Detection of printing a cash denomination worth 20,000 dinars
The Deputy Governor of the Central Bank of Iraq announced the start of printing new money in the category of 20,000 dinars at the end of this year or early next year.
The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said, in a press interview, that "the central bank continues the procedures for printing money in the category of 20 thousand dinars, the process is taking place outside Iraq, and it is expected to pump the new currency category into the markets at the end of 2023 or early next year."
The move comes by the Central Bank of Iraq, in conjunction with the inflation rate in the country, according to the statistics of the Ministry of Planning, to 7.2 percent.
Khalaf denied that printing the new denomination of the Iraqi currency is linked to inflation in the markets, and said: "The printing and pumping of the 20,000 dinars denomination is not related to inflation, but rather to facilitate dealing in dinars in the markets."
There are seven categories of money in Iraq, namely, 50 thousand dinars, 25 thousand dinars, 10 thousand dinars, 5 thousand dinars, 1000 dinars, 500 dinars, 250 dinars, and 50 dinars.
this is part of the education the show is in Arabic but I was able to translate this portion
They had a whole show to talk about the new payment systems
Our appointment today is in the account statement program in a special episode with the managing director, Eng. Suha Al-Kafani
Episode title What is the electronic payment card? How do you use it?
10:00 PM
Samir Al-Nusairi, Advisor to the Association of Private Banks: Economic reform begins with banking reform
link nice Mac hahaha
The advisor of the Association of Iraqi Private Banks, Samir Al-Nusairi, confirmed that the comprehensive and radical economic reform begins with the reform and development of the banking sector in line with what was stated in Article 12 in Paragraph (7) of the government curriculum, which clearly and accurately stated that (banking reform provides a real and effective basis for advancement In the Iraqi economy and revitalizing investment through restructuring and mechanization of government banks, reviewing their work, stimulating private banks and enabling them to be able to support real investment and development.
In a lecture held by the Faculty of Business Economics at Al-Nahrain University, Al-Nusairi touched on the importance of the banking sector, which occupies a vital position in the financial structure of the economy in mobilizing savings and financing development through its ability to flow money between the categories of the national economy, which is the basic step for economic reform.
He added that the measures currently being taken by the Central Bank, with the support of the government, to prepare its new comprehensive strategy to reform, develop and classify banks according to several axes, most notably the completion and implementation of digital transformation projects and internationally approved payment systems, launching the financial inclusion strategy, working to adhere to international standards of the global financial system, and focusing on controlling transfers. Foreign Ministry and encourage and motivate merchants and importers and those who need US dollars and other foreign currencies for commercial transactions to enter the electronic platform for external transfer and benefit from the new instructions for external transfer for the year 2023 and the three packages issued by the Central Bank to facilitate access to the services provided by the platform.
He went on to draw up a national plan for lending that adopts new mechanisms to organize the granting of loans for the development of small and medium enterprises, relying on the banks’ own financial capabilities and attracting deposits to provide liquidity and invest it in accordance with the instructions of the Central Bank, directing the initiative to finance small and medium enterprises towards the economic and productive sectors that have the most influence on contributing to development, and creating a guarantee company. Loans and activating the work of the deposit guarantee company, and continuing the procedures and using monetary policy applications by controlling the exchange rate and reducing the gap between the official rate and the parallel rate, which has begun to narrow towards reaching the target and balanced exchange rate.
Al-Nusairi added that had it not been for the many services provided by the banking system in developed countries, these countries would not have been able to reach their level of economic progress and growth, and that the strength of the banking structure has become one of the necessities of building a prosperous economy that adopts modern systems and sound sustainable development. And the development of banking habits and awareness of the importance of developing the banking facility in a way that secures the building of the national savings base and develops the necessary financial resources to build the economy has become a priority for the decision-maker.
Al-Nusairi concluded his speech, "The soundness of the banking system and the mobilization of sound decisions in the field of economic policies towards the development and modernization of banking systems ensures the achievement of momentum in the world of real and financial investment, which revives the financial and monetary markets, which leads to attracting foreign capital looking for profit, which is worthy of a maker The decision to take the necessary measures to fortify and strengthen the local banking systems in a way that makes them able to face the challenges of transferring capital to and from abroad without causing money laundering or smuggling of foreign exchange, and then increasing the profitability of financial and banking institutions and strengthening the structure of the gross domestic product, and this is what they are active in. government and the central bank now.
