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Iraq Economic News and Points to Ponder 9-8-23

Dollar Manipulation At An Iraqi Airport.” A Deputy Identifies The Bank And Demands Sudanese Intervention

Posted On09-08-2023 By Sotaliraq    The representative of Najaf Governorate, Ahmed Majeed, called on Prime Minister Muhammad Shiaa Al-Sudani to intervene to stop the manipulation and embezzlement of dollars in the Mosul Bank branch at Najaf Airport.

Majeed said, “The Integrity Commission revealed that the Mosul Bank for Investment and National Development, Najaf Airport Branch, transferred the airport’s balance from the dollar to the dinar at the official rate and closed its current account despite the creation of funds in the dollar.”

He added, “The Mosul Bank is considered the arm of one of the economic parties and has caused a waste of public money amounting to one billion and 140 million dinars by converting revenues from the dollar to the dinar and disbursing the money at the official rate.”

Majeed confirmed that a request had been submitted to Prime Minister Muhammad Shiaa Al-Sudani to “open a high-level investigation into the embezzlement of funds and relieve the director of Najaf Airport, due to the collusion of the airport administration with the bank administration.”

The Federal Integrity Commission had previously announced that it was able to arrest all the violations committed by the Mosul Bank for Investment and National Development – Najaf Airport Branch, which caused the waste of more than a billion dinars, while pointing out that this resulted from the failure of the airport administration to take measures. legal procedures to hold the bank accountable, causing the latter to exploit them and benefit from them.

It was not possible to obtain a comment from the bank or Najaf Airport on this information. LINK

Regarding The Dollar.. America Continues With Blackmail, And The Central Bank’s Measures Are An Air In The Net!

September 7 Information/Private..After several months have passed since the government and the Central Bank attempted to control the rise in dollar exchange rates, the gap between the official and parallel rates continues, given the plans that Washington is pushing in order to advance its own interests.

As for the government’s and the Central Bank’s measures, they are still merely notifications and decisions that do not provide satisfactory or satiating benefits, especially since they did not withstand the decisions of the United States of America, which push to create crises and not find solutions.

*Washington Control!

Speaking about this file, Member of the House of Representatives, Suhaila Al-Sultani, accuses the United States of controlling the file of dollar exchange rates in local markets until now, while she confirmed that the beneficiaries and speculators support the continuation of the current dollar crisis.

Al-Sultani said, in an interview with the Maalouma Agency, that “there are many parties that support destabilizing the economic situation in order to influence the work of the current government,” noting that “applying the budget in the ministries and governorates will not lead to a reduction in the dollar exchange rates in the local markets.” .

She continues, “America continues to control the file of dollar exchange rates in local markets until now,” adding that “the United States of America controls the dollar bill in order to subject the Iraqi economy to the decisions and wills it wants to impose.”

Regarding the internal factors of the dollar crisis, Al-Sultani asserts during her speech: “The beneficiaries and speculators support the continuation of the dollar crisis and the weakening of the value of the Iraqi dinar in order to achieve their personal goals.”

*A Real War!

In addition, a member of the House of Representatives, Thaer al-Jubouri, accuses the United States of America of waging a conspiratorial war to destroy Iraq’s economy, while he addressed a request to the Iraqi government regarding methods of dealing with Washington during diplomatic meetings.

Al-Jubouri said, in an interview with the Maalouma Agency, that “when the Iraqi government talks with the American side under diplomatic frameworks, it must keep in mind the standard of strength and try to obtain advanced modern technological techniques that benefit Iraq.”

He adds, “America is leading a policy of economic conspiracy during the current period to destroy the Iraqi currency and the exchange rate,” stressing “the necessity of referring to this war and not abandoning it.”

The member of the House of Representatives explains that “the government and the relevant ministries are required to deal as they can with America, and that the conversation be in a diplomatic manner par excellence,” pointing out that “Washington, despite its geographical distance from Baghdad, is trying to impose its complete control over all joints and its focus on… Important files such as economy and development.”

