WOTS TUE APR 26 2022
The highest since its establishment.. Central Bank of Iraq assets (in numbers)
These are the articles I would have discussed if I had done a MY FX Buddies Podcast:
The highest since its establishment.. Central Bank of Iraq assets (in numbers)
The head of the Iraq Future Foundation for Economic Studies and Consultations, Manar Al-Obaidi, counted today, Tuesday, the assets of the Central Bank of Iraq, while he expected them to rise in the coming days.
Al-Obaidi said that "the total assets of the Central Bank until the end of the first quarter of the current year 2022 amounted to about 158 trillion Iraqi dinars, an increase of 17% compared to the same period last year," noting that this rise came as a result of the increase in local bank deposits with the Central Bank. Which rose by 33% to reach 34 trillion dinars, as well as the increase in the issued currency by 8% to reach 80 trillion Iraqi dinars.”
He added that “the balances of government institutions with the Central Bank increased by 72% to reach 8.1 trillion Iraqi dinars, in contrast, the amount of investment in securities increased. The financial reserves held by 32% to reach more than 50 trillion Iraqi dinars.
He pointed out that "the loans to small and medium enterprises granted by the bank also increased by 155% to reach 6.6 trillion Iraqi dinars, in addition to an increase in the dues to the Ministry of Finance by 11% to reach 47 trillion dinars."
He added, "The amount of cash and gold reserves in the Central Bank decreased by 3.5% to reach 23.7 trillion Iraqi dinars, in addition to that deposits with banks increased by 4.6% compared to last year to reach 27.6 trillion Iraqi dinars."
He stressed that "the value of the Central Bank's assets is the highest since its establishment, which gives reassurance to the situation and stability of the Iraqi currency during the coming period, which is expected to witness further increases in the Central Bank's assets as a result of the rise in oil sales revenues, which plays an important role in strengthening the bank's special reserves." .
And he indicated that "the bank granted loans to support projects worth 6.6 trillion Iraqi dinars, which had a significant impact on the growth of important sectors, especially the housing sector, which acquired the largest proportion of these loans. The bank needs to diversify the distribution of loans to other sectors that can contribute to increasing growth in various sectors." Important sectors, especially agriculture, tourism and services.
The Food Security Law.. Bypassing the budget and deepening crises
The draft law on emergency support for food security and development that was sent by the government and the parliament completed its first and second readings, created a state of political and popular discontent and rejection with warnings issued by specialists of the danger of passing it because of its negative repercussions that will give the government power outside the law to dispose of public funds and deepen the state of political blockage
At a time when an economist ruled out the possibility of passing the Food Security and Development Law within the parliament as a result of the parliamentary rejection of it, another saw that passing the law would allow the way to challenge it and accept the appeal within the Federal Court for its inclusion of clear legal violations and circumventing the federal budget, not to mention that it would lead to Deepening the division and political blockage.
EconomistNabil Jabbar Al-AliHe ruled out the possibility of passing the Food Security and Development Law within the parliament as a result of the parliamentary rejection of it.
Al-Ali said in an interview with Alsumaria News, "The Food Security Law is going through a difficult stage as a result of the parliamentary rejection of it, and even if it is passed in one way or another, it will not see the light of the possibility of challenging it with the Federal Court and accepting the appeal from it," noting that "the law in its current form does not It includes a vision to support the poor and was not included in the constitutional articles or the rules of government work in the caretaker government
Al-Ali added, “The adoption of such a law means granting the powers of a full government, as this matter will contribute to deepening the political blockage, given that there is no need to expedite the formation of a new government or re-track the political process,” noting that “regardless of the technical aspects of the law, it is one of the The legal aspect is considered a clear violation, as he is a legislator from a caretaker government that does not have the powers to legislate laws, otherwise it would have been better to legislate the budget law and end the controversy.
He added, "The law is a political attempt to circumvent the budget law and the political process, by maintaining a caretaker government, given that the caretaker government has the possibility to reach 75% of the volume of spending, which is consumer spending, but it cannot invest in investment, which amounts to 25%, and legislate such a law." It means giving it the authority to reach the remaining percentage and ending the need for a budget or the formation of a new government
Economic Monitor Hassan HajjHe stressed that the law on emergency support for food security includes many legal violations and a clear circumvention of the budget law, noting that the law will give the government the authority to access percentages of funds outside its authority within the address of the daily caretaker government
Al-Hajj said in an interview with Alsumaria News, "There are a lot of observations about the Food Security Law, given that some of its paragraphs contain very dangerous contents and strip Parliament of some of its powers in preparing the budget and empty it completely of its contents, not to mention the legal violations it contains," noting that "The law makes the powers of the caretaker government governing powers, which is a clear circumvention of the budget law."
