Next Sunday: an extraordinary session of the Council of Ministers to discuss the budget schedules
the video for this blogpost is below here:
On Tuesday, Iraqi Prime Minister Mohammed Shia Al-Sudani chaired the 20th regular session of the Council of Ministers, in which the general situation in the country was discussed, along with several vital files included in the government program.
Al-Sudani's media office stated that the Prime Minister directed an extraordinary council session to be held next Sunday, May 19, to discuss the federal budget for 2024.
The current budget marks Iraq's largest in history, estimated at approximately $153 billion annually, with the Kurdistan Region anticipated to receive around 12.6% of the total.
Notably, the budget carries a substantial financial deficit of roughly $48 billion annually, the nation's highest recorded deficit, prompting concerns regarding potential repercussions amid oil price fluctuations.
The budget mandates a fixed price of $70 per barrel of oil and an exchange rate of 1300 dinars per US dollar for three years.
Iraq's oil export target is set at 3.5 million bpd, including 400,000 bpd from the Kurdistan Region. However, Kurdistan's exports have been suspended since March 2023 through the Ceyhan port in Turkiye after a compensation order by the International Chamber of Commerce related to "unauthorized" oil exports by the KRG between 2014 and 2018 without Baghdad's supervision.
The Kurdish delegation arrives in the capital, Baghdad, to discuss the 2024 budget
On Tuesday, a delegation from the Kurdistan Regional Government arrived in the capital, Baghdad, to discuss the 2024 budget.
A statement by the Kurdistan Ministry of Finance, received by Iraq Observer, said, “The delegation of the Kurdistan Regional Government arrived in Baghdad this evening, headed by Awat Sheikh Janab, Minister of Finance and Economy.”
The statement explained that “the visit aims to discuss amendments to the budget law schedules and solve the problems and obstacles that appear during the law’s amendment to the Kurdistan region’s share.”
The visit of the Kurdish delegation coincides with the arrival of the President of the Kurdistan Region, Nechirvan, to Baghdad and his meeting with Federal Prime Minister Muhammad Shiaa Al-Sudani.
On Tuesday, Prime Minister Muhammad Shiaa Al-Sudani directed that an “extraordinary” session of the Council be held next Sunday, to discuss the federal budget schedules for 2024.
The Minister of Endowments and Religious Affairs in the Kurdistan Region, Pashtwan Sadiq, said last Thursday, the ninth of this month, during a press conference held in Erbil, the capital of the Kurdistan Region, and attended by Shafaq News Agency, “We will continue dialogues with the federal government, and we are confident that we will be able to resolve the issue of salaries and others.” Of the problems based on the Iraqi constitution.”
He added, "In the coming days, a delegation from the Kurdistan Regional Government will go to Baghdad regarding technical issues."
Ministerial Council for the Economy: Electronic payment is a condition for granting work permits to all institutions
A statement from the media office of the Ministerial Council for the Economy, a copy of which was received by {Al-Furat News}, stated that “Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein chaired today, Monday, the thirteenth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Agriculture, Industry, Labor and Social Affairs, and the Secretary-General of the Council of Ministers.” The Governor of the Central Bank of Iraq, the Prime Minister’s advisors for economic and legal affairs, and the Chairman of the Securities Commission.”
The Council discussed the items on its agenda and took the necessary decisions regarding them.
The Council hosted the Minister of Electricity and the senior staff of the Ministry. The Council discussed in detail the reality of the Ministry’s work and its plans in order to improve its work and provide the best services to citizens, especially with the advent of the summer season. The Council also listened to the obstacles and problems that obstruct the Ministry’s work and recommended that the Council study them and support the Ministry’s efforts in order to improve the reality of the service provided. For citizens.
The Council also hosted the Prime Minister’s advisor to discuss the working paper he presented to amend the licensing conditions for institutions, companies and individuals to work with electronic payment.
The Council decided to confirm the decision of the Council of Ministers to oblige government and private institutions, centers, commercial stores of all kinds, restaurants, pharmacies, private medical clinics, warehouses, wholesale and retail marketing outlets, professionals, and others to provide proof that there are amounts of the value of their cash collections through electronic payment points (POC) to be a condition for granting a work permit or Renewing the practice of the profession.
