Iraq Economic News and Points to Ponder Thursday Afternoon 9-21-23
Iraq Economic News and Points to Ponder Thursday Afternoon 9-21-23
Tlm724 Administrator Bondlady’s Corner
American Bank: Oil May Jump To $120 Per Barrel
Energy Economy News – Baghdad Oil prices could rise back into triple digits if crude supplies face further pressure - and this could slow global economic growth to a near halt, according to JP Morgan.
The bank's strategists explained in a note that oil prices jumped by 27 percent over the past month to trade at their highest level in 10 months. If prices maintain these levels, it will likely lead to a decline in global GDP growth by 0.5 percentage points over two quarters, according to the US bank.
The bank expects Brent crude to fall to about $86 a barrel by the end of the year, but experts have warned that prices could rise and lead to a further decline in the economy if oil supplies face continued pressure.
The bank's strategists said that there is concern that the recent supply cuts have not ended yet, and that Brent crude may jump further, reaching $120 a barrel, which means a 60 percent jump during the second half of the year.
The bank's analysts said that higher prices could push global inflation to about 6 percent until the end of the year, and hurt global GDP by 1.3 percent on an annual basis over the next two quarters.
“In fact, a cumulative 60 percent jump in oil prices would indicate the kind of shock that typically only occurs before recessions,” the bank added.
Views 10 09/21/2023 - https://economy-news.net/content.php?id=36541
The MP Expects The Oil And Gas Law To Be Passed After The Provincial Elections
Energy Economy News – Baghdad Member of the Parliamentary Oil and Gas Committee, Ali Al-Mashkour, confirmed on Thursday that there are 11 controversial points regarding the articles of the Oil and Gas Law, while he expected its approval after the local elections scheduled for mid-December.
Al-Mashkoor said, “The oil and gas law is a subject of disagreement between the federal government and the region, as they both view it from their own angles,” noting that “there are 11 controversial points regarding its articles that were drawn up by the federal government, and they need time to be resolved because they are in the spirit of the law and interfere with its name.” ".
He explained, “One of the controversial points, according to the law, is the formation of the Oil and Gas Law Authority, which includes representatives of the producing governorates in addition to the federal government and the region, and whose president is the Federal Minister of Oil, while the region wants the region’s Oil Minister to be an equal to it,” expecting the law to be passed.” After the local elections scheduled for mid-December.”
Al-Mashkoor added: “There are no two states in Iraq, but rather there is a federal government and a region, and we call for the centralization of the law to take into account the rights of the provinces and the region,” expressing “his committee’s readiness to approve the law at any time.”
Views 26 09/21/2023 https://economy-news.net/content.php?id=36537
Stock Market: The Value Of Shares Traded This Week Is More Than (Cool Billion Dinars
Market Economy News – Baghdad During the third week of September 2023, the Iraq Stock Exchange organized five trading sessions from Sunday, 09/17/2023, to Thursday, 09/21/2023.
The following indicators were achieved during this week:
The number of shares traded during this week reached more than (6) billion shares.
The value of shares traded this week amounted to more than (Cool billion dinars.
The market trading index closed for the first session of the week at (825.67) points, while the index closed at the end of the week at (845.29) points, achieving an increase of (2.32%) from its close at the first session. During the week, (4287) purchase and sale contracts were executed on the shares of companies listed on the market. Views 36 09/21/2023 - https://economy-news.net/content.php?id=36536
The Central Bank Sells More Than $198 Million In Currency Auction
Economy News – Baghdad Today, Thursday, the Central Bank of Iraq’s sales in the foreign currency sales window amounted to more than 198.6 million dollars.
The Central Bank's website published its dollar sales schedule, which Al-Iqtisad News reviewed. It included the participation of 26 banks and 79 exchange companies, and foreign transfer requests covered $165.1 million, while cash requests amounted to more than $33.4 million.
The Central Bank of Iraq sells the dollar for documentary credits and international settlements for electronic cards at a price of 1,305 dinars per dollar, for every dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash.
126 views 09/21/2023 https://economy-news.net/content.php?id=36528
The Importance Of The Development Path Compared To Other New Global Economic Corridors
Money and business Economy News – Baghdad Economic expert Qusay Safwan confirmed that the development road to be established in Iraq is the most suitable route for transporting goods from Asia to Europe via Al-Faw Port, passing through the Bosphorus Strait in Turkey.
Qusay said, “At that time, Iraq will have the ability to speed up and have the best time in the process of transporting goods,” noting that “Iraq is seeking to adopt the road as a corridor for Gulf gas exported to Europe.”
He pointed out that “the development road has a great advantage, which is its proximity to large population centers that can be a window to attract foreign investment,” noting that “both sides of the road can be transformed into industrial, commercial and tourist cities.”
