Saturday, August 19, 2023
Weekend News with MarkZ 08/19/2023
"Expert proposes solutions to control the parallel exchange rate", 19 AUGUST
Expert proposes solutions to control the parallel exchange rate
Baghdad - NAS
The economist, Manaf Al-Sayegh, proposed a number of solutions to control the parallel exchange rate, and undermine the dollar, pointing out that the presence of two different exchange rates can confuse the local market and lead to a kind of imbalance in economic performance, and while praising the measures aimed at limiting the rise of the green currency in the parallel market, he called for "liberalizing the exchange rate" according to supply and demand levels and foreign trade activity, as well as working to change the pattern of the balance of payments and the balance of trade.
According to specialists in economic affairs, the Central Bank succeeded in controlling the exchange rate of the parallel dollar, and put an end to the booms witnessed by that currency in previous times, indicating that the packages of decisions issued by the monetary authority led to strengthening confidence in the national currency, stressing at the same time, that the fluctuation of the exchange rate is no longer an influential factor in the prices of goods and materials that are imported at the official rate of the Central Bank.
Al-Sayegh said in a statement to the official newspaper "Nas", (August 19, 2023), that "the existence of two different exchange rates leads to an impact on economic performance negatively, especially if it is related to the pattern of consumer activity and thus will undermine government efforts to enhance its ability to provide quality services,"
Stressing the need to "establish development paths that diversify economic activity in line with the urgent requirements of society, such as continuous energy, efficient education and health institutions, as well as the provision of high-quality services, indicating These steps will achieve an active and flexible economy capable of continuous diversification while creating sustainable development opportunities and diversified and renewable job opportunities within the requirements of economic performance and its local and international commitments."
In order to find remedies for the economic effects of the existence of two different exchange rates for the local currency, the jeweler believes that the exchange rate should be liberalized flexibly according to the levels of supply and demand as well as the levels of commercial activity for foreign trade, as well as the need to work to change the pattern of the balance of payments and the balance of trade in a way that leads to its transformation from negative to positive gradually.
Al-Sayegh also stressed the importance of changing the pattern of spending in the budget towards productive investment leading to serious development paths, taking into account changing foreign trade patterns from consumer goods to productive goods related to a specific economic activity, as well as the trend towards making a fundamental change in the pattern of performance and financial activity of public and private banks, enhancing the efficiency of government programs aimed at pushing development projects that support economic activity in general, and expanding small and medium entrepreneurial projects among young people.
Millions of dollars in damages.. Oil smuggling is costing Iraq huge amounts of money - Urgent
Millions of dollars in damages caused by the smuggling of oil derivatives from the country, while Iraq incurs huge sums of money as a result, while the concerned authorities indicate a noticeable decrease in these operations by rates of up to 90 percent. Millions of dollars in losses
Today, Saturday (August 19, 2023), the Parliamentary Oil and Gas Committee confirms that Iraq is losing millions of dollars due to oil smuggling operations.
Committee member Ali al-Lami told "Baghdad Today" that "the oil smuggling operations that take place in various Iraqi cities, Iraq has incurred huge losses in the millions of dollars, and these operations are behind gangs involving various influential parties and personalities."
Al-Lami explains that "there is a decline in oil smuggling operations, after the blows dealt to these gangs by the security forces, who succeeded during the past periods in thwarting many oil smuggling operations, in addition to exposing many of these gangs," adding, "But the smuggling operations are still going on." This calls for doubling the security effort."
In numbers, adjustments
The Energy Police Directorate of the Ministry of Interior revealed, on (August 18, 2023), statistics for oil derivatives seizures during the current year .
The Director General of the Energy Police, Major General Zafer Al-Husseini, said in a statement followed by "Baghdad Today", that "the Energy Police Directorate continues to carry out its security duties and according to the orders issued by the references and in joint coordination with the National Intelligence and Investigation Agency, as well as the formation of joint teams during the security operations that carry out with it . ”
He added, "The Directorate has been able, since the beginning of this year until now, to seize 489 tanks and 100 dens for smuggling oil derivatives, confiscate 23 million and 308 thousand liters of fuel, and arrest 553 suspects, as well as seizing two violating fuel stations . "
And he stated, "The Energy Police Directorate has 9 brigades deployed in all regions of the country, carrying out its proactive operations, and these brigades continue to combat smuggling of oil derivatives, according to their responsibility, in addition to Iraqi oil installations scattered in all regions of Iraq," stressing, "The Directorate is seeking to control smuggling operations and dumping Arresting smugglers .