Al-Hajj added, "The law will contribute to consolidating the political blockage," noting that "there are some forces that seek to pass the law, including the Triple Alliance, Extension, and the New Generation, and these parties, through the majority, may be able to pass it inside the parliament," noting that "the journey will not end." To this stage, the law may collide with objections by some political forces and go to challenge it with the Federal Court and the possibility of accepting the appeal as a result of its violation of many tracks of the constitution and the powers of the caretaker government
He added, "The caretaker government has specific powers at a ratio of 1/12 exclusively for operational aspects, and it is trying, through the law, to grant itself the authority to access the remaining percentage of the money by legislating this law in order to have the full powers of the government," stressing that "there are some forces, including the framework The coordination seeks to reject this law and focus on sending the government to the federal budget law as an alternative to it, because we mean the budget is the most appropriate law to address the economic situation and suits the legal aspects of the powers of the government and Parliament alike
Karim visits Tehran in the afternoon, and the cabinet is discussing today's gas debt to Iran
The informed source told Middle East News, "Karim is visiting Tehran today at the head of a technical and financial delegation, at the direct order of Prime Minister Mustafa Al-Kazemi."
Yesterday, Monday, Al-Kazemi issued new directives to end the problem of importing Iranian gas and re-pumping its agreed quantities prior to the visit of an Iraqi government delegation to Tehran, and while the ministry expected a bilateral agreement to end the problem, it pointed out that the debt volume exceeds 1.6 billion dinars.
A spokesman for the Ministry of Electricity, Ahmed Moussa, said, "The Prime Minister is supervising on a daily basis the file of electrical energy supply with the aim of identifying and overcoming obstacles. During his visit today to the Ministry, a meeting of the Ministerial Energy Council was held."
He pointed out that "the meeting of the Council of Ministers in its regular session {today} will witness the presence of the Minister of Finance and with him the payments allocated to repay Iran's gas debts, and the director of the Fuel Center in the Ministry of Electricity will be hosted, and the matter will be discussed with the Minister of Oil. A total of 1.642 billion dollars for the year 2020, because there was no budget and the ministry paid what it owed during the past year.”
He stressed that "Al-Kazemi issued several directives to the delegation that will visit Iran, and we expect an Iraqi-Iranian agreement to allow the perpetuation of the flow of gas in a manner commensurate with the Iraqi need."
Initial agreement) to reduce the amount of the emergency support law to 23 trillion dinars
A member of the Parliamentary Finance Committee, Ikhlas Al-Dulaimi, confirmed, on Monday, the need to host Finance Minister Ali Allawi again in Parliament regarding the amounts required for the draft law on emergency support for food security and development, noting that there is an initial agreement to reduce it to 23 trillion dinars.
Al-Dulaimi said in a statement, "The committee is continuing to discuss the emergency support law for food security and development and some preliminary matters have been completed," explaining that "there is a preliminary agreement between the members of the committee to reduce the total amount from 25 trillion to 23 trillion, and this is not a final agreement."
She pointed out that "the law will allocate funds to the Ministry of Commerce and the Ministry of Agriculture, as well as social welfare, but the numbers of those allocations have not yet been written, and there is an agreement among the members of the committee to support them."
Al-Dulaimi added, "The committee agreed to complete the discussions and hosts before and after Eid. We will proceed to vote on it in the House of Representatives."
And she added, "The hostings are continuing, including setting a second date to host the Minister of Finance, because there are some questions that we need the minister's answers to know the vision of the Ministry of Finance about some of the amounts specified in the law and what are the motives that the ministry set in the law."
oil is at 103Oil prices are rising again today, Tuesday, after falling sharply in the previous session
Oil prices opened higher on Tuesday, after dropping sharply in the previous session on concerns that continued COVID-19 lockdowns in China would affect demand and with the US dollar hitting a two-year high.
Brent crude futures were at $103.51, up 1.23 cents, or 1.20 percent, and US West Texas Intermediate contracts rose to $99.43, up 89 cents, or 0.90 percent, at 04:48 GMT.
Both contracts settled down about 4% on Monday, with Brent dropping as much as $7 a barrel in the session, and WTI down nearly $6 a barrel.
China's COVID lockdowns in Shanghai have entered their fourth week. Meanwhile, requests for mass testing, including in Beijing's largest shopping district, have raised fears of other Shanghai-style lockdowns.
The dollar also hit a two-year high on Monday, making oil more expensive for other currency holders.
