Iraq Economic News and Points to Ponder Tuesday AM 10-17-23

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Iraq Economic News and Points to Ponder Tuesday AM 10-17-23

An Economic Advisor Talks About A “Stumbling Block” In The Way Of Iraq’s Entry Into The BRICS Group

Money  and business  Economy News – Baghdad  Economic advisor Duraid Al-Anazi said that Prime Minister Muhammad Shiaa Al-Sudani’s request regarding Iraq joining the BRICS group is “strange,” because the group does not extend an invitation to anyone, but rather accepts the request.

Al-Enezi added, in a televised interview followed by Al-Iqtisad News, that “Al-Sudanese is on the condition of sending an invitation to Iraq to join the group,” considering that in this way “a stumbling block was placed in front of Iraq’s entry into BRICS.”

He pointed out that “entry into the group (is) by submitting an application like the rest of the Arab countries and the world.”

He continued, “BRICS is economically prepared to replace the dollar, but the bank established by BRICS still operates in dollars.”

It is noteworthy that Prime Minister Muhammad Shiaa Al-Sudani said last Wednesday that Iraq is ready to join the BRICS group, if it receives an invitation from the founding countries.

203 views  10/16/2023 – 9:38 PM  https://economy-news.net/content.php?id=36992

Al-Kadhimi Denies The Intention To Print A New Currency And Accuses The US Federal Reserve Of The Dollar Crisis

Politics   10/17/2023 09:48  Number of readings: 153   Baghdad – Iraq today:  The Parliamentary Finance Committee denied the government’s intention to print a new local currency, while revealing the influence exerted by the US Federal Bank on the continuation of the dollar crisis.

Committee member Moeen Al-Kazemi said in a press statement, “Talk about the federal government intending to print a new local process has no truth at all, and the Iraqi dinar has a cover and bonds of approximately 150 billion dollars.”

Al-Kadhimi added, “Addressing the discrepancy in the dollar exchange rate does not happen by printing a new currency, but rather through thoughtful steps that should be implemented by all concerned parties.”

He pointed out, “The Central Bank covers the needs of merchants at the official price of 132 thousand dinars for every 100 dollars, and the reason for the disparity is the black market.” He stated, “The influences exercised by the US Federal Bank to maintain this crisis for political purposes in Iraq.” LINK

Is Iraq Capable Of Joining The BRICS Group?.. A Serious Warning About Washington’s Reaction

Baghdad Today – Baghdad  The Iraqi economic expert, Omar Al-Halbousi, confirmed today, Monday (October 16, 2023), that Iraq’s accession to the BRICS group may face many obstacles as a result of the economic and monetary crises that the country is experiencing.

BRICS includes Brazil, Russia, India, China and South Africa, and at a summit in Johannesburg last August, a decision was announced to invite Argentina, Egypt, Iran, Ethiopia, the Emirates and Saudi Arabia to become full members of the organization, starting on January 1, 2024.

Al-Halbousi added, in a press statement followed by “Baghdad Today,” that there are many obstacles standing in the country’s way to join the BRICS, which is Iraq’s lack of an industrial base and the lack of agriculture, which made the economy collapse significantly, amid the confusion of government measures that caused the economic and monetary crises to worsen in the country. Iraq.

He continued: “Iraq cannot join the BRICS group because of Washington’s control over it, especially since Iraqi oil imports are placed in Iraq’s account in Washington, which makes Iraq exposed to a financial setback if Washington lifts protection over Iraqi funds.”

The economic expert pointed out that the United States of America has a lot of evidence of the Iraqi government’s negligence in the continuation of money laundering, terrorist financing, and dollar smuggling operations for the benefit of countries and armed groups punished by the American Treasury. In the event that Iraq joins BRICS, Washington will take a significant package of sanctions, and I do not rule it out. Approval of a law that reduces or restricts the income of the dollar to Iraq, causing a major financial collapse, especially since Iraq has a rentier economy that depends on oil and that oil imports are in America.

Al-Halbousi explained that the United States will not allow Iraq to leave its circle of control and go towards its competing party, and Washington has great pressure cards on Iraq militarily, politically and economically, which makes the statements of Iraqi officials about joining the BRICS group suicidal at all levels for Iraq, and at the same time it cannot Its implementation is due to American obstacles.

In a previous statement, the Iraqi economic expert, Safwan Qusay, spoke, saying: “Iraq is trying to be in the region of economic balance by attracting investments from countries of the East or West, and Russia is a giant industrial country, and Iraq’s openness to the Russian system can be exploited by attracting investments in the agricultural sector, livestock and the agricultural sector.” “Transportation, especially if we manage the investment file in the iron and steel sector to create complementary industries at the level of trains and ships.”

