Iraqi News Highlights Thursday Evening 10-27-22
Tlm724 Administrator Bondlady’s Corner
Threatening to adjust the exchange rate threatens the national economy with a new blow
Posted On2022-10-27 By Sotaliraq Baghdad/Bright news The dollar exchange rate is one of the most important tools of the Iraqi market, which mainly depends on imports. Accordingly, economic experts believe that adjusting the dollar exchange rate again, could constitute a “big shock” to the markets in Iraq, and its “costs are high.”
Back To The Previous Exchange Rate
Members of the House of Representatives, in an official document, demanded the issuance of a parliamentary resolution that restores the exchange rate of the US dollar against the Iraqi dinar to its previous rate, without considering the likely repercussions of the decision they are requesting.
A member of the Parliamentary Integrity Committee, Hamid Al-Shiblawi, said in an official document, titled “Reducing the dollar exchange rate”, that “due to the repercussions of the rise in the exchange rate of the dollar against the dinar, which negatively affected the economic situation of the Iraqi family, which burdened the citizens, especially those with limited income.
Members of the attached list, we ask the Presidency of the House of Representatives to include a paragraph to reduce the dollar exchange rate and gradually return it to the previous exchange rate within the work schedule of the next session in the public interest.”
The list showed the signatures of 40 deputies so far, and it is reported that the Central Bank of Iraq announced, on December 19, 2020), officially adjusting the foreign exchange rate (the US dollar) to be 1450 dinars, instead of 1200 dinars, for one dollar, according to the budget The General Assembly of the State for the year 2021 approved by the House of Representatives.
New hit to the market
For his part, the researcher in economic affairs, Daoud Al-Halfi, believes in an interview with (Al-Mada) that “the adjustment of the dollar exchange rate once again may generate a painful blow to the Iraqi market, especially if it happened suddenly and without a realistic study,” noting that “decreasing the value of The dollar will not address inflation, as the advocates of the amendment imagine.”
Al-Halfi stressed that “the sudden drop in the price of the dollar has many risks, the most important of which is the loss of the local currency, confusion in the import movement, and a higher price of foreign goods.”
And that «the Iraqi market does not need another strike at this time, there is a need to study the impact of reducing the exchange rate of the dollar first, and evaluate the repercussions before embarking on this step».
Populist Pressures
Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, said that “the monetary and financial policy institutions have no intention of adjusting the dollar exchange rate at the present time.” He considered what is being circulated in the media “populist political pressures”.
He pointed out that “the discussion on this issue should not be in this way, because it causes anxiety in the markets,” noting that “the exchange rate adjustment should be left to the next government and studied in light of the budget’s resources and the state’s moves to preserve the foreign currency.”
Service For Currency Speculators
For his part, Raed Fahmy, Secretary of the Iraqi Communist Party, believes that “the process of suddenly adjusting the dollar exchange rate will be expensive, and will create great repercussions,” noting that “the issue should not be subject to political moods, as the responsibility lies with the Central Bank.”
He believed that “the sudden change in exchange rates will create new turmoil in the market,” stressing that the social repercussions and the impact of the decision on the poorest social segments must be calculated.
Fahmy continued, “The change in the exchange rate will serve the interests of major currency speculators, which is what is happening now, by spreading rumors that caused the exchange rate to become unstable in the markets.” LINK
Dollar Exchange Rates In The Iraqi Market
Economie| 09:28 – 27/10/2022 Baghdad – Mawazine News The dollar exchange rates witnessed, today, Thursday, a slight increase in the Iraqi markets.
And the selling prices of the dollar were 146.100 dinars per 100 dollars, while the purchase prices of the dollar were 146.000 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=209372
Oil Announces The Final Statistics Of Exports And Revenues Last Month
Economie| 05:24 – 10/27/2022 Baghdad – Mawazine News The Ministry of Oil announced, on Thursday, the total oil exports and revenues achieved for the month of September.
A statement by the ministry stated that Mawazine News received a copy of it, citing the final statistics issued by the Iraqi Oil Marketing Company (SOMO), where “the quantity of exports of crude oil reached (98) million (765) thousand and (153) barrels (ninety-eight). One million seven hundred and sixty-five thousand one hundred and fifty-three barrels), with revenues amounting to (Cool billion and (845) million and (411) thousand dollars (eight billion eight hundred and forty-five million four hundred eleven thousand dollars).
