After the decisions of the Riyadh Summit, Iraq is considering reducing its oil production by one million barrels to stop the aggression against Gaza
Iraqi oilAn Iraqi government source revealed on Sunday that the government is holding discussions to reduce Iraq’s oil production after the decisions of the Arab-Islamic Summit on Gaza.
The source said, “Prime Minister Muhammad Shiaa Al-Sudani met yesterday, Saturday, with the Minister of Oil and his energy and economic advisors to discuss making a decision to reduce oil exports by one million barrels per day from the allocated export quota.”
He added, “This decision may be taken due to the Arab-Islamic summit not reaching effective decisions to stop the fire in Gaza.”
Parliamentary Finance reveals to “Al-Ma’louma” the details of the discussions between Iraq and America regarding the dollar, 14 NOV
Parliamentary Finance reveals to Al-Ma’louma the details of the discussions between Iraq and America regarding the dollarInformation / Baghdad..
Today, Monday, the Parliamentary Finance Committee revealed the details of the discussions between Iraq and America regarding the price of the dollar against the dinar, while indicating that the Central Bank of Iraq has developed solutions to control the continuous rise in exchange rates.
A member of the Finance Committee, Moeen Al-Kazemi, said in an interview with Al-Maalomah, that “the Central Bank is making intensive efforts through its discussions with the US Federal Reserve to ease restrictions on Iraqi banks, as well as developing practical solutions to liberalize the Iraqi currency by opening outlets in most countries of the world for dealing.” In various foreign currencies instead of the dollar.
He added, “The restrictions imposed by the US Federal Reserve and the failure to release Iraqi funds in dollars are behind political reasons for the purpose of its dominance over countries of the world, including Iraq.”
He pointed out that “Iraq receives approximately $10 billion monthly from selling oil, but it is deposited in the US Federal Reserve, which is constantly trying to obstruct its release.”
Al-Kadhimi continued, “The Central Bank has taken new measures by opening multiple outlets in countries around the world that deal in the currencies of the Chinese yuan, the Indian rupee, the European euro, and the Emirati dirham.”
It is noteworthy that the US sanctions are raising a wave of concern among the Iraqis, especially since all government and central bank measures have not succeeded in bringing the parallel exchange rate closer to the official rate.
Pressure paper.. Deputy identifies four factors that confused the dollar market
Pressure paper.. Deputy identifies four factors that confused the dollar marketInformation/private..
On Monday, Representative Muhammad Al-Baldawi identified 4 factors behind the continued turmoil in the dollar market in Iraq.
Al-Baldawi said in an interview with “Al-Ma’louma” that “the post-2003 accumulations, the security unrest, and the lack of clarity of a comprehensive vision for reviving the national economy led to the dollar becoming an influential standard in the economy, especially since all the oil sold goes to a bank account in America before it is sold.” He arrives in Baghdad.
He added, “The turmoil occurring in the parallel market and the rise in the dollar exchange rate in recent weeks are clearly behind 4 important factors, most notably the US Federal Reserve’s delay in sending dollar shipments to the central bank and its repeated threats to impose sanctions on it within the framework of an American pressure policy that wants to directly strangle the national economy.” “.
He pointed out that “the economy is a clearly defined American game that is trying, through the dollar, to raise prices and create instability in the markets,” pointing out “the importance of reconsidering the diversification of the basket of currencies and seeking to end the file of dollarization in the markets by adopting the dinar to pay internal dues to reduce… Demand on the parallel market.
The dollar selling market is witnessing a state of instability in light of the continuous rise and fall, which has created a worry in the Iraqi markets.
FIREFLY: The United States is meeting all day with Iraq on ways to help with the dollar crisis and now JP Morgan has stepped in too. They say JP will...help five Iraqi banks and this is a firm standpoint that will help start an end to the black market issue. We believe it would be the start of also of the float...
FRANK: ...They are preparing you to make an announcement on your new category notes. JP Morgan has always said this dinar investment is a scam and now they are 100% behind the dinar monetary reform huh? Why? Because they are about to explode the currency internationally with the CBI.
Right now the monetary reform plan is telling you we're going to be part of the WTO. Now, we don't have to have a rise in our currency but we have to have restriction free currency so that our currency can be internationally accepted. Therefore our currency can now float internationally in an international basket...
Question: "Will there be a short time frame that the Iraqi citizens are informed of the rate change and able to benefit before the rest of the world finds out or do you feel we will all know when they know?"
We'll all know at the same time...But a dinar is a dinar inside of Iraq. It will not be affected by the external exchange rate as it grows it stays at whatever exchange rate they release it at internally. Will citizens become rich?No, I wouldn't say they're going to be rich but they're going to have a lot more purchasing power...
What Is The Role Of Private Banks In The Recovery Of The Parallel Market For The Dollar?
Politics/Economy |Yesterday, 21:37 | Baghdad Today – Baghdad Member of the Parliamentary Finance Committee, Representative Mudar Al-Karawi, confirmed today, Monday (November 13, 2023), that the
role of banks must be reflected in financing development projects and providing liquidity and lending to citizens and projects, but the role of private banks in Iraq is limited to currency trade.
Al-Karawi said in an interview with “Baghdad Today” that “recent years have witnessed the opening of dozens of private banks in Baghdad and the rest of the Iraqi governorates in a major revival of the banking sector, which is the largest of its kind since the founding of the Iraqi state more than 100 years ago.”
He added, “Despite our support for the establishment of banks, what is more important in our view is what they provide to the national economy,
especially since banks are concerned with many issues, most notably financing development projects and overcoming obstacles in providing lending liquidity to citizens, companies, and businessmen, and entering into economic partnerships that directly revive the investment file, but what we see is It is different in most cases, and the role of banks is directly defined in the currency trade file.”
He pointed out that "the presence of more private banks than government banks, or vice versa, does not constitute a factor affecting the exchange rate of the dollar or the parallel market,
if the latter is managed in a way that contributes to stopping its smuggling and speculation, ending the dollarization file, and returning the dinar for all internal financial transactions," pointing out that
"The file of private banks needs real reconsideration and evaluation in order to push them to open up towards financing investments and increasing the pace of financial lending.” He continued,
"It is unacceptable that some banks turn into more like banking offices and earn money through the currency auction, which needs an objective reconsideration."
The total number of banks in Iraq is 81 banks, of which the number of government banks is only 7, while the number of private banks is 74 banks, according to economic statistics.
On the other hand, the list of dollar sales in the Central Bank of Iraq shows that the number of banks participating in the currency auction, whether for cash sales or foreign transfers in general, ranges between 25 and 30 banks only.
Economic and political circles have accused specific banks of taking over the currency auction at the Central Bank, while
experts point out that this comes because of the so-called “correspondent banks” these banks own in other countries, which makes them capable of organizing foreign financial transfers compared to those banks that It does not have “correspondent banks”.
However, according to a recent agreement between the Central Bank of Iraq and the Federal Bank, the number of banks capable of conducting external financial transfers will be increased from 5 banks to 10 banks, and these new banks will be strengthened with advance shares of the dollar,
making them able to carry out external transfers by relying on the correspondent banks that they own in the country. Several countries.