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CandyKisses:
Economic clarifies mechanisms to support the Iraqi dinar and reduce demand for the dollar
Information/Baghdad…
Economist Safwan Qusai explained on Tuesday the mechanisms to support the Iraqi dinar and reduce the demand for the dollar in the parallel market.
Qusai told Al-Maalouma that “the government can support the Iraqi dinar through industry and agriculture, in addition to the possibility of selling oil to certain countries in Iraqi dinars with the knowledge of the US Treasury.”
He added that “the orientation of this mechanism would allow Iraqi traders to import from these countries in dinars, and this opens the way for the import of foodstuffs, soft drinks, cigarettes, medicines and other goods, especially for countries that are allowed to sell.” oil in dinars, such as Jordan and Egypt, and in return traders go to import goods from them in dinars.”
And he indicated that “the aforementioned measures would reduce pressure on the demand for the dollar in the parallel market, as confidence must return to the dinar, in addition to that the Ministry of Finance and the Central Bank have to work jointly.”
Qusai pointed out that “some public spending measures are not commensurate with the central bank’s policy, and vice versa
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US companies suffer fastest bankruptcy in 10 years
Information/ follow-up.
The number of US corporate bankruptcies in the six months ending June rose at the fastest pace since the first half of 2010, amid interest rates at historic highs.
According to data from S&P Global Market Intelligence, the number of bankruptcies recorded in the first half of this year is higher compared to the same period in 2020 when the C---d-19 pandemic wreaked havoc on the economy.
According to Market Insider, data provider Epic, total corporate failures during the first half of the year rose 68% year-on-year to around 3,<>.
Among the key names that have faced bankruptcies over the past six months are Silicon Valley Bank, Bed Bath & Beyond and Lord Stone Motors.
Greg Morin, Vice President of Business Development and Revenue at Epic Pankrapsy, said: “This trend points to the economic experiences that businesses are currently facing that are affected by rising interest rates, inflation and increased borrowing costs.
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A government delegation from the Kurdistan Region visits Baghdad to implement the provisions of the budget law
A government delegation from the Kurdistan Region visits Baghdad to implement the provisions of the budget law
Economy News _ Baghdad
In the next few days, a delegation from the Kurdistan Regional Government (KRG) is scheduled to visit the capital Baghdad to proceed with the implementation of the provisions of Iraq’s fiscal budget law.
Omid Sabah, chief of cabinet of the region, said that the relationship between the regional government and the federal government is at a good level.
Regarding the existence of constitutional observations related to the budget law, Sabah said in an interview with the “Kurdistan 24” satellite channel, which is close to the Kurdistan Regional Government, that the Prime Minister of the region, Masrour Barzani, and the Federal Prime Minister formed two high-level teams, each separately, to implement the articles of the budget law.
According to the Kurdish government official, the KRG delegation is scheduled to visit Baghdad at the end of this week or the beginning of next week to start scientifically implementing the provisions and articles of the federal budget law
Tishwash:
The Prime Minister receives the Regional Director of the International Finance Corporation / IFC
The Prime Minister, Mr. Mohamed Shia Al-Sudani, received, this morning, Tuesday, the Regional Director of the International Finance Corporation / IFC, Mr. Aftab Ahmed.
The meeting witnessed discussions on aspects of closer financial cooperation between Iraq and the Corporation, and ways to develop partnerships, in a way that enhances the ability of the Iraqi economy to face regional and international challenges and global crises.
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During the meeting, the Prime Minister indicated that Iraq has pursued a reform path in all financial and banking aspects, aiming to open up to broader horizons for joint action at the international level, in a way that develops the local investment environment.
His Excellency stressed that the International Finance Corporation is a partner in the field of development and encouragement of the Iraqi private sector, indicating the government’s aspiration to expedite the completion of the Baghdad International Airport development plan as soon as possible, because it represents a civilized front for the country, and His Excellency also affirmed the government’s desire to cooperate with the Corporation to establish a bank (Riyada), which aims to support small projects, and the job opportunities they will provide for young people.
For his part, Mr. Aftab Ahmed expressed the readiness of the Finance Corporation for cooperation and partnership with Iraq, referring to the projects that will be implemented in Iraq during the next three years. He also confirmed the continuation of work on the Baghdad airport development project, and its completion in record time, in addition to the readiness to support the establishment of the (Riyada) bank. Supporting renewable energy projects in Iraq, and other projects to develop the capabilities of Iraqi youth in the field of information technology and artificial intelligence. link
Indonesia is holding a tanker flying the flag of Iran
The Indonesian Coast Guard said, on Tuesday, that it had detained an Iranian-flagged tanker on suspicion of illegally transporting oil, according to Reuters.
He added in a statement that the ship “Arman 114” was carrying 272,569 tons of light crude oil, and it is suspected that it was transferring oil to another ship without a permit.
This is not the first time that Indonesia has detained an Iranian oil tanker, as Indonesia announced, on January 25, 2021, that the Coast Guard had detained the tanker “MT Horse”, which flies the Iranian flag, on suspicion of illegally transporting oil in Indonesian waters, according to the agency. Reuters.
Indonesia’s detention of the Iranian ship continued for about 4 months, until it was released in May 2021.
