Iraqi News Highlights Saturday Afternoon 5-13-23
Tlm724 Administrator Bondlady’s Corner
An Expert Counts Budget Expenditures
And Warns Of A (Big Dilemma)
Economy| 02:58 - 05/13/2023 Baghdad - Mawazine News, economist Nabil Al-Marsoumi warned, on Saturday, of Iraq's exposure to a "major financial and economic impasse" whose features will begin in the next year, especially if there is no significant increase in Iraqi oil exports and in global oil prices.
Al-Marsoumi wrote on his Facebook
page, “Fixed expenses in the 2023 budget.
Salaries of employees on fixed staff = 59.814 trillion
dinars.
Self-financing salaries = 2.102
social welfare = 27.941 trillion
dinars.
Internal and external debt service
installments = 18.962 trillion dinars.
Expenses of oil licensing contracts
with expenses.” Transporting Kurdistan oil = 15 trillion dinars,
importing gas and electricity =
4.841 trillion dinars,
electricity wages for the local
investor = 2 trillion dinars,
total fixed burdens in the budget =
130.660 trillion dinars.
He added, "These expenditures
are public burdens that are very difficult to reduce, and their burden will be
borne by the 2023 budget and the upcoming annual budgets, which in total are
greater than the expected oil revenues, which amount to 117 trillion dinars in
2023, which will expose Iraq to a major financial and economic impasse, the
features of which will begin in the next year, especially If there is no significant
increase in Iraqi oil exports and in world oil prices. https://www.mawazin.net/Details.aspx?jimare=226760
Oil Continues Its Losses For The
Third Week In A Row
Economy| 12:12 -
05/13/2023 Follow-up - Mawazine News Oil prices extended
their losses for the third week in a row, as the market continues to balance
concerns about supplies and renewed economic concerns in the United States and
China.
Brent crude futures fell by about
1.5 percent over the past week, and US crude fell by an even greater 1.82
percent.
Oil prices were also affected by the
rise in the dollar, as uncertainty about the debt ceiling and monetary policy
in the United States led investors to turn to assets considered safe havens.
A stronger dollar makes oil,
denominated in the greenback, more expensive for holders of other currencies.
And increased fears that the United
States, the world's largest oil consumer, will enter a recession after the decision
to raise the US government's debt ceiling was postponed and concern grew about
the failure of another regional bank.
The market drew support from
expectations of a supply shortage in the second half of the year, even despite
Iraqi Oil Minister Hayan Abdul-Ghani's statements to Reuters on Friday that he
did not expect the OPEC + alliance to decide on a new production cut at its
next meeting in Vienna on the third and fourth of June.
The Organization of the Petroleum
Exporting Countries (OPEC) on Thursday kept its forecast for global oil demand
growth in 2023 unchanged, adding that higher demand from China would offset the
impact of economic risks. https://www.mawazin.net/Details.aspx?jimare=226747
The Islamic Development Bank Confirms Its Desire To Develop
The Capabilities Of The Employees Of The Central Bank Of Iraq
Economy News – Baghdad A
high-ranking delegation from the Central Bank of Iraq participated in the
annual meetings of the Islamic Development Bank, held for the period 10-13 May
2023 in Jeddah.
A statement to the Central Bank's
media said, "On the sidelines of the annual meetings, the delegation held
side meetings with the various institutions of the Islamic Development Bank,
which affirmed their continuous support for the Republic of Iraq, and the
provision of support and financing for strategic projects for the public and
private sectors."
The two deputy governors of the
central bank met with the deputy head of the Islamic Development Bank Group,
Zamir Iqbal, who confirmed, according to the statement, "the Islamic
bank's desire to develop the capabilities of the employees of the Central Bank
of Iraq in various related aspects, especially in the issue of Islamic sukuk
and others."
And the statement continued, "A
number of side meetings were also held with some international financial
institutions and some state officials to enhance joint cooperation between them
and Iraq."
Views 106 Added 05/13/2023 https://economy-news.net/content.php?id=34172
Sudanese Advisor: The Rise In The
Exchange Rate Of The Dollar Is A "Time Disturbance"
Economy| 08:59 -
05/13/2023 Baghdad - Mawazine News The financial and
economic advisor to the Prime Minister, Mazhar Muhammad Salih, said, on
Saturday, that the central bank controls the exchange rate, and the rise in the
dollar is a "temporary disturbance."
And Salih stated in a press
statement, that "after the Central Bank of Iraq controlled the exchange
rate through its calm monetary policy, and through packages facilitating
external transfer in accordance with international compliance controls, and the
great effort of the government by facilitating imports, there was stability in
the exchange rate and the exchange rate became The parallel exchange rate is
close to the official rate.
However, he added, "But
organized crime gangs took advantage of (electronic) travelers' cards. These
gangs illegally and legally use citizens' passports in order to issue
electronic cards and smuggle them out of Iraq in order to finance black
transfers and smuggle money."
He added, "What organized crime
gangs are doing has created a temporary disturbance in the exchange rate in the
local market. There are deterrent measures taken by the government against
these gangs, to reduce this dangerous phenomenon of smuggling, money laundering,
and manipulation of citizens' rights."
