The Iraqi Central Bank launches a package of measures to reduce the exchange rate of the dollar - urgent
even though this is not new info it is currently breaking news over there
The package of measures launched by the Central Bank to improve the performance of transactions related to the dollar:
▪️Opening outlets for selling foreign currency in government banks for citizens for travel purposes (treatment, Hajj Umrah, study, etc.) according to the rules for buying and selling foreign currency
▪️ Reducing the selling price of the dollar to the beneficiary (the card holder) that he uses while traveling or paying his purchases via the Internet, to be at a price of (1465) dinars to the dollar instead of (1470) dinars to the dollar
▪️ Allowing the banks participating in the foreign currency buying and selling window to purchase any amounts in foreign currency and deposit them with this bank in accounts used for external transfer purposes.
▪️ Facilitating the financing of private sector trade through Iraqi banks and meeting the request for foreign transfers by strengthening bank balances with their correspondents in other currencies
Today, Monday, the Central Bank of Iraq launched a package of measures to improve the performance of dollar-related transactions.
The Central Bank's media office said, in a statement received by Earth News, that "this package of decisions would restore the foreign currency market to its normal position."
He added, “The package included:
1- Allowing the banks participating in the foreign currency buying and selling window to buy any amounts in foreign currency and deposit them with this bank in accounts used for external transfer purposes, and pay interest / returns on those balances according to what this bank decides
2- Trade financing facilitation The private sector through Iraqi banks and meeting the demand for foreign transfers by strengthening bank balances with their correspondents in other currencies in addition to the US dollar (Chinese yuan, euro, UAE dirham, Jordanian dinar and others).
3- Opening outlets for selling foreign currency in government banks to the public for travel purposes (treatment, Hajj Umrah, study, etc.)
4- Reducing the selling price of the dollar to the beneficiary (the card holder) that he uses while traveling or paying his purchases via the Internet to be at a price of (1465) dinars to the dollar instead of (1470) dinars to the dollar, as the dollar will be sold to electronic payment companies for the above purpose at a price of (1455) dinars to the dollar instead of (1460) dinars to the dollar.
Japan grants Iraq a "huge" financial loan to finance "important and vital" projects
Today, Monday, the official Japanese International Cooperation Agency announced that Iraq would be granted a huge financial loan with the aim of financing the establishment of projects described as "important and vital" for the Iraqi economy during the next few years.
The agency said, through the director of the Middle East and Europe Division at the agency, Annado Naoki, and translated it (Baghdad Today), that "the agency has committed to financing Iraq with about 860 billion Japanese yen, equivalent to 6.3 billion US dollars, and through 32 various loans for various internal projects covering the infrastructure sectors." infrastructure, energy, water, transportation, services, education, and health," he said.
He added, "The loan will include the agency's entry as a co-financier for the Basra refinery project, whose cost is expected to reach four billion dollars."
The official in charge of the Japanese agency did not clarify, "If the talks with the Iraqi side were concluded after obtaining the approval of granting the loans," noting that "the Japanese agency and a representative of the government in Tokyo are fully committed to fully supporting Iraq and the government of Baghdad."
The Iraqi Stock Exchange will stop for one day
The Iraqi Stock Exchange (the Stock Exchange) announced, on Monday, that it would stop its activity for a period of one day.
And the market said in a statement, that “based on the decision of the Council of Ministers to declare an official holiday for a period of one day, starting from Sunday, December 25, on the occasion of the birth of Jesus Christ (PBUH), the market will not organize the trading session in shares.”
He added, "The activity will be practiced after the official holiday, starting from Monday, December 26, according to its official timings."
It is noteworthy that it organizes five trading sessions per week, from Sunday to Thursday, and includes 103 Iraqi joint-stock companies representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism, hotels and services.
Expert: The government sector has failed to produce, and privatization is the solution
Economic expert Manar Al-Obaidi confirmed, on Monday, that the government sector failed to increase production, suggesting that it be transferred to private or joint stock companies.
Al-Obaidi said in a publication, "The size of the pharmaceutical market exceeds $3 billion annually. All pharmaceutical companies in Iraq achieve high profits. Hundreds of companies and thousands of types of medicines are available. Samarra Pharmaceutical Company, which is considered one of the most well-known names in the Iraqi pharmaceutical world, achieves an annual loss of $31 billion." Dinar ".
He wondered: “What are the reasons that led to the loss of a company with such a name and such a market? Was it mismanagement or deliberate destruction to allow the continuity of the pharmaceutical trade, or the weakness of the research and development sector, which could not meet the needs of the local market, or the weakness of control over the pharmaceutical sector, which allows the entry of the worst types at the lowest prices? ".
He pointed out that "the public sector proves its failure on the productive side, and it has become necessary to privatize the entire government sector and encourage investment
Whoever talks about reviving the public productive sector will only suffer more successive losses."
He believed that "the solution is to convert public companies into joint-stock companies, provide a suitable investment environment, tighten control over drug smuggling, and increase spending on research, development and marketing."
Tomorrow... Muhammad Shia'a Al-Sudani is in Jordan to participate in the "Second Baghdad Summit"
An official government source revealed, today, Monday, that Prime Minister Mohammed Shia Al-Sudani will visit Jordan on Tuesday.
The source told (Baghdad Today) that "the cabinet will hold its regular session today instead of tomorrow, Tuesday, due to the visit of its prime minister, Muhammad Shia' al-Sudani, to Jordan to participate in the Baghdad Conference for Cooperation and Partnership in its second edition."
He added that "the conference will be attended by leaders and officials of Arab and foreign countries, namely Jordan, Egypt, Kuwait, Saudi Arabia, the Emirates, France, Qatar, Oman, Bahrain, Iran and Turkey."
For his part, Iranian Foreign Minister Amir Abdollahian announced today, Monday, that his country agreed to accept the invitation extended by the Iraqi government to it to participate in the second Baghdad summit, which will start its work tomorrow, Tuesday, in the Jordanian capital, Amman.
The Iranian minister said in a press statement to the Iranian Tasnim Agency and its translation (Baghdad Today), that "Iran will participate alongside other countries in the region and will focus on constructive dialogue with all parties with the aim of addressing security files, re-business, foreign investment, and economic, political and security cooperation with Iraq." .
Yesterday, the Jordanian army announced, today, Sunday, security measures in anticipation of the second regional summit of the countries neighboring Iraq, which will be held the day after tomorrow, Tuesday, in the Dead Sea region, in which French President Emmanuel Macron and Iranian Foreign Minister Hussein Amir Abdullahian will participate.
The Jordanian army said in a statement that it would deploy military forces and vehicles on the road leading from Queen Alia International Airport to the Dead Sea region (50 km west of Amman) to secure the "Baghdad Conference for Cooperation and Partnership", whose first edition was hosted by the Iraqi capital, Baghdad, in August 2021.
On December 17, press reports revealed the most important goals of the Baghdad conference, which is expected to be held in Jordan, while suspicious questions were raised about the reason for Lebanon's absence from the conference.
Asharq Al-Awsat newspaper quoted Arab diplomatic sources in Paris as saying, which was followed by (Baghdad Today), that "France pressed hard for the conference to take place before the end of this year, which is what will happen."
The delay is attributed to what is intended to be an annual summit, to "the internal political situation in Iraq, where it was difficult to call for a summit before the election of a president of the republic and the appointment of a prime minister," according to the newspaper.
