Iraqi News Highlights Saturday Afternoon 10-15-22
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Economist: Reviewing The Dollar Exchange Rate Requires These Measures
Saturday 15 October 2022 10:26 | Economic Number of readings: 339
Baghdad / NINA / – The economic expert, Safwan Qusay, confirmed: “The process of reviewing the dollar exchange rate and determining the fair value of the Iraqi dinar requires several precise economic measures before starting them,” warning against a sudden reduction in the dollar exchange rate.
Qusay said in a statement to the National Iraqi News Agency / NINA /: “The process of changing the exchange rate is within the responsibility of the Central Bank, which is still with the exchange rate fixed at 1470 dinars per dollar, despite its dollar reserves exceeding the actual need to cover the currency.
And it is still Iraq needs to expand and diversify production support before thinking about restoring the exchange rate to what it was, 1190 dinars per dollar.
He added, “The reduction in the price of the dinar has led to an increase in the rate of poverty and unemployment, so the process of reviewing the exchange rate and determining the fair value of the Iraqi dinar requires a reduction in operational spending by no less than 20%, and this requires the fiscal policy to reconsider salaries in general and the salaries of grades.”
The Supreme Council in particular, in addition to rationalizing spending at the level of the remaining items of current spending and reconsidering the subsidy policy in general and directing it to support production and reduce consumer support and open a window to compensate for the shortfall in public spending by encouraging investment to create job opportunities and maintain financial and economic stability.
He stressed that: “It is important and better to gradually support the value of the dinar within specific timings to maintain financial stability and reduce losses for those who own the dollar or the dollar-denominated commodities, with the need for the fiscal policy to respond to correct the public spending path before adjusting the monetary policy to the exchange rate. All of this is governed by oil prices. Global forecasts indicate that it will decline, so that the world will enter the region of deflationary deflation during the coming period.”/ https://ninanews.com/Website/News/Details?key=1007690
For The First Time In Its History, Bank Deposits In The Central Bank Approach 180 Trillion Dinars
Banks Economy News-Baghdad The economist, Manar Al-Obaidi, revealed that the Central Bank’s assets from bank deposits amounted to 180 trillion dinars for the first time in the bank’s history.
Al-Obaidi said in a post on his page that “local banks’ deposits with the Central Bank of Iraq for the first time exceed the 40 trillion dinars barrier and represent 22.5% of the central bank’s total liabilities with an annual growth rate of 36.5% compared to last year.”
He added, “The value of the issued currency remained within the barrier of 82 trillion dinars, representing 47% of the total liabilities of the Central Bank, with an annual growth rate of 9.7% compared to the same period last year, and then deposits of government institutions, amounting to 21 trillion Iraqi dinars, which represents 12% of The total liabilities of the Central Bank of Iraq with a growth rate of 420 percent compared to the same period last year.
He believed that “the rise in local banks’ deposits with the Central Bank and their exceeding the barrier of 40 trillion dinars indicates the improvement in the level of financial inclusion in Iraq, which contributed to increasing the monetary assets of banks and depositing them with the Central Bank, which illustrates the success of the policy of the Central Bank of Iraq in the strategy of financial inclusion, which contributed to the arrival of deposits The local banks of the Central Bank of Iraq have reached this level.”
He pointed out that “the total assets of the Central Bank of Iraq until the end of the month of August amounted to 178 trillion Iraqi dinars.
These assets were distributed between
Securities worth 68 trillion dinars?
Dues from the Ministry of Finance amounting to 44 trillion dinars
gold and cash reserves worth 27 trillion dinars?
Deposits with central and foreign banks worth 27 trillion Iraqi dinars
Small and medium-sized enterprises financing loans worth 9 trillion Iraqi dinars
He pointed out that “this is the first time in the history of the Central Bank of Iraq that its assets reach the barrier of 180 trillion Iraqi dinars, and it is expected that the barrier of financing loans for small and medium projects until the end of the year will exceed the barrier of 12 trillion Iraqi dinars.”
Views 224 Added 10/15/2022 – 12:09 PM Update 10/15-2022 – 5:39 PM
https://economy-news.net/content.php?id=30212
Low Dollar Exchange Rates
Economie| 10:18 – 10/15/2022 Baghdad – Mawazine News, the exchange rates of the US dollar fell against the Iraqi dinar, on Saturday, on the Iraqi Stock Exchange.
