Statement from the Central Bank of Iraq regarding the exchange rate of the dollar - urgent
this is a new development
The regional government appeals four articles in the tripartite budget law
The central government, after challenging it with the budget, opened the door for the regional government to challenge four articles in the law, including the amendments made by the Finance Committee.
Appeals filed by two governmentsBaghdadAndErbilIt came at a time when the street awaits the implementation of the budget items, while deputies believe that the appeals will affect the speed of their implementation on the ground.
and this just came out maybe 20 minutes ago
To discuss the exchange rate.. Parliamentary Finance decides to host the Governor of the Central Bank
link we don't want to maintain it hahaha
The Parliamentary Finance Committee announced, on Monday, that it decided to host the Governor of the Central Bank, Ali Al-Alaq, next week.
The deputy head of the committee, Ahmed Mazhar Al-Jubouri, said in a statement to the official agency, followed by “NAS” (July 17, 2023), that “after approving the budget and fixing the exchange rate of the dollar at 1,320 dinars, there will be hosting for the governor of the Central Bank and his advanced staff next week in the Finance Committee to discuss the issue exchange rate".
He added, "The committee will discuss with the governor the bank's plan to maintain the exchange rate."
Al-Maliki's coalition describes the talk about passing the oil and gas law as a "media aura"
On Monday, the deputy of the State of Law coalition, Alia Nassif, described the talk about the legislation of the oil and gas law as a media halo, calling on the political forces to expedite the legislation of the oil and gas law in the House of Representatives.
Nassif said in an interview with Al-Maalouma agency, "Some people's talk about the legislation of the oil and gas law are mere claims, auctions, and media statements."
She added, "The legislation of the oil and gas law will contribute significantly to making the wealth return to all the Iraqi people fairly."
Nassif pointed out that "the executive and legislative authorities must approve a law and gas during the current parliamentary session," stressing that "the legislation of the oil and gas law has become binding on all political parties."
A member of the Oil, Gas and Natural Resources Committee, Sabah Sobhi, pledged passing the oil law to achieving consensus and removing many obstacles.
Money changers are asking the Central Bank to ease the procedures against them
Diaa al-Taei, one of the owners of money exchange offices, confirmed that the recent and ongoing security campaign in the south affected the nature of the market in general, and was surprised by the strange pressure on money exchange offices in the south, which closed their offices in most southern cities as a result of this harassment.
Al-Taie demanded, through “Jarida”, the Central Bank and the relevant authorities to reduce the severity of the procedures followed at the security and economic levels on exchange offices, and not to mix papers in dealing with sober and not sober companies.
Banking researcher: The security practices of the official exchange companies confused the monetary scene
Banking researcher Mustafa Akram Hantoush said today, Monday, in a statement to “Jarida”:
The continuation of security practices against officially licensed banking companies is an indicator of the absence of real monetary policy and the complexity of the monetary scene, and therefore we may be facing new imbalances at the parallel exchange rate.
The President of the Republic directs the necessity of serious work and giving priority to the implementation of Article 140
link
The President of the Republic, Abd al-Latif Jamal Rashid, directed today, Monday, the need to work hard to implement Article (140) of the Constitution and to end outstanding issues regarding it in a manner that preserves the rights of all.
The President of the Republic directed to "form a committee in the Presidency of the Republic to follow up the implementation of the decisions of the Supreme Committee of Constitutional Article (140) by the relevant ministries and institutions, and to submit a report to His Excellency in this regard periodically."
Starting from tomorrow.. A deputy confirms the implementation of the budget items in all state institutions
Member of Parliament, Muhammad Radi, revealed today, Tuesday, the date for implementing the general budget law in ministries and government institutions, while confirming that the Ministry of Finance will send the budget to all ministries tomorrow or the day after.
Radi said in an interview with the information agency, "The launch of the salaries of the new job grades will take place after the completion of sending information and orders in all institutions and state ministries," noting that "there are thousands of new recruits awaiting the release of their salaries with the budget."
And he continued, "The implementation of the budget will be decided this week after it was also circulated to all governorates," pointing out that "there are many job grades that have been allocated and are awaiting full implementation to open the doors for submission to them."
And on the date of implementation of the general budget, between Radi: "The Ministry of Finance will send the budget to all ministries and institutions tomorrow or the day after tomorrow."
Many segments of society are waiting for the implementation of the budget on the ground, especially after the appeals submitted by the government to the Federal Court were answered, in addition to the cessation of many service projects due to the lack of financial funding for them, amid warnings of continued delay in its implementation seven months after its approval in the House of Representatives. Ende
An expert explains the “mystery of the high dollar” despite the increase in central sales .. America’s “veto” is still working
.The difference is in the tens of millions
Mahmoud Dagher, a former senior official at the Central Bank, confirmed that the US Federal Reserve dollar selling platform rejects dozens of hard currency sales deals taking place in Baghdad every day, especially those related to Iranian, Syrian and Turkish companies, expecting the continuation of the discrepancy between .the official exchange rate and the black market.
