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Early Wednesday Morning Iraq Economic News Highlights 8-23-23

Parliamentary Finance Determines A Factor To Reduce The Exchange Rate

425    The Parliamentary Finance Committee stressed, today, Wednesday, the implementation of a number of measures in order to reduce the exchange rate of the dollar, whether they are technical or related to the central bank and its procedures.

Committee member Mueen Al-Kazemi said, according to the official newspaper, that “the important factor for the decline in the dollar exchange rate is the simplification of the central bank’s procedures for merchants to urge them to resort to the currency window and not go to the parallel market that caused the high exchange rate, in addition to simplifying the procedures for granting sums to Iraqi travelers.” instead of the current method.

Al-Kadhimi added, “Another problem must be discussed with the US Federal Reserve regarding the countries from which the Iraqi merchant imports and does not grant a transfer to them, given that there is a national interest for the Iraqi people with this import.”

And on some technical matters, the committee member called for “consideration of simplifying the issue of tax that can be deducted in the central bank instead of reviewing the tax departments and entering into a complex routine.”

He stressed that “all these matters must be followed up by consulting the private sector, which is basically the root of the problem in order to obtain positive results.”

Economist: Iraq Lost More Than $2 Billion After Stopping The Region’s Oil Exports

Energy  Economy News – Baghdad  Researcher Muhammad Salih confirmed that stopping Turkey from producing 500,000 barrels per day of oil in the Kurdistan region and Kirkuk has cost Iraq more than two billion dollars in losses so far.

Salih said that the decision of the International Chamber of Commerce, which obligated Turkey to pay $1.5 billion in fines to Iraq, tofacilitate the Kurdistan region’s oil exports, contributed to weakening Ankara’s influence and its ability to maneuver in Iraqi energy resources.

He pointed out that the investment of Turkish companies in the energy sector in the region added more complexity to the Iraqi-Turkish relations, because Turkey views the oil and gas reserves in the region as a low-cost source of energy for its growing economy.

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Ministry Of Oil: Last Month’s Revenues Amounted To (8) Billion And (330) Million Dollars

Political  |  08/23/2023  Baghdad – Mawazine News  The Ministry of Oil announced today, Wednesday, that revenues for the month of July amounted to more than 8 billion dollars, indicating that the average price per barrel amounted to (78,033) dollars.

The ministry stated in a statement, which Mawazine News received a copy of, that “the final statistics for the quantity of crude oil exports issued by the Iraqi Oil Marketing Company (SOMO) amounted to (106) million and (755) thousand and (169) barrels, with revenues amounting to ( 8) billion and (330) million and (475) thousand dollars.

She added that “the total quantities of crude oil exported for the month of July from the oil fields in central and southern Iraq amounted to (105) million and (487) thousand and (610) barrels, while the quantities exported from Qayyarah were (922) thousand and (755) barrels. While exports to Jordan were (344) thousand and (804) barrels.

And she indicated that “the average price of one barrel amounted to (78,033) dollars,” explaining that “the exported quantities were loaded by (40) international companies of several nationalities, from the ports of Basra, Khor Al-Khabeer, the mono-buoys on the Gulf, the Turkish port of Ceyhan on the Mediterranean, and the Kirkuk warehouse.” Talking about trucking.

It is noteworthy that the Ministry of Oil, through its belief in informing the people of export operations and the revenues generated from it, took this monthly procedure. Ended 29 / H

Parliamentarian Expects To Pass The Oil And Gas Law Before The Local Elections

Energy   Economy News – Baghdad  A member of the Parliamentary Oil and Gas Committee, Zainab al-Moussawi, expected, on Tuesday, to vote on the draft oil and gas law before the provincial elections scheduled for December 18.

Al-Moussawi said, “Discussions and discussions are continuing about the oil and gas law, which will join the work of natural resources in Iraq, but we want to reach a formula for a law that serves the country and does not serve one party at the expense of another.”

She added, “There are objections by the Kurdish blocs about some articles in the law, such as handing over oil production in the region to Baghdad and exporting it through SOMO, in addition to allocations for oil-producing provinces and other matters that will be resolved soon.”

Al-Moussawi added, in an interview with “Euphrates News” agency, which was followed by “Al-Iqtisad News”, that “a vote on the law is expected before the next local elections.”

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KDP: Oil And Gas Negotiations Are Difficult

Posted On2023-08-23 By Sotaliraq   The Kurdistan Democratic Party bloc described the negotiations on the oil and gas law as difficult, pointing out that there are parties that want to legislate it in a manner that is not in accordance with the constitution.

“Several negotiating rounds entered by the delegation of the Kurdistan region in Baghdad faced great difficulties,” said the representative of the bloc, Jay Taymur, in a statement to (Al-Mada). Timur continued,

That “these difficulties are represented by the federal government that wants to enact this law away from the articles of the constitution that guaranteed the region and the oil-producing governorates a joint administration with the federal government that allows for fair marketing and production of oil.”

He pointed out, “The Kurdistan Regional Government wants a fair and just law in the light of the articles of the constitution through which it can draw up a joint oil policy with the center to come up with a fair formula that satisfies everyone.”