Central Bank: The difference between the official and parallel exchange rates will gradually disappear
Today, Thursday, the Central Bank of Iraq identified the reasons for the gradual decline in the price of the dollar in the past two days, while noting that the difference between the official and parallel exchange rates will gradually disappear.
The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, told Al-Iraqiya News, followed by the Iraqi News Agency (INA): “The Central Bank took several measures to reduce the price of the dollar, especially through the three packages that it launched at the beginning of this year, which were sufficient to address the high exchange rate in the market.” Parallel".
He added, "The bank met with the Federation of Iraqi Chambers of Commerce and a number of merchants to discuss the challenges and put in place mechanisms to address them," suggesting that new packages would be issued to address all the challenges facing merchants to facilitate their access to foreign currencies
. The Central Bank’s sales volume,” indicating, “The bank has liberated restrictions on sales, and the bank can sell any amount of dollars as long as there is real demand for dollars,” explaining, “The difference between the official and parallel exchange rates will gradually disappear.”
He pointed out, "Iraq does not need to establish new banks at the present time or in the future, but rather activate the existing banks," pointing to "the presence of more than 70 governmental and private banks," noting, "The Central Bank is serious about sorting good banks from not good ones."
He pointed out that there was a great response by banks to the instructions of the Central Bank regarding the official exchange rate, "calling at the same time to facilitate the procedures for merchants' transactions quickly."
The Payments Department of the Central Bank prepares a book to reduce the limits of prepaid cards to $4,000 per month (document)
A leaked letter from the Central Bank/Department of Payments before signing indicated that the department is preparing a book to reduce the limits of prepaid electronic payment cards to $4,000 per month, as purchases and $250 per day from an ATM, not exceeding $3,000 per month, which may alienate citizens. Those wishing to travel outside Iraq due to the lack of feasibility of the amounts limits.
And the dollar against the dinar began to rise immediately after the book was leaked, to jump from 1510 to 1525. Economists expressed their dissatisfaction with this step and the significance of this book or its leakage at this time!
A banking expert told "Tigris Channel" that "the central bank is required to develop solutions before it takes this step that will harm the exchange rate and rely on gradual solutions," calling on the prime minister to "evaluate the work of the payments department in the central bank in these difficult and sensitive circumstances." .
He pointed out that "the Director General of Payments at the Central Bank (Duha Abdul-Karim) is close to the former Prime Minister Mustafa Al-Kazemi, after the arrival of complaints from several banks on the same aforementioned authority. "
He expressed "hope that the bank will appoint an efficient person to lead the payments department in the Central Bank of Iraq in the coming period . "
For his part, one of the merchants told Dijla TV that "the ease of using the card to buy goods, especially for small and medium merchants, is an achievement of the current government, but this book will undermine all the efforts made by the government, although some people smuggle cards outside Iraq to misuse them." The solution here is to stop smuggling and not legalize card limits . ”
And economists praised the "central bank packages launched by the governor of the central bank, Ali Al-Alaq, and pointed out that" this book is an individual act that is not considered and could harm the correction process carried out by the Central Bank of Iraq.
The central bank refuses to open a window for selling dollars to citizens, describing it as a violation of regulations
The Central Bank of Iraq confirmed, today, Saturday, that all financial transfers are monitored from the electronic platform, while indicating that opening a window to sell dollars to citizens violates international controls and norms.
The assistant general manager of the investment department in the bank, Muhammad Yunus, said in a press interview: "All financial transfers are followed up and monitored by the Central Bank of Iraq through the electronic platform and the (fitr) cash sale platform."
He added, "These operations come within the international standards for combating money laundering and terrorist financing, and are compatible with all international norms and laws, and do not affect the reputation of Iraq, the Central Bank and financial institutions in the event of any defect in those transfers."