The newspaper pointed out that "it is also remarkable for the absence of Syria, Iraq's neighbor, as in the first version, for well-known reasons. However, the absence of Lebanon this year also raises the problem of the criteria on which the invitations were made, as the argument that the invitation is limited to the countries neighboring Iraq does not stand; where Neither Egypt, nor the Emirates, nor Bahrain, nor Oman have a common border with Iraq.
The newspaper pointed out that "neither France nor Iraq provided a reason for the absence of Lebanon, which suffers from problems, some of which are similar to what Iraq suffers from."
The French sources pointed out that "the summit will be held in two phases: the first, an open session, followed by a closed session after a break."
She also stressed that "the purpose of this year's summit is no different from what it was last year, which is specifically" to help Iraq provide security, stability and prosperity, but also to discuss files of interest to the region, in which Iraq is located as a pivotal country, "according to the newspaper."
On August 28, 2021, the Iraqi capital hosted the activities of the Baghdad Summit for Cooperation and Partnership, in which 9 countries participated, most of them from the regional neighborhood of Iraq, in addition to Arab and international organizations.
In a press conference at the conclusion of the conference, Iraqi Foreign Minister Fouad Hussein said that the final statement of the meeting touched on a group of issues, most of which are related to support for Iraq, stressing that Baghdad was able to bring together countries that had major differences and problems.
Hussein added that Baghdad was able to open a space for joint action in the regional environment through dialogue instead of conflicts, stressing that the stability of Iraq means the stability of the regional environment and the entire region.
The Iraqi foreign minister indicated that the Baghdad meeting touched on many common files between the participating countries, stressing that the Saudi-Iranian meetings are continuing and there is a desire on the part of both sides to reach positive results and that Iraq was a mediator between different countries in the region and played an important diplomatic role.
Expert: The economic decision in Iraq is (not independent) and the problem of the exchange rate is not technical
Economist Nabil Al-Marsoumi considered that the economic decision in Iraq is "not independent" and that the United States can "tamper" with the Iraqi economy and "disable its engines", saying that the problem of the exchange rate is not technical but rather a political-economic one.
And Al-Marsoumi wrote on his wall on the Facebook website, “He studied the electronic platform!! The Americans suddenly discovered, after 18 years, that the window for selling foreign currencies in the Central Bank of Iraq contains loopholes that allow the smuggling of dollars to countries hostile to America and to armed groups, although this window is an industry.” Purely American!! Therefore, the Americans once again created an electronic platform linking the US Federal Bank and the Central Bank of Iraq to track and restrict foreign transfers, which led to an increase in the price of the dollar in the Iraqi market.
He added, "What should be concluded here is that the economic decision in Iraq is not independent, and the United States can tamper with the Iraqi economy and disable its engines, and that the problem of the exchange rate is not technical, but rather political-economic, and the platform may be a warning or a prelude to subsequent American actions if Iraqi politics and its orientations deviate from it." American visions and interests!!
Mandalawi: Parliament will work with full force and determination to legislate the oil and gas law
First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, confirmed today, Monday, Parliament's endeavor to legislate the oil and gas law.
In his speech at the Eighth International Exhibition and Conference of Iraq for Oil, Gas and Energy, Mandalawi stressed "the importance of gas wealth, which is still being lost despite its global importance," noting the importance of "working to address this imbalance and start real gas production in a way that makes it synonymous with oil wealth."
And he continued, "The export of oil after 2003 witnessed a remarkable development through a significant increase in production and Iraq's endeavor to restore its position at the forefront of global exporters," pointing to the need to "attention to the oil industry sector by building refineries."
He stated, "This year witnessed the inauguration of the Karbala refinery, and we aspire to build refineries in other governorates and develop the existing ones to achieve self-sufficiency in a way that secures the need for oil derivatives for local consumption, operating power plants, and securing what the private industrial sector needs."
He stressed, "Everyone is called to work seriously to develop the oil sector, whether the relevant ministries, national companies, or the local private or investment sector," calling on "the political forces to find a solution to all problems related to this file so that the House of Representatives can move forward with the long-awaited oil and gas law legislation." ".
Mandalawi added, "The House of Representatives will work with full force and determination to legislate the law in a way that secures a solid legal environment for work and investment in the oil and gas sector, away from political tensions."
Two days before the Baghdad conference.. America confirms its support for Iraq's stability
The United States renewed its commitment to support the stability of Iraq, two days before the second edition of the "Baghdad Conference for Cooperation and Partnership" was held in the Jordanian capital, Amman, on Tuesday.
The media office of the Iraqi Prime Minister, Muhammad Shia Al-Sudani, said in a statement, yesterday (Sunday), that the Prime Minister “received a phone call from the White House Coordinator for Middle East and North Africa Affairs, Brett McGurk.” The statement added, "During the call, McGurk congratulated the prime minister on assuming his position," stressing the continued support of the United States for Iraq's stability, security, and sovereignty, and President Biden's desire to strengthen strategic bilateral relations between the two countries.
The statement continued, "Al-Sudani stressed that Iraq is a unified, independent and sovereign state, and the priority of his government is to maintain balanced relations and build economic partnerships across the region and the world."
According to the statement, the phone call "testified to the agreement of the two sides on the importance of continuing efforts to ensure the permanent defeat of (ISIS), and to support Iraq's regional role in building bridges between the countries of the region."
The statement also quoted the Iraqi Prime Minister as intending to “send a delegation, headed by the Minister of Foreign Affairs, to Washington to promote the common interests of the two countries under the Strategic Framework Agreement. This will include discussing energy investment in Iraq and combating the effects of climate change.
The US ambassador to Baghdad, Alina Romansky, met about 6 times with Prime Minister Muhammad Shia al-Sudani, since he took office, in late October, amid assurances from al-Sudani on the importance of building balanced relations with everyone based on common interests.
Last week, Al-Sudani participated in the Arab-Chinese summit held in the Kingdom of Saudi Arabia, which was attended, along with Arab leaders, by Chinese President Xi Jinping.
The American support for the Sudanese government comes two days before the second edition of the Baghdad Summit will be held in the Jordanian capital, Amman, on Tuesday, under the slogan "Partnership and Cooperation, and How We Work Together to Support and Continue Support for Iraq."
The first edition of the summit was held in August 2021 in Baghdad.
Al-Badrani adds, “The United States and even France have coordination with Arab countries, which sensed Iraq’s lost situation to protect itself from external violations, so it resorted to holding a conference that Iran and Turkey are supposed to attend, and an attempt to oblige them to diplomatic solutions, and put them in front of statements of violations of Iraq’s sovereignty; The United States does not want to leave Iraq in the hands of regional parties, and is trying to make the government of Muhammad Shia al-Sudani on the line of mutual understanding, coordination and cooperation.
In the same context, Dr. Ihsan Al-Shammari, head of the Center for Political Thinking in Iraq, told Asharq Al-Awsat that “the recurrence of American support for Iraq is linked to what I would call the American rotation and the rise of Iraq in the list of priorities for the American administration, as this is now pushing for more rapprochement from On the one hand, and communication with officials there in Washington at the level of the Iraqi file ».
Al-Shammari asserts, “This support is part of an American plan that is trying to prevent Al-Sudani and his government from going towards Iran, as we witnessed at the time, the government of Adel Abdul-Mahdi. In addition, the United States of America has a strategic interest in securing energy sources to Europe, and even to its allies in Asia, and this prompts more communication, in addition to well-known files, such as the security file and the challenges of terrorism.
