Monday Morning Iraq Economic News Highlights 4-10-23
A Decline In Dollar Sales Hits The Central Bank Of Iraq
2023-04-10 04:59 Shafaq News/ The Central Bank’s sales of dollars decreased in an auction today, Monday, by 24%, to reach 213 million dollars.
Shafaq News agency reporter stated, “The Central Bank sold today, during its auction for buying and selling US dollars, 213 million and 664 thousand and 251 dollars, a decrease of 24.2%, compared to yesterday, Sunday, in which sales amounted to 281 million, 889 thousand and 29 dollars, which the bank covered at an exchange rate.” The base amounted to 1305 dinars per dollar for documentary credits and international settlements of electronic cards, at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar in cash.
Our correspondent added that most of the dollar sales went to boost balances abroad in the form of (remittances, credits) at 182,714,251 dollars, while the rest of 30,950,000 dollars went in the form of cash sales.
Our correspondent indicated that the number of banks that bought cash dollars amounted to 10 banks, while the number of banks that responded to requests for strengthening balances abroad reached 23 banks, while the total number of exchange and mediation companies participating in the auction was 154 companies. LINK
In Monetary Terms, The Central Bank Of Iraq Sells Nearly 40 Million Dollars Today, Monday
04/10/2023 Earth News / The Central Bank announced today, Monday, the results of the foreign currency window, as it sold nearly 40 million dollars in cash. https://www.nasnews.com/me_ga.php?id=45940 https://earthiq.news/archives/218757
The Decrease In The Iraqi Central Sales Of The Dollar
Economy |Today, 10:5 Baghdad today – Baghdad Today, Monday, the Central Bank of Iraq’s sales of foreign currency decreased, to record $ 213 million.
According to the schedule of the currency sale window, and its follow-up (Baghdad Today), the Central Bank sold during its auction today 213,664,251 dollars, which the bank covered at an exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for external transfers, and at a price of 1310 dinars per dollar in the form of monetary.
Most of the dollar sales went to enhance the balances abroad in the form of (remittances, credits), amounting to $182,714,251, while the remaining $30,950,000 went in the form of cash sales. LINK
A Clear Decrease In The Exchange Rates Of The Dollar In The Local Markets For Today
MONDAY, 10-04-2023, AM 10:27 TAYSEER AL-ASA Today, Monday, the exchange rates of the US dollar against the Iraqi dinar witnessed a clear decline in the main stock exchange in the capital, Baghdad, and Erbil, the capital of the Kurdistan Region.
And the central Kifah Stock Exchange in Baghdad recorded, this morning, an exchange rate of 144,100 dinars for every 100 dollars, while the prices yesterday morning, Sunday, were 147,950 dinars for 100 dollars.
The buying and selling prices also decreased in exchange shops in the local markets in Baghdad, as the selling price reached 145,000 dinars, while the purchase price reached 143,000 dinars for every 100 dollars.
In Erbil, the capital of the Kurdistan Region, the price of the dollar also decreased, as the selling price reached 142,250 dinars, and the purchase price reached 141,250 dinars for every 100 dollars, while the exchange rate on the Sulaymaniyah Stock Exchange reached 142,000 Iraqi dinars.
Yesterday evening, Sunday, the exchange rates of the US dollar against the Iraqi dinar witnessed a decline that continued until the night hours, on the main stock exchange in Baghdad and Erbil.
https://non14.net/public/156093
Al-Mandalawi Directs The Parliamentary Finance Committee To Expedite The Completion Of The Budget Law And Complete Its Requirements / Expanded
Sunday 09, April 2023 23:46 | politics Number of readings: 716 Baghdad / NINA / – Mohsen Al-Mandalawi, First Deputy Speaker of Parliament, chaired this evening, Sunday, a meeting of the Parliamentary Finance Committee, in the presence of its chairman and members, to discuss the draft federal budget law for the years ( 2023, 2024, 2025).