For his part, MP for the State of Law Coalition, Firas Al-Maslamawi, stated that “the priority of the presidency of Parliament and the House of Representatives is to legislate laws sent by the government, and in the second stage come the proposals of laws and committees.”

Al-Maslamawi added, “Parliamentary committees decided that the proposals and amendments of laws sent by the government should be in a way that touches the lives of citizens.”

He pointed out, “The important laws that Parliament intends to legislate after the receipt of its draft includes, among them, the oil and gas law,” stressing that “there is a parliamentary and governmental will to legislate it in a manner that preserves justice in the distribution of wealth.”

Last week, the Ministry of Oil organized a meeting for the working group tasked with preparing the draft oil and gas law. The meeting was chaired by the Ministry’s Adviser for Administrative, Legal and Supervisory Affairs, Hamdan Awijel, and included a number of officials in the oil companies and departments of the Ministry’s headquarters.

The Ministry of Oil said in a statement that the meeting aims to discuss the preparation of a draft oil and gas law, and work to develop a professional national vision that achieves the goals of optimal investment of oil wealth to serve the public interest.

Prime Minister Muhammad Shia al-Sudani had directed in early August to form a ministerial committee to supervise the technical dialogues between the Federal Ministry of Oil and the Ministry of Natural Resources in the region, as well as inviting the governors of the oil-producing provinces of Basra, Maysan, Kirkuk and Dhi Qar, and the general managers of the companies. Governmental Oil Ministry for the ongoing technical dialogues regarding the draft oil and gas law, provided that these dialogues are followed by the completion of the political dialogue to agree on presenting the draft law.

The oil and gas law is one of the most important differences between the federal government and the Kurdistan region, and the parties did not reach a settlement on it throughout the past four parliamentary sessions. During the current parliamentary session, the political blocs are counting on finding solutions to the existing differences and pushing for understandings that satisfy all parties to pass the law.  LINK

The Dollar Is Hovering Near A Two-Month High

Arab and international   Economy News-Baghdad  The US dollar approached its highest level in two months on Wednesday, as investors await the speech of the Federal Reserve Chairman (US Central Bank) this week to search for indications on the path of monetary policy, while the yen fluctuated near 146 per dollar.

The dollar index, which measures the performance of the US currency against six competing currencies, scored 103.55, not far from the two-month high of 103.71 that it touched on Tuesday. The index rose 1.6 percent in August and is on track to end two straight months of losses.

The currency market is weakening amid a lull in summer volatility and ahead of a symposium organized by the Federal Reserve of central banks in Jackson Hole, Wyoming, this week, said Christopher Wong, currency strategist at OCBC in Singapore.

Traders are awaiting a speech by US Federal Reserve Chairman Jerome Powell at the event scheduled for August 24-26. Investors will analyze his words to predict the course of the Federal Reserve’s monetary policy.

The yen rose 0.20 percent to $145.59 in Asian trading hours, not far from a nine-month high of 146.565 hit last week, leaving traders on the lookout for any signs of state intervention.

Atsushi Takeuchi, who was head of the foreign exchange department at the Bank of Japan during state intervention between 2010 and 2012, predicted that Tokyo would hold back unless the yen crossed 150 to the dollar.

The euro rose 0.07% to $1.0852, a little off the two-month low of $1.0833 it touched overnight.

The Australian dollar rose 0.40% to $0.645, while the New Zealand dollar rose 0.29% to $0.596.

As for cryptocurrencies, Bitcoin increased in the latest transactions by 0.77 percent to $ 26,049, after touching a two-month low of $ 25,350 last night.

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Minister Of Planning To Vice President Of The World Bank: The Policy Of Borrowing From Abroad Will Be Regulated

Money  and business  Economy News _ Baghdad  Deputy Prime Minister and Minister of Planning Muhammad Ali Tamim confirmed today, Wednesday, that the policy of borrowing from abroad will be regulated.

A statement by the Ministry of Planning, received by “Al-Iqtisad News”, stated that “Deputy Prime Minister, Minister of Planning, Muhammad Ali Tamim, received the Vice President of the World Bank, Farid Belhadj, and his accompanying delegation, which included the Regional Director for the Levant Countries, Jean-Christophe Carré, and the Special Representative of the Bank’s mission. International in Iraq, Richard Abdel Nour, and advisor to the Vice President of the World Bank, Lubna Haji.

He added, “The meeting discussed prospects for joint cooperation between the two sides in many fields, including discussing work mechanisms in the Social Fund for Development, which is run by the Ministry of Planning, and aims to implement basic service projects in villages and poor areas in various governorates.”

The Deputy Prime Minister stated, according to the statement, that “the relationship with the World Bank is good and is witnessing tangible development in its paths,” noting, “the investment of this relationship in supporting the government’s efforts to improve the level of services, and directing loans towards achieving development.”

And he continued, “The policy of borrowing from abroad will be heavily regulated, directed to very urgent necessities, and of a developmental nature, not consumption.”

For his part, Belhadj expressed “the World Bank’s great desire to continue its support for Iraq in various fields, especially in the field of automation and expertise, water and agriculture, as well as infrastructure projects and services, and the Social Fund for Development, which the World Bank considers one of its most important projects.” in Iraq”. Views 14  08/23/2023 –