Iraqi Dinar / US Dollar auction results for today 4-2-2024

Results of the foreign currency selling window for Tuesday 4/2/2024

Advertisement No. (5098)

The amount:

Total amounts of transfers abroad (transfers, credits)
217,727,041

Total cash withdrawals
32,290,000

Total total sales
250,017,041

Note that: The selling price of documentary credits and international settlements for electronic cards is ( 1310 ) dinars per dollar.

The selling price for transfer amounts abroad is ( 1310 ) dinars per dollar.
The cash selling price is ( 1305 ) dinars per dollar.

cbi.iq/currency_auction

The secret of the strength of the Kuwaiti dinar…the strongest currency in the world

Kuwait issued its own currency, which is now considered the strongest in the world, on April 1, 1961. This was before its independence was completed by officially getting rid of British protection on June 19, 1961.

Preparation for the issuance of the first series of the Kuwaiti national currency, the “Dinar,” began with the issuance of the Kuwaiti Currency Law and the establishment of the National Monetary Council in 1960, while the circulation of national currency notes began to replace the previous currency, the “Gulf Rupee,” on April 1, 1961.

The Kuwaiti dinar has maintained its position as the most expensive currency in the world for many years, and its exchange rate against the dollar is currently 1 to 3.25, while one Kuwaiti dinar is equal to 3.03 euros and 2.59 British pounds.

The secret of the strength of the Kuwaiti dinar…the strongest currency in the world
The strength of the Kuwaiti dinar is due to several factors, including its enormous oil reserves, which the authorities currently estimate at about 100 billion barrels. This country, which is small in area and sparsely populated, occupies third place in terms of oil production in the Gulf region after Saudi Arabia and Iran, in addition to its wealth of natural gas. The quantity produced last year amounted to approximately 5 billion cubic metres.

Moreover, Kuwaiti oil is distinguished by its quality, homogeneity, unique chemical composition, and low sulfur content, which is why it is described as the most ideal for refining operations.

Kuwait’s richness in oil, in addition to its strategic location, has been reflected in its citizens, and it is considered one of the richest countries in the world in terms of per capita GDP.

The secret of the strength of the Kuwaiti dinar…the strongest currency in the world
Kuwait was able to maintain relative stability, and despite the huge material losses that resulted from Iraq’s invasion of it on August 2, 1990 and its occupation of it for nearly 7 months, its national currency did not decline or lose its advantage.

Regarding the history of the Kuwaiti dinar, the exchange rate of the new national currency was initially calculated by focusing on the de facto British pound until the exchange rate of the Kuwaiti national currency was later changed in 1975, when the National Monetary Council took this decision in the wake of the British Bank abandoning the exchange rate. Fixed row for pounds.

The secret of the strength of the Kuwaiti dinar…the strongest currency in the world
Over the next 28 years, the Kuwaiti dinar exchange rate was calculated using a basket of multiple currencies until 2003. Since then, a fixed exchange rate for the dinar against the dollar has been set at a ratio of 1 to 3, with a maximum permissible fluctuation of 3.5 percent.

Four years after this step, Kuwait stopped pegging its national currency to the US dollar and began calculating the dinar’s exchange rate against a basket of currencies that was not disclosed in 2007. Until now, the Kuwaiti dinar has a fixed exchange rate that protects it from brokers and speculators, and makes it, along with other economic features, the most expensive and strongest in the world.

Arabic.rt.com

Saleh: The 2024 budget schedules are being prepared according to the tripartite budget

The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed that the financial tables for the 2024 budget are being prepared in accordance with the legislation of the three financial budgets.

Saleh told {Al-Furat News} agency, “The proposed financial schedules being prepared by the executive authority today are based on the financial legislation in force and approved in accordance with the aforementioned tripartite budget law.”

He stated that “presenting the financial tables for the fiscal year 2024 to obtain parliamentary approval for those tables, which include public revenues and expenditures, undoubtedly embodies a legislative path that we see in all cases as more flexible in the legislative process because the financial principles and constants have become an integral part of the Federal General Budget Law No. 13 of 2023 (the Tripartite), which is the law that was originally legislated by the House of Representatives and by a vote of the legislative authority and published in the Official Gazette last year.”

A few days ago, the Council of Ministers received the budget schedules from the Ministry of Finance, and began working on them to sign them and send them later to the House of Representatives.

The Parliamentary Finance Committee expects to resolve the budget schedules this month.

Alforatnews.iq

MP: The 2024 budget schedules will reach Parliament next week

Information/Private… Member of the Parliamentary Finance Committee, MP Mudar Al-Karawi, confirmed on Tuesday that the budget schedules will arrive next week.

