WOTS FRI FEB 25 22 Iraqi News Catch Up of the Weekend Feb 26 and 27th 2022
These are the articles I discussed on the my FX Buddies Podcast:
were 146,500 dinars per 100 dollars, while the purchase prices of the dollar were 146250 dinars per
100 dollars.
How much does Iraq lose by "returning the dollar" to its old price? Economist explains
Today, Sunday, the economic affairs specialist, Nabil Al-Marsoumi, revealed the expected losses for Iraq in the event of a return to the old dollar exchange rate.
The expected net oil revenues in 2022 = 70 billion dollars (after subtracting the costs paid to oil licensing companies and government imports)," Al Marsoumi said in a blog post seen by Alsumaria News.
He added that "oil revenues are denominated in dinars at the current exchange rate = 101.5 trillion dinars."
He continued, "Oil revenues are denominated in dinars at the old exchange rate = 78.260 trillion dinars."
And the specialist in economic affairs indicated that "the difference between the two prices = 101.5 - 78.260 = 23.240 trillion dinars," adding that "the internal debt of Iraq = 68.214 trillion dinars."
Al-Massoumi held that Ministry of FinanceIt will pay at the current exchange rate 47.044 billion dollars to pay off the value of the internal debt, "noting that"Ministry of FinanceYou will pay at the old exchange rate $61.014 billion to pay off the internal debt."
He explained that "the difference between the two prices = 61.014 - 47.044 = 13.970 billion dollars."
And the economic affairs specialist added, "The total financial losses for Iraq in 2022 due to the return to the old exchange rate (after converting the dinar to dollars) will be about 34.757 billion dollars."
Al-Marsoumi concluded by saying: “This amount is equivalent to seven times the budget.”SyriaAnd more than twice the balanceJordanIn 2022, this amount is sufficient to complete the port of Faw in its three phases and complete most of the necessary infrastructure to connect with the Silk Road, which subsequently leads to an effective contribution to providing job opportunities and confronting and reducing poverty.”
Iraq is the fifth Arab country in gold reserves
The council said in a report that "the central banks of ten Arab countries own more than 2,180 tons of gold," noting that "these countries combined are much less than what America owns alone in possession of 8,133 tons of gold."
The report added that "Saudi Arabia is at the forefront of the Arab countries with the most gold, with its gold holdings amounting to 323.1 tons, followed by Lebanon 286.8 tons, followed by Algeria 173.6 tons, followed by Libya 116.6 tons, and then Iraq came fifth with reserves of 96.4 tons."
And he added, "Egypt's reserves amounted to 80.9 tons, Kuwait 79 tons, Qatar came with reserves of 56.7 tons, followed by the UAE with 55.2 tons, and finally Jordan came with 43.5 tons."
It is noteworthy that the World Gold Council, which is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.
Kurdistan Regional Government: We will continue negotiations with Baghdad over the federal decision
Today, Sunday, Minister of Parliament Vala Farid said that the regional government will continue negotiations and dialogues with the federal government to find a solution on the oil and gas issue after the decision of the Federal Supreme Court.
Farid said that the decision is political and contrary to the articles and paragraphs of the Iraqi constitution, stressing that the regional government will continue negotiations and dialogues with Baghdad to address these problems.
She added that the Kurdistan Parliament as a legislative body, and all institutions in the region will have the final say in this matter.
The US State Department: Iraq is on the path to maintaining stability in the region
On Sunday, the US State Department renewed its welcome for the United Nations Security Council resolution confirming Iraq's fulfillment of its international obligations for compensation.
US State Department Spokesman Ned Price said in a press statement, followed by "NAS" (February 27, 2022), "The United States welcomes the recent resolution of the United Nations Security Council, which reaffirms that Iraq has fulfilled its international obligations to compensate all compensation awarded to the claimants. Through the United Nations Compensation Commission established in 1991 as a result of Saddam Hussein's illegal invasion and occupation of Kuwait."
"We salute the people of Iraq and Kuwait for this important achievement," he added.
He added that "Iraq today enjoys close and friendly diplomatic relations with its Gulf neighbors, and this is crucial to maintaining stability in this important region."
