Parliamentary Finance reduces the importance of the rise in dollar exchange rates: it does not harm the markets, 12 SEPT

 Parliamentary Finance reduces the importance of the rise in dollar exchange rates: it does not harm the markets

2023-09-11 02:47

Parliamentary Finance reduces the importance of the rise in dollar exchange rates: it does not harm the marketsShafaq News/ The Finance Committee in the Iraqi Parliament considered, on Monday, the fluctuation and rise in the exchange rates of the US dollar as “not affecting the local markets,” while revealing plans to reduce the need for the dollar on the black market.

Committee member Moin Al-Kadhimi told Shafaq News Agency that the Iraqi government provides the market’s needs for imported goods, living benefits, and travelers’ needs for dollars through the currency sale window at the official prices (1,320 dinars) by 80%.

Al-Kadhimi stated that the reasons for the rise are the merchants’ need for 20% of the general needs of the Iraqi market to import goods from countries that are not permitted to be dealt with in dollars, and this is the most prominent reason for the rise in the price of the dollar.

Al-Kadhimi stressed that the government is making continuous efforts and plans to reduce the need for the dollar in black markets, maintain the stability of exchange rates, and secure all basic needs for the dollar.

Al-Kadhimi promised that the rise and fluctuation of the current dollar exchange rates does not affect the Iraqi market, stressing that the trading of goods takes place in a smooth manner.

shafaq.com

Straight from the horses mouth don’t miss this important BY NADER FROM MID EAST

Saudi Arabia Expresses Its Desire To Increase The Volume Of Economic Exchange With Iraq, 12 sept

 Saudi Arabia Expresses Its Desire To Increase The Volume Of Economic Exchange With Iraq

Money  and business   Economy News – Baghdad  Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani stressed, on Monday, the importance of strengthening and expanding the horizons of bilateral cooperation relations between Baghdad and Riyadh.

A statement by the ministry said, “Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, received today, Monday, a delegation of the Saudi Shura Council, headed by Ibrahim Muhammad Al-Qannas, Chairman of the Iraqi-Saudi Friendship Committee in the Council.”

The statement added that Abdul Ghani "welcomed the guest delegation, expressing the depth of brotherly ties between the two countries, and the mutual keenness to strengthen and expand the horizons of bilateral cooperation relations in all fields, including economics, oil and energy."

For its part, the Saudi delegation affirmed “the Kingdom’s keenness to strengthen and strengthen the bonds of relations between the two countries,” expressing its hope for “cooperation in implementing projects and investment opportunities and seeking to increase the volume of economic exchange between the two countries.”   Views 86 09/11/2023 -

https://economy-news.net/content.php?id=36271

Parliamentary Finance reveals details of its hosting of the negotiating committee between Baghdad and Erbil, 12 SEPT

 Parliamentary Finance reveals details of its hosting of the negotiating committee between Baghdad and Erbil, 11 SEPT

On Monday, the Parliamentary Finance Committee shared details about its meeting with the negotiating committee created by the federal government to discuss the implementation and monitoring of the budget law as it pertains to the relationship between Baghdad and Erbil with representatives of the Kurdistan Regional Government.

After the meeting, committee member Jamal Kujar told the Agency that there are significant differences between the federal government and the Kurdistan Region, and these differences were not resolved during the meeting. The meeting was dedicated to clarifying some inquiries. Jamal Kujar indicated that the current differences between the two governments are related to the oil and production file, as well as resources that are non-oil.

Koger stated that there was no agreement regarding the border crossing resources file, including both official and unofficial crossings in the area.

Today, the Finance Committee hosted the Federal Negotiating Committee, which comprises six members. These members are Kazim Muhammad Al-Jawad Al-Hassani, who serves as the Economic Advisor to the Prime Minister, Muhammad Abdul Hadi Al-Hakim, the Strategic Affairs Advisor to the Prime Minister, Maher Johan, the Technical Undersecretary of the Ministry of Planning, Najib Shukr Mahmoud, who chairs The Legal Department in the General Secretariat of the Council of Ministers, Jamil Thajib Yousef, the Director General of the Accounting Department in the Ministry of Finance, and the Director General of the Federal Office of Financial Supervision.

"RV UPDATE" BY MARKZ, 12 SEPT

 MarkZ

   [via PDK] 

 Question:   "Why does the US have any say in Iraq’s revaluation?"  MarkZ:  Because of the Iraqi war and the rebuild Iraq money and part of the surrender agreement with Sadaam Hussein when they pulled out of Kuwait.

 That is it in a nutshell…so the US can recoup the cost of the war.  Question:  "Will the US get in the way of the RV again?"  I can tell you they are caving and cannot get in the way now.

We have been seeing all kinds of bank rates on currency calculators. My bankers believe they are priming the pump for the system and punching in different values to test things. I really think this may be the last week we have to deal with all of this. 

My Iraqi contacts believe it will be here from yesterday up through the 20th…tops. Most of my sources over here believe this is it!!! Don’t be upset if it’s not quite that quick as there are a lot of moving pieces behind the curtain...    

...We are so close…coming right from Sudani...it is time to address the exchange rate…BAM.  They have been in many meetings…we have had people here from Iraq for the last few weeks. Folks from our Us Fed Reserve and Treasury have been over there.

  I totally agree that it is done…. We are just waiting for some reason.  Waiting for when that trigger is flipped.

 What I am hearing from a number of my group contacts  is that money will be moving on or by Tuesday.  Some indicators are expected tomorrow or Monday to let us know if we are on target for that... chatter has been off the hook for the last 72 hours or so that they 24 hours or so for things to really launch.

  I think my groups and bankers are probably accurate and we are possibly this close to finally having this thing nailed down with their expectations for Tuesday. They are overall just down right excited. Reminder - None of us know the timing…we just know what we expect according to the news a chatter.

Al-Sudani: The Decision To Raise The Dollar Exchange Rate In The Previous Government Was Not Well Thought Out And Its Impact Was Negative On The Citizen, 12 SEPT

 Al-Sudani: The Decision To Raise The Dollar Exchange Rate In The Previous Government Was Not Well Thought Out And Its Impact Was Negative On The Citizen

Monday 11, September 2023 22:01 | Economical Number of readings: 201

Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed that the decision to raise the dollar exchange rate in the previous government was not considered and its impact was negative on the citizen. He  said in an interview with a number of Iraqi satellite channels that the dollar is linked to many sectors and cannot be dismantled.

He added that the banking and financial sector He has not witnessed any reform process since 2003, and he explained that Iraq's trade is now reliable and real.

He continued that the Iraqi and Iranian central banks are working on a mechanism to regulate trade and break the back of the parallel market.

He explained that the tobacco trade has zero revenues despite it being the strongest trade.

He continued: We have real reforms for the financial sector, and the teams are working on that.

He said that the banks that were banned from dealing in dollars were supposed to be punished by the Central Bank

He added: There is an American understanding of all the measures taken regarding reforms from Iraq./End   https://ninanews.com/Website/News/Details?key=1077006

FRANK26….9-11-23…. DE’JA’VU