Al-Shammari explains that «this communication is certainly, in addition to what we mentioned, a message to Iran that Iraq's affairs are not left to Iran, in order for it to expand its influence, as happened in previous governments. In addition, the government's supporters, mainly (the framework forces), have begun to realize that it is not possible to return to the space of previous anti-American rhetoric, as well as even for al-Sudani, although he left the political environment of the (framework), but he must work according to The principle of balance, hence the process of sending the foreign minister to Washington with the aim of initiating new negotiations, within the framework of the strategic framework agreement, as well as the process of evaluating the presence of US forces in Iraq.
Independent deputy: Failure to implement promises will be the closest to the Sudanese government
Despite the passage of about a month and a half since the formation of the government of Muhammad Shia’ al-Sudani on October 27, supported by the “Coordination Framework” coalition, which brings together blocs and parties close to Tehran, this government faces obstacles in achieving the promises it made within its government programme.
Amidst these difficulties in achieving government promises, observers warn that failure to implement them may prevent the government from gaining the confidence of the Iraqi street.
Al-Sudani began his government work by making many promises, pledging to fulfill them within a maximum period of one year, and then go to early parliamentary and local elections. One of the most prominent provisions of the Sudanese government curriculum is to end the phenomenon of uncontrolled weapons outside the scope of the official and legitimate institutions of the state, and to work with the competent authorities to reveal the fate of the missing and include them in the Victims of Terrorism Law after conducting a security audit.
Salem: Failure to implement promises will be the closest to the Sudanese government
The promises also included the abolition of the Accountability and Justice Commission, and the issuance of a general amnesty for some detainees, as well as raising the value of the Iraqi dinar against the dollar exchange rate, which has declined inversely during the past few days (the US dollar is equivalent to 1,459 Iraqi dinars).
The new government's pledges also included the implementation of the "Sinjar Agreement" between Erbil and Baghdad, which would remove the PKK forces from Sinjar district in Nineveh Governorate, as well as combating corruption and holding the corrupt accountable. And many other promises that were part of the political agreement, on the basis of which the current government was formed.
Meanwhile, the independent deputy in the Iraqi parliament, Sajjad Salem, said, in an interview with the Qatari newspaper, Al-Araby Al-Jadeed and its independent follow-up, that “Al- Sudani
and his government, until this hour, have not fulfilled any of the promises that were made within and outside his government program.” ".
And he indicated that “the Sudanese has not yet taken any real and realistic action regarding his government’s control of uncontrolled weapons and restricting weapons to the state.” He pointed out that "the uncontrolled weapon is still the same in the Iraqi street, and this weapon constitutes a real threat to civil peace, in addition to threatening the existence of the Iraqi state."
Salem suggested, “Al-Sudani’s inability to fulfill many promises, due to the great interference in his work by some parties to the coordination framework.” He also stressed that "failing to implement promises will be the closest to his government, as is the case with previous governments, because it was formed according to the quota system that brought Iraq to its current state of corruption and failure."
In turn, the leader of the Sovereignty Alliance, Hassan al-Jubouri, said in an interview with Al-Araby Al-Jadeed that “the political forces are still waiting for the implementation of the promises and agreements on the basis of which the Sudanese government was formed.”
He pointed out that the most prominent of these promises are “limiting weapons to the hands of the state, revealing the fate of the abductees, rebuilding liberated cities, compensating those affected, resolving the issue of the Accountability and Justice Commission, as well as a general amnesty and many others.
He pointed out that “although more than a month has passed since the formation of the government, it has not implemented what was previously agreed upon, and we are still following and monitoring government moves and decisions, to implement those promises, and we do not know the true reasons for delaying this achievement, especially since there is a political agreement on implement it.”
Al-Jubouri stressed that "if procrastination and procrastination continue to fulfill those promises and agreements, we will have a political position." He emphasized that this position “is not only on the part of the political forces in the Sovereignty Alliance, but also the Kurdish forces, and even some Shiite political parties.”
The “coordination framework” confirms the government’s determination to implement promises
. On the other hand, the representative of the “coordination framework,” Rafik al-Salihi, confirmed to “The New Arab” that “the prime minister is serious and determined to fulfill all the promises he made within his government program, or through political agreements.” that took place within the State Administration Coalition, but there is a timetable for fulfilling these promises and agreements.
Al-Salhi affirmed that “Al-Sudani and his government made the service file and the fight against corruption a priority for their work in the first months of the government’s life, and there is a clear achievement in these two files, and the next stage will include steps and decisions to implement the rest of the promises and political agreements.”
Al-Salhi pointed out that "the decline in the price of the Iraqi dinar against the exchange rate of the dollar and the measures to control it are the responsibility and authority of the Central Bank of Iraq, which is an independent body from the government."
He pointed out that "the government is communicating with the Central Bank to find appropriate solutions to reduce the price or control it, and there is a decision that will be issued after approving the budget that contributes to reviving the financial situation."
For his part, political analyst Ghazi Faisal, in an interview with Al-Araby Al-Jadeed, underestimated the possibility of fulfilling promises. He emphasized that "Iraqi governments are accustomed to having their government program as mere ink on paper, and very little is implemented from it."
Al-Salihi: The next stage will include steps to implement the rest of the promises
He also pointed out that the reason for not implementing the promises is “the control of the political blocs and parties over the state’s decisions and the formation of a deep state affiliated with it that implements its political and personal agendas.”
He explained that "the Sudanese government will not be different from previous governments, and the promises made will remain mere slogans." He also pointed out that "even the political agreements on the basis of which the government was formed with the Sunni and Kurdish political forces will remain fake agreements without implementation, especially related to uncontrolled weapons, the file of the kidnapped, and resolving disputes with the Kurdistan Regional Government."
Faisal stressed that "if the promises are not implemented in the coming months, this may push the political forces that supported the government to oppose it, especially with the presence of popular opposition behind which supporters of the Sadrist movement and the October Coordinators stand."
Warnings of risk in calculating the price of oil within the 2023 budget
Black gold prices rebounded in the periods that followed the Russian-Ukrainian war and touched the $120 range, only to decline again as a result of this decision at less than $80, in a scene that raised fear among many experts, who warned of the dangers of exaggerating the price of a barrel of oil in the next budget by more than From $60 for fear of falling oil prices and a deficit in the budget that depends on oil revenues by more than 95 percent.
In parallel to these warnings, specialists stated to the official newspaper (December 19, 2022), followed by "NAS", that "the new sanctions imposed on Moscow could reduce the global oil supply, which OPEC + cannot compensate for, which may lead to an increase in global oil prices." . And between the expectations of global oil price fluctuations, and the likely impact of the next year’s budget, experts suggested reconsidering the price calculated for a barrel of oil in the budget, and not “risking” raising it for fear of a collapse in oil prices, whose prices are linked to global events and international political fluctuations.
An expert in the field of energy, Dr. Bilal Al-Khalifa, underestimated the impact of European sanctions on global oil prices, pointing out that the first Russian reaction is not to sell oil to countries that adhere to the decision of the specified price ceiling, and this will constitute a burden on those countries, especially European ones, indicating at the time The same, that "the new sanctions will reduce supply in the global market and this will make prices rise, as Europe can turn towards Arab oil that arrives by tankers, unlike Russian oil, which most of it reaches Europe by pipelines, which makes Russian oil less expensive than Arab oil, and this will be a burden." additional to Europe.