A new parliamentary move to reduce the exchange rate of the dollar
Today, Sunday, independent MP Adnan Al-Jabri ruled out the completion of the quorum for the parliament session tomorrow, Monday, and turning it into a deliberative session, while noting that reducing the dollar price is an issue during the current session.
Al-Jabri told the Iraqi News Agency (INA), "There are a number of laws awaiting approval and legislation in the current parliamentary session, especially with regard to the draft oil and gas law, as the project is one of the important projects
that regulate the relationship between the region and the oil-producing provinces."
He pointed out that "this file caused many political crises between the central government and the regional government, as well as causing great injustice to the oil-producing provinces," stressing that "many laws were put forward in this regard."
He explained, "The draft amendments to the current laws will be included in the agenda of the sessions, especially the
law that is concerned with governorates that are not organized in a region," noting that "steps have begun to unify the front of the independents in the political process under a banner and one bloc, and pending Parliament sessions."
He stressed, "All independent and non-independent deputies are determined to organize the process of exchanging the dollar against the dinar," noting that "the issue of reducing the dollar is on the table during the current session."
He pointed out that "the independent parliamentary committees will have a real presence, and the independent forces are new within the political process and are working to correct some tracks and represent them in the parliamentary committees in a strong representation in form and content."
Al-Jabri ruled out, "the completion of the quorum for tomorrow's session, Monday, for fear of entering into another constitutional violation, since convening the session requires the election of the President of the Republic, and perhaps the session will turn into a deliberative."
The House of Representatives announced, earlier, the agenda for tomorrow’s session, and included the swearing in of the constitutional oath of some deputies, as well as the formation of the permanent parliamentary committees of the House of Representatives, in addition to a general invitation to discuss the rise in dollar exchange rates in the presence of the Minister of Finance.
Sadiqoun: The Delay In Forming The Government Is A Stumbling Block In The Way Of Approving The Budget
On Sunday, the Al-Sadiqun Parliamentary Bloc showed the most important reasons for delaying the approval of the 2022 budget, explaining that delaying the formation of the government is a new stumbling block in front of the upcoming budget.
Representative of the bloc, Suhaila Al-Sultani, said in a statement to "Al-Maalouma" agency, that "the approval of the budget is directly linked to the formation of the largest bloc and going towards the new government," noting that "the talks to form the government are now faltering, which casts a shadow over the situation of the entire country, including the budget." .
She pointed out, "The need to work on forming the new government, get out of the tunnel of conflicts and political blockages, and proceed with approving the budget."
It is noteworthy that the 2022 budget has not been talked about since the end of the elections, which made it late for four months so far.
The first comment from the US State Department on Iraq’s fulfillment of Kuwait’s compensation
Today, Sunday, the US State Department commented on Iraq’s payment of compensation to Kuwait.
The ministry stated in a statement received (Baghdad today): “The United States welcomes the recent resolution of the United Nations Security Council, which reaffirms that Iraq has fulfilled its international obligations to compensate all compensation awarded to claimants through the United Nations Compensation Commission established in 1991 as a result of the invasion Saddam Hussein’s illegal occupation of Kuwait.
She added: “We salute the people of Iraq and Kuwait for this important achievement. Iraq today is a country that enjoys close and friendly diplomatic relations with its Gulf neighbors.”
“This is crucial to maintaining stability in this important region,” she stressed.
Iraqi News for Feb 26th 2022
The exchange rate enters a new battle before Parliament and a proposal to adopt a “smart dollar”
The issue of the exchange rate of the dollar against the dinar continues to occupy the Iraqi street, after the state of confusion that the markets experienced a few days ago due to political debates, which led to a decrease in the price of the dollar against the dinar, which is the highest in nearly a year, but it soon returned to its previous era after Assurances from the Central Bank that there is no intention to change the exchange rate, offset by the House of Representatives’ setting for a session next Monday to host the Minister of Finance and discuss the mechanisms of the dollar exchange rate against the dinar.
The State of Law coalition, for its part, affirmed its determination to reduce the price of the dollar against the dinar according to professional mechanisms set by the central bank and the government without harming the segments of society, while a parliamentarian indicated that the currency exchange rate is a purely scientific economic issue and there are competent authorities that can decide on it in the interest of the country, as he suggested. Economist Adoption of the smart dollar to reduce the damage to the poor and vulnerable classes with regard to the economic and health sectors.
