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Governor of the Central Bank of Iraq: The current dollar rate will be fixed for other years to come Posted 31 seconds ago Governor of the Central Bank of Iraq: The current dollar rate will stabilize for more years to come - Iraq News (iraqakhbar-com.translate.goog) News Source /Mawazine News News Source / Economy|03:31 - 10/11/2022 Baghdad - Mawazine News The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, said that they do not intend in any way to prejudice the current exchange rate of the US dollar against the Iraqi dinar. "We will not touch this exchange rate," Makheif said on the sidelines of the IBBC conference to develop economic, trade and investment relations between Britain and Iraq in Dubai . And about the period inwhich the current exchange rate will be adopted, the Governor of the Central Bank of Iraq said, “It will be adopted for a numberof coming years,” stressing that they did not think about compromising the current exchange rate of thedollar against the dinar. Ended 29 / h

UrgentCentral Bank Governor: The current dollar rate will prove for years and there is no intention to change it in any way Time : 2022/11/10 11:02:17 Central Bank Governor: The current dollar rate will prove for years and there is no intention to change it in any way - Euphrates News (alforatnews.iq)Read : 3.744 times The governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, announced that the current dollar exchange rate in the country "will stabilize for years to come." "We do not intend in any way to compromise the current exchange rate of the US dollar against the Iraqi dinar," he said in a press statement. "The current price will prove for more years to come," he said, adding that statements by government officials, politicians and lawmakers "will not affect" the bank's decisions. It is noteworthy that in late 2020, the Central Bank of Iraq decided to reduce the exchange rate of the dinar and raise the exchange rate of the US dollar, from 1700 dinars per dollar to 1450 dinars against the dollar, and the decision to change the exchange rate came in coordination with the World Bank and the International Monetary Fund. Prime Minister Mohamed Shia al-Sudani said in a press conference on the first of this month that "the decision to change the exchange rate in the past was not accompanied by protective measures for poor, medium and low-income students, and this exacerbated the problem and its negative repercussions on citizens." But he stressed that "this government is committed to the implementation of laws, as well as to the law of the Central Bank, which empowers this institution to formulate monetary policy, and what the Central Bank deems decisions and policies that we are committed to and will maintain and support the independence of the bank as it is the only body concerned with the issue of the exchange rate."

Central Bank Governor: Industrial and agricultural development cannot be achieved without the banking sector Nabaa8 hours ago Governor of the Central Bank: Industrial and agricultural development cannot be achieved without the banking sector – Alawwal News Agency (awla.news) one minute Facebook Twitter Share via mail Central Bank Governor Mustafa Ghaleb Makhif said on Thursday that industrial and agricultural development cannot be achieved without the banking sector. The bank's media office said in a statement received by (Alawwal News), that "the governor of the Central Bank of Iraq Mustafa Ghaleb Makhif participated in the autumn conference of the Iraqi-British Business Council, which opens its work on Thursday in the United Arab Emirates / Dubai." The governor of the Central Bank praised "the efforts made by countries in creating industrial and agricultural development and providing jobs and development cannot be achieved without the banking sector responding to the aspirations and expectations of investors and workers in the economic sector." "Money is the lifeblood and the means of development, development and prosperity and the banking sector has become qualified to play the roles that everyone aspires to," he added. The Governor of the Central Bank praised "the efforts of the organizers of the conference, and the spaciousness of the brothers in the United Arab Emirates."

