Iraqi Purchasing Power Weakens.

[Luigi1]

Here's some articles of Dinarian interests...

Direct From The SANDBOX Report.

Iraqi Purchasing Power Weakens.

Treat as rumors.  Not verified.  Your opine.

 

 

FROM IRAQI SOURCES:   Economist: Declining Purchasing Power Limits The Rise In The ER.

ARTICLE:  Economic expert Salah Nouri confirmed on Saturday that the Dollar ER on the parallel market depends primarily on trade demand from neighboring countries.

He added in a statement to Al Furat News that "demand depends on the purchasing power of the Iraqi citizen.  Currently, purchasing power is weak & is likely to continue due to the financial crisis & delays in salary disbursements, which is a large segment."

 

Nouri pointed out that "if the election campaign proceeds along the correct democratic path, without exploiting public funds or influx of foreign funds, the Dollar's value will remain at its current level without excessive increases." 

The Dollar ER Remains Stable In Baghdad.

The Dollar ER stabilized on Saturday at the Baghdad Stock Exchange & money exchanges.  The Dollar ER was recorded at 140,000 Dinars for every $100 in morning trading at the main stock exchange in the capital, Baghdad.  The ER in local markets in Baghdad reached 141,000 Dinars for sale, while the purchase price reached 139,000 Dinars. 

 

Basra Crude Records Weekly Gains.

Basra crude oil posted weekly gains, despite the decline in global oil prices at the end of the week's trading.

Basra Heavy crude closed its last session on Friday down $1.80, reaching $69.28, but posted weekly gains of $1.85, or 2.75%.

Basra Medium crude closed its last session with a similar decline of $1.80, settling at $72.33, but recorded weekly gains of $1.85, or 2.62%.

Global oil prices fell at settlement amid expectations of increased OPEC production & the potential impact of new US tariffs, which could undermine economic activity & reduce global energy demand.

Brent crude posted weekly gains of about 4.9%, while West Texas Intermediate crude gained 6.4%.

 

Al-Sudani: Baiji Will Be An Important Industrial Oil City That Represents One Of The Pillars Of The Iraqi Economy.

PM Mohammed Shia Al-Sudani stressed: "Baiji will be an important industrial oil city that represents one of the pillars of the Iraqi economy."

The PM said during the inauguration of the fat refinery in Baiji: "Rehabilitating the refinery was not easy, because it consists of units with modern technology & supporting industrial units & it was restarted with the energy & capacity of nat'l effort."

 

He added: "The rehabilitation of the refinery was carried out with all its production lines & at the same level at which it was established by foreign companies."

Al-Sudani stressed that: "We have national competencies capable of achieving accomplishments & implementing projects that were previously the preserve of foreign companies."

He explained: "The economic dimension is always present & to a large extent, in the priorities for implementing government projects.

"Al-Sudani continued, saying: "By rehabilitating this refinery & other refineries & facilities, we will reach the export stage after covering the needs of the local market."

He pointed out: "The sectors contributing to the economy represent a priority in economic reform, so the contribution rate increased from 7% to 14%."

The PM explained: "The government has been able to achieve optimal investment in the oil & gas sector to meet the market's needs for petroleum products."  He concluded by saying: "Our vision for the oil sector is comprehensive, from Basra to Nineveh."

 

A Security Conference Discusses Preparations & Capacity Building For Upcoming Nat'l Challenges.

The Deputy Commander of Joint Operations, Lieutenant General Qais Al-Muhammadawi, held an expanded security conference via closed-circuit television on Saturday, with the participation of a number of operations & axes commanders & in the presence of the Commander of the Land Forces, the Director of Military Intelligence & the Joint Operations Command Staff.

The Joint Operations Command said in a statement, "During the conference, an extensive discussion took place on current & future military & security plans, with a focus on mechanisms for operational reopening in areas of responsibility & confronting challenges."

The statement added, "The conference discussed ways to enhance the readiness of the forces & the importance of high coordination between the various formations to carry out duties with high efficiency & professionalism.