Dagher, in an interview with the journalist Adnan Al-Taie, followed by Network 964 , explained the continued flight of the dollar exchange rate, and its stay away from the official price, despite the lists published by the Central Bank daily that show an increase in dollar sales, and Dagher said that the figure announced in the currency auction no longer reaches Fully to dollar clients as it was before the .implementation of the platform system (US Federal Swift)
According to Dagher, the difference may reach tens of millions of dollars between the actual seller and the advertiser. For example, “when the bank says that it sold 250 million dollars, customers may not actually receive only 150 million from it.” This may give an answer to many questions. It was put forward by the people of the market, about the reason for the flight of dollar prices and its instability, even .with the Central Bank announcing a doubling of dollar sales
The oil and gas law takes center stage amidst assurances that the problems of Baghdad and Erbil will not be solved
The former member of the Parliamentary Oil and Energy Committee, Ghaleb Muhammad Ali, confirmed, on Tuesday, that the oil and gas law will not solve the existing problems between Baghdad and Erbil over the oil file, pointing out that the Kurdistan government seeks to make the region’s oil powers in its hands at a time when there is a decision by the Federal Court that obliges the government control of this file.
Ali told Al-Maalouma, "The oil and gas law will enter into mazes and many problems will arise around it if it is a political and technical law. As for the technical aspects, it will not affect oil dealings, whether with the region or other provinces."
He added, "There is a decision by the Federal Court stipulating that the federal government control the oil file inside and outside the region, and obligated the government to have the oil management fully under the control of the Ministry of Oil and SOMO, and therefore the oil and gas law should not contradict the court's decision."
He pointed out, Ali, that "the oil and gas law will not solve the problem between the center and the region, as Kurdistan seeks to have all the powers of the region's oil in its hands, while the center insists that the powers be under its authority."
The exchange rate of the dollar continues to rise without deterrent measures
On Tuesday, researcher in economic affairs, Muhammad Al-Saadi, criticized the continued rise in the exchange rate of the dollar in the parallel market and the failure to take deterrent measures for this rise, warning against exploiting speculators and raising prices in order to raise prices in general.
Al-Saadi told Al-Maalouma, that "the difference has become large between the official and parallel selling price of the dollar in the exchange offices, as the exchange rate of $100 reached 149,000 dinars, and therefore the number is likely to rise in the absence of deterrent government interventions."
He added, "Many speculators are working to increase their dollar currency in order to sell it on the black market and obtain great benefits, in cooperation with some currency brokers and traders, especially those who work in buying and selling cars, as there are no procedures for converting sales into dinars."
And that "the lack of outlets selling dollars at the official price has prompted exchange offices and speculators to exploit the situation and the citizen's need sometimes for foreign currency, as prices rose in light of the failure of the responsible authorities to continue their deterrent measures towards those who own the dollar currency."
An Iraqi analyst told "Fares": The presence of the representative of the US Treasury in the Commercial Bank of Iraq is a violation of Iraq's sovereignty
Iraqi analyst Haitham Al-Khuzaie referred to the interventions of the US ambassador in Iraq's internal and external affairs, stressing that the presence of the US Treasury representative in the Commercial Bank of Iraq is a violation of Iraq's sovereignty and is rejected by every honorable Iraqi citizen.
The prominent Iraqi analyst said in an interview with Fars News Agency in this regard: How can a country build its internal and international political experience while the representative of the United Nations and the American ambassador are still interfering in its internal and external affairs, stressing that the interventions of the American ambassador and the representative of the United Nations must be limited by official means and binding them to the contexts of diplomatic action.
With regard to the statements of Iraqi officials about Iraqi sovereignty, while the representative of the US Treasury Department visits the Commercial Bank of Iraq to monitor the movement of Iraqi funds? Haitham Al-Khuzaie replied: The presence of the representative of the US Treasury in the Commercial Bank of Iraq is a violation of the sovereignty of Iraq and is rejected by every honorable Iraqi citizen. The first step is to be transparent with the people, then move officially with popular support and expel American employees from Iraqi institutions.
Regarding the unwillingness of some Iraqi politicians not to clash with the United States and believe that it has tools to put pressure on the country, the question that arises is, did China, Russia, India, Brazil, Indonesia and Vietnam build their renaissance despite America's nose? The Iraqi political analyst said: The American forces did not leave Iraq in 2011 except by force, and it is possible for people to demonstrate to expel them and for the government to officially ask them to do so, then the force option remains on the table.
It is noteworthy that the head of the "Al-Fateh" coalition in Iraq, Hadi al-Amiri, recently accused the United States of America of controlling Iraq's money, and said: It is necessary to work to achieve economic sovereignty in Iraq after the security and political stability that Iraq is currently witnessing, and added: It is shameful that the money of Iraq is controlled by an employee in the American treasury.