Representative of the State of Law Coalition Muhammad Hassan Radi Al-ShamryHe affirmed that his coalition is determined to reduce the exchange rate of the dinar against the dollar to a previous era as long as the justifications for raising it previously were negated, pointing out that there are other doors through which the government can comfortably cover its cash needs if it is used in an optimal way.
Al-Shammari said in an interview with Alsumaria News, "The State of Law coalition was and remains firm and clear in the issue of raising the price of the dollar against the dinar, and we boycotted the voting session on the previous budget for this reason, and we will have a firm position also during the next budget," noting that "returning the exchange rate To its predecessor through mechanisms adopted by the government, the Ministry of Finance and the Central Bank that do not harm the market and the citizen is something that has been bypassed and is not retracted.”
Al-Shammari added, "Restoring the purchasing power of the dinar and improving the economic situation of the country and the citizen alike is an important and vital matter, and any talk about the existence of fears of negative repercussions on merchants or employees' salaries in the event of returning the previous price is worthless fears. On the contrary, returning The exchange rate to its predecessor will revive the market, increase the profits of traders and reduce the burden on the citizen,” noting that “all the justifications for raising the exchange rate previously have disappeared, and that the central bank reserves and global oil prices are all matters that make the financial side and cash liquidity with the government safe and does not require continuing in exchange rate hike policy.
He stressed that "there is a parliamentary insistence on our part to restore the exchange rate and leave the mechanism to achieve this step to the monetary policy of the state and the governor of the central bank after the reasons for raising the price have disappeared," stressing that "Iraq He has other resources if they are exploited, as they are no less important than oil, such as the agricultural and industrial sector, in addition to the issue of border crossings, each of which is an oil pipeline that generates very large profits for Iraq if it is properly exploited.”
For his part, the economic expert indicated Safwan Qusay, to the possibility of reducing the damage of the dollar’s rise against the dinar on the weak and poor classes through the adoption of the smart dollar for the economic and health sectors.
Qusay said in an interview with Alsumaria News, "There are many doors through which the government and the central bank can deal with the damage caused by the high exchange rate of the dollar against the dinar, including what is related to the ration card and social welfare," noting that "what is related to the issue of currency smuggling, the bank The Central Bank is keen to re-evaluate monetary policy and control the movement of banks in order to switch to the documentary credit system.
Qusay added, "The monetary and fiscal policy is supposed to be integrated so that we feel that there is control over the value of the dinar and the movement of goods and money," noting that "there are procedures through which it is possible to work to achieve economic and health support in what is known as the smart dollar for certain sectors by allocating The Central Bank, an amount of five billion dollars for the purposes of purchasing foodstuffs and achieving food security, provided that the purchase is exclusively byMinistry of CommerceAt a subsidized price, it would have been 1,190 dinars to the dollar, which supports the prices of materials that affect the lives of the poor and fragile classes, so that the window for government purchase and circulation is in order to ensure that this dollar enters its beneficiaries .Ministry of Health Which can allocate one billion dollars to buy medicines for chronic diseases at the same subsidized price of the dollar against the dinar and directly by it, so the central bank can break prices for necessary commodities that can be reflected on the rest of the commodities in varying proportions in order to reduce the effects of the dollar’s rise.”
Member of Parliament Thaer Al-Jubouri stressed that the currency exchange rate is a purely scientific economic issue and there are specialized parties that can decide on it in the interest of the country. AlJubouri said in a press interview, "Talking about hosting the governor of the Central Bank or the Minister of Finance regarding the exchange rate of the dinar against the dollar are all things we believe. It does not go beyond being a political discourse," noting that "the currency exchange rate is a purely scientific economic issue, and there are competent authorities that can decide on it in a manner that serves the interest of the country.
They rejoice when their salaries are paid on time. Therefore, one of the economic treatments at a time of crisis was the adoption of a new exchange rate in order to strengthen the economy and provide financial liquidity within my personal vision,” noting that “the whole issue depends on an economic equation and the Central Bank must go to it in order to There will be a solid economy in which you can manage financial matters and provide salaries inside the country."
