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Iraq Economic News and Points to Ponder Wednesday Afternoon 1-3-24

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Dollar Traps” Are Approaching The End… Parliament Reveals Those Involved In The Fluctuations Of The Parallel Market

Economy/Politics |Baghdad today – Baghdad  Today, Wednesday (January 3, 2024), the Parliamentary Economics Committee revealed those involved in the fluctuation of the parallel market in Iraq, while indicating that the “dollar traps” are nearing their end.

Committee member Representative Yasser Al-Husseini told “Baghdad Today” that “we are closely following the issue of fluctuations in the parallel market in Iraq, especially after the move to the electronic platform prepared by the Central Bank to regulate dollar liquidity and prevent smuggling,

but on the other hand, there are those whose reconciliation with any organization was attacked because He loses his ability to smuggle and manipulate, which prompts him to try to disrupt the markets by various means.”

He added,  “Despite the fluctuation in prices, the coming days will bring greater reassurance for merchants and all dealers in the financial market in terms of the stability of the exchange rate at good levels, especially with the central bank’s oversight procedures, which we hope will increase in their aspects.”

Al-Husseini pointed out that what he called dollar traps – in reference to the attempt of some to manipulate exchange rates in the parallel market – are almost over, pointing out that “there are corrupt people who live off market chaos in addition to the trade in contraband, including drugs, which also constitutes a competitor in the parallel market.”

Stressing that “the Central Bank’s measures will combat the most important liquidity threads of these people.” He continued,

“The stability of the dollar exchange rate will lead to a decrease in prices in the markets, and this needs some time, indicating that the government’s entry into the file of securing materials in the markets will lead to a greater wave of decline in the coming period.”

Since the announcement of raising the value of the Iraqi dinar against the dollar by the Central Bank, local markets have witnessed trading at a rate other than the official rate of the dollar, with a difference that sometimes reached 30 points, which necessitated the government and the Central Bank to intervene with measures to reduce this phenomenon,

but to no avail so far, as… The dollar exchange rate remained high to more than 150 thousand dinars for every 100 dollars in the markets and exchange offices of Baghdad and the provinces.أفخاخ-الدولار-تقترب-من-النهاية.-البرلمان-يكشف-المتورطين-بتذبذب-السوق-الموازي.html

Expert: The IMF Report Was “Positive” But Included Economic Warnings

Economical 01/03/2024   Baghdad: Haider Falih Al-Rubaie   The economic expert, Dr. Nabil Al-Marsoumi, confirmed that the indicators included in the report of the International Monetary Fund experts on Iraq, especially related to the decline in inflation rates, the tightening of the Central Bank’s procedures, and the increase in growth indicators, are all positive,

but those indicators were accompanied by “some” warnings about the significant expansion in… Public finances, the possibility of a budget deficit, as well as fears related to the decline in oil production.

Al-Marsoumi pointed out that “the report pointed to some risks facing the Iraqi economy, including the significant expansion of public finances within the framework of the three-year budget law in force,” indicating that the

IMF believes that this matter could impose large and important risks on the sustainability of the conditions of public finances and the external sector. In the medium term.

Al-Marsoumi pointed out that the other warning expressed by the Fund related to the decline in oil production after the closure of the oil pipeline linking Iraq and Turkey, and the reduction in production at the request of the OPEC+ group, stressing that the report believes that these measures will lead to a reduction in the growth of the gross domestic product in the country. The years 2023 and 2024.

The economist also explained that among the other risks mentioned by the International Monetary Fund in its report is its expectation that the public finance balance will shift from a large surplus achieved in 2022 to a budget deficit, in addition to the Fund’s experts’ expectation that the size of the fiscal deficit will expand to a greater extent in the current year. 2024, reflecting the full annual impact of budget actions.

The economist explained that the  IMF called for the necessity of

“mobilizing more non-oil revenues,

containing the wage bill of government employees, and

reforming the government retirement system,”

stressing the importance of supporting these measures by moving to work on a more targeted social safety net that works to Providing better protection for vulnerable groups.

The report also recommended the need to create equal opportunities for the private sector, through reforms in banking and the electricity sector, reducing distortions in the labor market, and continuing efforts to strengthen governance and limit the spread of corruption.

An International Monetary Fund report, issued at the end of last month, reviewed the most prominent positives achieved by Iraq at various economic and development levels, suggesting “non-oil GDP growth of 5 percent in light of the significant expansion in public finances within the framework of the effective three-year budget law.”

