Advisor to Al-Sudani: The dollar is on the way to further decline, and 70% of Iraqi traders have entered the platform
The video for the blog is below:
Fadi Al-Shammari, advisor to the Prime Minister, Muhammad Shiaa Al-Sudani, expected on Wednesday (March 27, 2024) a continued decline in the dollar’s exchange rate against the dinar.
Al-Shammari said in a televised statement followed by “Baghdad Today,” “The dollar is on its way to further decline and is subject to supply and demand.”
He stated, “70% of Iraqi merchants deal with the platform, up from only 10%.”
Reuters previously quoted an official in the Central Bank of Iraq who revealed that merchants are increasingly interested in the electronic platform for selling the dollar at the official price (1,320 dinars), and working in a regular manner, as foreign trade remittances rose to 200 million dollars after it was only 50 million dollars last year. .
It is noteworthy that local markets and currency exchanges have been witnessing for days a noticeable decline in the exchange rate of the dollar against the dinar, as it reached 1,476 dinars this evening, Wednesday.
Parliamentary Finance: The 2024 budget reached 228 trillion dinars
The Chairman of the Finance Committee in the House of Representatives, Atwan Al-Atwani, announced today, Wednesday (March 27, 2024), the size of the 2024 budget, while noting that it amounted to 228 trillion dinars.
Al-Atwani said in a statement received by "Baghdad Today", "The 2024 budget amounted to 228 trillion dinars."
On (March 18, 2024), Prime Minister Muhammad Shiaa Al-Sudani chaired a special meeting to discuss the schedules of the federal general budget for the year 2024 .
Al-Sudani’s media office said in a statement received by “Baghdad Today” that “Al-Sudani chaired a meeting devoted to discussing the schedules of the federal general budget for the year 2024, and presenting priorities in the sections of spending and supporting service, economic and social projects, and strategic projects, within the course of the three-year budget (2023, 2024). , 2025).
An Iraqi faction leader threatens Biden with a broader attack than the “Al-Aqsa Flood”
An Iraqi faction leader threatened, on Wednesday, US President Joe Biden, that his members are ready to significantly escalate their campaign if Washington does not withdraw all of its forces from Iraq, while indicating that the “Iraqi resistance” can go further than an attack. Hamas on October 7, 2023, against American bases in the region.
This came during an interview conducted by the American magazine “News Week” with the Secretary-General of the “Al-Waad Al-Saiq” Corps, Muhammad Al-Tamimi, and translated by Shafaq News Agency.
Biden's threat
The “True Promise” Corps is one of several factions that came together as part of the “Islamic Resistance in Iraq,” which launched a campaign of almost daily missile and drone attacks against US forces stationed in Iraq and Syria from November 2023 until December. January 2, 2024, when the attack took a deadly turn after three American soldiers were killed on the Iraqi-Jordanian-Syrian border.
As the Iraqi government moved to remove US forces, some "resistance factions" in Iraq largely halted their campaign and instead turned their sights to Israel.
In this regard, Al-Tamimi told the American magazine, “The American forces will be met with an attack that exceeds even the devastating Hamas attack on October 7, 2023 on Israel if the (reckless and senile) Biden ultimately fails to withdraw American soldiers from the country.”
He added, "If the agreement is not reached, we will expel the Americans with coffins from Iraq, and we will humiliate the (Black House) administration, and they will see who the resistance is and what its capabilities are, especially now that we have drones and long-range smart missiles."
According to the magazine, the war in Gaza served as a new impetus for anti-American operations, as various groups such as (Kata’ib Hezbollah, Harakat al-Nujaba) and others united to form the Islamic Resistance in Iraq, of which Al-Tamimi said that the “True Promise Corps” and its mujahideen were also “a part.” "Essentially."