The program of the visit of the regional delegation to Baghdad and the date of its arrival Time : 2022/11/10 20:46:58 The program of the visit of the regional delegation to Baghdad and the date of its arrival - Euphrates News (alforatnews.iq) Kurdish parties revealed on Thursday evening the program of the visit of the delegation of the Kurdistan region to Baghdad and the date of its arrival. A member of the Kurdistan Democratic Party, Ali al-Faili {to Euphrates News} that "the Kurdish political delegation will come based on the agreements made between the Democrat and the parties of the State Administration Alliance in the presence of Prime Minister Mohammed Shia al-Sudani and there are points set according to timings and time limits to address the outstanding problems since previous governments." He pointed out that "the Kurdish delegation visiting Baghdad is a technical rather than a political ornament that includes both the ministers of finance and natural resources in the Kurdistan region, the head of the cabinet office, the spokesman for the presidency of the region and the director of the office of the president of the region to discuss the outstanding issues in the energy and budget files." Al-Faili explained that "the agreements made with the Sudanese as part of the coalition of state administration and there is something that gives reassurance to his clear vision of all these problems and address them under the roof of the constitution," noting that "addressing the problems within specific time limits means that Iraq will get rid of major problems that are no less important than the files of water, energy, electricity and unemployment as they relate to part of the Iraqi people." He stressed "the importance of the commitment of the center and the region to the agreements and there is an agreement on the enactment of the oil and gas law within 6 months of the formation of the government." Regarding the portfolios of reconstruction and housing and the environment, Al-Faili said: "Each party claims to want the portfolio of the Fulani, and we are walking on points of entitlement and the prime minister knows and he is the one who decides the rest of the ministries and the entitlement of any party." For his part, the second deputy speaker of the House of Representatives, Shakhwan Abdullah, revealed the arrival of the delegation of the Kurdistan Regional Government to Baghdad next week.

Forecast for the shape of the 2023 budget.. Operation or investment? Time : 2022/11/10 17:53:11 Forecast for the shape of the 2023 budget.. Operation or investment? - Euphrates News (alforatnews.iq) The Parliamentary Finance Committee on Thursday predicted the shape of the federal budget for the year 2023 and described it as "different." Committee member Jamal Kojar told Euphrates News that "the 2023 budget will be somewhat different, especially the investment budget in it." He explained that "the batch in it will be similar and the investment we believe it will be different, as the budget is supposed to include job opportunities, support for the private sector and support for small projects." "We also expect that it will include steps leading to the construction of strategic projects of roads and dams," Cougar said, stressing "the need to focus on these areas." The former rapporteur of the parliamentary finance committee, Ahmed al-Saffar, described the 2023 budget as "the largest in the history of Iraq." For his part, the economist, Nabil Al-Marsoumi, through {Euphrates News}, specified the "realistic" price of the price of a barrel of crude oil in the draft fiscal budget for 2023, {estimating the price of a barrel of oil in the 2023 budget between 70 to 76 is considered realistic, especially since this same rate was adopted by Saudi Arabia in its budget}. Prime Minister Mohamed Shia al-Sudani announced at a press conference that the government would submit the draft federal fiscal budget law for 2023 to the House of Representatives soon. Al-Sudani had instructed the Ministry of Finance to send the draft budget law for 2023 to the Ministerial Council for Economy as soon as possible to study it, and then send it to the General Secretariat of the Council of Ministers to include it in the agenda of the Council of Ministers, in order to expedite its legislation, because of its importance. By: Raghad Dahham

Economist warns government of high inflation – Iraq News Network (aliraqnews.com) Economist warns government of high inflation Last Updated:10 November 2022 - 1:30 PM Baghdad/Iraq News Network - Economist Abdul Rahman al-Mashhadani warned on Thursday of high inflation in the Iraqi economy, which has reached high stages that may lead to recession.Al-Mashhadani said in a press interview, that "the new government must address the rise in inflation by taking the necessary decisions to prevent reaching the stage of stagnation in goods." He continued, "The Central Bank financed the government from the new currency, and therefore the money supply more than the need of the local market will result in the loss of its value."

Central Bank Governor: Industrial and agricultural development cannot be achieved without the banking sector Thursday 10 November 2022 14:20 | EconomicNumber of readings: 240 Central Bank Governor: Industrial and agricultural development cannot be achieved without the banking sector (ninanews-com.translate.goog) Baghdad / NINA / - Central Bank Governor Mustafa Ghaleb stressed that achieving industrial and agricultural development is not possible without the banking sector. During his participation in the fall conference of the Iraqi-British Business Council, which opened today, Thursday, in the United Arab Emirates / Dubai, the Governor praised the efforts made by countries in creating industrial and agricultural development and providing job opportunities and development that cannot be achieved without the banking sector responding. To the aspirations and expectations of investors and workers in the economic sector.” He added, “Money is the lifeblood and the means of development, development and prosperity, and that the banking sector has become qualified to perform its roles that everyone aspires to.” in the United Arab Emirates.