*Technical Procedures?

For his part, economic affairs researcher Muhammad Al-Saadi depends on controlling and controlling the dollar exchange rate in the parallel market by taking practical technical measures without resorting to methods of arrests or the use of force.

Al-Saadi told Al-Maalouma, “The responsible authorities are working to pursue speculators by applying the law against those who want to harm the Iraqi economy, as well as being a first step to ensuring the elimination of the differences between the official and parallel market.”

He adds, “There has become an urgent need to take decisions related to the technical and financial aspects, which would expand currency sales outlets and allow citizens to purchase in limited quantities without setting restrictions or preconditions.”

He shows that “the problem of exchange rate and high prices is often suffered by the citizen before the merchant, as merchants began to head to the official platform to obtain the dollar, while the citizen still suffers in obtaining the dollar, especially since some citizens go to car sales showrooms and face difficulty in purchasing with the dollar currency.” .

During the current period, America has worked to destroy the Iraqi currency by imposing sanctions on Iraqi banks and banning the dollar under many pretexts, which in one way or another led to a severe financial crisis in the Iraqi markets. LINK

A “Worrying” Economic Vision About The Relationship Of Oil Prices To The Budget Deficit

Information / Baghdad..   Economist Nabil Al-Marsoumi confirmed today, Friday (September 8, 2023), that the oil revenues achieved until August 2023 amounted to 61.513 billion dollars, equivalent to 80 trillion dinars, while he indicated that the oil revenues estimated in the 2023 budget = 90 billion dollars, equivalent to 117 trillion dinars.

Al-Marsoumi said in a blog post followed by “Al-Ma’louma” that “the oil revenues achieved until August 2023 = 61.513 billion dollars, which is equivalent to 80 trillion dinars,” noting that “the oil revenues estimated in the 2023 budget = 90 billion dollars, which is equivalent to 117 trillion dinars.”

He continued, “If high oil prices continue and Iraq sells its oil at a price of 85 per barrel, it is possible for Iraq to achieve oil revenues of $8.7 billion per month during the remaining third of this year.”

He pointed out, “Oil revenues may reach 34.8 billion dollars from September to December 2023, and thus the oil revenues actually achieved in 2023 will amount to about 96.213 billion dollars, or 125 trillion dinars, and then the actual oil revenues in 2023 will achieve a surplus of 6.213 billion dollars, meaning 8 trillion dinars, which will reduce the deficit in the 2023 budget by the amount of the surplus in oil revenues, provided that all non-oil revenues are achieved, which are estimated in the 2023 budget at about 17 trillion dinars, which may be unlikely.”

The economist stated, “The net non-oil revenues achieved during the first half of 2023 did not exceed 421 billion dinars, and therefore the high price of oil, if it continues, will not greatly reduce the budget deficit for the year 2023.”

The deficit percentage in the current draft budget reached 63.275 trillion dinars, with the adoption of a price of $70 per barrel of oil, according to what was sent by the Council of Ministers, given that more than 95 percent of the budget revenues depend on oil sales. LINK

Points to Ponder on Adversity:

There is nothing the body suffers which the soul may not profit by. – George Meredith

Even in the deepest sinking there is the hidden purpose of an ultimate rising. Thus it is for all men, from none is the source of light withheld unless he himself withdraws from it. Therefore the most important thing is not to despair. – Hasidic saying

The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.- Martin Luther King,Jr.

Great occasions do not make heroes or cowards; they simply unveil them to the eyes of men. Silently and imperceptibly, as we wake or sleep, we grow strong or weak; and at last some crisis shows what we have become. – Brooke Foss Westcott

Prosperity tries the fortunate; adversity the great. – Pliny the Younger

Be willing to have it so; acceptance of what has happened is the first step to overcoming the consequences of any misfortune. – William James

If you will call your troubles experiences, and remember that every experience develops some latent force within you, you will grow vigorous and happy, however adverse your circumstances may seem to be. – John Heywood