Al-Tamimi stressed, “The role of the Mujahideen in the Corps is to defend the land of Iraq, and this is a right guaranteed by divine laws and international treaties. As for the leadership and Mujahideen of the Corps, targeting the American occupation in Iraq is a legitimate, national, and moral duty, and Iraq’s sovereignty is a duty that everyone must respect.”
He continued: "The role of the Legion's mujahideen was to target any clear American presence and target the Zionist entity."
Israeli concern
In response to a question from "Newsweek", during a press conference, IDF spokesman Admiral Daniel Hajari confirmed that "there is a relationship between Hezbollah, the Houthis and the militias in Iraq and Syria, all of which are controlled by Iran."
Hajari added at the time: “Iran has occupied in a very sophisticated way Lebanon, Yemen, Iraq and Syria, using those countries to wage war against Israel, but not only against Israel, but against Sunni countries and also against innocent civilians of the Western world.”
However, Iranian officials have denied exercising command and control over these groups, which they argue are engaged in legitimate defensive maneuvers.
The Iranian mission to the United Nations told Newsweek, in response to Hajari's comments, that "the military actions carried out by the Resistance Front against the Israeli regime are defensive measures aimed at putting pressure on the occupation regime, with the aim of stopping its crimes in Gaza."
Resistance unit
Al-Tamimi also rejected the idea that he led an Iranian-sponsored group, but he testified to an increasing level of coordination between international factions allied with the axis of resistance.
The Secretary-General of the Al-Waad Al-Sadiq Corps confirmed that “the Corps is Iraqi, and its mujahideen are Iraqis,” adding: “We have coordination with the resistance factions in Lebanon, Yemen, or Gaza... but we do not have coordination with any country, only with the resistance, and we are with unity.” Resistance".
With Israel now primarily in the sights of these factions, and operations against US forces severely reduced, Al-Tamimi outlined the strategy behind what the Islamic Resistance in Iraq referred to as the “second phase” of operations.
He explained, "The Iraqi resistance now stands with the Palestinian people, and its duty now is to support them against the crime and genocide committed against them by the Zionist entity, with the support of the American government, Britain, and Europe."
He added: "The change in strategies in the Iraqi resistance was clear, especially after the American deal with the Iraqi government, which was urgently asking us to stop jihadist operations in Iraq, and in return, there will be an immediate withdrawal from Iraq, non-interference in the Iraqi situation, and the delivery of... Iraqi money owed by the Americans,” he said.
Once again, Al-Tamimi warned that failure to fulfill these conditions would lead to a comprehensive escalation against American forces, which he warned would fulfill their end in Iraq.
He added, "We respect the right of peoples to live in peace, and it is our right to have peace in our country without American military forces on Iraqi soil."
He said, "The Iraqi people respect all peoples, but they reject the military presence on Iraqi soil. If these forces do not withdraw, they will be sent with coffins, and we will destroy the American bases."
He continued: "We are capable of carrying out more operations than the Hamas movement in storming the bases of the Zionist entity. We are capable of destroying these bases."
But Al-Tamimi, in a direct appeal to the American people, stressed that the resistance’s anger was directed only to the occupiers, not to civilians.
Al-Tamimi concluded by saying: “We wish peace for everyone, and we want to live in peace in our country, so we ask Biden to withdraw his children from our country, Iraq, so that we can live in security, prosperity and peace.”
The Secretary-General of the True Promise Corps concluded his speech by saying: “We welcome the American people to visit our country for a tourist or commercial visit, but we reject their military presence, and they must know that we do not need them.”
Exchange companies in Mosul demand that they be entered into the currency selling window
The Association of Exchange Companies in the city of Mosul called on the Central Bank to take measures that would introduce Mosul exchange companies to the electronic window for the currency sale auction.
Abdullah Khalil, the association’s official, said in a statement to the National Iraqi News Agency ( NINA ): “Mosul companies have been demanding, for more than a year, to be included in the currency auction,” indicating: “Nineveh is still deprived of this matter, which has had a negative impact on The file of transferring money and dealing with international exchange companies, in addition to taking their share of the dollar through the sales window.
