Member Of Parliamentary Finance: The Dollar Exchange Difference Is Very Large And It Has Become Necessary To Address It, 5 NOV

 Member Of Parliamentary Finance: The Dollar Exchange Difference Is Very Large And It Has Become Necessary To Address It

Time: 11/05/2023 Read: 754 times    {Economic: Al-Furat News} A member of the Parliamentary Finance Committee stressed the need to address the high dollar exchange rates in the country.

Committee member Ali Jabbar Mu'nis told Al-Furat News Agency, "The financial difference between the official and parallel exchange rates in the markets has become very large."

He added, "It has become necessary to resolve this matter by dealing more seriously with the US Federal Reserve, oil dues, and increasing dollar payments to Iraq, and the issue must be addressed because of the negative repercussions on the lives of citizens."

He warned of "long-term repercussions, as the Iraqi government has large economic obligations and the budget must undertake the process of organizing the budget more closely."   LINK

By Investing In Black Oil...An Economic Expert Proposes A Solution To The Dollar Crisis In Iraq, 5 NOV

 By Investing In Black Oil...An Economic Expert Proposes A Solution To The Dollar Crisis In Iraq

Economy |Baghdad Today - Baghdad   After the dollar exchange rate crisis worsened, and the situation got out of control in the parallel market in light of the inability of the government and the central bank to contain the crisis, economic expert Nabil Al-Marsoumi proposes a “solution through investing in black oil.”

During the past months, the dollar exchange rates witnessed a noticeable increase, exceeding 160 thousand dinars for every 100 dollars, which ignited the market and raised the prices of food and other commodities, in light of merchants’ fears of the losses that may befall them as a result of this rise. 

Selling Black Oil 

Al-Marsoumi said today, Sunday (November 5, 2023), that “Iraq’s exports of black oil in 2022 amounted to more than 4 billion dollars.”

 The economic expert explained in a blog post followed by “Baghdad Today” that “Iraq can sell black oil in euros or Chinese yuan and use the amounts to settle commercial transactions with countries sanctioned by America, especially Iran.”

Al-Marsoumi pointed out that “if this happens, the exchange rate of the dollar in the parallel market will decline significantly,” pointing out that “this must be preceded by an understanding with the US Federal Bank and obtaining its approval.”

Trade Exchange With Iran

Iraq's imports from Iran annually amount to approximately 10 billion dollars, which is equivalent to 16% of Iraq's total annual imports amounting to 60 billion dollars annually, according to economic estimates.

Iranian trade with Iraq is facing many difficulties, the most important of which is financing and the possibility of obtaining the dollar, especially with the implementation of the platform in the Central Bank of Iraq, which prevents financing trade and sending money to Iran for the purpose of import.

This led to merchants importing from Iran rushing to buy the dollar from the parallel market and bearing an additional cost as a result of the high prices there, and amid these many difficulties.

On (October 31, 2023), an Iranian official revealed a decline in his country’s various exports to Iraq for several reasons, including the difference in the dollar exchange rate.

The former Secretary of the Iranian-Iraqi Chamber of Commerce said in a press statement, “One dollar for an Iranian merchant is equivalent to 1,600 Iraqi dinars, while this number for businessmen from other countries is 1,300 dinars, which is equivalent to the official price of Iraq,” stressing that “this difference in the price that... “Up to 15% is acceptable for Iranian businessmen, but exceeding that will make things more difficult.”   LINK

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The Dollar In Iraq Is Flying Due To Political Corruption And Security Escalation, 5 NOV

 The Dollar In Iraq Is Flying Due To Political Corruption And Security Escalation

November 4, 2023   Baghdad/Al-Masala Al-Hadath: The price of the dollar is rising in Iraq, and the purchase price has reached more than 161 dinars for every 100 dollars.

For more than 8 months, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system “SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel (black) markets.

The Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of buying the dollar from the Ministry of Finance reached 1,300 dinars per dollar and selling it at (1,310) dinars per dollar to banks through the electronic platform, and it is sold for (1,320) dinars per dollar. Dollars from banks and non-banking financial institutions to the final beneficiary.

The security escalation in Iraq is one of the most important political reasons behind the rise in the price of the dollar in the country. Since the American invasion of Iraq in 2003, the country has witnessed ongoing political and security conflicts, which led to the deterioration of the Iraqi economy and the decline in the value of the Iraqi dinar against the dollar.

This year, threats between armed factions and American forces in Iraq led to the instability of the dollar exchange rate.

Political corruption is another reason that leads to the rise in the price of the dollar in Iraq. Political corruption in Iraq hinders economic development and leads to the leakage of money from the country, which weakens the value of the Iraqi dinar.

The weakness of government institutions is also one of the reasons leading to the rise in the price of the dollar in Iraq. Iraqi government institutions are weak and ineffective, which makes it difficult for the government to control the market and adjust the currency exchange rate.

The Iraqi economy depends heavily on oil, as oil represents about 90% of the country's exports. High oil prices lead to an increase in Iraqi oil revenues, which strengthens the value of the Iraqi dinar, while low oil prices lead to a decrease in Iraqi oil revenues, which weakens the value of the Iraqi dinar.

High inflation is one of the reasons that leads to an increase in the price of the dollar in Iraq. High inflation leads to an increase in demand for the dollar, which raises its value against the Iraqi dinar.

