TNT:
CandyKisses: Al-Musawi: The rise in oil prices will reflect positively on the prices of the Iraqi economy
{Economic: Euphrates News} A member of the Parliamentary Oil and Gas Committee, Zainab Al-Moussawi, said on Sunday that according to global indicators, crude oil prices continue to rise until the end of this year, as they recently recorded more than $ 75 per barrel.
Al-Musawi explained in a statement: “The rise in crude oil prices will reflect positively on the Iraqi economy because it maximizes its oil revenues and enables it to overcome the negative financial impact resulting from the cessation of exports of Kurdistan and Kirkuk fields, which reach 470,<> barrels per day.”
She pointed out that “after the rise in crude prices and addressing the deficit as a result of the financial surplus, we emphasize the need to exploit it optimally in investing in the development of industry and agriculture and supporting the infrastructure of the real private sector, to operate factories and factories and produce locally made goods and services, in conjunction with the gradual re-imposition of taxes on locally produced goods, in line with activating the role of control and preventing the raising of locally produced goods and keeping them within prices equal to or less by a margin of competing foreign goods.”
Tishwash: Al-Ali: The private sector is the real savior for Iraq, and governments do not have its keys
Today, Saturday, the economic expert, Nabil Al-Ali, described the private sector as the “real savior” of the Iraqi economy, while stressing that all governments do not have the “keys” to revive it.
Al-Ali said in an interview with Al-Maalouma Agency, “The private sector is the real savior of the Iraqi economy and is capable of absorbing the increasing unemployment day after day in light of an annual increase that may approach (half a million people) ) who are looking for work.”
He added, “This is a fact that everyone knows, and all governments seek to achieve it, but without those governments possessing the keys to reviving the Iraqi private sector.”
The economist explained: “The private sector will never succeed as long as public policies and decisions are taken away from those with direct interest, investment experts and markets.”
A member of the Parliamentary Finance Committee, Mueen Al-Kazemi, had confirmed, earlier, that supporting the private sector is the essential step to achieving economic autonomy, considering economic autonomy is no different from political autonomy. Iraq’s private sector suffers from severe neglect, although Attempts by the government of Muhammad Shia al-Sudani to activate it recently through the financial law budget, in light of the dependence of the Iraqi people on government jobs and appointments. link
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Tishwash: Iraqi forces arrest traveler with over 200 bank cards to siphon US dollar
The arrest was made based on prior intelligence provided by the country’s National Intelligence Service, the Authority added.
A man with over 200 bank cards has been arrested at Baghdad International Airport after attempting to smuggle out US dollars as the country continues to clamp down on the illicit activity.
The Iraqi Borders Authority arrested the “Iraqi traveler” with 228 bank cards, which he had intended to use as a way of exporting US dollars outside the country, a statement from the agency read.
The arrest was made based on prior intelligence provided by the country’s National Intelligence Service, the Authority added.
The statement did not elaborate on how much money the cards held upon the seizure.
In a bid to prevent the widespread siphoning of US dollars to Iraq’s neighbors and other Middle Eastern countries under Western sanctions, Iraq was subject to a Society for Worldwide Interbank Financial Telecommunication (SWIFT) international messaging system request to bolster the transparency of cross-border transfers late last year.
In 2020, the US enforced stringent sanctions on Iran, preventing its central bank and other commercial banks in the nation from the SWIFT network. Thus, any country that conducts banking transactions with Iran faces severe penalties.
Iraqi banking authorities have increased their efforts to tighten illegal financial activities by limiting the dollar used in transactions as well as issuing bank cards to lessen cash usage.
Despite these efforts, the illegal activity is still ongoing, according to analysts and Iraqi officials.
Iraqi security forces regularly announce the arrest of “travelers” with bank cards, through which they use to take deposited US dollars outside the country.
The Central Bank of Iraq has taken several strict measures since last year to contain the activity, including limiting the amount of US dollars a traveler could take out on international trips as well as closing down currency exchange shops.
The Iraqi dinar for a while had experienced instability in its value. Late last year, the US dollar was trading for up to 1,750 dinars in grey markets, a sharp increase from its 1,420 value before the measures. Link
