Iraq Economic News and Points to Ponder Thursday Evening 10-5-23
Tlm724 Administrator Bondlady’s Corner
Parliamentary Finance” Warns Of A “Dangerous Project” Between The Iraqi Central Bank And The US
Economy breaking Parliamentary Finance Central Bank of Iraq US Federal Reserve 2023-10-05 Shafaq News/ On Thursday, a member of the Parliamentary Finance Committee criticized the policy of the Central Bank of Iraq, while pointing out that the Central Bank had lost control of the parallel market.
He referred to a project for the Central Bank with the Federal Reserve, which the Emir described as “dangerous.”
Committee member Thamer Dhiban told Shafaq News Agency:
“There is no clear economic vision and policy for the central bank through which it can control the parallel market,” pointing out that “the parallel market is unofficial and illegal, and this causes obstacles and a lack of facilities by the central bank for some merchants, contractors, merchants, and investors, which prompted them to go.” To the parallel market and buy the dollar.” He added,
“Despite the measures taken by the government and security services and the pursuit of currency disputers and dollar monopolists, they were of no use in controlling the market.
There is also a great demand for the dollar, and this demand contributes to the rise in the exchange rate.” He pointed out that “there is a project at the Central Bank with the US Federal Bank, and this project is very dangerous.
If the Central Bank proceeds with it at the beginning of next year, it will be dangerous, and there must be real financial and economic calculations, with what the bank’s management is doing to prevent market instability and will cause the dollar to rise.” And an economic crisis in the dollar.
He stated that the nature of the project between the Central Bank and the US Federal Bank is not to deal in dollars during the year 2024, and dealing in dollars will be limited to official transactions with some banks determined by the Central Bank.
Clarification From The Central Bank Of Iraq
October 05, 2023 The Director General of the Department of Investments and Foreign Transfers, Mazen Sabah Ahmed, issued a clarification regarding the statements attributed to him in Reuters, saying that they included journalistic formulations that were reported by the agency in an inaccurate form. Ahmed confirmed:
The Central Bank guarantees dollar deposits, and the citizen who deposited his money in dollars with any Iraqi bank previously or by the year 2024 has an inherent right to receive these amounts in cash and in US dollars.
There was no mention in the press interview of expectations that the exchange rate would reach 1,700, and that the Central Bank has its own tools that it uses to reduce the difference between the two prices, and there are no indications that the exchange rate in the parallel market will reach this level.
On the contrary, there are measures being taken that will contribute to reducing the difference..
The reforms undertaken by the Central Bank of Iraq aim to achieve compliance of the bank and the banking system in general with international compliance standards, and to prevent the dollar from reaching parties prohibited from obtaining it or speculating with it.
The announcement that the date of 1/1/2024 will be the beginning of stopping cash withdrawals includes transfers received only from outside Iraq according to certain arrangements that guarantee the sustainability of the business and does not in any way include citizens’ balances in US dollars.
Central Bank of Iraq https://cbi.iq/news/view/2432
The Parliamentary Oil And Gas Committee Seeks To Reconsider The Legislation Of The Ministry Of Oil
Energy Economy News _ Baghdad The Parliamentary Oil and Gas Committee seeks to reconsider the legislation of the Ministry of Oil due to the importance of the sector and the incompatibility of its previous laws with the development taking place in it, including the law regulating the work of the Ministry, and the investment and refinement of crude oil.
A member of the Parliamentary Oil and Gas Committee, Bassem Ngheimesh, said in an interview with “Al-Sabah” followed by “Al-Iqtisad News” that a number of subcommittees were formed from the Oil Committee, including a committee to follow up and review oil legislation, noting that the legislation of the Ministry of Oil is old and dates back to the 1970s and did not It is compatible with the development taking place in the sector.
He pointed out that the most important of these laws is regulating the work of the Ministry of Oil, in addition to the Crude Oil Investment and Liquidation Law, indicating that the committee called for a review of the internal regulations and instructions that need to be amended and urged the companies concerned to amend their internal regulations in line with current developments in the oil sector to raise the level of her job.
Ngheimesh pointed out that the committee will monitor the regulations and instructions, stressing the need for them to be approved by the Ministry of Oil.
He added that the committee cannot amend the oil laws without receiving them from the executive authority, adding that the committee urged the ministry to amend these old laws, reconsider them and submit them to the Council of Ministers for approval and then refer them to Parliament.
Views 80 10/05/2023 https://economy-news.net/content.php?id=36805
After Sharp Declines…Oil Is Catching Its Breath After The OPEC+ Decision
Economy | 11:59 – 05/10/2023 Baghdad – Mawazine News Oil prices rose in early trading on Thursday, compensating for part of the large losses incurred in the previous session, after the OPEC+ Joint Ministerial Monitoring Committee maintained oil production cuts, meaning a continued supply shortage amid fears of an imminent decline in global economic growth.
