Iraqi News Highlights Thursday Evening 12-29-22
Tlm724 Administrator Bondlady’s Corner
The Stability Of The Price Of The Dollar In The Upcoming Budget Is One Of The Reasons For Its Price Fluctuation
Jalil Al-Lami to / NINA /: Thursday 29 December 2022 14:20 | Economical Number of readings: 345 Baghdad / NINA / – The economist, Jalil Al-Lami, confirmed that the stability of the dollar price in the next budget is one of the reasons for its price fluctuation.
He told the National Iraqi News Agency / NINA /: The reasons for the recent rise in exchange rates are not due to poor coverage in meeting the needs of the local market. But due to technical conditions that caused confusion in the arrival of remittances to their destination.
Al-Lami added: There are other reasons related to the high demand during this period, including loans granted by the state to buy residential homes and cars that need hard currency.
He continued: The Iraqi citizen is greatly affected by rumors, which is another factor in the rise in dollar prices.
Al-Lami indicated that merchants were convinced of the stability of the dollar’s price and that it would not be changed again in the general budget. What prompted them to buy the dollar in order to finance their foreign trade after they refrained from buying the dollar during the last period./ Ended 3
https://ninanews.com/Website/News/Details?Key=1023211
Mazhar Muhammad Saleh: The External Transfer Platform Meets 90% Of The Market Demand For Dollars
Money and business Economy News-Baghdad Today, Thursday, the advisor to the Prime Minister, Mazhar Muhammad Salih, clarified about fluctuations in the exchange rate of the dollar in the Iraqi market, while confirming that the external transfer platform meets 90% of the market demand for foreign currency.
Saleh said, to the Iraqi News Agency (INA), that “Iraq is one of the largest countries in the region in its current reserve financial capabilities,” explaining that “rumors and gossip began to circulate among people as a result of the fluctuations in the exchange market, following the adoption of international controls that surrounded the work of the external transfer platform.” Which meets 90 percent of the market demand for foreign currency.
He added, “We would like to reassure everyone that, with the increasing transparency of information provided by the commercial community requesting financing its import in foreign currency through effective mediation by the Central Bank and passing through the international auditing platform, the collection of foreign currency is increasing to meet the requirements of foreign trade and is achieved immediately and at the official exchange rate of 1460 dinars to the dollar.
He pointed out that “the financial market is in an adjustment phase to rearrange its conditions in the correct and orderly direction, and there are no concerns,” noting that “the government economy constitutes the center of gravity in organizing economic life and possesses sufficient basic ingredients in supporting and stabilizing the market economy.”
The prime minister’s advisor called for “rejecting misleading rumors launched by speculators and enemies of stability.” Views 232 Added 12/29/2022 – 12:23 PM Updated 12/29/2022 – 8:31 PM
https://economy-news.net/content.php?id=31590
Association Of Banks: Central Bank Measures Will Restore The Money Market To Balance
Money and business Economy News – Baghdad On Thursday, the Association of Iraqi Private Banks confirmed its support for the Central Bank’s measures to control the money market.
The Association’s advisor, Samir Al-Nusairi, said in a statement, “Our banks, which were identified by the Central Bank, considered them additional outlets for providing US dollars to traveling citizens, which they need for the purposes of travel and treatment, at the price of 1470 dinars, with borders and a flexible and smooth mechanism throughout the days of the week, in addition to Fridays, Saturdays and official holidays.”
He added, “The Central Bank worked to increase the weekly share of these banks to 1,800,000 dollars, and under on-site and field follow-up by the bank,” noting that “our banks have always been known for their national and supportive role to support the central bank’s measures in the economic crises that Iraq has gone through previously and now.” .
He stressed that “the decisions issued by the Central Bank, and the new mechanisms and instructions related to raising interest rates and the special commission for the investment financial products of the Central Bank, so that banks can invest their surplus liquidity with the bank according to special details, and open the windows of forward investment (90 days, 182 days, 364 days) and issue new mechanisms.”
For deposits for banks wishing to participate in the currency window, it allows banks to purchase any amounts in foreign currency and deposit them in accounts used for external transfers only, and interest / returns are paid on those balances according to the new mechanism.
He pointed out that “the Central Bank took measures during the past two weeks to increase the supply and provision of the dollar to merchants, businessmen and importers through banking outlets directly without the mediation of intermediaries, which will restore the money market to its balance regardless of any political news, fabrications, fabrications and non-specialized analyzes.”
Al-Nusairi explained, “The central bank’s assurances of the availability of foreign cash reserves exceeding $96 billion and its ability to supply dollars in sufficient quantities to meet the requirements of demand will inevitably enable it to control the money market quickly.”
Al-Nusairi called on the competent government agencies to “assign the central bank’s procedures in accordance with its tasks and duties contained in its law in force and its previous successful experiences, to control the exchange rate,” calling on “the national media with all its visual, audio and print means to support the procedures and decisions issued by the central bank.”
He pointed out that “the governor of the Central Bank confirmed that the economic situation of our resources from the US dollar cannot be compared to the case of Lebanon and neighboring countries,” stressing that “the current rise is temporary and will return to its previous levels, and the Iraqi dinar will continue to be strong and stable.”
Views 205 Added 12/29/2022 – 3:46 PM Updated 12/29/2022 – 8:30 PM
https://economy-news.net/content.php?id=31593
An Expert Comments On Expectations Of A Rise In Oil Prices To $120
Energy Economy News – Baghdad On Thursday, oil expert Bassem Anton predicted a limited drop in oil prices, to range between 70 and 75 dollars per barrel, if a settlement is reached between Russia and Ukraine.
Anton said that expectations of a rise in oil prices to $120 a barrel in 2023 is illogical, as this level is unacceptable by many international bodies, who believe that it will reflect inflation in the prices of all goods and commodities, in addition to the levels of demand for oil. You will not be able to bring it to these levels.
According to Anton, the continuation of the Russian-Ukrainian war will keep oil moving within the current price margin, while if a settlement is reached between the two parties, a limited and not significant decrease will occur, so that prices range between 70 and 75 dollars a barrel, with OPEC + confirming that it will adopt the proactive method in its future decisions. Just as it did about two months ago when it decided to reduce its production by two million barrels to create a balance in the market.
Anton indicated that OPEC expected global oil demand to rise by about 2.2 million barrels per day in 2023 to 101.77 million barrels, noting that easing the zero-Covid policy in China would provide some upward support for prices, according to Sky News Arabia. .
Views 197 Added 12/29/2022 – 5:25 PM Updated 12/29/2022 – 8:43 PM
https://economy-news.net/content.php?id=31595
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