Iraqi News Highlights Sunday Evening 12-18-22
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A Parliamentarian Reveals The Date Of The Decline In The Dollar Exchange Rate
Posted On2022-12-18 By Sotaliraq A member of the House of Representatives, Baqir Kazem, revealed, on Saturday, the new measures taken by the Central Bank in order to reduce the exchange rate in the local markets, while confirming that the rise in the price of the dollar will decrease within a month from now.
Kazem said in an interview, “The Central Bank is working to form a new appropriation department for the import of goods in order to control the parties that used to monopolize the dollar in the local markets,” noting that “these measures came after the escalation of smuggling operations in the previous period, which led to the rise that is happening.” right Now”.
And he continued, “The high exchange rate these days will not last more than a month after the new procedures that are being implemented by the Central Bank,” noting that “the latter will work to sell the dollar to merchants in the circle of new credits, at subsidized prices, directly.”
He noted that “the reason for the increase is that many merchants transfer millions of dollars to money exchangers and fake companies working to smuggle it out of Iraq,” stressing that “the exchange rate after the new procedures will settle at 146,000 Iraqi dinars for 100 dollars.”
The Prime Minister called for “opening the file of the currency auction, the exchange rate, and the state of chaos in the markets within the agenda of the next cabinet session, and taking immediate and urgent measures to address this file, which has become an unacceptable door to corruption and waste of public money.”
The Finance Committee in the House of Representatives attributed earlier the reasons for the high price of the dollar against the Iraqi dinar to the pressure exerted by the US Federal Bank on the Central Bank of Iraq. LINK
Mazhar Muhammad Saleh To / NINA /: The Central Bank’s Reserves Cover 20 Import Months
Sunday 18 December 2022 12:10 | Economical Number of readings: 282
Baghdad / NINA / – The financial expert, Mazhar Muhammad Salih, confirmed that: The Central Bank’s hard currency reserves cover 20 import months.
He told the National Iraqi News Agency ( NINA ) that the net foreign currency reserves of the Central Bank of Iraq, along with the government’s reserves, amounted to more than 90 billion dollars, which is the highest in Iraq’s financial history.
Saleh added that these reserves cover the value of the national currency exported to circulation by about one and a half times, and also cover about 20 import months, while the international standard does not exceed 3-6 months as a maximum./ End 3 https://ninanews.com/Website/News/Details?Key=1020941
The Stock Market Closed Up By 0.06% At The Beginning Of The Week’s Trading
Stock market Market Economy News – Baghdad The Iraqi Stock Exchange closed higher at the beginning of the week by 0.06%.
The rise was supported by the banking sector, whose shares rose, as the International Trust Bank closed up by 16%, the Islamic Spectrum 11.7%, and the Trans-Iraq Bank, up 7.27%.
The general price index closed at 590.98 point, as the number of traded shares amounted to 260.4 million, with a value of 433.7 million dinars.
Views 88 Added 12/18/2022 – 2:24 PM Updated 12/18/2022 – 5:27 PM
https://economy-news.net/content.php?id=31396
Planning: We Seek To Automate The Banking Sector Within Two Years
Money and business Economy News-Baghdad The Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, met today, Sunday, with a large Turkish delegation, which included a number of businessmen and investors in various fields, in the presence of the Turkish Ambassador to Iraq, Ali Reza Konay.
During the meeting, the minister said that the government’s priorities during the next two years will focus on developing infrastructure, roads, bridges and railways, implementing service projects in the field of water and sewage, as well as working on automating the banking sector and addressing the housing crisis in Iraq, indicating that these sectors represent Good investment opportunities, which Turkish companies can benefit from through cooperation and coordination with the Iraqi private sector.
For his part, the Turkish ambassador expressed his country’s readiness for serious cooperation with Iraq in all fields, and joint work to develop investments and increase the volume of trade exchange between the two countries, which contributes to achieving economic stability in both Iraq and Turkey.
A statement issued by the Ministry of Planning stated that during the meeting, which was attended by the Undersecretaries of the Ministry of Planning, the Director General of International Cooperation and a number of officials in the Ministry, a number of issues related to the investment environment in Iraq were raised, and the need for joint work to provide appropriate conditions for the work of investors in both countries, and to facilitate Procedures for granting entry visas to businessmen.