Conversely, the oil market remains tight as the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, together called OPEC+, struggle to meet their production targets with US crude stocks falling sharply in the week ending April 15
Source: Al-Halbousi will visit Tehran tomorrow
The source told Middle East News that "Al-Halbousi will visit Tehran at the head of a parliamentary delegation on an official visit."
Al-Halbousi was scheduled to visit Tehran last March, but the media office of the Speaker of Parliament announced the postponement of the visit.
The office noted, in a statement, "the postponement of the visit of the Speaker of the House of Representatives to the Islamic Republic of Iran, which was in response to an official invitation from his Iranian counterpart, Mohammad Baqer Qalibaf."
The statement added, "due to the constitutional and parliamentary obligations of the two sides, as well as the emergence of a health condition for the head of the Iranian Shura Council.
A Source Reveals The Reason For Al-Halbousi's Presence In Erbil
An informed political source revealed, on Tuesday, the reason for the presence of Parliament Speaker Muhammad al-Halbousi and the leader of the Sovereignty Alliance, Khamis al-Khanjar, in Erbil.
The source said in an interview with the "Information" agency that "in light of the new data and changes in the Sunni political arena, Al-Halbousi discussed with the leader of the Kurdistan Democratic Party the issue of changing the political discussions and getting out of the cloak of the Sadrist movement in light of the failure to form the government."
He added that "the other point discussed is the existence of differences between the Democratic Party and the party led by al-Halbousi over the sharing of positions in Nineveh Governorate, in light of the talk about a comprehensive change of directors of departments in the province."
Parliament Speaker Muhammad al-Halbousi visited the city of Erbil and held a meeting with the leader of the Democratic Party, Massoud Barzani.
The frame says "no" to the parliament session before the agreement with Al-Sadr
The coordination framework said, on Tuesday, that it will not participate in any parliament session before reaching an agreement with the leader of the Sadrist movement, Muqtada al-Sadr.
Ali Al-Zubaidi, a member of the Al-Fateh Alliance headed by Hadi Al-Amiri told Shafaq News Agency, "The Al-Fateh Alliance, one of the most important poles of the coordination framework, will not participate in any session or meeting of the House of Representatives before reaching a final agreement with the leader of the Sadrist movement, Muqtada Al-Sadr, to form the largest Shiite bloc."
He explained that "the framework is working to find appropriate solutions to end the state of political blockage, and there is an important meeting that will be held between the coordination framework and the Sovereignty Alliance after the end of the Eid holiday."
Al-Zubaidi revealed that "more than ten deputies from the Sovereignty Alliance withdrew from the latter and joined the coordination framework." He added, "Any disintegration in the Alliance to Save a Homeland will inevitably affect the digital equation, which will greatly change the rules of the political equation that control the Iraqi scene."
Alaa Al-Rikabi, head of the Alliance for the Parliamentary People, had submitted an official request to the parliament’s presidency to hold an urgent session on Saturday, May 7, to discuss mechanisms for resolving the political blockage, proceeding with the formation of the government and approving the budget law.
In turn, the media office of the head of the State of Law coalition, Nuri al-Maliki, confirmed, on Tuesday, that the coordination framework and its allies did not attend the parliament session called for by the Alliance for the People bloc.
The director of the office, Hisham Al-Rikabi told Shafaq News Agency, "The coordination framework and the forces allied to it other than the Shiite forces will not participate in the parliament session unless the problem that stands in the way is solved in the sense of the coordination framework agreement with the Sadrist movement along with the unification of the Sunni house and its Kurdish example, and therefore it can be Going towards forming a government and ending the political blockage."
Al-Rikabi pointed out that "the coordinating framework is betting and even seeking to reunite the Shiite component in a harmonious way. So far, there are framework efforts to end the dispute between the most important Shiite parties, and these endeavors consist in making contacts with most political forces to end the current stagnation, and we will certainly find a way out of the blockage soon."
He continued, "The framework is in contact with the leaders of the second row with all political forces, including the Sadrist movement, and almost everyone is in agreement to end the dispute and unite the ranks, and we may soon witness a breakthrough with the agreement of all components to resolve the crisis.
Al-Kazemi and Abdullah's Shakhwan discuss a number of files in a
The two presidencies of the Iraqi parliament and government stressed, on Tuesday, the importance of continuing joint coordination between the legislative and executive authorities to approve service laws and enhance security and economic reality.
In a statement received by Shafaq News Agency, the media office of the Deputy Speaker of Parliament, Shakhwan Abdullah, stated that the latter met with Prime Minister Mustafa Al-Kazemi, and the two sides stressed the need for continued cooperation and joint coordination between the legislative institution and the Council of Ministers and the adoption of laws in a manner that secures the provision of services to citizens and enhances their The state of security and stability in all governorates.