Al-Karawi said in an interview with Al-Maalouma, “The 2024 budget tables are almost ready with the government, and we expect them to arrive in the House of Representatives next week,” pointing out that “the tables are very important, but it is too early to determine what changes can be made, but in a way.” “Generally, there are efforts to reduce the fiscal deficit gap.”

He added, “Voting on the 2024 budget tables requires at least 3 weeks to complete the consultations and conduct the first and second readings to reach the vote, and we may need a higher time limit,” noting that “the tables will be audited before being presented to the vote.”

He pointed out, “There are efforts to include the rights of many segments and groups, including contracts, within the framework of completing procedures in coordination with the government.”

The schedules included financial disbursement mechanisms and the release of governorate budgets to finance projects and services.

Almaalomah.me

The “Central Bank” warns against closing Iraq’s account with the US Federal Reserve: it will put our money at risk

Shafaq News / On Monday, the Central Bank of Iraq revealed the legal basis for depositing oil revenues in the US Federal Reserve.

According to documents issued by the bank and viewed by Shafaq News Agency, “The legal basis for depositing oil revenues in the Federal Reserve Bank of New York in the IRAQ2 account alternative to the DFI account is the expiration of the extension of the Executive Order issued by the US President No. 13303 issued in March 2003.” According to which immunity was granted to the Iraqi funds deposited in the Iraqi Development Account (DFI) at the time, and the end of the United Nations protection over Iraqi funds that was granted to it under UN Security Council Resolution No. 1483 of 2003 after the issuance of UN Resolution 1956 at the end of 2010.

The documents added, “Accordingly, an IRAQ2 account was opened, which is used to deposit funds from Iraqi crude oil exports, and they are transferred to the account of the Central Bank of Iraq at the Federal Reserve Bank within 24 hours of receiving these amounts to ensure that they are not exposed to the claims of creditors, as they are funds belonging to the Iraqi government derived from the export of crude oil.” This mechanism was organized through a (memorandum of understanding) signed between the Iraqi Ministry of Finance and the Central Bank of Iraq on 6/2/2014 for the purpose of organizing the work of the IRAQ2 alternative account for the Development Fund for Iraq, and this memorandum is the legal basis for establishing the aforementioned account.

She continued, “The immunity granted in accordance with these two documents includes sovereign funds only and does not include funds used for commercial purposes.”

The documents explained, “With regard to the answer to the third paragraph, foreign reserves may be deposited with several external parties, central banks and financial institutions, and not only in the Federal Reserve Bank, and interest rates vary according to the investment segment, the duration of the investment, and the institution with which the investment is made, in addition to the fact that the transport company is Orient is the company contracted by this bank to transport dollar shipments from the Federal Reserve Bank to Baghdad International Airport, with an insurance amount of (414,000) US dollars (four hundred and fourteen thousand US dollars per shipment, and transportation fees of (216,310) US dollars (two hundred and sixteen thousand three hundred and ten US dollars, Department of Parliamentary Affairs, Department of Parliamentary Oversight.”

She continued, “It is not possible to transfer the revenues from the sale of oil to the interior due to the impossibility of carrying out financial operations for Iraq if the funds are at home, and closing our account with the Federal Reserve Bank could expose Iraq to the risk of international claims, in addition to the inability to settle our payments in US dollars without the presence of… An account at the Federal Reserve Bank or other U.S. commercial bank.

Shafaq.com

Iraqi Dinar / US Dollar auction results for today 3-31-2024

Results of the foreign currency selling window for Sunday 3/31/2024

Advertisement No. (5096)

The amount:

Total amounts of transfers abroad (transfers, credits)
239,109,928

Total cash withdrawals
13,310,000

Total total sales
252,419,928

Note that: The selling price of documentary credits and international settlements for electronic cards is ( 1310 ) dinars per dollar.

The selling price for transfer amounts abroad is ( 1310 ) dinars per dollar.
The cash selling price is ( 1305 ) dinars per dollar.

cbi.iq/currency_auction

Prime Minister: We will hold accountable those who are negligent in implementing reform measures

Information / Baghdad… On Sunday, Prime Minister Muhammad Shiaa Al-Sudani chaired the first meeting of the Supreme Reform Committee, during which the actual steps and procedures that the government has proceeded to implement were discussed, within the framework of the priority of economic, administrative and financial reform included in its executive program.

Al-Sudani stressed, according to a statement from his office received by Al-Maalouma, “the necessity of moving forward with the reform adopted by the government,” stressing that “this government has worked on preparing a comprehensive reform program, according to a future vision aimed at improving the economic situation and building and reforming state institutions in various sectors.”

He stressed the importance of “monitoring government performance in implementing this integrated vision, as the Supreme Committee will follow up on reform and hold accountable those who are negligent in implementing reform measures.”

