Friday Morning Iraq Economy News Highlights 7-7-23
The Iraqi Dinar Maintains Its Low Price, And The Budget Provides Liquidity In Favor Of The Dollar[/Size]
Baghdad / Obelisk Al-Hadath: The exchange rates of the dollar are rising in the local markets, while government measures are trying to absorb the national currency in the markets to preserve its value.
And he received the reasons for the rise in merchants and banking transactions, as this rise settled at 1460 dinars per dollar. The liquidity of the dinar leads to an increase in the demand for the dollar, whether through the window of selling the currency to meet the consumables or through the parallel market. Iraq spends no less than 109 trillion on salaries.
The exchange rate witnessed an unprecedented rise since the end of last year in conjunction with the launch of the electronic platform that requires private banks to participate in it in exchange for obtaining their share in the currency auction, and the refusal of some of those banks to participate in the platform led to a deficit in dollar sales in the markets in conjunction with increasing of demands.
The exchange rates of the dinar, including its relative strength or weakness against the US dollar, are affected by several factors.
Iraq’s general economic conditions play an important role. And with slower economic growth, high inflation, or political instability, it can undermine investor confidence in the dinar. As a result, the demand for the dinar decreases, causing its value to drop against stronger currencies such as the US dollar.
Different interest rate policies between countries affect exchange rates. And if the US Federal Reserve raises interest rates, it can attract capital inflows from foreign investors looking for higher returns. This increased demand for dollars can lead to a strengthening of the US dollar compared to other currencies.
The currency markets in Iraq are affected by speculators who anticipate future movements in exchange rates. Speculators can bet on the currency, which can lead to its depreciation if their actions are large enough. https://almasalah.com/archives/57843
The Minister Of Oil And The Secretary General Of The Gas Exporting Countries Forum Stress The Importance Of Supporting Gas And Renewable Energy Investment Projects
Friday 07, July 2023 Economical Number of readings: 247 [rtl]Baghdad / NINA / – Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani, met in Vienna, Secretary-General of the Gas Exporting Countries Forum, Muhammad Hamel.
A statement by the Ministry of Oil stated that during the meeting, developments in the growth of the gas sector in the world were discussed, where the importance of supporting gas and renewable energy investment projects was emphasized, and the role played by the oil and gas sector in addressing environmental impacts.
The Minister of Oil gave a briefing on the development of the gas sector in Iraq through government support for optimal investment of gas wealth, reducing emissions and converting them into energy that contributes to strengthening related industries, referring to the national strategy that aims to invest in free and associated gas, as well as to develop and invest in exploratory sites with complex structures. Gaseous hydrocarbons – through cooperation with specialized international companies and the use of smart technologies to increase energy efficiency.
For his part, the Secretary-General of the Gas Exporting Countries Forum stressed the importance of the role that Iraq plays in the oil and energy sector, praising its efforts in developing promising gas projects in Iraq. https://ninanews-com.translate.goog/Website/News/Details?Key=1063521&_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en
The Gas Exporting Countries Forum Stresses The Importance Of Iraq’s Role In The Oil And Energy Sector
Baghdad – conscious The Secretary-General of the Gas Exporting Countries Forum, Muhammad Hamel, stressed today, Friday, the importance of the role played by Iraq in the oil and gas sector.
And the Ministry of Oil stated, in a statement received by the Iraqi News Agency (INA), that “Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani met in Vienna, Secretary-General of the Gas Exporting Countries Forum, Muhammad Hamel.”
The statement added, “During the meeting, developments in the growth of the gas sector in the world were discussed, as the importance of supporting gas and renewable energy investment projects was emphasized, and the role played by the oil and gas sector in addressing environmental impacts.”
He pointed out that “the Minister of Oil gave a briefing on the development of the gas sector in Iraq through government support for optimal investment of gas wealth, reducing emissions and converting them into energy that contributes to strengthening related industries.”
The Minister of Oil referred to “the national strategy that aims to invest in free and associated gas, as well as to develop and invest in exploration sites with hydrocarbon-gas compositions – through cooperation with specialized international companies and the exploitation of smart technologies to increase energy efficiency.”
For his part, the Secretary-General of the Gas Exporting Countries Forum stressed “the importance of the role played by Iraq in the oil and energy sector,” praising his “efforts in developing promising gas projects in Iraq.” https://www.ina.iq/188907–.html
What Are The Reasons For The Government Requesting The Federal Court To Issue A State Order For Some Budget Items?
426 The economic expert, Abd al-Rahman al-Mashhadani, confirmed that the reasons for the government’s request to issue a state order to stop the implementation of some budget items came in order not to obstruct their implementation.
Al-Mashhadani said in a press interview seen by “Takadum” that “the government requested the issuance of a state order from the Federal Court to stop the implementation of a number of items in the General Budget Law in order not to repeat the experience of the previous government when it challenged some items of the 2021 budget and obstructed the implementation of the budget, especially the investment one, until a month.” September and October then.”
He added that “the articles that the government challenged will not affect the structure of the budget, especially since the contested paragraphs were added by the House of Representatives,” noting that “Article Two (Article 2) that is considered the subject of the challenge relates to the governors’ contract with developers, which grants powers Exclusivity for governors to contract with developers to provide services such as optical cable, municipal services and sewage, and sell them to citizens.
