Early Tuesday Morning Iraq News 4-5-22

With The Rise Of The Dollar..Gold Rises In The Iraqi Market

Shafaq News/ "Foreign and Iraqi" gold prices rose in the local markets, with the dollar's price increasing in local markets, today, Tuesday, (5 April 2022).

Shafak News Agency correspondent said that gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, recorded this morning, the selling price for one weight of 21 karat of Gulf, Turkish and European gold is 396 thousand dinars, and the purchase price is 392 thousand, while the selling price for yesterday was 394 thousand. Dinars per weight.

Our correspondent indicated that the selling price of one 21-carat weight of Iraqi gold also increased at 356 thousand dinars, while the purchase price reached 352 thousand.

With regard to gold prices in the goldsmiths’ shops, the selling price of a 21-carat Gulf gold weight ranged between 395 thousand and 405 thousand dinars, while the selling price ranged between 355 thousand and 365 thousand Iraqi dinars.

It is equal to one mithqal of gold (five grams). The exchange rate of the dollar rose today, Tuesday, to reach 147,650 dinars, compared to 100 dollars. LINK

The Rise In The Exchange Rate Of The Dollar

Baghdad - I know The dollar exchange rates rose today, Tuesday, in the Iraqi markets .

The selling prices of the dollar were 147,750 dinars per 100 dollars, while the purchase prices of the dollar were 147,500 dinars per 100 dollars .

And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, while the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar. https://www.ina.iq/152956--.html

The Central Bank's Assets Reached The Highest Level By Crossing The Threshold Of 155 Trillion Dinars

April 4, 2022    Expert: Iraq's economy is based on external factors and there is no role for internal plans

Baghdad - Qusay Munzer   An economic expert confirmed that there is a role for internal strategic plans in protecting the local economy, and that it exists thanks to external families. Manar Al-Obaidi said in a statement received by (Al-Zaman) yesterday that (in the month of March 2020, during the height of Corona, Iraq's oil revenues achieved 2. The spectator and anticipation of the miracle.

Crude oil prices stabilized positively towards the rise, on the first day of trading for the global stock exchange, affected by investors’ fears of lack of supplies, due to the Russian invasion of Ukraine and the suspension of Russian oil as a result of Western sanctions, as well as the failure to reach an agreement on the Iranian nuclear issue, despite decisions to withdraw countries from their strategic oil reserves. , according to observers.

Oil futures contracts continued their losses at the beginning of this week's trading, and Brent crude fell more than a dollar to its lowest level during the session, to 103.21 dollars a barrel. And the futures contracts for Brent crude fell slightly at the beginning of trading on Monday in Asia.

The benchmark contracts for Brent crude and West Texas Intermediate crude oil decreased by about 13 percent during the past week. And US President Joe Biden announced the withdrawal of one million barrels per day of crude oil for a period of 6 months, starting from Next May, it will reach 180 million barrels.

The Japanese Ministry of Industry said that (the member states of the International Energy Agency agreed on the second coordinated withdrawal of oil in an extraordinary meeting). In turn, said Phil Flynn, an expert at the Futures Group, (When you look at the clouds from the Strategic Petroleum Reserve, there are still a lot of questions about how to get all that oil out of there, and we have to wait and see what happens?).

Energy markets around the world were turbulent and raised concerns about global supplies when sanctions imposed on Russia over its invasion of Ukraine disrupted energy supplies and pushed oil prices to around $140 a barrel, a 14-year high. In addition, the Central Bank's assets recorded their highest level, exceeding the barrier of 155 trillion dinars during the current year.  LINK

Iraq Refuses To Be Compared To Lebanon "Financially" And Reveals International Cooperation To Control Currency Smuggling Abroad

Shafaq News / The financial advisor to the Prime Minister, Mazhar Muhammad Salih, refused, on Tuesday, to compare Iraq with Lebanon politically and financially, considering the comparison "false and a confusion of papers." To counter the smuggling of currency abroad.

