Saleh clarifies the relationship of the gold rally with the decline of the dollar, warns of a ‘two-edged weapon’

• Time: 2024/05/12 19:25:25
• Read: 338 times

  

{Economical: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, explained why gold prices rose in local markets with the noticeable decline in the exchange rate of the dollar against the dinar.

“It is observed at the level of the local market in our country that the dollar in the secondary market is in a gradual decline against the official exchange rate, and yet we find that there is a gradual rise in gold prices in the local market,” Saleh told {Euphrat News}.
“Today, he imports gold and finances its imports at the fixed official exchange rate of the dinar against the dollar through the Central Bank platform at a price of 1320 dinars per dollar.”
Saleh explained, “Due to geopolitical tensions around the world, especially the war in Ukraine and others, it has made significant developments in gold hedging policy by some central banks in the world, which constituted an unprecedented rise in global demand for gold and led to a rise in its prices in global markets, and here it is noted that the external factor is the basis for the rise in the price of an ounce of gold in the local market.”
He continued, “International financial institutions have launched expectations of the continuation of the rise in gold prices in the coming months, and the forecast comes despite the current strength in the dollar levels, which is trading at its highest levels in 5 and a half months according to the dollar index, along with the high US government bond yields at a 5-month high in light of expectations that the US Federal Reserve is on its way to keep interest rates high for a longer period of time, which is supposed to represent a negative pressure on gold prices.”
“But the strength of global demand for gold as a safe haven under the current geopolitical uncertainty, coupled with expectations that global central banks will continue to increase their gold reserves, has prompted international financial institutions to expect more gains in gold prices during the remainder of 2024,” Saleh said.
He pointed out that “for example, the German Deutsche Bank Foundation raised its forecast for gold prices in 2024 to the level of $2,400 per ounce, and expected the price of gold to rise to $2,600 per ounce at the end of 2025. Citibank also expected that the price of gold will reach 3,000 dollars per one in the next 6 to 18 months, with gold to break through the level of $2,500 per ounce during the second half of 2024.”
He continued, “There is news circulated by global markets about an international group launching gold-denominated digital currencies with its central banks to conduct trade exchanges outside the existing currencies in the global monetary system, including China, Russia and some countries in Africa, Asia and Latin America, a trend that requires high gold hedging, which also formed an unprecedented wave of demand for the yellow metal globally.”
He said, “But from our view, adopting a global gold reserve system at the global market prices for the yellow metal will make the demand for gold grow and rise with the growth of trade and the global economy. If countries continue to hedge their reserve currencies in gold at open gold prices and restricted by production and the global limited supply of gold in the face of open demand, they will generate a cash system at a high exchange rate, perhaps it will hinder their trade competitiveness as gold-heddd countries and the exchange rates of their currencies are determined by the yellow metal.”
He pointed out that “unless those groups adopt a moderate and competitive fixed official price for the gold itself, their competitive capabilities in their international trade with the countries of the world will inevitably be threatened, and here gold will be a double-edged sword at the same time. Beware of the trade gold policies in establishing a monetary system alone, and finally until the date of May 11, 2024, the ounce of gold, which is weighs 31 grams, increased to about $2361 per ounce in global markets.”

Raghad Dahham

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Iraq turns against OPEC…no reduction in production after today

EconomyIraqIraqi Ministry Of OilOPECOPEC+ AgreementHayyan Abdul Ghani

2024-05-11 13:44ShareFont

Shafaq News/ Oil Minister Hayan Abdul Ghani said on Saturday that Iraq has made enough voluntary cuts in crude production, and will not agree to any future cuts taken by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, at its next meeting, scheduled to be held. On June 1 of next year.

Reuters reported that Abdul Ghani told reporters on the sidelines of the oil and gas licensing conference in Baghdad, that “Iraq will not agree to any renewals of production cuts at the next OPEC+ meeting.”

Iraq has repeatedly confirmed that it is committed to the voluntary cuts announced by OPEC+ since 2023, but it pumped its production quota by a cumulative amount of 602,000 barrels per day in the first three months of 2024, according to what OPEC+ said in a statement yesterday, Friday.

Iraq is looking forward to increasing its oil reserves to 160 billion barrels, with the launch of the fifth and sixth licenses, amid optimism that the issue of importing gas through its production locally will be resolved in the next five years, according to officials and economic analysts.