And the selling price was 148,250 Iraqi dinars per 100 US dollars, while the purchase prices were 147,250 Iraqi dinars per 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=208293
Al-Sadr’s Minister Attacks The Formation Of The New Government
Saturday, October 15, 2022 12:38 PM Baghdad / National News Center
Today, Saturday, Al-Sadr Minister Salih Muhammad Al-Iraqi attacked the formation of the new government, describing it as a “tested militia coalition,” while renewing his categorical refusal to participate in it, and disclosed the existence of efforts to satisfy the Sadrist movement by granting him a position in that government.
Al-Iraqi said in a post on the social networking sites “Facebook” quoting Al-Sadr, that “in the midst of forming a coalition government of proven militia dependency, it did not and will not meet the aspirations of the people and does not conform to the principle (the tried is not tested), and after the efforts to form a national majority government, not an eastern one, have failed. ]
There is no Western where justice, law and impartial judiciary prevail, and arms are confined to the hands of the heroic national security forces.”
He added that after the transformation of democracy and party coalitions through rallies and internal and external bombing, arbitrary charges were made.
Al-Sadr stressed, “While we denounce and denounce the suppression of the voice of the people rejecting Iraq’s return to square one, as they express, we denounce and denounce the frank disobedience to the legitimate and national directives issued by the highest levels from inside Iraq first and from outside it secondly. loose hands, and that the people’s money not be diverted to the pockets and banks of the corrupt.” https://nnciraq.com/157580/
Appointing A Woman To The Position Of Acting Minister Of Finance
Saturday, 15 October 2022 1:10 PM Baghdad/National News Center
Today, Saturday, the head of the Turkmen Front, Hassan Turan, announced the assignment of a woman for the component to the post of the Iraqi Finance Minister, instead of Ihsan Abdul-Jabbar, who occupies this position in addition to being the original Minister of Oil.
“We congratulate the first Turkmen woman to become a sovereign minister,” Turan said in a brief statement, followed by the National News Center.
He added, “Ms. Hiyam Neama Koberlo is the Acting Minister of Finance.”
Last Tuesday, the House of Representatives voted to terminate the assignment of Ihsan Abdul-Jabbar, Minister of Oil, from the position of Minister of Finance/Agency. https://nnciraq.com/157592/
US Ambassador: We Support The Formation Of A New Iraqi Government Dedicated To Serving The People
The US ambassador to Baghdad, Alina Romanowski, affirmed her country’s support for the formation of a new Iraqi government dedicated to serving the people.
“I welcome Prime Minister-designate Muhammad Shia’a al-Sudani’s pledge to fight corruption, defend Iraqi sovereignty and security, and form a government dedicated to serving the people of Iraq,” Romanowski said in a tweet.
She added, “The United States is committed to supporting and partnering with the new Iraqi government to advance these common goals.” https://www.radionawa.com/all-detail.aspx?jimare=31654
Brent Crude Prices Fall 6.4% In A Week Amid Mounting Recession Fears
Energy Economy News-Baghdad Oil prices fell by more than 3% in Friday’s trading, as fears of a global recession and weak demand for oil, especially in China, outweighed the support it received from the OPEC + production target cut significantly.
Brent crude futures fell $2.94, or 3.1%, to settle at $91.63 a barrel, while US West Texas Intermediate crude futures fell $3.50, or 3.9%, to $85.61.
Both Brent and West Texas Intermediate contracts fluctuated between high and low for most of the Friday session, but the first fell in the past week by 6.4% and the second by 7.6%.
Energy Oil Prices Oil prices rise after US diesel stocks fall before winter
Core inflation in the US posted its biggest annual increase in 40 years, reinforcing views that interest rates will remain higher for longer with the risk of a global recession. The next US interest rate decision is due in early November.
A survey showed that consumer sentiment in the United States continued to improve steadily in October, but inflation expectations for households eased slightly.
147 . views Added 10/15/2022 – 11:49 AM Update 10/15-2022 – 5:45 PM
https://economy-news.net/content.php?id=30210
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