Economic: For these reasons, dollar prices are gradually declining

The economic expert, Safwan Qusay, suggested that control over the exchange rate would continue and that it would gradually decline, attributing this to the fact that Iran and the sanctioned countries now have common financial systems that reduce the demand for the dollar from the Iraqi market or other markets.

Qusay told “ Jarida ”, “The policy of diversifying currencies at the level of Iraqi banks and the desire of merchants to obtain goods immediately away from the electronic platform by dealing in the Emirati dirham, the Turkish lira, the Indian rupee and other currencies, which can reduce the waiting period for these merchants.” Thus, part of the demand that was fed through the parallel market, especially for small merchants, withdraws into the banking system, and thus the demand for the dollar in the informal market gradually decreases.”

Qusay expressed his hope that “the Central Bank’s measures will succeed in finding an appropriate mechanism to deal with imports from the sanctioned countries, through the joint account window with Oman or Qatar, to feed the private sector, especially the Iranian one, with a portion of the funds supervised by the US Federal Reserve, so that the dollar will decline in the informal market.”

It is clear, according to Qusay, that “Iran has gradually found alternatives to the local market. It is dealing with Russia directly and with China, and part of the reason for the gradual decline, which may be below 1,500 during the coming period, is that the Iranians and the sanctioned countries have joint financial systems that reduce… “Demand for the dollar from the Iraqi market or other markets.”

He explained, “The volume of trade exchange with the Iranian side for the year 2023 decreased to 6 billion, while it had reached 10 billion dollars annually or more. This indicates that Iranian merchants have begun to deal with other countries such as China, India, and Russia, and thus the demand for those who trade has decreased.” By exporting goods and recovering their money from the informal market.”

At the conclusion of his speech, Qusay suggested that “control of the exchange rate will continue and it will gradually decline until it returns to the regular price, even after a while.”

Jaredaiq.net

Plasschaert sends an end-of-year message to the Iraqis: Bright opportunities are on the horizon

Shafaq News / The Special Representative of the Secretary-General of the United Nations in Iraq, Jeanine Hennis-Plasschaert, confirmed today, Saturday, that Iraq has an excellent opportunity for rapid progress in its sustainable development.

Plasschaert said in an end-of-year message followed by Shafaq News Agency: “Going back to last year, I said that, with political stability and bright opportunities on the horizon, Iraq has an excellent opportunity to advance rapidly in its sustainable development, and a year later, several important steps and promising initiatives have already emerged.”

She added, “While the country is in a position to seize the many opportunities available to it, doing so will not be an easy task, and therefore, I can only echo the words of Secretary-General António Guterres during his visit earlier this year: “The United Nations is committed to supporting Iraq.” To consolidate its democratic institutions and advance peace, sustainable development and human rights for all Iraqis.”

She continued by saying: “On behalf of the United Nations family in Iraq, I wish you all a happy New Year full of peace and wellness.”

Shafaq.com

Will the decision to reduce oil production affect dollar prices in Iraq?

Information/private… Today, Saturday, a member of the House of Representatives, Intisar Al-Jazairi, explained the extent of the impact of Iraq’s reduction in oil production on the dollar exchange rates in local markets, while she considered the government’s policy to have “a great influence” on the exchange rate.

Al-Jazairi said, in an interview with the Maalouma Agency, that “the economic policy followed by the Iraqi government has greatly affected the exchange rates of the dollar in local markets,” expecting “the continued decline of the dollar locally.”

She added, “The effect of the voluntary reduction in oil production depends on whether or not it exists with the exchange rate in Iraqi markets, especially since oil exports depend mainly on the dollar.”

The member of the House of Representatives explained, “The Iraqi government has taken a decision regarding reducing oil production until the first quarter of 2024, but it has not yet been implemented,” pointing out that “the dollar prices during the next year and the events that will take place in the world, alone will determine the position of the government and Parliament.” of the reduction decision.

Earlier, economic affairs specialist Muhammad Al-Saadi confirmed that Iraq faces a valuable opportunity to maximize oil revenues by exploiting the reduction in oil production and achieving an increase in prices.

The OPEC Plus oil organization had decided, earlier, to reduce the oil production of member states, including Iraq, after the significant decline witnessed by the global market, and to once again increase demand for black gold.

Almaalomah.me

Sudanese Advisor: The dollar is declining, prices are stabilizing, and expectations are optimistic

Mazhar Muhammad Salih, Advisor to the Prime Minister for Financial Affairs, announced today, Thursday, a decline in the annual growth of prices in Iraq, according to a statement by international monetary experts during their recent consultations with the Iraqi official side.