Parliamentary Finance: The 2023 budget will be "different" Economic News Agency - Parliamentary Finance: The 2023 budget will be "different" (economy-news.net) Economy News - Baghdad The parliamentary finance committee on Thursday described the fiscal budget for 2023 as "different." Committee member Jamal Kojar said that "the 2023 budget will be somewhat different, especially the investment budget in it." He explained that "the operational in it will be similar and the investment we believe it will be different, as the budget is supposed to include job opportunities, support for the private sector and support for small projects." Kojar added in a statement to "Euphrates News", followed by "Economy News", "We also expect that it will include steps that lead to the construction of strategic projects of roads and dams," stressing "the need to focus on these areas." 120 Views Added10/11/2022 - 6:59 PM Updated2022/11/10 - 9:42 PM

Region: Sudanese must implement the terms of the region under the agreement to pass his government Region: Sudanese must implement the conditions of the region under the agreement to pass his government – Iraq News Network (aliraqnews.com) Last Updated:10 November 2022 - 1:40 PM Erbil / Iraq News Network - The Kurdistan Regional Government announced on Thursday that the agreement between the Iraqi political blocs that resulted in the formation of the current federal government headed by Prime Minister Mohammed Shia al-Sudani provides for the legislation of three important laws, most notably the Oil and Gas Law, within a maximum period of 6 months.Regional Government spokesman Goutyar Adel said in a press conference held today, that the Kurdistan Regional Government had serious intentions to resolve differences and outstanding issues with the federal government, especially during the formation The ninth of the Kurdistan government, but he said "but we have not been able to resolve these differences because of the many obstacles that we faced".He stressed that "we are still serious in resolving these differences," noting that "the regional government formed a ministerial delegation to discuss with Baghdad and we are waiting for the response so that the delegation goes and starts negotiations".Adel also explained that "what will be discussed in this visit are the files agreed upon by the political forces before the formation of the government," adding that "these files some of them relate to executive affairs." Others relate to legislative affairs."He continued by saying that one of the most important of these files is the budget, the issue of oil and gas and Article 140 of the Constitution, and that within the political agreement concluded, this constitutional article must be implemented through the activation of its own committee.The spokesman for the regional government pointed out that "we have also agreed with Baghdad to disburse the budget and give the share of the Kurdistan Region in accordance with the constitution," adding that "there is good coordination between the Office of Financial Supervision in the region and the Federal Financial Audit Bureau." To solve the financial problems between the two sides," he continued, adding that the agreement concluded between the political blocs in Baghdad stipulates that the oil and gas law, the law of the Federal Supreme Court, and the law of the Federal Service Council will be legislated within a period of 6 months from the date of formation of the current federal government

Central Bank Governor: The dollar exchange rate will remain for the coming years! Central Bank Governor: The dollar exchange rate will remain for the coming years! – Iraq News Network (aliraqnews.com) Last Update:10 November 2022 - 3:53 PM Baghdad/Iraq News Network - The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, stated that they do not intend in any way to harm the current exchange rate of the US dollar against the Iraqi dinar.Makhif said on the sidelines of the IBBC conference for the development of economic, trade and investment relations between Britain and Iraq in Dubai: "We will not touch this exchange rate".On how long the current exchange rate will be adopted, the governor of the Central Bank of Iraq said that it will be "adopted for a number of years to come," stressing that they did not think of compromising It is worth mentioning that the governor of the bank is not financially or monetary, but rather a human rights defender in civil lawsuits, including divorce cases.

Governor of the Central Bank of Iraq: The current dollar price will be established for other years to come Posted 31 seconds ago محافظ المركزي العراقي: سعر الدولار الحالي سيثبت لسنوات أخرى قادمة - اخبار العراق (iraqakhbar-com.translate.goog) news source /Mawazine News News source / Mawazine News | 03:31 - 10/11/2022 Baghdad - Mawazine News The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, said that they do not intend in any way to prejudice the current exchange rate of the US dollar against the Iraqi dinar. "We will not touch this exchange rate," Makheif said on the sidelines of the IBBC conference to develop economic, trade and investment relations between Britain and Iraq in Dubai . And about the period in which the current exchange rate will be adopted, the Governor of the Central Bank of Iraq said, “It will be adopted for a number of coming years,” stressing that they did not think about compromising the current exchange rate of the dollar against the dinar. Ended 29 / h

