Iraqi News Thursday Evening 9-15-22
Tlm724 Administrator Bondlady’s Corner
Al-Hakim And The American Ambassador Discuss The Mechanisms Of Getting Out Of The Political Blockage
Today, Thursday, the head of the National Wisdom Movement, Ammar al-Hakim, discussed with the American ambassador, Elena Romaneski, the mechanisms for getting out of the political impasse.
The media office of the head of the Wisdom Movement stated in a statement that “Al-Hakim discussed with the US ambassador to Iraq, Elina Romaneski, the latest developments in the Iraqi and regional political affairs, the mechanisms for getting out of the current political impasse, and the bilateral relations between Iraq and the United States of America.”
Al-Hakim reiterated his position calling for the formation of a national service government capable of managing the phase and restoring the public’s confidence in the political system, indicating that this requires a harmonious team that works with priorities, foremost of which are services and job opportunities.
And he called, “to restore institutions to their natural role in legislation and oversight, and the need to adopt dialogue to bring the views of all political forces closer, and to an equation that includes everyone and involves them in Iraqi decision-making.”
He pointed out, according to the statement, that “Iraq cannot be reduced to nationalism, sect, or any title or political color,” stressing “the need to adhere to the political system, as it is the product of martyrs’ sacrifices in the face of dictatorship and terrorism.” LINK
The Appearance Of Muhammad Salih To / Nina /: The Rise In Foreign Exchange Reserves.. Real Monetary Stability For The Country
Thursday 15 September 2022 16:18 | Economic Number of readings: 155 Baghdad / NINA / – The financial expert, advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed: The rise in foreign exchange reserves is a real monetary stability for the country.
He told the National Iraqi News Agency ( NINA ) that: All indicators confirm today that the country’s foreign exchange reserves, which amounted to about $85 billion, including gold, are at a high level of efficiency and represent real monetary stability for the country.
Saleh added: These reserves are managed according to the internationally approved standard investment guides and in various major existing currencies, and are invested in the best international financial instruments with high credit ratings, low risks, and are considered one of the actions of the country’s foreign monetary policy.
The Central Bank had announced a rise in foreign reserves to more than (85) billion US dollars.
And the bank indicated in a statement that its foreign reserves amounted to more than (85) billion US dollars, which is the highest level achieved by the Central Bank since 2003.
He continued that gold reserves also exceeded (130.4) tons, worth (7) billion dollars, bringing Iraq to 30th place globally and 4th in the Arab world. https://ninanews.com/Website/News/Details?Key=1000425
Oil Pushes Iraq’s Cash Reserves To A Historic High
Reports Economy News-Baghdad Iraq’s foreign currency reserves witnessed a big jump to more than 85 billion dollars, amid optimism that the rise will continue until the end of this year reaches 100 billion dollars .
According to observers, the rise of the cash reserve is due to several factors, most notably the rise in oil prices in global markets, which reflected positively on the country’s financial revenues, in addition to decreasing the value of the Iraqi dinar, which reduced the value of the government’s monthly salaries, but they warned of the negative effects of the turmoil. Political influence on the country’s revenues if it continues for long periods .
The Central Bank of Iraq had recently announced that its foreign currency reserves had risen to more than $85 billion .
“The country’s reserves have reached the highest level achieved by the central bank since 2003,” a central bank statement said, referring to the year the United States occupied the country. The statement added that “gold reserves exceeded 130.4 tons, worth $7 billion, bringing Iraq to the thirtieth place globally and fourth in the Arab world .”
Commenting on this, the former advisor to the Central Bank of Iraq, Ali Al-Tamimi, said in a telephone conversation with Al-Araby Al-Jadeed that Mustafa Al-Kazemi’s government implemented a package of major reforms in conjunction with the rise in global oil prices, as Iraq’s monthly income reached nearly 11 billion dollars from selling Crude oil .
Al-Tamimi added that the decrease in the value of the Iraqi dinar against the dollar, which was taken by the Al-Kazemi government, contributed to a clear reduction in the revenues that the state needs to secure salaries to 4 billion dollars or less, which previously amounted to approximately 6 billion dollars per month (before January 2021) . .
