August 7, 2024 Baghdad The inability of the Governor of the Central Bank of Iraq, Ali Al-Alaq, to control the rise of the dollar has caused great concern among citizens, while voices calling for Al-Alaq’s dismissal have increased with the continued rise in the price of the dollar, which has left the fifties. Rentier economy Economic expert Abdul Rahman Al-Shaikhli said: “It is very natural for rentier economies to be affected by the events surrounding the “single rent” country, especially when it relies on foreign imports for all its daily needs, especially “soft” food products, which are completely relied upon.” Al-Sheikhly told the "Iraq News" agency that any security or political disturbance will leave its negative mark on the local markets through a rise in prices and a shortage in supply. He continued: “Based on the above and our certainty that there is a near consensus among neighboring countries to exploit such opportunities for political purposes, we must work hard to achieve near-self-sufficiency in such materials and try to produce them locally to create a state of reassurance in food security.” Beware of falling oil prices In detail: The financial advisor to the Prime Minister, Mohammed Shia al-Sudani, warned of the effects of the decline in oil prices in the global market on Iraq, which depends on oil revenues for more than 90% of its resources, while oil prices fell to $76 a few days ago. “There has been a gradual decline in global oil prices for the past few days, as this decline coincides with the decline in the value of financial assets in the American and Japanese markets, especially the decline in the benchmark oil “Brent crude”, which is currently trading at around $76 per barrel for futures contracts after reaching nearly $88 per barrel last June, which requires more caution and economic foresight and what it may have of effects on our country’s financial resources in the coming period,” Mazhar Mohammed Saleh said in a statement followed by “Iraq News.” “However, there are two possibilities that could limit the deterioration of oil markets to the bottom if they happen. The first is that the continuation of the current international geopolitical tensions in Eurasia, the Middle East and elsewhere will remain a pressure factor that does not allow the deterioration of energy resource prices (oil and gas) in the world, as oil is a strategic material that has priority in demand and storage in the difficult and exceptional circumstances that the Western world is going through. The second is that it is noted that the two most important economies of major Asia (which contribute to global economic growth, namely China and India) have not been affected by the current economic recession in Western financial markets, which means that opportunities for economic growth still require the sustainability of demand for energy resources, and oil in particular.” Saleh said, “Even if some parts of the global economy enter a recession or reach a state of depression that extends for the next six months, similar to what happened in 2008 with the financial crisis (the mortgage crisis), the downward movement of the oil asset cycle and the occurrence of a glut in the oil markets may remain a temporary and short-term matter from our point of view.” He pointed out that "the prevailing expectations until recently were that the global oil market was an optimistic market represented by rising prices, especially in light of the strategic adjustments in production by OPEC+, amid regional and international economic and political developments with varying impacts on global oil demand." The government advisor explained that “the US Energy Information Administration had previously announced this year that it expected average prices to reach about $89 per barrel of oil and continue until the end of the year 2024, which encouraged the US oil market to invest in marginal shale oil fields with high extraction costs.” --------------------------------------------------------------------- Again even in this the call for Al-Alaq's dismissal is being based off the parallel market issues. There is not mention of the non-oil revenues in play. Why is that? Is there an agenda at play? IT sure looks like it imo. ~ MM | | | |
Today at 3:49 pm by Rocky
» Removing zeros and revaluing the Iraqi dinar
Today at 5:42 am by Rocky
» MM&C 10/20/24 Counterfeiting currency in Iraq.. Is the responsibility of the Central Bank or the gov
Today at 5:41 am by Rocky
» utube 10/21/24 MM&C MM&C News Reporting - Iraq Dinar Updates - Gold - Investor Confidence - Invest
Today at 5:40 am by Rocky
» utube 10/22/24 MM&C News Reporting-Iraq Dinar Update Banking Reforms-Com
Today at 5:39 am by Rocky
» The next White House administration...will it confront Baghdad with a "rough" policy?
Today at 5:37 am by Rocky
» Rafidain Bank Director urges employees to provide the best services to citizens
Today at 5:35 am by Rocky
» Housing Unit Prices in Iraq: Parliamentary Demands for “Strict Measures” Against Investors
Today at 5:32 am by Rocky
» Ministries have green spaces and need specialists.. A plan to employ 10 thousand agricultural engine
Today at 5:30 am by Rocky
» "Many advantages" .. Al-Sudani: We will develop Baghdad Airport, profits will double, and service wi
Today at 5:29 am by Rocky
» Justice announces the imminent launch of electronic real estate services in Baghdad Governorate
Today at 5:28 am by Rocky
» Including Iraq.. IMF expects strong acceleration in Arab economic growth in 2025
Today at 5:26 am by Rocky
» The Presidency of the Republic urges the Kurdish parties to form a service government in the region
Today at 5:23 am by Rocky
» International mafias behind currency counterfeiting: Who protects the pockets of Iraqis?