Parliament publishes the agenda for its second session
Today, Saturday, the Iraqi parliament published the agenda for its second session, which is scheduled to be held on Monday, February 28.
The table includes the swearing-in of some deputies, as well as the formation of the permanent parliamentary committees of the House of Representatives.
The agenda for Monday's session also includes a general invitation for discussion regarding the rise in the dollar exchange rate, in the presence of the Minister of Finance.
Session No. (2) Monday, February 28, 2022
Reciting verses from the Noble Qur’an)
Taking the constitutional oath of some ladies and gentlemen deputies.
Formation of the permanent parliamentary committees of the House of Representatives.
Public invitation for discussion regarding (the rise in the dollar exchange rate)
In the presence of Mr.
Minister of Finance.
Economist: Iraq Will End The Debt File During The Next Two Years
The economist, Furat Al-Tamimi, expected, on Saturday, that Iraq would announce the payment of all its debts during the next two years, indicating that the price of oil would reflect positively on the economic situation after the end of the Kuwaiti debt file and exit from Chapter VII.
Al-Tamimi said in a statement to "The Information" that "the situation will change a lot in the coming months, especially with the end of the self-deduction imposed on Baghdad from Iraq's oil money in return for the payment of Kuwait's debts."
He added, "The economic reflection on Iraq will be very significant, especially its exit from Chapter VII and the opening of important investment files by foreign companies."
He pointed out that Iraq's external debt amounts to more than 70 billion dollars, and it will eventually be able to develop an economic plan to pay all belongings and open new files.
Especially Iraq"...Iran is moving to expand trade relations with neighboring countries
Iran is scheduled to participate in the third international exhibition of Iraqi investment, which will be held from March 28 to 31 in Baghdad as part of strengthening trade relations between the two countries, according to official Iranian media.
The official Iranian news agency IRNA said in a news release published today, Saturday, that the country's economic policy is based on expanding trade relations with neighboring countries, especially Iraq, which is one of Iran's main trading partners.
The agency quoted Iranian economic activist Ali Reza Sadrzadeh as saying: "According to the country's economic plans, which are based on expanding trade relations with neighboring countries, Iraq occupies a special place in Iran's economic policy as it is one of Iran's main trading partners."
He added that the volume of trade exchange between the two countries exceeded $7.5 billion last year, adding: "There is no doubt that there are great opportunities that can be invested to strengthen trade relations between Iran and Iraq.
Sadrzadeh also indicated that the International Investment Fair is held every year as the largest financial and economic event in Iraq, with the attendance of many investors from different countries, including Turkey, the UAE, Egypt, Iran and Saudi Arabia.
After the arrival of 200 billion from Baghdad, Kurdistan sets the date for the payment of employee salaries
The Ministry of Finance in the Kurdistan Region has set, today, Saturday, the date for disbursing the salaries of the region’s employees, after the .arrival of 200 billion dinars to it from Baghdad The ministry said in a statement received (Baghdad today):
"We will start distributing the salaries of employees tomorrow, Sunday, without deduction, after the arrival of ".an amount of 200 billion dinars from Baghdad And she added,
"The priority in the institutions that receive their salaries is the ".Ministry of Peshmerga
Iraq.. Petty cash disbursement departments worth billions of dinars and suspicions of corruption hovering around them
Although two months have passed since the start of the new year and the 2022 budget has not been approved, this did not prevent ministries and departments from spending billions of dinars per month as chandeliers and to buy cars and furniture for them.
With the emergence of a document talking about the Martyrs Foundation's purchase of 11 cars for about one billion dinars, the Iraqi street was preoccupied with this deal in light of the government's continuous talk about austerity and facing a major financial crisis that only came out of it by raising the price of the dollar.
Sources confirm in an interview with "Mawazine News" that "state departments are still spending billions on buying furniture and purchasing supplies, mechanisms and wheels per month, by exploiting their resources and collection money."
And she adds, "These purchases and petty cash expenditures were not affected by the lack of approval of the budget or even government decisions to rationalize spending and spending and limit it to the ruling expenditures."
For his part, former Finance Committee member and current MP Jamal Cougar says, "As for the purchase of cars for government institutions, it is a natural matter and a context for all countries of the world to follow, with the possibility of corruption files in those contracts."