5 questions from “Rights” to Al-Sudani: Why doesn’t the director of the Central Bank retire?!
And about the activity of foreign banks
On Monday, the head of the Parliamentary Rights Bloc, Representative Saud Al-Saadi, directed 5 questions to the Prime Minister, Muhammad Shiaa Al-Sudani, about the continuation of the Governor of the Central Bank of Iraq, Ali Al-Alaq, in his position despite completing the legal age, as well as inquiring about the activity of licensed foreign and Arab banks
This was stated in two documents by the representative:
To the Honorable Prime Minister A parliamentary question regarding the Central Bank Governor’s continued work in his position in violation of the law good greeting .... The purposes are supervisory and representative based on the provisions of Articles (61/Second and Seven/1) and (49/First) of the Constitution, and based on the provisions of Articles (15) and (27) of the House of Representatives and its Formations Law No. (13) of 2018 and Article (50) of the system. Internal Affairs of the House of Representatives
Please answer the following parliamentary questions 1 - What are the reasons for the Governor of the Central Bank to continue in his current position despite reaching the legal age for mandatory retirement in accordance with the provisions of Article (10) of the Unified Retirement Law No. (9) of 2014, as amended?
2 - Who is responsible for the delay in not referring the Central Bank Governor to retirement? What is the fate of the salaries and allowances paid to him in violation of the law?
1 - What is the number of foreign and Arab banks that practice their financial and banking activities in Iraq and are approved by the Central Bank of Iraq?
Does the activity of foreign and Arab banks licensed by the Central Bank extend to entering into the auction of foreign currency (US dollars) or not?
What is the percentage of these banks buying the US dollar from the dollar selling window for the period from January 1, 2024 until the date above? -
What is the percentage of participation of Iraqis (natural or legal persons) in the capital of foreign and Arab banks established in Iraq and approved by the Central Bank of Iraq?
4- What are the reasons for you violating the legal percentages specified in the Public Companies Law No. (21) of 1997 regarding the percentage of Iraqi participation in foreign private banks amounting to (51%) of the capital?
Foreign and Arab banks established in Iraq and approved by the Central Bank of Iraq? - What are the reasons for you violating the legal percentages specified in the Public Companies Law No. (21) of 1997 regarding the percentage of Iraqi participation in foreign private banks amounting to (51%) of the capital?
Who is responsible for the delay in referring the Central Bank Governor to retirement? What is the fate of the salaries and allowances paid to him in violation of the law?
Please inquire...and our response within fifteen days in accordance with the law of the House of Representatives and its formations...with appreciation Deputy Office of the Second Saud Al-Saadi Saud Saadoun Al-Saadi Head of the Parliamentary Rights Bloc 13/5/2024 Copy it to: Prime Minister's Office - For your information...
The Jordanian Housing Bank raises its stake in the Iraqi Al-Mansour Bank to more than 7%
The Jordanian Housing Bank raised its stake in the Iraqi Al-Mansour Bank from 3% to more than 7% during the first five months of the current year.
According to data from the Iraq Stock Exchange, the Jordanian Housing Bank has bought 13.66 billion shares from the beginning of this year until now, increasing its holding in Iraqi Al-Mansour Bank shares to 21.3 billion shares out of the bank’s total shares of 300 billion shares.
According to data from the Iraqi Mansour Bank, the Jordanian Housing Bank during the year 2022 does not own any shares in the bank, but it has begun purchasing the shares of a number of people and institutions, most notably Merchant Bridge Holdings Inc.
Note that Qatar National Bank, which owns Al-Mansour Bank by 54.19%, also owns 38.57% of the shares of the Jordanian Housing Bank.
International Monetary Fund: We do not rule out the collapse of the global monetary system
The Executive Director of the International Monetary Fund for Russia, Alexei Mugin, said that he does not rule out the possibility of the collapse of the current global monetary system.