The demand for the dollar is one of the main reasons that leads to an increase in its price, as the dollar is the global reserve currency and is used in international trade and foreign investments, and increasing demand for the dollar leads to an increase in its value against other currencies.

 https://almasalah.com/archives/71975

Iraq’s Prime Minister Embarks on Regional Tour Amid Gaza Crisis, 5 NOV

 Iraq’s Prime Minister Embarks on Regional Tour Amid Gaza Crisis

The Gaza conflict, a volatile brew between Israel and Hamas, has ignited concerns about a potential regional conflagration, with Iraq, a neighboring country, under the spotlight. Stepping up to tackle the delicate situation, Iraq’s Prime Minister, Mohammed Shia’ Al-Sudani, is poised to commence a regional tour on Monday to deliberate on the evolving crisis in Gaza, commencing in Tehran and spanning several Gulf capitals.

Seeking a Ceasefire, Avoiding Regional Conflict

The Prime Minister, in concert with Iraq’s Foreign Minister, Fuad Hussein, underscored the urgency of forestalling a regional conflict and shielding Iraq from the war’s crossfire. The duo advocated for an immediate ceasefire and the creation of safe corridors to facilitate the influx of humanitarian aid into the beleaguered Gaza Strip.

International Attention, US Intervention, and Egypt’s Concerns

The Gaza situation has magnetized global attention, with Arab leaders rallying for an immediate ceasefire. U.S. Secretary of State Antony Blinken, currently on his second regional trip, has been besieged by Arab leaders to persuade Israel to cease its military operations in Gaza. However, Blinken expressed apprehensions that a premature ceasefire might merely provide Hamas a window to regroup and relaunch attacks on Israel. He emphasized Israel’s inherent right and obligation to defend itself while acknowledging the necessity to seek an end to hostilities.

Meanwhile, Egypt has expressed deep concerns about a potential mass exodus of Palestinians from Gaza into the Sinai Peninsula. Israel’s total blockade, barring the entry of essential supplies into Gaza, has exacerbated the humanitarian crisis, prompting Egypt to seek U.S. mediation. Despite Israel’s stiff stance, it has permitted the passage of limited aid through the Rafah border crossing.

Impact on Jordan and Lebanon

Jordan, already roiled by widespread protests against Israel’s actions, is anxious about the potential expulsion of Palestinians from Gaza and the West Bank. The Jordanian government has rebuffed reports of permitting the U.S. to funnel weapons to Israel via Jordan, even as it reaffirms its commitment to rekindle the Israeli-Palestinian peace process.

Lebanon, ensnared in a historical enmity with Israel and host to the potent Shiite militia Hizbollah, is teetering on the brink of a broader conflict. Even as Hizbollah declares its disinterest in a war with Israel, it remains a staunch member of the axis of resistance, which includes Iran, Syria, and other militant groups. Navigating this precarious situation, Hizbollah has received stern warnings from Israel and the U.S. to desist from escalation.

The Quest for Diplomatic Solutions

The Gaza conflict underscores the interwoven nature of the Middle East and the potential for regional conflicts to spiral out of control. As Iraq’s Prime Minister embarks on his regional tour, the focus will be on unearthing diplomatic solutions and preventing the conflict from further ensnaring the region.

https://bnn.network/world/iraq/iraqs-prime-minister-embarks-on-regional-tour-amid-gaza-crisis/

RAISE THE HIGHEST STATE OF ALERT AND PREPARE FULLY TO DEFEND IRAQ’S SOVEREIGNTY, 5 NOV

 RAISE THE HIGHEST STATE OF ALERT AND PREPARE FULLY TO DEFEND IRAQ’S SOVEREIGNTY

The Popular Mobilization Authority held an expanded meeting headed by the Authority’s Chief of Staff, Abdulaziz Al-Muhammadawi, and in the presence of the Secretary-General, the Secretary, the operations commanders, the commanders of the brigades and formations, and the directors of the supporting factions in the Authority, where Al-Muhammadawi directed that the state of maximum alert be raised in preparation for dealing with any emergency during the days that may be coming.

At the beginning of the meeting, the Commission’s Chief of Staff praised “the results achieved by the Al-Aqsa Flood epic, which defeated the myth of the defeated entity and confirmed the fact that it was weaker than a spider’s web and placed its military and security apparatus in a state of confusion and shock despite the passage of nearly a month since that heroic operation,” according to a statement issued by the Commission.

The Chief of Staff of the Mobilization Forces also renewed “condemnation and denunciation of the crimes and massacres of the Zionist occupation against our defenseless Palestinian people in the Gaza Strip and the tragic situation there as a result of the occupation’s practices,” praising “the statement of the supreme religious authority in support of the cause of the Palestinian people and the positions of the Iraqi government and the Prime Minister in solidarity and support.” And sending aid, as well as the rest of the popular and community activities denouncing the brutal aggression against our people in Gaza.

According to the statement, “During the meeting, the most prominent security developments and challenges in the various sectors of operations were reviewed, and the extent of the high readiness enjoyed by the Popular Mobilization Forces, along with the rest of the security sectors, to maintain the state of great security stability that Iraq is witnessing.”

He directed to “raise the state of maximum alert in preparation for dealing with any emergency in the coming days and to emphasize the high readiness of all our fighters in the various sectors and formations and the full readiness to defend the country’s sovereignty and its national borders.”

On the 27th day of the war on the Gaza Strip, the Strip is being bombed in various parts of it, and the number of Palestinian martyrs has risen to 8,805, compared to 22,219 wounded.

On the other hand, the Israeli army announced that the number of its soldiers killed had risen to 16 in the ongoing clashes with the Palestinians during the ground operation it has been carrying out since Tuesday.

(It is evident that Iraq is very pro-Palestine and favors the terrorists rather than the Israeli military and their efforts. The author even calls the terrorists “martyrs”. The author even calls the western allies with Israel “Zionists” a term often used by the terrorists themselves. This attitude towards Isael and towards the west is not good for Iraq and can only hurt them.)

https://www.facebook.com/profile.php?id=100064727316650

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