KTFA
Clare » December 27th, 2022
After years of delay and disagreement, an agreement was reached by the “majority” to pass the oil and gas law
12/26/2022
Today, Monday, the Kurdistan Democratic Party revealed the existence of a political agreement to pass the oil and gas law with the start of the new legislative term of the House of Representatives.
The leader of the party, Wafaa Muhammad Karim, told (Baghdad Today) that “there is a political agreement between all political blocs and parties to pass the oil and gas law because of its importance, with the start of the new legislative term of the House of Representatives.”
And Karim said, “This law, which will regulate the relationship between Baghdad and Erbil with all the oil and financial files, will be passed by the parliamentary majority. The agreement to pass the law took place between the blocs and parties of the State Administration Coalition.”
The Oil and Gas Law, which has been awaiting legislation in parliament since 2005, stipulates that the responsibility for managing the country’s oil fields should be entrusted to a national oil company, and it should be supervised by a federal council specialized in this matter.
But since 2003, Baghdad and Erbil have been at odds over the issue of managing the region’s oil fields.
Baghdad says that the region does not declare real oil export amounts and does not hand over those amounts to it, while Kurdistan says that exports from the oil fields in its territory must be subject to its management, whether in terms of granting licenses for new exploration , managing existing fields, or controlling production and export. For the destinations he chooses, or contracting for the purchase and development. LINK
Source: Dinar Recaps
Clare » December 27th, 2022
A third of Parliament mobilizes.. The special session on the “dollar crisis” is approaching
Baghdad
Today, Tuesday, Representative Muhammad Qutayba al-Bayati revealed the date of the special session on the dollar crisis in the Iraqi markets, indicating that the situation is dangerous and its consequences may be reflected in the markets and the economy in general.
Al-Bayati said in an interview with (Baghdad Today), that “so far, the total number of parliamentary signatures in support of holding an extraordinary session to discuss the dollar crisis file, after an unprecedented rise in exchange rates recently, has reached 100.” deputies, and the numbers are constantly increasing.”
He added, “It is expected that the session will be held next week after submitting the request to the Presidency of the House of Representatives,” pointing out that “the situation is dangerous for various reasons, given the economic pressure it causes, not on the weak segments, but even on traders due to the continuous rise in exchange rates.”
He pointed out that “the situation needs immediate and other solutions on the medium and long distances in order to avoid any similar cases that will negatively affect the markets and the economy in general.” LINK
CBI statement
December 27, 2022
The Board of Directors of the Central Bank of Iraq met on 12/27/2022 and discussed the repercussions and indicators of the rise in exchange rates in the local markets and the temporary pressures the foreign currency exchange rate has been exposed to for days resulting from internal and external factors, given the adoption of mechanisms to protect the banking sector, customers and the financial system.
Whereas, all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars per dollar for documentary credits and (1470) dinars per dollar for transfers.
Therefore, we call upon the merchants to review the banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Council of Ministers in its Resolution No. (351) of 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance, as it will lead This aims to reduce redundant loops, ease procedures, and remove costs resulting from pre-demarcation problems.
At the same time, we urge banks to assume their responsibilities in facilitating and expediting procedures for their customers to ensure their access to financing with the best banking practices and with the least amount of loops, taking into account the established legal requirements.
Central Bank of Iraq
Media Office
12/27/2022
Urgent.. Governor of the Central Bank of Sudan: The foreign currency crisis is urgent for technical reasons
12/27/2022
Prime Minister Muhammad Shia Al-Sudani met, this morning, Tuesday, with the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif.
Al-Sudani listened to a detailed presentation by the bank’s governor regarding the rise in the foreign currency exchange rate, and the most important measures taken by the bank in this field.
The Prime Minister urged the Central Bank to achieve general stability of prices and the exchange rate, in accordance with the tasks stipulated in Articles (3 and 4) of the Central Bank of Iraq Law, which stipulate that the Central Bank aims to achieve stability in the local exchange rate, organize and monitor the work of banks and enhance safety and efficiency. Payment systems and payment system development.
The prime minister stressed the need for the bank to take the necessary measures to prevent illegal speculation and everything that harms the local market and leads to higher prices.
Al-Sudani also urged the activation of steps to sell foreign currency at the official prices to citizens by purchasing with electronic cards, opening sales outlets for travelers or clients outside Iraq, or financing foreign trade, in accordance with the fundamentalist contexts and international standards for opening documentary credits and remittances.
The governor of the bank presented to the Prime Minister the positive position of the financial situation, stressing that the crisis over foreign currency is an emergency crisis for technical reasons, and coincided with the work of the new electronic platform and the delay in transfers due to the Christmas holidays.