A deputy expects the dollar exchange rate to reach 140 Iraqi dinars
Representative Mudar Al-Karawi confirmed today, Thursday, that the parallel market decreased by 10% within 3 months in Iraq.
Al-Karawi told Al-Maalouma, “The efforts of the Central Bank and the measures of the Ministry of Finance reduced the influence of the parallel market and led to a reduction in the exchange rate by 10% within 3 months.”
He added, "The exchange rate reaching 140,000 dinars per $100 is very likely in the coming weeks."
He pointed out that “reducing smuggling, automating procedures, and controlling the movement of money and payments are all reasons that contributed to creating financial stability and pushing the parallel market to decline, albeit very slowly.”
The Stock Exchange announces the launch of trading on “Emaar bonds”
The Iraq Stock Exchange (the Stock Exchange) announced, on Thursday, the launch of trading on the third issuance of “Emaar bonds” at the deposit center.
The stock exchange said in a document received by Al-Iqtisad News, “Based on the decision of the Securities Commission and the decision of the Board of Governors to list and deposit the trading of Emaar bonds (the third issue), and on the occasion of the completion of technical procedures in the market, deposits of the third issuance (Emaar bonds) will begin at the deposit center.” By owners of bonds of all categories as of Thursday 3/28/2024.”
The stock exchange added, “The bonds will be launched for trading starting from the Sunday session, 4/21/2024, on the bond platforms.”
The stock exchange pointed out that “two-year bonds of (500) thousand dinars mature on 12/30/2025, with an annual interest rate of (6%), paid every six months.”
She added that "four-year bonds of one million dinars mature on 12/30/2027 with an annual interest rate of 8% paid every six months."
The stock exchange confirmed that "trading is according to the bond category on the bond platform, and the rate of change is 5% up and down from (the price calculated for the bond on that day during the issuance period) according to the table received from the Central Bank of Iraq."
She stated that “the minimum commission for the brokerage company is 1,000 dinars, and the commission rate is 0.003 of the value of the bond when trading,” noting that “the bond trading session lasts from 10 a.m. until 12 noon.”
A government strategy to enhance investments.. Iraq is on the verge of a new era of economic development
The financial advisor to the Iraqi government, Mazhar Muhammad Salih, revealed that Iraq is entering a new era of development and diversifying the sources of the economy by revitalizing the private sector and investments, while indicating that the government of Prime Minister Muhammad Shia al-Sudani is looking more towards activating the public-private partnerships plan (PPPs). ) to finance major development projects during the next two years.
Saleh said, in an interview with the economic news website, ZAWYA, that Article 35 of the Companies Law allows the transformation of public companies into joint project companies and contracts through which they attract private sector investments, stressing that the economic reform law, currently presented before Parliament, may provide frameworks for work. Additional public-private partnership projects (PPPs). The Prime Minister’s financial advisor added that the government’s development strategy revolves around diversifying the sources of the economy and reducing dependence on oil revenues, as well as developing infrastructure and strengthening partnerships to achieve sustainable growth and implementing financial and economic sector reforms to attract foreign investments in a country characterized by an abundance of human resources. And natural. He pointed out that Iraq's new strategy facilitates the process of cooperation and coordination between the state and the private sector to finance and operate projects, and that combining public sector resources and private sector resources from local and foreign companies leads to creating a solid financial base for development that guarantees sustainable financing. Saleh said, “There are efforts being made to attract foreign investors through partnerships and sovereign guarantees,” noting that “the government’s policy also focuses on social spending to alleviate poverty and develop solutions to environmental challenges such as water scarcity and desertification.” Saleh also pointed out that technological development is considered vital for future development. to Iraq, explaining this by saying, “Technology transfer is vital, especially in the digital sector and water resources management.” During his recent meeting with investors in the Netherlands, Prime Minister Muhammad Shiaa Al-Sudani indicated that “Iraq’s priorities lie in obtaining advanced irrigation technology and water resources that can contribute In the development of the country.” Saleh said that the main challenges facing the Iraqi economy revolve around environmental problems, especially water scarcity and desertification.
