Iraqi News

Tuesday Morning Iraq Economy News Highlights 1-17-23

Parliamentary Finance Reveals The Reason For Not Approving The Budget By The Government So Far

2023.01.17 –   Baghdad – people  The fate of the federal budget for the year 2023 is still oscillating in the drawers of the Council of Ministers after the failure of negotiations to resolve the Kurdish problem with the federal government regarding the share of the Kurdistan region, which means obstructing the Sudanese cabinet’s vote on it and referring it to the House of Representatives due to political leaks.

“Nass” channel on Telegram.. our latest updates

A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, said in an interview with the official newspaper, followed by “Nass” (January 17, 2023), that “the government is obligated to present the draft budget as soon as possible,” noting that “there are previous political consensuses that must reach the Kurds.” To agree with the federal government regarding the share of Kurdistan, which is scheduled to be approximately 13%.

Al-Kazemi added, “It is necessary for there to be clarity about what the region exports from crude oil, in addition to the total imports of border crossings and airports, and for there to be transparent figures for the number of employees working in the regional government.”

And he believed that “in the event that an agreement is not reached, the government can resort to setting approximate numbers for the fairness of Kurdistan and the fairness of the oil-producing provinces throughout the country.” In addition, a member of the Finance Committee, Jamal Cougar, called, in an interview with the same newspaper, for “the need to proceed with the budget while resolving any differences.”

Parliamentary Integrity Reveals The Reason For Not Holding The Session On The Price Of The Dollar

2023.01.17 – 10:41  Baghdad – people     During the past few days, the Iraqis anticipated that the parliament would hold an extraordinary session to discuss the crisis of the dollar’s high exchange rate and the accompanying rise in the prices of foodstuffs and consumer goods after collecting 83 signatures before the members of the House of Representatives to hold it. However, the session is suspended until further notice.

“Nass” channel on Telegram.. our latest updates

A member of the Parliamentary Integrity Committee, Representative Hadi Al-Salami, stated in an interview with the official newspaper, followed by “NAS”, (January 17, 2023), that “the reason for not including the discussion of the dollar exchange rate crisis in the agenda of the parliament’s session that was held last Saturday or the session to be held Today, Tuesday, the Speaker of the House of Representatives refused that, despite collecting 83 signatures in accordance with Article 58 of the Constitution, a paragraph, as well as according to the articles of the first internal system of the House of Representatives.

Al-Salami explained, “We did not obtain approval during the legislative recess to hold an emergency extraordinary session and host the governor of the Central Bank to discuss the reasons for the high exchange rate of the dollar. He hosted the governor of the Central Bank in his private office yesterday, Sunday.

Al-Halbousi: Parliament Supports The Central Bank In Its Steps To Deal With The High Exchange Rate Of The Dollar

The Speaker of the House of Representatives, Muhammad al-Halbousi, confirmed today, Sunday, that Parliament supports the Central Bank of Iraq in its steps to address the high exchange rate of the dollar, while the Governor of the Central Bank, Mustafa Ghaleb Makhaif, indicated that the high dollar exchange rate is a temporary problem that will be overcome.

The media office of the Speaker of Parliament stated in a statement received by the Iraqi News Agency (INA): “Al-Halbousi received today, the Governor of the Central Bank, in the presence of the heads and deputy heads of the Parliamentary Finance and Economic Committees, and listened during the meeting to a detailed explanation of the procedures that the Central Bank adopted in organizing The economic sector related to foreign currency trading, whether cash sales or foreign trade financing.

And the governor indicated, according to the statement, what “the central bank has taken and what it will take to overcome this problem,” stressing that it is “temporary and will be overcome if the foundations that were built to address it are established.”

Al-Halbousi explained, “The council supports the Central Bank of Iraq in its steps to address the high exchange rate of the dollar, with an emphasis on the need to develop regulatory solutions that address unregulated phenomena in economic activity in general,” calling for “understanding the challenges facing the monetary authority and the need to assign its procedures from the authorities.” concerned in the state.–.htm

The Parliamentary Finance Committee Fires The Coup De Grace At The Price Of The Old Dollar: Its Return Is Difficult, If Not Impossible

01/17/2023 10:01    Baghdad – Iraq today:  The Parliamentary Finance Committee confirmed that returning the exchange rate of the dollar to its previous state is very difficult, due to the conditions of the US Federal Bank.

A member of the Finance Committee, Jamal Cougar, said in a press interview, “The return of the exchange rate to what it was is very difficult, unless Iraq adheres to the terms and requests of the US Federal Bank.”

And between Cougar, “The conditions of the Federal Bank relate to the issue of the electronic platform, and the amounts that are released from America to Iraq, which come through correct electronic transfers in which all conditions are met, and Iraq has not yet been adhered to.” to the electronic platform.”