Iraq produces more than 4.5 million barrels of oil per day, and the sector’s imports represent more than 94% of the country’s domestic product, at a time when Iraq is the second largest country in burning natural gas in the world after Russia, with losses estimated by the government at about 6 billion dollars annually.

On Saturday morning, Prime Minister Muhammad Shiaa Al-Sudani launched the licenses for the fifth supplementary round and the entire sixth round, which includes a total of 29 projects for oil and gas exploratory fields and patches, distributed among 12 governorates.

It is hoped that these licensing rounds will add two million barrels of oil to national production, according to Iraqi Oil Minister Hayyan Abdul Ghani.

The Iraqi government submits a request to reduce the work of the United Nations mission and close it permanently

• Time: 2024/05/12 13:33:47
• Read: 832 times

  

{Political: Euphrates News} The Iraqi government submitted, on Sunday, a request to the United Nations Security Council to reduce the mandate of the United Nations Mission in Iraq (UNAMI) with the aim of closing it permanently during May 2024.

The government spokesman for Al-Awadi said in a statement received by {Euphrates News}, “The Iraqi government submitted this request during the month of May 2023, at a request to the Security Council and the Secretary-General of the United Nations, to reduce the mandate of the United Nations Mission (UNAMI) and conduct an objective assessment of its work; in preparation for the end of its mission and closing it permanently, because the absence of the conditions for which this mission was established 21 years ago.”

He added that “as a result of the request of the Iraqi government, the Security Council formed the independent strategic review team, which conducted an independent evaluation of the UNAMI mission, in which it concluded that there is no need to continue its work due to the positive developments and important achievements achieved in Iraq and in various security, political, economic and social fields, and its regional and international relations.”

He continued, “Based on the report of the Independent Strategic Review Team and the conviction of the Government that it has shared with the States of the Security Council and the United Nations since last year, the Government has requested the termination of the work of the UNAMI mission by the end of 2025, which is considered a sufficient time during which the responsible closure can be achieved.”

Al-Awadi pointed out that “the government confirms here that the end of the work of the mission in Iraq came, in addition to the above, as a natural result of the development of the relationship between Iraq and the United Nations, and to deepen cooperation at various other levels.”

He added that “the Iraqi government hopes to issue a Security Council resolution at the end of this month that includes responding to the request of the Iraqi government and the recommendation of the independent UN team, and also organizes the follow-up of some files with an agreed mechanism, to ensure, also, the continuation of the work of international agencies operating in Iraq.”

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Iraq turns against OPEC…no reduction in production after today

EconomyIraqIraqi Ministry Of OilOPECOPEC+ AgreementHayyan Abdul Ghani

2024-05-11 13:44ShareFont

Shafaq News/ Oil Minister Hayan Abdul Ghani said on Saturday that Iraq has made enough voluntary cuts in crude production, and will not agree to any future cuts taken by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, at its next meeting, scheduled to be held. On June 1 of next year.

Reuters reported that Abdul Ghani told reporters on the sidelines of the oil and gas licensing conference in Baghdad, that “Iraq will not agree to any renewals of production cuts at the next OPEC+ meeting.”

Iraq has repeatedly confirmed that it is committed to the voluntary cuts announced by OPEC+ since 2023, but it pumped its production quota by a cumulative amount of 602,000 barrels per day in the first three months of 2024, according to what OPEC+ said in a statement yesterday, Friday.

Iraq is looking forward to increasing its oil reserves to 160 billion barrels, with the launch of the fifth and sixth licenses, amid optimism that the issue of importing gas through its production locally will be resolved in the next five years, according to officials and economic analysts.

Iraq produces more than 4.5 million barrels of oil per day, and the sector’s imports represent more than 94% of the country’s domestic product, at a time when Iraq is the second largest country in burning natural gas in the world after Russia, with losses estimated by the government at about 6 billion dollars annually.

On Saturday morning, Prime Minister Muhammad Shiaa Al-Sudani launched the licenses for the fifth supplementary round and the entire sixth round, which includes a total of 29 projects for oil and gas exploratory fields and patches, distributed among 12 governorates.

