Deputy: The gasoline crisis is on its way to being resolved
Friday, Representative Nour Nafi said that the problem with gasoline at gas stations is getting better.
“There has already been a crisis at gas stations in many governorates of the country during the past 48 hours, and the reason is related to the delay in the arrival of the tanker carrying imported gasoline to the southern ports for some time,” Nafie stated in an interview with
She added, “The circumstance has changed and the appropriation cycle has started. ” Fuel, alluding to gas, will be shipped off stations in the governorates as per the arrangement of the General Organization for the circulation of oil based commodities, expecting that the emergency is headed to being settled inside a brief period.
She called attention to that “Iraq is needing expanding its creation capacities of oil subsidiaries to fulfill the rising need and lessen the import bill.” Which conveys huge amounts of cash to the financial plan.
It is vital that Iraq imports a piece of its fuel needs from different nations through the southern ports, and from that point it is shipped in tanks for circulation in different governorates.
Question: When do you think this RV plane will be landing?
MarkZ: Im afraid to say what I think because I am extremely upbeat and do not want to add to the difficult roller coaster we have been riding on.
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I have been in touch with a number of contractors …projects that were moth-balled and stalled now suddenly have funding in place...2 contractors in Iraq...believe they will see their rate...(about $3.90)...this week for their projects...I find this very interesting...Where is the money coming from to start these massive projects.
Their whole budget is about $162 Billion.
But one contractor was told they are getting ready to start a $150 billion dollar project. Which means there is a lot more money moving than what we are seeing right now.
Question: What do you think the new rate for Iraq will be?
MarkZ: I could be wrong but, I think the rate will start about $3.90 or so. But we are totally guessing.
We know that the budget has passed with $162 billion. It was $153 B last year...There is plenty in the news showing us it is passed…but I have yet to find where they are covering a budget shortfall with a rate...I was told to expect something within days of it being passed.
Comment: Its interesting they are saying billions and not trillions for their budget totals. They must have a rate hike? Right?
MarkZ: You are getting it. We are just trying to piece together “what is that rate?”
Finance reveals the value of non-oil revenues in the 2024 budget tables
Individual from the Parliamentary Money Council, Delegate Mustafa Al-Karaawi, affirmed on Friday that non-oil incomes in the 2024 financial plan tables added up to 27 trillion dinars.
Al-Karawi said in a meeting with , “The Parliamentary Money Advisory group held an extended gathering after the 2024 spending plan plans showed up from the Administration of the Chamber, and two things were settled upon: taking on a serious plan for getting work done inside the council to finish the timetables and setting up a program of gatherings and facilitating those worried to continue with their fulfillment as fast as could really be expected.” maybe”.
He added, “Oil incomes in the 2024 financial plan tables added up to 27 trillion dinars, bringing up that there are a progression of notes recorded by the panel that will be examined straightforwardly with the Service of Money after an extended facilitating meeting before long.”
He brought up that “it is beyond the realm of possibilities to expect to mark the calendar to determine the spending plan plans, however the council consented to serious work to determine them straightaway.”
The Place of Delegates reported toward the finish of last week that it had gotten the 2024 financial plan plans and started inspecting them by the Parliamentary Money Advisory group.
If they go on the Forex system it's going to be international. It's going to be fast and furious.
Could they do something within the county prior to that?
Sure, why not, educate the citizens, do what they got to do...
Question:
People want to know if they can drag this out until next year?
Militia Man: We don’t know the timing. But, I don’t think we are even close to go that long. There is way too much going on in the world and this is not only about Iraq. Remember all boats rise with the tide...I believe Iraq is ready to go with the rest of the world. Along with other countries like the Vietnamese dong.
Are they going to change the value of their currency...?
I'm pretty sure they are going to need to to pay for all these [reconstruction] objects...rebar, the cement - all that stuff is expensive at 1310. It's not so expensive if it's back at a 'previous era'....If they have the true value, their real effective exchange rate, it's going to be far cheaper...
“The dollar is leaking”… Central Bank sales in numbers and an expert raises several questions
A monetary master brought up a few issues in regards to the National Bank of Iraq’s dollar deals and their examination with earlier years.
Manar Al-Obaidi said in an explanation, a duplicate of which was gotten by , “By checking on the National Bank’s deals of the dollar, both money and settlements, it is noticed that the bank’s deals of unfamiliar cash money to the neighborhood market were not significantly impacted in 2023, which is the year where the emergency of American limitations on dollar deals started.” “.
He added, “As per National Bank information on unfamiliar money deals to neighborhood showcases, the worth of dollar cash deals in 2023, the time of the dollar emergency, added up to 8.4 billion US dollars, taking note of that the typical unfamiliar money deals of the dollar from 2006 until 2022 added up to 6.1 billion bucks.”
He brought up that “the National Bank’s deals of money are higher than the typical deals of the National Bank over every one of the previous years, and the proportion of money deals to add up to unfamiliar cash deals in 2023 was 25%, while the typical proportion of money deals to add up to unfamiliar cash deals was over Expansion of years (2006-2022) 18.7%.
According to Al-Obaidi, “What actually decreased and was affected were the Central Bank’s sales of dollars through the remittance window, as the value of the Central Bank’s sales through the remittance window for the past year amounted to 25 billion dollars, while the average foreign exchange sales of dollars from 2006 to 2022 was 31 billion US dollars and amounted to The highest value of the Central Bank’s sales from the remittance window in 2019, amounting to 45 billion dollars
He made sense of, “From these numbers, obviously what influences the swapping scale in the neighborhood market is the abatement or expansion in the national bank’s deals of unfamiliar money through the settlement window, and not cash deals, which were not significantly impacted over the earlier years.”
The financial master called attention to, “In light of these numbers, two inquiries emerge. The initial is: In the event that most of the National Bank’s deals of unfamiliar money over the course of the years from 2006 to 2023 were through the settlement window, at a pace of 84% of the National Bank’s complete deals, then, at that point, what is the wellspring of unfamiliar cash?” Which was readily available in the nearby marketplaces? For what reason was the equal conversion standard impacted by the settlement deals window assuming the interest was to cover the interior need, considering that the settlement window deals convey hard money outside Iraq?
He said, “The deals of the National Bank through the money window from 2006 until 2023 added up to in excess of 113 billion US dollars, and where was this mass of hard cash consumed? Was everything consumed external Iraq to cover the movement costs of Iraqis? Or on the other hand was it finished to cover explicit kinds of dealers that were not Could you at any point enter the outer exchange window, or was it utilized for different purposes?
Al-Obaidi proceeded, “These information and questions require a profound examination to understand what the unfamiliar cash cycle is in Iraq and who is liable for the proceeded with interest for it in the nearby market in spite of the great settlement window. Does Iraq truly require cash deals of the dollar adding up to $9 billion yearly, and what are the purposes behind this interest? Is it truly to cover unfamiliar exchange with nations that are disallowed from managing?
The National Bank’s administration plans to step by step drop the dollar closeout during the year 2024, prompting its finished scratch-off before the year’s over, and to keep up with it for review and factual purposes, with an end goal to empower Iraqi banks to endlessly lay out strong financial associations with the worldwide and local financial area to accomplish the moderation of the Iraqi financial area and full responsibility. in accordance with international requirements and standards.
Iraq depends on the stage for selling money straightforwardly to neighborhood banks and organizations, which was recently known as the everyday dollar closeout, as one of the components for saving the worth of the Iraqi dinar and battling speculative tasks in the equal market.