Economist: Ministry of Finance statement is accurate and liquidity is available

Information / Special… Economic expert Nabil Jabbar confirmed today, Sunday, that the statements and declarations of ministries are more accurate and objective than the statements of representatives, as they are characterized by responsibility.

Jabbar said in a statement to Al-Maalouma Agency, “The statements of some representatives about securing salaries and the lack of cash liquidity are inaccurate and are issued out of hatred or personal positions,” noting that “the cash liquidity is available and the salaries of employees are secured according to the economic reading and the ministry’s statement.”

He added, “The MPs’ statements in this regard are either critical of the ministry in order to spite it or based on the views of some economic experts who are not familiar with the current situation,” noting that “last year there was a deficit in financial liquidity due to the decline in currency sales and the cessation of financial transfers due to smuggling operations, but this year, due to the high transfers of the Central Bank, liquidity is available and is able to secure salaries.”

The Ministry of Finance responded today to statements made by some members of the Finance Committee, who misled public opinion about the lack of liquidity, which would affect the payment of employees’ salaries.

Almaalomah.me

MP: Oil and Gas Law Still Captive to Disagreements

Information / Special… Member of the Parliamentary Oil, Gas and Natural Resources Committee, Ali Al-Mashkoor, revealed today, Sunday, the latest developments regarding the approval of the Oil and Gas Bill.

Al-Mashkoor said in a statement to Al-Maalouma Agency, “The oil and gas law is still a prisoner of political differences, and is currently outside the corridors of the House of Representatives after being returned to the government.”

He added, “The Oil Committee studied the law in detail to identify the points of contention and agree on them finally to be voted on in the House of Representatives during the next stage.”

Al-Mashkoor pointed out that “political differences over the oil and gas law still exist, which is why it has not been voted on and passed yet.”

The Kurdish parties continue to obstruct the government in approving the oil and gas law, which must be voted on in parliament in order to end the violations and thefts that the Kurdistan Regional Government is carrying out in the oil smuggling file.

Almaalomah.me

Government committee issues a series of decisions to expand investment in economic sectors

Shafaq News / The Higher Committee for Investment and Reconstruction held its regular meeting today, Sunday, headed by Prime Minister Mohammed Shia al-Sudani, during which they discussed aspects of developing investment mechanisms in various economic and development sectors, discussing the files on the agenda, and taking the necessary decisions regarding them.

According to a statement issued by Al-Sudani’s media office, “the meeting considered the investment file for Wasit Governorate. Within the government’s vision for establishing new cities, approval was given to establish the “New Wasit Residential City,” which includes the distribution of serviced residential lands, in which the private sector real estate developer undertakes the establishment of infrastructure and service institutions and the management of services, and they are sold at low costs to citizens from the categories determined according to the government’s vision for addressing the housing crisis.”

The committee decided to reject the request to convert the plot site (3/6 Umm Al-Khail District) with an area of ​​77 dunums, in the Diwaniyah Governorate, into a residential complex. The Diwaniyah Investment Authority is responsible for announcing the investment opportunity to establish an entertainment project with modern and high-level plans and activities on the aforementioned plot, to be a civilized entertainment area that meets the needs of citizens in the governorate, according to the current investment law, within the framework of expanding domestic tourism activity.

The Committee also issued a number of decisions that would expand investment in various economic sectors, increase private sector involvement, create job opportunities, and support development in all areas.

Shafaq.com

Three reasons behind the delay in approving the 2024 budget

Information / Special… Former MP Faisal Al-Issawi explained, today, Saturday, three reasons behind the delay in approving the 2024 budget, stressing that the government has exceeded all constitutional and legal deadlines.

Hussein said in a statement to Al-Maalouma Agency, “The delay in approving the federal budget, which was supposed to be prepared for three years, is due to many reasons, the most important of which is the lack of financial liquidity in the Iraqi economic market,” noting that “the manipulation of the budget schedules by members of the House of Representatives had a clear impact on the delay in approving it.”

He added, “The government’s vision of not spending on some projects that are not in line with its ministerial program was also an obstacle to approving the current budget,” noting that “the delay in approving the federal budget is a major flaw for the current government, as it has exceeded eight months in the fiscal year designated for it.”