Today at 5:22 am by Rocky
» MP: Sunni House's conflict over Parliament presidency still ongoing
Today at 5:19 am by Rocky
» After being suspended for years, a parliamentary committee: The law on ownership of slums will see t
Today at 5:18 am by Rocky
» Parliamentary Oil: Producing provinces have not received their petrodollar dues
Today at 5:17 am by Rocky
» Al-Fateh comments on Bin Salman's call to hold an Islamic summit
Today at 5:15 am by Rocky
» Al-Sudani directs the rehabilitation and development of Baghdad Airport according to the latest spec
Today at 5:14 am by Rocky
» Political movement: America is the source of chaos and terrorism in the region
Today at 5:13 am by Rocky
» Framework: We have not determined our support for a specific candidate for the position of Speaker o
Today at 5:12 am by Rocky
» Minister of Communications: We will start negotiating with international companies to operate the fi
Today at 5:10 am by Rocky
» Electricity complains of kerosene shortage.. 5 stations shut down and 10 thousand megawatts lost
Today at 5:09 am by Rocky
» Baghdad Council: About 800 generators committed to the official operating price
Today at 5:07 am by Rocky
» The future of energy is moving in a "complex" direction.. The state of the market is affected by man
Today at 5:06 am by Rocky
» With the participation of 3 Arab countries.. BRICS Summit discusses getting rid of America's economi
Today at 5:05 am by Rocky
» $255 million in Iraqi Central Bank sales during today's auction
Today at 5:03 am by Rocky
» Immigration reveals to {Sabah} the plan to host {Iraq’s guests}
Today at 5:02 am by Rocky
» Official statistics: 25% of generators are committed to the pricing
Today at 5:00 am by Rocky
» Great security achievement
Today at 4:59 am by Rocky
» 62 billion dinars to support students sent to international universities
Today at 4:58 am by Rocky
» Al-Sudani: We killed {the governor of Iraq}
Today at 4:57 am by Rocky
» Kirkuk introduces professional specializations
Today at 4:56 am by Rocky
» 6,000 beds added to Nineveh hospitals
Today at 4:54 am by Rocky
» Soon.. Launching 3 channels for admission to public universities
Today at 4:53 am by Rocky
» Industry: Great government interest in moving the economic wheel
Today at 4:52 am by Rocky
» Baghdad Council: About 800 generators committed to the official operating price
Today at 4:51 am by Rocky
» Next year.. delivering energy to newly served areas
Today at 4:50 am by Rocky
» Parliamentary measures to curb housing unit prices
Today at 4:49 am by Rocky
» Parliament is close to electing its new speaker
Today at 4:48 am by Rocky
» Securing food basket items curbs price hikes
Today at 4:45 am by Rocky
» Parliamentary Legal Committee to Nina: Political consensus will decide the name of the candidate for
Today at 4:43 am by Rocky
» A joint (Qatari-Turkish) delegation inspects the Grand Faw Port projects on the ground
Today at 4:41 am by Rocky
» Minister of Planning receives Deputy Chief Justice of the Federal Court of Cassation and his accompa
Today at 4:40 am by Rocky
» The Minister of Communications explains the mechanism and stages of operating the fifth generation t
Today at 4:39 am by Rocky
» Continuing conflict in the Middle East drives oil prices higher
Today at 4:37 am by Rocky
» Finance Ministry agrees to pay lecturers and administrators’ dues with Basra Education
Today at 4:36 am by Rocky
» Ministry of Electricity signs contracts to implement smart energy transformation project
Today at 4:32 am by Rocky
» Al-Sudani approves the request to exempt Haider Hanoun from the presidency of the Integrity Commissi
Today at 4:31 am by Rocky
» Iraqi movement draws Middle East expectations and talks about the assassination of "Assad" and the d
Today at 4:30 am by Rocky
» Despite "indications of an end to the conflict", there are expectations that the formation of the ne
Today at 4:28 am by Rocky
» Al-Sudani and Saudi Crown Prince discuss bilateral relations
Today at 4:27 am by Rocky
» Iraqi oil prices rebound despite decline in global markets
Today at 4:26 am by Rocky
» Three Obstacles to Iraq's Accession to BRICS
Today at 4:25 am by Rocky
» Baghdad Governorate: 75% of generators do not comply with the official pricing
Today at 4:24 am by Rocky
» Parliamentary measures to curb housing unit prices
Today at 4:22 am by Rocky
» The Iraqi Ministry of Immigration confirmed that the Iraqi government will continue its work to embr
Today at 4:21 am by Rocky
» Iraqi Electricity Minister Pledges to Supply Power Around the Clock Through 'Smart Transformation' P
Today at 4:20 am by Rocky
» Government pledges to halve Iraq's 'housing gap'
Today at 4:19 am by Rocky
» “Strategic Projects”… Will They Succeed in Saving Iraq from the Water Scarcity Crisis?
