Iraqi News

Sunday Morning Iraq Economic News Highlights 1-29-23


SUNDAY, 01-29-2023, PM 12:10  KARRAR AL-ASADI   The local markets in Karbala witnessed an insane rise in the exchange rates of the dollar, against the Iraqi dinar, today, Sunday, (January 29, 2023).

The correspondent of the Noon news agency stated that the selling price of the dollar in the local markets: 165,000 dinars per $100, while the purchase price was: 164,500 dinars per $100.

The Budget Enters The Dark Tunnel.. Baghdad Is Waiting For 880 Billion Dinars Per Month From The region In Exchange For Its Financial Shares!

2023-01-29   Yes Iraq: Baghdad  The general budget for the year 2023 entered, in a dark tunnel, amidst continuing conflicting figures regarding its size, amid the great demands that come to the Sudanese government from the governorates and ministries until the budget volume reached nearly 250 trillion dinars, in an unprecedented record, while the Federal Supreme Court’s decision came to further complicate the possibility Pass the budget.

Talk began about the size of the 2023 budget from the Parliamentary Finance Committee, represented by a member of the committee, Mueen Al-Kazemi, who said that it is about 140 trillion dinars, so that the economic advisor, Mazhar Muhammad Salih, came to say that it ranges from 150 to 200 trillion dinars, while a member of the Finance Committee, Mustafa Jabbar Sanad, said that it amounts to 269 Trillion dinars.

Today, a member of the Parliamentary Finance Committee, Ikhlas al-Dulaimi, is speaking, indicating that the budget amounted to 246 trillion dinars, with a deficit of 75 trillion Iraqi dinars, which caused its delay.

Public revenues for 2023 are expected to reach about 150 trillion dinars. Accordingly, any spending volume greater than that will lead to a budget deficit.

On the other hand, Al-Dulaimi indicated that the Council of Ministers was scheduled to receive the budget law at the end of this month, but that did not happen due to the large amount of money in the deficit, in addition to the recent decision of the Federal Supreme Court to stop sending money to the Kurdistan region.

And the region must send export amounts of 250 thousand barrels per day to Baghdad at SOMO price, or about 20 million dollars per day, or 600 million dollars per month, or about 880 billion dinars per month, in return the region receives its share in the budget.   LINK

Inflation In Iraq For 2022 Rises More Than The International Monetary Fund Expected By 9%

2023-01-29  Iraq: Baghdad   The data of the Ministry of Planning on the rate of inflation in Iraq is about 9% greater than what the International Monetary Fund expected regarding inflation in Iraq in 2022.


The ministry said in a statement received by “Yass Iraq” that the Central Statistical Organization monitored an increase in the monthly inflation rate during the last month of the past year 2022 (last December) by (0.3%) compared to the previous month of October.

The official spokesman for the ministry, Abdul Zahra Al-Hindawi, said in a statement that this increase resulted from the increase in the prices of the entertainment department by (2.4%), the miscellaneous goods and services department by (2%), and the transportation department increased by (1.5%).

The statement pointed out that the annual inflation rate during the past year, 2022, recorded an increase of (4.9%).

On the other hand, the International Monetary Fund had expected that inflation in Iraq in 2022 would reach 4.5%, which means that inflation in Iraq rose more than the expected rate of the international monetary by 9%.   LINK

Foreign Minister: The US Dollar Was Fleeing From The Iraqi Market

Foreign Minister Fuad Hussein confirmed that the US dollar was fleeing from the Iraqi market.

Hussein said in statements to Al-Arabiya TV, “The US dollar was fleeing from the Iraqi market. The US Federal Bank’s actions affected the dollar crisis.”

He added, “We need the United States and to work with it, and there are no combat forces in Iraq, and the role of the coalition forces has turned into an advisory one.”

He continued, “Our relationship has become strong with Saudi Arabia, and we will discuss joint committees. We need regional and Gulf countries, and we are not on an isolated island, and our lands cannot be used to encroach on neighboring countries.”

And he indicated that “our national interest is what determines the policy of relations with others. Iran has changed the course of water from Iraq and Turkey is paying a small share of water to our country, and the crisis must be ended.”

He concluded, “The dialogue between Iran and Saudi Arabia concerns the two countries. The territory of Iraq should not be a starting point for any attack on the countries of the region. The tension between America and Iran affects us and we need to reduce it,” noting that “the prime minister’s visit to Washington is not on the table now.”

Sudanese Advisor: The Government Is Determined To Return The Exchange Rate Within A Short Period

Economy News-Baghdad  Today, Sunday, the political advisor to the Prime Minister, Fadi Al-Shammari, revealed eight main files that the current Iraqi government focuses on in its government curriculum, according to Shafaq News agency.