Regarding the repercussions of the decision on the Iraqi budget, the expert believes that it will be positive, attributing this to a number of reasons, including that the global oil supply will decrease, and this matter will raise oil prices first and will increase the offers presented to SOMO to buy oil, as well as make European markets available for Iraqi oil in a form wider".
It is noteworthy that the global oil prices declined significantly after the European decision imposed on Russia, and reached less than 80 dollars.
Contrary to the previous opinion, the economist, Ali Hadi Judeh, described the high oil revenues that Iraq gained in previous times as "evaporating resources affected by geopolitical and military factors before economic influences."
Hadi stressed that "with the near completion of the preparation of the federal budget for the fiscal year 2023, the tabulation of its revenue and expenditure inputs was accompanied by the arrival of oil prices in the global market to the ceiling of $90. Approximately this number, but prices quickly fell, which is to be expected.
Expert Hadi warned against the risk of calculating a high price for a barrel of oil in the next budget for fear of expected collapses, calling on "the government and the Parliamentary Finance Committee to deal with global developments strongly and reconsider the price of oil in the budget, proposing at the same time that it not exceed $60 per barrel." .
The economist also urged the need to "control operational spending, rationalize luxury expenditures, and go to prepare a fund that accompanies the budget to support its stability and to intervene in the event of any emergency that bridges the deficit gap," the budget stabilization fund.
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Al-Nusairi: O speculators and rumor mongers, stop insulting our national economy
Today, Monday, Samir Al-Nusairi, advisor to the Association of Iraqi Private Banks, called on speculators in the foreign currency market, their media and analysts with bad intent and special goals, and those who spread rumors to influence the monetary authority's procedures and harm the people's livelihood with the aim of private political and economic interests, forgetting that the insistence on trading fabricated news, rumors and media analyzes From personalities who are not specialized in economics and monetary policy. Its clear goal is to confuse the money market and the movement of the commercial market, and they are trying to suggest that there is a new price for the Iraqi dinar, on the basis of which the 2023 budget will be calculated.
Al-Nusairi stressed that the data, clarifications, and procedures that the Central Bank has carried out and is taking place in accordance with its responsibilities stipulated in its law in force, to intervene in controlling and maintaining the exchange rate if necessary, and it is a procedure that all banks in the world take when needed. He also made it clear repeatedly that one of the reasons for the rise in the exchange rate is It is the electronic platform and the audit procedures practiced by the Central Bank to control foreign transfers and ensure the safety of their arrival to the final beneficiary. He also clarified that the news about the existence of new sanctions on our banks is incorrect.
He pointed out that the Prime Minister had previously confirmed, in an explicit statement, that the government supports the measures of the Central Bank, and the price will return to its previous rates during the coming period, and that the Central Bank is the body responsible for changing the exchange rate.
Al-Nusairi hinted that the speculators' plans will fail, and we say to them and other rumor mongers, stop manipulating the feelings of the poor and vulnerable segments of the citizens, directing their statements, messages, and calls towards urging the government and Parliament to expedite the issuance of the 2023 budget, finding solutions and remedies for new appointments, activating economic sectors other than oil, and developing the food ration. In the ration card, increasing social welfare allocations, issuing the retirement law for the private sector, establishing the sovereign fund for generations, and forming the private sector development council in its final form.
Al-Nusairi concluded by calling for some banks and exchange offices to adhere strictly and nationally to implement the instructions and procedures of the Central Bank to control the currency market and not to withhold the dollar for the purposes of merchants, businessmen and citizens, which they must obtain at the price set by the Central Bank.
Because certainly the money market is now under internal and external control and supervision, and we have great hope for our banks, which had honorable and supportive positions in all previous economic and financial crises that the country went through.
Oil prices regain strength with the recovery of demand in China
Oil prices regained their strength, on Monday, after falling by more than two dollars a barrel in the previous session, with optimism about the reopening of China and the recovery of oil demand overshadowing fears of a global recession.
Brent crude futures rose 77 cents, or 0.97 percent, to $79.81 a barrel by 03:30 GMT, while US West Texas Intermediate crude was $75.01 a barrel, up 72 cents
Despite the increase in COVID cases in China, the world's largest crude oil importer and consumer, optimism and accommodative policy are improving the outlook for oil demand.
Brent and West Texas Intermediate rose more than 3% last week as a pipeline from Canada to the United States remained closed. The shutdown of the pipeline, which has a capacity to send 622,000 barrels per day of Canadian crude to US refineries, supported prices for heavy US crude grades.
The announcement by the US Department of Energy, on Friday, that it will start buying back crude oil for the Strategic Petroleum Reserve, also supported expectations of higher prices.
The Central Bank of Iraq confirms that its reserves and the financial solvency of the state are "at their best levels in decades."
Mandalawi stresses the need to reduce dependence on oil wealth imports to finance the budget
Today, Monday, First Deputy Speaker of Parliament Mohsen Al-Mandalawi stressed the need to reduce dependence on oil wealth imports to finance the budget.
In his speech during the forum held at the (Tulip Al-Rasheed) Hotel in Baghdad, in a statement received by Al-Oula News, Al-Mandalawi called on the government to start finding mechanisms that would reduce dependence on oil export imports to finance the treasury, develop oil industries, and achieve self-sufficiency as soon as possible.
He stressed “the importance of Iraq’s oil wealth and the need to reduce dependence on its imports to finance the budget and find real alternatives while striving to perpetuate Iraqi wealth and benefit from it optimally,” noting “the importance of gas and the growing demand for it globally and finding mechanisms to ensure that this wealth that can bring benefits is not wasted.” Huge for the state treasury.
And he continued, "Iraqi production of oil and gas witnessed a remarkable increase after 2003 as part of efforts to restore its position among the list of exporters," stressing "the need to pay attention to the oil industry sector, build oil refineries and industries, operate power plants with local products, stop importing derivatives, and fully secure the needs of the private sector." To encourage this sector and create promising job opportunities for our youth.”
The First Deputy called on “the political forces to sit down seriously to resolve all the problems related to this file, so that the House of Representatives can move forward in enacting the long-awaited oil and gas law due to the differences between the region and the center around it,” stressing “the determination of the current parliamentary session to pass the aforementioned law in a way that secures A solid legal environment for work and investment in the oil and gas sectors.
Expert: The economic decision in Iraq is (not independent) and the problem of the exchange rate is not technical
Economist Nabil Al-Marsoumi considered that the economic decision in Iraq is "not independent" and that the United States can "tamper" with the Iraqi economy and "disable its engines", saying that the problem of the exchange rate is not technical but rather a political-economic one.
And Al-Marsoumi wrote on his wall on the Facebook website, “He studied the electronic platform!! The Americans suddenly discovered, after 18 years, that the window for selling foreign currencies in the Central Bank of Iraq contains loopholes that allow the smuggling of dollars to countries hostile to America and to armed groups, although this window is an industry.” Purely American!! Therefore, the Americans once again created an electronic platform linking the US Federal Bank and the Central Bank of Iraq to track and restrict foreign transfers, which led to an increase in the price of the dollar in the Iraqi market.
He added, "What should be concluded here is that the economic decision in Iraq is not independent, and the United States can tamper with the Iraqi economy and disable its engines, and that the problem of the exchange rate is not technical, but rather political-economic, and the platform may be a warning or a prelude to subsequent American actions if Iraqi politics and its orientations deviate from it." American visions and interests!!
