TNT:
CandyKisses: Economic clarifies mechanisms to support the Iraqi dinar and reduce demand for the dollar
Information/Baghdad…
Economist Safwan Qusai explained on Tuesday the mechanisms to support the Iraqi dinar and reduce the demand for the dollar in the parallel market.
Qusai told Al-Maalouma that “the government can support the Iraqi dinar through industry and agriculture, in addition to the possibility of selling oil to certain countries in Iraqi dinars with the knowledge of the US Treasury.”
He added that “the orientation of this mechanism would allow Iraqi traders to import from these countries in dinars, and this opens the way for the import of foodstuffs, soft drinks, cigarettes, medicines and other goods, especially for countries that are allowed to sell.” oil in dinars, such as Jordan and Egypt, and in return traders go to import goods from them in dinars.”
And he indicated that “the aforementioned measures would reduce pressure on the demand for the dollar in the parallel market, as confidence must return to the dinar, in addition to that the Ministry of Finance and the Central Bank have to work jointly.”
Qusai pointed out that “some public spending measures are not commensurate with the central bank’s policy, and vice versa
CandyKisses: US companies suffer fastest bankruptcy in 10 years
Information/ follow-up.
The number of US corporate bankruptcies in the six months ending June rose at the fastest pace since the first half of 2010, amid interest rates at historic highs.
According to data from S&P Global Market Intelligence, the number of bankruptcies recorded in the first half of this year is higher compared to the same period in 2020 when the Covid-19 pandemic wreaked havoc on the economy.
According to Market Insider, data provider Epic, total corporate failures during the first half of the year rose 68% year-on-year to around 3,<>.
Among the key names that have faced bankruptcies over the past six months are Silicon Valley Bank, Bed Bath & Beyond and Lord Stone Motors.
Greg Morin, Vice President of Business Development and Revenue at Epic Pankrapsy, said: “This trend points to the economic experiences that businesses are currently facing that are affected by rising interest rates, inflation and increased borrowing costs.
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CandyKisses: A government delegation from the Kurdistan Region visits Baghdad to implement the provisions of the budget law
A government delegation from the Kurdistan Region visits Baghdad to implement the provisions of the budget law
Economy News _ Baghdad
In the next few days, a delegation from the Kurdistan Regional Government (KRG) is scheduled to visit the capital Baghdad to proceed with the implementation of the provisions of Iraq’s fiscal budget law.
Omid Sabah, chief of cabinet of the region, said that the relationship between the regional government and the federal government is at a good level.
Regarding the existence of constitutional observations related to the budget law, Sabah said in an interview with the “Kurdistan 24” satellite channel, which is close to the Kurdistan Regional Government, that the Prime Minister of the region, Masrour Barzani, and the Federal Prime Minister formed two high-level teams, each separately, to implement the articles of the budget law.
According to the Kurdish government official, the KRG delegation is scheduled to visit Baghdad at the end of this week or the beginning of next week to start scientifically implementing the provisions and articles of the federal budget law
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Tishwash: The Prime Minister receives the Regional Director of the International Finance Corporation / IFC
The Prime Minister, Mr. Mohamed Shia Al-Sudani, received, this morning, Tuesday, the Regional Director of the International Finance Corporation / IFC, Mr. Aftab Ahmed.
The meeting witnessed discussions on aspects of closer financial cooperation between Iraq and the Corporation, and ways to develop partnerships, in a way that enhances the ability of the Iraqi economy to face regional and international challenges and global crises.
During the meeting, the Prime Minister indicated that Iraq has pursued a reform path in all financial and banking aspects, aiming to open up to broader horizons for joint action at the international level, in a way that develops the local investment environment.
His Excellency stressed that the International Finance Corporation is a partner in the field of development and encouragement of the Iraqi private sector, indicating the government’s aspiration to expedite the completion of the Baghdad International Airport development plan as soon as possible, because it represents a civilized front for the country, and His Excellency also affirmed the government’s desire to cooperate with the Corporation to establish a bank (Riyada), which aims to support small projects, and the job opportunities they will provide for young people.
For his part, Mr. Aftab Ahmed expressed the readiness of the Finance Corporation for cooperation and partnership with Iraq, referring to the projects that will be implemented in Iraq during the next three years. He also confirmed the continuation of work on the Baghdad airport development project, and its completion in record time, in addition to the readiness to support the establishment of the (Riyada) bank. Supporting renewable energy projects in Iraq, and other projects to develop the capabilities of Iraqi youth in the field of information technology and artificial intelligence. link
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Tishwash: Indonesia is holding a tanker flying the flag of Iran
The Indonesian Coast Guard said, on Tuesday, that it had detained an Iranian-flagged tanker on suspicion of illegally transporting oil, according to Reuters.
He added in a statement that the ship “Arman 114” was carrying 272,569 tons of light crude oil, and it is suspected that it was transferring oil to another ship without a permit.
This is not the first time that Indonesia has detained an Iranian oil tanker, as Indonesia announced, on January 25, 2021, that the Coast Guard had detained the tanker “MT Horse”, which flies the Iranian flag, on suspicion of illegally transporting oil in Indonesian waters, according to the agency. Reuters.
Indonesia’s detention of the Iranian ship continued for about 4 months, until it was released in May 2021.
Iran said at the time that the tanker “MT Horse” was detained due to a “technical issue”, and demanded that Indonesia explain the detention of the tanker.
“The Ministry of Foreign Affairs is coordinating with the Coast Guard and has obtained information that the oil tanker…is suspected of violating the law,” said Indonesian Foreign Ministry spokesman Teuku Faiz Siya at the time.
The International Maritime Organization requires ships to use location detection devices for safety and transparency. Ship crews can switch off these devices in case of hacking or similar risks. However, ships often turn off the devices to hide their location in case of illegal activities.
Iran is accused of concealing the destination of its oil sales by disabling tracking systems in its tankers, which makes it difficult to estimate the volume of Iranian exports as part of Tehran’s efforts to overcome US sanctions. link