In addition, the country's economy depends on one source of income, which is oil, and this constitutes a major obstacle. Therefore, separating the Iraqi economy from its sole dependence and enhancing economic diversification is a necessary step to move forward.
The financial advisor goes on to say that the state has pledged to support development while expanding its resources and achieving a balance between promoting development and collecting resources for the budget.
He pointed out that "the financial settlement seeks to reduce the budget deficit and reduce the debt burden," indicating that Iraq's financial policy is directed towards achieving this goal in the medium and long term, which in turn aims to prevent a recurrence of the previous financial crises that the country experienced, especially between the years 2014 and 2021. Saleh stated, “Iraq’s potential investment potential is substantial. It ranks ninth in the world in terms of the abundance of its natural resources and includes a source of great environmental diversity in every single square kilometer of the country. Currently, the government’s strategy is focused on enhancing investments through international partnerships to work "In these resources to create a chain of valuable investments across the country." He explained that Iraq provides public partnership opportunities, especially in the field of developing natural resources and agriculture, applying advanced irrigation technologies, and partnership with the private sector. These opportunities are backed by sovereign guarantees.
Regarding infrastructure development projects, the financial advisor said that a 1% increase in spending on infrastructure development results in a 1.5 to 2% increase in economic returns, adding that by realizing this equation, the Iraqi state now places among its priorities the development and development of infrastructure as a major driver of future growth.
He added, "This comprehensive trend extends from initiatives at the level of municipal departments to larger national projects such as the Development Road project, which is a huge multi-disciplinary transportation project that includes industrial cities and commercial ports," adding, "There is a national development program for infrastructure and a broader strategy for... "And the move to a three-year budget has brought more flexibility to Iraq's development strategy in the field of the industrial sector and expanding the capabilities of natural resources." He stated that Iraq is entering a new era of development that aims to diversify its sources of income by investing in its various natural resources and human resources while restoring Reviving the industrial sector and enhancing agricultural sector initiatives, thus stimulating sustainable development energy.
The Iraqi dinar... between the struggle with the strength of the dollar and maintaining its monetary value in the markets
it's a video but it's in Arabic
Nearly a year has passed since the government decision to change trading from the dollar to the Iraqi dinar in an attempt to stabilize the economic situation in the markets, with strict measures against those who violate this decision, but the purchasing power in the markets remained the same due to the instability of the dollar exchange rates.
Sudanese announces the start of setting 2024 budget schedules
Al-Sudani stated, during the second session of the Supreme Commission for Coordination between the governorates not organized into a region, in the presence of the governors and the new heads of the provincial councils, that: “The Supreme Commission for Coordination between the governorates is a body formed according to the law that is responsible for addressing obstacles and developing mechanisms to manage common jurisdictions,” stressing, “starting to establish schedules.” The 2024 budget, including financial entitlements added to the governorates, will be allocated to infrastructure.”
Al-Sudani explained, “The government is keen on making the mission of local governments a success, despite the presence of trolls who do not like the vision of stability in the country,” stressing that “correct management of public money will provide positive and correct indicators, and requires working with a vision that takes into consideration the coming years and meeting entitlements.”
Fiscal and monetary policies succeed in undermining the parallel dollar
The exchange rates of the dollar in the parallel market witnessed a noticeable decline, reaching yesterday, Monday, around 146 thousand dinars per 100 dollars, a number that specialists believe may decline further in the coming periods as a result of the success of the financial and monetary policies, stressing that the superiority of the official market, represented by the platform for selling the dollar. The Central Bank, in meeting the needs of foreign trade, led to a decline in the effects of the parallel market for the green currency, while specialists attributed the reasons for this decline to the introduction of the customs automation program (ASYCUDA).