He pointed out that "accepted remittances began to increase continuously, and we expect the central bank to reach very high levels."
Concerning the daily conversion rate of foreign currencies, Younis confirmed that "the bank publishes daily its cash sales and transfers, which currently range between 100 to 150 million dollars, in addition to cash sales," expecting an increase in transfers in the coming days.
Regarding the possibility of the dollar exchange rate returning to its previous price, Younis indicated that "the parallel rate has begun to gradually decrease on a daily basis during the past days," pointing out that "the central bank is working hard to solve all the problems that banks and merchants suffer from in the financial transfer process."
Regarding the possibility of opening a window to sell the dollar to citizens with specific numbers per month, Yunus explained that "the dollar cannot be available to any citizen as it is not a national currency for Iraq," noting that "the dollar must be allocated for dealing outside Iraq for the purposes of financing trade, travel, treatment and study."
He continued, "Opening a window to sell dollars to citizens violates all international regulations and norms."
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Baghdad Today publishes the initial version of the three-year budget
(Baghdad Today) publishes the preliminary version of the country's federal budget law.
According to the law, the revenues of the federal general budget for the fiscal year 2023 amount to (134,552,919,063) thousand dinars, by calculating the estimated revenues from exporting crude oil on the basis of an average price of (70) dollars.
An amount of (199,022,111,663) thousand dinars was allocated for expenditures, while the total planned deficit for the federal general budget amounted to (64,469,192,600) thousand dinars, for the fiscal year 2023.
The rate they have in the budget is 1300 I'll try to copy and paste that here later
and, ...
Parliamentary Finance sets the date for the first reading of the budget
A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, announced on Sunday evening that the draft financial budget law will be presented for the first reading in the House of Representatives during the next week.
Al-Kazemi said in a televised statement: "It is hoped that next week will be the date for the first reading of the budget in the House of Representatives, and since today it has been considered on the agenda of the House of Representatives, and tomorrow we have a meeting with the Ministry of Finance and the acting staff to discuss the draft law."
He added, that the size of the budget " amounted to 199 trillion dinars, but it must be reviewed because of the large financial deficit in it."
Al-Kazemi explained, "The share of the Kurdistan region amounted to 12.67%, approximately 16 trillion dinars, and they have a debt of 400 billion dinars, in addition to calculating 400 thousand barrels of oil per day with the revenues of the outlets and collection, and all of this will be deducted within the total amount according to the agreement between Baghdad and Erbil, and the Finance Committee will review these numbers." ".
He expected "the need for the budget to be approved in Parliament from a month to 45 days to pass it fully," suggesting "the occurrence of objections to the political blocs on the budget, and we will seek understanding and convergence of points of view."
Al-Kazemi stressed, "The government must look at all governorates and components with a fair view, and this is what we see in the draft budget."
Today, Sunday, the Parliamentary Finance Committee received the draft financial budget law, 17 days after it reached the House of Representatives.
It is noteworthy that the government, through its official spokesman, Basem Al-Awadi, urged today, Sunday, the House of Representatives, the need to expedite the approval of the budget and not to make an amendment or report in its items.
Al-Awadi said in a statement: “The government is fully convinced of the foundations on which the budget was based, and accordingly it finds it necessary to draw the attention of representatives to the importance of keeping the budget in the form on which it was built, that is, for three years, and the government cannot continue its approach except with what the three years give flexibility in Coverage of strategic projects related to important service infrastructure.
The first comment from Parliamentary Finance after sending the budget to it
The Parliamentary Finance Committee indicated today, Sunday, that it will discuss the budget law, then read it first and second, and vote on it.
Committee member Mustafa Al-Karawi told Earth News, "With regard to the budget, it was transferred from the First Deputy Speaker of the House of Representatives to the Finance Committee today, and the procedures for including it in the next agenda will be followed up for a first reading."
He added, “The natural context for enacting any law is for it to be read first, and then discuss the content of the law to make a decision towards proceeding with the second reading, or to refer it to the government in case there is a specific problem.”
And he pointed out that “the challenges, problems and obstacles that may face this draft will be discussed, and therefore there will be a technical decision from the Finance Committee to return it or proceed with its legislation after the draft data is studied.”