In an interview with Mawazine News, he added, "Citizens are now able to buy cars that are contracted by the state, and their prices are almost known, unless there are specifications for those cars that increase their value."
And he asserts, "Auditing these files requires proof, and it is not possible to talk about any file without knowing details such as the contracting party, the type and specifications of the wheels."
Below here is the daily WOTS for Friday Feb 25th 2022
146,750dollar buying price 145,750approx . Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1428.9000 |  1482.4000 | 1457.9000 | 1457.9000 | 1457.9000 | 0.4000 | 11:56 |
| USD/VND | 22840.0000 | 22845.0000 | 22829.1300 | 22824.7200 | 22829.1300 | -3.5700 | 02:50 |
| USD/CNY | 6.3158 | 6.3178 | 6.3271 | 6.3114 | 6.3269 | -0.0114 | 05:21 |
| USD/KWD |  0.3026 | 0.3036 | 0.3026 | 0.3026 | 0.3026 | -0.0001 | 04:23 |
| GBP/USD | 1.3373 | 1.3374 | 1.3438 | 1.3368 | 1.3373 | 0.0001 | 05:22 |
| USD/IRR | 42025.0000 | 42525.0000 | 42232.1000 | 42203.5000 | 42232.1000 | 0.0000 | 09:14 |
| USD/IDR | 14387.0000 | 14394.0000 | 14439.0000 | 14345.0000 | 14421.0000 | -34.0000 | 05:21 |
After breaching international banking secrecy, will Iraq succeed in ?recovering its smuggled money
A new step recently announced by Iraq as part of its anti-corruption measures and attempts to recover the looted and smuggled funds abroad, by being able for the first time to legally penetrate international banking secrecy through the efforts of the Integrity Commission and the .Iraq Funds Recovery Fund
This coincided with a state of frustration on the part of observers and specialists in political and economic affairs, due to the failure of this penetration in the past due to the presence of several obstacles, most notably that these accounts are not usually registered in the names of those .accused of corruption
Through this penetration, Iraq will be able to see the contents of the treasury in Switzerland, and all this comes after Transparency International’s 2021 reports indicated a clear improvement and progress in the classification of Iraq among the countries of the world in the Corruption .
Perceptions Index report issued by the organization A member of the former Parliamentary Integrity Committee, Representative Taha Al-Defee, had estimated - in a previous report to Al-Jazeera Net - that the smuggled money ranged between 300 and 350 billion dollars, in the years following the American invasion, except for the money .that was smuggled before that
This comes as the Integrity Commission continues to disclose the prevention of cases of waste of public money constantly, including what it mentioned - in its annual report for the year 2021 - about preventing the waste of more than 15 trillion dinars (about 10 billion and 279 million dollars) and that public funds - which were recovered and investigated In it or issuing court rulings to return it, as well as the ones that the commission prevented and stopped wasting based on its procedures and were actually returned to the public treasury account - a total of .(642) billion dinars, in addition to another amount of 10 billion dollars
Iraq's economy awaits the harvest of the payment of "Kuwait compensation"
This is expected to contribute to the re-integration of the local banking system with its global counterpart
A few days ago, Iraq ended the file of compensation for the Kuwait war that took place during the last decade of the last century, as it paid the last payment of dues, amounting to 44 million dollars, and it is expected that this will contribute to the re-integration of the Iraqi banking system with its global counterpart and benefit from the financial abundance that will be achieved.
The Central Bank of Iraq said earlier that "the payment of the last remaining installment of the State of Kuwait's compensation amounting to $44 million has been completed, and thus Iraq has completed the full payment of the compensation amounts approved by the United Nations Compensation Committee of the Security Council under Resolution 687 of the year 1991, with a total of $52.4 billion for the State of Kuwait.
Closing the compensation file, beginning of closing the remains of Chapter VII
The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, said in a press statement that "the compensation file cost Iraq about 52.4 billion dollars in GDP and the efforts of its economy, which is not small, as it is sufficient to build an electricity network system that will revive the country for many years." He added, "This reckless war was borne by the people of Iraq, and closing the Kuwait compensation file is a new page in Iraq's economic history."