According to specialists, this decline constituted a positive factor in controlling the prices of goods and materials in local markets. They expect inflation rates to decline in the coming periods if monetary policy continues to succeed in meeting foreign trade financing.
In an image that confirms the solidarity of the executive and legislative authorities to confront the effects of the parallel market, the Parliamentary Finance Committee hosted earlier the Governor of the Central Bank, Ali Al-Alaq, to discuss a number of important files, most notably the procedures for addressing the large gap in the sale of the dollar between the official price and the parallel market, as well as foreign trade remittances. Through (the platform).” Al-Alaq indicated during the hosting that there were ongoing meetings with the US Treasury, and it was agreed to reconsider the sanctions imposed on Iraqi banks, and that such decisions should not be issued in the future except after discussing and informing the Central Bank of Iraq, as it concerned with monitoring its activity.
In the midst of this, the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, believes that “economic policy played a major role in imposing a climate of stability in the general level of dollar exchange rates,” indicating that “the state of superiority of the official exchange market in financing Iraq’s foreign trade caused a decline in the effects of the market.” Parallel and receding Its illegal activities.
Saleh pointed out to the Iraqi News Agency “INA” that “the decline in the parallel market rates in favor of the official exchange rate is a tangible success in the cohesion of the country’s economic policy in its three aspects: financial, monetary and commercial,” pointing out that “the work and high coordination of policies led to providing an incubator of stability embodied in Relative price calm and containing seasonal price fluctuations for high-demand items, specifically providing basic goods related to consumption and daily living for citizens,” noting “the importance of using the customs policy, which was represented by (reducing customs tariffs and diversifying imports without quantitative limits for basic and necessary goods) as part of the performance of the financial policy in providing stability.” price and guarantee the supply of food and essential goods and production supplies at the official exchange rate and in accordance with the requirements of the national economy.”
Confirming the views of the government advisor, the economic expert, Manaf Al-Sayegh, pointed out that “the existence of coordination measures between the financial and monetary policies indicates the presence of a sound reading among the pillars of the Iraqi economy, and that the strategy that was developed to enhance the value of the dinar has begun to bear fruit.”
However, Al-Sayegh, during his talk to “Al-Sabah,” urged the necessity of knowing the real measures that led to the decline in the parallel exchange rate to ensure its sustainability during the coming periods, with the aim of absolutely controlling the green currency and preventing its rise again, stressing that this decline in the exchange rate could achieve a number of economic gains, The most prominent of which is controlling the prices of goods and materials in local markets, and reducing the rise in inflation rates during the coming periods, and therefore this is in the interest of Supporting individual economics.
Al-Sayegh pointed out that the past few days witnessed a clear decline in the demand for the dollar in the parallel market, which led to a decline in its exchange rate, indicating that the decline in demand resulted from meeting the needs of financing foreign trade by the Central Bank, and therefore the dinar can gain a lot during the coming periods if it is filled. Most of the external financing needs of the private sector.
In turn, the economic affairs specialist, Dr. Ali Daadoush, attributed controlling the exchange rate and reducing it in the parallel market to the recent measures represented by the introduction of the Customs Data Automation Program (ASYCUDA) system, stressing that this important government measure is an essential part of reducing the rise in the price of the dollar in Parallel market.
Dadoush also believes during his talk to “Al-Sabah” that “this decline will positively affect the level of per capita income, and will also push people who hoard the dollar to give it up and sell it, which could contribute to the continued decline in the exchange rate, indicating at the same time that this decline in the currency Green prices will ultimately lead to a positive effect of controlling the prices of some goods necessary for the individual, while the rest of the goods, especially luxury goods, will remain high as a result of their connection to global prices, which are high mainly as a result of global inflation.
