State of law: America transfers to Iraq its money mortgaged in the Federal Bank

Information / Baghdad… On Sunday, member of the State of Law coalition, Rasoul Radi, accused the United States of America of working to harm the Iraqi economy.

Radi told Al-Maalouma, “The American administration is working to harm the economic interests of Iraq, by placing the revenues from Iraqi oil sales in the US Federal Bank.”
He added, “Iraq gets its money from the Americans using the (distillation) method when needed.”

He promised, “The Iraqi economy is hostage to the US Federal Reserve, which controls the most important revenues that the Iraqi government relies on to finance the budget.”

Almaalomah.me

During 2023.. Iraq spent 7 trillion more than its revenues, and 40% of its expenses went to salaries

Al-Sumaria News – Economy… The Iraqi state’s accounts for the past year, 2023, revealed the volume of spending and revenues, and the distribution of spending method, as employee salaries constituted the largest volume of spending and amounted to 40%, while the industrial sector topped the investment spending file during the past year. According to the data seen by Al-Sumaria News, Iraq spent more than 142 trillion Iraqi dinars during the past year 2023, while its revenues amounted to more than 135 trillion dinars, meaning that the deficit rate is 5%, or in other words, Iraq spent 7 trillion more than its revenues. Dinar.

Current expenditures represented 83% of total public spending, while investment spending constituted 17% of total spending, amounting to more than 24 trillion dinars.

The industrial sector topped the investment spending file at 11 trillion dinars, which constitutes 45% of total investment spending.

Employee salaries constituted the largest proportion of spending, amounting to more than 57 trillion dinars, equivalent to 40% of total spending.

Alsumaria.tv

A representative calls on the government to expedite sending amendments to the budget schedules to Parliament

Information / Baghdad… On Sunday, Member of the House of Representatives, Muhammad Al-Zayadi, called on the government to expedite sending the current year’s budget schedules to Parliament for approval.

Al-Ziyadi told Al-Maalouma, “Many service sectors and infrastructure projects have stopped due to the lack of financial funding.”

He added, “The government was very late in sending the budget schedules to the House of Representatives to vote on the amendments the government made to the previous schedules.”

A member of the Parliamentary Finance Committee, Representative Moeen Al-Kadhimi, confirmed to Al-Ma’louma that the government is supervising the completion of the amendments to the tables for the current year’s budget due to the increase in allocations for the ration card and social care and the increase in oil production costs.

Almaalomah.me

Parliamentary Finance reveals the latest developments in the 2024 budget and the reason for its delay

Alsumaria News – Politics… The head of the Parliamentary Finance Committee, Atwan Al-Atwani, revealed today, Saturday, the reasons for the delay in approving the 2024 budget schedules, while indicating that the funds for the localization of the salaries of Kurdistan Region employees will be deducted from the 12.6% allocated to the Kurdistan Region of the budget.

Al-Atwani told Al-Sumaria News, “The Federal Court’s decision to oblige the government to settle the salaries of Kurdistan region employees in Iraqi banks comes to isolate the rights of the citizen and keep them away from political disputes and financial disputes with the region,” noting that the amounts will be taken from the 12.67% that represents the Kurdistan region’s share in The budget is outside the actual spending on the condition that the salaries of the region’s employees are localized to avoid job duplication and duplication of the citizen’s work and it is a clear database for the Ministry of Finance.

Regarding the 2024 budget spending schedules, Al-Atwani confirmed that Parliament is awaiting the receipt of the budget schedules from the government after the government adjusts its position regarding the amount of spending it needs during the current year, and it is likely that the schedules will arrive within two weeks.

He stated that the reasons for the delay in the schedules are due to the need for some spending sections to review and approve the spending plan for the current year for governorates and institutions, indicating that public expenditures are expected to rise during this year compared to the 2023 budget as a result of the entry of new projects.

He considered that if the government was able to adjust its expenditures according to amendments in the schedules only, then the matter would be decided in Parliament within a short time, but if the government decided to make amendments to the original budget, this would enter into the process of legislation, considering that the deficit might rise with the rise in expenditures, but it remains dependent on the size of revenues. The higher the revenue, the lower the deficit.

