Iraq News Highlights and Points To Ponder Sunday AM 10-13-24
"Autumn" Economic Recession In Iraq.. And A Government Advisor Explains The Reasons
Time: 2024/10/11 Read: 2,574 times {Economic: Al Furat News} A government advisor revealed that Iraq is going through a “seasonal economic recession.”
The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, told {Al-Furat News}: "The fluctuation of the dollar exchange rate in the parallel market has nothing to do with the phenomenon of seasonal recession that the markets are currently witnessing."
He explained that "the recession in demand comes after the high peak of sales that preceded the current school season and the end of most major religious and social occasions, in addition to the entry of the fall season, which is the end of the summer season, that abundant season in agricultural production and marketing."
Saleh explained, "In all cases, there is a recession in demand or a recession in seasonal economic activity, which is a phenomenon that occurs when economic activity declines during a certain period of the year as a result of seasonal factors."
He continued, "This recession can occur in different sectors such as tourism, agriculture, or retail sales, and is often affected by natural factors such as weather, religious occasions and holidays, or changes in demand patterns from one season to another."
Saleh believed that this recession "will take such a seasonal change, a few weeks until the entry of winter for economic activity to begin interacting in this short-term economic cycle."Raghad LINK
Members Welcome Iraq’s Return To WTO Accession Talks After 16 Year
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Iraq's Working Party was established on 13 December 2004. The Working Party met for a third time in July 2024. The Working Party is chaired by Ambassador Saqer Abdullah ALMOQBEL (Saudi Arabia, Kingdom of). For more information on the current status of this accession, please click here.
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Iraq ACCESSION Members welcome Iraq’s return to WTO accession talks after 16 years Acc_18jul24_md
Members welcome Iraq’s return to WTO accession talks after 16 years
18 July 2024
At the third meeting of the Working Party on the Accession of Iraq on 18 July, WTO members welcomed
Iraq ACCESSION Members welcome Iraq’s return to WTO accession talks after 16 years Irakacc220124_md
Working Party Chair visits Baghdad to hold high-level consultations on Iraq’s accession
16 January 2024
The Chair of Iraq’s Accession Working Party, Ambassador Saqer AlMoqbel of the Kingdom of Saudi…
More news on Iraq See latest article on Iraq in August 2024 newsletter
Current status in the accession process
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All documents on the accession of Iraq in Documents Online by date of circulation
Note:
The de-restriction of documents is a key component of the transparency obligations of the Multilateral Trading System. Paragraphs 1 and 2(e) of the Ministerial Council Decision WT/L/452 of 14 May 2002 provide that “documents relating to working parties on accession shall be restricted and shall be automatically de-restricted upon the adoption of the report of the working party” by the Ministerial Conference/General Council.
The time of completion of the de-restriction process depends on the amount and complexities of the documents involved. Prior to 2002, the de-restriction of accession-related documents was governed by a different set of rules (i.e. General Council Decision WT/L/160/Rev.1 of 26 July 1996), which only affect documents circulated prior to 2002. https://www.wto.org/english/thewto_e/acc_e/a1_iraq_e.htm#status
An Absent Minister, “Suspicious” Agents, And “Absent” Oversight... Oil Is At Its Worst And Smugglers Are Living A “Honeymoon”
Alsumaria Special 2024-10-13 | Sumerian News-Politics For about a month, the Minister of Oil was absent Deputy president council Minister of Energy Affairs Hayan Abdul Ghani was removed from his ministry due to a health condition he suffered from, but during this month he got a lot There are suspicious movements and decisions inside the ministry, taking advantage of the minister’s absence from the head of his ministry.
In mid-September, Abdul Ghani suffered a stroke while in the United States.United On an official visit, the minister was absent from the ministry throughout the month. He is supposed to return to his duties today or tomorrow, according to what sources revealed. However, during this period of absence, and the preoccupation of the Prime Minister, council Ministers in the political and security situations, two of the undersecretaries of the Ministry of Oil took advantage of this period to intensify their activities and meetings with foreign companies at times and to make wrong decisions at other times, according to what sources revealed to Sumaria News.
