Bondlady’s Corner – Iraq Economic News and Points to Ponder Tuesday Afternoon 2-13-24


Iraq Economic News and Points to Ponder Tuesday Afternoon 2-13-24

Tlm724 Administrator Bondlady’s Corner

An Economic Expert Reveals A New Desire By The Central Bank To Reduce The Dollar… But On One Condition

Time: 02/13/2024 23:43:20 Read: 1,105 times  {Economic: Al-Furat News} The economic expert, Safwan Qusay, revealed a new desire by the Central Bank of Iraq to reduce the dollar after zeroing out internal debts.

Qusay said: For the {Free Speech} program broadcast by Al-Furat satellite channel this evening, it said: “The budget making process is still based on items and does not depend on clear scientific foundations in the estimation process, and the actual spending in the 2022 budget is currently being repeated with the addition of a certain percentage.

There are tensions that may be Among decision makers regarding the process of increasing the share of a particular ministry at the expense of another ministry or introducing appointments.”

He added, “The program of the government of Muhammad Shiaa Al-Sudani came with a set of goals and was achieved through financial funding and funding sources from the Ministry of Finance, which pledged to prepare a program budget according to priorities.”

Qusay pointed out, “Until now, the governmental or unified system is unable to calculate the costs of the programs, and in order to isolate the process of disputes from making the number, which is subject to environmental variables, some of which are local and some are international, and therefore it is necessary to reconsider some sections in a way that is consistent with the priorities.

The process of re-estimating according to science is based on Basis for programs and standards. When the Ministry of Finance presents estimates, it must discuss the scientific basis regarding the cost of each program.

He continued, “The Sudanese government is proceeding to amend the terms, and the Council of Ministers has added new financial allocations to some projects. The current problem is not in oil prices, but in quantities. Iraq has pledged to reduce exports, and this reduces financial revenues, as well as the problem of the cessation of Ceyhan oil,” referring to “diverting oil exports from Kirkuk.” And the region to southern oil causes Iraq to lose about $3 per barrel.”

Qusay confirmed, “The fluctuation in financing is what prompted the government to approve a tripartite budget, and in the event of an increase in oil prices, 30% goes to the governorates and 70% goes to fill the deficit, and the final account shows this issue, and the World Bank indicated an increase in the percentage of appointments in Iraq to more than 4 million.” employee”.

He acknowledged, “The presence of safety buffers away from oil means, at the level of the Central Bank’s reserves, collecting revenues from the Ministry of Electricity and other ministries increases financial resources; but non-oil imports are ineffective, some of which go into the pockets of the poor, and in practice we have to track the movement of goods and impose control.”

He noted, “The Central Bank of Iraq’s desire to return the dollar to its previous status, but not before the internal debts are zeroed out. Finance has alternatives to settle these debts, including transferring some state shares, and the Rafidain Bank can also fulfill the Central Bank’s dues.”

Qusay concluded with “real support for the dinar in the diversification of economic resources, and Iraq can cover its financial needs without the need for hard currency. Iraqi banks that are currently restricted are thinking about offering a variety of products in the local environment, and I believe that they will achieve higher profits than they used to obtain from the dollar.”  LINK

In Today’s Auction, The Iraqi Central Bank Sold More Than $240 Million

Economy News – Baghdad  The Central Bank of Iraq announced, on Tuesday, its sales of hard currency, amounting to more than 241 million dollars in today’s transactions, according to the official rate of 1310.

The bank’s data showed that the total cash withdrawals amounted to $21,980,000, while the total amounts of transfers abroad, which include remittances and credits, amounted to $219,830,397, while the total sale amounted to $241,810,397. 110 views 02/13/2024 –

Oil Prices Recorded Stability In Early Trading 

Economy | 08:36 – 02/13/2024  Mawazine News – Baghdad  Today, Tuesday, oil prices recorded stability for the second day in a row, as uncertainty about the pace of possible cuts in US interest rates and their impact on fuel demand, and concerns about tensions in the Middle East that may disrupt supplies, were dispelled.

Brent crude futures fell one cent to $81.99 per barrel, and US West Texas Intermediate crude rose one cent to $76.93 per barrel.

Oil prices were close to stability in Monday’s trading as well. After rising 6% last week.

The Federal Reserve Bank of New York stated that “its consumer expectations survey conducted in January showed that inflation expectations did not change above the Federal Reserve’s target rate of 2%.”

If concerns about inflation delay interest rate cuts by the Federal Reserve. This may lead to a decrease in demand for oil. By slowing economic growth.

Stability Of Dollar Exchange Rates In Iraq

Economy  Tuesday, February 13, 2024 Baghdad/National News Center   The exchange rates of the US dollar against the Iraqi dinar stabilized today, Tuesday, with the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, where they recorded 152,250 Iraqi dinars against 100 dollars, which are the same prices that were recorded yesterday, Monday.

The selling price in money exchange shops in local markets in Baghdad reached 153,250 Iraqi dinars, while the purchasing price reached 152,250 dinars per 100 dollars.

To read more current and reliable Iraqi news please visit BondLady’s Corner: 

Points To Ponder on Anxiety about the Future

One of the marks of a gift is to have the courage of it.  – Katherine Anne Porter

Part of being a champ is acting like a champ. You have to learn how to win and not run away when you lose. Everyone has bad stretches and real successes.  – Nancy Kerrigan

Fear of success can also be tied into the idea that success means someone else’s loss. Some people are unconsciously guilty because they believe their victories are coming at the expense of another.  – Joan C. Harvey

Most people are afraid of failing. I think there’s nothing wrong in failing.  – Mark N. Cohen

True success is overcoming the fear of being unsuccessful. – Paul Sweeney

I’m afraid of being lazy and complacent. I’m afraid of taking myself too seriously.  – Barbara Hershey