The Governor of the Central Bank inaugurates a branch of the International Development Bank of Iraq in the UAE Wednesday 09 November 2022 22:38 | EconomicNumber of readings: The Governor of the Central Bank inaugurates a branch of the International Development Bank of Iraq in the UAE (ninanews-com.translate.goog) Baghdad / NINA / - The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhif, inaugurated today, Wednesday, the branch of the International Development Bank of Iraq in the UAE. A statement by the bank said: "The governor, Mustafa Ghaleb, inaugurated a branch of the International Development Bank of Iraq in the United Arab Emirates/Dubai." The statement quoted Mokhif as saying: "We feel happy and proud when we see one of our banks occupy a position within the UAE banking sector after obtaining the confidence of the Central Bank of the United Arab Emirates. / is over

One of the largest Iraqi private banks opens its first branch in Dubai Posted 13 seconds ago One of Iraq's largest private banks opens its first branch in Dubai - Iraq News (iraqakhbar-com.translate.goog) news source /noon agency News Source / Under the patronage of the Ministry of Economy of the United Arab Emirates, it was announced today the opening of the first branch of the International Development Bank in the Emirates of Dubai, as one of the best Iraqi private banks. The UAE website said today and followed by Noon Agency that this cooperation comes as a step to consolidate the distinguished strategic economic relations between the Republic of Iraq and the United Arab Emirates, where the volume of trade exchange between the two countries during recent years reached more than 16 billion US dollars, with an annual growth rate of 6%. This came in the presence of the Governor of the Central Bank of Iraq, the Undersecretary of the UAE Ministry of Economy, the Dubai Chamber of Commerce, a selection of businessmen, investors and representatives of the Iraqi Embassy and Consulate in the UAE.

Central Bank: Our reserves reached $90 billion and there is no change in the exchange rate in the 2023 budget Reportshttps://economy-news.net/content.php?id=30689 Economy News-Baghdad Oil prices globally have strengthened the size of the dollar's cash reserves in Iraq, especially after the rise in the prices of "black gold" and reached the barrier of $ 100 per barrel, while specialists stress the need to exploit that financial abundance to establish strategic projects capable of supporting the country's financial budgets and reducing the size of "semi-total" dependence on oil imports, as well as directing part of those towards supporting industrial and agricultural private sector projects. Al-Yasiri's assertions came during the economic symposium organized by the House of Wisdom and carried the slogan (Iraqi Dinar: Changing the Exchange Rate The zeros were raised) and managed by the economist, Dr. Falah Hassan Thuwaini, and was attended by a number of experts and specialists in economic affairs. Al-Yasiri told "Al-Sabah" on the sidelines of the seminar, "The cash reserves of the Central Bank are sufficient to finance imports for a period of 22 months, and this is positive for Iraq and makes it live a period of satisfaction, as those reserves amounted to $89.90 billion, which is the first time that the reserves of the Central Bank have ever reached Al-Yasiri pointed out that the volume of the Iraqi currency issued for circulation is estimated at 83 trillion dinars, equivalent to 58 billion dollars, while banknotes with the public and banks are estimated at six billion banknotes to be traded. On devaluing the currency, Al-Yasiri stressed that this decision is behind a new threshold for the Iraqi industrialist and making it more competitive, after devaluation of the currency by 23 percent, this limited the volume of imports of goods and many industrialists have a desire to expand their factories or establish new factories. The adviser to the Central Bank pointed out that "the process of adjusting the exchange rate has important means, represented in achieving a financial goal of "rewards to public finances" and a development goal to "promote the competitiveness of the real sector against the import sector," stressing that there is no intention at the moment to change the exchange rate, which he described as a "change In turn, the financial adviser to the Prime Minister, Mazhar Mohammed Saleh, said that "work to improve the price of the dinar should be carried out in accordance with the principle of the "common benefit of the society" so that it does not leave harm, as this requires a gradual silent policy and high coordination between the monetary and financial policies, especially since the next phase should be a phase of calm, as the current government is rationally moving towards revitalizing development and achieving economic stability Views 207 Added 2022/11/09 - 10:57 AM Updated 2022/11/09 - 10:50 PM