Parliamentary economy: the delay in approving the budget negatively affects the completion of projects and investments
The Parliamentary Economy and Investment Committee confirmed today, Monday, that the delay in approving the budget negatively affects the completion of projects and investments, while indicating that there is a parliamentary movement to speed up the approval of the budget and improve the economy and investment in Iraq.
"The delay in approving the budget greatly affects the completion of projects," said member of the committee, Representative Sardi Nayef, noting that "the budget constitutes 50 percent of the gross domestic product in Iraq."
Nayef added, "The financial system in Iraq hedges with the financial management law in the event of any political emergency such as delay in approving the budget," noting that "the financial management law replaces the budget, especially in regulating expenditures and revenues."
He pointed out that "the budget is considered an annual plan for a period of one year, and in the absence of an annual plan, the actual current expenditures for the past year are used, and the old one repeats 1/12 of the actual current expenditures of salaries, wages and continuous payment obligations," explaining that "this is not in it economic planning and vision.
And he continued, "Whenever the financial budget is disrupted and the months pass, this will repeat the goals of the previous fiscal year, and this will result in a contraction in projects and investments," pointing to "intensified efforts in the House of Representatives to approve the budget as quickly as possible, address errors, and aspire to improve the economy and investment in Iraq."
Iraq launches the first electronic platform for trading securities
Today, Monday, the "Carmel" company affiliated with the Iraqi Stock Exchange announced that it had obtained official approvals to grant it the first license to launch the Iraq electronic platform for trading securities.
The company said in a statement that "official approvals have been obtained to grant it the first license to launch the Iraq platform for trading securities, IRAKA trade platform, after the success of all the required technical tests under the supervision of the Iraqi Stock Exchange, as well as the success of the security and cyber examination, which was carried out by KPMG International Auditing Company, And the completion of all the obligations contained in the Internet trading instructions approved by the Securities Commission.
She pointed out that "this project, which we adopted as a service to the investors of the Iraqi Stock Exchange, is considered this type of platform at the present time, and due to the great technological development in the world and the increasing number of users of smart devices. bigger than investors”, indicating that “the IRAKA platform contains wizards for building the trading strategy of the investor, which allows traders to decide from a list of multiple options that can be easily accessed to create a set of orders that may be traded automatically.”
She added, "The IRAKA trading platform (IKTP) is the first trading platform for online trading in Iraq and is licensed by the Iraqi Securities Commission (ISC) and the Iraq Stock Exchange (ISX)," stressing that "the only way now is for the customer to submit buy and sell orders in the market." Iraq Stock Exchange (ISX) online via a secure platform.
She pointed out that "all types of stocks and bonds listed on the Iraq Stock Exchange can be traded using the IRAKA platform, as IRAKA allows users to make online trading in the Iraq market more accessible and from anywhere in the world and at any time during the day instead of the traditional trading methods that have been adopted." over the past years.”
And she indicated that “the IRAKA platform will broadcast live market prices and through its website, and the user can also use additional trading tools such as chart analysis reports, news feeds, and account management functions,” explaining that “the IRAKA platform (IKTP) will be available on all Windows systems.” And Mac, IOS and Androi".
Sudanese advisor: Iraq has the right to seek compensation for environmental damage and carbon emissions
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, clarified, on Monday, regarding the amounts of sustainable green development mentioned in the World Bank report, and while identifying two reasons behind Iraq's vulnerability to climate change, he stressed the need to establish diplomacy for climate and desertification that defends Iraq's water and climate rights.
Saleh said, "Sustainable green development to face climate adaptations and prevent global temperatures from rising by reducing carbon emissions and desertification by 2030, will cost amounts estimated by the United Nations at about $6 trillion," according to the official news agency.
He added, "Iraq is one of the countries (affected) by climatic changes and the recipient of the causes of desertification and pollution (not affecting) for two reasons: the first is because it suffers from semi-blockades of water from the projects of the upstream countries and a continuous reduction of our country's share of water, which has increased the rates of desertification (compulsory) and the generation of desertified areas." Exciting pollution from the continuous dust that affects Iraq and the neighborhood itself, and the second is that our country is a recipient of the problems of global warming and carbon pollution as an industrial phenomenon that crosses borders and comes from the densely industrialized first world countries.
He continued: "Based on the foregoing, Iraq has general rights towards the international community with two issues: the first is compensation for environmental damage due to the current water shortage, as well as the role of the international community in securing Iraq's water shares according to international law and resisting (compulsory) desertification policies, and the second is compensating it." financially by being a recipient of the carbon emissions generated by industrialized countries.
He continued: "The sums mentioned in the World Bank report on the issue of green sustainability and addressing compulsory desertification and pollution are mostly the responsibility of the international community in a large part of it, so our country must establish (diplomacy for climate and desertification) that defends Iraq's water and climate rights as a country receiving problems." Climate first, and work to provide a healthy national environment free of carbon emissions and forced desertification imposed on Iraq last.
18 deputies call for holding an extraordinary session to discuss the rise in the price of the dollar (document)
According to a document obtained by {Euphrates News} that, "18 deputies called for holding an extraordinary session to discuss the high exchange rate of the dollar and its negative impact on the lives of citizens."
Among them are two deputies and 7 ministers.. 46 arrest and recruitment orders against those with higher degrees
The Federal Integrity Commission announced the total number of arrest and recruitment orders issued and executed against senior officials and those with higher ranks during last November.
The investigations department of the Commission said, in a statement received by Shafaq News Agency, that the judicial authorities issued (46) arrest and recruitment orders against the background of cases investigated by the commission's investigation directorates and offices in Baghdad and the governorates and referred them to the judiciary, explaining that those orders were issued against (42) persons Senior officials with higher ranks during the period from (1-30/11/2022), pointing out that the orders were distributed between (12) arrest orders and (34) recruitment orders
The department added that the issued and executed orders included arrest and recruitment orders against (2) former members of Parliament, a former minister, and (6) former ministers, as well as an undersecretary.
And she confirmed that the arrest and recruitment orders included (9) current general managers, (7) former and one former, in addition to (3) former governors, (8) former governors, and (4) former members of the provincial councils.
State of law: Al-Maliki or whomever he chooses will be Vice President of the Republic
The State of Law Coalition revealed, on Monday, its intention to nominate one vice-president of the republic during the coming period, while indicating that the president of the coalition or whoever will nominate him will be a vice-president.
The leader of the coalition, Jassem Muhammad Jaafar, said in a statement to Al-Maalouma, "The Iraqi constitution did not specify the number of deputies to the president of the republic, but it stipulated that the president of the republic should have one or more deputies."
Jaafar added, "The current stage requires naming one vice-president," noting that "multiple vice-presidents do not work because the position is considered symbolic."
He explained, "The State of Law coalition is the one who nominates the first vice president of the republic," noting that "the deputy will be the head of the coalition, Nuri al-Maliki, or he chooses a replacement for him."
Jaafar pointed out that "if an agreement is reached on a Sunni vice president, two Shiite deputies will be named according to the balance.
Who is behind the looting and smuggling of Iraq's money?
Private banks were established in Iraq to be a main supporter of the economic development process, but what happened is the exact opposite, as these banks became a demolition factor for development and corruption became one of the problems that the banking system in Mesopotamia suffers from, in addition to the low level of Services provided by these banks to customers.