The General Secretariat of the Council of Ministers sent a letter to the House of Representatives to inquire about the manipulation of the budget tables. The letter stated that “after examining the printed tables attached to the Parliament’s letter signed by the Speaker of the House of Representatives (acting), it became clear that there were fundamental differences in them compared to the copy sent by the Council of Ministers and contrary to the text of the parliamentary decision.”

Almaalomah.me

The Iraqi judiciary settles the controversy over whether the governor of the Central Bank should remain in his position or not

Shafaq News / The Supreme Judicial Council in Iraq supported the State Council’s decision to refer the Central Bank Governor, Ali Al-Alaq, to ​​retirement after reaching the legal age.

The Supreme Judicial Council said in an official document, a copy of which was received by Shafaq News Agency, that the same subject was studied by the Studies Committee in the Presidency of the Judicial Supervision Authority, and the same opinion of the State Council was reached in the two aforementioned decisions.

The House of Representatives had sent a letter to the Supreme Judicial Council inquiring about the judiciary’s opinion on the permissibility of the bank governor continuing in service after reaching the legal retirement age.

The State Council has decided the official position on whether or not the Central Bank Governor, Ali Al-Alaq, will continue in his position, confirming that he has exceeded the legal retirement age.

It was stated in correspondence between the State Council and Parliament, in response to the House of Representatives’ request to clarify the opinion of the State Council regarding the permissibility of the Governor of the Central Bank continuing in service after reaching the legal retirement age.

The State Council had explained, according to the documents, that Clause (First) of Article (103) of the Constitution stipulated that the Central Bank shall be a financially and administratively independent body whose work shall be regulated by law and which shall be accountable to the House of Representatives. Article (2) of the Central Bank Law issued pursuant to Order No. (56) of 2004 of the (dissolved) Provisional Coalition Authority stipulated that the Central Bank shall be a legal entity with full capacity and independence and subject to accountability.

He pointed out that the legislator has explicitly stipulated that retirement upon reaching the legal age is an inevitable retirement by law unless exempted by a special provision, and since there is no special provision exempting the Governor of the Central Bank from the provisions of inevitable retirement upon reaching the legal age.

The State Council confirmed that the legal principle states: “Heads of independent bodies are subject to the legal retirement age.”

Shafaq.com

Government advisor expects oil to recover after record drop, explains reasons

The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, expected a recovery in oil prices after a rapid decline in global markets in recent days.

Saleh told Al Furat News Agency that “the drop in oil prices will cause a huge loss in the investments of American oil companies operating in the field of extracting shale oil if global oil prices fall below $70 per barrel, which will cause their operations to falter.”

He noted that “the American monetary policy is expected to inevitably move towards an expansionary policy to confront the current recession, led by the quantitative easing policy through the possibility of the Federal Reserve reducing interest and stimulating liquidity to confront the challenges of the deterioration of the American economy and providing the necessary protection for financial investors in particular against the collapse of financial markets, including futures markets operating with crude oil contracts.”
Saleh explained that “all of these factors will shorten the paths of the decline in the oil asset cycle so that oil markets can recover, if that cycle occurs and leads to a deterioration in oil prices.”

Oil prices rose today to $79 per barrel after Brent crude fell on Monday to its lowest level in seven months, following the decline in global stock markets.
Futures are set to snap a four-week losing streak, with Libya’s biggest oilfield shut down, U.S. stockpiles falling for a sixth week and Ukraine’s incursions into Russia adding to the rally.

Meanwhile, demand for jet fuel is improving in China, a rare bright spot after months of bearish signals, including data this week showing the world’s biggest crude importer took in the fewest barrels in almost two years in July.

Alforatnews.iq

Parliamentary Committee: Consultative meetings to amend the Investment Law

A member of the Parliamentary Investment Committee confirmed, on Friday, that consultative meetings will be held to amend the investment law in the country.

Committee member Asaad Al-Bazouni told {Al-Furat News} agency that “ the parliamentary investment committee is working on amending the investment law, especially with regard to industrial investment, and discussing its paragraphs through large advisory sessions, especially since Iraq is now heading towards the private investment sector, so there is a need for the law to be suitable for the Iraqi environment and for investors from other countries.”