The financial and economic
advisor to the Prime Minister confirmed that "the exchange rate in the
local market will be better during the next few days, and the dinar is strong,
and the exchange rate will decline again, until the official price is
reached." https://www.mawazin.net/Details.aspx?jimare=226733
Sudanese Advisor: The Dinar Is Strong And The Exchange Rate
Will Decline Again In The Next Few Days
Money and business
Economy News – Baghdad The financial and economic advisor to the Prime
Minister, Mazhar Muhammad Salih, said, on Saturday, that the central bank
controls the exchange rate, and the rise in the dollar is a "temporary
disturbance."
And Salih stated in a press
statement, that "after the Central Bank of Iraq controlled the exchange
rate through its calm monetary policy, and through packages facilitating
external transfer in accordance with international compliance controls, and the
great effort of the government by facilitating imports, there was stability in
the exchange rate and the exchange rate became The parallel exchange rate is
close to the official rate.
However, he added, "But
organized crime gangs took advantage of (electronic) travelers' cards. These
gangs illegally and legally use citizens' passports in order to issue
electronic cards and smuggle them out of Iraq in order to finance black
transfers and smuggle money."
He added, "What organized crime
gangs are doing has created a temporary disturbance in the exchange rate in the
local market. There are deterrent measures taken by the government against
these gangs, to reduce this dangerous phenomenon of smuggling, money
laundering, and manipulation of citizens' rights."
The financial and economic advisor
to the Prime Minister confirmed that "the exchange rate in the local
market will be better during the next few days, and the dinar is strong, and
the exchange rate will decline again, until the official price is
reached." 05/13/2023 - https://economy-news.net/content.php?id=34162
International Monetary: Iraq Is The
Third Arab Country In The Value Of Exports Of Goods And Services For The Past
Year
Saturday 13, May 2023 17:06 |
Economical Number of readings: 99 Baghdad / NINA / - The International
Monetary Fund announced that Iraq ranked third in the Arab world in terms of
exports of goods and services for the past year.
And the fund stated in its table:
that Iraq exported goods and services in the year 2022, amounting to $ 140.7
billion, which increased from the years 2020 and 2021, which amounted to 54 and
94 billion dollars, respectively, while the average of these exports was between
1990 and 2000, a value of 64 billion dollars.
The fund expected: that the value of
exports in Iraq for goods and services will decrease for the year 2023 to reach
119.3 billion dollars, and also decrease for the year 2024 to reach 118.5
billion dollars.
He pointed out: Iraq came third
among the Arab oil-producing countries with the highest value of exports of
goods and services after the UAE and Saudi Arabia, whose exports of the latter
two for the year 2022 amounted to 519.3 billion dollars and 441.3 billion
dollars, respectively, while Bahrain was the least oil-producing Arab country
in exporting goods and services. And a value of $ 40.1 billion for the year
2022./ End 3 https://ninanews.com/Website/News/Details?key=1053112
Low
Dollar Exchange Rates On The Local Stock Exchange
Saturday 13, May 2023 11:53 | Economical Number of
readings: 416 Baghdad / NINA /- The exchange rates of the US dollar
against the Iraqi dinar witnessed a decline in the main stock exchange in the
capital, Baghdad, today, Saturday.
The exchange rate of the dollar on the Al-Harithiya and
Al-Kifah Stock Exchanges recorded 146,000 dinars for every 100 dollars.
While the selling price was 146,500 dinars and the
purchase price was 145,500 dinars, for every 100 dollars, in the local banking
offices. Yesterday,
Friday, the exchange rate of the dollar in Baghdad and the
provinces reached 148,000 dinars for every 100 dollars. / End8 https://ninanews.com/Website/News/Details?key=1053047
The Central Bank Refers Speculators With
Exchange Rate Issues To The Competent Courts
The Central Bank of Iraq announced that speculators would
refer exchange rate issues to the competent courts. A statement by the
bank's media office said, "In response to citizens' requests for the US
dollar currency at the official exchange rate for legitimate purposes, the
Central Bank of Iraq succeeded in providing easy and appropriate tools
represented in the packages of facilities it issued that include support for
electronic card settlement at the official price and money transfers of various
kinds,
except That some of those who were able to obtain the cards
misused them far from the goals intended for this purpose, as revealed by the
reports of the competent security authorities and the supervisory procedures of
the Central Bank and the Office of Combating Money Laundering and Terrorist
Financing, which led to the development of a “strict new electronic system”
that ends this phenomenon and the violations used. in those cards.
According to the statement, the Central Bank revealed,
“the completion of legal procedures against the violators, individuals, companies,
and banks, announcing their referral to the courts specialized in money
laundering and financing terrorism,” stressing “its keenness to provide all
appropriate tools to achieve the stability of the exchange rate, especially
with the arrival of external transfers through the electronic platform.”
To high levels, in addition to the use of electronic cards
and the cash sale of dollars, all of this made what is called the “parallel
market exchange rate” not reflecting the real exchange rate as long as the
Central Bank of Iraq responds to all (legitimate requests) to buy dollars.
And that "the price in the parallel market is linked
to speculative activity, and non-fundamentalist operations trying to get away
from the methods offered by the Central Bank of Iraq law and its
decisions." https://www.radionawa.com/all-detail.aspx?jimare=34353