Today at 4:18 am by Rocky
» The Ministry of Interior announces the closure of 69 projects violating environmental conditions
Today at 4:16 am by Rocky
» Al-Yekti: The party does not have the majority and will not form the government
Today at 4:14 am by Rocky
» Demonstration in central Baghdad against executions and demanding a “general amnesty”
Today at 4:13 am by Rocky
» Haider Hanoun dismissed from the presidency of the Integrity Commission
Today at 4:12 am by Rocky
» In Basra, a giant sewage recycling station in Al-Zubair... “environmentally friendly and saves irrig
Today at 4:11 am by Rocky
» The plan to remove Al-Issawi failed... and the "framework" postpones the decision on the parliament
Today at 4:10 am by Rocky
» The framework is moving to resolve the “crisis” of the Parliament Speaker.. Will Saturday’s session
Today at 4:09 am by Rocky
» Trade.. A five-year plan to build and establish 150 hypermarkets in all regions of the country
Today at 4:07 am by Rocky
» Al-Sudani and Bin Salman discuss preparations for holding an Islamic summit
Today at 4:04 am by Rocky
» Finance approves disbursement of dues to lecturers and administrators in Basra Education (document)
Today at 4:02 am by Rocky
» Dollar exchange rates rise again in Iraq today
Today at 4:01 am by Rocky
» What will the new Kurdistan government look like after the recent elections?
Today at 3:59 am by Rocky
» Disagreement rages between blocs over deciding the position of parliament speaker
Today at 3:58 am by Rocky
» The Council of Ministers holds its regular session headed by Al-Sudani
Yesterday at 8:28 am by Rocky
» Parliamentary Oil Committee expects to approve the Oil and Gas Law during the current parliamentary
Yesterday at 8:25 am by Rocky
» After losing quantities of Iranian gas in the coming days.. Electricity talks about sources of gas i
Yesterday at 5:38 am by Rocky
» Report: Iraq has concluded an important agreement that consolidates its strategic role and internati
Yesterday at 5:35 am by Rocky
» Western report: Iraq's financial situation is strong and it is working according to a transitional d
Yesterday at 5:33 am by Rocky
» With the participation of Iraq.. the start of an emergency meeting in the Arab League regarding the
Yesterday at 5:31 am by Rocky
» With the support of the Prime Minister, the Military Industry begins contracts to localize the milit
Yesterday at 5:30 am by Rocky
» Britain appoints new ambassador to Iraq
Yesterday at 5:27 am by Rocky
» Trade Bank of Iraq opens new branch in Baghdad
Yesterday at 5:25 am by Rocky
» Rafidain Bank directs its branches to facilitate the completion of citizens’ transactions and addres
Yesterday at 5:21 am by Rocky
» The Union clarifies the date for opening negotiations with other parties to form the regional govern
Yesterday at 5:20 am by Rocky
» Al-Fath: Iraq obligated the American side not to use its lands to support the entity
Yesterday at 5:18 am by Rocky
» Political movement: America dominates the armament file to ensure that Iraq remains weak
Yesterday at 5:17 am by Rocky
» MP: Saturday's session will be decisive in choosing the parliament speaker
Yesterday at 5:15 am by Rocky
» Central Bank dollar sales drop in today's auction
Yesterday at 5:14 am by Rocky
» Labor extends the attendance visa for school students to qualify for the financial grant
Yesterday at 5:12 am by Rocky
» Croatian PM: Iraq represents an important opportunity for development and investment in the energy a
Yesterday at 5:09 am by Rocky
» Russia seeks BRICS to defeat the dollar.. The Ukrainian war changes the global economic map
Yesterday at 5:07 am by Rocky
» The Central Bank of Iraq approves changing the activity of the Commercial Bank of Iraq
Yesterday at 5:05 am by Rocky
» 30 billion dinars profits of the Regional Commercial Bank until the third quarter
Yesterday at 5:04 am by Rocky
» Baghdad Governorate: A plan to attract residents from the center to the outskirts of the capital
Yesterday at 5:03 am by Rocky
» Well-known businessman Saadi Wahib increases his stake in Al-Eqtisad Bank
Yesterday at 5:02 am by Rocky
» Iraqi oil replaces Russian oil for the Czech Republic in 2025
Yesterday at 5:00 am by Rocky
» Electricity: Energy production will increase next summer.. it will reach this limit
Yesterday at 4:59 am by Rocky
» Al-Imar explains the mechanism of work on the ring road and the areas it will connect
Yesterday at 4:58 am by Rocky
» Minister of Health: Egyptian offers to build new hospitals
Yesterday at 4:56 am by Rocky