Alsumaria.tv

The disappearance of 1.2 trillion dinars… The Iraqi printed currency declined as the third largest decline recorded in 20 years

Al-Sumaria News – Special… Data from the Central Bank of Iraq shows a decrease in the amount of printed currency by 1.2 trillion dinars between the months of November and December 2023, while Al-Sumaria News concluded, through a historical review of the printed currency, that this decrease in the amount of currency is the third largest decrease recorded in 20 years.

According to data obtained by Al-Sumaria News, the total amount of “printed” currency in Iraq until December 2023 amounted to 101.4 trillion Iraqi dinars, a decrease from the amount of currency that was present in Iraq in November 2023, which then amounted to 102.6 trillion Iraqi dinars.

This means that the amount of printed currency decreased by 1.2 trillion dinars, which is supposed to have “disappeared,” and the only way to do this is usually for the Central Bank of Iraq to destroy this currency, and it usually compensates for it by printing another currency.

Al-Sumaria News reviewed historical data for currency printing in Iraq, and it was found that the printing and quantity of currency takes an upward trend every month, and the quantity of currency rarely decreases, as printing continues, which increases the quantity of currency, but destruction is the least common act.

The data shows that the largest recorded decrease in the amount of the Iraqi currency since 2004 until now was between June and July 2014, when the decrease reached 2 trillion dinars, and then between November and December 2015, with a decrease of 1.4 trillion dinars, and also between May and June 2021, with a decrease of 1.4 trillion dinars. .

The latest decline between December and November 2023 comes as the third largest decline in the amount of currency printed within one month, amounting to 1.2 trillion dinars, since 2004 until now, that is, 20 years ago. It also comes among only 6 similar declines, amounting to more than one trillion dinars within a month, for twenty years.

Alsumaria.tv

A British newspaper reveals new American influence in Iraq through trade and economics

Information… A British GSI report revealed, on Saturday, that some Iraqi merchants and companies are seeking to expand American political and economic influence in the country.

The report, translated by the Maalouma Agency, stated that “a number of Iraqi importers expressed their desire for American suppliers, under the pretext of the poor quality of Chinese goods, and requested assistance in finding American companies to replace them.”

He added, “These requests from Iraqi importers came in the fields of electronics, vehicles, medicines, medical supplies, heavy machinery, industrial and manufacturing equipment, mining, extraction and processing systems, and communications infrastructure.”

He continued, “Unfortunately, and shockingly, major American companies are not interested and are not equipped to sell in the fastest growing markets in the Middle East. This is bad business. Moreover, the fact that Iraqi importers are specifically trying to find American companies to replace their suppliers.” “It also means something bad geopolitically for the Chinese.”

The report pointed out that “the problem lies in some American companies that do not want to sell to the Iraqis under the pretext of political fluctuations between the two countries, and they must buy from regional distributors in the Middle East.” In some cases, when I requested product demos in person for Iraqi importers visiting the United States, the requests were rejected outright and referred back to the regional funnel. What makes matters worse is that some distributors of American companies in the Middle East are not willing to sell products to Iraqi buyers because Iraq is not currently on our priority list, according to their claims.

Almaalomah.me

Al-Araji: There will be a return to the international coalition countries for what they provided to Iraq

Shafaq News / National Security Advisor Qasim Al-Araji said on Saturday that the federal government will conclude bilateral security agreements with the countries of the international coalition forces led by the United States of America as a response to what they provided to Iraq in the war against ISIS, and there will be no rift with them if they withdraw from the country. .

Al-Araji’s statements came during a dialogue session on the sidelines of the sixth Baghdad International Conference, which began this morning.

Al-Araji said in his statements that drugs have become the first danger in Iraq. ISIS is present in some remote places such as mountains and caves, and the security and intelligence services have accurate information about this presence, and are targeting the organization’s leaders.

