Iraq opens its doors to India to solve the dollar crisis.. and an expert asks a question to the Central Bank

{Economic: Al Furat News} The financial expert, former director of financial control, Salah Nuri, revealed today, Tuesday, a financial agreement with India to facilitate foreign transfers of dollars.

Nuri told Al-Furat News that: “The fears of imposing new sanctions on Iraqi banks are expectations as a result of the changes that took place by the US forces on the Iraqi-Syrian border, but from the official side, the government did not announce the existence of upcoming US sanctions.”

India Agreement

He added, “The Central Bank of Iraq has taken an initiative to facilitate foreign transfers for the purpose of importing the private sector, by concluding a financial agreement with India with the aim of establishing Indian banks as correspondent banks for importing the private sector, which are trusted and sober in the world and the United States of America.”
Nuri promised this step “to expand the network of foreign correspondent banks, and we are awaiting the results of the implementation of this financial agreement.”

Speculators

Nuri explained, “One of the reasons for the rise in dollar prices internally is the speculators.”

And he asked a question to the central bank, “From where is the amount of dollars in the parallel market and speculation with it, while the dollar’s offer by the central bank is determined by what it gets from the US federal via the electronic platform?”

Nuri added, “This indicates the existence of illegal outlets for obtaining the dollar by speculators.”

Government Decisions

Prime Minister Mohammed Shia Al-Sudani called on the security services concerned with combating and prosecuting economic crimes to work in an integrated and continuous system to pursue speculators, currency smugglers, and evaders from paying customs and taxes.

According to a government statement, Al-Sudani warned during his meeting with officials and representatives of the concerned government and security agencies that “these efforts receive special attention from the government, as they are a pillar of economic reform and the fight against corruption.”

Dollar prices in Baghdad

The price of the dollar against the Iraqi dinar on the main stock exchange in Baghdad, today, Tuesday, was 154,500 Iraqi dinars for sale, while the purchase price was 152,500 dinars for every 100 dollars.

Alforatnews.iq

Iraq exports more than 65 million barrels of oil to the United States in six months

The US Energy Information Administration announced today, Thursday, that Iraq exported 65.737 million barrels of oil to the United States during the first six months of this year.

Iraq’s exports of crude oil and its products to America increased during the six months of 2023 and from January to the end of June, reaching 64.737 million barrels, by 33.5% over the same period in 2022, in which oil exports to America amounted to 48.459 million barrels, or by 13.9%. For the same period in 2021, in which oil exports to America amounted to 27.046 million barrels.

In addition, the highest rate of oil exports to America during the six months of 2023 amounted to 12.168 million barrels in February, while the lowest rate of oil exports for the month of June amounted to 9.330 million barrels.

Nrttv.com

An optimistic vision.. The demand for the dollar will decrease and it may disappear from the informal market

Today, Thursday, the economic expert, Safwan Qusay, predicted that the demand for the dollar would gradually decrease and that the dollar might disappear from the informal market.

Qusai said, in an interview with ” Al-Jarida “, that “the central bank is trying to approach the requirements of the US Federal Bank and the US Treasury, which is determined to keep the dollar in favor of Iraqis only for official import purposes.”

He pointed out that “the penalized countries and entities are still bringing goods into Iraq, obtaining Iraqi dinars, and trying to change the dinar into dollars through the irregular market.”

And he expected that “the demand for the dollar will continue to decline gradually, and the dollar may disappear from the informal market,” pointing out that “the process of stopping the smuggling of dollar cash and introducing drugs into Iraq will contribute to reducing the demand for dollars in the informal market, and I believe that the window for buying from international electronic platforms such as Amazon and Alibaba by the Iraqis through the issuance of the Master Card and the dollar visa card will contribute to the acquisition of goods from international platforms and their access to the Iraqi consumer without there being an informal introduction of these goods.

Qusai called for “supporting this measure by the Ministry of Finance, the Ministry of Commerce, and the Central Bank, and activating the process of transformation towards financial inclusion, because the Federal Bank and the US Treasury are determined to clean the Iraqi economy from the corrupt, and there will be tracking of the movement of the dinar and the dollar to dry up the sources of obtaining them in an informal way.”