Currency traders expect the dollar to continue falling for three reasons
The US dollar continues to decline against the Iraqi dinar, on Sunday, as the stock market in Sulaymaniyah witnessed a drop in its price below 1,500 dinars.
Traders in the currency market told Shafaq News agency, "The exchange rate of the dollar will be parallel to what was set by the Central Bank of Iraq for three reasons, the first of which is that the global stock exchange started dealing with the exchange rate announced by the central bank, and the second is the pumping of large sums of dollars into the market by the bank, The last reason is the return of citizens' confidence in the decisions of the Central Bank.
Traders expected that "the dollar will stabilize in the provincial markets at 1400 dinars per dollar."
Shafaq News Agency correspondent indicated that the price of the dollar witnessed a clear decline against the Iraqi dinar at the end of last week and the beginning of this week in Sulaymaniyah.
And he indicated that the price of the dollar fell from yesterday, Saturday, to about 3,500 dinars per dollar, and from Thursday, about 6,000 dinars.
Earlier today, a government official predicted that the price of one dollar against the local currency would drop to approximately 1,400 dinars by the end of this week.
In an interview with Shafaq News agency, the official said, "The dollar is witnessing a daily decrease of one to two dollars."
He added, "The price will then witness stability and a slow decline until it reaches near the official price, with a rise of about three or four orders of magnitude from the official price of 1,300 dinars against one dollar," adding that there is "a plan for the parallel price to be near the official price and not to fall directly in order to It does not affect merchants and the market."
Parliamentary committee: (almost agree) on the legislation of the oil and gas law
The Oil, Gas and Natural Resources Committee announced, on Sunday, the existence of a political "almost consensus" to legislate the oil and gas law.
The head of the committee, Haibat al-Halbousi, said, "The oil and gas law was prevented from being passed due to major political differences and small technical side," stressing, "There is almost a political consensus to proceed with the legislation of the law."
He added, "The committee set a course of action to visit the heads of political blocs, to expedite the enactment of the law and present its vision," according to the official agency.
He pointed out, "The oil and gas law serves all Iraqis and not a specific party, because oil and mineral investments belong to all the people."
An Iraqi government official expects the dollar to drop to 1,400 dinars by the end of the week
An Iraqi government official expected, on Sunday, that the price of one dollar against the local currency would drop to approximately 1,400 dinars by the end of this week.
In an interview with Shafaq News agency, the official said, "The dollar is witnessing a daily decrease of one to two dollars."
He added, "The price will then witness stability and a slow decline until it reaches near the official price, with a rise of about three or four tigers from the official price of 1,300 dinars for one dollar," adding that there is "a plan for the parallel price to be near the official price and not to fall directly in order to It does not affect traders and the market."
It is noteworthy that the price of the dollar is witnessing a daily decline against the Iraqi dinar in the parallel market, to reach today 149,900 thousand dinars against 100 dollars, at a time when the dollar was fixed in the budget at 1,300 dinars against one dollar.
On Tuesday, March 21, the Governor of the Central Bank of Iraq, Ali Al-Alaq, expected a decrease in the parallel dollar exchange rate (the market price and local exchange rates) during the coming period.
Al-Alaq said at the time, in a special statement to Shafaq News Agency, "The Central Bank launched several packages of measures, and the packages that were launched are dealt with seriously to control the exchange rate of the parallel dollar."
Al-Alaq indicated that "the central bank's measures are continuing to control the exchange rate, and we expect a decline in the parallel exchange rate."
The parallel price means the exchange rate of the dollar in the market and exchanges, and not the official price set at 1132 dinars per dollar, according to the decision of the Board of Directors of the Central Bank of Iraq, which was approved by the Council of Ministers.
And the Central Bank of Iraq issued three reform packages, which it said came with the aim of addressing the rise in dollar exchange rates.
