Bondlady’s Corner

Iraq Economic News and Points to Ponder Tuesday Evening 11-14-23

Tlm724 Administrator Bondlady’s Corner

A Government Source Reveals A Package Of Measures To Address The Difference In The Exchange Rate

Economy |  11/14/2023  Baghdad – Mawazine News  Today, Tuesday, the government took a package of measures to address the difference in the dollar exchange rate.

A government source said in an interview with Mawazine News, “Among the measures is organizing the import process and ensuring the entry of the largest number of merchants and importers to the foreign currency sales window by facilitating account opening procedures, deposit operations, and other procedures related to issuing the importer’s identity, which will facilitate the (know your customer) requirements for the category.” Merchants and importers.

He continued, “The government and the Central Bank are conducting ongoing negotiations with the Iranian side to regulate trade between the two countries and make the best options regarding payment of dues and amounts, and discussions are taking place at a good pace.”

He stressed that “Prime Minister Muhammad Shiaa Al-Sudani directed work on a number of important projects to ensure that the poor and middle-income groups are not affected by the exchange rate difference, as the Ministries of Commerce and Health are working to import important materials and provide them in Iraqi dinars at stable prices, an example of which is the food basket project (which prevails at stable prices).”

 And the pharmaceutical basket, the construction basket, and the basket of reserve materials for the transportation sector… some of which work began a while ago.”

He pointed out that “the government is now working on an (equal deal) project to exchange trade and imports with some countries, such as China and India, and in their own currencies from Iraq’s main trading partners, such as India, China, and some neighboring countries.”

He explained, “The government is currently studying establishing a free zone to import materials and then market them to the private sector and ensure their delivery to the consumer at competitive prices and in the Iraqi dinar, in addition to studying a re-export project, and there are important discussions in this regard.”

He stated that “the government issued a series of measures to develop electronic payment systems and reduce dependence on cash… and a series of other decisions will be issued in the coming days regarding pricing and incentive policy for services provided through electronic payment.”

He continued, “The Prime Minister directed the activation of a joint committee between the government, the central bank, and the private sector, under the supervision of his office, to hold serious discussions with the US Treasury regarding transfers through the foreign currency selling window, and the committee has begun its meetings from now.”

He continued, “The government is holding ongoing discussions with the Central Bank of Iraq on a number of topics, including facilitating procedures related to Iraqi banks importing the (cash) dollar. This process has already begun with some banks importing the dollar, and the process will expand to include other banks, and work is also underway to proceed.”

By concluding agreements to supply the currencies of some countries to be provided through banks and banking companies to meet the needs of Iraqi pilgrims going to those countries without the dollar currency.”  https://www.mawazin.net/Details.aspx?jimare=237763

Al-Halbousi Leaves The Parliament Session After His Membership Was Cancelled

Former Speaker of the House of Representatives, Muhammad al-Halbousi, left the parliament session, scheduled to be held today, Tuesday, after a judicial decision was issued to terminate his membership.

The Federal Supreme Court decided, earlier today, Tuesday, to terminate the membership of Muhammad Al-Halbousi, from the presidency of the House of Representatives.

The text of the decision stated: On Tuesday 11/14/2023, the Federal Supreme Court considered the case No. 9/Federal/2023, and decided, according to the ruling issued therein, to terminate the membership of the Speaker of the House of Representatives, Muhammad Rikan Al-Halbousi, and to terminate the membership of Representative Laith Mustafa Hammoud Al-Dulaimi, as of the date of issuance of the ruling in 11/14/2023 A final decision binding on all authorities.

https://www.radionawa.com/all-detail.aspx?jimare=36283

Iraq’s Exports Of Oil And Its Products To America Exceed 60 Million Barrels Within 6 Months

Energy    Economy News – Baghdad  The US Energy Information Administration announced on Tuesday that crude oil exports to the United States amounted to more than 60 million barrels during six months of 2023.

The administration said that Iraq exported 60.387 million barrels of crude oil and its products to America from March until August.

She added that Iraq’s exports of oil and its derivatives in the month of August amounted to 9.905 million barrels, an increase of 498 thousand barrels from what they recorded in July, when they reached 9.407 million barrels, and an increase of 575 thousand barrels from the month of June, in which exports reached 9.330 million barrels.

The US Energy Information Administration stated that OPEC’s exports of crude oil and its products to America during the six months amounted to 261.284 million barrels, with Saudi Arabia having the highest rate of exports to America, reaching 86.470 million barrels during the same time period.

