillion dinars,” Al-Sudani said, in a press conference attended by Shafaq News Agency’s correspondent, explaining that “the budget needs a lot of time.”   LINK

Baghdad Stock Exchange: The Dollar Jumps To 160,000 Dinars

2023-01-09 05:09   Baghdad Stock Exchange: The dollar jumps to 160,000 dinars   LINK

An Urgent Recommendation To The Iraqi Government And Parliament: Price A Barrel Of Oil In The Budget At $45

2023-01-09 02:36   Shafaq News/ On Monday, oil expert Hamza Al-Jawahiri called on the Iraqi government and parliament to set a price of $45 per barrel of oil in the 2023 budget, warning that the proposed price of $65 per barrel in the budget “benefits the thief.”

Al-Jawahiry said in an interview with Shafaq News agency, “The confrontation between OPEC + and the major industrial countries in the world has become public and is not hidden from anyone. general, should be taken into account.

He added, “OPEC + has tools to keep oil prices at a fair price for both parties, which is around $80 a barrel. As for the Western countries, led by America, they find that the fair price is around $60, which is the same price that America and the European Union set on Russia as a ceiling for the oil price.”

He pointed out that “OPEC + is not as strong as the West in general and the major industrial countries, meaning that it is a struggle between two parties, a very strong party and a relatively weak one, and this means that the price will settle at $60 a barrel sooner or later.”

He pointed out that “Iraq, according to these prices, will sell its oil at an average price of no more than 55 dollars per barrel, because the bulk of Iraqi oil is heavy or medium, and the sulfur content is high.”

And he indicated that “the default price of oil in the budget should be 45 dollars, and what is more than that in terms of funds must be transferred to the Sustainable Development Fund through the legislation of a text in the budget that requires the transfer of these funds to this fund monthly, but if the price is less than 45 during any month, the deficit must be covered by the savings of this fund.”

Al-Jawahiry pointed out that “setting a price of $65 per barrel in the 2023 budget is incorrect,” noting that “insisting on this price benefits the thief because the volume of money in the budget will be large, and the larger the size of the budget, the greater the stolen money will be.”   LINK

How Can Iraq Benefit Economically From The Gulf 25?.. An Expert Answers

Money and business   Economy News-Baghdad   Economic expert Nabil Al-Marsoumi considered, on Monday, that the Gulf Championship is an economic opportunity for Iraq, indicating that the Gulf countries have large capitals that can be invested in the country.

Al-Marsoumi told “Al-Eqtisad News” that “the championship opened new relations between Iraq and the Gulf countries, and it represents a strong starting point for the Iraqi-Gulf rapprochement,” noting that “its effects are not limited to the sports side only, but also have very important economic effects.”

He added, “About 34,000 Gulf nationals entered Iraq, which encouraged local demand and became a large supply of foreign currencies, and the tourism, hotel, restaurant, transport and market sectors were active, and therefore the championship created great opportunities that could be invested away from direct revenues that contribute to stimulating the Iraqi economy.”

He pointed out that “the tournament could have been better invested if the government had organized commercial exhibitions to promote Iraqi heritage industries and local popular dishes,” noting that “the tournament represents a great promotion of the trade and investment movement between Iraq and the Gulf, and the government was supposed to invite Gulf businessmen to work a kind.”

From the partnership between the Gulf and Iraqi private sectors, and then attracting Gulf capital and opening new trade and investment partnerships between Iraq and the Gulf countries.

He pointed out that “the Gulf countries have a large surplus in capital, and Iraq can attract it to the country through such activities, because the tournament gave an impression of Iraq’s security and political stability and could provide protection for foreign capital.”

Views 90   Added 01/09/2023 – 11:40 AM   Updated 01/09/2023 – 1:47 PM