More News, Rumors and Opinions Thursday PM 3-16-2023
KTFA:
Clare: With the participation of 150 international companies.. The opening of the eighth Basra International Exhibition for Oil, Gas and Energy
3/16/2023
Basra / NINA /- The Governor of Basra, Eng. Asaad Al-Eidani, inaugurated today the activities of the 8th Basra International Oil, Gas and Energy Exhibition, for the period from 16 to 19 March.
Which is sponsored by the Communications Commission, the National Investment Commission, and the Parliamentary Electricity and Energy Committee.
With the participation of 150 Arab, international and local companies, the exhibition includes a display of models of industries that are used in oil exploration operations. LINK
Henig: Member of the parliamentary finance: The budget will reach Parliament officially next week
Baghdad / Nina / A member of the parliamentary finance committee, Mueen Al-Kazemi, announced: "The budget will officially reach parliament next week."
Moeen Al-Kazemi said in a televised statement: "We will need 30-45 days to approve the budget," noting that: "More than a trillion dinars have been allocated to the port of Faw in the budget."
He added: "The House of Representatives is serious about approving the social security law and we will work to include the differences in the salaries of the crowd in the budget," adding: "The degrees of termination of their contracts should not go to others." LINK
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Clare: Central Bank Governor: We are working with the government to make the dinar the main currency in the Iraqi market
3/16/2023
On Thursday, the Governor of the Central Bank, Ali Mohsen Al-Alaq, set the objectives of monetary policy in Iraq, pointing out that he would take the necessary legal steps within the framework of the dinar being a major currency prevailing in the market in cooperation with the government.
Al-Alaq said on the second day of the seventh Sulaymaniyah Forum, followed by "Al-Iqtisad News", that "the monetary policy includes two basic goals," noting that "one of these goals is to maintain the general level of prices, that is, the strength of the currency locally and the exchange rate, which represents the strength of the currency externally."
He added that he "will take the necessary legal steps in the context of the dinar being a major currency prevailing in the market, in cooperation with the government."
He noted that "buying and selling in a foreign currency is a strange matter and a widespread phenomenon in the Iraqi markets, which is (the dollarization of the market)," pointing out that "the currency is a symbol of sovereignty and a title for the country, and abandoning it is tantamount to lowering the flag."
He pointed out that "externally we do not have a problem with remittances, and every day we open new outlets to sell the dollar at the official rate."
Al-Alaq pointed out that "inflation and the exchange rate are high factors, and we note a growth in the money supply, and the currency export witnessed a storm, which is an abnormal growth in the absence of productive growth, and indicates an increase in import demand."
And he explained, "The central bank law stipulates that it sells foreign currency without placing restrictions, and the text of the phrase in the article is (simple unconditional sale), which is the ideal case through which the central bank can maintain the exchange rate, that is, respond to every demand for the dollar."
And that "the problem is that there are more controls and standards in verifying the buying and selling of foreign currency, and with the increase in the international currency war, it makes the process of setting more controls and restrictions increasing."
And the governor continues, "The central bank has become in a complex balancing act between achieving a simple unconditional sale so that there is no room for the price difference and speculation, and the application of these standards that require a review of all operations."
He expressed his regret, saying, "The central bank bears additional burdens in applying these standards due to the absence of the role of other institutions that are supposed to help in the process of verifying operations. For example, if our border crossings were at a degree of organization and recording operations correctly, it would enable all parties." From the knowledge of the foreign dollar and its conformity in these operations .. There are large gaps in the border crossings, some of which have been diagnosed for many years, and some of which are new with experience.
And he warned that "the central bank has the ability and desire to achieve its goal of responding to the demand for the dollar, whatever its size, and it is now able to offer the dollar at the level of demand; but what reduces this supply is a group of merchants and others, who are not ready to enter into these processes and controls; so there is A deficiency in the process of covering the demand
If we see that the existing rates of remittances and the demand for dollars and credits do not cover only a small percentage of the real trade of Iraq, and we are trying to bridge this gap through various means to earn these and their entry into the process from its correct gate. LINK
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Courtesy of Dinar Guru
Frank26 Article: "The Central Bank of Iraq issues the third package to facilitate the procedures for obtaining US dollars" THE CENTRAL BANK ISSUES MANY NEW REFORM STEPS FOR THE NEW EXCHANGE RATE AND THE NEW CURRENCY!
Pimpy Article: "Al-Sudani returns to Baghdad after concluding his visit to the Kurdistan region" Al-Sudani just got back from being over there in Kurdistan. We know he was over there ironing out the last of the details necessary for them to come up with an agreement on hydrocarbon laws. I'm excited about that but I'm more eager about them signing it so we know it's official.
The Crisis Is Just Beginning (Here's Why)
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Ray Dalio has studied the last 500 years of history and economic cycles.
As a global macro investor for over 50 years, Ray explains the geopolitical situation in the world and how it’s about to affect the economy & markets.