Reserve currencies to the dollar as a store of value and as secondary reserves in central banks
It is very important to keep abreast of changes and developments in the global economy and economic applications and practices, especially the trend towards economic pluralism and the transition from the dollar to reserve currencies for bilateral or intra-exchange between countries with whom we have a large volume of trade exchange in light of the sustainability of the rentier oil exports in US dollars and the possibility of benefiting from the experience of Brazil and China And Saudi Arabia, Egypt, the BRICS group and some African and Arab countries regarding dealing in currencies in local or reserve currencies instead of the US dollar and the gains of systematic transformation in the system of financial payments to economic diversification and the importance of that specifically for Iraq at the level of economic diversification and the systematic and transitional shift in the financial payments system in a tangible way from the rentier economy to the rentier economy The Iraqi national economy diversification model.
Undoubtedly, there is a debate about the role of the reserve currencies, the yuan, the euro, the ruble, and others for dealing in non-dollar currencies or inter-state dealings with currencies that cross the dollar and has been going on for a long time. The concept of reserve currency is linked to the role that the pound sterling played in the global economy from the end of the nineteenth century to the mid-twentieth century. The main function of the reserve currency is to facilitate the international exchange of goods and services by solving the problem of coordinating transactions in the foreign exchange market and reducing transaction costs in foreign trade operations. In addition, reserve currencies are used as a store of value and are held as reserves by the central banks of most countries in the world.
Performing this function led to the emergence of the term "reserve or secondary currency".
The demand for reserve currencies is made by economic or financial agents operating in all areas of the global economy.
In a way that depends on the functions that reserve currencies perform in international transactions. The amount of demand and therefore the degree/volume of use of the reserve currency is determined by how well each of the main functions is performed. As a result, the effect of this begins to work, when the use of the reserve currency by a large number of economic agents becomes a factor that increases the demand for the reserve currency.
There are factors and methodological foundations for the formation of reserve currencies, including the Chinese yuan, the Russian ruble, the Iranian riyal, and others, which necessitate the development of the foundations of the currency system and the methodological and objective foundations for that, and making recommendations regarding its more balanced regulation, and identifying factors that can improve the status of the Chinese yuan, the Russian ruble, the European euro and others as a reserve currency Regional. And the importance of dealing with a balance between Iraq's oil exports in US dollars now with gas in
the future and balances with the trade balance and the volume of trade and economic exchanges with other countries.
Thus, the main tasks of the work are:
• Finding a specific definition of the concept of reserve currency, as well as the main functions that reserve currencies perform.
• Reviewing the main theoretical models of demand for reserve currencies.
• Analyzing the results of empirical studies of demand factors for reserve currencies.
• It is very important to get acquainted with the concept of the regional reserve currency and to identify the factors that affect the formation of the regional reserve currencies.
• Develop recommendations to enhance the role of the Chinese yuan, the Russian ruble, the European euro and the Iranian riyal in international trade to achieve the status of the regional reserve currency and facilitate international trade procedures, imports and exports.
The work will be in an organized and sober work methodology as follows:
First: Finding a clear definition and concept of the reserve currency in the Central Bank of Iraq law, describing the main functions that reserve currencies
perform, and analyzing the advantages and disadvantages of owning a reserve currency. It should also contain, in an independent study or analysis, an overview of the main theoretical models of reserve currencies, taking into account that the methods and results of empirical assessments of the factors affecting the demand for reserve currencies such as Greece, the euro, the ruble, the riyal, and others, are dealt with and analyzed.
The third deals with the concept of a regional reserve currency and provides an empirical analysis of the role of regional reserve currencies.
The fourth is recommendations to raise the status of the Chinese yuan, the Russian ruble, the European euro, the Iranian riyal, and others, according to the momentum, intensity, and priority of trade and economic exchanges, and to form a regional reserve currency on its basis.
Iraq new sig/date (2020) 250-dinar note (B358b) confirmed
Like B358a, but new signature (Ghaleb) and new date (2020/AH1442).
Sudanese calls for Parliament to resolve the budget
At a time when the House of Representatives is preparing to start discussing the draft federal budget law, which our honorable people are eagerly looking forward to, including service and investment projects and others, the government renews its confidence in the representatives of the people and the presidency of the Council and their good appreciation for the circumstances that our country is going through and its urgent need to speed up in approving the budget; To take its way to implementation, and to meet what the government can meet of its priorities, as soon as possible.
