“Tidbits From TNT” Thursday 9-21-2023



CandyKisses:  Urgent Cabinet Secretariat announces holiday on September 27

local: Al-Furat News} The General Secretariat of the Council of Ministers announced an official holiday on Wednesday of next week.

A statement by the secretariat of the {Euphrates News} a copy of which was said that “it was decided to disrupt the official working hours, on Wednesday, corresponding to 2023/9/27, in all ministries and state institutions, coinciding with the anniversary of the birth of the Master of Objects and the Messenger of Mercy, the Prophet Muhammad (pbuh).”

CandyKisses:  90 percent of travelers resort to the parallel market to secure dollars in Iraq – urgent

Baghdad Today – Diyala

The Chamber of Commerce in Diyala Governorate confirmed, on Thursday (September 21, 2023), that 90 percent of travelers outside Iraq resort to the parallel market to secure the dollar .

The dollar exchange rates in Iraqi local markets are witnessing unstable jumps until they approached 160,000 dinars for every 100 dollars, in conjunction with information about American intentions to impose sanctions on new banks that are not committed to the terms of transferring and financing trade using the dollar .

The head of the chamber, Muhammad Al-Tamimi, said in a statement to “Baghdad Today” that “the rise of the dollar will not stop for several reasons, including 90 percent of travelers outside the country resorting to the parallel market to secure the dollar due to the complexities and ambiguity of the procedures,” pointing out that “he personally did not obtain The dollar through approved outlets at the official rate for the purpose of travel, despite his repeated attempts, let alone simple citizens .”

He added, “The number of travelers is not small, and they constitute a pressing factor on the parallel market because the purchase rate is estimated at millions of dollars per day, which means an increase in demand amid a limited supply, which leads to a gradual rise in the exchange rate,” noting that “the file of selling the dollar at the official rate to travelers needs… “To seriously reconsider and listen to people’s repeated complaints .”

He explained, “The rise in the dollar means an increase in prices, thus draining the pockets of the simple people who are directly affected, in addition to the presence of 11% who are at risk of poverty in all governorates .”

The financial expert at the Baghdad Stock Exchange, Hossam Al-Khaizaran, had previously confirmed that “continuous speculation in hard currency and smuggling still threaten the value of the Iraqi dinar .”

Al-Khayzaran added, “Smuggling and speculation networks have found new ways to avoid the Central Bank’s measures,” calling on “the authorities to take new steps to address the crisis of the deteriorating value of the national currency .”

He considered that “families pay the highest price, because most food items are imported and linked to the dollar, not the dinar,” expecting “a new rise in poverty rates if the dinar’s value decline and instability continue .”

In media statements, economic researcher Ahmed Abd Rabbo called on the Central Bank of Iraq to launch a new reform package that will restore stability to the dollar exchange rates .

While the Iraqi financial expert, Ziyad Al-Hashimi, confirmed in his blog post that “the scarcity of the dollar supply in the local market has led to new rises in its exchange rates,” expecting “more rises


Tishwash:  An Iranian official reveals the country’s reserves of black gold

The Executive Director of the National Iranian Oil Company stated that Iranian oil production has increased by more than one million barrels per day since the current government took office in August 2021.

Executive Director Mohsen Khojasta Mehr said, “Iran has regained its previous production ranking in the Organization of the Petroleum Exporting Countries.” OPEC, which was registered before the embargo, pointed out that “oil production during the era of the previous government was on average 2.25 million barrels per day, and today it has reached 3.3 million barrels.”

He added, “Within the next 10 days, production will reach 3.4 million barrels per day. He revealed that Iranian oil production will reach the level of 5.7 million barrels per day in the next eight years, and gas production will reach 1.5 billion cubic meters per day.”

He stressed that “Iran’s oil and gas reserves amount to 340 billion barrels, and it has 400 oil and gas reservoirs and is at the forefront of the world in this field, adding that the average recovery in oil fields is 25%, and gas is about 70%.”  link