Iraq Economic News Highlights and Points to Ponder Thursday AM 11-2-23


Iraq Economic News Highlights and Points to Ponder Thursday AM 11-2-23

Washington’s Federal Cloak Controls Baghdad.. Will Iraq Join The BRICS Group?

Posted On2023-11-02 By Sotaliraq  When Prime Minister Muhammad Shiaa Al-Sudani expressed, earlier, Iraq’s readiness to join the BRICS group if it received an official invitation to do so, will Baghdad be able to escape from Washington’s federal “cloak” and launch diplomatic efforts to join it?

The BRICS group includes China, India, Russia, Brazil, and South Africa. The first four countries are among the fastest growing economies. They seek to get rid of Western hegemony and the control of the dollar, and encourage dealing in local currencies in commercial exchanges.

As of next year 2024, Saudi Arabia, the Emirates, Egypt, and Argentina will be accepted for membership. , Ethiopia, Iran, and the writer and political analyst, Omar Al-Nasser, said in an interview with (Al-Mada), “The situation in Iraq is very different and cannot be compared with those countries that have full sovereignty, so it cannot join the BRICS group so easily.”

Management and planning

He adds, “International factors and the threads of regional extensions that exist deep inside Iraq are still affecting the political decision in light of the lack of cohesion, harmony, and long-term strategic alliances between the political forces holding power, in addition to poor management and planning, weak foreign policy, and the lack of access to positions for those with experience.” That achieves qualitative goals.”

Washington’s “cloak”

Al-Nasser continues his speech, via (Al-Mada), that “the strategic framework agreement with the United States, the Iraqi oil money remaining within the US Federal Reserve, the lack of alternative strategies that achieve the policy of filling the vacuum for oil money, and Washington’s vision of not withdrawing its hand from Iraq will prevent a lot of it from joining the BRICS group in the long term.” “In the near future, especially since there is a common international vision that Iraq must be a completely stable country in a region full of disputes and political conflicts.”

Beijing’s “weapon.”

For his part, the specialist in financial and banking affairs, Mustafa Hantoush, said in an interview with (Al Mada), “The BRICS group is a group of economically developing countries, and there are 22 countries that have applied to join, in addition to 40 countries interested in doing so.”

He adds, “BRICS is a weapon under the hand of China, and the intention of this group is to create an economic currency among member states in trade exchanges.”

Hantoush explains, “All the countries joining it are unable to pump money, create a currency, or manage global trade.”  LINK

Dollar Mafias” Manage The Iraqi Market With A “Whatsapp Group”… And Demands For Urgent Government Intervention

Local / Economy | Baghdad today – Baghdad   Member of the Parliamentary Finance Committee, Jamal Cougar, revealed that a group of mafias and influential people controlled the dollar exchange rate through a “WhatsApp group.”

Cougar indicated in a televised interview followed by “Baghdad Today” that “there is a (group) on WhatsApp run by a group of influential people or mafias who control the exchange rate of the dollar in the parallel market,” calling on the security services from the intelligence and national security to intervene and follow up on the matter.”

A member of the Parliamentary Finance Committee confirmed that “personalities working in the stock exchanges referred to this (group) and demanded that the matter be conveyed to the relevant authorities to take urgent measures.”

On (last October 8), the expert in banking affairs, Ahmed Al-Tamimi, criticized the Iraqi Banks Association for not taking any position on what some private banks are working on to illegally acquire the dollar.

Al-Tamimi told “Baghdad Today” that “some private banks are working to illegally seize the dollar. They take the share of the traveling citizen and do not give it to him. Also, some banks refuse to hand over to the citizens the remittances that reach them in dollars, and all of this violates the law.”

The expert in banking affairs stated that “the Iraqi Banks Association bears a large part of the illegal behavior that is happening in some private banks, especially since it has not yet taken any role from those banks. Rather, it remains silent and tries to evade its role in following up on the work of those banks.” “.

 Meanwhile, economic expert Sarhang Hussein earlier accused the Association of Private Banks of being behind the rise in dollar exchange rates in the parallel (black) markets.

