Wednesday 08 November 2023 05:17 A.M. Time
TEXAS USA Texas Snake:
Says — Many times we have been made to believe that this is our week, well friends, be on the lookout for any day that ends in Y. — I'm getting global notices to expect our release notifications in a day or two.
TRANSLATION IN SPANISH:
Miércoles 08 Noviembre 2023
Surge in US Dollar Exchange Rates: Implications for Iraq’s Economic Landscape
Exchange rates for the U.S. dollar have seen a significant surge in Baghdad and Erbil, the capital of Kurdistan, according to Shafaq News agency. The opening of al-Kifah and Al-Harithiya stock exchanges witnessed the dollar prices rise to 164,750 Iraqi dinars for 100 dollars, a substantial increase from the previous day’s rate of 163,300 dinars for 100 dollars.
The uptick in dollar prices has implications for various sectors and has kindled discussions on inflation, foreign currency exchange, and the economic landscape in Iraq and the Middle East. The increase at the stock exchanges and local currency exchange shops signifies a noteworthy shift in the foreign exchange market. The Central Bank of Iraq (CBI) conducted an auction for buying and selling the US dollar, revealing a substantial increase in foreign transfers compared to cash sales. The auction saw an 86% surge in foreign transfers, reaching a total of $197 million, illustrating the growing demand for foreign currency in the region.
Despite the exchange rate fluctuations, the CBI reported a decrease in inflation rates in Iraq, maintaining that the inflation rates are within acceptable limits compared to neighboring countries. The fall in inflation rates from 4.4% to 3.7% between August 2022 and August 2023 sheds light on the economic stability and monetary policies in Iraq.
The foreign currency exchange and inflation trends are closely linked to the broader economic landscape, including the oil and gas sector. DNO ASA, a Norwegian oil and gas operator, reported significant developments in its operations, particularly in Kurdistan. The company’s third-quarter revenue and production figures indicate the evolving dynamics of the oil industry in the region. The closure and subsequent reopening of the Iraq-Turkey Pipeline, coupled with the recovery of accumulated debt, demonstrate the complex interplay between geopolitical factors and commercial operations in the oil and gas sector.
The geopolitical landscape adds another layer of complexity. The heightened security concerns, as evidenced by the sirens warning of a possible attack at the U.S. embassy in Baghdad, underscore the geopolitical risks that can impact economic activities in the region. The geopolitical tensions and their potential impact on foreign investments and economic stability are crucial elements to consider within the broader economic analysis of Iraq and the Middle East.
In light of these developments, it is evident that the fluctuations in exchange rates, coupled with the dynamics of the oil and gas sector and geopolitical considerations, collectively shape the economic landscape of Iraq. A comprehensive understanding of these interconnected factors is essential for stakeholders to make informed decisions and navigate the complexities of doing business in Iraq and the broader Middle East region.
Frank26 (KTFA)
Experts Call For Changing Some Economic Laws
Iraq 11/09/2023 Baghdad: Muhannad Abdel Wahab The opinions of economic experts varied regarding Iraq’s need to change or amend a number of economic laws, including the law of the Central Bank, Securities and Investment Authority, while they called for dividing the budget law into three investment budgets and others for the Investment Authority and the Central Bank to support loans.
The economic expert, Mustafa Hantoush, said in an interview with “Al-Sabah”: The Iraqi economic reality needs to amend some of the laws that work to restore its economic growth in accordance with the development that the world is witnessing, as they need to be reformulated or amended to their paragraphs, noting that the laws that need to be amended
They are Central Bank Law No. 56 of 2004, Banks No. 4 of 2004, Securities Commission No. 72 of 2004, Investment No. 50 of 2015, Tax Law No. 113 of 1982 amended for the year 2004, and Companies Law No. 21 of 1999 amended for the year 2019. He explained
. These laws have a number of problems and do not help direct the Iraqi economy or manage banking operations or state funds correctly, stressing that we need to activate investment in another way and with a greater flow. Even the budget law needs to be divided and made into three budgets, one for investment and another for the Investment Authority and the Central Bank and to support Loans.
In this context, economic expert Hazem Hadi pointed out, in an interview with Al-Sabah, that the Iraqi economic system has a number of distortions, especially since it is burdened by widespread unemployment, deteriorating services, and others, warning that all of these factors, unless they are addressed, cannot improve the economy. The Iraqi.
He pointed out that the solutions lie in changing a number of laws, including the Central Bank Law, which must take its role in controlling the foreign currency in a positive manner and not leave matters to the currency auction, adding that Iraq since 2003 has not witnessed an import plan or approach for what the country needs, and it must Be clear to those working in the industrial and commercial sector and their import needs. Edited by: Adhraa Juma https://alsabaah.iq/87002-.html
The Dollar Deepens The Wounds And Hits The Economy. Smuggling To Jordan, The Emirates, And Iraq Pays The Price
Information/Baghdad.. Iraq continues to pay the trade bill of merchants and smugglers to Jordan, Turkey, and the Emirates, reaching record numbers, exceeding the reasonable price, while demands are mounting to end the control of Jordan and its banks over the Iraqi currency auction in the Central Bank of Iraq. Representative Youssef Al-Kalabi said in a post on the “X” platform, “The Iraqi judiciary is investigating the director general responsible for transfers and credits at the Central Bank on suspicions of corruption and causing manipulation of dollar prices and other serious issues.”
He added, "This person enabled the National Bank, known as (the Jordan Bank), to acquire two billion dollars a month."
Al-Halbousi Ignores Calls For Reform
In addition, independent MP Hadi Al-Salami accused the Parliament Presidency of ignoring the representatives’ calls to host the Prime Minister and the Governor of the Central Bank to discuss the dollar crisis.
Al-Salami said in an interview with the Maalouma Agency, “The Presidency of Parliament did not deal with the issue of the dollar exchange rate,” pointing out that “there is continuous follow-up by members of the House of Representatives regarding the real and parallel exchange rates.”
He added, "The dollar crisis is still casting a shadow over the economic scene in light of warnings about the decline in the value of the Iraqi dinar."
He pointed out that "the dollar is continuing to gradually increase and it is possible that it will exceed 170 thousand dinars in the absence of new deliberate steps to control this matter."
Al-Salami pointed out, “The Presidency of Parliament ignored our calls to host the Prime Minister and the Governor of the Central Bank to discuss the dollar crisis.”
Independent MP Basem Ngheimesh Al-Gharibawi had confirmed that the Presidency of Parliament had not responded to demands to hold an investment session to discuss the dollar crisis and its instability in the markets.
Shy Steps
In a shy step, the Central Bank announced the resumption of the sale of gold bullion and coins via an electronic platform in order to reduce demand for the dollar.
A statement from the Central Bank, received by the Maalouma Agency, stated that it “decided to sell gold bullion and coins via an electronic platform, starting tomorrow, Wednesday.”
He pointed out, "Governmental and private banks can apply to buy gold bullion and coins via (an electronic platform designated for this purpose)," indicating that "their sale will be in accordance with the instructions and controls issued by the Central Bank of Iraq."
The Dollar Is Beyond Reasonable
Dollar prices rose significantly in Baghdad and in Erbil, the capital of the Kurdistan Region, with the closure.
The Maaloma Agency correspondent said that dollar prices rose with the closure of the Al-Kifah and Al-Harithiya stock exchanges, recording 166,800 dinars against 100 dollars. LINK
The American consul in Erbil speaks of “economic opportunities” that bring great benefits to Iraq and the United States Shafaq News / The ...