Iraq Economic News Highlights and Points to Ponder Sunday AM 10-22-23

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Iraq Economic News Highlights and Points to Ponder Sunday AM 10-22-23

A Representative Calls For Stopping The Dollar’s Dominance In Iraq

Politics   10/22/2023 Number of readings: 168   Baghdad – Iraq Today:  Representative Hussein Habib identified the most important ways to end the dominance of the dollar in Iraqi markets.

Habib said in a press interview, “There are several steps to end the dominance of the dollar in Iraqi markets, the most prominent of which is reviving the national industry in all its dimensions in order to fill the large void in the import balance, especially Since the largest percentage of the markets’ needs depend on abroad even for the simplest matters, including crops.” “agricultural”.

He added, “Restoring industry and agriculture according to a vision that includes three dimensions: sufficiency and developing production to achieve leaps in the balance of exports and imports will reduce dependence on the dollar at high rates, and thus ensure an end to its dominance. However, the matter requires comprehensive dimensions, the most prominent of which is providing means of support for the advancement of industry and agriculture.” Reducing financial burdens from taxes and offering their exemption contributions to attracting capital and internal and external investments.”

He pointed out that “reviving the industry does not stop reducing the dominance of the dollar, but rather providing great job opportunities, especially since the economic conditions have created armies of the unemployed in most Iraqi governorates.” LINK

To Support The Dinar… Nearly 18,000 Pledges Were Signed By Shop Owners Not To Deal In Dollars

2023-10-22 | 969 views  Al-Sumaria News – Local   The number of written pledges that the Ministry of Interior took from shop owners not to deal in dollars during buying and selling reached 17,900 pledges from last May until this October.

This was reported by the Director of Operations at the Organized Crime Directorate, Brigadier General Hussein Al-Tamimi , noting that the campaigns launched under the direction of the ministry since last May to support the Iraqi dinar resulted in the arrest of a number of foreign currency speculators and smugglers, according to the official Al-Sabah newspaper.

He explained that the Ministry has taken written pledges obligating the owners of car showrooms, electrical materials stores, tourism and travel companies, wholesale and key cards, as well as the owners of residential complexes, not to deal (in dollars) during buying and selling, and to deal exclusively in the Iraqi dinar according to the price specified by the Central Bank,

otherwise The violator is subject to legal accountability in accordance with Article 306 of the Iraqi Penal Code No. 111 of 1969, which stipulates imprisonment and the imposition of a fine on anyone who refuses to deal in the Iraqi dinar. He added that the Central Bank and the Council of Ministers  have authorized merchants importing basic and necessary materials from outside the country to enter the platform. Electronic and deal in dollars through it only.   LINK

Interior Ministry: About 18,000 Signed A Written Pledge Not To Deal In Dollars

The first  10/22/2023    Baghdad: Jinan Al-Asadi    The number of written pledges that the Ministry of Interior took from shop owners not to deal in dollars during buying and selling reached 17,900 pledges from last May until this October.

This was reported by the Director of Operations at the Organized Crime Directorate, Brigadier General Hussein Al-Tamimi, to Al-Sabah, noting that the campaigns launched under the direction of the ministry since last May to support the Iraqi dinar resulted in the arrest of a number of foreign currency speculators and smugglers.

He explained that the Ministry took written pledges obligating the owners of car showrooms, electrical materials stores, tourism and travel companies, wholesalers, and key cards, as well as the owners of residential complexes, not to deal (in dollars) during buying and selling, and to deal exclusively in Iraqi dinars according to the price specified by the Central Bank /

otherwise The violator is subject to legal accountability in accordance with Article 306 of the Iraqi Penal Code No. 111 of 1969, which stipulates imprisonment and the imposition of a fine on anyone who refuses to deal in the Iraqi dinar, indicating at the same time that the Central Bank and the Council of Ministers have permitted merchants importing basic and necessary materials from outside the country to enter. To the electronic platform and deal in dollars through it only.   https://alsabaah.iq/85906-.html

International Forecasts Regarding Foreign Exchange In 2024.. Iraq Ranks Fourth With 85 Billion Dollars

Economy  2023-10-22 | 918 views  Alsumaria News – Economy  Saudi Arabia is expected to top the list of Arab countries in terms of the size of its foreign exchange reserves in 2024, reaching $425 billion, according to the International Monetary Fund.

The Fund’s forecasts showed that the UAE would come in second place with foreign reserves that may reach 176 billion dollars, while the Fund expected that Iraq’s foreign exchange reserves would reach more than 85 billion dollars next year.

Yemen also came in last place, with $1 billion, according to the International Monetary Fund .

Expectations for Arab countries are below:

https://www.alsumaria.tv/uploadImages/ExtImages/Images1/11687661021697455512-638335602201604991.png

LINK

Economic Recession… Fears Threatening Trade Activity In Iraq

Time: 10/21/2023 19:31:07   Read: 858 times   {Economic: Al-Furat News} The Director of the Financial Supervision Bureau, financial expert, Salah Nouri, confirmed that Iraq is going through a stage similar to an economic recession due to the fluctuation of the dollar exchange rates.

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Nouri said {to Al-Furat News} that: “The economic situation in Iraq is the export of crude oil and the import of goods and merchandise, and the disruption of agricultural and industrial production.”

He added, “Trade activity and the situation are almost at a standstill in Iraq as a result of the fluctuation of the exchange rate of the dollar against the Iraqi dinar, meaning more like an economic recession, in addition to the impact of international events.”

Iraq is witnessing high inflation rates, but the Ministry of Planning considered it “logical” as the annual rise touched the 4 percent barrier compared to the year preceding the last inflation indicators that were read, which was last July. According to the Ministry of Planning

Nouri pointed out, “The impact of the decline in crude oil prices on the implementation of the operating budget, especially employee compensation and pensions, as well as the implementation of projects that are already difficult to implement during the remainder of the year 2023.”

The prices of the dollar recorded, this evening, Saturday, with the closure of the Al-Kifah and Al-Harithiya stock exchanges, 159,750 dinars against 100 dollars, while the prices this morning were 160,100 dinars against 100 dollars.

Until the selling prices in the exchange shops in the local markets in Baghdad decreased, as the selling price reached 160,750 Iraqi dinars for 100 dollars, while the purchasing price reached 158,750 dinars for 100 dollars.   From: Raghad Dahham    LINK 

 

Points to Ponder From The Seat of the Soul By Gary Zukav:

Every action, thought, and feeling is motivated by an intention — and that intention is a cause that exists as one with an effect — If  we participate in the cause – it is not possible for us not to participate in the effect — In this most profound way – we are held responsible for our every action , thought, and feeling, which is to say, for our every intention

From the perception of the five sensory human, intentions have no effects, the effects of actions are physical, and not all actions affect us or others — From the perception of the multi sensory human — the intention behind an action determines its effects, every intention affects both us and others — and the  effects of intentions extend far beyond the physical  world

Feel your intentions in your heart — Feel not what your mind tells you, but what your heart tells you

What is behind our eyes holds more power that what is in front of them

The decisions that you make and the actions that you take upon the Earth are the means by which you evolve

An angry personality will respond to the difficulties of it life with anger, and thereby bring into being the necessity of experiencing the results of anger —