Regarding the statistics that some reports indicate that there are 5-6 thousand members of the organization in Syria and Iraq, Al-Araji said: This number is exaggerated.

He added that in 2014, we were required to bring friendly forces to help us confront ISIS, and from 2014 to 2024 our forces developed a lot and have experience in confronting organizations, and therefore the government formed from all sectors decided to re-evaluate the presence of these forces.

Al-Araji went on to say that there will be a return of the favor in the form of concluding bilateral security agreements with the countries of the international coalition, and these countries welcome this matter and there is no objection on their part.

The National Security Advisor also confirmed that the NATO coalition is in Iraq for consultation, and they are not combat forces, and international cover is there. We have not severed relations with the international coalition, and there are negotiations with them, and the Iraqi government is awaiting the results of the committees.

Shafaq.com

Central Bank: There is no problem with the liquidity of the dinar, and we will launch a new mechanism for granting dollars

Today, Central Bank Governor Ali Al-Alaq denied the existence of a problem with the liquidity of the Iraqi dinar, while indicating the imminent launch of the new mechanism for travelers to obtain the dollar.

Al-Alaq said, “What is being raised and rumored about the existence of a problem with the liquidity of the Iraqi dinar is untrue, and that the Central Bank is continuing to conduct the process of responding to requests related to liquidity, as well as the Ministry of Finance.”

He added, “The Central Bank is developing the mechanism for travelers to obtain dollars smoothly at Iraqi airports, some of which have completed the system with the presence of relevant exchange companies and banks to distribute dollars.”

He pointed out that the new mechanism will go into effect soon, and the traveler will obtain the dollar by registering through the platform and receiving it at the airport to ensure that the dollar reaches the real traveler.

Almutalee.com

Iraq’s Central Bank sells over $1 billion in one week

Baghdad (IraqiNews.com) – Over the last week, the Central Bank of Iraq (CBI) sold more than $1 billion worth of US currency.

The CBI sold over $1.08 billion at a daily rate of $217.5 million, higher than the previous week, when its sales were approximately $825.5 million, according to Shafaq News.

The highest sales of the US currency took place last Tuesday, when it reached around $241.8 million, while the lowest sales took place on Sunday, when it reached $208.2 million.

The CBI’s remittances of currency abroad during the past week were nearly $825.9 million, representing an increase of 91 percent compared to cash sales, which reached $72.7 million.

The CBI’s US dollar sales aimed to finance foreign trade in the form of transfers and cash sales.

While cash sales were done at an exchange rate of 1,310 Iraqi dinars, the Central Bank of Iraq supplied US dollars for letters of credit and international settlements for debit and credit cards at a rate of 1305 Iraqi dinars.

Iraqinews.com

Parliamentarian: The diversity of currencies accounts for 20% of Iraq’s foreign trade

Information / Baghdad… Member of the House of Representatives, Baqir Al-Saadi, acknowledged today, Wednesday, that the diversification of the currency basket now accounts for 20% of Iraq’s foreign trade.

Al-Saadi said in an interview with “Al-Ma’louma” that “the pressure on the dollar and its repeated use as a tool by America to promote its interests in the world, including Iraq, has begun to produce adverse results by introducing the concept of a basket of diverse currencies as strategic reserves for countries within their central banks, in addition to bilateral dealing in other currencies.” “.

He added, “Iraq actually began to diversify the basket of currencies and began pumping some of them and pushing traders to deal with them according to economic mechanisms, which led to an increase in foreign trade by up to 20%, and this is a positive indicator.”

He pointed out that “the demand to deal in other countries’ currencies will reduce the pressure of the dollar on the parallel market and lead to a reduction in its prices, and thus its impact will no longer be greater,” pointing out that “there is a different strategy in the financial dealing mechanisms that will contribute to protecting hard currencies, blocking the path to smuggling, and supporting the sale of… The dollar at official rates.

The parallel market for dollar exchange rates witnessed relative stability in the past weeks despite the pressure due to the decisions of the Iraqi Central Bank by warding off the risks of smuggling and determining import mechanisms.

Almaalomah.me