Views 106 Added 12/18/2022 – 1:26 PM Updated 12/18/2022 – 4:59 PM
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Amid A Government Deficit, About 400,000 Barrels Of Crude Oil Are Stolen Daily In Iraq
Reports Economy News / Baghdad Several influential parties and armed groups steal more than 375,000 barrels of crude oil per month in Iraq, in addition to more than 10 million liters of fuel, which costs the state millions of dollars annually.
Al-Eqtisad News met with sources familiar with the details of smuggling oil derivatives. They said that oil smuggling is carried out by some armed groups that have a great connection with the ruling parties, noting that there are several parties that smuggle oil, but what was recently revealed is the wrong party. The party-supported party, headed by the Director of Operations Affairs at the Intelligence Agency, Diaa al-Moussawi, and the membership of the Energy Police Commander and a number of other officers.
And it indicated that “oil smuggling operations are still ongoing and cannot be approached, because they are protected by the state, and whoever approaches them may lead to his death.” She pointed out that “smuggling operations are continuing to Syria and Lebanon by some armed parties,” adding that “fuel oil is being smuggled by Kurdistan by filling it in boxes and bags and goes towards Iran and then Pakistan and Afghanistan.”
Iraq ranks second in OPEC in terms of oil production, after Saudi Arabia, with a daily production of more than 4.6 million barrels per day, and oil contributes to supporting the budget by more than 93% of revenues.
The province of Basra is considered the most oil-producing place, and pipelines depart from it towards the north, as well as towards the oil ports on the Gulf.
In turn, a member of the Integrity Committee in Parliament, Hadi al-Salami, told Al-Iqtisad News that oil and oil derivatives are smuggled in large quantities from Iraq towards the Gulf states, Turkey and Iran in addition to the Kurdistan region, pointing out that all oversight bodies such as the Integrity Committee and the Integrity Commission The Office of Financial Supervision and others are aware of smuggling and are trying hard to fight it.”
He added, “The main problem that stands in the failure to eliminate oil smuggling is that the ruling parties are behind the smuggling operations through the presence of personalities in positions that support the smuggling operations.”
Iraq has the Extractive Industries Transparency Initiative headed by the Minister of Oil, which obliges the government to disclose oil quantities, production, exports, and more.
A member of the Transparency Initiative for Extractive Industries in Iraq, Muhammad Rahim, told Al-Eqtisad News that “the volume of smuggled oil, especially from production fields, cannot be counted because Iraq does not have regular reservoirs.”
He added that “the oil marketing company, known as SOMO, is the only one that can determine the quantities of stolen oil, because it compares the quantities received for export and produced.”
Rahim called on the government to control the smuggled oil, because the smuggled money goes to parties classified as terrorist, and in the end it is a curse on the Iraqi people.
Meanwhile, the oil expert, Hamza Al-Jawahiri, explained to Al-Iqtisad News the oil smuggling operations taking place in Iraq, which exceed 370 thousand barrels per month, in addition to 10-14 million liters of oil derivatives per day.
Al-Jawahiry said that smuggling exists, and it is a major security breach and is classified as a terrorist operation, indicating that the inspection body for oil smuggling within the Ministry of Oil was unable to deal with the smuggling file, because it arrested dozens of smugglers and handed them over to the energy police, and the latter released them.
He confirmed that the inspection body met with the Minister of Interior and National Security, and they revealed that the Energy Protection Police were behind the large smuggling operations of crude oil and oil derivatives to Kurdistan and other countries.
He added that the smuggling operations take place in three lines, the first towards the Gulf countries, as there is an Iraqi residing in the territorial waters and he is the first responsible for this line, and the second line goes towards Iran, then Afghanistan and Pakistan, and the third, towards Turkey and Syria.
He emphasized that Iraq buys oil derivatives from global markets at huge prices and considering the price of fuel is very subsidized, so these groups smuggle it to the Kurdistan region, Turkey, Pakistan, Afghanistan and others, to benefit financially.