Al-Bazouni pointed out that “work is underway on the law because it is of great importance in the field of investment, especially since Iraq needs investment because Iraq relies on oil and other simple resources,” indicating that “by activating investment and the private sector, there will be other doors for Iraq’s income. The budget now has a large deficit and the decline in oil prices is declining and putting us in a big problem, especially since the budget was calculated on the basis of $60 per barrel.”

He added, “Reliance on oil resources causes us major problems, and we must rely on more than one resource. Iraq is capable in its industry, agriculture, investment, and lands, and we need to provide a safe and suitable environment for economists, foreign investors, and major international companies . ”

Alforatnews.iq

Iraqi Dinar / US Dollar auction results for Thursday 08-08-2024

Results of the foreign currency selling window for Thursday 08/08/2024

Advertisement No. (5178)

The amount:

Total amounts of transfers abroad (transfers, credits)
255,856,273

Total cash withdrawals
13,550,000

Total total sales
269,406,273

Note that: The selling price of documentary credits and international settlements for electronic cards is ( 1310 ) dinars per dollar.

The selling price for transfer amounts abroad is ( 1310 ) dinars per dollar.
The cash selling price is ( 1305 ) dinars per dollar.

cbi.iq/currency_auction

Parliamentary Integrity: The Jordanian Bank controls the dollar inside Iraq

The Parliamentary Integrity Committee revealed, today, Thursday, the opening of the largest currency auction files and the opportunity for the Jordan Ahli Bank to acquire hard currency.

Committee member Abdul Amir Al-Mayahy said in an interview with Al-Maalouma Agency, “His committee has begun to open the file of the Central Bank of Iraq,” indicating that “there is exclusivity and marginalization of some Iraqi banks to seize hard currency.”

He added, “The US sanctions have affected Iraqi banks, and the aim is to give the Jordanian bank and foreign banks the opportunity to control the currency auction.”

He pointed out that “his committee will investigate corruption in the currency auction,” noting that “the currency sale window file is thorny and complex and needs more time to uncover those involved in including Iraqi banks on the US sanctions list.”

Almaalomah.me

Urgent Central Bank Governor: No intention to reconsider dollar exchange rates, we are undergoing a major transformation

The Governor of the Central Bank, Ali Al-Alaq, ruled out a change in the dollar exchange rate.

Al-Alaq said in the most important points of his press interview:

There is no intention to reconsider the dollar exchange rates.

The Central Bank sells more than $250 million daily at the official price.

The bank covers the requirements of foreign trade and some do not want the fundamental methods

– The view that the dollar price has risen or fallen is not a correct indicator.

We succeeded in controlling inflation compared to other countries.

We will reach 100 percent of foreign transfers without going through the US Federal Reserve by the end of this year.

The financial situation in Iraq is still proceeding within what is planned in the state’s general budget.

For the first time, under the new budget and financial management law, the allocations of governorates and ministries are being rotated.

– The Central Bank is undergoing a major transformation by reorganizing foreign trade.

Our foreign trade procedures are being carried out for the first time with the participation of international institutions.

The presence of small traders outside the system puts pressure on the market and a mechanism to regulate their trade is about to be launched.

– We focus on getting everyone involved in the right fundamentalist channels.

– The Central Bank opened channels for the Chinese, Turkish, Indian and Emirati currencies.

– New audit mechanism for foreign exchange trading to be launched soon

– All commercial foreign transfers are subject to review by the competent international company.

– Meetings in New York at the end of August to discuss lifting sanctions on banks and reviewing transfer operations.

– The dollar is not given to the traveler until after the departure stamp.

The new mechanism guarantees that the dollar reaches 100 percent of the traveler, and we started with it in Baghdad, then Najaf, Basra, Erbil, Sulaymaniyah and Kirkuk.

– Governmental move to increase capital support for the Real Estate Bank and the Housing Fund in the budget

The bank’s initiatives play an exceptional role in trying to bridge the housing deficit.

– The paragraph on increasing the capital of the Real Estate Bank and the Housing Fund in the budget has not been implemented yet.

– We do not want bank financing to be a substitute for investor commitments.

We directed the Real Estate Bank to finance complexes with completion rates ranging from 80 to 90 percent.

Alforatnews.iq