Qusay noted that “the Turkish economy needs to implement a development road to optimally invest its land routes towards the European Union,” noting that “the road has great tourist importance and can contribute to transporting about 13 million tourists annually from Europe to the Arabian Gulf region.”
The expert explained that “the process of linking the holy cities in Iraq, including the governorates of Karbala and Najaf, with Mecca and linking the economy of the Kingdom of Saudi Arabia with the Iraqi economy, reaching the African depth of Egypt and crossing the Kingdom of Jordan, will contribute to reviving the path of development,” stressing that “linking the Iranian and Russian economies to the road “It will contribute to transforming the road into a global transit corridor.”
Qusay stressed that “Iraq’s presence in the heart of the world gives it the best opportunity in the process of success of this road, and it can be a window to diversify Iraq’s economy and create non-oil revenues that are the most sustainable among competitors.”
The British “Middle East Eye” website considered that the “India-Middle East-Europe Economic Corridor (IMEC)” project, which is supported by the United States and the European Union, still needs time before it is realized, explaining that Turkey, in return, supports the “Development Road” project. “What brings it together with Iraq, and is achievable, according to its point of view, despite the challenges and obstacles facing it. Source: ABC Arabia Views 93 09/21/2023 - https://economy-news.net/content.php?id=36527
Representatives Are Demanding The End Of The Appointment Of The Central Bank Governor For These Reasons
Thursday 21, September 2023 Political Number of readings: 178 Baghdad / NINA / Representatives renewed their demand on Prime Minister Muhammad Shiaa Al-Sudani to take measures to end the assignment of the Governor of the Central Bank of Iraq, Ali Al-Alaq, for a number of reasons.
The representative of Najaf Governorate, Al-Ashraf Hadi Al-Salami, said in a joint press conference with Representative Ahmed Al-Sharmani, today, Thursday, “We have demanded the end of the assignment of the governor of the Central Bank, and we previously addressed a letter to the Prime Minister on 7/26/2023, which included the end of the assignment of the governor.”
The Central Bank and the implementation of the provisions of Article 13 of Central Law No. 56 of 2004, and it was based on the text of Article 61 of the Constitution, House of Representatives Law No. 13 of 2018 in Article 15 Fourth, and based on what was stated in the Iraqi Constitution in Article 49,
and based on Article Fifth of the Constitution Which stipulates the appointment of ambassadors and those holding special grades upon a proposal from the Council of Ministers and based on the provisions of Article 44 Second of the House of Representatives Law of 2018, which stipulates that the concerned parties shall exercise their agency duties for a period not exceeding six months from the date of appointment, and the party concerned in the proposal must recommend the appointment to the Council within three months. ".
He added, "We asked the Prime Minister to take measures to end the assignment of the current Central Bank Governor, given the mismanagement of the currently assigned governor and his inability to control the rise in the dollar exchange rate in the parallel market, as well as the failure to take legal measures against the banks that were subject to US sanctions for dollar smuggling and money laundering." In addition to his abstention from the daily sales bulletin.”/ https://ninanews.com/Website/News/Details?key=1079071
A new rise in dollar exchange rates in Baghdad
Economy Thursday, September 21, 2023 Baghdad/National News Center Dollar prices rose today, Thursday, in Baghdad markets. The prices were as follows..
The selling price was 157,000 Iraqi dinars, while the purchase amounted to 155,000 dinars for every 100 dollars. https://nnciraq.com/227883/
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Points to Ponder From “Seat of the Soul” Gary Zukav
As you choose to empower yourself - the temptation that you challenge will surface again and again -- Each time that you challenge it you gain power and it loses power
With each choice that you make to align yourself with the energy of your soul - you empower yourself - Authentic power is built up step by step - choice by choice -- It cannot be meditated or prayed into being -- It must be earned
By remaining in your power you do not become a static energy system - one that hoards energy to itself -- You become a stable energy system - capable of conscious acts of focus and intention -- You become a magnet for those who are illuminated and those who want to be
You cannot and will not encounter a circumstance or a single moment that does not serve directly and immediately the need of your soul to heal - to come to wholeness
When the personality , Jesus encountered the Luciferic principle , the challenging dynamic of the human experience -- when he was offered dominion over the entire globe -- was he tempted??? Yes he was tempted !! If he were not - there would have been no power in his choice -- Authentic empowerment is not gained by making choices that do not stretch you
Sooner or later, each soul will turn toward authentic power - Every situation serves this goal and every soul will reach it
When you understand that the experiences of your life are necessary to the balancing of the energy of your soul - you are free to not react to them personally -- to not create more negative karma for your soul
Although what you encounter and what you do in each moment is appropriate and perfect to the evolution of your soul -- the shape of the experiences of your life is determined nonetheless by the choices that you make -- It is you that chooses to linger in resentment - or enveloped in grief - or to release these lower frequency currents of energy