Al-Jawahiry pointed out that if we assume that the global price of crude oil is current, smugglers sell it to traders for $25, and those sell it at higher prices, reaching the beneficiary countries at prices of about $66.
And he indicated that the station for smuggling oil and derivatives is the Kifri area in Diyala, and then it goes towards the Kurdistan region, and then to the other side, indicating that the stations near Kurdistan receive their shares, but sell a quarter of them to citizens, and the rest flees to Kurdistan for financial benefit.
And he indicated that all smuggling operations were conducted officially, through government telegrams, and this network is responsible for the energy police.
Views 96 Added 12/18/2022 – 3:14 PM Updated 12/18/2022 – 5:24 PM
https://economy-news.net/content.php?id=31397
The National Bank Of Iraq Gets An Advanced Rating In Moody’s At B3 And Caa1
Economy News / Baghdad Moody’s credit rating agency announced the long- and short-term deposits rating of the National Bank of Iraq – affiliated to the Capital Bank Group – in local currency for the first time at B3, and the long- and short-term deposits rating in foreign currency at Caa1, driven by the decision to raise the modified basic credit assessment of the bank (Baseline Credit Assessment) to caa2 from B3.
The agency also raised the long- and short-term counterparty risk ratings to B3, with a stable outlook for all ratings on long-term deposits.
And taking into account the classification of long-term deposits in the local currency of the National Bank of Iraq, the basic credit rating is at Caa2 and two degrees of rise, which reflects the possibility of obtaining a high level of support from the parent company (Capital Bank of Jordan), which was rated B1 with a stable outlook and low support. From the Iraqi government, according to Moody’s expectations.
Commenting on this rating, Daoud Al-Ghoul, CEO of Capital Bank Group, said: “This global rating reflects the strong financial position of the National Bank of Iraq, and will support its directions for growth and prosperity by opening new horizons for cooperation with regional and international financial institutions.”
He added, “The classification will enhance the group’s competitive position in the regional markets in which it operates, foremost of which is the Saudi market, in which the National Bank of Iraq recently opened its first branch,” stressing that “the group will continue to support the bank to raise its classification to higher levels in the near future.”
For his part, the Managing Director of the National Bank of Iraq, Ayman Abu Dahim, confirmed, saying: “We are very pleased that the National Bank of Iraq obtained for the first time a credit rating by Moody’s Investors Services, as this reflects a very positive outcome in light of the current circumstances, and we are We are certain that this rating will rise in the future as we continue to implement strategies and plans to expand our business, which will lead to an improvement in the financial strength of the Bank and a decrease in the level of surrounding risks.”
It should be noted that the National Bank of Iraq is a private joint stock company registered and established in Iraq since 1995, and provides banking and financial services through 23 branches in Iraq. The registered and paid-up capital is 270 billion Iraqi dinars, equivalent to about 185 million US dollars.
Capital Bank of Jordan is the largest shareholder in the National Bank of Iraq with a majority stake of 61.85%. In March 2021, Capital Bank Group completed the acquisition of all the assets, operations and branches of Bank Audi in Jordan and Iraq.
Views 57 Added 12/18/2022 – 3:29 PM Updated 12/18/2022 – 5:24 PM
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Planning: The Private Sector Completed 17,000 Buildings In 2021
Reconstruction and building Economy News / Baghdad On Sunday, the Central Statistical Organization of the Iraqi Ministry of Planning announced an increase in the number of completed buildings for the private sector by 114% in 2021.
The device said in a report; The number of completed buildings in the private sector amounted to 17,392 thousand buildings for the year 2021, recording an increase in the number of completed buildings compared to last year, indicating that the number of completed new residential and non-residential buildings amounted to 13,663 thousand buildings, while the buildings that were added accordingly amounted to 3,729. Building”.
He added, “The cost of construction materials used in the construction of buildings for the year 2021 amounted to 914 billion dinars, which constituted 49% of the total cost spent,” noting that “the value of wages paid to workers for the year 2021 amounted to 938 billion dinars, recording an increase of 72% over last year.” Where the value of wages paid to workers in 2020 amounted to 545 billion dinars.
60 views Added 12/18/2022 – 3:53 PM Updated 12/18/2022 – 5:21 PM
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