Economist Diaa Al-Mohsen explains this, saying, “These banks granted hundreds of millions of dollars to finance projects, and in fact, these funds went into the pockets of the corrupt because most of these projects had no basis in reality, rather they were fake projects.”
He explained that "private banks are a front for political parties and a cover for corruption, and the process of selling foreign currency from the window of the Central Bank of Iraq, which is ongoing in inevitable cooperation with these banks, is only one of these manifestations."
Who protects the smuggled money?
Al-Mohsen explains that what he called “the theft of the century” is a good example of bank corruption, as the value of the stolen amount amounted to more than two billion and 500 million dollars, and government and private banks participated in smuggling it out of Iraq, in addition to the money laundering operations that these banks indulged in, which called for The representative of the US Treasury Department warned 14 commercial banks of the need to improve their financial conditions and monitor the transfers they make for the benefit of clients.
He proposed a solution to the problem, saying, “It is required to restore the external transfer department of the Central Bank of Iraq and notify the correspondent banks (which the external transfer department previously dealt with) in order to resume work again, provided that importers are required to limit their commercial transactions to the Central Bank of Iraq, otherwise they will not be allowed to transfer any amounts in foreign currency.” Abroad".
The economist Bassem Antoine comments on the issue, saying, “Financial and banking corruption has become rampant in Iraq recently, in particular, as a result of the poor follow-up of the regulatory agencies, as it found refuge in some countries that hope that money smuggling will increase to start laundering operations, according to reports received from the Iraqi Integrity Commission, And it is money that is not easy to control due to the weak capabilities of the regulatory agencies in terms of following up on its destination, in addition to the adoption and protection of some politicians for corrupt money smugglers, and most of all, the control agencies are afraid of pursuing the beneficiary parties and personalities.
He adds, “These mafias used methods that are difficult to pursue because they do not deal with official departments or government banks directly. Rather, they use some banks, which were reported to be four important banks that deal with cash liquidity, and they are assisted in this by the currency auction that is not controlled by the responsible authorities.” He points out that “there are houses and treasuries full of Iraqi currency (cash), which constitutes three-quarters of the printed matter outside the banking system, and it is difficult to control it, whether in Iraqi currency or in dollars, knowing that the dollar controls its amount, not the US treasury, not Iraq.”
Antoine indicated that from time to time the dens of these people are raided and penalties are taken against them, and great scandals were announced that were revealed by the Prime Minister, but there are quite a few of them supported by blocs and political parties, and he concluded, “We need the cooperation of citizens and the cessation of the facilities provided by states.” The money is smuggled to it, and there must be efficient and impartial agencies that limit that organized smuggling, as corruption is a major economic terrorism.”
inexperienced positions
Representative Bassem Khashan says that a person who is not specialized in money assumed the presidency of the Central Bank was due to quotas. As for the “Al-Rasheed” and “Al-Rafidian” banks, many complaints were filed against them even before the recent theft crimes, but to no avail or any action was taken against them. . Holding accountable those involved in administrative and financial violations, whether serious or minor, has not been achieved due to the lack of serious investigations in corruption cases.
Khashan reveals that “cases of money smuggling are many and take several patterns, including what is in the form of deposits or property and real estate in some countries.” He calls for the need to reconfigure the oversight bodies, such as the change that took place in the Integrity Commission when Judge Haider Hanoun assumed the presidency of the commission, threatening the corrupt and those behind them in Interview with the press, and he says, “We need to develop investigative procedures in the commission and integrity courts to hold all those involved in all crimes accountable, not to attribute the crime to one person, while the number of those involved in it is dozens of people,” expressing his lack of optimism about this government because of what he described as its superficial procedures in dealing with it. Stressing that it “did not achieve anything, whether in terms of the state’s economic policy or combating corruption, and the past months were disappointing.”
Coin on newsprint
The former head of the Integrity Commission, Musa Faraj, enumerates the reasons that led to the aggravation of the problem that emerged after 2003, saying, “The first is the conditions of corruption and chaos, and the second is the creation of private banks, which we described as shops for corruption and currency smuggling, and the most prominent and unfortunate factor is the role played by the government in excluding an international banker, Sinan Al-Shabibi And replacing him with personalities who dared to include their name on the Iraqi currency in a precedent that the country had not witnessed, in addition to entering the currency auction file, which caused, according to former Prime Minister Haider al-Abadi, the loss of 300 billion dollars from the Iraqi treasury between smuggling and money laundering.
And he adds, "It is no secret to anyone what happened in terms of servitude between government and private banks due to the interference of politicians in government decisions and their dominance over government banks, which have become a channel for stealing money and handing it over to the corrupt and their banks."
As for the roots of this deterioration, Faraj mentions, “It started since the start of the Iran-Iraq war and the stage of the siege, which witnessed the printing of the currency on newspaper paper, and the circulation of a statement by the Governor of the Central Bank, Issam Mulla Huweish, in which he says (we don’t need currency reserves in the first place, because Leader Saddam is the solid support of the Iraqi dinar) ".
For his part, the advisor to the Central Bank of Iraq, Ihsan Shamran al-Yasiri, rules out linking financial and banking corruption in Iraq to some countries. Corruption is often transboundary, as it is born in a country to establish values, money and practices, and then migrates to another by passing corrupt money, and this is typical of money crimes. He added, "Corruption in the banking sector unfortunately exists like any sector, but the Central Bank is now shouldering the burden of combating it through vigorous oversight, and it needs the concerted efforts of all concerned parties to be able to perform its mission."
Iraq has the Anti-Money Laundering and Terrorist Financing Office, which is an important institution that follows up and investigates money laundering and terrorist financing practices, but the persistence and legitimacy of corruption and the infiltration of the corrupt in sensitive institutions in the country are indicators of weak law enforcement, according to Al-Yasiri, who explains how to acquire tax secretariats and large sums, saying, “In In fact, this process cannot be completed without the completion of its management links between the (Tax Secretariats Unit) located in each customs port. It is the first circle that markets the information, receives and completes the forms for the owners of the trusts, and then sends them to the General Authority for Taxes (the financial department). the second".
He continues, “As for the third link, it is the bank that is responsible for being sensitive to the intensity of cash withdrawals of embezzled funds, and that all operations were withdrawn in cash in an urgent manner. And the management of the Rafidain Bank was supposed to be sensitive to its branches, because the density of clouds should arouse the attention of the bank.
And Al-Yasiri continues, “Whoever has trusts in large amounts is better not to withdraw them, but rather transfer them from the tax department’s account, either by check or by a cash payment order, and deposit them in his bank account. Therefore, it is unreasonable for someone to withdraw tax trusts in the hundreds of billions unless he is in a hurry in the withdrawal process for the purpose of smuggling.” funds.”
Major sin and routine episodes
Al-Yasiri mentions that “the theft of the century passed over the shoulders of the oversight apparatus.” And he points out that “a deputy asked to suffice with the audit of the tax department and prevent the Office of Financial Supervision from auditing, with the aim of facilitating the payment of tax secretariats to the beneficiaries. This is a major sin committed by the promoter of this decision, and the biggest mistake falls on the Board of Financial Supervision, which responded to the prohibition order when it had to reject it.