Article 140 turns into a successful investment "tool" as the elections approach
Today, Tuesday (July 18, 2023), the former representative of the Patriotic Union of Kurdistan, Hassan Ali, criticized the exploitation of the problems of "Article 140" with the approach of elections. Stressing that its solution "lies only through the constitution."
In an exclusive interview with "Baghdad Today," Alli seemed surprised by "exploiting the problems of the politically disputed regions with the approach of each new election cycle," considering that "delaying the implementation of the article does not mean at all that it ends in a constitutional article."
The aforementioned constitutional article does not fall away with time, according to the Kurdish MP. Which confirms that "these areas must be private by the federal government."
The speaker acknowledges the continuation of the problems of the disputed areas, and links their solution exclusively to the "constitution," noting that "the mobilization of politicians will continue with every electoral process."
It is worth noting that the Kurdish parties and their counterparts have started several political and partisan activities in the disputed areas to form the largest electoral bloc to participate in the provincial elections scheduled for the end of this year.
A female deputy tweets about the oil and gas law.. When will it be passed?
Zainab Juma Al-Musawi ZJALMusawi @ 30 s We are continuing in the House of Representatives / Committee on Oil, Gas and Natural Resources in discussions and meetings to legislate the # Oil and Gas Law, and that the current legislative term will witness the first and second reading of the law and its passing to draw a new map for the oil sector in Iraq
WEDNESDAY
Iraq is preparing a memorandum of understanding with Venezuela in the field of energy and gas and sends its foreign minister to Caracas
The Ministry of Foreign Affairs announced, on Wednesday, that the Iraqi government will sign a memorandum of understanding with Venezuela in the field of energy and gas during the current year.
A statement of the ministry received by Shafaq News agency stated, "Ambassador Haider Al-Barrak, head of the Department of America, and his accompanying delegation, met Juan Santana, the Venezuelan Deputy Minister of Oil, yesterday, Tuesday, and during the meeting, they reviewed the distinguished relations in the field of energy and emphasized the need for high-level coordination between the two countries. In OPEC and OPEC Plus.
The statement referred to "the preparation of a memorandum of understanding in the field of energy and gas between the two countries, which will be signed during the visit of Deputy Prime Minister and Foreign Minister Fouad Hussein to Venezuela this year."
On Sunday, July 16, Minister of Electricity Ziyad Ali announced that he would go to Qatar and Turkmenistan to supply them with gas to operate power plants instead of Iranian gas
Iraq welcomes cooperation and investment with Saudi Arabia to develop the energy sector
Urgent
While receiving a high-ranking delegation from the Saudi Ministry of Energy Deputy Prime Minister and Minister of Oil:
confirms his welcome to cooperation, partnership and investment with brothers in the Kingdom to develop the oil and energy sector
The Deputy Prime Minister for Energy Affairs and Minister of Oil affirmed the keenness of the government and the ministry to enhance
opportunities for bilateral cooperation between the Republic of Iraq and the Kingdom of Saudi Arabia in all fields, including the oil and energy sector.
This came during his meeting with Mr. Mohammed bin Abdul Rahman Al-Ibrahim, Assistant Minister of Energy for Oil and Gas Affairs in the Kingdom, and the accompanying delegation,
which included a number of officials and advisors in the Ministry of Energy and Saudi Aramco.
Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani, said that this meeting comes as a continuation of the results of the visit of Prime Minister Muhammad Shayaa Al-Sudani to the Kingdom, and the desire of the two countries
to develop bilateral relations
and accelerate the transfer of joint projects to actual practical implementation, in a manner that serves common interests.
for the two brotherly peoples. Abdul-Ghani referred to the distinguished relations between Iraq and the Kingdom, which witnessed great development,
and Iraq's welcome to Saudi companies to invest and participate in the development of oil and gas fields, refining, infrastructure and others.
For his part, Mr. Mohammed bin Abdul Rahman Al-Brahim, Assistant Minister of Energy for Oil and Gas Affairs in the Kingdom, conveyed the greetings of the Minister of Energy, His Highness Prince Abdulaziz bin Salman, and his desire to establish a number of bilateral cooperation projects between the two brotherly countries in the oil and energy sector. Al-Brahim added that the delegation held talks with
officials In the Ministry of Oil of the Republic of Iraq, a number of investment opportunities were reviewed in the oil and gas sector, exploratory sites, liquidation, etc., expressing his hope to reach an agreement on a number of projects in the near future.
While the Undersecretary for Distribution Affairs, Mr. Ali Maarej, said that the delegation of the Ministry of Energy and Saudi Aramco in the Kingdom of Saudi Arabia had seen the investment map in the oil and gas sector, where the head of the delegation expressed his country’s desire to participate and enter into a number of investment projects in the oil and gas sector
in Iraq, and they have agreed to continue the dialogue during the next few days.
