Monday Morning Iraq Economic News Highlights 8-7-23

What Are The Reasons For The Intransigence Of The American Green In Front Of The Iraqi Dinar? An Expert Answers

Baghdad today – Baghdad  Today, Sunday (August 6, 2023), an expert in financial and economic affairs, Nabil Al-Marsoumi, revealed the reasons for the dollar’s ​​exchange rate not depreciating despite the many government decisions.  Al-Marsoumi told "Baghdad Today", that "the Central Bank of Iraq has the right to set an administrative rate for the exchange rate of the dollar, but on the ground we should not hope too much, because the bank previously promised the citizen 7 months ago to end the gap between the official rate and the parallel price."

He added, "It is not possible to attribute the rise in the price parallel to the speculators' operation, since there is a real demand for that price, because not all travelers are able to obtain dollars at the official rate, especially those who travel to countries banned from the United States."

He pointed out, "The spending of travelers in Iran in 2022 was more than 3 billion dollars, since Iraqi tourists constitute 55% of the total tourists in Iran, and therefore they get dollars from the parallel price."

And Al-Marsoumi indicated, "The demand for dollars from the parallel market is for the purpose of financing trade, especially with Iran, since Iraq imports $10 billion annually with it."

It is noteworthy that the exchange rate of the dollar recorded a rise this evening, Sunday, in Baghdad, and reached 152 thousand dinars per hundred dollars.

The Central Bank of Iraq revealed, last Thursday, new decisions that will be issued next week (current) to reduce the price of the dollar in Iraq.   LINK

The Federal Court Resolves The Appeal Of The Federal And Regional Governments To The Budget Law

Economy News – Baghdad  The Federal Supreme Court (the highest judicial authority in Iraq) announced, on Monday, the resolution of the Kurdistan Regional Government's appeal to the budget law.

A statement to inform the Federal Supreme Court, which was received by "Al-Iqtisad News", stated, "The court considered this day the case No. (168 / Federal / 2023) filed before it by the plaintiff (President of the Kurdistan Regional Government / in addition to his job) against the defendant (Speaker of Parliament / in addition to (13) for the year 2023 ((the federal general budget of the Republic of Iraq for the fiscal years (2023, 2024, 2025))”.

The statement added, "The Supreme Court issued its final and binding decision for all authorities, which includes the ruling on the unconstitutionality of the phrase (and with the approval of the Federal Prime Minister) contained in Article (11/First) and the phrase (and in the event that it is not possible to dissolve the House of Representatives to take the necessary decision) contained in Article (13/ VII) of the law.

The court decided to dismiss the case regarding the challenge to the constitutionality of articles (2/first/5/b), (11/second), (12/second/a, b, c, d, e) and (13/eighth/b) of the law.

The Federal Supreme Court also announced the resolution of the federal government's appeal to the budget law.

And its media stated in another separate statement, that the Federal Supreme Court considered this day the case No. (153 / federal / 2023) filed before it by the plaintiff (Prime Minister / in addition to his job) against the defendant (Speaker of Parliament / in addition to his job) regarding the appeal against articles From Law No. (13) of 2023 ((The Federal General Budget of the Republic of Iraq for the fiscal years (2023, 2024, 2025))

And it issued its final and binding decision for all authorities, which includes the ruling on the unconstitutionality of the phrase (exclusively) contained in Article (2 / first / 8 / c / 6), and the phrase (at his request) contained in the last part of Article (16 / second), and Article (20 / Sixth), Article (28 / Fourth / A), Article (57 / First / C), Article (70 / Second), and Article (72) of Law No. (13) for the year 2023 ((The Federal General Budget of the Republic of Iraq for the fiscal years (2023, 2024, 2025)).

The decision also included a judgment dismissing the plaintiff’s case regarding the challenge to the constitutionality of Articles (28 / fourth / b), (62 / fourth), (63 / third), (65 / second), (71) and (75) of the above law.   Views 15  08/07/2023 - https://economy-news.net/content.php?id=35541

Baghdad and London are discussing Iraq's steps in joining the international financial system

Money  and business  Economy News – Baghdad   Finance Minister Taif Sami discussed with the British Ambassador to Baghdad, Stephen Hitch, on Sunday, the development of joint cooperation in the field of economy, the exchange of experiences, and Iraq's steps in joining the international financial system.

The Ministry of Finance said in a statement, "The Minister of Finance, Taif Sami Muhammad, received today, Sunday, the British Ambassador to Baghdad, Stephen Hitch, and his accompanying delegation.

The two parties also discussed "mechanisms of joint cooperation in the field of supporting financial and banking policies, building human capacities, discussing Iraq's steps to engage in the international financial system, and the most prominent procedures and reforms that the government is taking in the field of the banking and financial sector, in a way that contributes to enhancing economic development in Iraq."   Views 149   08/06/2023 - https://economy-news.net/content.php?id=35523

Parliamentary Finance Intends To Meet The Sudanese On The Dollar Crisis

2023-08-06 | Source:  Sumerian  767 views   The Finance Committee intends to meet with the Prime Minister and host officials in the Ministry of Finance and leaders of the security services to discuss measures to curb the smuggling of foreign currency, while deputies stress the need for independence of government procedures.

The first meetings and hosts increase as the dollar bill rises against the dinar. Parliamentary Finance intends to meet the Prime Minister and host officials in the Ministry of Finance and leaders in the security services to discuss measures to limit the smuggling of hard currency abroad, while deputies stress the need to intensify government efforts to limit the aggravation of the crisis.

Representatives say that some banks and outlets are politically protected, as all measures taken by the government against the dollar are useless.  LINK

Parliamentary Committee: Delaying Budget Instructions And Implementing Its Provisions Is A Defect

Iraq  10:45 - 2023-08-07  Today, Monday, the Foreign Relations Committee confirmed that delaying budget instructions and implementing its provisions is a defect, and the government must expedite all tools and mechanisms that lead to services.

A member of the Foreign Relations Committee, Representative Haider Al-Salami, said in a press statement, "The government of Prime Minister Muhammad Shia'a Al-Sudani is raising the slogan of services, and that services depend on the responses of the budget."

He pointed out that "the delay in budget instructions and the implementation of its provisions is a defect, and the government must expedite all tools and mechanisms that lead to services," pointing out that "the central and southern governorates suffer from poor services and are awaiting budget instructions to start projects."

He explained that "there is also a delay in the file of project referral and monitoring, in addition to the food security projects that were approved more than a year ago," calling on the prime minister to hold the governors accountable for delaying the implementation of the provisions and the implementation and completion of projects, otherwise the slogan of services raised by the government will be a media slogan.   https://kirkuktv.net/AR/Details/16722