Saleh said in an interview with Shafaq News Agency, "What is rumored about comparing Iraq with Lebanon is false and vague and incorrect. It is a mixture of papers and part of the political noise at the present time," noting that "the political and financial conditions in Lebanon cannot resemble Iraq."

Saleh added that "the Iraqi economy has large and enormous cash flows, and the Central Bank is fortified with good reserves, and it is in a very good position," stressing that "the monetary policy of the Central Bank is a strict and stable policy at the present time and is concerned with economic stability and therefore financial and banking stability, and this is what it seeks It also manages its foreign reserves supporting the Iraqi dinar in the best way.

The financial advisor to the Prime Minister stressed that "any smuggling of currency abroad falls under the door of money laundering, crime and terrorism," noting that "the law against money laundering, crime and terrorism funds is a valid law, and there is regional and international cooperation in this matter."

Saleh pointed out that "some violations and crimes may occur, but they are few and do not amount to the issue of sabotaging the national economy, which is small and occurs here and there. A Supreme Council for Combating Money Laundering also issues instructions in this regard, and Iraq is a member of the International Financial Action Organization, whose function is international cooperation and information exchange to combat money laundering.

Yesterday, Monday, April 4, 2022, the Deputy Prime Minister of Lebanon, His Excellency Al-Shami, announced the bankruptcy of the state and the Central Bank of Lebanon, while some specialists considered that Iraq will have the same Lebanese scenario due to the similarity of the political and sectarian situations in it. LINK

This Is The Economy.. This Is The Economy

TUE, 04-05-2022, AM 2:46   KARAR AL ASADI

By: Dr. Emad Abdel Latif Salem

 To remind only the axioms.. the advancement of agriculture, industry, tourism, health, education, energy, roads and bridges.. and the consolidation of the foundations of the rule of law and the state of clans together, and the application of traffic regulations in the empty streets, where the traffic policeman (he does not know what to do), stands side by side with Loose dogs, absent-minded "talians", reckless "tactics", loose mechanisms, and undisciplined "delivery" bikes... and a limitation of "tired" Katyusha weapons, "the silent" and "shaksha" PKC It is in the hands of the state..and “support” the poor in the face of the crisis of inflation, stagnation, and disruption of food supply chains worldwide..these major issues as “adsorbers” cannot be addressed all together, at the same time.

This is chaos, sarcasm, arrogance, and anthems...not economics.

And the economy is not a “panic” nor a clan “bump.” I like it or I don’t like it, I want it or I don’t want it, nor be it.. It is an economy.

In the economy, the blessings of “Mawlana” Brent crude will not save us (even if we adopt a price of 120 dollars per barrel in the general budget), and “slogans” such as: “abundant goods”, “inexhaustible resources”, and “the two great rivers” will not help us. And the “mountain and lagoon,” the “great alluvial plain,” the “hanging gardens, the ziggurats, and the Lion of Babylon.” These are all “possibilities and opportunities” that do not move from their place by a single hair, and do not generate income.. except through the economy.

The economy is not just good intentions, nor is it a charitable association, nor is it a public “gift”... It is an economy.

Finally, the economy is not a game of Russian roulette, which you threaten to play according to your mood, after every noisy political party.. you grab the pistol, and you “run away” and pull the trigger. “With its generous sponsorship..sometimes you distribute salaries by droppers, and at other times by zanabeel..and you give generous “goodwill” to service customers, and allocate resources at one time to “development,” “progress,” “construction,” and “reform,” and at other times loot them in the name of.” Development”, “rise”, “construction” and “reform”, as if the Iraqis (their situation is the case with their plundered resources) are guinea pigs, and a ball tossed by the legs of everyone, both hippies and bears.

Respect the minimum “rules”, laws, regulations, and effective “mechanisms” in the market and society, and adopt rational practices and rational behavior, and anticipate changes... the economy will respect you.

Otherwise, you alone are responsible for the results of your actions, and for “picking up” the remnants of chaos that you left behind, as a result of your shameful economic management of this country, for many years.

These are not mere political "lapses", so that the accusation of wasting national resources and the accusation of misuse of power by "servicing" will be overturned.

This is an economy.

You have undermined the foundations of people's permanent income, neglected their sources of decent and sustainable income, and plunged economic activity into chaos.

This is not a political hit and run game in which you laugh at us, and in which you exchange roles of victory and defeat, in order to tighten your fists on our already broken necks.

The economy waits for no one.

The economy is possibilities and opportunities..but it is not only short-term possibilities and opportunities.

The economy is what prevents us from being a failure, and dependent on ourselves and on the world.. in the long run.

The economy is not to be a dead country, nor a dead “nation,” nor dead “peoples”... neither in the short term, nor in the long term.

This is the economy.  This is the economy.  http://non14.net/public/146110

The Launch Of The US Reserve And Its Impact On Iraq's Oil... India "Contemplates" A Profit Of 137 Million Dollars Within A Month Instead Of Giving It To Iraq

2022-04-05  Yes Iraq: Baghdad   Despite Iraqi concerns about the possibility of Russia kidnapping Iraq’s permanent customers in Asia, especially India and China, by selling Russian crude oil to these countries at huge discounts, India seems more committed to Iraqi oil, and is awaiting the consequences of a US decision that may allow it to import Iraq’s crude smoothly and at good prices. It saves her from a price premium of about $140 million a month.

 Indian refiners hope to see a decrease in US users' demand for Iraqi Basra crude after the United States starts issuing the Strategic Petroleum Reserve.

A trade source at India's state-run Bharat Petroleum said, "Iraq's supplies from Basra to Asia were tight and price differentials were rising as the United States sought to get more Iraqi barrels to make up for the cuts in Russian crude."

"We hope that the US Strategic Petroleum Reserve releases will help ease US buyers' demand for Iraqi crude and give Asian buyers some breathing," the trade sources said.

And US President Joe Biden decided to release one million barrels per day from the strategic oil reserves of the United States for a period of 180 days in order to limit the rise in oil prices that rose after Russia's invasion of Ukraine.

 137 million dollars a month may be lost by Iraq

As a result of the high demand for Iraqi oil, especially with the US embargo on Russian oil, SOMO raised oil prices for Asian buyers, making the difference in the official selling price for Basra average crude for Nissan loading at a premium of $3.50 a barrel over the average valuations of Platts Oman/Dubai that month, up from $1.30 barrel in March.

While Iraq exports to India about 1.3 million barrels per day, this means that the price premium of 3.5 dollars per barrel will cost the Indian refineries about 5 million dollars per day, or 137 million dollars per month, above the original barrel price.

Hence, the Indian refineries hope to get rid of this additional premium through the decline in US demand for Iraqi crude, which will make Iraq reduce the price premium over Asia.

It is expected that Iraq's importance as a major oil supplier will increase this year, after at least two Indian refineries increased their annual contracts to purchase oil from Iraq, the second largest producer within the Organization of Petroleum Exporting Countries (OPEC).   LINK

For The First Time In Its History, Hours And Iraq Entered A "Constitutional Vacuum"!

Political  scene  Tuesday, April 05, 2022 at 12:57 pm (86 views)  Baghdad/Sky Press  Tomorrow, Wednesday, Iraq will enter a constitutional vacuum; It has exceeded the deadline set by the Federal Court to elect a President of the Republic on April 6, knowing that Parliament has been unable to elect the President since its first session on February 9, which was also reflected in the failure to form a new government to succeed the government. Mustafa Al-Kazemi.

Attention is now turning to the Federal Supreme Court, which granted Parliament a short period, which means that if this period is exceeded, the options remain open for it to take the appropriate decision; Including the possibility of withdrawing legitimacy from Parliament.  LINK