The honorable House of Representatives is aware of the development projects and large and basic files included in the budget, with a strategic dimension. Therefore, the government calls upon the Representatives, the Presidency of the House of Representatives, and the political forces to intensify their efforts to resolve them. Because of the consequent details that have a direct impact on the needs of citizens.
The government is fully convinced of the foundations on which the budget was based, and accordingly it finds it necessary to draw the attention of the representatives to the importance of keeping the budget in the form on which it was built, i.e. for three years, and the government cannot continue its approach unless the three years grant flexibility in covering strategic projects. related to the important service infrastructure.
It is no secret to the representatives of the people that there are important files and basic issues that still depend on the budget, including the completion of electricity projects, water scarcity treatments, and the reinstatement of their terminated contracts, in addition to providing thousands of job opportunities through new development projects, and other important steps that will achieve A tangible economic quantum leap. It should also be noted that the budget has put in place remedies to bridge the deficit and disbursement mechanisms in a discreet and tight manner.
In this regard, the Prime Minister renews his readiness to attend the House of Representatives, and to answer all the details and inquiries submitted by the members of the House of Representatives regarding the draft budget.
•••••
On behalf of Al-Awadi, the government spokesman
2- April-2023
Al-Sudani announces his readiness to come to parliament and answer questions about the budget
On Sunday, the Iraqi government called on the Iraqi parliament, its presidency, and the political forces to resolve the draft general federal budget law, stressing the readiness of its president, Muhammad Shia' al-Sudani, to attend the parliament and answer all details and inquiries regarding it.
Basem Al-Awadi, the government spokesman, said in a statement received by Shafaq News Agency, that at a time when the House of Representatives is preparing to start discussing the draft federal budget law, which our honorable people are eagerly looking forward to, including service, investment and other projects, the government renews its confidence With the representatives of the people and the presidency of the Council and their good appreciation of the circumstances our country is going through and its urgent need to expedite the approval of the budget; To take its way to implementation, and to meet what the government can meet of its priorities, as soon as possible.
He added that the honorable House of Representatives is aware of the development projects and large and basic files included in the budget, with a strategic dimension. Therefore, the government calls on the Representatives, the Presidency of the House of Representatives, and the political forces to intensify their efforts to resolve them. Because of the consequent details that have a direct impact on the needs of citizens.
He stressed that the government is fully convinced of the foundations on which the budget was based, and therefore it finds it necessary to draw the attention of parliamentarians to the importance of keeping the budget in the form on which it was built, that is, for three years, and the government cannot continue its approach except with what the three years give of flexibility in covering strategic projects. related to the important service infrastructure.
And he continued: It is no secret to the people's representatives that there are important files and basic issues that still depend on the budget, including the completion of electricity projects, water scarcity treatments, and the restoration of their terminated contracts, in addition to providing thousands of job opportunities through new development projects, and other important steps that are taken. It will achieve a tangible economic quantum leap. It should also be noted that the budget has put in place remedies to bridge the deficit and disbursement mechanisms in a discreet and tight manner.
In this regard, Al-Awadi affirmed that the Prime Minister finds his willingness to attend the House of Representatives, and to answer all the details and inquiries submitted by the members of the House of Representatives regarding the draft budget.
Do not change the budget." The Prime Minister's office announces Sudani's readiness to attend Parliament
On Sunday, the central government called on the House of Representatives to resolve the draft general federal budget law, stressing the readiness of its President, Mohamed Shia Al-Sudani, to attend the House and answer all details and inquiries regarding it.
Basem Al-Awadi, the government spokesman, said in a statement received by Al-Maalouma, that "at a time when the House of Representatives is preparing to start discussing the draft federal budget law, which our honorable people are eagerly looking forward to, including service, investment and other projects it included, the government renews its confidence in my representatives." The people and the presidency of the Council and their good appreciation of the conditions our country is going through and its urgent need to expedite the approval of the budget, to take its path to implementation, and to meet what the government can meet of its priorities, as soon as possible.