The Governor of the Central Bank inaugurates the branch of the International Development Bank in the UAE Posted 27 seconds ago محافظ البنك المركزي يفتتح فرع مصرف التنمية الدولي في الإمارات - اخبار العراق (iraqakhbar-com.translate.goog) news source /first news agency News source / First News Agency ( Iraq News Encyclopedia of News ) Today, Wednesday, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhif, inaugurated the branch of the International Development Bank of Iraq in the UAE. A statement by the bank, received by Al-Oula News, said that "the governor of the Central Bank, Mustafa Ghaleb, inaugurated the branch of the International Development Bank of Iraq in the United Arab Emirates / Dubai." Mokhif affirmed: “We feel happy and proud when we see one of our banks occupying a position within the UAE banking sector after obtaining the confidence of the Central Bank of the UAE, which is an important event on which we build our hopes for our banks’ participation with this vibrant sector in the sister country.”

Al-Sayyadi: This is what some banks earn in one week Posted 10 seconds ago Al-Sayyadi: This is what some banks earn in one week - Iraq News (iraqakhbar-com.translate.goog) news source /Alsumaria channel News source / Alsumaria channel Former MP Kazem Al-Sayadi confirmed, on Wednesday, that Iraq does not need an auction to sell currency, while revealing what some banks earn in one week. Al-Sayyadi said during his speech to the program “Bel-Makhtaz” broadcast by Alsumaria satellite channel, that “Iraq does not need currency auctions, and direct transfers can be made without brokerage,” noting that “most of the funds are registered in the name of children or deceased.” He added that "some banks earn 12 billion and 500 million dinars in one week," stressing that "90 billion dinars is the share of Ali Ghulam in a week." Al-Sayadi pointed out that "there is money from many politicians with the corrupt," stressing that "the central bank was a support for the corrupt." The Central Bank of Iraq decided, on Monday, to stop dealing in the US dollar currency for four Iraqi banks. According to a document issued by the bank, obtained by Alsumaria News, the banks are: “Al-Ansari Islamic Bank for Investment and Finance, Al-Qadeed Islamic Bank for Finance and Investment, Asia-Iraq Islamic Bank for Investment and Finance, and the Iraqi Middle East Bank for Investment.”

Parliamentary Legality: Extension of the Legislative Chapter of Parliament to Approve the 2023 Budget Time : 2022/11/09 21:10:59 Parliamentary Legality: Extension of the Legislative Chapter of Parliament to Approve the 2023 Budget - Euphrates News (alforatnews.iq) The parliamentary legal committee revealed on Wednesday the intention of the parliament to extend the legislative term for the fifth session to approve the 2023 budget. The useful summary.. In the important news you find it in Euphrates News channel on Telekram To subscribe click here Committee member Ahmed al-Fawaz told Al-Furat News that: "The parliamentary legal committee has a package of stalled laws that have been in the past two parliamentary sessions and it is time to approve them, the most important of which are at the heart of the life of the Iraqi individual and have the importance of raising the level of per capita income in addition to extending the legislative term of the fifth session to approve the general budget for the year 2023." "After granting confidence to the Sudanese government, the parliamentary committees in the House of Representatives began to take their role and entitlement in order to provide what is better, as well as the continuation of parliamentary sessions to support the laws that have been stalled throughout the previous sessions," he added. "Tomorrow there will be a session to take the constitutional oath of office of some MPs and host the ministers of agriculture and water resources regarding the scarcity of water taking place and prepare for the winter season of strategic crops that are at the heart of Iraqi food security," al-Fawaz said. He explained that "there is water scarcity, mismanagement and failure to deal with water sources according to the entitlements of the water quota according to agreements with neighboring countries; so the House of Representatives is pushing to discuss many laws, including the second amendment to the law of public roads in addition to the law of the National Authority for Nuclear Control as well as the law regulating the wages of services in state departments in tomorrow's session."