Al-Atwani to Al-Furat News: 2024 is the year of work and our loans reach 50 million dinars
The Director of International Relations at the Ministry, Kazem Al-Atwani, told Al-Furat News Agency, “The Ministry is aiming to introduce the largest possible number of young job seekers into the labor market. We have called this year the ‘Year of Work’ and have opened loans to owners of income-generating projects, ranging from Between 20, 30 and 50 million dinars, and every young job seeker can invest loans and open his own business instead of waiting for social assistance.”
He added, "The Retirement and Social Security Law can also be invested in because of its privileges for private sector owners."
Today.. Barzani visits Baghdad to meet with Sudanese
Spokesman for the Presidency of the Kurdistan Region: President Nechirvan Barzani visits Baghdad
. Mr. Dilshad Shihab, the official spokesman for the Presidency of the Kurdistan Region, stated to the Kurdistan Region Presidency website that His Excellency Mr. Nechirvan Barzani, President of the Kurdistan Region, visits Baghdad today, Tuesday, 5/14/2024.
Regarding the visit program, he indicated that His Excellency will meet with the Federal Prime Minister of Iraq, Mr. Muhammad Shiaa Al-Sudani, to discuss Erbil-Baghdad relations and issues of common interest.
Under American sponsorship, Jordanian banks swallow the Iraqi dollar
Economist Nasser Al-Kanani confirmed on Monday that there are Jordanian banks that control the Iraqi dollar.
Al-Kanani told Al-Maalouma, “There is complete control over the platform system by the Jordan National Bank, and it receives huge sums of money from it.”
He added, "Other banks do not enjoy the privileges that the Bank of Jordan enjoys, including external coverage and other things, in addition to the American side's support for it in this regard," warning against "exploiting this file politically in the future."
Al-Kinani pointed out that "many Iraqi banks began to fall due to the lack of external coverage because they refuse to submit to American control."
The Central Bank of Iraq had granted Jordanian banks licenses to deal in dollars and limit foreign transfers to them, while there are parliamentary hints about some foreign banks taking over the Iraqi banking system.
Parliamentary finance indicates government negligence regarding the budget
Member of the Parliamentary Finance Committee, MP Hussein Moanis, confirmed on Tuesday that delaying sending amendments to the 2024 budget schedules to Parliament is a negligence on the part of the government.
Mu'nis told Al-Maalouma, "Extending the legislative term of the House of Representatives for a month was aimed at allowing the government to complete and implement amendments to the special schedules for the 2024 budget and send them to Parliament within this period."
He added, "The committee believes that the delay in sending the schedules is negligent and cannot last longer due to the governorates and state sectors' need for funds to implement projects," indicating that "the committee is still waiting for them to be sent in order to study them and present them to the council for a vote."
The House of Representatives decided to extend the current legislative term for a period of 30 days, in order to wait for the 2024 budget schedules to be sent from the government and to resolve the crisis of electing a new Speaker of the House of Representatives.
An economic expert warns against excessive selling of the dollar at the currency auction
Economic affairs expert, Raad Tawij, warned today, Monday, against excessive selling of the dollar in the currency auction.
Twig said in a statement to the National Iraqi News Agency ( NINA ): “It is surprising that the Central Bank of Iraq has excessively sold the dollar at a rate of 275 million dollars per day, at a value of 1,400 million dollars during the past week.”
He stressed that "these amounts sold are above Iraq's consumer needs or the cash supply is above the level of cash demand, and such a matter will represent a depletion of Iraq's cash reserves."
The economist continued, “It is possible to control or reduce by reducing unjustified monetary demand within the framework of a strict monetary policy.
The third in two months.. Barzani is in Baghdad today and meets Sudanese
The Presidency of the Kurdistan Region announced that the President of the region, Nechirvan Barzani, will visit the capital, Baghdad, today, Tuesday.
She indicated that Barzani will meet Prime Minister Muhammad Shiaa Al-Sudani.
This is Barzani's third visit to the capital, Baghdad, within two months, and it comes after his last visit to the Iranian capital, Tehran, last week.
Al-Sudani and Barzani discuss sustainable solutions between Baghdad and the region within the constitution and law
His media office stated in a statement received by {Al-Furat News} that, “During the meeting, the general conditions in the country and a number of issues at the national level were discussed, as well as the conditions in the Kurdistan region of Iraq, and the government’s measures in implementing its strategic plans, which relate to strengthening the Iraqi economy and achieving development.” And prosperity for all the Iraqi people.”
