Iraqi News Highlights and Points to Ponder Saturday AM 1-20-24

Sabahiya” List... The Fluctuation Of Dollar Prices On Iraqi Stock Exchanges

Money  and business  Economy News – Baghdad  We publish Al-Iqtisad News, the dollar exchange rates, in the Iraqi markets, during today’s transactions, Saturday.   The exchange rates on the Al-Kifah Stock Exchange in the capital, Baghdad, reached 152,300 dinars for every 100 dollars.

 The Basra Governorate Stock Exchange recorded a slight increase, as exchange rates reached 152.650 per 100 dollars.   In Sulaymaniyah Governorate, exchange rates reached 152,300 per 100 dollars.

Views 38 01/20/2024 - 11:31 AM  https://economy-news.net/content.php?id=39624

The Baghdad Dollar Stabilizes Near 152 Thousand... A List Of 8 Governorates With Saturday Transactions

Economy | Baghdad today - Baghdad   Today, Saturday (January 20, 2024), exchange rates recorded a slight decline in the local markets in Baghdad and the governorates.  The "Baghdad Today" correspondent said, "The dollar exchange rates today, in the capital, Baghdad, reached 152,200 dinars for every 100 dollars."

While the exchange rates in other governorates were according to the list listed below:

Basra = $100 152,200     Erbil = $100 152,000     Kirkuk = $100 152,250     Sulaymaniyah = $100 152,100

Dohuk = $100 152,000    Najaf = $100 152,250      Mosul = $100 152,000     LINK

Planning Indicates Government Measures That Contributed To The Decline And Stability Of Inflation Rates In Iraq

January 19, 2024  Baghdad/Al-Masala Al-Hadath: The Ministry of Planning confirmed, today, Friday, that the actions of the government and the Central Bank of Iraq contributed to the decline and stability of inflation indicators in Iraq.

The official spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said, “Inflation indicators have witnessed stability and decline in their rates during the last two years, as the inflation rate was (6%) in the year 2021, and decreased in the year 2022 to (5%), then in the year 2023 it was The inflation rate is 4.4, meaning less than 4 and a half percent.”

Al-Hindawi added: “In the last months of the year 2023, we recorded stability in inflation rates, as the indicators did not exceed half of 1 percent, and this is due to the stability of food prices and even their decline in some stages.”

He pointed out that “this stability and decrease in the rate of food and some other materials is the result of the policies and measures taken by the government during the past periods that contributed to providing an adequate income for the poor, in addition to improving the components of the food basket by increasing food supplies, improving their quality, and regularizing the distribution process.”

He continued: “In addition to the expansion of the social protection network greatly through the inclusion process, the number of families covered reached more than two million families, with 8 million individuals benefiting from the social protection network, in addition to the projects being implemented at the level of the capital, Baghdad, and the governorates, as they contribute to saving hundreds of thousands.”

Of job opportunities, and all of these measures help achieve a state of consumer stability and reassurance for the individual, as there is a stable income, available foodstuffs, and job opportunities.”

He pointed out, “There is another aspect and an important factor that should not be overlooked, which is that the Central Bank of Iraq actually succeeded in securing financial cover at the official price for all food imports after most of the importing merchants joined or entered the platform of the Central Bank, and transfers through the platform were also a very important factor.”

It prevented the impact of the rise in the exchange rate in the parallel market on food prices, because all food imports are covered by the official price, and thus it was an important factor in stabilizing inflation rates and indicators in Iraq.”   https://almasalah.com/archives/80055

After The 618 Billion Dinar Loan.. When Are The Salaries Of Kurdistan Employees Due?

Economy |Baghdad today – Baghdad  Today, Friday (January 19, 2024), an informed government source in the Kurdistan Regional Government revealed the date for disbursing the salaries of employees in the region.

The source said in an interview with "Baghdad Today" that "the Federal Ministry of Finance will send an amount of 618 billion dinars to the region after the launch of the salaries of employees in the Iraqi governorates, and it will most likely be the beginning of next week."

He added, "With the arrival of the amount of 618 billion dinars to the official account of the Kurdistan Regional Government and with the collection of other financial revenues generated from taxes and customs, the regional government will complete the amount of 900 billion dinars and begin disbursing salaries at the end of next week, or the beginning of the following week."