Central Bank Governor Inaugurates International Development Bank Branch in Dubai Economic News Agency - The Governor of the Central Bank inaugurates the branch of the International Development Bank in Dubai (economy-news.net) Economy News-Baghdad The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makheef, inaugurated on Wednesday the branch of the International Development Bank in the United Arab Emirates/Dubai. In a statement on the sidelines of the opening, he said: "We are happy and proud to see one of our banks take a position within the UAE banking sector after gaining the confidence of the Central Bank of the United Arab Emirates." "The event is important on which we build hopes that our banks will partner with this vibrant sector in the sister country," he said. He wished the bank, its management and employees continued progress and payment. Added2022/11/09 - 10:02 PM Updated2022/11/09 - 10:02 PM

1 SULAIMANI (ESTA) — The Kurdistan Region Council of Ministers Wednesday formed a negotiator team to hold talks with Iraqi officials regarding the Erbil-Baghdad outstanding issues. A statement revealed the Council of Ministers met on several topics, covering Erbil-Baghdad’s new relations and the mechanism of resolving the outstanding issues between the two sides on a constitutional basis. The meeting also decided to form a negotiation team to hold talks with Iraqi officials regarding the Region’s budget share, oil and gas dossier, and so forth. The team comprises the Finance and Natural Resources Ministers and the Minister of planning as well as the President of the Council Ministers Diwan, the secretary of the Council Ministers with the Head of the Department of Coordination and Follow-Up and ultimately the Spokesman of the Regional Government. The relations between the KRG and the Federal Government have been rocky since the Region developed its own oil and gas resources independently of the federal government. The Region’s massive untapped oil reserves, lucrative production-sharing contracts and safe environment have prompted international oil companies over recent years to commit to investing billions of dollars there. However, the Federal government has protested against that move by the KRG, showing tough stances several times by issuing decisions against the Region as well as cutting its monthly share in the country’s budget.

v\ Parliament sets the date for resolving the 2023 budget file Posted 10 seconds ago Parliament sets the date for resolving the 2023 budget file - Iraq News (iraqakhbar-com.translate.goog) news source /Alsumaria channel News source / Alsumaria channel Al-Haidari said in an interview with Alsumaria, “The House of Representatives decided to extend its legislative term after work was suspended due to differences and the political blockage,” noting that “this decision came in order to pass important laws, including the budget law.” Yesterday, Tuesday, the House of Representatives decided to extend the second legislative term for one month, “based on the provisions of Article (58/second) of the Constitution; In order to complete a number of necessary tasks and legislation.” Al-Haidari added, "The government is either a great challenge and its slogan is success, and therefore it needs important legislation, and the most important thing is approving the budget so that there is ease in completing the stalled projects." And he indicated, "The resolution of the budget file will not exceed this month," stressing that "members of Parliament from all political blocs are determined to complete this file." Iraq has not approved the 2022 draft budget due to the political crisis that has engulfed the country since the “early” elections were held on October 10, 2021. In the first meeting of the Council, Prime Minister Muhammad Shia Al-Sudani directed the Ministry of Finance to send the draft budget law to the Ministerial Council of Economy “as quickly as possible for its study,” according to a statement by the General Secretariat of the Council of Ministers. The preparation of the draft budget is the responsibility of the Ministry of Finance, which in turn submits it to the Council of Ministers for enrichment and a vote on it, before it is referred to Parliament for legislation within a law. Previously, Finance Minister Taif Sami confirmed that one of the new government's priorities is to approve the 2023 budget, while indicating that the next stage requires redoubling efforts and preparing programs towards strengthening the pillars of the national economy.

Leader reveals agenda of Kurdish political delegation to visit Baghdad Time : 2022/11/09 19:47:27 Leader reveals the agenda of the Kurdish political delegation that will visit Baghdad - Euphrates News (alforatnews.iq) The leader of the Kurdistan Democratic Party, Wafa Muhammad Karim, revealed on Wednesday the agenda of the Kurdish political delegation that will visit Baghdad. Karim told Al-Furat News that "there is a visit by a political delegation from the Democratic Party to Baghdad to see the mechanism of implementing the government program and fulfilling the promises made by Prime Minister Mohammed Shasa al-Sudani." He pointed to "the promises that include political agreements, resolving differences for the disputed areas, and resolving the file of the oil and gas law." Karim added that "the political delegation will discuss a number of issues and points that have been agreed upon before." By: Raghad Dahham

