KTFA Members "Tuesday News"


Henig:  Seven members of the Kurdistan Regional Parliament submit their resignations

| Today, 18:02 |

Baghdad Today – Baghdad

On Monday, a number of members of the Kurdistan Regional Parliament submitted their resignation from the Council.

An informed source told Baghdad Today that “seven deputies in the Kurdistan Regional Parliament submitted their resignation from the Council against the background of extending the life of the regional parliament.”

The source added that “the deputies who submitted their resignation are (Shirku Jawdat Mustafa, Abu Bakr Abdullah Saeed, Ismail Ali Taha, Sargnar Ahmed Mahmoud, Halz Ahmed Muhammad Hassan, Ali Ham Saleh Taha, Kazem Farouk Namiq).”

The Kurdistan Regional Parliament plans to hold a session next Wednesday to discuss a number of draft laws and present the resignation of the 7 deputies to a vote.   LINK

Clare:  urgent… The Secretary-General of the United Nations arrives in Baghdad today on an official visit

The Ministry of Foreign Affairs announced the visit of the Secretary-General of the United Nations, Antonio Guterres, today, Tuesday, to Baghdad.

The ministry’s spokesman, Ahmed Al-Sahhaf, said in a statement, which Al-Furat News received a copy of, that: “The Secretary-General of the United Nations, Antonio Guterres, arrives today in Baghdad on an official visit.”   LINK


Clare:  Al-Mandalawi calls on ICAO to help lift the European ban on Iraqi flights


Today, Tuesday, First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, called on (ICAO) to help lift the European ban on Iraqi flights, after its commitment to international aviation standards.

The media office of the First Deputy Speaker of Parliament said, in a statement received by the Iraqi News Agency (INA), that “First Deputy Speaker of Parliament Mohsen Al-Mandalawi met in his office today, the Secretary-General of the International Civil Aviation Organization “ICAO” Juan Carlos Salazar, and his accompanying delegation, in the presence of the President. The Iraqi Civil Aviation Authority, Imad al-Asadi.

Mandalawi called on the International Civil Aviation Organization to “help return Iraq to its normal position at the level of air transport, and lift the European ban on the green bird, especially after its commitment to security audit controls, standards and contexts of international civil aviation, and an emphasis on developing national capabilities and developing air transport efficiency in accordance with standards.” international”.

The First Deputy affirmed “the support of all presidencies for the Civil Aviation Authority, and the Parliament’s keenness to legislate laws and approve international agreements and treaties that would improve air transport work, and provide the required support
for the success of the goals of this visit.”   LINK


Henig:  Oil rises after Russia’s plans to cut oil exports

2023-02-27 20:39

Oil prices rose on Tuesday, after Russia’s plans to reduce its oil exports, this comes after oil prices fell on Monday on concerns about rising interest rates, which led to a decline in demand, and expectations of an increase in US crude inventories.

At 04:25 GMT, April Brent crude futures were up 82 cents at $59.14 a barrel, and U.S. West Texas Intermediate crude futures were up 24 cents at $75.92 a barrel.

Russia announced a plan to cut its oil exports from its western ports by as much as 25% in March versus February, exceeding previously announced production cuts of 5% of its output during the month that provided an opportunity to raise oil prices.

The threat of further interest rate hikes in the United States after stronger-than-expected new orders for basic capital goods manufactured in the United States in January limited oil prices.

A number of oil industry specialists expect crude inventories to grow in the week to end, which will mark the tenth consecutive week of increase and thus affect oil prices.   LINK

Henig:  With anticipation of the results. Chinese yuan chases dollar in Iraq’s foreign trade

3 hours ago

New transactions in Iraq’s foreign trade through the use of the Chinese yuan currency to help strengthen its dinar and to relieve pressure on the dollar after the latter witnessed large booms against the Iraqi dinar in the parallel market, which caused major economic problems and revived the black market.

The Central Bank of Iraq revealed that the move to pay in Chinese yuan comes within the second package of transactions, which includes the regulation of foreign trade from Beijing, by providing facilities for financial transfers to the United States and Europe, with the same mechanism later.

A number of specialists in fiscal and economic policy agreed that the use of the Chinese yuan currency comes to relieve pressure on the dollar and reduce the time period for cash transfers for trade purposes.

Payment is subject to compliance

The financial adviser to the Prime Minister and former Deputy Governor of the Bank, Mazhar Muhammad Saleh, said in a press interview seen by “Taqaddum” that “the step of payment in yuan comes to be the mechanisms that are in dollars lighter,” adding that “this does not mean that it is not subject to compliance rules, as all foreign transactions and financing foreign trade, whether in dollars, yuan or euros, are subject today to the compliance platform, which must be correct papers and the last beneficiary is present and the goods enter Iraq.”

He added that “this measure will not extend its application to Iraq’s oil trade,” explaining that “this measure only covers private sector imports.”

He pointed out that “Iraq’s trade with China is large and in order not to be hindered, the Chinese yuan has been adopted as an intermediate currency to finance foreign trade for the private sector only, but this does not prevent the existence of audit, compliance and knowledge of the last beneficiary.”