Al-Mandalawi directed the Parliamentary Finance Committee to continue holding continuous meetings in order to expedite the completion of the draft budget law, and to set appropriate and accurate mechanisms to complete its requirements, including the formation of subcommittees, and the preparation of a detailed report on them, indicating that the law will focus on meeting people’s demands and increasing allocations for service aspects and projects. investment, and activating the private sector.
The first deputy confirmed the parliament’s keenness to scrutinize all paragraphs of the budget, and that the next few period will witness the inclusion of the second reading of the law on the parliament’s agenda, indicating that the people are waiting for their representatives to complete quickly and Vote on it because it is directly related to their lives.
During the meeting, the items of the budget were discussed, and notes were made about a number of its paragraphs, and the importance of making the necessary transfers, in a way that contributes to increasing the allocations for the development of the regions, reducing the deficit rate, and implementing service and strategic projects, especially those that are lagging behind./ End 9 To receive more news, subscribe to our channel on
Gold Slips Below $2,000 As The Dollar Rises
Market Economy News _ Baghdad Gold prices fell about 1 percent, falling below $2,000 an ounce on Monday, after the dollar rose and expectations of the Federal Reserve raising interest rates again in May increased. Spot gold was down 0.9% at $1,990.69 an ounce as of 04:02 GMT. US gold futures fell 1% to $2,006.30. Gold fell on profit-taking on expectations of a rate hike by the Federal Reserve followed by a strong US jobs growth report on Friday and a stable dollar.
The dollar index rose 0.1%, making bullion too expensive for overseas buyers. Spot silver fell 1% to $24.75 an ounce, platinum lost 0.5% to $1002.35, and palladium fell 0.3% to $1461.31. https://economy-news.net/content.php?id=33456
Parliamentary Finance Sets The Deadline For Voting On The Budget
Policy |Yesterday Baghdad today – Baghdad Today, Sunday, the Parliamentary Finance Committee revealed the date for the final vote on the 2023 budget.
A member of the committee, Mueen Al-Kadhimi, said in a statement to the official news agency, which was followed by (Baghdad Today), that “the Finance Committee is serious about moving towards discussing and approving the budget, and the official sessions have begun and will continue to come out with conviction and a joint report submitted to the House of Representatives for the purpose of the second reading,” noting that “the reading The second will be completed immediately after Eid al-Fitr,” noting that “the final vote on the 2023 budget will take place during the month of May.”
Al-Kadhimi added, “There is seriousness among the blocs about the need to pass the budget while taking into account the observations,” noting that “there is an objection to the amounts of development of the regions allocated to 15 governorates, which are considered few,” noting that “there is a remaining amount of emergency support allocated to the governorates, and it is possible to transfer Amounts allocated to ministries to the provinces,” noting that “the objection to shares in the budget can be resolved through dialogue.”
Al-Kazemi confirmed: “There is no objection to the price of a barrel of oil in the budget, which is $70, because it is good and reliable,” explaining that “there is no increase in the prices of gasoline and kerosene produced internally, and there is a serious tendency to benefit from associated and free gas.”
Mandalawi: The Next Few Period Will Witness The Second Reading Of The Budget
Time: 04/09/2023 23:39:02 Read: 52 times LINK
The {Parallel} Dollar Is Close To The Official Rate
Economical 04/10/2023 Yesterday, Sunday, the exchange rate of the dollar fell against the Iraqi dinar in the main stock exchange in the capital, Baghdad, to about 145,500 Iraqi dinars for every 100 US dollars, while Mazhar Muhammad Salih, advisor to the Prime Minister, believes that the monetary policy of the Central Bank has succeeded in overcoming the crisis.
Yesterday, the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded 146,500 Iraqi dinars for 100 dollars, and 145,500 Iraqi dinars for every 100 dollars.
For his part, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained in a press statement that “the decline in the exchange rate of the dollar in the parallel market and its start to creep towards the official exchange rate is mainly due to the success of the monetary policy of the Central Bank of Iraq in particular and the role of supportive government policies in general to deal with Positive and effective in meeting the demand for foreign currency.