If there are funds allocated for these projects, why do we increase the cost in them, in addition to granting exclusive power to governors, which may be one of the reasons for failure of implementation.
Al-Mashhadani continued, “The appeal against Articles 62 and 73 is due to their contradiction with Article 14 regarding stopping appointments. The aforementioned articles give authority to the Council, the Supreme Judicial Council, and the Ministry of Education to appoint, and the government is right in this as well, because appointments have become a burden on the administrative apparatus in Iraq.”
He explained that “the rest of the contested budget items include allowing public universities to contract with investors to build educational hospitals, and this point indicates the intervention of the legislative authorities in detailed issues that are not among their tasks,” explaining that “Article 16 provides for granting general managers and consultants leave for a period of 5 years or Refer them to retirement, but the House of Representatives added a word to the text of the article to become at their request, and this means that nothing will change because the request for referral to retirement will lead to the loss of some of their great privileges.
He pointed out that the appeal in Paragraph 75, which is related to the confirmation of contract holders after 10/2/2019, and this is what the government also rejects due to job slackness.
Earlier, a member of the Parliamentary Finance Committee, Mueen Al-Kazemi, said that there are more than half of the contested articles that are not subject to appeal, as they are natural, and that would develop the financial and economic situation of the country.
According to Al-Kazemi, “there is an exception for 150 members of the House of Representatives to confirm the permanent staffing, the Federal Court and the Supreme Judicial Council as well, which the government can appeal against, while the contested Article 2 pertains to the contracting of governors with developers is mentioned in the 2021 budget, and Article 16 was amended to The need for the director-general to submit a request himself if he desires the five-year leave, not by imposing it on him. As for Article 20, it relates to the completion of material damage compensation transactions within 30 days.
And Articles 28 and 57 are about deducting 1 per thousand of salaries for the Police Martyrs Fund and the Martyrs Foundation, which – according to Al-Kazemi – “is a natural issue that was previously pursued to support the popular crowd in the war against ISIS, but the government has now objected to it.”
He is surprised that “the government does not object to an increase of 150,000 job degrees, or parliament’s cancellation of the fees that the government wants to impose on oil companies, which lead to revenues of 500 billion dinars.”
On July 2, published documents revealed that the Sudanese government submitted a request to the Federal Court to challenge several articles of the General Budget Law for the year 2023, which were voted on last month. https://takadum-news.com/archives/172424
Integrity Exposes A Money Laundering Network That Transferred $68 Million Abroad
Money and business Economy News – Baghdad Today, Thursday, the Federal Integrity Commission revealed a money laundering network that fraudulently transferred 68 million US dollars outside Iraq.
And the Commission’s Investigations Department stated in a statement, “A team from the Najaf Investigation Office was able to seize a member of a network for money laundering and financial transfers abroad in the names of a number of citizens without their knowledge,” indicating that “the network transferred an amount of (68,000,000) million dollars.” outside Iraq through an exchange company that it manages in the name of one of the citizens without his knowledge.
She added, “The citizen was surprised, during his review of the tax department in Najaf, that there were taxes imposed on him, totaling (13,000,000,000) billion dinars, as a result of transfers made by the network by using his name,” noting that “the network, which has been operating since 2012, has defrauded many citizens in this way.
And she continued, “The judge of the specialized investigation court in Najaf decided to arrest the accused involved in accordance with the provisions of Article (44) of the Money Laundering Law, noting that” a member of the network was arrested and arrested; Based on the provisions of the aforementioned article, the case was referred to the money laundering court.
Views 73 07/06/2023 – https://economy-news.net/content.php?id=35041
A Plan To Raise The Rate Of Oil Production To 6 Million Barrels Per Day[/Rtl]
Economy 06/07/2023 21:03 Number of readings: 426 Baghdad-Iraq today: Today, Thursday, the Oil Ministry announced plans to raise crude production to 6 million barrels per day.
Oil Minister Hayan Abdul-Ghani said in a press statement that Iraq is suffering from a shortage of gas, adding that a sixth round of licensing has been launched, including 13 exploration blocks in the western borders. He explained that through the exploration blocks, about 1,500 million cubic feet of gas can be produced.
On Iraq’s future plans for oil production, Abdul-Ghani said that there are plans to raise production to 6 million barrels per day. LINK
An Inventory Of The Expected Projects.. The Region Is Counting On Its Share Of The Budget To Resume Reconstruction
Baghdad today – Erbil Today, Thursday, the former member of the Kurdistan Region Parliament, Muslim Abdullah, revealed the most prominent projects that the region needs after sending its share of the federal budget.
Abdullah said in an interview with “Baghdad Today” that “the level of services and projects has declined significantly in the Kurdistan region since 2014, and the provinces of the region need a major projects revolution.”
He added, “The most important projects that the region needs are related to external and internal roads, most of which have become worn out and old, and cause many accidents. We also need water projects, as the citizen suffers throughout the seasons of the year, especially in the summer, from a great scarcity of water.”
Abdullah pointed out, “The region also needs new hospitals, and there is also a shortage of schools and electricity projects.”
The former parliamentarian warned against trying to exploit the budget allocations in favor of the ruling parties, especially as they come in conjunction with the preparation for the provincial council elections as well as the regional parliament elections. LINK