IRAQ NEWS BY IQD IRAQ & VND VIETNAM, 28 JULY

 Without siding with the region… Political efforts to legislate the oil and gas law

7-27-2023

Without siding with the region... Political efforts to legislate the oil and gas lawInformation / Bagdad …

Today, Thursday, a member of the Al-Fateh Alliance, Ali Al-Zubaidi, confirmed the existence of political movements and endeavors to legislate the oil and gas law and ensure fair distribution of oil revenues and wealth without siding with the region in this file.

Al-Zubaidi told Al-Maalouma, “There are vigorous moves to pass the oil and gas law in a fair manner for all, so that it regulates the relationship between Baghdad and Erbil and the distribution of wealth is fair, provided that the central government distributes the revenues coming to it, whether from Erbil or elsewhere.”

He added, “The oil of the areas under the control of the terrorist ISIS in the past period was sold to the region, in addition to the region’s smuggling of oil extracted from the fields of Kirkuk, and therefore the need has become urgent to pass the oil and gas law.”

And that “the legislation of the aforementioned law will make the oil wealth in the interest of Iraq as a whole and not only in the interest of the region, but it will legalize the oil file.”

Al-Zubaidi indicated that “resolving the law may take more time before it is legislated within the House of Representatives.”

almaalomah.me

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The dollar exhausts the dinar.. the suffering of citizens continues, and an economist proposes a “crazy solution”

2023-07-27 | 05:48

The dollar exhausts the dinar.. the suffering of citizens continues and an economist proposes a crazy solutionThe repercussions of the high exchange rates of the dollar in the Iraqi markets against the dinar and its effects on the Iraqi economy continue to exhaust economists and the political class and increase the suffering of citizens.

Despite the many measures taken by the current government, through theCentral Bank of Iraq, all that he has worked on will not be able to confront the rise of the dollar and will not be able to stop the series of bleeding the local currency.

The new rise in the Iraqi markets came after the imposition of new US sanctions on 14 Iraqi banks, which caused a big jump in the exchange rates of the dollar, in light of the growing demand for it in the local markets during the past week.

As the purchase price of the dollar inBaghdad157,500 per 100 dollars, i.e. an increase of 3000 dinars from yesterday, while the selling price of the dollar amounted to 155,500 per 100 dollars.

Economists and government advisors proposed a number of solutions, but most of them did not reach the point of solving a problem that threatened the Iraqi economy from time to time. However, what the economist put forward,Nabil Al-MarsoumiIt might be considered a “crazy solution”.

Says the economistNabil Al-MarsoumiIn a follow-up postAlsumaria NewsThe only solution currently available to address the current exchange rate crisis is to return the dollar exchange rate to the pre-pandemic levelcoronaThat is, to the level of 1180 dinars per dollar.”

And he adds, “This solution is economically insane and at a high financial and economic cost,” pointing out that “it is a temporary solution that will not address the essence of the problem, but it will stop the continuous bleeding of the Iraqi dinar and give the monetary authorities an opportunity to search for serious solutions to the origin of the crisis.” instead of unenforceable promises.”

And the economist asserts, “This idea will be violently rejected by economists, and politicians will implement it, even after a while; Because the current battle goes beyond the exchange rate to breaking bones.”

alsumaria.tv

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Almost complete suspension of applications of the dollar exchange in Iraq

7-27-2023

Almost complete suspension of applications of the dollar exchange in IraqInformation / Baghdad..

On Thursday, the electronic “stock exchange” applications witnessed a halt in displaying updates of the exchange rate of the dollar in the parallel market.

Experts point out that the mobile applications that promote local exchange rates (black market exchange rates) do not reflect the real demand in the market, such as a real electronic auction or stock exchange, but are merely a means of media display.

Earlier, experts warned against using these applications as a tool to change the direction of the market, due to its wide spread and the degree of dependence of markets, traders and merchants on its presented data, through the imaginary effect on exchange rates and the impact on the markets.

The dollar exchange rates recorded high levels in recent days, until they reached levels of 157 thousand dinars per 100 dollars, amid punitive measures imposed by the United States on some private banks.

almaalomah.me