The meeting also witnessed discussion of a number of common files, and an emphasis on continuing dialogues and meetings between the two sides at various levels, within the framework of reaching sustainable solutions within the constitution and law.
Chinese companies are delving into the field of exploration in Iraq.. What about American and European companies?
Iraq aspires to increase oil reserves to more than 160 billion barrels, and to do so it has launched a group of projects to increase production, opening the door to more investments in the field of exploration.
In this context, Chinese companies have emerged as a major player, after a number of companies won more new investments to explore oil and gas fields in Iraq as part of a licensing round to develop the oil and gas sector in the country launched by the Ministry of Oil.
The licensing round included 29 projects, aiming to increase production for local consumption. More than 20 companies qualified for the licensing round, including European, Chinese, Arab and Iraqi groups. The only Chinese companies among the participating foreign companies were able to obtain investments in the licensing round that began on Saturday, and this This means that there are no major American oil companies participating.
The list of Chinese companies that recently won the new bids, according to what was announced by Iraqi Oil Minister Hayan Abdul Ghani on Sunday, included: the Chinese company “CNOOC Iraq” , which won the investment to develop Block 7 for oil exploration, extending over an area of 6,300 square kilometers across the provinces of Diwaniyah. Babil, Najaf, Wasit, and Muthanna in the center and south of the country.
Zhenhua , Anton, and Sinopec also won investments to develop the Abu Khaimah fields in Muthanna, Al Dhafriya in Wasit, and Sumer in Muthanna, respectively.
*Support competition
In turn, the director of the Iraqi Center for Studies, Ghazi Faisal, confirms in a press statement that “China is in fact in a state of widespread economic competition with America, the European Union countries, Britain, and with various international economic powers,” noting that “China enjoys broad economic influence in the fields of Investment, loans and financing, with the aim of ensuring energy security and covering its daily needs - which are estimated at about 11 million barrels per day, the volume of China’s imports - other than gas.”
He added, "The Middle East and the Arabian Gulf region is one of the strategic regions for China... and therefore competes with American and regional companies in the field of gas, energy, and manufacturing industries," noting that "the Middle East region possesses enormous wealth, especially Iraq, which alone possesses more than $20 worth of wealth." A trillion dollars in minerals are still uninvested, and major companies can compete to enter into large-scale investments, in addition to gas and oil reserves, as Iraq is the second largest oil reserve after Saudi Arabia.”
He explains that "this Chinese activity in Iraq comes within the framework of the current international economic competition," noting that "China is competing in particular with American and European companies to provide the best."
Faisal adds, "China's activity comes within the framework of legitimate competition in international economic relations, to obtain the best gains and to guarantee China's interests and needs for minerals and energy in light of its possession of the best advanced technology in various industries."
According to official Chinese data, issued by the General Administration of Customs, Beijing’s imports of crude oil reached their highest levels ever in 2023 as demand for fuel recovered after the decline resulting from the Corona pandemic, despite the economic headwinds.
Imports increased by 11 percent compared to 2022 to 563.99 million tons, or the equivalent of 11.28 million barrels per day, an increase from the previous record level recorded in 2020, which reached 10.81 million barrels per day.
*Strategic objectives
For his part, the professor of economics in Iraq, Nabil Al-Marsoumi, explains in a press statement that “It is noted that China has broad control over the fields offered within the current licensing round for exploration that was put forward by the Ministry of Oil, and that most of the Chinese companies that won contracts are already present in Iraq.” ", adding that "the most important areas and fields that were awarded were owned by Chinese companies in particular."
He explained that "China's interest in Iraq is due to the presence of Baghdad as a global energy center and as one of the largest producers," adding that "China is a large importer of oil, and therefore it needs to secure energy supplies on a regular basis, and Iraq achieves this."
He stressed that "Iraq is a suitable place for China in light of the ability of Chinese companies to harmonize with the Iraqi environment, thus supporting their ability to achieve strategic goals."
