Iraqi News Highlights Wednesday Afternoon 10-26-22
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An Economic Expert To Nina: The Cost Of Returning The Dinar To Its Old Price Against The Dollar Will Be Very High
Wednesday 26 October 2022 Economic Number of readings: 234 Baghdad / NINA / – The expert in the financial affairs, Salam Sumaisem, ruled out the return of the dollar exchange rate to its previous price of 1180 dinars, noting that the cost of returning the dinar to its old price against the dollar will be very high.
She said in a statement to the National Iraqi News Agency / NINA / that “the cost of returning the dinar to its old price against the dollar will be very high, especially since the reduction mechanism will not be as fast and flexible as the previous rise.”
Sumaisem confirmed that “what is now rumored by influential parties is for the purpose of political propaganda or for the purpose of speculation by reducing the price of the dollar to get it at a cheap price from the public and then return it.”
And the dollar exchange rate in the local market recorded an unprecedented decline, reaching 1450 Iraqi dinars. / End 8 https://ninanews.com/Website/News/Details?Key=1010048
The Dollar Depreciates Against The Iraqi Dinar
Economie| 09:39 – 10/26/2022 Baghdad – Mawazine News, the dollar exchange rates fell, today, Wednesday, on the local stock exchange.
And the selling prices of the dollar were 145.900 dinars per 100 dollars, while the purchase prices of the dollar were 145.800 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=209270
Dollar Cash Sales Decline In The Iraqi Central Auction
Posted On2022-10-26 By Sotaliraq Dollar cash sales to banks and mediation companies decreased today, Wednesday, to reach 22 million in the currency auction of the Central Bank of Iraq.
A reporter stated that the Central Bank sold today, during its auction to buy and sell US dollars, 207 million and 217 thousand and 322 US dollars, which were covered by the bank at a base exchange rate of 1460 dinars per dollar.
Our correspondent added that 88% of these sales went to enhance balances abroad in the form of remittances and credits, which amounted to 185 million and 17 thousand and 322 dollars, while the rest went in the form of cash sales, which amounted to 22 million and 200 thousand dollars.
Our correspondent indicated that 28 banks have met requests to enhance balances abroad, and 8 banks have responded to cash requests, in addition to 48 mediation companies.
Al-Sudani Re-Sends An Official Request To Hold A Session Of Granting Confidence.. After Its Amendment
Wednesday 26 October 2022 17:43 | political Number of readings: 25
Baghdad / NINA / – Parliamentary circles revealed, an amended version of a new written request that was re-sent, to the Presidency of the House of Representatives by the Prime Minister-designate Muhammad Shiaa Al-Sudani, requesting to set a date for the voting session on the names of the members nominated for the new cabinet and the government curriculum, attached to the CVs of the candidates.
The House of Representatives rejected an official request submitted by the Prime Minister-designate, Muhammad Shiaa Al-Sudani, to hold a session tomorrow, Thursday, to vote on granting confidence to the new cabinet, due to the presence of legal irregularities in the written request./End of 5
https://ninanews.com/Website/News/Details?key=1010122
Saudi Arabia Establishes A Company Targeting Investment In Iraq
Wednesday, October 26 2022 3:18 PM Follow-up / National News Center
Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Board of Directors of the Public Investment Fund announced today, Wednesday, that the Public Investment Fund has established (5) regional companies aimed at investing in several countries, including Iraq.
These companies target investment in Jordan, Bahrain, Sudan, Iraq, and Oman, after the launch of the Saudi Egyptian Investment Company last August. The value of the targeted investments will reach 90 billion riyals (24 billion US dollars). into investment opportunities across various sectors.
According to the official Saudi Press Agency “SPA”, the companies will invest in several strategic sectors, including, but not limited to, infrastructure, real estate development, mining, health care, financial services, food and agriculture, manufacturing, communications and technology, and other sectors. The strategy.