He added, "The honorable House of Representatives is aware of the development projects and large and basic files included in the budget, with a strategic dimension. Therefore, the government calls on the representatives, the Presidency of the House of Representatives, and the political forces to intensify their efforts to resolve them, because of the details that have a direct impact on the needs of citizens."
And he stressed that "the government is fully convinced of the foundations on which the budget was based, and therefore it finds it necessary to draw the attention of representatives to the importance of keeping the budget in the form on which it was built, that is, for three years, and the government cannot continue its approach except with what the three years give of flexibility in covering strategic projects." important service infrastructure.
He continued, "It is no secret to the people's representatives that there are important files and basic issues that still depend on the budget, including the completion of electricity projects, water scarcity treatments, and the reinstatement of their canceled contracts, in addition to providing thousands of job opportunities through new development projects, and other important steps." Which will achieve a tangible qualitative economic shift," noting that "the budget has developed treatments to bridge the deficit and exchange mechanisms in a discreet and tight manner."
In this regard, Al-Awadi affirmed, "The Prime Minister finds his willingness to attend the House of Representatives, and to answer all the details and inquiries submitted by members of the House of Representatives regarding the draft budget."
After Iraq, six countries will reduce their oil production, starting next month
Today, Sunday, Saudi Arabia, the Emirates, Kuwait and Oman decided to reduce their oil production voluntarily.
Earlier, the Iraqi Ministry of Oil decided to reduce voluntary production at a rate of 211 thousand barrels per day, starting from next May until the end of 2023.
The ministry said in a statement, “With the aim of taking precautionary measures to face the challenges facing the global oil market, and to achieve a balance between supply and demand and market stability, the Ministry of Oil decided to reduce voluntary production at a rate of 211 thousand barrels per day, starting from next May until the end of 2023.”
She added, "This comes in coordination with some oil-producing countries, and in a manner that does not contradict the previous reduction policy."
Expectations of a price increase of $10 per barrel after Iraq and the “OPEC +” countries cut oil production
The head of the investment company, Pickering Energy Partners, said today, Sunday, that the unexpected reduction of production by OPEC producers by 1.15 million barrels per day could raise global oil prices by $ 10 a barrel.
Dan Pickering, co-founder of the Houston-based company, said the production cuts "will provide tangible support for prices."
"It is possible that prices will move ten dollars (a barrel) of crude," he added in an interview.
Producers in “OPEC +” had announced a voluntary reduction in crude oil prices before the OPEC ministerial monitoring meeting tomorrow, Monday, which was expected to support current production levels.
OPEC said the move was aimed at stabilizing the market.
Today, Sunday, member states of the “OPEC +” coalition announced a voluntary reduction in their crude oil production, starting from next May until the end of 2023, including Iraq.
This came in separate official statements issued by the countries of Saudi Arabia, Algeria, the Sultanate of Oman, the Emirates, Kuwait and Russia, while Iraq preceded them to the announcement that comes a day before a meeting of the "OPEC +" alliance.
An official source in the Saudi Ministry of Energy also stated that the Kingdom will implement a voluntary reduction in its crude oil production, amounting to 500,000 barrels per day, starting from May until the end of 2023.
While Algeria announced that it will voluntarily reduce its oil production by 48 thousand barrels per day, from next May until the end of 2023.
The Ministry of Energy in the Sultanate of Oman said on Twitter that the Sultanate will voluntarily reduce its oil production by 40,000 barrels per day, starting from May until the end of 2023.
The Iraqi Ministry of Oil said that Iraq will voluntarily reduce its oil production by 211 thousand barrels per day, while the UAE announced a reduction of 144 thousand barrels per day.
In addition to Kuwait's announcement of a reduction of 128 thousand barrels per day, while Russia said today that it will reduce its production as well, by 500 thousand barrels per day.
Mohammed bin Salman announces to Al-Sudani his willingness to invest $100 billion in Iraq
Prime Minister Muhammad Shia' al-Sudani revealed, on Sunday, the imminent launch of strategic projects with Turkey, pointing out that Saudi Arabia is capable of investing $100 billion in Iraq.