Iraq’s foreign cash reserves reach historical levels Amr Salem November 9, 2022 88 Iraq's foreign cash reserves reach historical levels - Iraqi News The Central Bank of Iraq. Photo: NRT Baghdad (IraqiNews.com) – While poverty rates are increasing in Iraq, the foreign cash reserves in the Central Bank of Iraq (CBI) reached historical levels. An Iraqi official in the CBI revealed that the foreign cash reserves reached nearly 90 billion USD, and it will support the country’s general budget next year. European traders said the Iraqi government bought about 150 thousand tons of wheat in an international tender this week, most of which is expected to come from Canada, Lithuania and possibly Australia. Iraq succeeded in benefiting from the globally increased oil prices to build a large cash reserve expected to reach 100 billion USD by the end of this year. The cash reserves represent an unprecedented number in the history of the CBI, and it opens prospects for the new Iraqi government to take advantage of the financial surplus to establish strategic projects supporting the country’s budgets and private sector projects, and reducing the total dependence on oil revenues which represent about 95 percent of the country’s GDP. CBI adviser, Ihsan Al-Yasiri, mentioned that the country’s cash reserves reached 89.9 billion USD, and they are enough to finance import operations of Iraq’s needs for a period of 22 months. The Iraqi Ministry of Planning mentioned that the government’s program focuses on tackling poverty in Iraq, noting that a quarter of Iraq’s population lives below the poverty line. The spokesperson of the Ministry of Planning, Abdul-Zahra Al-Hindawi, clarified that the ministry is preparing to launch an economic and social survey of families in Iraq during the coming period, according to the Iraqi News Agency (INA). Al-Hindawi explained that this survey will give new indicators about the number of people who are below the poverty line, the concentration of the poor, their conditions and the services they obtain in different ways, because the current indicators are old. Al-Hindawi pointed out that the poverty rate in Iraq is estimated between 23 and 25 percent. The Iraqi Ministry of Oil mentioned that the country’s exports of crude oil exceeded 3.38 million barrels per day last October. With an average price of 88.31 USD per barrel, Iraq’s total exports of crude oil reached 104.83 million barrels during the past month.

ERBIL, Kurdistan Region - The Kurdistan Regional Government (KRG) on Wednesday formed a delegation to partake in negotiations with Baghdad over the outstanding issues between the two sides, stressing the need to implement the agenda the new Iraqi federal government “as soon as possible.” Prime Minister Masrour Barzani headed a meeting of the council of ministers on Wednesday, discussing the KRG’s roadmap towards a “new relationship between Erbil and Baghdad,” and mechanisms to resolve the pending issues between the two governments. The council then formed a negotiation delegation, consisting of several ministers and other top officials, for talks with Baghdad. “The issues include the implementation of Article 140 concerning the lands disputed between Erbil and Baghdad, oil and gas, the Kurdistan Region’s participation in federal institutions, the Peshmerga’s constitutional rights, in addition to other matters,” read a statement from the KRG. The delegation has been tasked with engaging in the negotiations “as soon as possible” and “in accordance with the constitution,” the statement added. Tension between Erbil and Baghdad has been high since the Iraqi Federal Supreme Court in February deemed the Kurdistan Region’s oil and gas law “unconstitutional”, hence striking the independence of the Region’s energy sector and jeopardizing its industry. The KRG has repeatedly challenged the constitutionality of the court’s ruling. Iraqi Prime Minister Mohammed Shia’ al-Sudani on Tuesday said that Erbil and Baghdad are willing to resolve the pressing issues between them, stressing that they should do so “professionally.” PM Barzani said earlier this month that drafting a joint hydrocarbons law between Erbil and Baghdad is crucial for resolving the outstanding issues between the two governments. Article 140 calls for the dispute over areas in the provinces of Diyala, Kirkuk, Nineveh, and Salahaddin to be resolved, and includes measures aimed at rectifying Arabization policies implemented under the rule of Hussein. It specifies that this process needs to be implemented by no later than the end of 2007, yet it remains to be fully applied around 15 years after that date.