وزارة النفطGovernment Information and Communication Office
19 - July - 2023
More than 5 months since the decision to reduce the exchange rate, and the dollar is still high
link this had a video where they were talking to citizens in the streets but it is in Arabic
The exchange rates of the dollar are still high despite government decisions to reduce it in the main currency market, which increased the suffering of citizens due to the high market prices.
Shop owners say that the rise in exchange rates affected one way or another on purchasing power, causing a recession in the markets.
One of the most prominent merchants in the city of Mosul, Hassan Kilawi, said in a statement to the National Iraqi News Agency ( NINA ) that "the continuation of the rise in this way affects the economic situation and markets in Mosul and the whole of Iraq."
He continued, "Mosul markets are witnessing a very large stagnation due to the high prices of food products, which was a major reason for the rise in the price of the dollar, which negatively affected the Mosul street, calling on the central bank to intervene quickly to solve the crisis of the high price of the dollar, which negatively affected citizens due to the deteriorating economic conditions in Iraq in general, and Nineveh in particular.
Citizen Uday Al-Badrani confirmed that "this rise led to a deterioration in the purchasing power of citizens and an increase in the cost of living.
Prices were greatly affected, as the prices of basic commodities, foodstuffs and basic supplies rose. Various economic sectors, such as industry, agriculture and trade, were also affected due to the high import costs and the decline in Investments, and this led to a deterioration in the economic situation and an increase in unemployment and poverty rates, "
and the Central Bank called for rapid intervention in order to end the violations of these price hikes in light of this difficult economic situation."
With names.. America imposes sanctions on 14 Iraqi banks for dealings with Iran in dollars
On Wednesday, the US Treasury Department imposed sanctions on 14 Iraqi banks, in a crackdown on Iran's dealings in dollars.
This was announced by the American Wall Street Journal.
According to the American newspaper, “the sanctions affected the banks (the Islamic Advisor for Investment and Finance, the Islamic Qartas for Investment and Finance, as well as the Islamic Spectrum, Elaf Bank, Erbil Bank for Investment and Finance, the International Islamic Bank, Trans-Iraq Bank, Mosul Bank for Development and Investment, Al-Rajih Bank, Sumer Commercial Bank, Trust International Islamic Bank, Ur Islamic Bank, Islamic World Bank for Investment and Finance, and Zain Iraq Islamic Bank for Investment and Finance.”
And the US Treasury Department prevented four other Iraqi banks from accessing the dollar last November, and also imposed, in cooperation with the Central Bank of Iraq, stricter controls on financial transfers in the country in general.
In the past weeks, the Central Bank of Iraq had excluded 4 private Iraqi banks from the currency sale auction (namely: Al-Ansari, Al-Sharq Al-Awsat, Al-Qabid, and Asia) following directives and warnings from the US Treasury about these banks accused of smuggling currency.
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The rise in the value of the dollar and an expected economic "crisis".. Disclosure of the consequences of banning 14 Iraqi banks
Today, Wednesday (July 19, 2023), The Wall Street Journal revealed expectations of an economic crisis and an expected significant rise in the exchange rate of the dollar in Iraq, against the background of the US Federal Reserve’s decision to ban 14 Iraqi banks from dealing in dollars, noting that these banks are suspected of money laundering operations.
The newspaper stated in a report translated by (Baghdad Today), that “the previous decision of the US Central Federal Council to ban 4 Iraqi banks from accessing the US dollar during November of last year led to an economic crisis that lasted for three months, during which the Iraqi dinar witnessed a collapse against the dollar.” Noting that “the recent decision to ban fourteen Iraqi banks will have multiplying effects,” according to its description.
And she added, "According to the statements of a high-ranking US official who refused to reveal his identity, the US Federal Reserve has strong grounds to suspect that the banks that have been banned are practicing illegal business and money laundering operations that benefit personalities and entities that are subject to economic sanctions."
The official also stated that "the US Federal Monitoring of the activities of banned banks during the past months revealed illegal activities, including carrying out multiple dollar transfers to European countries and banks with the aim of avoiding federal control, in addition to issuing many pre-package cards in a way that indicates attempts to smuggle US currency from Iraq," according to his description.
The newspaper also confirmed that the US Federal Reserve's decision represents a "death sentence" for Iraqi banks, explaining that most of the banking sectors in Iraq operate using the currency auction, which means that the decision to ban it will lead to the loss of its only method of operation.
The newspaper's report also indicated that the previous federal decision to ban four banks led to a decline in dollar circulation inside Iraq by 80%, expecting that the new decision would lead to an "additional crisis" whose effects will increase during the coming period as a result of what it described as "the inability of Iraqi banks to use the American system, which will eventually lead to the imposition of other sanctions on more Iraqi banks and push the Iraqi economy to the brink of the abyss."