Views 51  Added 11/14/2023 – 1:45 PM   https://economy-news.net/content.php?id=37525

The Prime Minister Directs The Directors Of Government Banks To Submit A Plan Within One Month To Develop Their Work

Economy News – Baghdad  Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani directed the directors of government banks to submit a plan within one month in order to develop the work of the banks.

The media office of the Prime Minister stated in a statement received by Al-Iqtisad News that “Prime Minister Muhammad Shiaa Al-Sudani chaired a meeting that included the Minister of Finance, the Governor of the Central Bank and the directors of government banks,” indicating that “the meeting during which the work mechanisms and procedures achieved in administrative and banking reform were followed up.” , which the government has begun implementing, and constitutes one of the work priorities included within the comprehensive economic reform in the country.”

The Prime Minister directed “all government banks to prepare a plan to be submitted within one month, to develop the work of banks that includes the optimal use of financial, human and technical resources, moving from paper work to automated work, electronic dealing with all banking activities, expanding electronic payment services, and developing a comprehensive vision for banks in granting facilities.” credit and loans, and developing work mechanisms, including control and oversight tools.”

He stressed that “bank managers will be subject to performance evaluation in light of their implementation of the plan and the amount of achievement,” stressing that “the real reform that the government was keen to achieve is based on banking reform, and it is determined to make bold decisions in order to implement this reform in a way that contributes to improving the investment environment.” And developing the work of the public and private sectors.

The meeting witnessed a discussion of the implementation of the comprehensive banking system, through the use of advanced electronic programs and modern technology in all banking transactions, and a discussion of the development plan presented by the international company (Ernst & Young) regarding the restructuring of Rafidain Bank, to ensure the development of its business and the provision of a package of integrated banking services to citizens. Companies and similar international banks.

The Prime Minister directed “banking departments to seek international expertise by contracting with consultants specialized in banking and financial work.”

Views 73  Added 11/14/2023 https://economy-news.net/content.php?id=37524

Exchange Rates In Baghdad Record 159 Thousand Dinars For Every 100 Dollars

Economy | 11:42 – 11/14/2023  Baghdad – Mawazine News  Today, Tuesday, the dollar exchange rates in Baghdad recorded a decrease compared to previous days.   The exchange rate of the dollar in Baghdad money exchangers reached 159 thousand dinars against 100 dollars.   https://www.mawazin.net/Details.aspx?jimare=237769

Report: Restarting The Iraqi-Turkish Pipeline May Act As A “Headwind” For The Oil Market

Economy News – follow-up  An international report stated that renewed talks in Iraq to restart the oil pipeline with Turkey may act as a “headwind” for the market .

Oil prices rose on Tuesday, after a report by the Organization of the Petroleum Exporting Countries (OPEC) said that market fundamentals remain strong and against the backdrop of fears of possible supply disruption as the United States tightens its grip on Russian oil exports .

By 01:13 GMT, Brent crude futures rose 33 cents, equivalent to 0.4%, to $82.85 per barrel. US West Texas Intermediate crude futures also increased 33 cents, or 0.4%, to $78.59 per barrel .

In its monthly report, OPEC blamed speculators for the latest drop in prices. It also slightly raised its forecast for global oil demand growth in 2023 and stuck to its relatively high forecast for 2024 .

Last week, oil prices fell to their lowest level since July, affected by fears of a possible decline in demand in the United States and China, the world’s largest oil consumers. China’s consumer price index fell in October to levels not seen since the Covid-19 pandemic, and exports for that month contracted more than expected .

A report published by the “CNBC Arabia” network quoted ANZ Research analysts in a note on Tuesday, saying that “the declining morale in the recent period prompted OPEC to confirm its view that consumption is good .”

The note added, “Renewed talks in Iraq to restart an oil pipeline may serve as a headwind to the market “Oil Minister Hayan Abdul Ghani expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies to resume production from the oil fields in the region and to resume exports from the northern fields via the Iraqi-Turkish pipeline .

Turkey has stopped flows amounting to 450,000 barrels per day of northern exports through the pipeline since March 25, after a ruling issued by the International Chamber of Commerce .

Views 47  11/14/2023 – https://economy-news.net/content.php?id=37539

 Provoking Points to Ponder on FEAR for Living the Bold Life by Tess Marshall

43. Power is of two kinds. One is obtained by the fear of punishment and the other by acts of love. Power based on love is a thousand times more effective and permanent then the one derived from fear of punishment. ~ Mahatma Gandhi

50. Deep in my heart I’m concealing things that I’m longing to say. Scared to confess what I’m feeling – frightened you’ll slip away. ~ Madonna