Hussein told “Baghdad Today”, “The process of buying the dollar with cards by merchants and giving it to private banks is behind the rise in the dollar exchange rate again.”

It is noteworthy that the exchange rate of the dollar in the parallel (black) markets has risen again, as the markets recorded 163,000 dinars for every 100 dollars, despite the fact that the Central Bank sells it for 1,320 dinars.  LINK

Parliamentary Finance Warns Of “Very Negative Repercussions” As The Dollar Continues To Rise

Time: 11/02/2023 Read: 169 times   {Local: Al-Furat News} Baghdad Governorate is working with the Ministry of Education to end the issue of caravan schools, by providing the necessary lands to establish new schools on them, stressing the capital’s need for 1,000 schools in the center and peripheries.

Ali Jabbar Mu’nis told Al-Furat News Agency, “The issue of rising parallel exchange rates has become exhausting for the Iraqi street and is a factor of weakness for the government.”

He added, “If the government is unable to address this issue, it will have a negative impact on its performance, especially since the difference between the official and parallel prices is large.”

Mu’nis pointed out, “The government deals at the official price of 1,320 dinars, while its price in the parallel market is much higher. There must be a deal and agreement with the US Federal Bank and address this matter because its repercussions are very negative.”

Advisor to the Prime Minister, Fadi Al-Shammari, revealed that Prime Minister Muhammad Shiaa Al-Sudani will soon announce a new banking service for small merchants that will lead to a decrease in the exchange rate and facilitate their work procedures.

Al-Shammari said in a televised statement, “Those who manipulate the dollar are speculators, and the government provides the dollar through official platforms, and the government is not subject to blackmail by speculators who seek profit at the expense of citizens.” From.. Raghad Dahham   LINK

Parliamentarian: We Need More Time To Pass The Oil And Gas Law

Information / Baghdad..  Kurdistan Democratic Party MP Sharif Suleiman confirmed on Thursday that Parliament will need a lot of time and discussions to mature the oil and gas law in a way that serves all governorates and is consistent with the constitution.

Follow the “Al-Ma’louma” channel on Telegram.. News that does not require documentation..

Suleiman told Al-Maalouma, “Resolving the oil and gas law is not limited only between the center and the region, but rather it concerns Iraq in general, as the region hopes to speed up the approval of this important law for everyone.”

He added, “The oil and gas law must be enacted in accordance with the constitution and the entitlements of each governorate, without any violation of the applicable law and constitution, in order to guarantee the entitlement of each governorate with regard to natural resources.”

He stated that “the aforementioned law, due to its great importance, will witness many discussions and sufficient time within Parliament in order to mature the law in a way that serves everyone, before proceeding with its legislation, especially since the political document has confirmed the legislation of this law.” LINK

The Oil And Gas Law Enters A Hibernation Phase Until The End Of The Local Elections

The Oil and Gas Law has entered a dormant phase until the end of the provincial council elections, amid confirmations of the existence of studies of the various opinions submitted by the provinces, including the region, to the government committee formed to complete the law and present it in the optimal manner to Parliament in order to vote on it and guarantee the rights of all provinces.

At a time when some reservations prevail on the part of the region, which it is hoped will be accomplished through intensifying meetings between the delegations of Baghdad and Erbil after the completion of the local elections scheduled for next December.

The representative of the Kurdistan Democratic Party, Sharif Suleiman, said in a press interview seen by “Taqaddam” that “the oil and gas law is still with the government committee formed to consider this law, as the governorates presented their opinions and proposals about it and what should be included within the law,” pointing out that “the region Kurdistan submitted a proposed law to the formed committee.”

He added, “The State Administration Coalition presented 5 proposals, and the small committee formed is concerned with studying the proposals in order to find rapprochement and consensus between the parties that submitted proposals regarding the law, despite the lack of consensus on a specific proposal at the present time.”

On the other hand, the Chairman of the Parliamentary Regions Committee and a member of the negotiating delegation, Shirwan Al-Dobardani, said in a press interview seen by “Taqaddam” that “the delegations of the region and the center agreed to stop meetings between the two parties until the completion of the provincial council elections.”

