Iraqi News Highlights and Points to Ponder Wednesday AM 1-24-24


Iraqi News Highlights and Points to Ponder Wednesday AM 1-24-24

A List Of Exchange Rates For The Dollar Against The Dinar In 7 Iraqi Governorates

Economy |Baghdad today – follow-up   The exchange rates of the dollar against the dinar recorded a slight change today, Wednesday (January 24, 2024), on the stock exchange of seven governorates, including Baghdad.  Below is a list of the exchange rate, noting that the Central Bank of Iraq rate is (1320 dinars to the dollar):

Baghdad 151,000 shows    Erbil 150,850 offers    Basra 151,400 views   Chandelier 151,100 offers

Connector 150,900 width   Kirkuk 150,900 offers    Sulaymaniyah 150,900 views    LINK

Parliamentary Finance: We Are Close To Ending The Phenomenon Of “Parallel Markets” And Prices Are Heading To Decline

Economy |Baghdad today – Baghdad The Parliamentary Finance Committee confirmed today, Wednesday (January 24, 2024), that Iraq is close to resolving the crisis of the high dollar exchange rate and ending the phenomenon of “parallel markets.”

Committee member Moeen Al-Kazemi said, in an interview with “Baghdad Today,” that “the Iraqi government and the central bank were able to truly control the exchange rate of the dollar and prevent its rise, after taking various steps and decisions over the past months that led to the gradual decline of the dollar in the parallel markets.”

He added, “Work is currently underway to end the so-called (parallel markets) and we are approaching that. The dollar will not be exchanged except at the rate approved by the Central Bank of Iraq, and this matter requires a short time,” pointing out that “the decline in the parallel markets “It will continue gradually over the coming days.”

Earlier, the Central Bank of Iraq announced in a statement that it had decided, as of this January, “to limit all commercial and other transactions to the Iraqi dinar instead of the dollar” inside the country, in an attempt to control exchange rates in parallel markets.

Yesterday, Tuesday (January 23, 2024), a member of the Parliamentary Economics Committee, Representative Briar Rashid, monitored the danger of the “parallel market” in Iraq.

 Rashid said in an interview with “Baghdad Today,” that “many factors contributed to creating the parallel market for dollar exchange in Iraq, which is currently far from the official price set by the Central Bank at about 20 thousand dinars for every 100 dollars (the official price is 132 thousand dinars for every 100 dollars). $)”.

Rashid pointed out that “the continuing gap between the parallel and the official is putting strong pressure on the markets and increasing the rate of price rise,” stressing that “his committee will hold a series of sessions with the Central Bank starting next week in order to coordinate towards supporting the markets and responding to the requirements of companies and traders in order to reduce prices as much as possible.” Possibility.

He explained that “supporting banks and openness in the labor market and production is a priority during the next stage,” stressing that “increasing national production will reduce the demand for hard currency and lead to reducing the parallel market, and this is what we are seeking to achieve at the present time.”  LINK

The Finance Committee Reports Violations Against The Federal Government: Sending Money To Kurdistan Outside The Scope Of The Law

Posted On 01-24-2024 By Sotaliraq  Baghdad/Zayer Ali   The Parliamentary Finance Committee in the Iraqi Parliament believes that the central government committed violations by sending more than 700 billion Iraqi dinars to the Kurdistan government, while indicating that sending money is outside the scope of the law.

Member of the Parliamentary Finance Committee, Muhammad Nouri, says, “The federal government committed a violation, and it is not the first time,” noting that “the Baghdad government had previously paid more than 7 billion Iraqi dinars to the Kurdistan Regional Government outside the scope of the law and through legal loopholes that are not real.”

He added, “The government exceeded the provisions of the general financial budget, which obligated the region to pay imports to the central government, as well as to pay what is collected from oil and revenues from border crossings.”

Al-Nouri pointed out, “The region did not pay any of these revenues, according to what Finance Minister Taif Sami stated during her meeting with the Parliamentary Finance Committee during the current week.”

The member of the House of Representatives pointed out that “the government’s violation casts a shadow over the allocations of the other 15 governorates,” noting that “the government justifies these allocations by saying that they are to pay the salary entitlements of the region’s employees. The regional government did not pay the employees’ allowances and forced them to compulsory savings.”