Pointing out that “to continue implementing the budget, strong non-oil growth should continue in the current year 2024.”

However, the Fund expressed its fear of a decline in oil production after the closure of the oil pipeline linking Iraq and Turkey, and reducing production based on the request of the OPEC + group, likely to lead to This will reduce the growth of the gross domestic product in the years 2023 and 2024.”

According to a team of International Monetary Fund experts, led by Jean-Guillaume Poulain,

“the inflation rate has declined from the peak it reached by 7 percent in January of last year, and  inflation is expected to stabilize in the coming months, thanks to the

Central Bank of Iraq’s policy of Tighter monetary policy, the

impact of the rise in the Iraqi dinar exchange rate,

lower global food prices, and the

return of trade finance operations to normal with

improved compliance with the anti-money laundering and counter-terrorism financing framework.”

For his part, the economic affairs specialist, Ali Karim Al-Diffai, pointed out that the

economic achievements achieved by the government during the past year are very important and positive, stressing that

these achievements will be reflected positively during the current year 2024 through

increased development rates and a

decline in inflation, poverty and unemployment rates,

pointing out at the same time In the same way,

government support for the private sector will enhance the economic recovery, and

will lead to the employment of many workers and

move the wheel of industry.

Al-Diffai also praised the decisions of the monetary authority that contributed to undermining the dollar and reducing its frightening rises, indicating that   this policy led to the stability of the prices of goods and materials in the local markets, and thus the recovery of the purchasing power of the individual and the increase in the volume of local production,

calling on government agencies to issue more decisions that This will achieve positive results at the economic level in the country, explaining that  the World Bank report mentioned many positive points that Iraq has achieved as a result of those decisions taken by the government, which are in the interest of supporting various productive sectors, agricultural, industrial, and even tourism.

Oil: Revenues Last Month Amounted To More Than $8 Billion

Wednesday 03, January 2024 11:03 | Economical Number of readings: 568  Baghdad / NINA / The Ministry of Oil announced today, Wednesday, that revenues last month amounted to more than 8 billion dollars.

The ministry stated in a statement: “The total exports and revenues achieved for the month of December, according to preliminary statistics issued by the Iraqi Oil Marketing Company (SOMO), amounted to more than 8 billion dollars, as the total amount of exports of crude oil reached (108) million (56).” One thousand and (590) barrels, with revenues amounting to (8.316) billion dollars.”

She added that “the total quantities of crude oil exported for the month of December from the oil fields in central and southern Iraq amounted to (107) million (592) thousand and (532) barrels, while the quantities exported to Jordan amounted to (464) thousand and (58) ) barrels,”

and she continued, “The average daily quantities exported reached (3) million and (486) thousand barrels per day, while the average price of one barrel reached (76.96) dollars.”/End 9


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 Provoking Points To Ponder on Ability and Achievement:

I confess that altruistic and cynically selfish talk seem to me about equally unreal. With all humility, I think ‘whatsoever thy hand findeth to do, do it with thy might,’ infinitely more important than the vain attempt to love one’s neighbour as one’s self. If you want to hit a bird on the wing you must have all your will in focus, you must not be thinking about yourself, and equally, you must not be thinking about your neighbour; you must be living with your eye on that bird. Every achievement is a bird on the wing. – Oliver Wendell Holmes

Sometimes it is more important to discover what one cannot do, than what one can do. – Lin Yutang

To achieve great things, we must live as though we were never going to die. – Vauvenargues

I am easily satisfied with the very best. – Winston Churchill

The more we realize our minuteness and our impotence in the face of cosmic forces, the more astonishing becomes what human beings have achieved. – Bertrand Russell

Don’t be afraid to take a big step if one is indicated. You can’t cross a chasm in two small jumps. – David Lloyd George

There is nothing so useless as doing efficiently that which should not be done at all. – Peter F. Drucker

Each morning sees some task begun Each evening sees it close. Something attempted, something done, Has earned a night’s repose.  – Henry Wadsworth Longfellow

The reward of a thing well done, is to have done it.  – Ralph Waldo Emerson

God will not look you over for medals, degrees or diplomas, but for scars.  – Elbert Hubbard

There are two kinds of people: those who are always well and those who are always sick. Most of the evils of the world come from the first sort and most of the achievements from the second. – Louis Dudek

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