However, this was denied by the US official, who confirmed that the sanctions would lead to "an increase in real transfers instead of money laundering, and thus protect the Iraqi economy from the negative effects of sanctions," according to his description.
The newspaper concluded its report by stressing that "the direct consequences of the US federal decision" are the deterioration of diplomatic relations between Baghdad and Washington as a result of the expected negative effects on the Iraqi economy because of the decision.
Moody's downgrades Iraq's economic strength by two points to "ba2"
Moody's announced the downgrade of Iraq's economic strength to "ba2", and said that this assessment balances the size of the economy and the abundance of natural resources with the instability and turbulence of economic growth, weak infrastructure, and the economy's lack of diversification.
The Corporation said, in a research paper that provides an annual analysis of Iraq's credit worthiness, and was seen by Shafaq News agency, that the final assessment dropped the classification of Iraq's economic strength by two points from the "baa3" level, which reflects the damage to the country's production capacity and infrastructure through several years of armed conflicts, which weakened the competitiveness and resilience of the economy, impeded its ability to grow at a faster pace, and impeded diversification outside the oil and gas sector.
Moody's also indicated that Iraq's economy is heavily dependent on the oil sector, which accounted for 45% of nominal GDP in 2021.
Moody's also expected that the country would not be able to return to the levels of economic output that prevailed before the Corona pandemic before 2024, despite the current recovery of the economy, and despite Iraq having one of the largest economies in the Middle East and North Africa region, with a nominal GDP of $264 billion in 2022.
She said that the growth of the economy is very sensitive to oil production and prices, expecting it to decline sharply in 2023.
While Moody's estimates the growth of the Iraqi economy last year by 8.1%, supported by an increase in crude oil production by 12.7% to about 4.5 million barrels per day. It had expected the economy to grow at a slower rate than that in 2023-2024, with stable oil production rates and weak growth rates in the non-oil sector. It indicated that oil export revenues last year amounted to $115.6 billion (representing 44% of the gross domestic product), an increase of 53% over the previous year's level.
The Corporation expects real GDP growth in Iraq to decline to less than 2% this year, despite the possibility of a recovery in the non-oil sector supported by public spending until 2024.
Iraq will voluntarily reduce its oil production by 211,000 barrels per day, from May until the end of 2024, in accordance with OPEC agreements in April and May.
The country's oil exports were also disrupted in the second quarter of this year due to the disruption of a pipeline between the ports of Kirkuk and Ceyhan, which transported oil field exports from northern Iraq to Turkey.
FRIDAY
Kurdistan: Next week we will start delivering non-oil revenues to Baghdad
The Kurdistan Regional Government announced that it will begin next week to deliver all non-oil revenues to the capital, Baghdad, noting that it has delivered to Baghdad 60,000 barrels per day since last June.
"The Kurdistan Regional Government has shown willingness to implement all the articles in the budget law, despite the observations on certain unconstitutional paragraphs," said Omid Sabah, the head of the cabinet's office in the region, in a press conference held in Baghdad on Thursday evening.
He added, "As the Kurdistan Regional Government, we have shown our commitment, and from the date of last June 25 until today, we deliver to the federal government 50 to 60 thousand barrels of oil per day, and the oil ministry confirmed today in the final report the region's commitment."
Sabah added; That "with regard to the issue of handing over non-oil imports, we informed the federal government that we are ready, starting next week, to deliver all federal non-oil imports represented in customs duties and taxes according to the proportions in the Financial Management Law stipulated in Article 21 of the Budget Law, as they will be deposited in cash in the account of the federal government starting next week."
Sabah explained, "After these two issues, there will be no argument left for not financing the dues of the Kurdistan Region, in addition to showing readiness by the region, according to the text in the budget, to implement the balances related to the TBI Bank."
He continued, "We asked the financial control in the region and the federal government to start scrutinizing all issues in the budget law from next week."
The crisis of the rise of the dollar returns to the fore... and an upcoming parliamentary procedure
The Parliamentary Finance Committee confirmed, on Friday, its intention to host the Governor of the Central Bank and the Minister of Finance during the next week, to find out the reasons for not controlling the parallel exchange rate.
The parallel price means the exchange rate of the dollar in the market and exchange offices, and not the official rate 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.
The exchange rates of the US dollar rose against the Iraqi dinar, in the Baghdad markets, and in Erbil, the capital of the Kurdistan region, after Washington imposed sanctions on 14 Iraqi banks.
As the Al-Kifah and Al-Harithiya stock exchanges recorded, with the closing, yesterday evening, Thursday, 150,900 dinars for 100 dollars, while in Erbil it recorded 151,000 dinars for every 100 dollars, and the purchase price was 150,950 dinars for 100 dollars.