He stressed that “there is no alternative but to shift towards official procedures, and unofficial goods will gradually disappear, and certainly the Ministry of Commerce at this stage must protect consumers, especially at the level of goods that affect the lives of Iraqis.”

Jaredaiq.net

“Manipulating the dollar at an Iraqi airport.” A deputy identifies the bank and calls on the Sudanese to intervene

Shafaq News / The representative of Najaf Governorate, Ahmed Majeed, demanded, on Thursday, the Prime Minister, Muhammad Shia’a Al-Sudani, to intervene to stop the manipulation and embezzlement of the dollar in the Mosul Bank branch at Najaf airport.

Majeed told Shafaq News agency, “The Integrity Commission revealed that the Mosul National Bank for Investment and Development, Al-Najaf Airport Branch, transferred the airport’s balance from dollars to dinars at the official rate and closed its current account despite the creation of funds in dollars.”

He added, “The Bank of Mosul is considered the arms of one of the economic parties and caused a waste of public money amounting to one billion and 140 million dinars, conducting the transfer of revenues from dollars to dinars and disbursing funds at the official rate.”

Majeed confirmed that a request had been submitted to the Prime Minister, Muhammad Shia’ al-Sudani, to “open a high-level investigation into the embezzlement of funds and exempt the director of Najaf Airport, due to the airport administration’s collusion with the bank’s administration.”

And the Federal Integrity Commission had announced earlier that it was able to control all the priorities for violations committed by the Mosul National Bank for Investment and Development – Najaf Airport Branch, which caused a waste of more than one billion dinars, while pointing out that this resulted from the failure of the airport administration to take action. The bank was legally responsible for holding the bank accountable, which caused the latter to exploit it and benefit from it.

It was not possible to obtain comment from the bank or Najaf airport on this information.

Shafaq.com

Political movement: Washington does not want stability in Iraq and is angry with the people’s satisfaction with the government

Information / Baghdad… The Secretary-General of the Jihad and Construction Movement, Jawad Rahim Al-Saadi, confirmed on Thursday that America and the enemies of Iraq do not want the stability of the situation, especially the security situation in the country, pointing out that what annoys them most at the present time is the people’s satisfaction with the government.

Al-Saadi told Al-Maalouma, “Iraq possesses strong intelligence services that are able to detect and thwart any attempt to cause a security breach or terrorist operation from outside the country before entering Iraqi territory.”

He added, “Iraq began to recover in security after achieving victory over terrorism, but there are those who are trying to raise problems and problems after finding that there is satisfaction and acceptance by the people towards the Sudanese government.”

And he indicated that “what angers the enemies of Iraq most, including the American side, is the people’s satisfaction with the government.”

Al-Saadi indicated that “there are those who seek to ensure the instability of the country and the continuation of security tensions in various regions and governorates.”

Almaalomah.me

6 points of contention between Baghdad and Erbil may plague the new draft oil and gas law… What are they?

Today, economist Nabil Al-Marsoumi revealed 6 differences between the central government of Baghdad and the Kurdistan region that may plague the new draft oil law.

Al-Marsoumi said in a post followed by Al-Sumaria News,

The first difference: Article 5 of the new draft oil and gas law stipulates the following…

1. Federal Minister of Oil
2. Federal Minister of Finance
3. Federal Minister of Planning
4. Governor of the Central Bank
5. Minister of Natural Resources in the region
6. Governors of three oil-producing provinces that are not affiliated with a region
7. Three experts

Second: Decisions are taken by the majority
while the region sees thatFederal CouncilFor oil and gas, it should include in its membership;

First: It shall include Federal Council for oil and gas, each of:

1. The federal government (ministers of oil, finance, and planning)
2. The regional government (ministers of natural resources, finance, and planning)
3. Governors of oil-producing governorates that are not affiliated with a region

Second: The presidency in the council is periodic

Third: Decisions are taken unanimously.