He added that the government’s resort to imposing dealing in local currency with Iraqi and foreign private sector companies operating in the country, and the imposition of strong filters on the issue of transferring money in hard currency, contributed to raising Iraq’s capabilities to keep its hard currency more than before .
He added, “However, it is still possible to control more hard currency and prevent its leakage abroad, as the hard currency auction organized by the Central Bank daily presents an average of $180 million and up to $200 million, as part of the policy of maintaining the dinar exchange rate at the threshold of 1450.” dinar per dollar, this method can be considered useless and another policy for setting the exchange rate must be considered .”
Al-Tamimi concluded that the country is expected, in the event of continuing with the current oil prices, that its reserves will rise to about 100 billion dollars, which is a sufficient number to think about establishing a sovereign fund, as in many countries, that will be a guarantor in the suffocating financial crises, especially since Iraq is a rentier state that depends on its economy oil by more than 96 percent .
The Iraqi Finance Minister, who resigned last month, Ali Abdul Amir Allawi, had expected the country’s hard currency reserves to rise to more than $90 billion this year, due to the recovery in oil prices .
Iraq recorded a sharp decline in foreign currency reserves in December 2020, to reach 48 billion dollars, but it rose again to reach the end of the year 2021 about 64 billion dollars, according to central bank data .
The country was affected economically by the political crisis that has continued for 11 months in a row, as the formation of the government was prevented from approving the financial budget for the year 2022, amid warnings that the country would enter the new year without a draft budget .
The current government headed by Mustafa Al-Kazemi relies on the system of advances in the payment of employee salaries and operational budgets related to services .
Earlier, the Iraq Future Foundation, which is concerned with economic affairs, said that there are “fears that the general budget for the year 2023 will not be approved . ”
The head of the foundation, Manar al-Obeidi, told reporters that “there is a real fear that the general budget for the year 2023 will not be approved, due to the current political crisis. There is no budget without forming a government .”
Al-Obaidi indicated that “the food security law ends with the end of the current fiscal year, and next year it will depend on the financial management law,” noting that “there is a fear that there will be no budget during 2023. ”
Last month, Parliament Speaker Muhammad al-Halbousi warned that the state would not be able to spend the money at the end of this year, which will lead to the suspension of people’s interests due to the political crisis and the disruption of Parliament’s work, which led to the absence of a financial budget for the current and next years .
Al-Halbousi said in his speech in Baghdad: “I call on the political forces to sit at a dialogue table that will reach solutions to the political crisis,” reiterating his “support for the national dialogue initiative .”
He added that “the country’s situation cannot continue in this state, and what we have reached today represents a regression from what we were on,” noting that “the end of this year the government cannot spend any money without a budget .”
He added that “a political group disrupts state institutions through peaceful demonstrations, explaining that the constitution does not allow for state institutions to be disrupted .”
Views 75 Added 09/15/2022 – 11:50 AM Update 09/15/2022 – 5:53 PM
Oil Prices Are Rising Again, And Brent Crude Is At $98
Economie| 08:59 – 09/15/2022 Follow-up – Mawazine News: Oil prices rose, on Thursday, with concerns about supplies and an imminent suspension of railways in the United States, the largest consumer of crude in the world.
Brent crude futures rose 38 cents, or 0.4 percent, to $ 94.48 a barrel by 03:13 GMT, while US West Texas Intermediate crude rose 46 cents, or 0.5 percent, to $ 88.94.
The dollar index fell 0.14% on Wednesday, pulling back from the previous session’s gains, and boosting demand for dollar-denominated commodities such as crude oil from holders of other currencies.
The International Energy Agency (IEA) said on Wednesday it expects a large-scale shift from gas to oil for heating, saying it will average 700,000 barrels per day in October 2022 to March 2023 – double the level a year ago. , along with the overall outlook for weak supply growth, also helped boost the market.
The increased possibility of rail disruptions in the US due to the ongoing labor dispute is also adding support to the market. Three unions are negotiating a new contract that could affect rail shipments, which are important for the delivery of crude oil and products. LINK
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