Al-Shammari said, “There are eight main files that the government focuses on in its government curriculum, and it focused on them even in drawing up the details of the country’s general budget, which will soon be sent to Parliament, which is the file of combating corruption with non-routine procedures, the file of the economy, the implementation of a comprehensive economic policy, and the return of the exchange rate to its official price.”

Within a short period, the electricity file, the health sector reconstruction and restructuring file, the strategic services and projects file, the file of activating large and small investments, the file of foreign relations and turning them into productive politically, economically and security relations, the file of zeroing internal crises and restructuring national relations in a way that regulates the effectiveness of the political system and consolidates the institutional work of the state.

The political advisor to the prime minister added that “we are facing a great success story if we join efforts and achieve political, security and popular stability, and we will see the outputs of these files in the coming months.”

Central Bank: Electronic Registration Prevents Repeated Selling Of Dollars To The Same Person

Baghdad – IQ    The Central Bank of Iraq denies preventing or restricting the sale of cash to citizens, and that electronic registration ensures that the citizen’s need for dollars is met and prevents repeated sales to the same person.   This procedure is considered an opportunity for citizens to obtain dollars for legitimate purposes without restrictions.

The Central Bank of Iraq called on all media and the public to rely on the media office of the Central Bank of Iraq to obtain information related to the activities and procedures of the Central Bank of Iraq.

Central Bank of Iraq   Media Office  1/29/2023–.html#

Ports: Seizing Fake Customs Transactions And Wasting Public Money In The Port Of Umm Qasr

Sunday, January 29, 2023 Baghdad / National News Center  The Directorate of the Northern Port of Umm Qasr managed to seize a forged customs transaction completed by the Basra Gate Station Customs Center, containing (21) 40-foot containers loaded with materials (carton split, parts and accessories of electrical appliances, compressors).

The authority stated, in a statement received by the National News Center, that “after auditing the customs transaction by the Research and Investigation Department outside the customs campus, it was found that there is a customs fee difference estimated at (15,000,000) fifteen million dinars for the split material, in addition to the existence of a tax fee difference.” It is estimated (1,000,000) million dinars, which is a waste of public money.

He added that “a customs transaction containing (1920) cartons of (Nescafe) was seized inside a 40-foot container. By checking the customs transaction outside the customs campus and referring to the authentication system of the certificate of origin and the invoice, it was found that there was forgery in the letter of authentication.”

And the authority stated during the statement that “a record of the formal seizure was organized and the customs transactions were referred to the Umm Qasr Customs Police Station to present the matter before the eyes of the investigating judge to take appropriate legal measures.”

Almost A Quarter Of A Billion Dinars: Integrity Reveals Irregularities, Manipulation And Tax Evasion In Anbar And Kirkuk

SUNDAY, 01-29-2023, PM 12:32   TAYSEER AL-ASADI   Almost a quarter of a billion dinars: Integrity reveals irregularities, manipulation and tax evasion 9-1674984766

Today, Sunday, the Federal Integrity Commission announced the arrest of fraud in real estate statements and irregularities in the implementation of a municipal project in both Anbar and Kirkuk.

And a statement by the Commission stated, “The work team of the Anbar Investigation Office was able, after investigation and follow-up, to uncover cases of manipulation in the tax and real estate registration departments in Fallujah,” indicating, “the seizure of the original transactions and statements that were manipulated; In order to evade paying the tax, which is estimated at more than (200,000,000) dinars.

And he added, “The team was able to point out tampering in the lists of (9) properties by adding a paragraph planted and built on them by the Tax and Real Estate Registration Departments in Fallujah (Land Estimation Committee), contrary to the truth ; For the purpose of tax evasion, in addition to the real estate registration transferring the ownership of these real estate to a cooperative society without obtaining the approvals of the ministries and relevant authorities, since its gender is agricultural, pointing out that “all procedures were carried out out in an illegal manner and contrary to the administrative contexts and without the knowledge of the directors of the concerned departments.”

On the other hand, the department confirmed, “The staff of the commission’s investigation office in Kirkuk arrested the engineer supervising the implementation of the fifth municipal sector building project of the Kirkuk Municipality Directorate; As a result of its implementation of the project contrary to the established technical specifications.

It pointed to the organization of two fundamentalist arrest reports for the two operations carried out. Based on two judicial notes, which he and accused in the second case presented to specialized investigative judges in Anbar and Kirkuk; to take appropriate legal action.”