On Saturday (May 11, 2024), the Iraqi Minister of Oil, Hayan Abdul Ghani, expressed his hope that the country’s oil reserves would exceed 160 billion barrels, during the launch of two rounds of new licenses to invest in 29 fields, in addition to exploratory patches of oil and gas.
The two tours included exploration fields and areas in 12 governorates and areas located in Iraqi territorial waters.
*An important investment environment
In addition, the Iraqi economic expert, Dr. Jaafar Al-Husseinawi, pointed out in a press statement that “There is no doubt that Iraq represents an important investment environment for all international companies because of its enormous natural resources of crude oil, major untapped gas reservoirs, large quantities of phosphate and sulfur, and so on.” that".
He added, "Companies are flocking to Iraq - including Chinese companies - driven by the desire to achieve economic returns and real investment opportunities, from an economic standpoint."
On the political level, Iraq's location is of particular importance in the region, and therefore China is trying to be present there and remove American control (influence).
The Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, said during the launch of the licensing round, “Iraq expects to obtain more than 3,459 million standard cubic feet per day of gas, and more than one million barrels of oil per day, through these two rounds.”
He added: "These strategic projects will contribute to increasing investments in these governorates, which will help improve their economic and service reality."
*Developed relationships
Mustafa Al-Bazarkan, an advisor on energy affairs, points out that “commercial and political relations between China and Iraq are “developed,” and there is popular support for the government’s steps to strengthen and develop bilateral relations, especially in light of popular positions opposed to strengthening relations with Washington and London. This was in the interest of the developed relations with China.” .
He continues: “During the past two years, there has been more than one departure of American and Western oil companies from Iraq, which prompted Chinese companies to direct their investments and technical expertise to Iraq, the most recent of which was last Monday when a Chinese company won oil investments in the Jabal Sanam region on the border with Kuwait.”
Crude oil sales constitute 90 percent of Iraqi budget revenues. But despite its enormous oil wealth, the country still depends on imports to meet its energy needs, especially gas to power electricity.
Iraq, a founding member of OPEC, has announced its commitment, along with other countries, to voluntarily reduce production to support prices affected by economic uncertainty.
Iraqi Oil Minister Hayan Abdul Ghani said on Sunday (May 12, 2024) that Baghdad will adhere to the voluntary production cuts reached by the OPEC+ alliance at its next meeting on June 1.
The coalition includes the Organization of the Petroleum Exporting Countries (OPEC) and producers from outside it, led by Russia.
The minister amends these statements from others he made on Saturday, saying that Iraq has made enough voluntary cuts and will not agree to any new cuts in production.
Apply in Under 15 Minutes by clicking the image above or here
Iraq increases its gold holdings by more than three tons, bringing its reserves to more than 145 tons
Iraq’s gold reserves witnessed a noticeable increase during the month of February 2024, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons.
This increase indicates Iraq's continued strategy to diversify its foreign reserves and enhance financial and monetary stability in the long term.
Gold is a traditional safe haven for investors, especially during periods of economic and geopolitical uncertainty.
This step by Iraq comes at a time when the world is witnessing a rise in gold prices, as the price reached its highest level in its history last month above $2,400 per ounce.
Iraq is among the countries that possess large amounts of gold reserves in the Arab region, as it ranks fourth after Saudi Arabia, Algeria, and Morocco.
In general, this increase in Iraq's gold reserves is considered a positive indicator of the health and strength of the Iraqi economy.
Bafel Talabani and Biden's assistant confirm the unification of national efforts to make the political process successful in Iraq
Bafel Jalal Talabani, President of the Patriotic Union of Kurdistan, met in Washington with Phil Gordon, Assistant to US President Joe Biden and National Security Advisor to Kamala Harris, Vice President of the United States of America.
A statement from Bafel Talabani's office said that the two sides discussed the political and security situation in the Kurdistan Region and Iraq, and the election file, and stressed the unification of national efforts to make the political process a success.
Bafel Jalal Talabani stressed during the meeting, according to the statement, the necessity of holding fair elections on the specified date, and removing obstacles to the process so that it becomes an important step towards change in governance and the development of democracy in the region.