The Governor of the Bank praised Cabinet Resolution No. 352 of 2022 to stop the work of pre-collection of taxes and customs for goods entering through government outlets, to prevent double taxation, and to collect them according to the approved contexts at border crossings. LINK
ATPInfinity » December 27th, 2022
IMO: The TRIGGER*************************************
“*****urged the activation of steps to sell foreign currency at the official prices to citizens by purchasing with electronic cards, opening sales outlets for travelers or clients outside Iraq, or financing foreign trade, in accordance with the fundamentalist contexts and international standards for opening documentary credits and remittances.>>>>>>>>>>>>”
The Budget has the gun powder?
Clare » December 27th, 2022
Central Bank of Iraq: The rise of the dollar due to temporary pressures resulting from internal and external factors
2022-12-27
The Central Bank of Iraq explained, on Tuesday, the reasons for the rise in the exchange rate of the US dollar.
And the exchange rates of the US dollar continued to rise against the Iraqi dinar, today, Tuesday, in the main stock exchange in the capital, Baghdad, and in the Kurdistan Region, to approach 160,000 dinars against 100 dollars, for the first time since its price was officially approved in the state budget at 146,000 dinars per year. 2020.
The bank stated in a statement received by Shafaq News agency; That “the Board of Directors of the Central Bank of Iraq met on 12/27/2022 and discussed the repercussions and indicators of the rise in exchange rates in the local markets and what the foreign currency exchange rate has been exposed to for days from temporary pressures resulting from internal and external factors, given the adoption of mechanisms to protect the banking sector, customers and the financial system.”
And since all foreign trade requirements (for the purposes of documentary credits or transfers) are fully covered by the official price (1465) dinars to the dollar for documentary credits and (1470) dinars to the dollar for transfers.
The statement added; “We urge merchants to review banks directly and not resort to brokers and speculators to avoid charging their imports with undue commissions and expenses, referring in this regard to what was issued by the Cabinet in its Resolution No. (351) of 2022 regarding non-payment of customs duties and amounts of tax secretariats in advance, as it will lead to This aims to reduce extra rings, ease procedures, and remove costs resulting from pre-demarcation problems.”
The Iraqi Central Bank called on “banks to shoulder their responsibilities in facilitating and accelerating procedures for their customers to ensure their access to financing with the best banking practices and the least amount of episodes, taking into account the established legal requirements.” LINK
Documents .. The Iraqi finance stops appointments, transfers and bonuses until the approval of the 2023 budget
2022-12-27
Today, Tuesday, the Ministry of Finance issued instructions regarding the authority to spend money in ministries and non-related agencies.
And the ministry stated in a statement today that, based on the powers vested in the Ministry of Finance under the provisions of Article (13 – First) of Chapter Three of the Federal Financial Management Law No. (6) of 2019 as amended.
The ministry also decided to “stop appointments, transfers, placements, promotions, bonuses and promotions, as of January 1, 2023, and that the regulation of financial and legal matters will be according to the 12/1 exchange rate until the enactment of the general federal budget law for the year 2023.” LINK
The stock market holds its last session this year
12/27/2022
The Iraqi Stock Exchange held today, Tuesday, the last trading session for the year 2022.
And a statement of the market, received by the Iraqi News Agency (INA), stated that, according to Law No. 74 of 2004 and the regulation issued by the Securities Commission, the Iraq Stock Exchange held the last trading session for the year 2022 in the shares of Iraqi joint stock companies.
The year 2022 is the organization of 236 trading sessions on the shares of listed joint-stock companies for the year 2022, except for official holidays,” pointing out that “the number of companies registered in the market reached (103) joint-stock companies, representing 43 companies in the banking sector, two companies in the communications sector, and five companies in the insurance sector.” Six companies in the financial investment sector, 11 companies in the services sector, 21 companies in the industrial sector, nine companies in the hotel and tourism sector, and six companies in the agricultural sector.
And he indicated that “the number of companies whose shares were traded amounted to 92 companies, including 36 banking companies, two telecommunications companies, five insurance companies, four financial investment companies, 10 service companies, 20 industrial companies, nine hotel companies and six agricultural companies,” noting that “the number of shares traded amounted to (564) One billion shares, while the value of traded shares amounted to (521) billion dinars, and the number of executed contracts reached (135,597) contracts.
He continued, “The index of stock prices traded in December 2022 closed at (585.9) points, an increase of (3.53).”
He pointed out that “the number of companies that held a meeting of their public bodies amounted to (79) joint-stock companies, while the number of companies that distributed dividends amounted to (21) joint-stock companies.”
Zanza referred to “the first stock trading session for the year 2023, which will be held on Monday, January 2, 2023.” LINK
Source: Dinar Recaps
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