He continued, “Iraqi banks are not cooperative in approving the conditions of the Federal Bank, and the next stage is either for Iraq to comply, or to impose more restrictions on it.”   LINK

Gold Is Falling With The Rise Of The Dollar

Market  Economy News _ Baghdad  Gold prices fell today, Tuesday, affected by the rise in the dollar, although hopes of a slowdown in the Federal Reserve raising interest rates limited further losses.

Spot gold fell 0.4% to $1910.48 an ounce as of 03:04 GMT, while on Monday prices reached $1929, the highest level since late April 2022.

US gold futures fell 0.5 percent to $1,912.70.

The dollar rose 0.3%. A strong dollar makes gold less attractive to buyers in other currencies.

According to industry analysts, gold prices are expected to reach record highs above $2,000 an ounce this year, albeit with a bit of turbulence, as the Fed slows the pace of increases and eventually stops them.

As for other metals, spot silver fell 0.8% to $24.20, platinum settled at $1062.50, while palladium rose 0.2% to $1754.37.  Views 92   Added 01/17/2023 – 9:24 AM   Updated 01/17/2023 – 1:56 PM

A New List Of Exchange Rates.. The Dollar Exceeds 160,000 Dinars

Economie   2023-01-17 | 03:54  3,622 views   Alsumaria News publishes a new list of dollar exchange rates on the Baghdad Stock Exchange, and northern and southern Iraq.

Baghdad- Al-Kifah Stock Exchange  160,200

The price in most exchanges  is 159,750   160,750

The exchange rates on the  Iraqi Stock Exchange  this morning were as follows:

Baghdad- Al Kifah Stock Exchange   LINK

Political Differences Impede The Adoption Of Important Laws In Parliament

Sumerian special   2023-01-17 | 03:30   94 views  Disagreements still dominate the political scene by obstructing the work of the legislative house by approving important laws, and they themselves are obstructing sending the budget law so far, according to parliamentary circles.

So far, the budget law has not seen the light and has not even been sent to the legislative house, despite information about the completion of the draft law by the competent authorities. Representatives confirmed that the problems and disagreements between the political forces greatly affected the work of the parliament directly, and even affected the general budget law.

The differences between the parties were and still are the main reason behind the failure to legislate and approve laws, especially the controversial ones, such as the oil and gas laws and the provincial elections, in addition to the parliamentary committees file, in which the large blocs are trying to divide themselves among themselves to take over the sovereign committees.   LINK

President Of The Federal Court: Corruption In Iraq Is Of Two Types, One Of Which Is Very Dangerous

Tuesday, January 17, 2023 3:07 PM  Baghdad / National News Center

Today, Tuesday, the President of the Federal Court, Jassem Muhammad Abboud, confirmed that corruption in Iraq is of two types, and one of them is very dangerous.

And a statement of integrity received by the National News Center stated, “The head of the Federal Integrity Commission, Judge (Haider Hanoun), received at the commission’s headquarters, the President of the Federal Supreme Court, Judge (Jassim Muhammad Abboud), and they discussed issues of integrity, preserving public money, and the supremacy of the constitution and the law.”

For his part, the President of the Federal Supreme Court affirmed that “the duty of independent bodies is to work on the rule of law and protect the wealth of the people and national unity,” noting that “the people desire a unified Iraq in which the spirit of the constitution and the law prevails.”

He pointed out that “Iraq possesses human energies and economic wealth, and it is capable of advancing and building strong and solid institutions that will take the country to the path of reconstruction and development.”

Abboud stressed on “cleansing state institutions from the filth of the scourge of corruption and its filth,” calling for “selecting administrative leaders in various state institutions according to specifications of professionalism, sincerity and high patriotic spirit, and a sense of the size and burdens of heavy national responsibility while carrying out this task that the people and the country depend on to restore Public confidence in state institutions.

And he stressed, “the need for organized work and coordination between the oversight bodies; in order to reap the fruits of these strenuous efforts,” explaining that “corruption is divided into two parts, major corruption and minor corruption.”

And he indicated that “small corruption greatly affected the citizen’s confidence in the public employee after he provides a public service. As for major corruption, he described it as a very big danger, and fighting it requires political, economic and social strategies, as it contributed greatly to obstructing state building and impeded investment and reconstruction processes.”

For his part, the head of the commission, Haider Hanoun, noted “the importance of the Federal Supreme Court and the roles it plays in preserving the democratic system by monitoring the constitutionality of laws and regulations in force, interpreting the provisions of the constitution, and adjudicating issues that arise from the application of federal laws,” praising “the role of the judiciary that works under It is supervised by the commission’s investigators, and great cooperation and coordination with the commission, stressing that the continuation of this cooperation and coordination is sufficient to raise the levels of combating corruption.

He explained that “the political atmosphere and the formation of the new government are appropriate to start real steps to combat corruption, especially since the government’s approach made combating corruption and stopping the waste of public money one of its priorities by building effective tools to combat it and put an end to it.”

He pointed out that “the Commission is working to educate the people about the seriousness of this scourge and the need for everyone to unite in confronting it and prosecuting its perpetrators.”