In another aspect of the meeting, the two sides discussed international coordination to confront terrorism and protect security in the region, and Pavel Jalal Talabani indicated in this regard that the dangers of terrorism are still continuing, and so far they are serious threats to stability in the region, so we stress the necessity of cooperation and coordination between the Peshmerga forces. The Iraqi security forces and the international coalition to eliminate terrorism and overcome security challenges.
For his part, Phil Gordon spoke about the importance of holding free and fair elections on the scheduled date, and said: Political stability in the Kurdistan Region and Iraq must be protected, and efforts must be within this framework, according to the statement.
Bafel Jalal Talabani, President of the Patriotic Union of Kurdistan, arrived on the sixth of this month in Washington, the capital of the United States of America.
According to a statement issued by the media office of the President of the Patriotic Union of Kurdistan, Talabani will hold, during the visit, a series of meetings with senior officials in the US administration, including the US State Department, Congress, and research centers in the United States.
The Central Bank directs exchange companies to include pilgrims in selling dollars
Today, Tuesday, the Central Bank of Iraq directed tourism companies to include pilgrims in cash sales for dollars.
TEXT of document:
The Central Bank - directs - exchange companies - Basham
017/5/12 Fenty exchange companies (B), (A) All mediation companies in buying and selling foreign currencies, category (C) (in the process of merging) Pilgrims to the Holy House of God are not included in cash sales for the dollar good greeting ....
Due to the proximity of the start of the Hajj season and for the purpose of including the pilgrims of the Holy House of God in cash sales from the allocated dollars For travelers.
It was decided to adopt the Hajj pilgrims’ manifest issued by the Supreme Authority for Hajj and Umrah, which will be supported by an electronic certificate (QR) as an alternative to travel tickets. The Financial Institutions Transaction Reports (FITR) platform will be adopted exclusively to record data on cash sales transactions to travelers, with the same monthly quota allocated to travelers, amounting to (3,000) US dollars for each citizen. Traveling.
We hope that the above will be implemented starting from the date of publication of this book...
with appreciation. 5/14/2024
Al-Sudani: The government supports the reopening of the Seventh-day Adventist Church in Baghdad
Prime Minister Muhammad Shiaa Al-Sudani confirmed on Tuesday the government’s support for reopening the Seventh-day Adventist Church on Al-Nidal Street in the capital, Baghdad.
A statement from his media office said that Al-Sudani received today a delegation from the General Synod of the Evangelical Seventh-day Adventist Church, headed by Pastor Magdel Izer Schulz, Assistant President of the Church in the World, and his accompanying delegation.
According to the statement, the meeting witnessed discussion of the conditions of Iraqi Christians, and the extent of interdependence and brotherhood with the rest of the Iraqi people, where the Prime Minister affirmed that the government considers diversity a source of strength for Iraqi society and an added reinforcement of unity and social peace, and is working hard to preserve it.
Al-Sudani also affirmed the government’s readiness to cooperate in reopening the Seventh-day Adventist Church in Baghdad, as part of its care for the members of this sect and other sects, inside and outside Iraq, and indicated the imminent formation of a directorate in the Prime Minister’s Office concerned with the affairs of the Iraqi community in the world. In order to maintain communication with their country, and to benefit from their experience in construction and reconstruction.
Leader Barzani meets Vatican Ambassador, praises efforts for stability and rights
On Tuesday, Kurdish leader Masoud Barzani received Vatican Ambassador to Iraq Mitja Leskovar.
Barzani's media office said that during the meeting, the Apostolic Nuncio to Iraq thanked leader Barzani for his role in "achieving stability, maintaining a culture of coexistence, and defending the rights of religious and ethnic components in the Kurdistan Region and Iraq."
The Apostolic Nuncio also expressed the importance of the preparations to welcome the Pope. He mentioned that despite the many problems and challenges Iraq is going through, there is progress in many areas, noting that the Kurdistan Region, especially the city of Erbil, is an example of stability and progress.
For his part, Kurdish leader Masoud Barzani emphasized the importance of the Pope's visit to the Kurdistan Region and Iraq, pointing out that "our people are proud of the culture of coexistence and that this culture should be enriched."
Barzani explained, "Kurdistan is beautiful in its diversity, and no obstacle should prevent the components from playing their role in political and parliamentary life."
