Iraqi News Highlights and Points to Ponder Thursday Afternoon 3-28-24
A Deputy Expects The Dollar Exchange Rate To Reach 140 Iraqi Dinars
Today 10:32 Information/Baghdad Representative Mudar Al-Karawi confirmed today, Thursday, that the parallel market decreased by 10% within 3 months in Iraq.
Al-Karawi told Al-Maalouma, “The efforts of the Central Bank and the measures of the Ministry of Finance reduced the influence of the parallel market and led to a reduction in the exchange rate by 10% within 3 months.”
He added, “The exchange rate reaching 140,000 dinars per $100 is very likely in the coming weeks.”
He pointed out that “reducing smuggling, automating procedures, and controlling the movement of money and payments are all reasons that contributed to creating financial stability and pushing the parallel market to decline, even if very slowly.” LINK
Al-Yasiri: The American Administration Is Working Hard To Destroy The Iraqi Economy
Information/Baghdad… The political and security analyst, Muhammad Al-Yasiri, today, Thursday, accused the American administration of continuing its hostile policy to destroy the Iraqi economy.
Al-Yasiri told Al-Maalouma, “The US Treasury Department continues to restrict the flow of dollars to the Central Bank of Iraq and reduce cash liquidity.”
He pointed out that “the American administration is working hard to restrict the Iraqi government and discourage it from demanding the removal of its occupying forces from the country.”
He continued, “The American restrictions on Iraq regarding the dollar clearly confirm the lie of the so-called friendship of the United States of America with Iraq.”
The US Treasury Department recently imposed economic sanctions on eight Iraqi banks, preceded by sanctions on fourteen others, and prevented them from dealing in the dollar currency, as the reasons behind the imposition of such sanctions were not explained. LINK
Parliamentary Integrity Presents A File Related To Kuwaiti Violations Of Iraqi Oil
Information/Baghdad… Today, Thursday, the Parliamentary Integrity Committee presented the file of Kuwaiti violations on oil lands in Basra Governorate and within the administrative borders of Iraq.
Committee member Intisar al-Maliki told Al-Maalouma, “Parliamentary Integrity held a meeting with the head of the Integrity Commission to discuss a number of files and issues related to financial and administrative corruption.”
She added, “The most important issues, news, and rulings were discussed, while the files of lagging projects, financial waste, transfer of funds, distribution of land, and social benefits were presented.”
Al-Maliki indicated that “the meeting focused on the issue of Kuwait’s violations of Iraqi oil lands.”
Kuwaiti violations are still continuing, and this time they included the border oil fields shared with Iraq according to a plan prepared by Britain, as historical maps confirm the right of Iraq, which owns 224 miles of oil fields towards the Arabian Gulf and Khor Abdullah, amid silence from the Ministry of Foreign Affairs regarding these violations. LINK
“Tough” Comments On Interest Rates Raise The Dollar Globally
Money and business Economy News – follow up The dollar received a boost against its major currency counterparts, during trading today, Thursday (March 28, 2024), as a Federal Reserve official said that they are not in a rush to lower interest rates amid stubborn inflation, at a time when traders are awaiting major economic data.
Meanwhile, the yen maintained its position against the dollar after Japan’s top monetary policy officials indicated on Wednesday that they were ready to intervene. The Japanese currency is still not far from the level of 152 against the dollar.
Federal Reserve Governor Christopher Waller said that the latest inflation data, which was disappointing, confirms the need for the US central bank to refrain from reducing the target interest rate in the short term.
The dollar index, which measures the performance of the US currency against major currencies, rose in the wake of Waller’s comments and saw little change, settling at 104.41 points. It has increased about three percent so far this year.
Waller’s speech is “evidence that the Fed is more cautious about stubborn inflation and perhaps even accelerating price growth again,” said Kyle Rodda, a financial markets analyst at Capital.com.
Traders are awaiting key US inflation data to be released tomorrow, Friday, after a larger-than-expected jump in US durable goods orders on Tuesday, which has already strengthened the dollar against the yen.
The dollar reached 151.975 yen yesterday, Wednesday, its highest level against the Japanese currency since mid-1990.
But the yen rose slightly after the Japanese authorities held a meeting, on Wednesday, regarding the currency’s decline, and chief currency official Masato Kanda said that he “would not rule out taking any steps to respond to erratic movements in the foreign exchange market.”
Finance Minister Shunichi Suzuki said authorities could take “decisive steps,” language he has not used since Japan’s last intervention in 2022.
In one of the transactions, the yen reached 151.37 against the dollar.
As for cryptocurrencies, Bitcoin rose in the latest trading by 1.14 percent to $69,648.86.
Views 64 03/28/2024 – https://economy-news.net/content.php?id=41946
After It Was 63 Trillion In 2023… The 2024 Budget Deficit Will Rise To 80 Trillion Dinars
Baghdad Today – Baghdad Today, Wednesday (March 27, 2024), the Minister of Planning, Muhammad Tamim, revealed that the budget deficit has risen to 80 trillion dinars.
A statement from the office of the Chairman of the Finance Committee, received by Baghdad Today, stated that “the committee, headed by Atwan Al-Atwani, hosted today the Deputy Prime Minister and Minister of Planning, Muhammad Tamim, to discuss ways to overcome obstacles to listing and financing projects, and to discuss the reasons for the delay in sending the 2024 budget schedules to the committee.”
Al-Atwani stressed during the meeting that, “The goal of approving the tripartite budget was to give the government flexibility to implement its program.”
He pointed out, “Yesterday, in its meeting with the governors, the committee discussed simplifying the procedures for listing and financing service and strategic projects undertaken by local governments, and therefore today it is reviewing the proposals and proposals of the governors to the Minister of Planning regarding ways to overcome the obstacles to listing and financing projects.”
Al-Atwani asked the Minister of Planning about the reasons for the government’s delay in sending the 2024 budget schedules, and the latter replied, “The government committee responsible for reviewing and auditing those schedules is working to reduce the deficit of 80 trillion dinars because it is considered a large deficit.”
The Chairman of the Parliamentary Finance Committee confirmed, “The committee is looking forward to sending the 2024 budget schedules as quickly as possible, because its continued delay has greater negative repercussions on the financing and implementation of projects, in addition to its impact on the productive sectors.”
Al-Atwani revealed that “the total budget for 2024 amounted to about 228 trillion dinars.”
The Minister of Planning said that his ministry relies on an advanced electronic program to fulfill the project listing requirements, and that it has come a long way in terms of simplifying procedures. LINK
Provoking Points To Ponder On Chance and Fortune
I make the most of all that comes, And the least of all that goes. – Sara Teasdale
If you do not expect it, you will not find the unexpected, for it is hard to find and difficult. – Heraclitus
Two roads diverged in a wood and I – I took the one less travelled by, And that has made all the difference. – Robert Frost
Unless a man has trained himself for his chance, the chance will only make him ridiculous. – W. Matthews
Chance is always powerful. Let your hook be always cast. In the pool where you least expect it, will be a fish. – Ovid
Chance is the pseudonym of God when he did not want to sign. – Anatole France
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