Monday Morning Iraq Economic News Highlights 1-9-23
The Dollar Is Going Crazy.. A Historic Collapse Of The Iraqi Dinar On The Local Stock Exchange
MONDAY, 01-09-2023, PM 1:37 KARRAR AL-ASADI Today, Monday, the exchange rates of the US dollar against the Iraqi dinar jumped on the main stock exchange in the capital, Baghdad.
The correspondent of the Noon news agency said that the Central Al-Kifah and Al-Harithiya Stock Exchange in Baghdad recorded, at 1:00 pm, 158,400 Iraqi dinars for 100 US dollars. While the prices during its opening this morning were 157,300 dinars, compared to 100 dollars.
Our correspondent indicated that the buying and selling prices increased in the exchange shops in the local markets in Baghdad, where the selling price reached 159,000 Iraqi dinars per 100 US dollars, while the purchase price reached 158,000 Iraqi dinars per 100 US dollars.
Al-Maliki’s Coalition: Government Intention To Reduce The Exchange Rate Of The Dollar To 137,500
2023-01-09 04:35 Shafaq News/ The State of Law Coalition, led by Nuri al-Maliki revealed, on Monday, the intention of the government of Muhammad Shia’ al-Sudani to reduce the price of the dollar in the 2023 budget bill.
The leader of the coalition, Fadel Mawat, told Shafaq News agency, “The reasons for the dollar’s high exchange rate are American intervention and pressure, after the intention of the government of Muhammad Shia’ al-Sudani to reduce the dollar and restore it as it was previously before it was raised by the government of Mustafa Al-Kadhimi.”
And he indicated that “the government of Muhammad Shia’a al-Sudani is working to address the reduction of the exchange rate of the dollar through the budget for the year 2023, which it is hoped to vote on next March, and the potential new price is 137,500 dinars per 100 dollars, according to the proposal submitted by the leader of the State of Law coalition, and this number It is the closest to fixing it within the budget.
It is noteworthy that the exchange rate of the US dollar against the Iraqi dinar ranged between 118 thousand dinars to 125 thousand dinars for every 100 dollars, according to market fluctuations and currency speculation, until the end of the year 2020 before the previous government headed by Mustafa Al-Kazemi raised the exchange rate to 145 thousand dinars against $ 100 in the 2021 budget, which aroused the discontent of the popular, political and economic circles.
However, this price was approved according to the previous government. It did not settle when the Iraqi parliament voted to give confidence to the new government headed by Muhammad Shia’ al-Sudani on October 30, 2022. Rather, it jumped days after his government assumed its duties, to exceed 150 thousand dinars per 100 dollars, and it reached in some cases The days to 158 thousand dinars for 100 dollars, while the exchange rate today, while writing this news, exceeded 158 thousand dinars for every 100 dollars. LINK
The Iraqi Central Bank Expands The Circle Of Dollar Cash Distribution In An Effort To Reduce Its Price
Baghdad – Iraq today: The Central Bank of Iraq decided to include banks that are allowed to participate in the electronic platform and wish to sell cash dollars for the purposes of travel, treatment and study.
The Central Bank announced its decision to allow the aforementioned banks to sell cash dollars, stressing the expansion of the number of outlets selling foreign currency in bank branches in the capital, Baghdad, under direct supervision by the inspection teams of this bank.
It is noteworthy that the Central Bank had earlier expanded the number of bank outlets for selling foreign currency from 10 to 20 banks, after the success achieved by its initiative to enhance the stability of the currency market.
This comes within the framework of the Iraqi government’s efforts to control the price of the dollar in the Iraqi currency market, and to raise the exchange rate of the Iraqi dinar against the US currency. LINK
Parliamentary Finance: The New Appointments Produced A Huge Operational Budget…And Oil Is Likely To Decline
Yes Iraq: Baghdad The Parliamentary Finance Committee confirmed today, Monday, that the recent appointments produced a huge operating budget, indicating that the budget makers did not take into account that oil prices are likely to decline.