The political process in Iraq and the relations between the Kurdistan Region and the Vatican were also discussed.
After implementing electronic systems, Customs announces a “historic” increase in its revenues
The General Authority of Customs announced today, Tuesday, achieving what it described as a historic increase in its revenue rate during the first quarter of this year, while it expected a doubling of revenues once the automation project is completed.
The head of the General Authority for Customs, Hassan Al-Ugaili, told the Iraqi News Agency (INA): “During the years 2022 and 2023, the General Authority for Customs achieved an increase in the percentage of its revenues, and last year it reached 28%.”
He added, "In the first quarter of this year, the Authority achieved an increase of 120% over the first quarter of last year, as the first quarter of this year is the highest revenue since the founding of the Customs."
He continued, "The increase came as a result of a set of measures by the authority through simplifying procedures, in addition to monitoring and implementing some electronic systems," pointing out that "the authority is in the process of generalizing the application of electronic systems in all ports of the Iraqi state, and we hope in the middle of next year to end automation in all Customs centers.
He pointed out that “the authority is looking forward to achieving an increase in revenues this year to more than 100% over the previous year,” expecting that “if automation is completed and fully disseminated, the increase may reach three times.”
A specialist reveals the reasons for the ongoing truce between the Americans and the factions
Today, Tuesday (May 14, 2024), the expert in military affairs, Brigadier General Ayad Al-Tufan, revealed the reasons for the continuation of the truce between the American side and the Iraqi armed factions throughout the past period.
Al-Tufan told “Baghdad Today” that “there is a truce concluded by the Iraqi government between the armed factions and the American side, which includes the factions not bombing any American interests and targets in Iraq and the region. In return, the United States of America will stop assassinating the leaders of those factions, so that The American side turned a blind eye to the bombing of Ain al-Assad base for special considerations.”
He added, "There is no comparison between the factions and the American army, until there is an opportunity to arrange the military conditions of the American forces. The factions may need this matter, as they have redeployed and moved some headquarters and secret weapons stores from several places. These operations are carried out secretly and are relied upon." For limited persons.
The expert in military affairs confirmed that “there are Iranian orders issued to the factions, which operate outside the scope of the Iraqi government, on the necessity of calming down, changing their locations, and exploiting this truce for a new redeployment and reorganization,” pointing out that “there may be events in the coming days, the goal of which is not expulsion.” The Americans, but rather putting pressure on the American side to achieve other gains through negotiations regarding the situations in Iraq, Gaza, Syria, Lebanon and Yemen, which certainly falls within the purely Iranian interest.”
After the announcement of the defeat of ISIS in 2018, the Iraqi factions and the American forces exchanged bombing and targeting, until the Sudanese government took power, where both sides stopped the escalation, but it returned after the invasion of Gaza by the Zionist entity and the United States’ support for it, but the quality of America’s targeting of the factions forced them to To retreat in order to protect its leaders, especially after the assassination of Al-Saeedi and Abu Baqir.
Photos: The start of delivering dollars to travelers through Najaf Airport at 1320...the first branch of Al Rayyan Company
Inside the departure hall
The Najaf Airport administration announced, on Tuesday, that Al-Rayyan Exchange Company will deliver dollars to travelers from the departure hall, at the official exchange rate of 132 thousand dinars per 100 dollars.
The company media stated in a statement:
A branch of the company was opened at Najaf International Airport, to deliver dollars to travelers at the official exchange rate of 132 thousand dinars for every 100 dollars.
We submitted a request to the Central Bank and obtained approval, then we obtained approval from customs and the airport administration and completed all procedures in September of 2023.
The reason for the delay in starting is the presence of some routine procedures, and the problem has been resolved recently.
Hussein Halbous - Director of Airport Media:
The Najaf Airport administration granted approvals to Al-Rayyan Exchange Company, and the company began opening an office inside the departure hall at the airport, in order to deliver dollars to travelers at the official exchange rate after fulfilling the conditions for electronic reservation through the company’s application.
Experts suggest that the cash mass will be directed to investing in stocks
Experts expected a positive movement in the trading of the Iraqi stock market for various companies, based on the totality of the facts that the country is witnessing, foremost of which is the difficulty of money leaving Iraq, as it is looking for new investment outlets, and stock trading is one of the most important of these outlets in front of the monetary mass. .