In this context, member of the Finance Committee, Moein Al-Kadhimi, told Shafaq News agency, "The government tried to control the exchange rate, by reducing the dollar from 145 to 130, and was able to provide remittances to countries to which remittances can be sent."
Al-Kadhimi added, "But there are other countries from which Iraqi merchants import, and US sanctions prevent sending these remittances, forcing these merchants to obtain dollars from the parallel market."
He explains, "Which leads to the dollar's price remaining high in this market, and with the recent measures of the US Federal Reserve not to deal with a number of private banks, it had an impact on the dollar's price rise, to reach 155."
Regarding the procedures of the Finance Committee in this regard, Al-Kazemi confirms, "There will be a hosting of the Governor of the Central Bank and the Ministry of Finance during the next week, to find out the real reasons for the inability to control the parallel price."
A member of the Finance Committee explains, "The lack of control over the parallel price is due to the sanctions imposed by the United States on countries such as Iraq, Syria, Iran, Lebanon, and even on some Turkish companies, which leads to an increase in the black market demand for the dollar."
On Wednesday, the US Treasury Department imposed sanctions on 14 Iraqi banks in a crackdown on Iran's dollar transactions.
The Wall Street Journal quoted US officials as saying that "the move came after the disclosure of information indicating that the targeted banks were involved in money laundering and fraudulent transactions."
The newspaper added, "Some of these operations may relate to individuals subject to sanctions, which increases fears that Iran will benefit from them."
A senior US official told the newspaper: "We have strong reason to suspect that some of these money laundering operations may benefit either individuals covered by US sanctions, or persons who may be covered by sanctions."
"The main danger of sanctions in Iraq is definitely related to Iran," the US official added.
Shafaq News agency learned that the sanctions affected "banks (the Islamic Advisor for Investment and Finance, the Islamic Al-Qartas for Investment and Finance, as well as the Islamic Spectrum, Elaph Bank, Erbil Bank for Investment and Finance, the International Islamic Bank, Pan-Iraq Bank, Mosul Bank for Development and Investment, Al-Rajeh Bank, Sumer Commercial Bank, Trust International Islamic Bank, Ur Islamic Bank, Islamic World Bank for Investment and Finance, and Zain Iraq Islamic Bank for Investment and Finance."
And the US Treasury Department prevented four other Iraqi banks from accessing the dollar last November, and also imposed, in cooperation with the Central Bank of Iraq, stricter controls on financial transfers in the country in general.
In the past weeks, the Central Bank of Iraq had excluded 4 private Iraqi banks from the currency sale auction (namely: Al-Ansari, Al-Sharq Al-Awsat, Al-Qabid, and Asia) following directives and warnings from the US Treasury about these banks accused of smuggling currency.
SATURDAY
Disclosure of the date of the vote on the oil and gas law and the general amnesty
The Parliamentary Legal Committee in the House of Representatives revealed the date for voting in Parliament on the "oil and gas" and "general amnesty" laws.
Representative Ahmed Fawaz Al-Latifi, a member of the Parliamentary Legal Committee, said in press statements:
“One of the most important laws that we are working on approving is the oil and gas law and the general amnesty law that was agreed upon within the State Administration Coalition, and this is what has been agreed upon, and I believe that there are final political touches to agree on it, and therefore include them in the agenda and vote on them within the House of Representatives, and they were sent from the Council of Ministers as draft laws, not proposals to the House of Representatives, and therefore we wait in the House as soon as the book or draft laws reach the Parliament, to be referred to the Committee Legal, which is concerned with studying and discussing the paragraphs and rationale of this topic and thus putting it on the agenda soon for a vote on it.
A new message from Al-Sadr: Talking is no longer useful
link this has to do with the burning of the quran but it could set the streets on fire
In the name of God, its course and anchorage
Talking is no longer useful.. and the firefly is not convincing
Religion has become strange... and its defenders have become suspicious...
Oh God, accept this sacrifice and our defense of religions and the revolution for the sake of the Qur’an, so do not destroy us with what the doers did, or the silence of the silent, or the negligence of the negligent.
And we followed the guidance of the Criterion.
Or the truce of the truce.
So wait, I am with you among those waiting.
And peace be upon those who follow guidance.
Muqtada al-Sadr
Most notably the US Treasury.. The reasons for the rise in dollar prices in the Iraqi markets
Today, Saturday, the economist Nabil Al-Tamimi explained the relationship of the US Treasury Department with the rise in the exchange rates of the dollar in the local markets, while confirming that there is a great demand for the dollar away from the window for selling the currency.
Al-Tamimi said, in an interview with Al-Maalouma Agency, that "the rise in dollar prices in the Iraqi markets recently came as a result of the recent US sanctions, by stopping the latter four banks from entering the currency sale auction," noting that "the US Treasury also decided to stop 14 other banks in Iraq."
He added, "The central bank's sales during the past weeks decreased by a large percentage, exceeding 50% of the average sales in the past months, as a result of the US sanctions."