Al-Yasiri justifies, “The Iraqi Financial Supervision Bureau was known for its serious follow-up and audit, but raising its hand from this audit process made it reveal the process late. The bank with bank departments and the Ministry of Finance, the latest of which was the fruitful cooperation between the Governor of the Central Bank and former Finance Minister Ali Allawi, who intervened positively and interacted with the reports of the Central Bank and held emergency meetings on the basis of them between the bank’s leaders and cadres with other banks to discuss the reports.
He explains, “The Central Bank has made great efforts for years to reform the banking sector and improve its performance. We have promising banks that show promise, and some of them are under reform and evaluation. We also have banks that are difficult to reform and do not seek benefit from them, and the Central Bank has taken measures with them, either by managing them or by placing them under guardianship or liquidating them in the event that there is no change in their performance.
For his part, the head of the “Al-Nahrain” Foundation for Transparency and Anti-Corruption, Muhammad Al-Rubaie, confirms that the Iraqi government’s follow-up of the looted funds exhausts a full cycle and revolves in routine circles between several parties and takes a long period of time, and he suggests that the Iraqi government form the Financial Intelligence Unit, through which people are pursued and funds seized. And recover it in a record time, knowing that there are several departments to recover money in independent bodies and ministries, such as the recovery department in the Federal Integrity Commission, the Ministry of Justice, the Ministry of Interior, the Ministry of Foreign Affairs and the Intelligence Agency.
Launching the first electronic platform for financial trading via the Internet
Today, Monday, the Iraq Stock Exchange announced the launch of the Internet trading system for the shares of Iraqi joint-stock companies - for investors.
The market said in a statement, that "based on the regulation" trading in securities via the Internet - for investors "and based on the approvals issued by the Securities Commission and the Board of Governors in the Iraq Stock Exchange and on the occasion of the completion of the implementation plan for the project of the trading system for the shares of Iraqi joint-stock companies listed via the Internet – For investors by the Carmel Brokerage Company with the Iraq Stock Exchange and the success of the testing plan that the company carried out on electronic systems and cyber examination by an entity independent of the market and the company.
He added, "The online trading system for the shares of Iraqi joint-stock companies will be launched - for Go Life investors, starting from the session on Sunday 1/29/2023," stressing that "this step is one of the required development requirements in enabling shareholders and investors to buy and sell themselves using their stations." Or their smartphones through a trading application that meets the instructions and rules of electronic trading and central depository.
Kurdish MP: An imminent political agreement to legislate the oil and gas law
On Monday, the representative of the Patriotic Union of Kurdistan, Nermin Maarouf, revealed the formation of a joint committee between the Baghdad and Erbil governments to prepare a draft oil and gas law.
Maarouf said in an interview with Al-Maalouma agency, "The current discussions, according to the agreement between Baghdad and Erbil, are taking place in order to legislate the oil and gas law, while resolving the differences and outstanding issues between the region and the center."
And she added, "The agreement concluded between the political forces provides for the legislation of the oil and gas law within a period of 6 months from the life of the formation of the government."
She pointed out that "the adoption of the law within the House of Representatives will contribute to resolving the problems between Baghdad and Erbil," pointing out that "the oil and gas law has political dimensions, as it is linked to the relations between the Baghdad government and the Kurdistan Regional Government."
The House of Representatives pledged to seek to legislate the oil and gas law in a way that secures a solid legal environment for work and investment in the oil and gas sector away from political tension
Leader in the framework: The government will adopt the principle of a gradual reduction in the dollar exchange rate
The leader in the coordination framework, Aqil al-Rudaini, explained, on Monday, that the government will adopt the principle of a gradual reduction in the dollar exchange rates to face the continued depreciation of the local currency.
Al-Rudaini said in an interview with Al-Maalouma, that "addressing the crisis of the dollar's high exchange rate in the markets falls within the tasks of the Sudanese government, and it has the powers to do so by formulating immediate solutions in coordination with the Central Bank and the rest of the relevant financial departments."
He added, "The Sudanese government will adopt in the coming days a series of solutions in order to increase the supply of dollars in the markets, leading to a reduction in the exchange rate, but according to a gradual framework in order to reach a specific ceiling that guarantees stability in the markets and gives flexibility that guarantees lowering prices, especially for basic materials."
He pointed out that "the rise of the dollar affects the prices of many basic materials, and this matter must be paid attention to and strive to take all means in order to curb its rise in the coming period."
The Iraqi markets witnessed a clear rise in the exchange rate of the US dollar, which led to damage to wide segments, especially the simple, through its impact on raising basic materials.
Al-Maliki holds America the cause of the security exposures..."one of the pressure cards"
The independent politician, Abbas al-Maliki, considered today, Monday, that the security breaches and the movement of the street in some periods are among the pressure papers that America is pushing against the Sudanese government.
Al-Maliki said in an interview with Al-Maalouma, that "foreign parties, and America in particular, do not want Iraq to become close to China," noting that "the recent security exposures and mobilizing the street to demonstrate are nothing but pressure cards that America is exercising against the government of Muhammad Shia'a al-Sudani."
He added, "Iraq's bias towards the Chinese axis will control Iraq economically, commercially and politically through the paragraphs that will be activated within the Chinese agreement."
And he continued, "America deliberately stirs up chaos in countries that do not agree with it in all decisions, and forces its allies to approach it and warns them of the consequences of moving away from it by fighting them with the dirtiest means that it follows."
He pointed out that "there are those who seek to sabotage any direction towards the Chinese agreement in response to the desire of the United States of America."
And coincided with Al-Sudani’s presence at the Arab-Chinese summit, many events that observers considered fabricated, the latest of which was the security exposures in which a number of members of the security forces were killed, as well as interference in the central bank’s policy and manipulation of the exchange rate of the dollar, which led to its rise in the local markets.
Al-Sudani identifies the main reason for the rise in the dollar - Urgent
Al-Sudani: There is a clear increase in the price of the dollar, and the reason is the increase in customers’ requests to the Central Bank, and there are fake companies and exaggerated prices for remittances
Al-Sudani: Oil smuggling is a dangerous file, and 1,781,000 liters have been seized. Al-
Sudani: Adding and increasing foodstuffs and their items for those covered by the social protection network
Coordination framework: The current government will gradually reduce the exchange rate of the dollar
A leader in the coordination framework, Aqil Al-Rudaini, explained, on Monday, that the government will adopt the principle of a gradual reduction in the exchange rates of the dollar to face the continued decline in the value of the local currency.
Al-Rudaini said in a press interview, "Addressing the crisis of the dollar's high exchange rate in the markets falls within the tasks of the Sudanese government and it has the powers to do so by crystallizing immediate solutions in coordination with the Central Bank and the rest of the relevant financial departments."
He added, "The Sudanese government will adopt in the coming days a series of solutions in order to increase the supply of dollars in the markets, leading to a reduction in the exchange rate, but according to a gradual framework in order to reach a specific ceiling that guarantees stability in the markets and gives flexibility that guarantees lowering prices, especially for basic materials."
He pointed out that "the rise of the dollar affects the prices of many basic materials, and this matter must be paid attention to and strive to take all means in order to curb its rise in the coming period.
Parliamentary Finance Committee: The budget has not yet arrived from the government
The Parliamentary Finance Committee revealed, today, Monday, that the budget has not reached the Council of Ministers until this moment, while indicating that the expectation of its arrival date is becoming embarrassing.
Committee member Jamal Cougar said in a press interview, "The expectation of the date of the federal budget for the year 2023 to reach the Council of Ministers or Representatives has embarrassed us because of its inaccuracy."