"The bulk of the non-oil revenues are seized from corrupt employees," Al-Sudani said in a televised interview, followed by "Al-Iqtisad News," noting that "some of those involved in the deal of the century are participating in the current political process and will be overthrown soon."
He added, "The tripartite budget will prevent bargaining and extortion that occur every year," noting that "the recent appointments have raised the number of employees to 5 million."
He revealed that "the Saudi crown prince, Mohammed bin Salman, confirmed that he is ready to invest 100 billion dollars in Iraq," noting that "strategic projects with Turkey will soon see the light."
Al-Sudani pointed out that "Iraq spends about 8 trillion dinars on buying gas annually, and it also imports goods and services worth about $50 billion annually because Iraq is the first in the region in terms of population growth," stressing that "the private sector is the one that will lead the economic reform process in Iraq." ".
He warned that "the oil and gas law will be enacted within 6 months or more," noting that "some oil companies blackmailed the Kurdistan region."
The government announces the date of announcing the Baghdad-Erbil oil agreement and discussing the general budget
The spokesman for the Iraqi government, Basem Al-Awadi, described the atmosphere of the meetings between the central government and the Kurdistan Regional Government regarding the export of oil from the Kurdistan region as "positive", and the meetings were "frank".
The Iraqi government spokesman, Al-Awadi, said in a statement to the Kurdish "Rudaw" channel, followed by "NAS" (April 2, 2023), that "the atmosphere of the meetings between the Kurdistan Regional Government and the Ministry of Oil is positive, and we are awaiting the announcement of the agreement today or tomorrow."
He explained, "The talks between the two sides are still ongoing, and it is better not to say anything about the agreement until the announcement."
"We expect the budget to be put on the agenda of a special session of parliament during the next week to ten days, and we hope it will be approved soon for the public interest," he said.
Earlier, four informed sources revealed to Reuters that the Iraqi federal government and the Kurdistan Regional Government are about to conclude an agreement aimed at resuming oil exports from the north.
Turkey stopped the flow of oil through the pipeline (TADAWUL: 2360) from the Kirkuk fields in the semi-autonomous northern region to the port of Ceyhan on March 25, after losing a case filed by Baghdad before the arbitration panel of the International Chamber of Commerce.
In the proceedings, Iraq accused Turkey of violating the 1973 pipeline agreement by allowing the KRG to export oil without Baghdad's approval between 2014 and 2018.
The quantities that were flowing through the pipeline to the Turkish port of Ceyhan, which are about 450,000 barrels per day, represent only about 0.5 percent of global oil supplies, but the stoppage that forced oil companies operating in the region to stop production or transfer it to fast-filling storage tanks. Last week, it contributed to raising oil prices to nearly $80 a barrel.
An initial agreement between the two sides states that oil from northern Iraq will be jointly exported by the state-owned Oil Marketing Company (SOMO) and the KRG Ministry of Natural Resources, according to two of the sources, a senior Iraqi official in the oil sector and a KRG official. Kurdistan.
The KRG official said the revenues would be deposited in an account run by the Ministry of Natural Resources and supervised by Baghdad.
The two sources stated that the initial agreement was referred to the Iraqi Prime Minister, Muhammad Shia' al-Sudani, for final approval. The KRG source expected the agreement to be ratified on Monday.
Baghdad and the Iraqi Kurdistan government agreed to continue meetings after the resumption of oil exports to find solutions to other outstanding problems.
"These problems include contracts for foreign companies operating in Kurdistan and Kurdish debts," said a senior Iraqi official in the oil sector.
Trade sources said that the Kurdistan region, after suspending its oil exports, stopped paying six billion dollars through oil shipments owed to a number of energy companies, including Vitol and Petraco.
The discussions face another hurdle from the Turkish side as a second arbitration case related to the 1973 pipeline agreement for the period from 2018 onwards is still pending. One of the sources said that the settlement of this issue may take about two years.
Three sources stated that Turkey wants to resolve this issue before reopening the pipeline.
A senior Turkish official said neither the KRG nor Iraqi federal government officials had yet informed Turkey of the initial agreement and that discussions were ongoing.
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