Monday Evening Iraq Economic News Highlights 3-27-23
Al-Abadi: Dollar Smuggling Rates During Bremer’s Time Are The Highest In Iraq’s History
Monday, 03-27-2023, Tayseer Al-Asadi Al-Abadi: Dollar smuggling rates during Bremer’s time are the highest in Iraq’s history 9-1679903931
Former Prime Minister Haider al-Abadi revealed, on Monday, the highest levels of currency smuggling during the era of the so-called head of the American occupation authority Paul Bremer, indicating that the total oil revenues in the years 2015, 2016 and 2017 were around $130 billion.
Al-Abadi said in a televised interview that “the rate of currency auction sales was very high during the years of the presence of the American occupation forces in Iraq and Paul Bremer’s presidency of the occupation authority.”
He added, “- The banking system needs a new vision by the Central Bank and the government to revitalize it. I have reviewed the currency auction numbers since its inception and made the required reforms.”
He pointed out that “the talk about smuggling 260 billion dollars during 2017 is false, as the total oil revenues in the years 2015, 2016 and 2017 were around 130 billion dollars,” noting that “the rates of currency auction sales witnessed a decline when I assumed the premiership and during the time of Adel Abdul-Mahdi.” LINK
Planning Makes Recommendations To The Council Of Ministers To Address The Market Implications Of Changing Exchange Rates
PM:02:38:27/03/2023 Today, Monday, the Ministry of Planning announced that it had submitted recommendations to the Council of Ministers to address the repercussions of changing exchange rates on the economic movement.
The ministry said, in a statement received by NRT Arabia, a copy of it, that “The Undersecretary for Technical Affairs, Maher Hammad Johan, held an extensive meeting with the participation of the Investment Authority and a number of government agencies, representatives of the Iraqi Contractors Union, the Iraqi Federation of Industries, the Baghdad Chamber of Commerce, and the Foundation for Sustainable Development, to discuss the effects of changing the exchange rate on the Iraqi market.
The statement added, “The meeting discussed a number of proposals and recommendations, which aim to address the repercussions of changing exchange rates on the economic and commercial movement,” stressing that “the ministry will present its recommendations to the Council of Ministers during the coming period.”
And he continued, “Prime Minister Muhammad Shia’a al-Sudani directed earlier that the Ministry of Planning should study the effects of changing the exchange rate on the Iraqi market.” N.A
https://www-nrttv-com.translate.goog/ar/detail3/11232?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en
Chinese Companies Account For The Largest Share Of Iraq’s Oil Exports In A Month
2023-03-27 01:13 Shafaq News/ The Iraqi Oil Marketing Company, “SOMO”, announced on Monday that the Chinese oil companies were the most numerous to buy Iraqi oil during the month of February.
“SOMO” stated in a statistic published on its official website and seen by Shafaq News agency, that the share of “Chinese companies was 7 companies out of 35 companies that bought oil during the month of February.”
She added, “Indian companies came second with 6 companies, American companies came third with four companies, then South Korean companies came fourth with three companies, and Italian, Japanese and Greek companies came with two companies each.”
She indicated that “the rest was distributed among the (Dutch-British), Russian, Emirati, Egyptian, Jordanian, Kuwaiti, Spanish, Turkish and French companies, with one company for each of them.”
Somo indicated that it “depends on the sale of Iraqi oil on the main criteria for contracting with large, medium, independent and vertically integrated governmental global oil companies,” noting that “the most prominent international companies that have bought Iraqi oil are the Indian company, Hindustan, Korean Cocas, Chinese Petrogene, US Exxon Mobil, and Shell.” British Dutch and Italian Eni. LINK
Oil.. Iraq’s Only Card For Pressure
Iraq 2023/03/27 Haider Al-Jaber Iraq is engaged in negotiations on more than one level, including complex ones such as its water rights, and simple ones such as the border with Kuwait, which requires possession of pressure cards on the other side, or what falls under the framework of soft powers.
Iraq appears to be empty of important papers. According to MP Briar Rashid, it possesses only the economic paper represented by oil.
Rashid told Al-Sabah: “Iraq has nothing but the economy card, which is the oil paper. As for talking about preventing imports, it is illogical because there is no alternative.” He added, “Iraq can only pressure through oil to achieve progress in negotiations, with the absence of influential soft forces.
Internal political stability is one of the most important sources of strength for any political system, and the Dean of the Faculty of Political Science at Al-Mustansiriya University, Dr. Khaled Abd al-Ilah, that Iraq is going through a state of relative stability that must be invested in the coming years.