He added: “Iraq is looking forward to exploiting its geographical location and it needs to establish an industrial zone for strategic industries that complement the path of development and the presence of economic powers such as Russia that can contribute to these sectors. I believe that establishing a nuclear reactor to generate electrical energy will support the process of establishing this industrial city and that we will have diversity in Investment sources.

He pointed out that Iraq is looking forward to increasing the capacity of financial transactions with the Russian side outside the “SWIFT” system, so that it can have trade with the East through this system, and this reduces the pressure on financial bottlenecks in some cases.

Regarding the possibility of Iraq joining BRICS in the future and its impact on the region, Qusay said: “The BRICS project is promising, and the organization has a set of conditions for it to join, and I believe that Iraq needs to rehabilitate the economic goals and financial tools in order to be allowed to join the group,” explaining that Iraq is not with An area of attraction alone, but he must build a sectoral investment map so that there is competition in every sector. I believe that the advantage of the corresponding economy is what will determine preference. For example, integration with the Russian economy at the level of agriculture, iron and steel industries, and nuclear energy could be This is the path.”     Source: Sputnik   LINK

The Dollar Strengthens Against The Dinar Again.. Money Exchangers Sell For 160,000 And A Half

Economy |Today  Baghdad today – Baghdad   Today, Tuesday (October 17, 2023), the exchange rate of the US dollar against the Iraqi dinar recorded an increase, reaching more than 160 thousand dinars for every 100 dollars.

The “Baghdad Today” correspondent said, “Today, the selling price of the dollar in banking offices in the capital, Baghdad, reached 160,500 dinars for every 100 dollars.”

He added, “The purchase price reached 159,000 dinars for every 100 dollars.”

Yesterday, Monday, the selling prices of the dollar recorded 157,600 Iraqi dinars for every 100 US dollars, while the purchasing prices recorded 155,600 Iraqi dinars for every 100 US dollars in the local markets.   LINK

Central Bank: Many Factors Affect The Exchange Rate, The Most Important Of Which Is The Leakage Of The Dollar To Neighboring Countries

October 16, 2023   Baghdad/Al-Masala Al-Hadath: Central Bank Governor Ali Al-Alaq said that there are many factors that affect the exchange rate, the most important of which is the leakage of the dollar to neighboring countries.

The media office of the Ministerial Council for the Economy stated in a statement received by Al-Masala that Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein chaired the thirty-first session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister, Minister of Planning, Ministers of Finance, Labor, and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank, the Undersecretary of the Ministry of Oil, and the Deputy Prime Minister. Chairman of the National Investment Authority, Chairman of the Securities Commission, and advisors to the Prime Minister for economic and legal affairs.

He added that the Council hosted the Chairman of the Finance Committee in the Iraqi Parliament and a number of members of the Committee to discuss the dollar exchange rates in Iraqi markets, pointing out that the Governor of the Central Bank provided a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq.

The Governor of the Central Bank explained that the exchange rate depends mainly on imports and not on local production, and that the exchange rate in Iraq has peculiarities due to its connection to the price of oil as it is the largest source of providing hard currency, indicating that many factors affect the exchange rate, the most important of which is the leakage of the dollar to neighboring countries and dealing Internal access to local markets in a currency other than the national currency, as well as the lack of complete control over ports and smuggling.

He added that the level of inflation has decreased significantly and that the goods that enter officially are seeing stability in prices because imports are covered by the official price, stressing the opening of a special hall for private banks to sell dollars to travelers at Baghdad International Airport, and we raised the interest rate for amounts deposited in banks to 7.5 percent to encourage citizens to deposit their amounts. In the banks and to withdraw the monetary mass outside the banks.

He continued that, after objective and serious discussions, the Deputy Prime Minister and Minister of Foreign Affairs indicated that the Council will study in detail this important issue and will follow up on the localization of salaries for all workers in the government sector and then the mixed sector until the private sector and we will study increasing the interest rate on deposits, adding that we look forward to building future basic tools that will help The Central Bank and the Ministry of Finance take their role in accordance with the nature of their work.

He pointed out that the Council decided to proceed with the establishment of a project to demolish and build a 600-bed Ibn Sina Specialized Hospital in Nineveh Governorate to serve the people of that dear governorate.    https://almasalah.com/archives/70498

Points to Ponder on FEAR:

1. Fear is the worst kind of grave, because it buries one alive. ~ Beth Fantaskey

2. What you fear will not go away; it will take you into yourself and bless you and keep you. That’s the world, and we all live there. ~ William Stafford

3. There are two basic motivating forces: fear and love. When we are afraid, we pull back from life. When we are in love, we open to all that life has to offer with passion, excitement, and acceptance. We need to learn to love ourselves first, in all our glory and our imperfections. If we cannot love ourselves, we cannot fully open to our ability to love others or our potential to create. Evolution and all hopes for a better world rest in the fearlessness and open-hearted vision of people who embrace life. ~ John Lennon