It is hoped that these licensing rounds will add two million barrels of oil to national production, according to Iraqi Oil Minister Hayyan Abdul Ghani.

https://shafaq.com/ar/%D8%A7%D9%82%D8%AA%D8%B5%D9%80%D8%A7%D8%AF/%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D9%8A%D9%86%D9%82%D9%84%D8%A8-%D8%B9%D9%84%D9%89-%D9%88%D8%A8%D9%83-%D9%84%D8%A7-%D8%AA%D8%AE%D9%81%D9%8A%D8%B6-%D9%84%D9%84-%D9%86%D8%AA%D8%A7%D8%AC-%D8%A8%D8%B9%D8%AF-%D8%A7%D9%84%D9%8A%D9%88%D9%85

Oil Minister: We hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels

money and business

   

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Economy News – Baghdad

Oil Minister Hayan Abdul Ghani on Saturday expressed hope to announce that Iraq’s oil reserves will rise to more than 160 billion barrels.

Abdul Ghani said, in his speech during the activities of the launch ceremony of the fifth and sixth supplementary licensing rounds, under the patronage and presence of Prime Minister Mohammed Shia Al-Sudani: “The Ministry is launching today 29 promising projects within the fifth and sixth supplementary licensing rounds, to start a new phase towards the advancement of industry and oil and gas wealth after the experience of five licensing rounds launched in 2008.”

He added that “the Ministry of Oil achieved through licensing rounds the referral of 27 contracts for oil and oil and gas fields to international companies that had a significant impact on production levels and government financial revenues by adding more than 2 million barrels per day of crude oil to national production.”

He pointed out that “the fifth supplementary and sixth rounds of licenses will include 12 governorates that include investment opportunities, in addition to the maritime areas in the Arabian Gulf. These projects will contribute to economic expansion and the growth of the governorates in terms of providing jobs and gradually activating economic activity in the surrounding areas, which in turn will increase stability and the employment of labor and achieve the maximum use of gas reserves to meet the increasing needs of gas in electric power generation and other industries.”

He stressed “providing support, support and possible facilities to the winning companies in the development of oil and gas fields,” noting “the success in the liquidation sector by adding more than 360 thousand barrels per day to national production.”
He expressed his hope that “Iraq’s oil reserves will rise in the future to more than 160 billion barrels.”

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Pictures.. New licenses in Iraq to extract ‘huge’ oil and gas

EconomyBreakingIraq’s OilLicenses TourIraq Gas

2024-05-11 04:40Font

Shafaq News / Prime Minister Mohammed Shiaa Al-Sudani, on Saturday, launched the licenses of the supplementary fifth round and the entire sixth round, which includes a total of 29 projects for oil and gas exploration fields and patches, distributed among 12 governorates.

The Iraqi government says these strategic projects will contribute to increasing investments in those provinces, helping to improve their economic and service reality.

Iraq expects to obtain more than (3459) million record cubic feet per day of gas, and more than one million barrels of oil per day, through these two rounds.

The last time Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, held a licensing round in 2018 was the fifth round.

Meanwhile, Oil Minister Hayyan Abdul Ghani oversaw the opening of bids by advanced companies to invest in the East Baghdad – Northern Extensions field, and announced that one of the Chinese companies won the contract.

Iraq hopes to announce an increase in oil reserves of more than 160 billion barrels, Ghani said.

According to official estimates internationally, Iraq has the fourth largest proven crude oil reserves in the world at 145.019 billion barrels after Venezuela, Saudi Arabia and Iran respectively, according to the annual report of OPEC, while it has a proven reserves of natural gas of 132 trillion cubic feet.

Iraq relies on exporting crude oil by up to about 95% in preparing the country’s general budget.

For his part, economist Nabil Al-Marsami said that the Chinese “Chungman” company (ZPEC) won the investment in the development of the “East Baghdad – Northern Extensions” oil field, as part of a government bid held after a competition with “KAR”.

He said that this comes as Iraq continues to head to China after the exit of American and European companies.

The field east of Baghdad is located in the area that extends from the east of the city of Essaouira in the southeast to the Nabai area in the northwest, categorically east of the center of Baghdad, and the length of the field is more than (120) km wide (5-7) km. The number of wells dug in the field reached (97) wells, while the main reservoirs in this field are the fertile and fertile reservoirs from the upper era and the composition of the lower Cretaceous era and that these oil Cretaceous clusters are distributed over the field.

https://www.shafaq.com/ar/اقتصـاد/تراخيص-جديدة-في-العراق-لاستخراج-كميات-ضخمة-من-النفط-والغاز

{Al-Furat News} publishes the text of Al-Sudani’s request to Guterres to end UNAMI’s work in Iraq

• Time: 05/10/2024 12:30:40
• Read: 2,678 times

{Politics: Al-Furat News} Our agency publishes the text of the request of the Prime Minister, Muhammad Shiaa Al-Sudani, to the Secretary-General of the United Nations, Antonio Guterres, to permanently end the work of the United Nations mission in Iraq.