Saleh told the official agency, followed by the 964 Network , that “according to what was announced by the statement of the International Monetary Fund expert delegation in its recent consultations with the official Iraqi side,” the growth rate in non-oil GDP is expected to reach about positive 5%, and in our estimate that this The optimistic expectations reflect great economic dynamism in the growth movement of the real and service sectors outside the oil sector, as a result of the renaissance of investment in the construction sector, infrastructure, digital services and various interconnected activities. This increase in growth is equivalent to almost twice the growth of the population, which means that it has positive effects on the prosperity of… Individual income growth is linked to the level of employment, use of human resources, and reducing unemployment rates.”

He added, “Price spikes may occur individually, but what concerns us is the stability of the general level of prices, so it is noted that the increase in growth in price rates is decreasing, as the annual growth rate of prices decreased from 7% last January to 3.7% last month.” November of this year compared to November of last year.”

Saleh continued, “On the other hand, the exchange rate in the unregulated market has not witnessed new rises. Rather, today it is in a gradual decline. The more regular the work of the compliance platform is and the more banks respond to anti-money laundering requirements in a transparent manner, the more transfers will increase through the external transfer platform, which is the responsible platform.” On meeting the private sector’s foreign currency needs by 85% to finance trade.”

He noted that “the needs of travelers are met through two ways: credit cards and cash dollars, and that private banks have imported cash dollars for themselves to meet the needs of their customers from their dollar accounts in amounts that have exceeded tens of millions of cash dollars in recent days, and they are continuing normally based on the regulations.” issued by the Central Bank of Iraq in this regard.”

He pointed out that “the commodity market has begun to be supported by a diversified commodity supply through the movement of additional government imports, especially food, medicine, building supplies and spare parts, all of which are supplied at a fixed exchange rate of 1,320 dinars per dollar, which is the factor that contributes to the stability of the general price level and counters market noise.” Illegal and irregular exchange accounts for only 10% of foreign currency circulation.”

964media.com

Nine countries are preparing to enter the world of investment in Iraq

Information / Baghdad… Representative Baqir Al-Saadi confirmed on Thursday that there is a desire among nine countries to enter into vital investments in Iraq.

Al-Saadi said in an interview with Al-Maalouma, “Security stability has stimulated investment activity and attracted capital in most of the country’s governorates, which increases the chances of economic recovery and the creation of vital sectors that contribute to crystallizing objective solutions to many crises, including housing.”

He added, “The Sudanese government has actually called on 9 countries, including Arab ones, to invest in 3 vital sectors, most notably housing, while providing a safe environment and a climate that contributes to attracting capital,” stressing that “the investment rate during 2023 is the highest after 2003.”

He pointed out that “Iraq is focusing on strategic investments, especially with the launch of large development projects, most notably the Iraqi Development Road, and achieving great completion rates in the large Al-Faw port, which will create a greater investment climate in the coming years.”

Iraq is distinguished by the diversity of investment opportunities available, especially housing, agriculture, industry and other industries.

Almaalomah.me

A political vision about the Kurds’ position on approving the oil and gas law

Information/Private… Political analyst, Sabah Al-Ukaili, said today, that the Kurdistan region continues to pose obstacles to the approval of the oil and gas law, while he stressed that the adoption of the law will prevent all disputes in the oil provinces, especially the Kurdistan region.

Al-Ugaili said, in an interview with the Maalouma Agency, that “the oil and gas law is a roadmap for distributing Iraq’s wealth equally throughout the governorates,” pointing out that “there are major differences that stand in the way of approving the oil and gas law between the central government and the Kurdistan region.”

He continued, “The region does not seek to facilitate the passage of the oil and gas law in order to continue to deal with it as a separate state from Iraq in many files,” noting that “Kurdistan does not want to pass the law because it will end all ongoing smuggling operations outside Iraq.”

Al-Ugaili stressed: “The Kurdish parties have not yet adhered to the decisions of the central government in order to impose the law on the issue of extracting and exporting oil and gas,” noting that “approving the law will prevent all disputes in the oil provinces, especially the Kurdistan region.”

A member of the House of Representatives, Jassim Al-Alawi, revealed in an interview with the “Information” Agency, the fact that the oil and gas law has reached the House of Representatives in preparation for its approval in the upcoming sessions, while he confirmed that the law is still in the corridors of the government and the Council of Ministers until now.

Former Member of Parliament, Jassem Muhammad Jaafar, had confirmed in an interview with the Al-Ma’louma Agency, that “the first objection was against the paragraph of the National Marketing Company (SOMO)’s control over the operations of extracting, exporting, and selling oil and gas,” noting that “all the articles to which the parties object Kurdish is not legal and constitutional, but in order to continue seizing the country’s resources.

Almaalomah.me

Has the oil and gas law reached the House of Representatives?