Sources say that one of the ministry's undersecretaries preferred to stop the operations. export Oil products out Iraq In return for granting these products to some fictitious parties and factories, and we are talking here about the fuel oil product, and fictitious factories are factories that exist only on paper, and do not carry out any activity or production, from the oxidized asphalt factories, which only take shares of fuel oil at a price subsidized by the state not exceeding 250 to 300 dollars, while its price outside Iraq About $500 per ton, i.e. a profit margin of 100%.
The agents’ activities came in contradiction to the policy and directions of the government and its prime minister to maximize the country’s foreign currency resources by selling this product through the Oil Marketing Company to accredited and reliable companies and exporting it abroad instead of consuming it or smuggling it by some owners of fictitious factories inside Iraq, according to what was revealed by informed sources and official correspondence.
As for the other agent of the Ministry of Oil, he was immersed in a long series of meetings with foreign companies to conclude contracts and side deals.
All this is happening, at a time when the Internal Control Department is completely absent from the scene in the Ministry of Oil, which is supposed to monitor these activities and events, but the truth is that the Director General of the Internal Control Department in the Ministry of Oil, who was hosted in an open session in council Iraqi MPs last September,
it turned out that there is a lot From the negligence and laxity of this department regarding the files of corruption, negligence and misuse of authority, with the existence of an official letter from the Parliamentary Integrity Committee regarding his ineligibility for the position because he suffers from health problems, according to what was stated in the letter.
The Parliamentary Oil Committee also indicated at the time that the Director General of Control is arbitrary in his decisions and has emptied his department of about 35 competent employees who are needed by internal control, which in itself is suspicious and suspicious behavior.
Between a minister who was absent, agents who “move secretly” and an internal control director who is absent from the scene, informed sources say that the Ministry of Oil is going through its worst phase as a result of the chaos occurring in the ministry, calling on the head of...councilMinisters to conduct a real review of all the ministry's joints.
Estimates indicate that about a third of the factories that receive black oil inIraqThey are “fake factories” that benefit from subsidized fuel oil and smuggle it and sell it outside Iraq, which provides profits of one billion dollars annually, or about 100 million dollars monthly. LINK
With The Opening Of Trading On The Stock Exchange.. 1531 Dinars Per Dollar
Money and business Economy News – Baghdad With the opening of trading in the Harithiya and Al-Kifah stock exchanges in the capital, Baghdad, the exchange rate of the US dollar reached 153,150 dinars for every 100 dollars.
As for the selling prices in exchange shops in the local markets in Baghdad, they reached 154,250 dinars for sale, while the purchase price reached 152,500 dinars for every 100 dollars.
Views 66 10/13/2024 - https://economy-news.net/content.php?id=48643
More Than A Billion Dollars In Sales From The Central Bank Of Iraq During The Week
economy | 03:17 - 12/10/2024 Mawazine News - Economy The total sales of the Central Bank of Iraq of hard currency for the US dollar during the days in which the auction was opened last week exceeded one billion dollars.
The sources reported that the Central Bank sold during the past week and for the 5 days in which the auction was opened one billion, 309 million, 74 thousand, and 838 dollars, at a daily average of 261 million, 814 thousand, and 876 dollars, higher than the previous week, which amounted to one billion, 36 million, 172 thousand, and 839 dollars.
The highest sales of the dollar were on Tuesday, when sales amounted to 265 million, 549 thousand, and 741 dollars, while the lowest sales were on Sunday, when sales amounted to 257 million, 883 thousand, and 86 dollars.
Our correspondent indicated that foreign remittance sales during the past week amounted to 1 billion, 254 million, 458 thousand, and 363 dollars, an increase of 96% compared to cash sales, which amounted to 54 million, 616 thousand, and 20 dollars.