The economist explained, "These measures led to a scarcity of the dollar in the markets, which caused its rise in the black markets by 2-3 percent."
And Al-Tamimi said, "There is a great demand for the dollar in the market away from the window for selling the currency," noting that "the decline in the value of the Iraqi dinar against the dollar reflected negatively on the overall economic conditions."
Earlier in the day, a member of the State of Law Coalition, Ibrahim Al-Sakini, accused the United States of trying to put the current government against the people by returning the dollar crisis to the destination, while the decision to remove 14 Iraqi banks from the electronic dollar selling platform was considered Washington's first step to raise the exchange rate of the dollar.
And the US Treasury decided, during the past week, to stop 14 Iraqi banks from trading and selling hard currency, which caused a rise in the exchange rates of the dollar in the local markets.
SUNDAY
A parliamentary committee is awaiting a meeting with the President of the Kurdistan Region regarding the oil and gas law, which the Sudanese insist on approving
The Parliamentary Oil and Natural Resources Committee confirmed, on Sunday, that it is awaiting a meeting with the President of the Kurdistan Region, Nechirvan Barzani, to resolve the final version of the oil and gas law, noting at the same time the insistence of the head of the federal government, Muhammad Shia'a al-Sudani, to approve it as soon as possible.
Member of the Parliamentary Committee, Ali Saadoun Al-Lami, told Shafaq News agency, "The oil and gas law is one of the important laws that are in the interest of the country, and its approval has been delayed since the first session of Parliament."
And that "disagreements between the federal government and the Kurdistan Region have delayed the approval of the oil and gas law in Parliament since 2007 until today."
He pointed out that "the Parliamentary Oil and Energy Committee met with the presidents of the republic, ministers, and a number of heads of political blocs, all of whom have the intention to pass the law."
Al-Lami pointed out that "the Parliamentary Oil and Energy Committee requested a meeting with the President of the Kurdistan Region, Nechirvan Barzani, to discuss the law, and so far we have not received a response."
He emphasized that "Prime Minister Muhammad Shia'a al-Sudani insisted on approving the oil and gas law, which organizes and arranges the oil relationship between the center and the region."
Al-Lami explained that "70% of the disputes have been resolved, and only a few remain, and the current dispute crippling the law is how to manage the oil fields in the Kurdistan Region. In the law, management is by the federal government, but the regional government has another opinion on that."
The oil and gas law is one of the most important differences between the federal government and the Kurdistan Region, and the parties did not reach a settlement on it throughout the past four parliamentary sessions.
During the current parliamentary session, the political blocs are counting on reaching solutions to the existing differences and pushing for understandings that satisfy all parties to pass the law.
A comment from the German defense on the reason for postponing the visit of its minister to Baghdad
Germany's Defense Minister, Boris Pistorius, canceled an official visit to Iraq Sunday, citing security concerns, after the Korans were burned in Sweden and Denmark.
German Defense Ministry spokesman Kevin Hook told Bloomberg that the postponement of the visit was due to violence against the Swedish embassy and an NGO in Denmark.
He said that the Minister of Defense received a security warning from the concerned German authorities against the visit, after the Swedish embassy was stormed.
The German Defense Ministry said it was taking measures to protect its diplomats at its embassy in Baghdad.
The dollar is "losing its mind" and is accelerating upward..Customers of "banned banks" flock to the parallel market
The exchange rates of the dollar against the dinar rose to unprecedented levels for months, as the selling price exceeded the 155,000 barrier, with the release of budget funds, as well as the ban on 14 Iraqi banks from dealing in dollars.
In the latest update of the dollar exchange rates, the selling price reached 155 thousand dinars per 100 dollars, while the purchase price reached 152 thousand dinars per 100 dollars, with a difference of 3 thousand dinars between buying and selling after the difference was only two thousand dinars during the past months, and only one thousand dinars during the past year.
Stock exchange prices were hovering around 148 thousand dinars per 100 dollars, and the selling price did not exceed 149 thousand dinars and the purchase price 147 thousand dinars, before an official letter from the Central Bank was issued last Thursday banning 14 Iraqi banks from dealing in dollars or entering the currency auction based on US sanctions.
Within only 3 days, the dollar’s prices increased by more than 4%, due to the fact that merchants who were trying to obtain dollars through these banks did not rent any outlet after they were banned, which means that they went to enhance their trade by buying dollars from the parallel market, especially trade and import related to the Iranian side, which prohibits its financing through banks and the official electronic platform through the Central Bank.
Although the Central Bank underestimated the value of the effect of banning these banks on meeting the demand for the dollar, as it constitutes only 8% of the total sales of hard currency, but experts indicate that it is a sufficient percentage to raise the price of the dollar at least to 160 thousand dinars per 100 dollars.
urgentPresidencies meet to discuss a number of files
The four presidencies in Iraq are currently holding a meeting to discuss a number of files.