Information/private… Today, a member of the House of Representatives, Jassim Al-Alawi, revealed the fact that the oil and gas law has reached the House of Representatives in preparation for its approval in the upcoming sessions, while he confirmed that the law is still in the corridors of the government and the Council of Ministers until now.

Al-Moussawi said, in an interview with the Maalouma Agency, that “the law has not yet been sent by the government in order to complete the addition of some new paragraphs and articles,” noting that “we expect the law to be pushed forward by the Council of Ministers during the coming period.”

He continued, “Sending the law and approving it in the House of Representatives represents a cry to implement justice, legal and constitutional provisions, and distribute the country’s wealth equally,” noting that “the law is still in the corridors of the government and the Council of Ministers until now.”

Former Member of Parliament, Jassem Muhammad Jaafar, had confirmed in an interview with the Al-Ma’louma Agency, that “the first objection was against the paragraph of the National Marketing Company (SOMO)’s control over the operations of extracting, exporting, and selling oil and gas,” noting that “all the articles to which the parties object “Kurdism is not legal and constitutional, but in order to continue seizing the country’s resources.”

The Kurdish parties continue to obstruct the government in approving the oil and gas law, which a vote on within the corridors of Parliament has become a must, in order to end the violations and thefts carried out by the Kurdistan Regional Government in the oil smuggling file in isolation from the central government and the seizure of revenue funds in general.

Almaalomah.me

Washington: There is no reduction in dollar shipments sent to Iraq

US Deputy Secretary of State Victoria Nuland confirmed on Wednesday that the United States welcomes the holding of Iraqi local elections, while denying any reduction in dollar shipments sent to Iraq.

Nuland said in an interview with a number of media outlets, that she “met today with Prime Minister Muhammad Shiaa Al-Sudani, and during the meeting she expressed her thanks to the Iraqi government after the arrest of those involved in the bombing of the American embassy.”

She added, “Holding elections in Kirkuk is very important after a long interruption,” noting that “the security partnership between her country and Iraq continues in light of the provision of training and advisory services at the request of the government.”

She pointed out that “her country is doing focused work with the Central Bank of Iraq to raise the level of Iraqi banks, and there is no reduction in dollar shipments sent to Iraq.”

Almutalee.com

An economic vision on linking the dinar to the US dollar: a weak point for Iraq

Information/private… Today, Wednesday, the economic expert, Diaa Al-Mohsen, considered the link of the Iraqi economy to the dollar currency a “weak point” for the country, while indicating the “optimal” way to overcome this problem.

Al-Mohsen said, in an interview with the Maalouma Agency, that “pegging the local currency to the US dollar represents a state of weakness for the country’s economy, because the green currency changes depending on changes in the US economy, such as raising the interest rate by the Federal Bank, which will cause the value of the dollar to rise, and so on.”

He added, “Relying all purchases on the dollar could have a negative or positive impact,” pointing out that “this issue can be overcome when there is a basket of currencies, that is, when the value of a particular currency is low, the government can move towards another currency.”

The economic expert explained, “This happens when Iraq has a sufficient balance of these currencies, which gives it smooth conversion to the euro, the Russian ruble, and the Chinese yuan.”

Earlier, the head of the Diyala Chamber of Commerce, Muhammad Al-Tamimi, confirmed that Washington used the dollar 4 times during 2023 to pressure Baghdad to achieve a political agenda, which led to provoking crises and raising prices at rates of up to 10%, especially for basic materials, due to the impact of the dollar’s ​​liquidity and its control by about 90%. of transactions directly.

The United States of America continues to impose its influence on Iraq in many vital files, including depositing the money from the sale of Iraqi oil in the US Federal Bank, amid clear blackmail by passing many files, most notably the dollar bill, which puts great pressure on the government.

Almaalomah.me

Parliamentary Economy stresses the importance of legislating the Industrial Investment Law

Information / Baghdad… Today, Wednesday, the Parliamentary Investment Committee stressed the importance of legislating the industrial investment law, while noting that there is a trend to support industrial projects.

The Vice Chairman of the Committee, Hussein Al-Sabari, said in an interview with the Al-Ma’louma Agency, “Supporting industry in Iraq requires an attractive environment for investment through solid legislation.”

He added, “The Industrial Investment Law contains many legislations that would provide all facilities,” pointing out that “his committee has developed a new plan to advance the industrial situation in the country.”

Al-Sabari pointed out that “the industrial investment law is one of the important laws that must be legislated within Parliament during the next legislative term.”

The Parliamentary Industry, Economy and Trade Committee stressed, in a previous interview with the Maalouma Agency, the importance of legislating the Industrial Investment Law during the upcoming sessions.

Almaalomah.me