Ash in the eyes

Economist and oil expert Hamza Al-Jawahiri said in a press interview seen by Taqaddam that “the use of this or that currency in trade exchanges and monetary and financial transactions is not subject to superficial decisions, but to the facts that control the global monetary system.”

He added that “many countries previously announced the abandonment of the dollar and the adoption of other currencies such as the ruble and the yuan, but these decisions were often futile and are an attempt to sow ashes in the eyes and achieve fake victories, as it is a matter of confidence in these currencies and the extent of the independence of the central banks issuing them.”

He pointed out that “the adoption of the yuan for the foreign trade of any country means narrowing the opportunities for trade exchange to a large extent because the confidence of dealers at the global level is limited, while the dollar still sits on the throne of monetary transactions.”

He stressed that “most of Iraq’s foreign trade is taking place with China, if Iraq succeeds in converting it into Chinese yuan, this is considered a liberation from the domination of the dollar on global trade and will be in the interest of Iraq.”

Conversion is faster

The economist and professor of economics at the Iraqi University confirmed that “the use of the yuan currency in foreign trade with China will be subject to the same previous conditions and not be outside the electronic platform, which is the point that some imagined that it would not be subject to the platform,” noting that “in any case you will pay in dollars until you get the other currency.”

He added that “a section of traders called on the government to import goods from China in their local currency to facilitate the import process faster, which was approved by the Central Bank of Iraq,” pointing out that “the trader can open an account in the Central Bank of China or the Asian Development Bank or even through the American JP Morgan, which will finance Iraqi trade through China by paying in dollars and converting it to the Chinese yuan.”

“This process may make traders feel more secure, liberated and fast in transferring after these transfers were made for more than 20 days, which is a long period for them, while relying on the Chinese bank as an agent or the Asian Development Bank will shorten the period because there is a financial balance in these banks,” he said.

Iraq witnessed a shortage of dollars after being subjected to pressure from the United States aimed at limiting the flow of money to neighboring countries, which have been imposed financial sanctions by the United States of America, and the Federal Reserve Bank of New York imposed last November stricter controls on dollar transactions for Iraqi commercial banks, as a result, the approval of transfers slowed down and eventually prompted traders to buy dollars from exchange offices, which raised the prices of the dollar against the Iraqi dinar to high levels that led to a rise in the prices of basic materials and food in the local markets.    LINK


Henig:  The citizen in need of the dollar can only find it with speculators

Feb. 28, 2023

Baghdad/Obelisk: Iraqi citizens complain about the lack of smooth dealing in dollars through private banks, forcing them to wait for hours without a breakthrough.

The Central Bank authorized the sale of dollars to citizens at the official rate, by a number of private banks, within the monthly quota of $ 7,500.

Currency traders are accused of acquiring citizens’ shares in agreement with banks.

Dollar exchange rates have stabilized in domestic markets. Selling prices were 152,500 dinars per $100, while purchase prices were 152,100 dinars per $1300. The bank decided earlier to amend the exchange rate of the dollar against the dinar, as the price of buying the dollar from the Ministry of Finance reached 1310 dinars per dollar and selling it 1320 dinars per dollar to banks through the electronic platform, and it is sold from banks to the final beneficiary at a price of <>.

Speculators are active on the black market for the dollar, which has kept the dollar exchange rate high in the parallel market and a difference of up to 200 dinars from the official rate.

The bank launched a second package of reforms to push the dollar lower closer to the official rate, and focused on facilitating trade financing from China through the electronic platform, as well as facilitating remittances to the United States and Europe, as well as facilitating citizens’ transfer of funds through international companies (Western Union and MoneyGram) and for multiple purposes.

But banks complain about the difficulty of obtaining dollars, and the delay in disbursing funds, which reaches a period ranging from 10 to 14 days from the date of submitting the application, and in limited quantities that do not exceed $ 100,200 per request and do not exceed $ <>,<> per month and do not cover the market need.

Economic advisor Ziad al-Hashemi expects that if banks, companies and traders fail to adapt to the requirements of external transfer controls, the dollar exchange rate will continue to rise, noting that the continued support of the dinar from falling costs the Iraqi treasury millions of dollars per month.

Journalist Ali al-Azzawi believes that the Iraqi government should provide teams and committees to follow up the exchange rate of the dollar in private and government banks and monitor traders and market owners that exploit this situation under the pretext of the rise of the dollar, calling for strict penalties to control the economic situation in markets and banks.

Activist Aziz talks about private banks that have shell companies that withdraw dollars from the currency auction, go to the black market and flee out of Iraq under the pretext of importing from fake companies that do not exist.

The continued work of speculators leads to market confusion, in addition to the backwardness of monetary instruments in Iraq, as the interest rate has not been well invested, and the bonds offered are also ineffective, and even compulsory saving is not a suitable option at the present time as a result of the problems caused by a “living crisis” resulting from the mismanagement that accompanied the process of changing the previous exchange rate, which led to the loss of the citizen about 50% of his real income, according to the economist, Dr. Abdul Rahman Al-Mashhadani, considering that the inactivity of banks and the lack of Providing appropriate financial incentives that enable them to attract the money hoarded by citizens, which is estimated at about 77% of the total issued currency, pointing out that this matter needs real education and hard work by banks.    LINK