Saleh revealed that "this file was costing Iraq daily from 6 to 7 million dollars," noting that "the value of these funds from its current exports, which amount to more than two billion dollars annually, will be added to the country's budget, and block one of the exchange doors." He expressed his hope that "these funds will go to development represented by investment projects that employ the workforce and produce income," noting that "closing the compensation file is the beginning of closing the remnants of Chapter VII."
Al- Kazemi ’s advisor explained that “about 40 resolutions were imposed on Iraq because of the Kuwait war by the Security Council, and it has been completely shackled until the present time. United".
He stated that "Iraq was considered an aggressor country, while in fact it is peaceful and loving to its friends and neighbors," expressing his hope that "all the country's disputes will be resolved within Chapter VI by amicable means in truth." He pointed out that "Iraq has great prospects for its integration into the global economy," explaining that "the isolation in which it lives is great, and the world's planes still do not reach Baghdad airport except for some regional countries, and this is part of the siege that classifies the country as a war zone, which requires costs. Insurance and shipping in technology transfer and in dealing with economic progress.
Saleh stressed "the need for a ten-year development plan to benefit from oil imports, starting with the infrastructure and ending with income-generating projects in all cases," expecting that "2022 will be a year of progress and prosperity for Iraq and broad positive indicators that begin with the closure of Chapter VII of the Charter of the United Nations and the end of Compensation for the Kuwait war, a return to normal economic life, and integration into the international community.
In turn, the winner of the elections, Haider al-Jubouri, criticized the unprofessional handling of the file of ending Iraq's debts in favor of Kuwait. He said in a press statement that "the Iraqi debt file in favor of Kuwait is important and lasted for more than 20 years, under which large sums were paid, and it represents a historical stage." He added, "Therefore, after announcing the end of this file and Iraq's payment of these debts, dealing with this issue was irresponsible, and it would have been more appropriate for the two countries to announce this officially in a conference in front of the media." He pointed out that "public opinion does not yet know what are the next steps to pay off the debt, so why did the Iraqi Foreign Ministry not clarify this in coordination with Kuwait?"
Its repercussions are positive
And economic researcher Evan Shaker points out that "after Iraq pays the last batch of compensation to the State of Kuwait, this will have positive repercussions on the first's economy in general and its banking system in particular, as well as lifting restrictions on the banking system and upgrading it and integrating it with its global counterpart."
He added to "The Independent Arabia", "The government's success in exploiting this financial abundance and adopting a policy of openness to the world will attract foreign investment, and will help expedite the country's removal from the tutelage of Chapter VII."
The economic and political researcher, Nabil Jabbar Al-Ali, explained that the payment of compensation allows Iraq a broader political and economic space in its international relations at the diplomatic and commercial levels.
He continued, "The total amount that the country has repaid over the 17 years since 2003 until today is $52.4 billion, equivalent to approximately 5% of its total oil revenues. Government parties are trying to redirect the funds that were intended to pay compensation towards establishing sovereign funds for the future in which funds will be collected and invested." Internationally as a fund for generations, however, the idea may not be appropriate. The additional financial abundance estimated at about 2 to 3 billion dollars annually that was allocated to Kuwait’s compensation, it is preferable to place it in a local development fund that participates in the development of a development program to establish profitable and sustainable development projects for the fund and outside the authority of the government And it contributes to strengthening national development plans, instead of the annual borrowing operations that the Iraqi government holds with international parties to pay off some of its expenses or spending on projects classified in its
investment budget.
He pointed out that "this amount may equal or exceed what was allocated in the annual contracts, which is called the Iraqi-Chinese agreement."
Government official: 12/1 disbursement will continue until the end of the year, and the Presidency of Parliament requested a draft budget for 2022
Saleh told {Euphrates News} that "work continues to spend from Law 12/1 until the end of the year in case the budget is not approved."
He stressed that "the exchange is based on the Financial Administration Law and according to what was allocated from last year's budget."
It is reported that the Speaker of Parliament directed the General Secretariat of the House of Representatives to address the General Secretariat of the Council of Ministers to send the federal budget for 2022 to Parliament, at the request of the Head of the State Forces Alliance bloc, Representative Faleh Al-Sari, to issue a legislative decision obligating the government to send the budget for the purpose of approving it in the service of the Iraqi people.
CBI Update: Just a note:
