TNT – “Tidbits From TNT” Friday 10-13-2023

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Tishwash:  Economic praise for Iraq and Russia’s agreement to deal in dinars and rubles: a masterstroke

On Thursday, economic expert Bassem Antoun considered the Iraqi-Russian agreement in transactions between the two countries in the local currencies of the dinar and the ruble to open new doors with other countries for dealing in local currencies, which will reduce the demand for the dollar , describing the agreement as a “masterstroke.” 

Anton said in a statement to Al-Maalouma, “Raising the issue of dealings between Iraq and the Russian Federation at the highest level of two figures played a role in agreeing with the Russian side to conduct transactions between the two countries in the local currencies of the ruble and dinar, especially since the volume of Russian annual investments in Iraq amounted to 19 One billion annually, and this is a very large number.” 

He added, “In light of the agreement, Iraq will open new horizons of openness with important countries to deal with in the local currency. Therefore, the demand for the dollar will decrease and the value of the Iraqi dinar will rise against the dollar. “ 

Antoun explained, “Among the basic and strategic measures of the current government and future governments is to activate the agricultural and industrial sector to achieve self-sufficiency, which will also reduce the demand for the dollar to obtain and agricultural and industrial products from abroad, and After that the country will emerge from dependence on the unilateral rentier economy dependent on the sale of oil.”

Prime Minister Muhammad Shiaa Al-Sudani announced yesterday, Wednesday, the government’s interest in investing in gas, especially since this wealth has not received attention since the discovery of oil.

Prime Minister Muhammad Shiaa Al-Sudani concluded a visit to the Russian capital, Moscow, which he visited the day before yesterday, Tuesday.  link

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CandyKisses:  Economist: The Central Bank bears the rise of the dollar. And 50 billion frozen in homes

{Economic: Euphrates News} The economic expert, Abdul Rahman Al-Mashhadani, held the Central Bank of Iraq responsible for the rise of the dollar in the local market.

Al-Mashhadani told the program “Free Speech” broadcast by Al-Furat satellite channel on Thursday evening, “The rise in dollar prices is caused by the parallel market, which meets trade requests with countries sanctioned by the US side and reaches $ 30 million per day, as well as financing drug trade through it.”

“Until this moment, all the measures taken are improper, and some speculators and traders are the ones who cause the rise in dollar prices, and the Central Bank’s measures to reduce the sale of dollars led to a rise in the exchange rate,” he added.

Al-Mashhadani stressed “the need to adopt a culture of adopting the banking system in financial transactions, and Iraq is supposed to be a tourist country with more than 12 archaeological and religious sites, and the problem is that we did not invest any tourism in the country.”

He pointed out that “the rigid mass of dollars in Iraqi homes is not less than 50 billion dollars, so if the Central Bank criminalizes dealing in dollars, how will it be disbursed?”

“The central bank still has the tools with which it controls the exchange rate,” Mashhadani said.

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CandyKisses:  Oil rises to more than $86 due to tightening sanctions on Russian crude

Baghdad today – follow-up 

Oil prices rose today, Friday (October 13, 2023), after the United States tightened its sanctions program on Russian crude exports, raising concerns about supplies in an already scarce market.

By 0052 GMT, Brent crude futures rose 36 cents, or 0.4 percent, to $86.36 per barrel. US West Texas Intermediate crude also rose 53 cents, or 0.6 percent, to $83.44 per barrel.

Brent crude is heading for weekly gains of 2.1 percent, and West Texas Intermediate crude is heading for a 0.8 percent rise this week, after both crude oils rose sharply, Monday, due to the possibility of disruption to exports from the Middle East after the Hamas attack on Israel over the weekend threatened to expand… Scope of conflict.

Prices fell during the week, but on Thursday the United States imposed the first sanctions on owners of tankers carrying Russian oil whose price exceeds the Group of Seven price cap of $60 a barrel and imposed them to fill loopholes in the mechanism designed to punish Moscow for Its war in Ukraine.

Russia is the world’s second-largest oil producer and major exporter, and tighter US scrutiny of its shipments could reduce supplies.

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Tishwash:  Saudi Arabia: Preemptive measures must be taken in the oil market

 Saudi Energy Minister Prince Abdulaziz bin Salman announced today, Thursday, that it is necessary to take “proactive” measures in the oil market and try to achieve stability in it.

He added during a visit to Russia: “We do not have a magic wand… It is difficult to predict what will happen in the market even within half a year.”

In addition, the Saudi minister confirmed to the official Russia 24 TV channel that the need to move in oil markets depends on the extent of their volatility    ink