Al-Sudani indicated in his letter, a copy of which was obtained by {Al-Furat News}, that “the justifications for the presence of a political mission in Iraq are no longer available, especially after more than 20 years have passed since the democratic transition and overcoming great and diverse challenges.”

To view the text of Al-Sudani’s letter to Guterres, click here

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The dollar is reeling from a fatal blow and there are fears of a collapse of the dinar

• Time: 05/10/2024 08:49:23
• Read: 9,243 times

{Reports: Al-Furat News} Report: Wafaa Al-Fatlawi

The fluctuation in dollar prices and the rise in gold prices has significantly affected the contraction of the commercial market in terms of imports and purchases of goods, amid confusion in opinions between the return of the rise in green and its decline to the official price set by the state of 1,320 dinars per dollar.

The price of the dollar in the parallel market is currently 1,460 dinars, whether higher or lower than this rate. 
The Central Bank of Iraq’s cancellation of the currency {auction} window at the end of 2024 and Washington’s sanctions on Iraqi banks have opened a door of doubts that will end up placing the dollar in the face of speculation, which will make it vulnerable to demand after the recovery of the Iraqi dinar with government orders that limited dealing in the dinar to restrict the movement of the dollar.
While officials find that the establishment of the electronic platform and the level of regularity of the flow of external remittances responsible for financing private sector trade and the escalation of financing rates have reached very high rates through the compliance platform of banks active in this regard, and the rise in gold prices is not considered a direct impact on the improvement of the exchange rate.
This was confirmed by the Prime Minister’s Advisor for Financial and Economic Affairs, Mazhar Muhammad Salih {to Al-Furat News}, saying: “Active positive factors have affected the recovery of the Iraqi dinar in the secondary exchange market, foremost of which is the high level of regular flow of foreign remittances responsible for financing private sector trade and the escalation of Financing rates are very high through the compliance platform of active banks in this regard.”
He explained, “What this means is that the demand for foreign currency through official external transfer operations, which is responsible for 90% of the total desired demand for foreign currency, as most of it is now met at the official exchange rate of 1,320 dinars per one dollar, which gave the official market dominance over the market.” Parallel to the exchange.” 
Saleh stated, “As for the developments taking place in the gold commodity market or gold filigree, especially the sudden price developments therein, up and down, they are not considered an alternative directly affecting the improvement of the exchange rate because they are limited in impact and impact on the movements of the parallel exchange market, and that the main gold trade is financed as foreign trade through Transfers from the banking system and the official exchange market.
Contrary to the government opinion, the Parliamentary Finance Committee supported the theory of doubts and confirmed that the dollar would reach {200} thousand dinars with the cancellation of the currency auction.
Deputy Chairman of the Parliamentary Finance Committee, Ahmed Mazhar Al-Janabi, said {to Al-Furat News} that “the Central Bank’s decision to cancel the currency auction at the end of the year will open space for exploitation and a problem will occur. If the auction is canceled and ends, the exchange rate in the markets may double, and if the Central Bank goes towards this option, the dollar exchange will “It will reach 200 thousand dinars,” according to his opinion.
I am certain that “it will open space for speculators to exploit the matter. The current price is higher than the official price, despite the sale of approximately $250 million per day. So what if the auction stops?”
In light of this, economists expected that the demand for the dollar would continue to exceed supply, thus leading to a re-depreciation of the dinar, due to the central bank’s limited ability to provide coverage.
Economist Manar Al-Obaidi said in a statement, “The demand for the dollar depends primarily on commercial transactions and covering imports. The greater the demand for imports, the higher the demand for the dollar, and with the Central Bank’s limited ability to cover this demand as a result of the set limits, it is expected that it will continue.” Demand is greater than supply and thus leads to a decline in the price of the dinar against the dollar.”
He added, “An observer of the exports of the main countries exporting to Iraq notices an increase in the value of these countries’ exports, as the value of Turkish exports to Iraq increased by 30% in the first quarter, while Chinese exports to Iraq increased by 20% in the first quarter, as well as the exports of other countries such as the Emirates, India, Iran, and Brazil.” “. 