The economic expert, Dr. Saif Al-Halafi: There are real reasons behind the high volume of trading in the Iraqi stock market, the most important of which is the rapid and uncontrolled growth, especially the less expensive real estate financing and purchase sector in Iraq.
He added that the huge inflation in the rise in house prices inside Iraq, which may continue with turbulent growth for a period of no less than three years, which will witness crazy rises in its prices in a way that leads to the employment of large capital, whose owners were unable to export it outside Iraq and direct it to their foreign investments due to the strict... US Federal Reserve procedures and strict control by the US Treasury on all foreign transfers.
He pointed out that we notice that the increasing demand for real estate sometimes heads to major cities such as Baghdad, Erbil, Sulaymaniyah, Najaf, Basra, and Karbala, where the improvement of political and security stability and the abundance of the business world in the private sector contribute, which has had an insane increase in demand for real estate, and in proportions that vary from time to time depending on the strength of the business world. These governorates and the strength of the center of the capital, Baghdad.
Al-Khalafy added that the next stage will indicate the direction of demand, which is witnessing a sharp turn by adding the governorates and cities that fall within the Al-Faw-Umm Qasr axis and the development road, passing through the Nasiriyah cities of Muthanna and joining Baghdad and Mosul. This is attributed to the concentration of the future business world environment in the Al-Faw Basin and the development road, and this is what the power of capital transfer has led to.
He pointed out that there is a noticeable increase in the concentration of these funds in Basra and Baghdad, which has increased pressure on the real estate market, especially Iraq’s urgent annual need for more than 250 thousand housing units annually, pointing to the high inflation rates, which have reached levels exceeding 4.5 percent with the high liquidity rates. And the masses of cash circulating among people and hoarded outside bank depositories, which the Central Bank, with its record levels of interest rates, were unable to cool the accelerating economy in the housing sector and the insane rise in house prices.
He said: Here the issue lies in a new and exhausting challenge for the central bank in the necessity of raising interest rates to reduce the amount of liquidity pressure and thus curb the accelerating demand for goods and services and cool the rise in house prices in order to reduce prices.
He stated that the problem of Iraq as a flexible and effective economy, as we see there is clarity. In monetary policy and its tools represented by the policies of the Central Bank, but on the contrary we see an almost complete absence in Iraq’s financial policy and its executive tools represented by the government’s ability to impose taxes at multiple and specific levels on those with high monthly financial incomes and on owners of large projects in Iraq. In addition to this is the policy of Imposing duties and customs tariffs on all goods and commodities entering Iraq with a policy of reducing government spending by supporting and encouraging the private sector and facilitating its mission in creating jobs for young people and the unemployed.
He said: Here we wonder and explain the urgent desires of the Central Bank to raise the ceilings of capital ratios for banks operating in Iraq to 400 billion dinars, which may be followed by the urgent and increasing acceleration in raising the ratios of monetary and credit reserves. These tools have made clear the Central Bank’s desire to cool the accelerating hot economy in the housing sector. And construction, but in light of all this market turmoil in the high levels of cash liquidity with inflation rates and the inability to migrate Iraqi funds abroad, the strong demand for the Iraqi stock market will help, which will be a more likely and safe destination for those funds in order to maintain their monetary strength without... Inflation factors have the ability to reduce its value.
As for the member of the Baghdad Economic Forum, Jassim Al-Aradi, he confirmed that the size of the monetary mass that was directed outside the country has now changed its course to the internal local market, as it targeted real estate and lands, and from there headed to the stock trading market, albeit in a relative manner, but the data indicate that trading in the market Stocks will be their next destination.
He pointed out that many capitalists have come to realize that buying shares makes them owners of a percentage of the company's assets, and these things have encouraged many to buy shares in different joint-stock companies, pointing to the importance of promoting the culture of investing in shares.
He stated that increasing the volume of stock trading reflects the effectiveness of the national economy, anticipating that the coming period will witness a gradual growth in stock trading in terms of number and value.
No comments:
Post a Comment