She explained that the establishment of the five new companies will develop and strengthen the investment partnerships of the Public Investment Fund and its portfolio companies, and the Saudi private sector for many investment opportunities in the region, which will contribute to achieving attractive returns in the long term, and develop aspects of cooperation of strategic economic partnerships with the private sector in every country. of the aforementioned countries.
The announcement of the establishment of the new companies comes in line with the strategy of the Public Investment Fund to search for new investment opportunities in the Middle East and North Africa, which support building long-term strategic economic partnerships to achieve sustainable returns, which contributes to maximizing the fund’s assets and diversifying the Kingdom’s sources of income. In line with the goals of Vision 2030, according to the agency. https://nnciraq.com/160024/
A Conference In Dubai To Advance The Reality Of The Private Sector In Iraq
Wednesday 26 October 2022 14:06 | Economic Number of readings: 195
Baghdad / NINA / – The Iraqi-British Business Council (IBBC) announced the holding of a large conference under the slogan (Iraq and identifying business opportunities for the private sector).
Christoph Michaels, Director of the Iraqi British Business Council IBBC, said in a press statement today that the conference will be held in Dubai and will bring together official government figures from Iraq, the UAE and Britain, in addition to representatives from major companies operating in those countries and international companies.
He stressed the participation and attendance of the Governor of the Central Bank of Iraq as a key speaker in this conference.
He explained that the conference sessions will cover the sectors of industry, finance, water resources and the environment.
He pointed out that the main objective of the conference is to advance the reality of the private sector in Iraq to build an economy capable of providing job opportunities for all Iraqis away from the public sector. / https://ninanews.com/Website/News/Details?key=1010084
Ports Announce The Termination Of Work On Decisions To Zero Customs Duties And Suspend Import Licenses
Economy News – Baghdad The head of the Border Ports Authority, Major General Omar Al-Waeli, announced, on Wednesday, the termination of the decisions to zero customs duties and suspend the import licence, while stressing that the exemptions affected the financial revenues of the state.
Al-Waeli said, “On the thirtieth of September 2022, the decisions of the Council of Ministers that included zeroing customs duties and suspending the import license were terminated, after work continued for six months from March 2022 until the end of September 2022, to control the prices of foodstuffs and other necessary.” .
He added that “the authority does not support the continuation of the exemptions, as it has burdened the state and greatly affected the revenues generated,” noting that “the exemptions in all their forms affected the revenues generated due to their large number and inclusion of various articles,” according to the official news agency. 55 . views Added 10/26/2022 – 4:02 PM Update 10/26/2022 – 5:39 PM
https://economy-news.net/content.php?id=30427
Low Oil Prices
Economie| 08:37 – 10/26/2022 Mawazine News: Oil prices fell on Wednesday, after industrial data showed that US crude stocks rose more than expected, but the losses were limited by supply concerns.
Brent crude futures for December fell 58 cents, or 0.6 percent, to $92.94 a barrel by 04:10 GMT, after settling at a high of 26 cents in the previous session.
US West Texas Intermediate (WTI) crude futures for December were down 30 cents, or 0.6%, at $85.05, reversing the previous session’s gains.
US crude stocks rose by about 4.5 million barrels in the week ending Oct. 21, according to market sources citing figures from the American Petroleum Institute, an industry group.
While rising crude oil inventories reinforced fears of a global recession that would slash demand, continued supply constraints by the OPEC alliance kept prices trading in a narrow range.
Biden announced a plan last week to sell the remainder of a record edition of the country’s emergency oil reserves by the end of the year as he tries to bring down soaring gasoline prices.
The strong dollar also affected the market on Wednesday. The dollar index, which measures the greenback against six major currencies, rose to 110.98 by 03:30 GMT.
A firmer dollar reduces the demand for oil because it makes crude oil more expensive for those who hold other currencies. Ended 29/M99 https://www.mawazin.net/Details.aspx?jimare=209265
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