Al-Obaidi attributed the reasons for this increase to five basic factors: 
1- The rise in global inflation, which led to an increase in the values ​​of various commodities in various exporting countries. 
2- Inflation of invoices, as some merchants agree with the processing party to inflate invoices to obtain transfers in higher amounts. In order to resell the converted dollar in those markets 
3- The change in the consumption pattern of the Iraqi citizen and the high population growth rates that increase the demand for various commodities, which increases demand
4- The increase in government agreement as a result of the increase in operational and investment expenses
5- The lack of a capable local industry To compete with the imported product as a result of high costs. 
Al-Obaidi added, “These four reasons are mostly due to the loss of tools to control the state’s financial policy (taxes + customs + control of expenditures). In order to control this significant rise in the value of imports, which leads to an increase in demand for the dollar, customs and tax policy must be changed.” “For many sectors, there is a need to possess the tools capable of implementing these policies in a more effective and productive manner.” 
Al-Obaidi added, “Continuing the import bill will lead to an increase in demand for the dollar and thus an increase in its price in the parallel market, which is what many of those who benefit from the low official price are looking for. The inability to control imports and the loss of control over financial policy tools will put the state in front of a single solution.” There is no second option, which is the use of monetary policy, which is something that many economic specialists do not favor, and they prefer to always focus on controlling financial policy.” 
As the Hajj season approached, the Central Bank stopped selling the dollar to travelers, and to find out its reasons, the former director of the Financial Supervision Bureau, financial expert, Salah Nouri, said {to Al-Furat News} that “the recent Financial Supervision Bureau report, which was covered by satellite channels, about violations in selling the dollar to travelers, is a major reason for reviewing the procedures and addressing them.” The defect in the transfer system, and stopping until the situation is corrected.”
In the same context, the economic expert, Safwan Qusay, revealed the leakage of travelers’ dollars to the parallel market.
Qusay said {to Al-Furat News}, “The current policy of the Central Bank of Iraq goes towards auditing the cash dollar, which was marred by many failures in the first periods, especially its leakage through travelers to the irregular market, and this issue needs a new and clear mechanism.”
He added, “It is assumed that travelers are dealt with through tourism and airline companies, and the travel ticket is not allowed to be canceled unless the traveler returns the amount he purchased from exchange outlets or banks.”
Qusay stressed that “this measure will restore confidence in the cash dollar and the possibility of facilitating the mission of real tourists and filling the gaps that accompanied the process of establishing the electronic platform for the cash sale of foreign currencies.”  
He stated that “the Central Bank will not hesitate to provide the dollar to those entitled to it, whether at the level of Hajj or other windows,” noting that “the Central Bank’s emphasis on procedures for granting citizens the cash dollar ensures that it reaches those who need it.”
Meanwhile, travelers expressed their surprise at the Central Bank’s decisions to prevent government banks from selling dollars to travelers.
Travelers said, via {Al-Furat News}: “We are surprised by the Central Bank’s decisions to prevent government banks from selling the dollar to travelers and monopolizing it only with financial transfer and exchange companies.” 
Travelers called on Parliament and members of the Parliamentary Finance Committee to “intervene and solve the problem and allow government banks to carry out the process of selling the dollar, especially in conjunction with the delegation of pilgrims to the Holy House of God, and they need to buy the dollar at the official price.”

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Dollar trees staggering with knockout and fears of dinar collapse

• Time: 2024/05/10 08:49:23
• Read: 2,197 times

  

{Reports: Euphrates News} Report / Wafaa Al-Fatla

The impact of the fluctuation of dollar prices and the rise in gold prices on the contraction of the commercial market in terms of import and purchase of goods significantly amid the flush of opinions between the return of the rise and decline of green to the official price set by the state 1320 dinars per dollar.