Committee member Nazem Al-Shibli said, “The price of a barrel of oil did not exceed $70 with the old exchange rate of 1450, and the government is blamed for the lack of clarity in the economic vision on the issue of oil. It is true that the Russian war in Ukraine has increased prices, but it is likely to decline if it ends, and Iraq does not He has financial alternatives.”
And he considered that “the budget writers had to pay attention to its investment nature, not the explosive one, in order to be able to produce new projects, because the new appointments will put pressure on the general budget, which produced a very huge operational budget,” noting that “the government is obligated to present its strategic plan for the budget, as the Finance Committee is not obligated By implementing everything that is sent, because we need important strategic plans.”
He pointed out that “Parliament has many complaints in this regard, including government outlets, collection and customs, which in total constitute only 5 percent of the revenues. Even if Parliament is delayed, because it was the government that was late in achieving it in the first place. LINK
Deputy: The Approval Of The Oil And Gas Law Will Be In The Current Parliamentary Session
Last Updated: 9 January 2023 – Baghdad / Iraq News Network – Framework MP Rafiq Al-Salhi said on Monday that the adoption of the oil and gas law during the current parliamentary session, indicating that the situation necessitates all political forces to approve the law due to its importance. He added in a press interview, “The agreement concluded within the State Administration Coalition provides for the enactment of many controversial laws, the most important of which is the legislation of the oil and gas law.” He added that “the law was delayed for more than one parliamentary session and will see the light of day due to its importance to the country and its economic situation,” adding that “the legislation of this law to solve all problems between Baghdad and Erbil over the oil file.” LINK
The Central Bank Continues To Put Medicine Away From The Wound.. More Outlets For Cash Sales And Leave The Problem Of Foreign Remittances
The Central Bank continues to put medicine away from the wound.. More outlets for cash sales and leave the problem of foreign remittances LINK
Iraq news Yes Iraq: Baghdad The Central Bank of Iraq continues to take “hovering” measures around the main problem of the dollar’srise. The central bank is still dealing with the issue of providing cash dollars, at a time when experts agree that the problem of the dollar’s rise is linked to the demand for foreign remittances, not the cash circulating in the markets.
In the latest measure, the Central Bank of Iraq announced the opening of a new outlet to sell dollars in cash to travelers at Baghdad International Airport through the Trade Bank of Iraq.
And he explained that “the sale will start starting tomorrow, Tuesday, 10/1/2023, for travelers, with a maximum of (5000) US dollars.
It is noteworthy that “the Central Bank of Iraq expanded earlier the number of bank outlets for selling foreign currency from 20 banks to include all covered and willing banks.”
The bank described that this measure came “after the success achieved by its initiative to enhance the stability of the currency rate in the local markets, and confirms that the rise in the exchange rate is a temporary situation.”
The Central Bank says this claim of “the success of its procedures,” while the price of the dollar in the market today, Monday, reached 160,000 dinars per 100 dollars.
The failure of the central bank to control the price of the dollar comes as a result of its insistence on dealing with something that does not have a problem, as it deals with another detail that has nothing to do with the main problem, as the bank continues to pump dollars for stable monetary demand, at a time when the rise in the dollar comes as a result of the huge demand for foreign remittances. Which began to meet its demands through the parallel markets, which led to an increase in the dollar in it. LINK
The Central Bank Opens An Outlet For Selling Dollars At Baghdad Airport And Puts A Ceiling On The Amount
The Central Bank Opens An Outlet For Selling Dollars At Baghdad International Airport
Baghdad-conscious Today, Monday, the Central Bank of Iraq announced the opening of an outlet for selling dollars at Baghdad International Airport.
And the Central Bank stated, in a statement received by the Iraqi News Agency (INA), that “the Central Bank of Iraq opened a new outlet for selling dollars in cash to travelers at Baghdad International Airport through the Iraqi Trade Bank ( TBI ), stressing that “the sale will start starting tomorrow, Tuesday.” For passengers with a maximum of (5000) US dollars.
The statement indicated that “the Central Bank of Iraq had earlier expanded the number of bank outlets for selling foreign currency from 20 banks to include all included and willing banks, after the success achieved by its initiative to enhance the stability of the currency price in the local markets.”
He stressed that “the rise in the exchange rate is a temporary situation.”
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