Al-Husseini confirms, "The smuggling of oil derivatives decreased at the level of Iraq by 90% compared to previous years," noting that "the Police Directorate has developed, since the beginning of this year, proactive and qualitative plans that were presented to the Minister of Interior and approved, which included joint coordination between the Directorate Energy Police and the Intelligence and Investigation Agency to provide us with information on smuggling operations, in addition to information that comes through a hotline link
Iraq ranks fifth among top 10 oil producers in 2022, 19 AUGUST
Iraq ranks fifth among top 10 oil producers in 2022
Shafaq News/ Iraq ranked fifth among the world's top 10 oil-producing countries in 2022, as revealed by Italian oil company Eni.
Eni's data showed that Iraq stood at the fifth spot as a top global oil producer, churning out 4.554 million barrels, with a compound growth rate of 5.4%. This marks an increase of 10.2% from 2021, which saw production levels at 4.132 million barrels, and a 9.8% rise from 2020's 4.148 million barrels.
The United States led the chart with an oil production of 17.850 million barrels in 2022, followed by Saudi Arabia in second place producing 12.416 million barrels. Russia took the third position, producing 11.088 million barrels, while Canada stood fourth with a production of 5.757 million barrels.
The United Arab Emirates ranked sixth, with 4.190 million barrels. China followed with 4.177 million barrels. Iran stood eighth with 3.577 million barrels, Brazil ninth producing 3.119 million barrels. Kuwait, in the tenth spot, produced 3.013 million barrels in 2022.
Al-Sudani affirms open investment opportunities in pharmaceutical sector
Shafaq News / Iraq's Prime Minister Mohammed Shia Al-Sudani emphasized that the investment landscape within Iraq's pharmaceutical production sector is now open for prospective investors.
The statement from Al-Sudani's office outlined his chairing of a meeting that included representatives from "Synagine Group" for cancer drug production, "Pakster" for renal dialysis solutions, officials from the National Health Factory within the Ministry of Health, and several advisors. The discussion focused on mechanisms to support the localization of the pharmaceutical industry in Iraq, involving both private sector collaboration and the National Health Factory.
During the meeting, Al-Sudani was briefed on detailed presentations showcasing the capabilities of the companies and their accomplishments in other countries. These companies expressed their readiness to transfer knowledge and technology to Iraq, in addition to supporting the establishment of a pharmaceutical industrial city that would attract companies interested in drug manufacturing. He emphasized that investment opportunities within the pharmaceutical industry are open to all companies, signaling the promising prospects in this sector.
Furthermore, the Prime Minister stressed the importance of full technology transfer throughout the stages of drug production. He emphasized that pharmaceutical factories should not limit their involvement merely to packaging and labeling, but should also actively contribute to the production process.
Al-Sudani warmly welcomed companies interested in operating within Iraq's pharmaceutical sector, an area of heightened government interest. He highlighted a series of earlier meetings with local and foreign producers, which resulted in a comprehensive set of measures. These measures include facilitating registration procedures, customs exemptions, and tax benefits for raw materials, equipment, and essential devices used in medical product manufacturing. The government is also prepared to ease loan provisions for establishing factories and expanding production lines.
The Prime Minister pointed to the pioneering and successful partnership between the private and public sectors, epitomized by the National Health Factory.
DINARLAND UPDATE, 19 AUGUST
Sandy Ingram
Article:
“Member of parliamentary finance accuses Iran of printing Iraqi dinar sand replacing them with dollars”
A parliament member is saying…Iran is reproducing Iraqi dinars in Argentina and then trading the dinar for U.S. dollars in Iraq before smuggling the money into Iran on a truck…Bottom line more banks in Iraq will be closed. Iraq’s currency has been compromised even more.
Mountain Goat
…the CBI is still on track with the 2011 plan and is moving ahead with it. By reserving gold, they are moving to meet the Basel 3 rules… an interview with Ali Alaq he told us the future vision of the Iraqi dinar…It is backing the dinar with GOLD! WOW!!! no longer just the dollar. Yes, we can definitely see the trend already to get the dollar out of Iraq. It is a process…
[via PDK]
Article:
“Sudanese and Mandalowi agree to speed up implementation of budget items”
They are talking about the economic reforms, the projects etc…they need to stop in-fighting and get this thing implemented. In this implementation they need to control their rates. Exchange rates, parallel markets etc…so to me, this was a very encouraging article…they need to go sooner rather than later to get these reforms done…with a concerted effort from the various blocs to make it happen.
HOLD AS WE ARE IN THE FINAL STRETCH BY REINALDO JC, 23 NOV
REINALDO JC Dinar Rumors of WWIII & When things seems to be at their worst…Than BOOM!!! Hold as we are in the final stretch… You w...