Price movement:
Brent crude futures rose 61 cents to $86.42, while US West Texas Intermediate crude rose 50 cents to $84.75 by 0422 GMT.
Oil prices fell by more than five dollars at settlement yesterday, Wednesday, amid focus on a gloomier macroeconomic outlook and declining demand for fuel, following the meeting of the OPEC+ alliance committee, which includes the Organization of the Petroleum Exporting Countries (OPEC) and other allies led by Russia.
The committee did not approve any changes to the coalition’s oil production policy, and Saudi Arabia said it would continue a voluntary reduction of one million barrels per day until the end of 2023, while Russia would maintain a voluntary reduction in exports of 300,000 barrels per day until the end of December.
“We still expect the market to experience shortages in the fourth quarter, and lower prices reduce the likelihood of OPEC easing supply restrictions,” National Australia Bank analysts said in a note.
https://www.mawazin.net/Details.aspx?jimare=235916
The Bank Of England Pledges To Support The Efforts Of The Central Bank Of Iraq To Achieve Financial Stability In Iraq
Money and business Economy News – Baghdad The Bank of England pledged to strengthen cooperation with the Central Bank of Iraq and support its continued efforts for economic growth and financial stability in Iraq.
The Iraqi embassy in London stated in a statement, “Deputy Governor of the Bank of England, Dave Ramson, received in the bank building his Iraqi counterpart, Deputy Governor of the Central Bank of Iraq, Ammar Hamad, and in the presence of representatives of the Iraqi embassy, Counselor Ahmed Muhammad Khaled and First Secretary Ali Al-Khair Allah, and from the British side, Ben Norman is Deputy Executive Director of the Center for Central Banking Studies (CCBS) at the Bank of England, and Mohammed Al-Masari is Development Policy Advisor to the UK Embassy in Baghdad.
statement added, “During the meeting, the following was discussed:
– Deposits of the Central Bank of Iraq, where the Deputy Governor of the Bank, Ammar Hamad, provided valuable insights into the size of the Central Bank of Iraq’s deposits with the Bank of England, stressing the importance of this financial cooperation.”
– Building the capabilities of Central Bank employees: The two sides stressed the importance of strengthening the capabilities of the employees of the Central Bank of Iraq, stressing their commitment to enhancing the skills and expertise of employees in the Central Bank.
– British banks in Iraq: The meeting also focused on encouraging British banks to participate more in Iraq, with the aim of strengthening financial ties between the two countries.
According to the statement, Ramsen stressed “the historical relationship between the two institutions and the long-term relations between the United Kingdom and Iraq,” stressing “the Bank of England’s commitment to strengthening this partnership.”
The statement continued, “This meeting represents an important step towards strengthening economic and financial relations between the United Kingdom and Iraq. The Bank of England pledged to strengthen cooperation with the Central Bank of Iraq and support its continued efforts for economic growth and financial stability in Iraq.” Views 83 10/05/2023 – https://economy-news.net/content.php?id=36808
Baghdad Will Host An International Investment Forum At The End Of 2023
Economy Baghdad International forum 2023-10-05 04:37 Shafaq News/ An international investment forum is scheduled to be held in the Iraqi capital, Baghdad, at the end of this year.
This was announced by the Chairman of the National Investment Authority, Haider Muhammad Makiya, during a meeting of the Authority’s advanced staff.
A statement issued by the authority quoted its president as saying:
The authority is preparing the logistics and technical supplies for the International Investment Forum in Baghdad, scheduled to be held next December, under the auspices of Prime Minister Muhammad Shiaa Al-Sudani, and in the presence of official international and local officials.
He explained that the forum will be an important factor in the contexts of economic integration, sustainable development and bridging relations between Iraq and the countries of the region and the world. https://shafaq.com/ar/اقتصـاد/بغداد-تحتضن-ملتقى-دوليا-لل-ستثمار-نهاية-2023
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Points to Ponder on Dreaming & Believing:
Expect your every need to be met, Expect the answer to every problem, Expect abundance on every level, Expect to grow spiritually – Ellen Caddy – The Dawn of Change
Expect the best: Convert problems into opportunities; Be dissatisfied with the status quo: Focus on where you want to go, instead of where you’re coming from; and most importantly, Decide to be happy, knowing it’s an attitude, a habit gained from daily practice, and not a result or payoff – Dennis Waitley – The Winners Edge
When you are inspired by some great purpose – some extraordinary project – all your thoughts break their bonds – your mind transcends limitations – your consciousness expands in every direction — and you find yourself in a new, great and wonderful world — Dormant forces, faculties and talents become alive, and you discover yourself to be a greater person by far than you ever dreamed yourself to be – Patanjali
Trials are but lessons that you failed to learn presented once again – so where you made a faulty choice before you can now make a better one – and thus escape all pain that what you chose before has brought to you – A Course in Miracles