The draft law stipulates in Article 8 first the following: The Federal Ministry of Oil Management of oil and gas producing fields in Iraq In coordination with the producing region and governorates. As for the vision of the region, it is summarized as follows: The federal government manages the oil and gas extracted from the current fields (which were extracted, developed and commercially produced before the constitution ran out in 2005) with the regional government and the producing provinces that are not organized in a region.

The government of the producing region or provinces shall have the authority concerned with managing oil and gas in the current and future fields (which are the fields from which oil and gas have been extracted, developed, and produced commercially after the constitution runs out). He is the one who grants approval for oil licensing contracts, while the region considers it the competent authority for exploration, development and production contracts, or any other contracts with the contractor who is chosen, and this does not require Federal Council approval.

He also pointed out that “the fourth difference: in Article 16 of the draft law, the ministry is the supreme authority responsible for the obligations of the contractors, while the region believes that the competent authority in the region is responsible for the obligations of the contractors in the contracting areas within the region.”

Al-Marsoumi explained, “The fifth discrepancy: In Article 24 of the draft law, the main pipelines are owned by the federal government, while the region says that the federal government, the regional government, and the producing provinces establish and own pipelines to transport oil and gas.”

He added, “The sixth difference: Although the new draft oil law did not include any article indicating the marketing of oil and the party responsible for it, but as is currently in force and confirmed by the Federal Court, the Ministry of Oil represented by SOMO is the only party responsible for marketing all Iraqi oil, regardless of Its production site, while the territory finds that He sets marketing and sales policies, and the sales process is carried out by marketing companies belonging to the regional government or the producing governorates that are not affiliated with a region.

Despite the economic importance of the Iraqi Oil and Gas Law, which has been awaiting legislation in parliament since 2005, which stipulates that the responsibility for managing the country’s oil fields should be entrusted to a national oil company, which will supervise it. However, the dispute over the issue of managing the fields of the region has prevented it from being voted on for many years, as the law was passed many times during previous parliamentary sessions and was not included in parliamentary laws and legislation.

The stalled oil and gas law in the Iraqi parliament since its first session, in 2005, is one of the most prominent points on which a preliminary agreement was reached between the two governments of Baghdad and Kurdistan.

And on February 15 of last year 2022, the Federal Supreme Court issued a judgment which made unconstitutional of the oil and gas law of the territorial government of 2007, which regulates the oil industry and its extraction in the region, and this ruling came after the territorial government concluded contracts with foreign oil companies. Kurdistan Regional Government refused the Federal Court decision, giving up control over oil exports.

Alsumaria.tv

“To prevent the situation from exploding.” The law calls for an extraordinary session on Kirkuk

Information /exclusive… Today, Sunday, the State of Law Coalition called on the House of Representatives to hold an extraordinary session to discuss the situation in Kirkuk Governorate, while warning that matters would reach the stage of a security explosion.

The leader of the coalition, Haider al-Lami, said in an interview with Al-Maalouma agency, that “the language of dialogue must prevail, and unrealistic decisions must not be taken, and the government’s voice is the loudest and strongest,” noting that “solving the matter with weapons will expose all neighboring regions and provinces to great security risks.”
And he continued, “Political leaders must be responsible in ending the violations and attacks that occur in Kirkuk,” warning that “things will reach the stage of security explosion due to the absence of solutions that satisfy all parties.”

Al-Lami stressed, “The need for the government to be the official sponsor of resolving the issue of Kirkuk and not adopting the issue from one side trying to impose wills on other parties,” adding that “Parliament is required to hold an extraordinary session of the Council in order to discuss the outstanding issues in Kirkuk from all parties.”

The Commander-in-Chief of the Armed Forces, Muhammad Shia’ al-Sudani, had earlier directed the imposition of a curfew in Kirkuk and the initiation of large-scale security operations, calling for preventing strife and maintaining security, stability and order in the province.

Yesterday, Kirkuk witnessed serious security tensions, after gunmen fired live bullets at the tents of the protesters in front of the Operations Command headquarters, and those who rejected the return of the Kurdistan Democratic Party and the Peshmerga to Kirkuk.