And he indicated that “facilitating and improving the procedures for necessary external transfers, and selling cash dollars through international compliance channels, to which the private commercial community and all beneficiaries of foreign exchange in our country have rapidly adapted, after today’s international compliance procedures have become more flexible, more transparent, and broader governance.”
He added, “At the same time, it is supported by large foreign currency reserves, which are the highest in the country’s financial history. All of these factors are gradually narrowing the gap between the two prices,” noting that “foreign currency window sales today have reached their high levels in imposing stability and sterilizing liquidity.” https://alsabaah.iq/74961-.html
Iraq Is On The Way To Achieving The Second Rank In The Arab World With The Largest GDP Growth In 2024
Economy |Today, Today, Monday, the World Bank expected that Iraq would achieve the second rank in the Arab world, with the largest growth of gross domestic product, during the year 2024.
And the bank stated in a report, followed by (Baghdad Today), that “Iraq’s gross domestic product is expected to grow during the current year 2023 by 2.8%, after it achieved a growth during the year 2022 of 7.9%.”
The report added, “It is hoped that Iraq will achieve a growth in the domestic product in 2024 by 4.4%, to rank second after Djibouti, in which the growth will reach 5.4%,” noting that “the growth of the GDP of Qatar for the same year will be 2.9%, the Emirates 3.4%, and Saudi Arabia 3.3 %, while growth will reach 4% for Egypt, 2.4% for Jordan and 3% for Tunisia.
The World Bank report indicated that it is expected that “the growth of per capita GDP in Iraq will also increase during the year 2024, by 2%, after it was 0.4% in 2023,” explaining that “the highest growth in per capita GDP The total in the Arab countries for the year 2024 will go to Djibouti at a rate of 4.2%, followed by the UAE at a rate of 3.4%.
According to the report, the bank’s experts suggested that “the growth of the Middle East and North Africa region in 2023 will increase by 3%, or 3.1% in 2024, as the World Bank expected, that the growth rate in per capita GDP in the region would increase in 2023.” to 1.6% and by 1.7% in 2024.
The “gross domestic product” gives a general idea of the economic growth of a country, and this growth is usually accompanied by an increase in employment opportunities and an increase in wealth, but this criterion does not include whether the growth is sustainable or temporary, and whether it will cause economic damage in the medium term or the long.
The gross domestic product is a purely physical indicator, and it is not possible to measure the quality of life in a particular country, or the extent of happiness and comfort of the population, just as this indicator does not take into account the environmental standard and the negative consequences of economic activity that will cost a lot of money in the future. LINK
Mandalawi Directs The Finance Committee To Expedite The Completion Of The Budget Law
Baghdad today – Baghdad The First Deputy Speaker of the House of Representatives, Muhsin al-Mandoulay, directed, on Sunday evening, the Parliamentary Finance Committee, “to expedite the completion of the financial budget law and complete its requirements.”
A statement from his office, which was received by (Baghdad Today), stated that Al-Mandalawi “chaired a meeting of the Parliamentary Finance Committee, in the presence of its chairman and members, to discuss the draft federal budget law for the years (2023, 2024, 2025).”
Al-Mandalawi instructed the Parliamentary Finance Committee to continue holding continuous meetings in order to expedite the completion of the draft budget law, and to establish appropriate and accurate mechanisms to complete its requirements, including the formation of subcommittees, and the preparation of a detailed report on them, noting that “the law will focus on meeting people’s demands and increasing allocations Service aspects, investment projects, and activating the private sector.
He stressed, “The House of Representatives was keen to scrutinize all paragraphs of the budget, and that the next few period will witness the inclusion of the second reading of the law on the parliament’s agenda,” noting that “the people expect their representatives to quickly complete and vote on it because it is directly related to their lives.”
During the meeting, according to the statement, the budget items were discussed, notes were made about a number of its paragraphs, and the importance of making the necessary transfers, in a way that contributes to increasing the allocations for the development of regions, reducing the deficit rate, and implementing service and strategic projects, especially those that are lagging behind. LINK