Al-Mandalawi calls on Chinese companies for long-term investments and sustainable cooperation in Iraq
Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, on Wednesday, called on Chinese companies to implement long-term investment projects and sustainable cooperation in Iraq, stressing his support for legislating laws that contribute to the influx of solid companies into the country.
Al-Mandalawi said in a statement received by Shafaq News Agency, during his meeting with a number of heads of Chinese companies, that "Iraq is witnessing competition between major reputable international companies for investment in various fields and sectors."
He stressed "the support of the House of Representatives, through its presidency, its relevant parliamentary committees, and all its members, by legislating laws that contribute to encouraging the flow of sound companies into the country."
Al-Mandalawi called on Chinese companies to "engage in long-term investment opportunities and create joint and sustainable cooperation."
The statement added that during the meeting, the projects that Chinese companies are implementing in the fields of energy, infrastructure, roads, bridges, etc. were discussed, and the rates of achievement achieved in them, as well as the challenges they face.
Al-Mandalawi pledged to overcome these obstacles and address them with the relevant authorities.
Al-Shammari reveals the most prominent files of Sudanese’s visit to Washington and the government’s ambition regarding the dollar {expanded}
Al-Shammari said to the program (Before Suhoor) broadcast by Al-Furat satellite channel:
The Sudanese is a fierce follower and enters into details from multiple sections for the sake of achievement, not interference. Working with him is no comfort, but there is the pleasure of production.
The Sudanese follows up on many projects daily and resolves any obstacle or routine
Al-Sudani’s advisors are assigned tasks and work like a beehive. Some of their files are in the completion stages, and some will be closed after some of them have been idle for 15 years.
Al-Sudani is a good listener to his advisors and refers files to specialists despite having experience in order to mature decisions and ideas.
Al-Sudani's visit to Washington will be practical and will not be for taking pictures
The visit will discuss sensitive and basic files, including the identity of the relationship between Iraq and the United States and the incomprehensible interference in it, and we want to clarify it
The ambitions for the visit are very high, and we want to clarify Iraq’s relations with major countries, including the United States
The financial file will be present and strong, as will the trade file
The Iraqi delegation will ask the American side about the reasons for their decisions to impose sanctions on Iraqi banks
Our expectations are that the visit will be very successful, and this matter is based on our data, taking into account the changes in the world, and there are signs that will emerge from the Prime Minister’s mouth.
There is great exaggeration in the attempt to portray that the Sudanese is in a valley and the coordination framework is in a valley, but the reality is otherwise because there is participation in decision-making and the Sudanese is part of the framework leaders.
There is a balanced relationship between the chief executive officer (the Sudanese) and the framework leaders.
The Sudanese government's title is service and the opening of 9 hospitals in Baghdad this year
Revealing multiple networks led by security leaders who have electronic armies to bring down military symbols and incite public opinion against personalities.
Measures were taken against 16 soldiers involved in extortion networks
Blackmail networks include media figures whose goal is to bring down government and military figures
Investigations will reveal the facts, and no one can pressure the investigative committees
Some parties are close to Sudanese, but the Prime Minister does not show courtesy at the expense of the people
The decline in the dollar exchange rate is a cumulative indicator of the actions and monetary policy of the central bank and the government
The decline after narrowing the space for currency smuggling and the black market is subject to supply and demand mechanisms
The dollar is on its way down and will be subject to supply and demand areas
The government is planning to reduce the dollar to the official rate. This is certain, but it takes time
10% of merchants used to go to the electronic platform, and today the percentage has increased to 70%
The path of development is proceeding at a stronger pace than it was when it was announced, and the Basra-Nasiriyah section is ready for work.
Mr.
Sudanese did not put pressure on the resistance factions to stop their attacks against the American bases. Rather, there was a constructive dialogue based on the interests of Iraq and with the cover of the majority of the forces of the coordination framework.
Talking
about early elections is a “media show” and the Prime Minister believes that it is too early to talk about elections, and his time is now devoted to the success of the government.
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