Almaalomah.me

More than half a billion dollars… Iraq’s oil revenues increased by 6.67% last August

Shafaq News / Iraq’s oil revenues increased by 6.67% on a monthly basis, to reach $8.846 billion, while an economist attributed this to the rise in oil prices.

According to a set of data and statistics issued by the Ministry of Oil, seen by Shafaq News Agency, the total oil revenues for the month of August increased by $553 million, or 6.67%, to reach $8.846 billion on a monthly basis, compared to July, when revenues amounted to $8.293 billion.

Total oil revenues from Basra oil exports through southern ports increased by 7% on a monthly basis to reach $8.781 billion, compared to July, when revenues amounted to $8.207 billion.

According to the data, Iraq exported crude oil to Jordan through basins, with revenues amounting to $33 million, amounting to 464,000 barrels.

Economic expert Muhammad al-Hassani attributed the increase in financial revenues to “the increase in Iraq’s oil exports for the month of August by one million barrels to reach 106 million barrels,” adding that “these exports remained restricted due to delays in modernizing the infrastructure, due to delays in modernizing pumping stations.”

He added, “Prices got support from the rise in global oil prices, which amounted to between 84 and 87 dollars, due to the agreement of the OPEC + organization to make cuts in its production, which led to a reduction in the oil supply, which led to a rise in global oil prices despite the slowdown in the growth of the Chinese economy and the raising of The United States interest due to inflation, which leads to a slowdown in its economy.”

Shafaq.com

Al-Sudani’s advisor: The step of linking Iraq to Iran with a railway network is very important

The government advisor for financial affairs, Mazhar Muhammad Salih, confirmed: “The step of linking Iraq with Iran with a railway network is a very important step that will contribute to organizing the transportation of goods and merchandise and even Iranian visitors with Iraq.”

Muhammad Salih said in a press statement: “Iran is a major trading partner for Iraq, and historically Iranian goods flow easily into Iraq,” noting that imports of goods and merchandise except (gas) constitute at least $7 billion, which is a large figure for Iraqi imports, and it constitutes More than 10% of Iraq’s international imports.”

And he stressed that “this line will contribute to organizing the transportation of goods, merchandise, and even visitors, which is an important issue,” explaining that the easier the transportation cost, the lower the costs, regardless of the noise between the linkage at the regional level and the world, which is an issue Regulatory is very important, whether trucking or train.

And the advisor continued: “Iraq is a country in which there is a large religious visit, being a great Islamic center, and this line will facilitate the transportation of visitors,” calling for not expanding other political strategies and theories on this issue, and it should be limited to a limited issue, especially (trade and visitors) between Iraq and Iran.

Kirkuktv.net

The Iraqi Central Bank is taking new measures to exchange dollars to travelers

Shafaq News / The Central Bank of Iraq has recently taken new measures within the dollar exchange mechanism to travelers in order to prevent fraud, according to what was reported by the Finance Committee in Parliament.

Committee member, MP Mueen Al-Kadhimi, told Shafaq News agency, that the Central Bank has recently taken several measures, the latest of which is the fingerprint and a webcam for the purpose of disbursing $3,000 to real travelers and not repeating it with more than one person more than once.

And Al-Kazemi indicated that some people are using tricks in order to receive the dollar at the official price by purchasing 50-100 travel tickets and an entry visa (Visa) by land, whose price is 25 dollars, in collusion with tourism and exchange companies, indicating that these people receive each A passport of 3 thousand dollars, and a month later they repeat the same entry visa, receiving 3 thousand dollars again for the same passports.

And he indicated that real travelers were denied receiving the dollar, because of these people and the complicity of travel and exchange companies, stressing that the recent measures will prevent this fraud from continuing.

The Iraqi authorities require travelers to present their travel ticket and “Visa” to enter the country they want to travel to, in front of selling them three thousand dollars at the official price set by the Central Bank of Iraq.

Currency traders took advantage of this decision by collecting hundreds of passports from simple people and buying travel tickets and entry visas, in order to buy dollars at the official price and sell them at the parallel market price, collecting profits estimated at millions of dinars daily.

Shafaq.com