A copy of the meeting obtained by "Baghdad Today" showed the meeting of the President of the Republic, Abd al-Latif Rashid, the President of the Supreme Judicial Council, Faiq Zaidan, the Prime Minister, Muhammad Shia' al-Sudani, and the Speaker of Parliament, Muhammad al-Halbousi.
Iraq is witnessing a number of sensitive and important files that need discussion, discussions and decisions regarding them, including the crisis of diplomatic relations between Iraq and a number of European countries that are witnessing practices that are offensive to the constants of Islam and Arabs in general, as well as the severe water crisis in the country.
In addition, Iraq is witnessing a crisis of the return of the high exchange rate of the dollar and the lack of control over the collapse of the value of the local currency after imposing sanctions on a number of Iraqi banks from dealing in dollars.
The Iraqi presidencies issue decisions related to "Sweden", the budget and the Kurdistan Region
The Iraqi presidencies (the republic, the government, the parliament, and the judiciary) issued several decisions on Sunday evening, including those related to the Sweden crisis, the federal budget law, and the Kurdistan Region.
This came, during the hosting of Parliament Speaker Muhammad al-Halbousi at his headquarters, a meeting that included the President of the Republic, Abdul Latif Jamal Rashid, Prime Minister Muhammad Shia al-Sudani, and the President of the Supreme Judicial Council, Faiq Zaidan. The general situation in the country and a number of important files were discussed, according to a statement received by Shafaq News agency.
During the meeting, the presidencies condemned the deliberate abuse and authorization of the Swedish authorities to insult the Holy Qur’an and the Iraqi flag, as the conferees expressed their support for the government’s measures to sever relations with Sweden or with any country that does not respect the sanctities of Muslims or supports any action that insults sanctities and religions, stressing at the same time the need to “take the necessary measures to protect diplomatic missions.”
The meeting discussed the file of the Federal Budget Law and the need to complete its instructions, follow up on projects and their quality, and spend according to priorities and in a way that meets the government program.
With regard to the Kurdistan Region, the meeting emphasized "the application of the articles in the Federal General Budget Law in all its details, which are related to oil and non-oil revenues and the payment of its dues."
And the Iraqi presidencies stressed the need to "legislate the laws that were included in the government program and the political agreement paper and approved by the political forces, including the general amnesty law, oil and gas, and the law of the Federation Council, in addition to a number of draft laws completed by the Presidency of the Republic that were sent to the Parliament, including the law of the Supreme Commission for the Empowerment of Women, the law to recover Iraq's funds, and the law on drugs and psychotropic substances."
In the water file, the conferees emphasized working to follow it up with the source countries, in addition to the need to legislate the law of the Supreme Council for Water," stressing at the same time the necessity of "continuing cooperation and coordination between the authorities in all files."
Al-Sudani: Compensation for citizens and companies who buy dollars at the black market price – urgent
Prime Minister Muhammad Shia al-Sudani stressed the need to implement the procedures that the Central Bank announced its intention to apply, regarding compensating dollar customers from the black market, with the difference that .they lose
:A statement from the Sudanese office read
The Prime Minister, Mr. Mohamed Shia'a Al-Sudani, is discussing with the Governor of the Central Bank the measures taken to stabilize the currency .market
The Prime Minister, Mr. Mohamed Shia Al-Sudani, met today, Sunday, with the Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, in the presence of the .advisors and the Director General of Investment at the Bank
During the meeting, they discussed the measures taken by the Central Bank with regard to the stability of the currency in the Iraqi market, and the most prominent plans prepared to reform, develop and empower the banking sector. To take its role in achieving sustainable development and facing .challenges
His Excellency listened to explanations about the most important facilities provided by the Central Bank, which include allowing small merchants and importing individuals to finance their imports without the need to establish a company, and that is through government and private banks that have .direct relations with correspondent banks
The Prime Minister directed the Central Bank to make greater efforts to simplify procedures for citizens, as it was emphasized that the content of the Council of Ministers' decision regarding the payment of installments for investment projects would be implemented by allowing citizens to pay in Iraqi dinars for the values of housing units that they previously purchased in foreign currency.
His sovereignty also directed the application of Article 48 of the Federal General Budget Law, to unify and simplify tax procedures on the one hand, .and not link them to external transfers on the other hand
The meeting also witnessed an emphasis on proceeding with the measures that the Central Bank will take, regarding compensating citizens and companies who buy dollars at the unofficial rate, through the Central Bank deducting the financial difference from banks and exchange companies that sold dollars at more than the price set in the bank, after the purchase .from those companies is proven
During the meeting, the Governor of the Central Bank revealed the bank's intention to resume selling cash dollars through licensed banks in Nineveh .Governorate
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Media Office of the Prime Minister ”
July- 2023 -23
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