In December 2023, the Federal Ministry of Finance announced the launch of a loan worth 700 billion dinars to finance the salaries of Kurdistan Region employees.

The Federal Ministry of Finance also stated in a statement, “In implementation of the directives of the Prime Minister and the follow-up of the Minister of Finance, Taif Sami Muhammad, the Ministry issued letters granting the regional government a loan worth 700 billion dinars to cover the salaries of the region’s employees by guaranteeing a deposit provided to the Federal Ministry of Finance, provided that it is settled from dues.” The region after their commitment to the provisions of the budget law, based on the approval of the Council of Ministers and in implementation of what was stated in its resolution No. (23520) of 2023.”

The ministry added that this “came out of keenness to implement its procedures in accordance with what was stated in the Federal General Budget Law No. 13 of 2023, including securing the financial rights of those entitled to it, and as confirmation of the government’s keenness to meet the requirements of employees in the Kurdistan region, and to implement financial reforms aimed at promoting economic growth.”

Economic affairs researcher Nabil Al-Marsoumi believes that “the confusion that occurred is due to two reasons. The first is the cessation of the region’s revenues after the cessation of exports to Turkey,” noting that “the other reason is that Kurdistan’s share is calculated by the value of actual spending, not planned.”

He added, “The loan approved by the Council of Ministers was preceded by a group of loans amounting to 2.5 trillion dinars,” pointing out that Kurdistan’s share of 12.67%, which is equivalent to approximately 16 and a half trillion, but what should be transferred is actual spending.[/size]

Al-Marsoumi pointed out, “This is one of the mistakes in the budget, and the salaries item should have been excluded from actual spending because it is the largest percentage, which is equivalent to 9.3 trillion dinars.”

In January 2023, the Federal Court issued a decision canceling all government decisions related to transferring funds to the Kurdistan region.

The court stated in a statement that it “decided to rule that the decisions issued by the Council of Ministers in the years 2021 and 2022 were invalid” regarding transferring funds to the Kurdistan region, adding that “the ruling is now binding on all authorities.”

Last Sunday, Finance Minister Taif Sami confirmed that the Kurdistan Region did not deliver any revenues to the federal government during 2023.

The Parliamentary Finance Committee, headed by Atwan Al-Atwani, hosted the Minister of Finance, Taif Sami, to discuss a number of important files, including preparing to make the required amendments to the budget tables for the year 2024.

The head of the committee, Al-Atwani, confirmed that “the meeting came to review the financial path in implementing the items of the tripartite budget and to determine the funding ratios with regard to the implementation of projects and in a manner consistent with the government program and other governing entitlements, as the minister noted that there is a problem with the data for including projects within the investment budget, and that it No funds will be disbursed to government institutions for the year 2024 unless the project components are marked and the imbalance in the allocations for last year’s schedules is addressed.”

He explained, “The most important problems and obstacles facing the implementation of the budget law were also reviewed, most notably the paragraph related to appointments and contracts, and it was agreed with the Minister of Finance to complete the tables for calculating financial costs with a view to launching them in 2024.”

Al-Atwani pointed out that “the Kurdistan region’s oil file was present in today’s meeting with the Minister of Finance, where the latter confirmed that the region did not deliver any financial revenues to the federal government during 2023, and was only satisfied with supplying government refineries with 50,000 barrels of oil per day.”

The Chairman of the Finance Committee stressed “the necessity of finding radical solutions to all outstanding problems with the region, especially after the Turkish side agreed to resume oil exports through the port of Ceyhan, and this requires resolving the issue of production and transportation costs for oil produced from the region’s fields, as well as addressing the problem of salaries of the region’s employees and deportation.” This file is free from any political tensions, calling at the same time on the Kurdistan Regional Government to fully commit to implementing the federal general budget law.” LINK

Corrupt Money Is Raiding Baghdad’s Real Estate… Prices Are Astronomical, Higher Than London Areas, And Citizens’ Suffering Is Increasing

Posted On 01-24-2024 By Sotaliraq  Baghdad/ Haider Hisham  Real estate prices in the Iraqi capital, Baghdad, have witnessed a noticeable rise in recent years. This rise has made it difficult for many Iraqis to obtain suitable housing, especially those with limited income.

