Iraqi News Highlights Saturday Evening 2-11-23
Tlm724 Administrator Bondlady’s Corner
“Pressure Expenditures Or Accept The High Deficit.” Deputy: The Government Has Two Options Regarding The Budget
Money and business Economy News – Baghdad The Parliamentary Finance Committee indicated, on Saturday, that changing the exchange rate may increase the budget deficit by no less than 10 to 15 trillion dinars, with the price of a barrel of oil remaining at around $70.
Committee member Jamal Cougar said, “The financial management law does not allow the government to exceed the budget deficit of 3%, which in all cases does not exceed 15 trillion dinars, but the truth is that the deficit reached more than 60 trillion dinars before changing the exchange rate.” We expect that at least 10 to 15 trillion dinars will be added to this deficit.
He explained that the government “has two options that do not have a third, either pressure expenditures and go towards deleting some paragraphs in the executive budget or the operational and investment budget, or accept the increase in the deficit from 60 trillion to 75 trillion,” and he believed that “the government should not borrow from local banks.” Basically, the city.
Regarding the government’s internal debts, he said: “These banks are supposed to play the role that is synonymous with the role of the government because the latter can create job opportunities through projects through the investment budget, while banks can create job opportunities for the private sector by granting soft loans.”
And Cougar continued, in an interview with the official newspaper, that “if the government tends to withdraw liquidity from these banks, it will burden it with increasing debts and loans and handcuffing the banks by creating job opportunities, and thus the pressure will transfer to the government, which tended towards appointment.”
Regarding the price of a barrel of oil, Cougar explained that “it will be in the budget estimates about $70, even with its low prices, and the government will have to withdraw from bank reserves as happened in previous budgets,” pointing out that “the operational budget will be fixed, while the investment budget will change if it chooses.”
The government is compressing expenditures, and some projects may be transferred to a supplementary budget or subsequent budgets in the hope of higher oil prices. https://economy-news.net/content.php?id=32410
Central Bank Sales Exceed 400 Million Dollars In A Week
Economy News-Baghdad The Central Bank of Iraq’s total sales of hard currency to dollars during the past week amounted to more than 400 million dollars.
The correspondent of the “Economy News” agency stated that the central bank sold during the past week for the five days in which the auction was opened, starting from Sunday to Thursday, the amount of 421 million and 971 thousand and 681 dollars, at a daily rate of 84 million and 394 thousand and 336 dollars, up by 6.33% from the previous week.
He added that the highest dollar sales during the current week were on Monday, when sales amounted to 95,26,216 dollars, while the lowest sales were on Sunday, when sales amounted to 76,217,760 dollars.
He pointed out that sales went in the form of cash and transfers abroad to finance foreign trade, while the selling price of the dollar transferred to bank accounts abroad, in addition to the cash sale, reached 1460 dinars per dollar, during three days of the week, and it decreased to 1310 starting on Wednesday.
https://economy-news.net/content.php?id=32406
A Slight Decrease In The Dollar Exchange Rate This Evening
Saturday 11 February 2023 17:42 | EconomicalNumber of readings: 118 Baghdad / NINA / – The exchange rate of the dollar witnessed, on Saturday afternoon, a slight decrease this evening.
The selling price of $100 was 149,750 dinars. And the purchase price of $100 was recorded as 148,750 dinars./ End 8 https://ninanews.com/Website/News/Details?key=1032747
A Kurdish Delegation Is Visiting Baghdad This Evening To Discuss Outstanding Issues Between The Region And Baghdad
Saturday 11 February 2023 16:06 | political Number of readings: 155 Baghdad / NINA / – The head of the Cabinet of the Kurdistan Region Council of Ministers, Omid Sabah, announced that a delegation from the regional government will visit Baghdad this evening, to discuss and agree on outstanding issues between Erbil and Baghdad. The Kurdistan region comes in the context of official visits by the Kurdistan government to Baghdad to reach an agreement on the issue of oil and gas, the budget, financial rights, dues of the region and many other issues./ https://ninanews.com/Website/News/Details?key=1032709
Oil Prices Achieve A Weekly Gain Of More Than 8%
Economie| 09:19 – 11/02/2023 Follow-up – Mawazine News Oil prices rose by more than 2%, with a weekly gain of more than 8%, as Russia announced plans to cut oil production next month after the West imposed a ceiling on crude oil and fuel prices from the country. Brent crude futures rose at the settlement by $1.89, or 2.2%, to $86.39 a barrel.
US West Texas Intermediate crude futures rose $1.66, or 2.1%, to $79.72.
Brent achieved a weekly gain of 8.1%, while WTI rose 8.6%. Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=219009
Al-Sudani: The Government And All Its Competent Agencies Will Firmly Confront All Smugglers And Speculators
political| 03:14 – 11/02/2023 Baghdad – Mawazine News, Prime Minister Muhammad Shia’ al-Sudani affirmed today, Saturday, that the government and all its relevant agencies will firmly confront all smugglers and speculators.
A statement by the Prime Minister’s Media Office, received by Mawazine News, stated that “during the meeting, developments in the economic situation throughout Iraq were discussed, and dollar exchange rates were followed up, after the Council of Ministers approved the Central Bank’s decision to reduce the official price of the dollar.”
The statement added that “the meeting witnessed a discussion of the mechanisms used to implement the decisions of the Council of Ministers in the financial aspects, in addition to discussing the implementation of the directives issued in the previous meeting.”
Al-Sudani stressed the importance of continuing to hold these meetings, in order to overcome obstacles facing the private sector, which the government considers a key partner in implementing its strategic programs and projects.
He stressed that “the wheel of economic reform is moving forward, as one of the priorities of the government’s ministerial platform,” stressing that “whoever bets on going backwards, smuggling and violating laws and instructions is a losing bet. The government and all its competent agencies will confront firmly all smugglers and speculators, and whoever obstructs the progress of reform and harms the Iraqi economy and affects the living conditions of citizens.” Ended 29/M99
https://www.mawazin.net/Details.aspx?jimare=219040
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