Wed. AM TNT News Articles 5-11-22



Iran.. Abolishing the official exchange rate for the dollar

The head of the Iranian Planning and Budget Organization, Masoud Mir-Kazemi, announced that the official exchange rate set at 42,000 riyals to the US dollar is no longer valid, according to the budget law for the current fiscal year.

Mir-Kazemi explained that all state revenues will be sold according to the exchange rate in the electronic “Nima” organization (designated for the presentation of foreign currency by exporters and selling it to importers).

This comes at a time, when the official price of the dollar was set at 42,000 riyals, allotted to cover the import of basic commodities.

Mirkazemi added that the first phase of the subsidy reform plan does not include bread and medicine, noting that the volume of subsidies for basic commodities exceeds $20 billion annually.   link

The Central Bank warns against trading in digital currencies

The Central Bank of Iraq, Wednesday, May 11, 2022, warned against trading in digital, encrypted .and virtual currencies An uncles issued by the Central Bank / Banking Control Department stated that the Central Bank warns against trading .in digital, encrypted and virtual currencies

In order to ensure the optimal application of the care procedures referred to within the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 and the instructions issued according to it, it was decided to prohibit the use of cards and electronic wallets for the purpose of speculation and trading in digital currencies of all kinds, and subject .those who deal with them to the provisions of the above law

The Central Bank stressed the awareness of the public in this regard in order to implement the safety of financial transactions in order to avoid operations suspected of involving money laundering and terrorist financing. is over.

Book of the Central Bank / Department of Banking Control / Department of Supervision of Non-Banking Financial .Institutions / Division of Electronic Payment, Issue 5/9/125 on 3/29/2022  link

Rich” in money and “poverty” in planning..Iraq’s revenues exceed its expenses by 200% during the first third of the year

Due to the continuous rise in oil prices, Iraq gained 200% more financial revenues than its expenditures for the first third of this year. 

According to the tables of the Oil Marketing Company “SOMO”, Iraq’s oil revenues during the first four months of this year amounted to 38 billion and 594 million dollars, an increase of 82.8 percent compared to the revenues of the same period last year 2021, which amounted to 21 billion and 113 million dollars, and an increase of 149.11 percent compared to the same period in 2020, which amounted to 15 billion and 493 million dollars.

It indicated that the average price of a barrel of oil during the first four months of the current year 2022 amounted to $97,838 a barrel, an increase of 62.91 percent compared to the price of the first four months of last year 2021, which amounted to $60,555 a barrel, an increase of 156.85 percent over the year 2020, when the average price of a barrel reached One is $38.091.

The rate of Iraqi oil exports reached 3.2 million barrels per day on average during the first 4 months of 2022, compared to 2.9 million barrels per day on average during the same period last year 2021, compared to 3.4 million barrels per day for the year 2020.

Iraq needs about 18.8 billion dollars for its operating expenses and salaries within 4 months, while it has achieved more than 38.5 billion dollars, which means that its revenues are equivalent to 200% of its expenses, that is, it exceeds them by 100%.

And Iraq will remain a financial surplus equivalent to more than 19 billion dollars, meaning that it will spend only 49% of its revenues, and will keep 51% as a surplus, amid questions about where Iraq will spend this money.

Iraq needs extensive projects represented in opening new roads, expanding the cities of Baghdad Governorate, adding infrastructure such as roads, water and electricity to solve the housing crisis and traffic congestion, as well as building more schools and hospitals, but there is no indication on the horizon that the government plans sustainable development projects.

The government’s thinking is currently limited to legislating the emergency food security support law, which aims for “consumer” projects to import foodstuffs, while the cost of the law is approximately $23 billion.

And many specialists recorded their opposition to this law by portraying it as a “consumer” law that does not plan  link

The coming days will witness the formation of a government from the most numerous Shiite bloc

Adnan Al-Sarraj wrote.. The coming days are the beginning of forming a government from the three-way largest Shiite bloc.

He failed in two things: 1/ Attracting the independents to his ranks

2/ His call for a government of the national majority, Kurdistan and sovereignty. They are now unenthusiastic about the reality of the scene. The framework has succeeded in correcting .the course of the political process  link

Source: Dinar Recaps


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