Iraqi News Highlights Saturday Afternoon 5-13-23
Tlm724 Administrator Bondlady’s Corner
An Expert Counts Budget Expenditures And Warns Of A (Big Dilemma)
Economy| 02:58 – 05/13/2023 Baghdad – Mawazine News, economist Nabil Al-Marsoumi warned, on Saturday, of Iraq’s exposure to a “major financial and economic impasse” whose features will begin in the next year, especially if there is no significant increase in Iraqi oil exports and in global oil prices.
Al-Marsoumi wrote on his Facebook page, “Fixed expenses in the 2023 budget.
Salaries of employees on fixed staff = 59.814 trillion dinars.
Self-financing salaries = 2.102
social welfare = 27.941 trillion dinars.
Internal and external debt service installments = 18.962 trillion dinars.
Expenses of oil licensing contracts with expenses.” Transporting Kurdistan oil = 15 trillion dinars,
importing gas and electricity = 4.841 trillion dinars,
electricity wages for the local investor = 2 trillion dinars,
total fixed burdens in the budget = 130.660 trillion dinars.
He added, “These expenditures are public burdens that are very difficult to reduce, and their burden will be borne by the 2023 budget and the upcoming annual budgets, which in total are greater than the expected oil revenues, which amount to 117 trillion dinars in 2023, which will expose Iraq to a major financial and economic impasse, the features of which will begin in the next year, especially If there is no significant increase in Iraqi oil exports and in world oil prices. https://www.mawazin.net/Details.aspx?jimare=226760
Oil Continues Its Losses For The Third Week In A Row
Economy| 12:12 – 05/13/2023 Follow-up – Mawazine News Oil prices extended their losses for the third week in a row, as the market continues to balance concerns about supplies and renewed economic concerns in the United States and China.
Brent crude futures fell by about 1.5 percent over the past week, and US crude fell by an even greater 1.82 percent.
Oil prices were also affected by the rise in the dollar, as uncertainty about the debt ceiling and monetary policy in the United States led investors to turn to assets considered safe havens.
A stronger dollar makes oil, denominated in the greenback, more expensive for holders of other currencies.
And increased fears that the United States, the world’s largest oil consumer, will enter a recession after the decision to raise the US government’s debt ceiling was postponed and concern grew about the failure of another regional bank.
The market drew support from expectations of a supply shortage in the second half of the year, even despite Iraqi Oil Minister Hayan Abdul-Ghani’s statements to Reuters on Friday that he did not expect the OPEC + alliance to decide on a new production cut at its next meeting in Vienna on the third and fourth of June.
The Organization of the Petroleum Exporting Countries (OPEC) on Thursday kept its forecast for global oil demand growth in 2023 unchanged, adding that higher demand from China would offset the impact of economic risks. https://www.mawazin.net/Details.aspx?jimare=226747
The Islamic Development Bank Confirms Its Desire To Develop The Capabilities Of The Employees Of The Central Bank Of Iraq
Economy News – Baghdad A high-ranking delegation from the Central Bank of Iraq participated in the annual meetings of the Islamic Development Bank, held for the period 10-13 May 2023 in Jeddah.
A statement to the Central Bank’s media said, “On the sidelines of the annual meetings, the delegation held side meetings with the various institutions of the Islamic Development Bank, which affirmed their continuous support for the Republic of Iraq, and the provision of support and financing for strategic projects for the public and private sectors.”
The two deputy governors of the central bank met with the deputy head of the Islamic Development Bank Group, Zamir Iqbal, who confirmed, according to the statement, “the Islamic bank’s desire to develop the capabilities of the employees of the Central Bank of Iraq in various related aspects, especially in the issue of Islamic sukuk and others.”
And the statement continued, “A number of side meetings were also held with some international financial institutions and some state officials to enhance joint cooperation between them and Iraq.”
Views 106 Added 05/13/2023 https://economy-news.net/content.php?id=34172
Sudanese Advisor: The Rise In The Exchange Rate Of The Dollar Is A “Time Disturbance”
Economy| 08:59 – 05/13/2023 Baghdad – Mawazine News The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, said, on Saturday, that the central bank controls the exchange rate, and the rise in the dollar is a “temporary disturbance.”
And Salih stated in a press statement, that “after the Central Bank of Iraq controlled the exchange rate through its calm monetary policy, and through packages facilitating external transfer in accordance with international compliance controls, and the great effort of the government by facilitating imports, there was stability in the exchange rate and the exchange rate became The parallel exchange rate is close to the official rate.
However, he added, “But organized crime gangs took advantage of (electronic) travelers’ cards. These gangs illegally and legally use citizens’ passports in order to issue electronic cards and smuggle them out of Iraq in order to finance black transfers and smuggle money.”
He added, “What organized crime gangs are doing has created a temporary disturbance in the exchange rate in the local market. There are deterrent measures taken by the government against these gangs, to reduce this dangerous phenomenon of smuggling, money laundering, and manipulation of citizens’ rights.”
