Mon. AM TNT Iraq News Articles 2-27-23



An oil agreement paves the way for announcing a comprehensive budget in the coming days

A member of the Kurdistan Democratic Party, Wafaa Muhammad Karim, revealed today, Monday, that there is a presence to deliver Kurdistan’s oil to Baghdad to proceed with an oil agreement within the terms of the 2023 budget, while he indicated that there are more than 30 illegal outlets for oil smuggling in the region.

Karim said in a televised interview, followed by the information agency, that “the delegation of the Kurdistan region, for the first time, participated in writing the draft general financial budget in coordination with the federal government in Baghdad.”

He added, “The salaries of employees in Kurdistan will be paid from the 14% share of the budget for the region for the year 2023.”
Karim pointed out that “more than 30 illegal outlets are used by the owners of al-Qaqjaq to smuggle oil in the Kurdistan region.”

Yesterday, Sunday, the representative of the State of Law coalition, Ahmed Al-Watifi, confirmed in a statement to Al-Maalouma that the governments of Baghdad and Erbil have reached an integrated road map to resolve the crises, indicating that parliamentary consensus exists and is awaiting the budget to be passed   link

The Minister of Finance and the Arab Monetary Fund are discussing Iraq’s reforms in the banking sector

The Minister of Finance, Taif Sami, discussed with the Director of the Arab Monetary Fund, Abdul Rahman Al-Hamidi, and his accompanying delegation, Iraq’s reforms in the banking sector.


The ministry stated, in a statement received by the Iraqi News Agency (INA), today, Monday, that “on the sidelines of the activities of the 34th conference of the Arab Parliamentary Union held in Baghdad, it received Finance Minister Taif Sami, director of the Arab Monetary Fund, Abd al-Rahman al-Hamidi, and his accompanying delegation.

“The two sides discussed Iraq’s steps to engage in the financial system among the Arab countries, in addition to reviewing the procedures and reforms that the Iraqi government is taking in the field of the banking and financial sector, in a way that contributes to enhancing economic development in Iraq. Sami also reviewed with the delegation the most important economic and financial challenges facing the countries of the region, In addition to the joint bilateral relations between Iraq and the Arab Fund, and pushing towards the development of mutual cooperation in the field of finance and economy, as well as discussing joint cooperation mechanisms in the field of supporting financial and banking policies and building human capacities.   link

With anticipation of the results, the Chinese yuan is chasing the dollar in Iraq’s foreign trade

New dealings in Iraq’s foreign trade through the use of the Chinese yuan currency to help strengthen its dinar and relieve pressure on the dollar, after the latter witnessed large booms against the Iraqi dinar in the parallel market, which caused major economic problems and revived the black market.

The Central Bank of Iraq revealed that the step of paying in Chinese yuan comes within the second package of transactions, which includes organizing foreign trade from Beijing, by providing facilities for financial transfers to the United States and Europe, using the same mechanism later.

A number of specialists in financial and economic policy agreed that the use of the Chinese yuan currency comes to relieve pressure on the dollar and to reduce the time period for cash transfers for trade purposes.

Payment is subject to compliance


The financial advisor to the Prime Minister and former deputy governor of the bank, Mazhar Muhammad Salih, said in an interview with Shafaq News agency, “The step of paying in the yuan currency comes to make the mechanisms that are in dollars lighter,” adding that “this does not mean that it is not subject to compliance rules, as all foreign transactions and trade financing Foreign affairs, whether in dollars, yuan or euros, are subject today to the compliance platform, in which the papers must be correct, the final beneficiary is present, and the goods enter Iraq.

He added, “This measure will not extend its application to Iraq’s oil trade,” explaining, “This measure covers only private sector imports.”

He pointed out that “Iraq’s trade with China is large, and in order not to be hindered, the Chinese yuan was adopted as an intermediary currency to finance foreign trade for the private sector only, but this does not prevent the presence of auditing, compliance and knowledge of the final beneficiary.”

Throw ashes in the eyes

“The use of this or that currency in commercial exchanges and monetary and financial transactions is not subject to decisions from above, but rather to the facts that control the global monetary system,” said economist and oil expert Hamza Al-Jawahiri, in an interview with Shafaq News agency.

He added, “Many countries previously announced abandoning the dollar and adopting other currencies such as the ruble and the yuan, but these decisions were in most cases sterile, and it is an attempt to sow ashes in the eyes and achieve imaginary victories. It is related to confidence in these currencies and the independence of the central banks that issue them.”

He pointed out that “the adoption of the yuan in relation to foreign trade for any country means narrowing the opportunities for trade exchange to a large extent because the confidence of dealers in it at the global level is limited, while the dollar is still at the top of monetary transactions.”

And he stressed that “most of Iraq’s foreign trade takes place with China, so if Iraq succeeds in converting it into Chinese yuan, this is considered liberation from the dominance of the dollar in global trade and it will be in the interest of Iraq.”

The conversion is faster

The economist and professor of economics at the Iraqi University confirmed that “using the yuan currency in foreign trade with China will be subject to the same previous conditions and will not be outside the electronic platform, which is the point that some had imagined that it would not be subject to the platform,” noting that “in all cases, you will pay in dollars until you get on the other currency.


He added, “Some of the merchants called on the government to import goods from China in their local currency to facilitate the import process faster, which was approved by the Central Bank of Iraq.” The American who will finance Iraqi trade through China by paying in dollars and converting it into Chinese yuan.

Al-Mashhadani explained that “this process may make merchants feel more reassured, free and quick to transfer after these transfers were made for more than 20 days, which is a long period for them, while relying on the Chinese Bank as an agent or the Asian Development Bank will shorten the period due to the presence of a financial balance in these banks.” .

Iraq witnessed a shortage of dollars after it was subjected to pressure from the United States aimed at limiting the flow of money to neighboring countries, which had been imposed financial sanctions by the United States of America, and the Federal Reserve Bank of New York last November imposed stricter controls on dollar transactions for banks. As a result, the approval of transfers slowed down and ultimately prompted merchants to buy dollars from exchange offices, which raised the price of the dollar against the Iraqi dinar to high levels, which led to a rise in the prices of basic and food items in the local markets.  ink

Source: Dinar Recaps


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