He added, “The negotiations will resume once the results of the local elections are announced, especially since the meetings of the two delegations have come a long way and there is interaction and a desire to approve the law early next year.”

On the other hand, the representative of the Sadiqoun parliamentary bloc, Suhaila Al-Sultani, confirmed in a press interview seen by “Taqaddam” that “there is continuous work between the various political parties in order to resolve the file of the oil and gas law, finalize it, and hand it over to the House of Representatives to include it on the agenda of one of the sessions for the purpose of Discuss, read and vote.”

He added, “Even if political confusion occurred over this law, it is considered one of the very important laws for the Iraqi people, and the public interest requires that it be passed within Parliament through consensus among the representatives.”

For Less Than 12 Dollars…Iraq Reveals The Average Selling Price Of Oil Exported To Jordan

2023-11-02 Shafaq News/ The Iraqi Oil Marketing Company “SOMO” announced on Thursday that the average selling price of crude oil exported to Jordan reached $75.5 during last October.

Thus, Iraq sold one barrel of crude oil to Jordan last month for less than $12, compared to the official selling price announced by the Ministry of Oil of $88.26, according to statistics issued by SOMO.

SOMO said in statistics on its website, which Shafaq News viewed, that “the total oil exports to Jordan during the month of last October amounted to 464,728 barrels,” indicating that “the export rate reached 15,000 barrels per day.”

The Iraqi Oil Marketing Company added that “the average price of a barrel sold to Jordan reached $75.5,” noting that “the value of imports from Jordan’s oil exports during one month amounted to about $35 million.”

It is noteworthy that Iraqi oil exports to Jordan have risen to about 15 thousand barrels per day, under an agreement updating the previous agreement, which required the sale of 10 thousand barrels per day of Iraqi oil to Amman, at prices about 16 dollars less than the price of a barrel during the month. LINK

Al-Karaawi: America Is Punishing Iraq Economically And Putting Pressure On Its Government To Stop Resistance Strikes

Information / Baghdad…  Hussein Al-Karaawi, a member of the organizing committee for the Belt and Road Initiative, confirmed on Thursday that America is punishing Iraq economically and financially and is pushing for it not to join the Chinese Belt and Road project, at a time when it continues to pressure the government to stop the movements of the Axis of Resistance against its forces.

Al-Karaawi told Al-Maalouma, “America is putting pressure on Iraq and its government in order to keep it isolated from the events taking place in the region, most notably the Zionist attacks and massacres against the Palestinian people.”

He added, “Washington continues its movements with the aim of distancing the axis of resistance from confronting the occupation and keeping it outside the ongoing conflict in the region, as it realizes the strength of the resistance factions, their capabilities, and what they can do against the occupation.”

He stated, “Iraq is not far from the circle of American sanctions. Rather, it is currently being punished by the American side, which controls Iraqi money, the dollar, and trade, and stands up to it to ensure that it does not enter into the Chinese Belt and Road project and the Chinese agreement, which brings great gains to Iraq.” LINK


Provoking Points to Ponder on Endurance & Perseverance:

The  virtue lies in the struggle not in the prize — Milnes

Perseverance and audacity generally wins —
 Mad. Deluzy

There is no royal road to anything — One thing at a time – and all things in succession — That which grows slowly endures —
 J G Holland

There are two ways of  attaining an important end — force and  perseverance — Force fails to the lot only of the privileged few – but austere and sustained perseverance can be practiced by the most insignificant — Its silent power grows irresistible with time —
 Mad. Swetchine

The conditions of conquest are always easy — We have but to toil awhile  – endure a while – believe always and never turn back —

I hold a doctrine – to which I owe not much – indeed – but all the little I ever had – namely – that with ordinary talent  and extraordinary perseverance – all things are attainable — 
T F Buxton

The nerve that never relaxes – the eye that never blenches – the  thought that never wanders — these are the masters of victory — 

Hasten slowly – and  without losing heart – put your work twenty  times upon the  anvil —

Perseverance gives power to weakness – and opens to poverty the  world’s wealth — It spreads fertility over the barren landscape – and bids the  choicest fruits and flowers spring  up and  flourish  in the desert abode off thorns and briers —
 S G Goodrich