The dollar price currently in the parallel market is 1,460 dinars, up or down for this rate.
The cancellation of the currency {auction} window at the end of 2024 and Washington’s sanctions on Iraqi banks opened a door of doubts that end in putting the dollar in front of speculation, which will make it subject to demand after the Iraqi dinar recovers with government orders that limited dealing with the dinar to restrict the movement of the dollar.
While officials find that the establishment of the electronic platform and the level of regularity of the flow of external transfers responsible for financing private sector trade and the escalation of financing rates have reached very high rates through the compliance platform of banks active in this regard, and the high gold prices are not the direct alternative that directly affects the improvement of the exchange rate.
This is what the Prime Minister’s advisor for financial and economic affairs, Mazhar Mohammed Saleh {Euphrates News}, confired that: “Positive effective factors have affected the recovery of the Iraqi dinar in the secondary exchange market, foremost of which is the high level of regularity of the flow of foreign remittances responsible for financing private sector trade and the escalation of financing rates to very high rates through the compliance platform of active banks in this regard.”
He explained, “What means that the demand for foreign currency through official external transfers is responsible for 90% of the total desired demand for foreign exchange, as it is met with the official exchange rate of 1320 dinars per one dollar, which gave dominance to the official market over the parallel market for exchange.”
Saleh, he said that “as for the developments in the gold commodity market or gold shaws, especially the sudden price developments in it up and down, is not the direct alternative that affects the improvement of the exchange rate because it is limited in impact and the movements of the exchange parallel market, and that the main gold trade is financed as foreign trade through the transfers of the banking system and the official exchange market.”
Contrary to the government opinion, the Parliamentary Finance Committee supported the theory of doubts and confirmed that the dollar reached {200} thousand dinars with the cancellation of the currency auction.
The Deputy Chairman of the Parliamentary Finance Committee, Ahmed Mazhar Al-Janabi {Al-Furat News}, said that “the decision of the Central Bank to cancel the currency auction at the end of the year will open a space for exploitation and a problem occurs. If the auction is canceled and the exchange rate is ended, the exchange rate in the markets may double and if the Central Bank goes towards this option, the dollar exchange will reach 200,000 dinars, according to his opinion.
“It will open up space for speculators to exploit the matter, not the current price is higher than the official price despite the sale of approximately $250 million a day, so how if the auction stops?” he said.
In light of this, economists expected that the demand for the dollar will continue more than supply and thus lead to a re-drop in the dinar rate due to the central bank’s limited capacity to cover.
Economist Manar Al-Obeidi said in a statement that “the demand for the dollar depends primarily on commercial transactions and coverage of imports. The higher the demand for imports, the higher the demand for the dollar, and with the limited ability of the Central Bank in covering this demand as a result of the the specified, it is expected that the demand will continue more than the supply and thus lead to a re-decline of the price of the dinar against the dollar.”
He added, “The follower of the exports of the main countries exporting to Iraq notes an increase in the value of the exports of these countries, as the value of Turkish exports to Iraq increased in the first quarter by 30%, while Chinese exports to Iraq increased in the first quarter by 20%, as well as the exports of other countries such as the UAE, India, Iran and Brazil.”
Al-Obeidi attributed the reasons for this increase are due to five main factors:
1- High global inflation, which led to the high values of various commodities in various exporting countries.
2- Inflating invoices, as some merchants agree with the equipped entity to inflate the invoices to obtain transfers in higher amounts in order to resell the converted dollar in those markets.
3- The change in the consumption pattern of the Iraqi citizen and the high population growth rates that increase the demand for various goods, which increases the demand
4- Increasing the government agreement as a result of high operating and investment expenses
5- Lack of a local industry capable of competing with the imported product as a result of high costs.
Al-Obeidi added, “These four reasons are mostly due to the loss of tools to control the state’s fiscal policy (taxes + customs + control of expenditures) in order to control this large increase in the value of imports, which leads to increased demand for the dollar. The customs and tax policy must be changed for many sectors and the need to exput tools capable of applying these policies more effectively and productively.”
Al-Obeidi added, “The continuation of the import bill will lead to an increase in demand for the dollar and therefore a rise in its price in the parallel market, which has become sought by many beneficiaries of the low official price, and the inability to control imports and the loss of control of financial policy tools will put the state in front of a single solution that is not second, which is the use of monetary policy, which is not favored by many specialists in the economic aspect and always prefer to focus on controlling financial policy.”
As the Hajj season approached, the Central Bank stopped selling the dollar to travelers and to find out its reasons, the former director of the Financial Supervision Bureau, financial expert Salah Nouri, said that “the recent report of the Financial Supervision Bureau, which was dealt with by satellite channels on violations in the sale of dollars to travelers, is the main reason for reviewing procedures and addressing the defect in the remittance system, and stopping until the situation is fixed.”
In the same context, the economist, Safwan Qusay, revealed the leakage of the dollar of travelers to the parallel market.
“The current policy of the Central Bank of Iraq goes towards auditing the monetary dollar, which was similar to many failures in the first periods, especially its leakage through travelers to the irregular market, and this issue needs a new and clear mechanism,” Qusay said tolat News.
“Travelers are supposed to be dealt with through tourism and aviation companies and not allowed to cancel the ticket unless the traveler returns the amount he purchased from banking outlets or banks,” he added.
“This measure will restore confidence in the cash dollar and the possibility of facilitating the real tourist’s mission and filling the gaps that accompanied the establishment of the electronic platform for the sale of cash for foreign currencies,” Qusay said.
He pointed out that “the Central Bank will not hesitate to provide dollars to the eligible, whether at the level of Hajj or other windows,” pointing out that “the Central Bank’s emphasis on the procedures for granting citizens dollars of cash to ensure that it reaches those who need it.”
While travelers expressed surprise at the central bank’s decisions to prevent government banks from selling dollars to travelers.
“We are surprised by the Central Bank’s decisions to prevent government banks from selling dollars to travelers and monopolizing it only with money transfer and exchange companies,” Travelers said, via {Euphrates News}.
Travelers called on parliament and members of the parliamentary finance committee to “intervene and solve the problem and allow government banks to practice the process of selling the dollar, especially in conjunction with the rewing of pilgrims to the Sacred House of God, and they need to buy the dollar at the official price.”