A real estate investment company revealed shocking statistics about real estate prices in some areas of the capital, Baghdad. In the Yarmouk area, they ranged between $4,000 and $20,000 per meter. As for the Al-Harithiya area, real estate prices ranged between $3,500 and $14,000 per meter, while the Prices in the rest of the capital’s areas range from $3,000 to $20,000.

Member of the Parliamentary Services and Reconstruction Committee, Mahma Khalil, identified a number of reasons behind the rise in real estate prices in the capital, Baghdad, while explaining the relationship of “money laundering” to the real estate file.

Khalil said, in an interview with (Al-Mada), that “the rise in real estate prices in the capital, Baghdad, is due to several real reasons, which in one way or another cause the phenomenon to worsen,” indicating that “the first reason is the failure of the Iraqi governments to distribute lands within the borders of the capital’s municipality for many years.” “.

He points out, “The second reason revolves around the increase in the number of people in the capital, in addition to the absence of future government visions regarding the residential buildings sector, and the development of investment plans to accommodate the increase in population numbers.”

During his talk about the “theft of the century,” Prime Minister Muhammad Shiaa al-Sudani revealed that a large portion of the stolen tax money was used to “purchase important real estate in important areas in Baghdad.”

Regarding the relationship of “corrupt money” to the rising crisis, a member of the Services Committee explains, “There are huge amounts of money that have entered the real estate market, and have been invested in this field, by the corrupt, through (money laundering), which is one of the main reasons for the rise in real estate prices in Baghdad”.

Khalil points out “the reverse population migration from the provinces to the capital, which led to an increase in the number of people,” noting that “all these factors came together and caused an increase in demand for Baghdad real estate, compared to the rest of the provinces.”

In a report published by The Century Foundation Research Center, it confirms that “more than a billion dollars of the stolen tax money, amounting to 2.5 billion, was invested in 55 properties in Baghdad, and another billion was distributed among properties, lands, and other assets.”

In turn, economic affairs expert, Ali Daadoush, explained ways to control “money laundering” operations in the real estate market, while he considered the imaginary rise in Baghdad real estate prices “a natural thing.”

Daadoush mentioned in an interview with Al Mada, “Most money laundering operations take place within the scope of the real estate market in the world because it is considered one of the easiest ways, and the same is true in Iraq.”

He notes, “The rise in real estate prices in Baghdad to very large amounts is a normal condition,” stressing that “money laundering is the main reason for the astronomical rise in Baghdad real estate.”

Regarding ways to control “corrupt money,” Daadoush explains that “controlling corrupt money that negatively affects the real estate market is possible through disclosing the financial assets of influential people before and after assuming government positions.”

The economic affairs researcher points out “activating the law (Where did you get this from), which will work to create a qualitative decline in the extent of financial and administrative corruption in the country.”

The head of the Federal Integrity Commission said at the end of last year that the implementation of the campaign (Where did you get this from?) on graft will not only apply to employees and officials, but will include the heads and founders of parties, governmental and non-governmental organizations, and civil society organizations.

It is noteworthy that Iraq is a country ranked 157 out of 180 in the Transparency International Organization’s corruption perceptions index, and that the issue of high real estate prices in Baghdad is linked to money laundering, according to representatives and economists.  LINK

Top 100 Inspirational Quotes  Compiled By Kevin Kruse 

 Inspirational quotes and motivational quotes have the power to get us through a bad week, and can even  give us the courage to pursue our life’s dreams.  In my book, 4 Keys to Happiness and Fulfillment at Work, By Kevin Kruse, I share surprising research into the true triggers of workplace motivation.

 So in the spirit of self motivation, here are 100 inspirational quotes.

1. Whatever the mind of man can conceive and believe, it can achieve. –Napoleon Hill

 2. Strive not to be a success, but rather to be of value. – Albert Einstein

  3. Two roads diverged in a wood, and I—I took the one less traveled by, And that has made all the difference.  – Robert Frost

 4. I attribute my success to this: I never gave or took any excuse. – Florence Nightingale

 5. You miss 100% of the shots you don’t take. – Wayne Gretzky