TNT – “Tidbits From TNT” Monday 12-18-2023


CandyKisses:  French report: Dollar restrictions disrupt Iraqis’ lives due to ‘monetary sovereignty’

Shafaq News / French report shed, the spotlight On the deficit in the withdrawal of Iraqi citizens of their money transferred to them from abroad The country, months ago, for being sent to them in US dollars, after the authorities imposed restrictions New complicates the use of hard currencies, in its quest to adjust the black market for the exchange rate, in A paradoxical measure in an oil-rich country with huge hard currency reserves It exceeded one hundred billion.

According to a report published by the agency “France” Press”, and seen by Shafaq News Agency, the emergence of a parallel exchange market, and the imposition of the authorities Restrictions in the context of strengthening banking supervision in compliance with international rules imposed by Washington, causing a complication of the daily life of the population.

The official exchange rate is 1320 dinars For one dollar, but at money changers, the price of one dollar is equal to 1500 dinars and up to 1600, and currency exchange offices are dealing very cautiously with customers, after Dozens of money changers accused of price manipulation have been arrested, according to the report.

The Central Bank of Iraq announced in a statement Earlier, he decided as of January to “limit all commercial and other transactions in Iraqi dinars instead of dollars” inside the country.

Tishwash:  Parliamentary Economy: 350 million tons of Iraq’s sulfur reserves

The Committee on Economy, Industry and Trade in the House of Representatives revealed that Iraq possesses a strategic reserve of sulfur estimated at 350 million tons.

The committee’s rapporteur, Yasser Al-Husseini, said in an interview with “Al-Sabah”: “Al-Iqtisad News” followed him, saying that Iraq has a strategic reserve of raw materials that are not available in other countries, such as sulfur, phosphate, and silica, and it is almost the first to have them, noting that these minerals can be benefited from to be the country’s second resource after oil, by investing them in a real way with solid companies. And specialized in this matter.

He pointed out that government resources must be in purely national hands, and therefore the contracts in the Ministry of Industry and the Border Ports Authority, which are an important resource for the country, must be reviewed, indicating that investment projects were limiting the state’s resources and not enhancing them in a real way.

Al-Husseini stressed that the government must pay attention to the issue of migration from the countryside to the city and pay attention to the agricultural sector by benefiting from every drop of water from the time it enters Iraq until it reaches the root, warning of a demographic change that will cost the government more than the amounts it currently provides to care for the reality of the villages and countryside, explaining Supporting agriculture will cast a shadow over the stability of the local market and reduce imports in hard currency from countries, in addition to reducing unemployment.  link


Tishwash:  Iraq’s financial revenues exceed 106 trillion dinars within 10 months, and an expert comments

The Ministry of Finance revealed, on Monday, that the size of Iraqi revenues in the budget In ten months, the Federal Reserve exceeded 106 trillion dinars, confirming the high contribution of oil in the budget to 95%, while an economist warned that the country would continue to rely on… Oil in its general budget.

She continued Shafaq News Agency Data and tables issued by the Ministry of Finance in December This December, the ten-month accounts for the current fiscal year showed that oil… It still represents the main resource for Iraq’s general budget, reaching 95%, which indicates that The rentier economy is the basis of the country’s general budget.

She pointed out Financial tables indicate that total revenues up to last October amounted to 106 trillion and 843 billion and 96 million and 310 thousand and 311 dinars, after excluding Transfer revenues amounting to 1 trillion 676 billion 486 million 640 thousand dinars, indicating that the total expenditures with advances amounted to 84 trillion and 454 billion and 214 One million and 761 thousand dinars.

And according to Financial tables: Oil revenues amounted to 101 trillion and 940 billion and 1 million and 380 One thousand dinars, which constitutes 95% of the general budget, while revenues amounted to nothing Oil 5 trillion 477 billion 559 One million and 979 thousand dinars.

In turn, In an interview with Shafaq News Agency, economic expert Muhammad Al-Hassani warned of “the continuation of… Iraq relies on oil as its sole source His general budget,” considering that “oil prices are subject to fluctuations “global”.

He pointed out Until “oil prices fell from $90 to $70 per barrel, and thus “It affected Iraq’s general budget.”

He added “Iraq was unable to develop other economic sectors despite the savings “Financial,” noting that “these savings were used for expenditures Operational without investment.

And it was Adviser to the Prime Minister on Finance, Mazhar Mohamed Saleh, confirmed in March 2021 In an interview with Shafaq News Agency, the reasons for the economy remaining rentier are due to wars The economic blockade imposed on Iraq during the past era and what we are witnessing today Political conflicts led to the dispersion of economic resources.

And longer The Iraqi state’s continued reliance on oil as the sole source of the general budget makes Iraq is in danger from the global crises that occur from time to time because oil is affected by them. Which makes the country turn every time to cover the deficit by borrowing from abroad or inside Thus, it indicates the inability to manage state funds effectively, and the inability to find… Alternative financing solutions.  link