Iraqi News Highlights and Points to Ponder Saturday AM 11-18-23

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Iraqi News Highlights and Points to Ponder Saturday AM 11-18-23

Parliament Finance Indicates The Reason For The Decline In The Exchange Rate And Talks About “A Crackdown On Smugglers”

In recent days, the local markets witnessed a decline in the exchange rate of the dollar against the Iraqi dinar, reaching 158 thousand for every 100 dollars. The Finance Committee in the House of Representatives indicated the reasons for the decline, while revealing “a control over smugglers.”

Committee member Moin Al-Kazemi said, “There is security and intelligence progress in the file of identifying dollar smugglers, and during the past days a number of them have been overthrown.”

Al-Kadhimi indicated in a press interview seen by “Taqaddam” that “this greatly affected the decline in the dollar exchange rate in the parallel market.”

A member of the Parliamentary Finance Committee stated that “there is great economic importance in thwarting foreign currency smuggling operations,” noting that “there is government interest in this file, and the security and intelligence services have information about these parties and personalities, and work is continuing to pursue and overthrow them.”

A Deputy Reveals Three Risks Threatening The Iraqi Economy

Information / Baghdad   Representative Ali Al-Lami warned, on Saturday, of Iraq’s continued dependence on the sale of oil to finance its expenses, indicating that the continued penetration of corruption will lead to a major economic collapse in the country.

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Al-Lami said in an interview with “Al-Ma’louma” that “Iraq’s economy has been facing serious complications for years that must be paid attention to,” calling for “the adoption of a road map that leads to reducing the risks of any international crises, especially with regard to oil prices, which represent more than 90% of treasury revenues.” “.

He added, “There are three risks that threaten the national economy: the corruption that has permeated state institutions and its large dependence on the sale of oil despite price fluctuations from time to time, in addition to the presence of 25 unofficial outlets in the Kurdistan region, which represent the largest smuggling front in the country.”

He pointed out that “the danger of the unofficial outlets in the region is that they represent black loopholes because they are illegal and cause the livelihoods of six sectors, including agriculture and industry, to be directly robbed by flooding the markets with materials, which means huge losses for national production, which requires an urgent reconsideration that contributes to ending the issue of the outlets.” “And push Baghdad to control it and force it to work in accordance with official instructions and conditions.”

Iraq relies almost entirely on the sale of oil to secure public treasury revenues for spending and paying salaries. LINK

At The Beginning Of The Week, Dollar Prices Rose In Baghdad And Erbil

2023-11-18  Shafaq News/ Dollar prices rose today, Saturday, in the markets of Baghdad and Erbil, the capital of the Kurdistan Region.

Shafaq News correspondent said that dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 159,400 dinars against 100 dollars, while last Thursday prices were 157,850 dinars against 100 dollars.

Our correspondent indicated that selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 160,500 Iraqi dinars, while the purchasing price reached 158,500 dinars for every 100 dollars.

As for Erbil, the stock market does not trade on official holidays, but the dollar recorded an increase in banking shops, the selling price being 158,800 dinars against the dollar, and the purchasing price being 158,400 dinars against 100 dollars.  LINK

After The Rapid Decline And Slow Rise…An Expert Denies The End Of The Dollar Crisis In Iraq Except Under Two Conditions

Economy |Baghdad today – Baghdad  Economic expert Nabil Al-Marsoumi confirmed today, Friday (November 17, 2023), that the dollar exchange rate crisis will continue because the government’s solutions are unrealistic .

Al-Marsoumi said in an interview with “Baghdad Today” that “the dollar crisis in Iraq will continue due to the continuation of the American economic sanctions imposed on Iran.”

He added, “After implementing the electronic platform system, it became difficult to transfer dollars to Iran, and since Iraq has trade with Iran amounting to about 10 billion dollars annually, and tourists and patients visit Iran and spend more than 3 billion dollars annually, there is difficulty in controlling the dollar crisis.”

He stated that “only two solutions can restore stability to the dollar exchange rate and end the crisis, which is convincing the United States to allow the transfer of dollars to Iran, or searching for another source to import goods from countries that do not have embargoes or sanctions.”

The dollar exchange rates declined rapidly 3 days ago from 166 thousand dinars to 155 thousand dinars per 100 dollars, before returning to a relatively high rate, reaching 159 thousand dinars currently.

The decline came due to market sentiment, after statements and reports about a package of measures and agreements between the Central Bank of Iraq and American, European, Turkish and Emirati banks, for the purpose of strengthening the balances of some Iraqi banks in advance in the currencies of the dollar, the Indian rupee, the Chinese yuan, the euro and other currencies, to expand the possibility of financing Iraqi trade and diversifying it instead of… Limited to the dollar.  LINK

More Than One Billion Dollars In Sales From The Central Bank Of Iraq Within A Week

2023-11-18 04:06  Shafaq News/ The Central Bank of Iraq’s total sales of hard currency to the US dollar during the past week amounted to more than one billion dollars.

Shafaq News Agency correspondent stated that the Central Bank sold during the past week and for the five days in which the auction was opened, one billion and 143 million and 53 thousand and 503 dollars, at a daily rate of 228 million and 610 million and 700 dollars, higher than what it recorded last week, which amounted to one billion and 146. One million 308 thousand and 909 dollars.

The highest dollar sales were on Sunday, when sales amounted to 235 million, 236 thousand and 339 dollars, while the lowest sales were on Thursday, when sales amounted to 221 million, 425 thousand and 343 dollars.

Our correspondent indicated that sales of foreign remittances during the past week amounted to 1 billion 70 million 513 thousand and 693 dollars, an increase of 90% compared to cash sales that amounted to 103 million 858 thousand and 600 dollars.

Our correspondent explained that the sales went in the form of cash and transfers abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards reached 1,305 dinars per dollar, while the selling price of transfers abroad and the cash selling price reached 1,310 dinars per dollar.  LINK

Provoking Points To Ponder From Daily Reflections For Highly effective People By Stephen Covey:

We must look at the lens through which we see the world – as well as at the world we see – and understand that the lens itself shapes how we interpret the world — p17

We simply assume that the way we see things is the way they really are or the way they should be – And our attitudes and behaviors grow out of those assumptions — p24

Each of us has many – many maps in our head – which can be divided into two main categories: maps of the way things are, or realities — and maps of the way things should be – or values — We interpret everything we experience through these mental  maps — p24

Our character – basically – is a composite of our habits — Because they are consistent – often unconscious patterns – they constantly daily – express our character and produce our effectiveness …….. or ineffectiveness — p46

You are NOT your habits — You CAN replace old patterns of self defeating behavior with new patterns – new habits of effectiveness – happiness and trust-based relationships — p61

Highly Proactive People recognize their “respons-ability — the ability to choose their response — They do not blame circumstances – conditions – or conditioning for their behavior — their behavior is a product of their own conscious choice – based on values – rather than a product of their conditions  – based on feeling — p71

Reactive People focus on circumstances over which they have  no  control — the negative energy generated by that  focus – combined with neglect in areas they could do  something about – causes their Circle of Influence to shrink — p83

Proactive People focus their efforts on the things they can do something about — the nature of their energy is positive – enlarging – and magnifying causing their Circle of Influence to increase — p83

Whatever is at the center of our life will be the source of our security – guidance – wisdom and power — p109