Abd al-Ilah said to “Al-Sabah”: “Every country that wants to embark on a foreign policy and possesses auxiliary forces must provide a stable internal policy that meets the national interest.” Stressing that “Iraq is going through a state of relative internal stability, and if this continues in the coming years, foreign policy will be able to strengthen relations regionally and internationally.”
He explained that “political stability in its broad sense is not related to the political dimension only, but also in the economic, trade and investment fields. This strength is at the level of visits to the countries concerned.
Until now, Iraq does not have an effective pressure card other than the economy paper, which is confirmed by the academic and political analyst, Dr. Abd al-Amir al-Aboudi, who told “Al-Sabah”: “It is necessary to identify the problems of the Iraqi state in a way that leads to negotiations with the designated party.”
He added, “Iraq’s problems are distributed with certain countries, which are the neighboring countries, in addition to America.” It affects democratic countries more than others.
Edited by: Muhammad Al-Ansari https://alsabaah.iq/74044-.html
Details Of An Expanded Meeting To Discuss The Impact Of Changing The Exchange Rate On The Iraqi Market
Money and business Economy News – Baghdad The Ministry of Planning announced, on Monday, that it will submit recommendations to the Council of Ministers to address the repercussions of changing exchange rates on the economic movement.
The ministry said in a statement, “The Undersecretary for Technical Affairs, Maher Hammad Johan, held an extensive meeting with the participation of the Investment Commission and a number of government agencies, representatives of the Iraqi Contractors Union, the Iraqi Federation of Industries, the Baghdad Chamber of Commerce, and the Foundation for Sustainable Development, to discuss the effects of changing the exchange rate on the market.” Iraqi.
She added, “The meeting discussed a number of proposals and recommendations, which aim to address the repercussions of changing exchange rates on the economic and commercial movement,” stressing that “the ministry will present its recommendations to the Council of Ministers during the coming period.” Ended 29/N33 https://economy-news.net/content.php?id=33148
Experts: Banking Companies “Violate” The Instructions Of The Central Bank
The first 2023/03/27 Baghdad: Shukran Al-Fatlawi Experts in financial matters called on the Central Bank to stop dealing with exchange companies that violate the instructions for selling dollars, while they called for setting weekly or monthly quotas for each merchant or c ustomer in order to increase the supply of dollars in the parallel markets.
Yesterday, Sunday, the Al-Kifah and Al-Harithiya Central Stock Exchange in Baghdad recorded 154,200 Iraqi dinars, compared to 100 dollars. Financial expert Ahmed Al-Hathal told Al-Sabah, “Regulating the exchange market requires dealing with the dollar as a commodity subject to supply and demand, by setting weekly or monthly quotas according to the need for the merchant or customer,” noting that “this produces a large supply of dollars, and thus the price approaches.” parallel to the official price.
In a move that enhances the value of the local currency against the dollar, the Central Bank last month amended the official dollar exchange rate to 1,300 dinars, instead of 1,470 dinars. Al-Hathlal added that “a number of licensed exchange companies violate the Central Bank’s instructions, as they use false data in the dollar transfer process, so the Central Bank should withhold their dollar share and not deal with them,” explaining that “these people form a (cartel) that monopolizes the dollar in order to Achieving monopolistic profits, not economic ones.
For his part, economist Dr. Adnan Bahia told Al-Sabah that “the reform packages of the Central Bank focused on increasing dollar sales outlets, which indicates a real breakthrough in the crisis.” He explained that “some banks in Europe have reduced confidence in the dollar, and China’s dealings with a number of countries have begun in Chinese yen, which will lead to a decrease in global demand for the dollar and thus a decline.” the prices”. https://alsabaah.iq/74055-.html
Al-Rafidain Issued A Statement Regarding Electronic Advances
Economy – 27-03-2023 09:18 AM – Number of readings: 8905 Al-Rafidain Bank specified electronic advances for employees, employees of the Ministry of Interior and Defense, and retirees, which will be without the condition of the sponsor.
The bank’s media office said in a statement received by “Tigris”, today, Monday, that “the advances start from 5 million up to 25 million, according to the borrower’s entitlement, which is commensurate with the amount of his total monthly salary.”
He added, “The advance is guaranteed by the Master Card issued by the Rafidain Bank, without the need for a guarantor condition.” https://www.dijlah.tv/index.php?page=article&id=326192