Iran said at the time that the tanker “MT Horse” was detained due to a “technical issue”, and demanded that Indonesia explain the detention of the tanker.
“The Ministry of Foreign Affairs is coordinating with the Coast Guard and has obtained information that the oil tanker…is suspected of violating the law,” said Indonesian Foreign Ministry spokesman Teuku Faiz Siya at the time.
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The International Maritime Organization requires ships to use location detection devices for safety and transparency. Ship crews can switch off these devices in case of hacking or similar risks. However, ships often turn off the devices to hide their location in case of i-----l activities.
Iran is a-----d of concealing the destination of its oil sales by disabling tracking systems in its tankers, which makes it difficult to estimate the volume of Iranian exports as part of Tehran’s efforts to overcome US sanctions. link
Source: Dinar Recaps
Tishwash:
Will the Iraqi parliament approve the long-awaited oil and gas law?
The Iraqi parliament is preparing to discuss the oil and gas law as part of a group of laws that will be discussed after the legislative recess ends and the parliament reconvenes.
The law, which has been waiting for more than a decade, is expected to be discussed, but it is not certain whether or not the law will be passed in that session.
Observers believe, despite the importance of the oil and gas law at that stage that Iraq is going through, that political differences and blocs within parliament may delay it, unless consensus is reached before the voting process, as the law is of great importance to Baghdad and Erbil, given that oil represents the main revenue component. in the Iraqi budget.
First, Abdul Malik al-Husseini, an Iraqi political analyst, says that the draft oil and gas law, which is of great economic importance, is one of the most important laws that would raise the production capacity of oil and gas derivatives , and contribute significantly to promoting foreign investments in this field.
Urgent need
He added in his speech to “ Sputnik ”: “In a country like Iraq, which ranks fifth in the world as the second largest oil reserve in the world, the legislation of such a law is an urgent necessity, as it regulates the method of extracting oil and minerals throughout Iraq, including the Kurdistan region, as well as Organizing oil revenues.
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Al-Husseini pointed out that the differences that halted the enactment of this law for 18 years lie in the interpretation of the constitutional articles related to oil marketing and revenue management, as well as the oil contracts that each government adopts with foreign companies.
Stabilizer
The political analyst explained that the results of the negotiation process between the central government and the Kurdistan Regional Government , which takes place through the specialized negotiating committees, indicate the imminent end of its work, and then the oil and gas law was presented to parliament for reading and then voting.
Al-Husseini added that after the start of the second legislative term of the second legislative year last Sunday, the parliamentary committees began their legislative and oversight work, and the first session of the second legislative term will be held next Saturday.
Al-Husseini pointed out that President Al-Halbousi is conducting consultations with the various parties regarding the oil and gas law, and stressing the need to speed up its approval, which would enhance the stability of Iraq’s economic policy, and end all differences between the central government and the region.
Missing compatibility
For his part, Kifah Mahmoud, a political researcher and expert on Kurdish and Iraqi affairs, says, “According to the government program and what was agreed upon between the Kurdistan D--------c Party, the coordination framework, and the Sovereignty Alliance in managing the state, the oil and gas law is legislated in a way that achieves and guarantees the rights and gains of the people of the Kurdistan region, and according to the constitution.” This is in theory.”
And he added in his speech to “Sputnik”, but on the practical ground, and after the framework abandoned its commitments in the oil agreement and in the budget law, and work to reduce the constitutional powers of the region and attempt to prejudice its entity, by using the majority of the component in Parliament away from the consensus on which the Sudanese government was formed. and its political programme.
Demographic change
Mahmoud pointed out that it has become difficult to achieve an oil and gas law that satisfies everyone. Indeed, what is happening in terms of demographic change in Sinjar, Khanaqin, Kirkuk, Mandali and the Nineveh Plain does not encourage the application of Article 140, but rather the exact opposite.
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The Iraqi Prime Minister, Muhammad Shia’ al-Sudani , said in the middle of last month that alternative energy will compete with oil and gas in the future.
Al-Sumariya News reported that Al-Sudani’s remarks came in a speech he made during his attendance at a celebration marking the 63rd anniversary of the convening of the founding conference of OPEC, which was held in the capital, Baghdad.
Al-Sudani stressed that “oil still represents a basic source of energy in the world, and it has its importance in politics, economy, development, and the environment, and its importance to countries that depend on it, for production or consumption, and when OPEC was founded, the oil wealth was managed by monopolistic companies that lost countries’ sovereignty and influence in Oil Market.
OPEC members
The Iraqi Prime Minister indicated that “OPEC members manage the plans, production and industry of their oil with full sovereignty and draw their oil policies,” noting that “the entry of natural and associated gas into the energy investment market has added new responsibilities to member states and has become a vital resource for many industries, which requires Member States should bear in mind the multiplying challenges they face.
Shiaa Al-Sudani stated that Iraq has relied for decades on oil as a basic resource for the economy and money, at a time when natural gas was neglected, which deprived his country of many development opportunities, stressing that Iraq signed important contracts to invest in both natural and associated gas.
It is noteworthy that the 5 countries that participated in the founding of “OPEC” are Iraq, Kuwait, Iran, Saudi Arabia and Venezuela, as the first meeting of the organization was held in Baghdad in 1960. link
Source: Dinar Recaps
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