The financial and economic advisor to the Prime Minister confirmed that “the exchange rate in the local market will be better during the next few days, and the dinar is strong, and the exchange rate will decline again, until the official price is reached.” https://www.mawazin.net/Details.aspx?jimare=226733
Sudanese Advisor: The Dinar Is Strong And The Exchange Rate Will Decline Again In The Next Few Days
Money and business Economy News – Baghdad The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, said, on Saturday, that the central bank controls the exchange rate, and the rise in the dollar is a “temporary disturbance.”
And Salih stated in a press statement, that “after the Central Bank of Iraq controlled the exchange rate through its calm monetary policy, and through packages facilitating external transfer in accordance with international compliance controls, and the great effort of the government by facilitating imports, there was stability in the exchange rate and the exchange rate became The parallel exchange rate is close to the official rate.
However, he added, “But organized crime gangs took advantage of (electronic) travelers’ cards. These gangs illegally and legally use citizens’ passports in order to issue electronic cards and smuggle them out of Iraq in order to finance black transfers and smuggle money.”
He added, “What organized crime gangs are doing has created a temporary disturbance in the exchange rate in the local market. There are deterrent measures taken by the government against these gangs, to reduce this dangerous phenomenon of smuggling, money laundering, and manipulation of citizens’ rights.”
The financial and economic advisor to the Prime Minister confirmed that “the exchange rate in the local market will be better during the next few days, and the dinar is strong, and the exchange rate will decline again, until the official price is reached.” 05/13/2023 – https://economy-news.net/content.php?id=34162
International Monetary: Iraq Is The Third Arab Country In The Value Of Exports Of Goods And Services For The Past Year
Saturday 13, May 2023 17:06 | Economical Number of readings: 99 Baghdad / NINA / – The International Monetary Fund announced that Iraq ranked third in the Arab world in terms of exports of goods and services for the past year.
And the fund stated in its table: that Iraq exported goods and services in the year 2022, amounting to $ 140.7 billion, which increased from the years 2020 and 2021, which amounted to 54 and 94 billion dollars, respectively, while the average of these exports was between 1990 and 2000, a value of 64 billion dollars.
The fund expected: that the value of exports in Iraq for goods and services will decrease for the year 2023 to reach 119.3 billion dollars, and also decrease for the year 2024 to reach 118.5 billion dollars.
He pointed out: Iraq came third among the Arab oil-producing countries with the highest value of exports of goods and services after the UAE and Saudi Arabia, whose exports of the latter two for the year 2022 amounted to 519.3 billion dollars and 441.3 billion dollars, respectively, while Bahrain was the least oil-producing Arab country in exporting goods and services. And a value of $ 40.1 billion for the year 2022./ End 3 https://ninanews.com/Website/News/Details?key=1053112
Low Dollar Exchange Rates On The Local Stock Exchange
Saturday 13, May 2023 11:53 | Economical Number of readings: 416 Baghdad / NINA /- The exchange rates of the US dollar against the Iraqi dinar witnessed a decline in the main stock exchange in the capital, Baghdad, today, Saturday.
The exchange rate of the dollar on the Al-Harithiya and Al-Kifah Stock Exchanges recorded 146,000 dinars for every 100 dollars.
While the selling price was 146,500 dinars and the purchase price was 145,500 dinars, for every 100 dollars, in the local banking offices. Yesterday,
Friday, the exchange rate of the dollar in Baghdad and the provinces reached 148,000 dinars for every 100 dollars. / End8 https://ninanews.com/Website/News/Details?key=1053047
The Central Bank Refers Speculators With Exchange Rate Issues To The Competent Courts
The Central Bank of Iraq announced that speculators would refer exchange rate issues to the competent courts. A statement by the bank’s media office said, “In response to citizens’ requests for the US dollar currency at the official exchange rate for legitimate purposes, the Central Bank of Iraq succeeded in providing easy and appropriate tools represented in the packages of facilities it issued that include support for electronic card settlement at the official price and money transfers of various kinds,
except That some of those who were able to obtain the cards misused them far from the goals intended for this purpose, as revealed by the reports of the competent security authorities and the supervisory procedures of the Central Bank and the Office of Combating Money Laundering and Terrorist Financing, which led to the development of a “strict new electronic system” that ends this phenomenon and the violations used. in those cards.
According to the statement, the Central Bank revealed, “the completion of legal procedures against the violators, individuals, companies, and banks, announcing their referral to the courts specialized in money laundering and financing terrorism,” stressing “its keenness to provide all appropriate tools to achieve the stability of the exchange rate, especially with the arrival of external transfers through the electronic platform.”
To high levels, in addition to the use of electronic cards and the cash sale of dollars, all of this made what is called the “parallel market exchange rate” not reflecting the real exchange rate as long as the Central Bank of Iraq responds to all (legitimate requests) to buy dollars.
And that “the price in the parallel market is linked to speculative activity, and non-fundamentalist operations trying to get away from the methods offered by the Central Bank of Iraq law and its decisions.” https://www.radionawa.com/all-detail.aspx?jimare=34353
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