They also reviewed the developments of the situation and the latest political developments on the Iraqi arena, and the efforts and endeavors of the national forces and parties to overcome crises, face challenges, and complete the constitutional steps and entitlements to form the new government.
In turn, the Deputy Speaker of Parliament explained that the issue of financial dues to farmers for the past years and the importance of supporting the agricultural sector were discussed, and the security file and recent violations were discussed and ways to address security problems and soft areas and raise the level of performance of the security and military forces to hold the land.
On the other hand, Abdullah stated that the importance of continuing the work of Parliament at this stage and legislative measures to pass the necessary laws, including the draft law on emergency support for food security and development, which was sent by the government, was discussed.
Below here is the WOTS repo for April 26 2022 Word on the Street Report
The exchange rates of the dollar stabilized, today, Tuesday, in the local markets.
And the selling prices of the dollar were recorded at 147,500 dinars per 100 dollars, while the purchase prices of the dollar were recorded at 147,250 dinars per 100 dollars.
And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, while the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar
Favorite Currencies Forex Quotes
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6.5451Initial agreement) to reduce the amount of the emergency support law to 23 trillion dinars
A member of the Parliamentary Finance Committee, Ikhlas Al-Dulaimi, confirmed, on Monday, the need to host Finance Minister Ali Allawi again in Parliament regarding the amounts required for the draft law on emergency support for food security and development, noting that there is an initial agreement to reduce it to 23 trillion dinars.
Al-Dulaimi said in a statement, "The committee is continuing to discuss the emergency support law for food security and development and some preliminary matters have been completed," explaining that "there is a preliminary agreement between the members of the committee to reduce the total amount from 25 trillion to 23 trillion, and this is not a final agreement."
She pointed out that "the law will allocate funds to the Ministry of Commerce and the Ministry of Agriculture, as well as social welfare, but the numbers of those allocations have not yet been written, and there is an agreement among the members of the committee to support them."
Al-Dulaimi added, "The committee agreed to complete the discussions and hosts before and after Eid. We will proceed to vote on it in the House of Representatives."
And she added, "The hostings are continuing, including setting a second date to host the Minister of Finance, because there are some questions that we need the minister's answers to know the vision of the Ministry of Finance about some of the amounts specified in the law and what are the motives that the ministry set in the law."
Oil prices are rising again today, Tuesday, after falling sharply in the previous session
Oil prices opened higher on Tuesday, after dropping sharply in the previous session on concerns that continued COVID-19 lockdowns in China would affect demand and with the US dollar hitting a two-year high.
Brent crude futures were at $103.51, up 1.23 cents, or 1.20 percent, and US West Texas Intermediate contracts rose to $99.43, up 89 cents, or 0.90 percent, at 04:48 GMT.
Both contracts settled down about 4% on Monday, with Brent dropping as much as $7 a barrel in the session, and WTI down nearly $6 a barrel.
China's COVID lockdowns in Shanghai have entered their fourth week. Meanwhile, requests for mass testing, including in Beijing's largest shopping district, have raised fears of other Shanghai-style lockdowns.
The dollar also hit a two-year high on Monday, making oil more expensive for other currency holders.
Conversely, the oil market remains tight as the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, together called OPEC+, struggle to meet their production targets with US crude stocks falling sharply in the week ending April 15
Economist: The Government Will Do Financial Justice To Some Segments In Order Not To Reduce The Dollar
between the economic expert Wissam Al-Tamimi, that talking about adjusting the salary scale of employees and going to other options are nothing but measures intended to maintain the dollar exchange rate at its current level, something that will benefit some segments while most of the people will continue to suffer from the high cost of living.
Al-Tamimi told Al-Maalouma, "The emergency support law, increasing the items of the food basket, supporting the ration card, and amending the salary scale for employees, are all measures that will not be sufficient to reduce prices and reduce the burden of the cost of living."
He added that "the government may move to take a lot of measures in order to ensure that the dollar exchange rate is not reduced, which most of the political class benefited from by continuing to trade in currency auctions and benefiting from their money in international banks."
And he indicated that "most of the political class is pushing to maintain the exchange rate of the dollar, in order to serve its projects, especially since most of this class controls housing projects, factories, factories, tourist facilities and private universities."
He pointed out that "the government will work to do justice to some segments under the pretext of addressing the consequences of the high exchange rate of the dollar, including the segment of employees, which constitutes only 10 percent of the Iraqi population, while most of the people will suffer from the high cost of living and high prices."
CBI Update: Just a note:
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