"It indicated that "the Deputy Commander of Joint Operations directed, at the conclusion of the conference, a set of recommendations, including specific timings & distribution of responsibilities with an emphasis on reviewing plans in line with current challenges, the mechanism for coordination with neighboring commands & dealing with intelligence information, as well as discussing preparations & capacity building to face upcoming nat'l entitlements."

 

Parliamentary Economy Committee: We Refuse To Vote On This Agreement. We Proposed A Package Of Comments Before Presenting It To Parliament.

The Parliamentary Committee on Economy, Industry & Trade announced the collection of signatures to reconsider the draft law ratifying the afforestation & mutual protection of investment agreement between the governments of the Republic of Iraq & the Kingdom of Saudi Arabia.

 

The Parliament Presidency also demanded that the vote on the agreement be postponed & that it be returned to the Council of Ministers for approval 1st, before proceeding with its submission to Parliament.

The committee's deputy chairman, Yasser Al-Husseini, said in a joint press conference on Saturday that "this agreement was not discussed or presented to the committee & its opinion was not taken into account at all.  Therefore, we collected signatures to demand that the Presidency hold workshops with legal & economic specialists and representatives of government agencies to determine the feasibility of passing this agreement, amending it, or proceeding with ratification or not."

In turn, MP Saud Al-Saadi said, "We noted that the Parliamentary Foreign Relations Committee did not send a photocopy of the draft law, nor did it send the committee's special report to the representatives two days before the session, as required by the internal regulations."

He added, "This agreement includes, in Article 9 of Annex A, excessive facilitation for the expropriation of lands & projects in Iraq for the Saudi side & it also conflicts with the Iraqi Expropriation Law No. 12 of 1981, as amended, and the provisions of other applicable laws."

He continued, "Article 11 of the agreement included exceptions and permissions for financial transfers to Saudi Arabia under the guise of investment without restrictions or conditions & Article 13 permitted the dispute to be referred to the Arab Court of Arbitration or to resort to int'l arbitration, which may harm the nat'l interest."

He explained, "We believe it is necessary to stipulate that the dispute regarding the agreement be referred to Iraqi courts & that investment disputes be subject to the Iraqi judiciary, before resorting to Arab arbitration or int'l arbitration chambers."

 

He added, "The current Council of Ministers did not approve this agreement because the draft law was sent to Parliament during the 4th legislative session in 2019 & no new government decision was issued including the consistency of the provisions of this agreement with the ministerial program or not."

[BETTYBOOP]

It doesn't matter what the going are trying to vote on, budget, salary scales important laws, agreements with other countries, if they can find a way to delate, reject, slow it down or just stop it altogether they will chuck a spanner in the works .

[Luigi1]

8 minutes ago, BETTYBOOP said:

It doesn't matter what the going are trying to vote on, budget, salary scales important laws, agreements with other countries, if they can find a way to delate, reject, slow it down or just stop it altogether they will chuck a spanner in the works .

 

Parliament is running around screaming what are we to do in order to increase purchasing power.

 

Here's a brand new novel idea...RV-RI & purchasing power of the Iraqi People will increase.   Go RV.

[CSM (R) Thack]

11 minutes ago, BETTYBOOP said:

chuck a spanner in the works .

Okay…😅🤣…awesome, had to look that up!🫡👍🏻🇺🇸

[Hotcurl]

Don't forget that there is an election coming up in the near future (never know WHEN with these guys), so they will say anything just to get out there and post something that may be potentially relevant to the reelection campaign. 

Totally    from my perspective  ......................

 

Just sayin' ................

[Luigi1]

Here's the Pimp's two cents worth...realistically.

 

Pimpy:   Realistically.

ARTICLE:   I know everybody wants, 'Oh, Pimpy, we want to be millionaires.'  

You better hope and pray they don't delete the zeros. 

That's the only way it's going to happen.  

Do I feel they're going to do that?  

IMO, No...I hope they keep the zeros on there.

Let's hope that happens.

Realistically they're going to delete the zeros & revalue. 

What we want to happen is they don't delete the zeros & then revalue.