https://alforatnews.iq/news/الدولار-يترنح-بضربة-قاضية-ومخاوف-من-انهيار-للدينار

Al-Sudani concludes his visit to Babylon

12:01

| 2024 ,May 09

Fourth – Baghdad

This evening, Prime Minister Muhammad Shiaa Al-Sudani concluded his visit to Babil Governorate.

Al-Sudani’s office stated in a statement received by Al-Rabaa, that “Prime Minister Muhammad Shia’ Al-Sudani concluded his visit to Babil Governorate, as part of his series of field visits to the governorates.”

The statement added, “The visit included:

■ Launching a package of new service projects in Babil Governorate worth (1,276,740,000,000) dinars.

● Referring the large Hilla sewer project/second phase to implementation at a cost of $287 million.

● Launching integrated projects for sewage, sanitation, and rainwater in (Al-Qasim, Al-Hashimiyeh, and Al-Madhatiya districts), with a total amount of (364,500,000,000) dinars.

● Launching an integrated project for sewage, sewage and rainwater networks in Al-Kifli district, amounting to 134.2 billion dinars.

● Launching a road project linking the highway (Basra – Baghdad), via the Imam – Anana district – to Ibrahimiyya in the Hindiyah district, at a cost of 320 billion dinars.

● Management and operation of Imam al-Sadiq (peace be upon him) Hospital, by a specialized foreign company for $60 million.

■ Launching work on the Union Mills Project, one of the private sector projects for producing zero-sum flour, with a production capacity (one million tons) annually.

■ Opening of the sugar factory expansion project at Al-Ittihad Company, increasing the factory’s production capacity from (4,200) tons to (6,000) tons per day.

■ Opening a vegetable oil extraction plant, a plant feed production plant and a premix plant in the company.

■ Field inspection of the progress of implementation of the first phase of the large Hilla sewer project.

■ A field visit to the Ishtar Bridge project in the center of the city of Hilla, one of the projects to relieve traffic congestion in Babylon.

■ Visit the Oncology Center at Marjan Hospital, and learn about the health services provided to patients there.

■ Chairing a meeting of directors and officials of service and sector departments and formations in Babylon Governorate.

■ Directing the formation of a committee of ministries, which will be present in Babil Governorate next week, to address the problems that were identified and follow up on the implementation of the outcomes of the visit.

■ Chairing a meeting of security and military leaders and formations in Babil Governorate.

■ Meeting with members of the House of Representatives from Babylon Governorate, and the President and members of the Governorate Council.

■ Meeting with tribal sheikhs and notables of Babylon Governorate.

https://alrabiaa.tv/article/86340/86340-%D8%A7%D9%84%D8%B3%D9%88%D8%AF%D8%A7%D9%86%D9%8A-%D9%8A%D8%AE%D8%AA%D8%AA%D9%85-%D8%B2%D9%8A%D8%A7%D8%B1%D8%AA%D9%87-%D8%A5%D9%84%D9%89-%D8%A8%D8%A7%D8%A8%D9%84