He pointed out that "there is no information about the allocations that have been included in the budget, because the parliamentary finance has not seen them until this moment."
Cougar explained, "The budget's delay or non-approval means the absence of projects, and thus the absence of job opportunities for the citizen.
Oil prices confuse the scene of approving the budget
Member of Parliament Muhammad Al-Ziyadi confirmed today, Monday, that one of the reasons that confused the preparation of the general budget is the determination of the price of a barrel of oil in it due to the recent fluctuations, while stressing that the drop in prices will negatively affect the date of completing the 2023 budget.
Al-Ziyadi said, in an interview with Al-Maalouma, that "one of the reasons that confused the scene of completing the general budget is determining the price of a barrel of oil in it in order to pave the way for its approval in Parliament," noting that "the drop in global oil prices will negatively affect the paragraphs that have been put in place." in the 2023 budget.
He added, "Determining the price of a barrel of oil in the general budget is an essential matter for its approval, given the amount of Iraq's dependence on oil revenues," noting that "the past period in which oil prices rebounded made the Ministry of Finance adopt a price that cannot be approved at the present time when prices have decreased." oil.”
And he continued, "The matter has become very dangerous for Iraq, given the low prices to what they are now, because of the global policies that some countries have followed in order to reduce prices."
And a member of the Parliamentary Finance Committee, Sajjad Salem, had revealed in an interview with Al-Maalouma that “the Sudanese government is working to hold discussions with the region in order to organize all matters in order not to repeat the problems of the previous stage, most notably oil with the region.” The financial relationship between the central government and the Kurdistan region and the provinces is clear to achieve transparency
Parliamentary investment holds the "budget" responsible for currency fluctuations
A member of the committee, Muhammad al-Ziyadi, told Al-Furat News: "There is a clear imbalance in the time factor, as Iraq has now reached the end of the fiscal year."
He pointed to "the lack of clarity in the position of the 2023 budget regarding the dollar's exchange rate decision against the dinar, which leads to fluctuations in the dollar's exchange rates in the markets as a result of supply and demand."
Al-Ziyadi stressed that "all these matters are temporary and will not continue in this way."
Today, Monday, the exchange rates of the dollar fell against the Iraqi dinar, with the closure of the main stock exchange in Baghdad.
The Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad closed at 151,400 Iraqi dinars for 100 dollars.
That the buying and selling prices in exchange shops in the local markets in Baghdad decreased, as the selling price reached 152,000 Iraqi dinars, while the purchase prices reached 151,000 dinars for every 100 dollars.
Demanding Al-Sudani to stop her movements.. Al-Maliki's coalition describes Washington's ambassador as a "spy"
Today, Monday, the State of Law coalition described the US ambassador to Baghdad as Washington's "spy" inside the country, while calling on the Sudanese government to stop its destabilizing moves to the country's security and political situation.
"We categorically reject the moves of the US ambassador to Iraq, which destabilized the security situation and economic stability," said the leader of the coalition, Fadel Al-Zergawi, in an interview with Al-Maalouma agency.
He added, "The ambassador is like Washington's (spy) inside Iraq, and she is not entitled to conduct meetings directly with ministers or political parties," pointing out that "this breach exists only in Iraq, and America had full guardianship over the country."
The leader of the coalition called on the Sudanese government to "reduce the actions of the American ambassador, because whenever she continues these moves with the political blocs or some ministries during a certain period, we notice after that the occurrence of political instability and thus the impact on the security situation, which also casts a shadow on services and work in general." inside Iraq.
And Al-Zergawi indicated that "the Sudanese government is required to arrest the ambassador, and her visits are arranged through the prime minister and the Iraqi government."
Earlier, Washington's ambassador to Baghdad, Elena Romanowski, met with the Minister of Immigration and Displaced Persons to discuss several files related to the ministry, including ways for the displaced to return
Parliamentary Committee: Movement to speed up the approval of the budget and improve the economy and investment
The Parliamentary Economy and Investment Committee confirmed, on Monday, that the delay in approving the budget negatively affects the completion of projects and investments, noting that there is a parliamentary movement to speed up the approval of the budget and improve the economy and investment in Iraq.
A member of the committee, Representative Sardi Nayef, said, "The delay in approving the budget greatly affects the completion of projects," noting that "the budget constitutes 50 percent of the gross domestic product in Iraq."
Nayef added, "The financial system in Iraq hedges with the financial management law in the event of any political emergency such as delay in approving the budget," noting that "the financial management law replaces the budget, especially in regulating expenditures and revenues."
He pointed out that "the budget is considered an annual plan for a period of one year, and in the absence of an annual plan, the actual current expenditures for the past year are used, and the old 1/12 of the actual current expenditures of salaries, wages and continuous payment obligations is repeated," explaining that "this is not in it economic planning and vision.
And he continued, "Whenever the financial budget is disrupted and the months pass, this will repeat the goals of the previous fiscal year, and this will result in a contraction in projects and investments," pointing to "intensified efforts in the House of Representatives to approve the budget as quickly as possible, address errors, and aspire to improve the economy and investment in Iraq."
The "Baghdad Conference for Cooperation and Partnership" will be held in Jordan tomorrow, with the participation of a number of state leaders
Tomorrow, Tuesday, the " Baghdad Conference for Cooperation and Partnership" will be held in its second edition, in the Jordanian capital , Amman , with the participation of a number of state leaders, to discuss files related to food security, drug security, and energy security in the region and the world.
Iraqi government sources told Al-Araby Al-Jadeed that “Iraqi Prime Minister Muhammad Shia’ Al-Sudani will travel tomorrow, Tuesday, to the Hashemite Kingdom of Jordan in order to participate in the conference, in its second edition, in which Jordan, Egypt, Kuwait, Saudi Arabia, and the UAE will participate. France, Qatar, Oman, Bahrain, Iran, Turkey).
The sources, who preferred not to be named, added that "the Baghdad Conference for Cooperation and Partnership will discuss files related to food security, drug security and energy security in the region and the world, and other political files related to developments at various levels, and there will be an international agreement between these countries to implement a number of measures." Issues jointly, especially those related to the global security and economic situation.
For his part, Amer al-Fayez, head of the Parliamentary Foreign Relations Committee, said, in a phone call to The New Arab, that "the prime minister is determined to strengthen Iraq's international and regional relations with everyone, and wants to deliver messages to all regional and international parties and axes that Iraq is with everyone, not With the axes policy at all.
Al-Fayez stressed that "the Baghdad Conference for Cooperation and Partnership is very important to hold in light of the conditions the world is going through at various security and economic levels, especially related to energy and others, and this conference will have tangible results on the ground during the next stage, through this regional and international cooperation," noting Al-Sudani's government "is supported by all international parties, and Al-Sudani is working to exploit this support for the benefit of Iraq, and to gain international support in helping Iraq at various levels."
In addition, Iranian Foreign Minister Amir Abdollahian announced, earlier today, Monday, that his country agreed to accept the invitation extended by the Iraqi government to it to participate in the second Baghdad summit, which will start its work tomorrow.
On August 28, 2021, Baghdad hosted the work of the "Baghdad Conference for Cooperation and Partnership", which brought together leaders and representatives of more than 10 Arab, regional and Western countries, to discuss a set of files and issues related to Iraq and the region in general, and several economic files were discussed at the time, along with Discussing security, terrorism, borders, water, joint cooperation and others.
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