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Wed. AM TNT News Articles 10-19-22

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TNT

CandyKisses:
A joint meeting in Parliamentary Integrity regarding the theft of more than 3 trillion dinar

The Parliamentary Integrity Committee hosted, today, Wednesday, former Acting Finance Minister Ihsan Abdul-Jabbar, Undersecretary Taif Sami, Director of Al-Rafidain Bank and other officials about the theft of two and a half billion dollars from the secretariats of the Tax Authority.

An informed source said in a press interview, “The Parliamentary Integrity Committee hosted the former Acting Minister of Finance, Ihsan Abdul-Jabbar, the Undersecretary of the Ministry of Finance Taif Sami, the Director General of Al-Rafidain Bank, the Director of the Legal Department in the Ministry of Finance and the Assistant Director General of the Tax Department.”

He added that “the meeting was devoted to discussing the reasons for the theft of 2.5 billion dollars (more than 3 trillion dinars) from the secretariats of the Tax Authority.”

Tishwash:
“Rumor” is causing a significant drop in dollar prices in Iraq

On Wednesday, specialists attributed the decline in dollar prices in the Iraqi markets to rumors and speculators.

The Oasis Exchange Office said in an interview with Shafaq News Agency, “The rumors circulating about the new government’s intention to reduce the price of the dollar against the Iraqi dinar to be 130,000 dinars for 100 dollars, and the possibility that it will be returned to its old price prompted citizens to sell their dollar banknotes. This led to a large supply compared to demand in the local markets.

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While a government official considered in an interview with Shafaq News Agency that “speculators in the dollar exchange are active in such markets, taking advantage of the government formation process to spread such rumors with the intention of profit.”

He pointed out that “what was circulated a while ago by some officials and representatives about the government’s intention to change the dollar exchange rate was denied by the Parliamentary Finance Committee,” adding that “the Prime Minister in charge of forming the government had previously admitted that there were negative effects on the decision to raise the dollar exchange.”

It is noteworthy that the exchange rates of the dollar decreased in the Iraqi markets, for the Kifah Stock Exchange to trade today, Wednesday, at 147,000 dinars, compared to 100 dollars, after it recorded yesterday, Tuesday, the price of 147,600   link

Oil prices rise due to supply problems

Oil prices rose in early Asian trading on Wednesday, paring losses from the previous session, as concerns about tight supplies following reports of low inventories in the United States offset fears of lower demand from China, the largest oil importer

Brent crude futures rose 52 cents, or 0.58 percent, to $90.55 a barrel by 0410 GMT. US West Texas Intermediate crude was at $83.95 a barrel, up $1.13, or 1.4%

Brent and West Texas Intermediate touched two-week lows and fell 1.7% and 3.1% respectively in the previous session on reports of US President Joe Biden’s plans to free more barrels from the Strategic Petroleum Reserve (SPR) and concerns about weak Chinese fuel demand

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A senior US official said the administration plans in December to sell 15 million barrels of its reserves, which was announced earlier this year of 180 million barrels

Oil price gains capped fears of weak fuel demand from China as it continues its strict COVID-free policy. US crude oil inventories fell by 1.3 million barrels for the week ending October 14, according to market sources citing figures from the American Petroleum Institute on Tuesday

Earlier in October, the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia agreed to sharply cut oil production by two million barrels per day

The OPEC+ production cut, which comes before the European Union’s ban on Russian oil, will squeeze supplies in an already tight market. European Union sanctions on Russian crude and oil products will enter into force in December, February and February, respectively

Source: Dinar Recaps

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