The framework talks about “surprises” and studies the renewal of Al-Kazemi in exchange for “guarantees”
An informed source in the comprehensive coordinating framework of Shiite forces revealed, on Tuesday, options that he said he had to solve the existing political crisis, including the renewal of the current prime minister, Mustafa Al-Kazemi. The source told Shafaq News Agency,
“The coordinating framework forces are intensifying their efforts to reach understandings that may lead to the formation of the government before the end of the thirty-day opposition deadline set by the leader of the Sadrist movement, Muqtada al-Sadr.” He explained that “the understandings with the actors and influencers in the digital equation have reached advanced stages.”
Oil prices jump amid expectations of reduced supply as demand rises
Oil prices rose in early trading today, Wednesday, supported by the lack of supplies and the possibility of increased demand from the upcoming start of the summer driving season in the United States.
Brent crude futures for July rose $1.27, or 1.27 percent, to $114.83 a barrel, by 04:15 GMT, US West Texas Intermediate crude futures for July delivery rose $1.27, or 1.12%, to $111.00 a barrel.
Brent crude rose 0.1 percent on Tuesday, while West Texas Intermediate crude closed down 52 cents.
France’s new foreign minister said on Tuesday she was optimistic that those still opposed to a new EU sanctions package that would phase out Russian oil imports will be convinced.
Supply may shrink as Memorial Day weekend travel in the US is expected to be the busiest in two years, as more American drivers take to the road and ditch the restrictions of the coronavirus pandemic despite rising fuel prices.
While US crude stocks rose by 567,000 barrels last week, according to market sources citing figures from the American Petroleum Institute, gasoline stocks fell by 4.2 million barrels, and distillate stocks fell by 949,000 barrels.
In China, Beijing has stepped up quarantine efforts to end a month-old COVID outbreak, while in Shanghai, authorities plan to keep most restrictions in place this month, before the two-month lockdown is fully lifted from June 1. link
After 17 months of its approval, the Minister of Finance explains the results of the decision to devalue the Iraqi currency
Finance Minister Ali Abdel Amir Allawi spoke, on Wednesday, about the results of the government’s decision to raise the value of the dollar against the Iraqi dinar in December of the year 2020.
Allawi said, in a report on the economic situation of Iraq for the year 2022 seen by “Al-Iqtisad News”, that “one of the most important results of reducing the price of the Iraqi dinar against the dollar is the recovery in foreign currency reserves with the Central Bank, and a significant decline in the difference between the official exchange rate and the price in the parallel market. By about 3-2% and at the same stable level for the years 2018 and 2019, adding that this “means that there is stability and reliability in the Iraqi market for the Iraqis, as well as removes most of the profit margin for those who exploit the currency market at the expense of the Iraqis.”
The devaluation of the Iraqi dinar against the US dollar also led to an “increase in oil export revenues by 23%, which allowed the government the financial space to increase spending in response to the needs of citizens, and also contributed to the decrease in the demand for the US dollar, and despite the current demand for the US dollar is higher than the decreases seen.” In 2020, it is much lower than the period before 2020.”
He explained that “the continuation of the Ministry of Finance’s sales in US dollars reflects the increase in oil revenues and the increase in the government’s provision of goods and services to citizens,” noting that “the rise in the prices of the Ministry of Finance’s sales in US dollars in return for the decrease in demand for the dollar will lead to an increase in foreign currency reserves with the Central Bank.”
Allawi pointed out that “the depreciation of the Iraqi dinar led to the preservation of foreign currency reserves with the Central Bank of Iraq after the low and critical levels that reached at the end of 2020,” explaining that “the gap between the official exchange rate and the price in the parallel market increases during periods of turmoil and uncertainty, Therefore, the reduction of the aunt helped the Iraqi financial situation to restore stability and certainty for the Iraqis and increased the confidence of foreigners to invest in Iraq.
The minister hopes that “the recovery in foreign currency reserves with the Central Bank, the stability of the Iraqi dinar exchange rate and the stability and stability of financial policy will lead to enhancing confidence in the Iraqi banking system by increasing the strength of deposits and loans.”
He believed that “Iraq’s direct devaluation of its last currency avoided risks because the forced currency devaluations confuse people’s confidence in the banking system and lead to hoarding cash and withdrawing deposits, which puts pressure on the banking system,” noting that “pumping liquidity into the economy will raise the non-oil gross product by an estimated rate.” 20% in 2021 after declining by an estimated 8% in 2020 link
Source: Dinar Recaps
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