According to the statement, the statistics indicated that “the total quantities exported of crude oil for the month of September from oil fields in central and southern Iraq amounted to (96) million (445) thousand and (421) barrels, while the quantities exported from Kirkuk oil through the port of Ceyhan. (2) million and (169) thousand and (180) barrels, and that the average price per barrel amounted to (89,560) dollars, and additional revenues were achieved from the sale of quantities of shipments of crude oil exported at a price premium, where the total revenue reached (138) million He
pointed out that “the exported quantities were loaded by (36) international companies of different nationalities, from the ports of Basra, Khor Al-Amaya, mono-buoys on the Gulf and the Turkish port of Ceyhan.
It is noteworthy that the ministry, through its belief in informing the people of the export operations and the revenues generated from it, took this monthly measure.
https://www.mawazin.net/Details.aspx?jimare=209429
Oil Prices Rise Due To Weak US Dollar
Economie| 08:34 – 10/27/2022 Follow-up – Mawazine News : Oil prices rose on Thursday, continuing their rise by more than 3 percent in the previous session, supported by record US crude exports and a weak dollar, although gains in Asia were halted due to persistent demand concerns in China.
Brent crude futures rose 29 cents, or 0.2 percent, to $95.98 a barrel by 0432 GMT. US West Texas Intermediate crude jumped 23 cents, or 0.2%, to $88.14 a barrel.
US crude stocks rose 2.6 million barrels last week, according to weekly government data on Wednesday, with crude exports rising to 5.1 million barrels per day, the largest number ever.
Global investors dumped Chinese assets early this week amid concerns that ideology may increasingly trump growth under China’s most powerful leader since Mao Zedong.
Meanwhile, dollar weakness added support, as the dollar’s strength recently was a major factor dampening oil market gains. The dollar slipped on Thursday as market expectations mounted that the US Federal Reserve would soften its aggressive stance on raising interest rates.
A weaker dollar makes US dollar-denominated crude oil less expensive for holders of other currencies.
US and Western officials are finalizing plans to put a cap on Russian oil prices amid a warning from the World Bank that any plan would need the active participation of emerging market economies to be effective. https://www.mawazin.net/Details.aspx?jimare=209368
The Curriculum Of The Sudanese Government Includes Working To Reform The Economic, Financial And Service Sectors
The ministerial curriculum for the government of Prime Minister-designate Muhammad Shiaa al-Sudani, which included holding early elections within a year.
The ministerial curriculum stated that “all political forces agreed on this curriculum,” including “work to reform the economic, financial and service sectors.”
The ministerial curriculum included emphasizing a number of main points, including: “addressing poverty and unemployment, combating financial and administrative corruption, addressing the electricity crisis, increasing the hours of preparing citizens, protecting the poor groups of society, combating unemployment, providing job opportunities, activating the role of investment authorities and promoting industry, accelerating the reconstruction of regions.” liberation, the completion of the file of the displaced, and the improvement of health services for citizens.
The ministerial curriculum also stressed on “improving the construction sector and municipal services, combating corruption and waste of public money, improving the increase and protection of agricultural production, improving the industrial sector and restoring confidence in the Iraqi product, developing the oil industry, restructuring the public budget and managing public money to reduce the pressure of consumer spending, and improving The quality and protection of telecommunications services and the development of the transport sector.
While he also stressed, “Achieving an educational system that is committed to values and provides learning opportunities for all with high quality, improve investment and expand its horizons, activate the tourism sector to diversify the country’s economy, adopt a population policy that keeps pace with changes in the demographic structure of the population, activate human rights issues and empower women, and strengthen Iraq’s sovereignty.”
To protect its interests, to put forward a vision and project to solve the problems between the federal governments and the Kurdistan Region, to strengthen the foundations for rebuilding the military and security institution, to amend the Parliament’s election law, and to hold early elections within a year.” https://www.radionawa.com/all-detail.aspx?jimare=31855
The First Deputy Speaker Of The House Of Representatives Receives The Cabinet Candidates
Political | 06:07 – 27/10/2022 Baghdad – Mawazine News The First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, received, on Thursday, the candidates for the ministerial cabinet of Prime Minister-designate Muhammad Shia Al-Sudani.
And Al-Mandalawi’s office said in a statement that Mawazine News received a copy of it, that “the latter received the candidates for the ministerial cabinet.”
Today, at six o’clock in the evening, the House of Representatives will hold a session to give confidence to the ministerial cabinet presented by Al-Sudani. Ended 29/R77
https://www.mawazin.net/Details.aspx?jimare=209435
To read more current and reliable Iraqi news please visit BondLady’s Corner:
https://www.bondladyscorner.com/