The Prime Minister pointed out “the challenges facing the ongoing reform process, which is in the interest of citizens,” stressing “the government’s commitment to protecting vulnerable groups from any consequences that may affect the living situation of ordinary citizens.”

Almaalomah.me

Parliamentary Finance indicates a “high budget deficit”: It will deprive the governorates of new projects

Shafaq News / The Finance Committee in the Iraqi Parliament announced, on Sunday, a high deficit in the 2024 budget, the schedules of which the Council of Ministers have not yet approved.

A member of the Parliamentary Finance Committee, Uday Awad, told Shafaq News Agency, “The amendment to the budget law is stalled due to the high ceiling of the total budget deficit, which has reached more than 80 trillion dinars, so trends went to reduce public spending.”

He added, “The ceiling of projects in 2024 will be less than approximately in 2023, thus preventing the inclusion of any new project in the budget and being limited to ongoing projects. This will deprive many governorates of new projects due to the financial deficit and the failure to achieve non-oil financial revenues.”

Awad continued, “There is no specific date for sending the budget to the House of Representatives due to the lack of solutions to the financial deficit, and we expect the Council of Ministers to send it after the Eid.”

Yesterday, Saturday, Iraqi government spokesman Bassem Al-Awadi said that the Council of Ministers will approve the 2024 budget schedules within two weeks, indicating that the Minister of Finance will launch funding for the provinces tomorrow, Sunday.

Al-Awadi confirmed that “salaries are fully insured and amount to 69 trillion dinars.”

Shafaq.com

The Central Bank of Iraq announces an increase in the volume of loans and advances during 2023

Shafaq News / The Central Bank of Iraq announced, on Sunday, an increase in the volume of loans and advances granted by banks operating in Iraq.

The Central Bank of Iraq confirmed in a statement today that the volume of loans and advances granted by banks operating in Iraq amounted to (60.8) trillion dinars, at a rate of (17%) in 2023, after it was (51.9) trillion dinars, at a rate that reached ( 12%) in 2022, while the loans and advances granted in 2021 amounted to (46.1) trillion dinars, at a rate of (7%).

The Central Bank of Iraq noted the importance of loans and advances, which are important factors in stimulating the local economy.

Shafaq.com

Iraq signs a memorandum of understanding with two international companies to stop burning natural gas

Shafaq News / On Sunday, the Iraqi Ministry of Oil signed a memorandum of understanding with Siemens Energy and Schlumberger to invest, process, and stop burning gas in the fields.

Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, confirmed in a press conference that signing the memorandum of understanding with the two companies comes within the ministry’s accelerated plan to convert gas into productive and useful energy to supply electric power generation stations and the national grid.

The conference came after the signing ceremony of a memorandum of understanding between the Ministry of Oil and Siemens Energy and Schlumberger to invest and process associated gas and convert it to electric power generation plants.

Abdul Ghani said during the conference that the Ministry aims, through this memorandum and the contracts attached to it, to implement the accelerated plan to invest and process quantities of gas from oil fields, thanks to the technology possessed by these companies, pointing to the signing of another memorandum by Siemens with the Ministry of Electricity, in support of the energy sector. .

For his part, the Chargé d’Affairs at the German Embassy, ​​Maximilian Rasch, praised the joint cooperation between the two countries, stressing his country’s support for Iraq to improve the energy situation and reduce emissions, expressing his hope to sign more contracts in other fields.

While the director of Siemens Energy Iraq, Muhannad Al-Saffar, said that this memorandum is the beginning of joint cooperation with the ministry to stop burning and processing gas, and employing it for the electric power generation sector, which contributes to achieving energy security in addition to reducing imports and preserving the cleanliness of the environment.

The Undersecretary for Gas Affairs, Izzat Saber, confirmed that the memorandum comes within the Ministry’s endeavor to conclude more contracts to accelerate the investment of all quantities of associated gas from oil fields and process them in cooperation with specialized international companies, to contribute to supporting the electric energy sector, saving financial expenses, and preserving the environment.

The General Manager of Schalminger Iraq, Wissam Al-Azm, said that Siemens and Schlumminger will work to develop appropriate solutions and studies to improve the reality of sustainable energy using the latest technologies.

For his part, the spokesman for the Ministry of Oil, Assem Jihad, confirmed that the memorandum comes in line with the government program and the Ministry of Oil to accelerate gas investment and increase national production, within a pivotal plan towards enhancing energy security, reducing operational expenses and benefiting from gas resources, to supply electric power stations and all industries related to it. Pointing out that these projects constitute decisive progress in Iraq’s journey towards sustainable energy.

Shafaq.com