The Federal Council of Ministers decided to lend Kurdistan 618 billion dinars to pay the salaries of employees, which is the first loan after the tripartite loan that was approved last September, on the basis of which salaries for July, August and September were paid, while the salaries for the months of October, second and December of last year 2023 remained unknown. Destiny.   LINK

An American Institute Warns: The Kurdistan Region Faces The Danger Of A War Of Survival

Political | 01/20/2024   Mawazine News – Baghdad  A researcher at the Washington Institute warned that the Kurdistan region faces the risk of a “survival or extinction” war, criticizing political parties for the dispersion of their positions, with great risks looming on the horizon. 

Bilal Wahhab, a researcher at the Washington Institute, said, “Bombing Erbil is Iran’s message to the Gulf and the United States, and Iran’s strategy is to remove American forces from Erbil, but neither Tehran nor Washington wants to fight a direct war. Rather, their differences will remain within the framework of targeting the interests of the other.”

https://images.mawazin.net/root/root/images/62012024_1407246353045498000.jpg

He pointed out that "officials in the United States and Europe are clearly calling for the unity of the Kurdish position, but the political parties in the Kurdistan region are not united at a time when there are great risks facing the future of the Kurdistan region that may reach the level of a war of survival or extinction, while internal disputes in the Kurdistan region are still continuing and worsening." The size of the threat.”

In the middle of last week, the Iranian Revolutionary Guard targeted several sites in Erbil with 11 ballistic missiles and drones.    https://www.mawazin.net/Details.aspx?jimare=240702

Economic Experts: Obstructing Oil Supplies Threatens The Iraqi Government With “Inability” To Pay Expenses

Shafaq News/ Geopolitical tensions and continuing unrest in the Middle East, with the Yemeni Houthi movement continuing to attack oil tankers in the Red Sea region, threaten the Iraqi economy, which depends on oil in the process of financing public expenditures, at a time when Iraq has turned into an investment-repulsive environment despite the urgent need for it to move the wheel.

 Economic decline as a result of the escalation between the armed factions, the United States of America, and Iran inside the country, according to specialists.

The Iraqi Oil Minister, Hayyan Abdul-Ghani, confirmed yesterday, Thursday, that Iraq's oil exports were not affected by the recent attacks on ships in the Red Sea.

Abdul Ghani said in statements on the sidelines of the World Economic Forum in Davos, reported by Reuters, that about 90 percent of Iraq's oil exports go to Asia and therefore do not need to pass through the Red Sea.

The volume of Iraqi revenues in the federal budget during 11 months exceeded 121 trillion dinars, according to what the Ministry of Finance revealed the day before yesterday, Wednesday, confirming that the oil contribution to the budget had risen to 93%.

Shafaq News Agency followed the data and tables issued by the Ministry of Finance this January, for the 11-month accounts of the last fiscal year, which showed that oil is still the main resource for Iraq’s general budget, reaching 93%, which indicates that the rentier economy is the basis for the budget. General countries.

The Flows Are Continuous

Iraq's oil trade balance is mainly concentrated with Asian countries, at a rate of more than 75% of the country's oil exports. Export lines to Iraq and all countries of the Gulf region, whose oil trade is linked to Asia, and at a rate of 90% of their oil exports, flow to the East and South Asia region, are still stable, according to the financial advisor. To the Iraqi Prime Minister, Mazhar Mohammed Saleh.

Saleh added in an interview with Shafaq News Agency, “These flows are matched at the same time by import flows that are also still stable until the moment, and these are commercial flows that are mostly outside the current high-risk maritime threat areas.”

He continues, "However, this does not prevent the relative impact on the fluctuation of insurance and maritime freight costs, which witnessed record highs directly and indirectly linked to the security tensions taking place in Bab al-Mandab due to the war on Gaza." 

He explains, "Note that Iraq enjoys high commercial flexibility because it is surrounded by a wide regional group with views of the diverse maritime trade communication areas with neighboring countries."

He continues, "The country's necessary stocks of foodstuffs and essential and durable goods are in an ideal and reassuring situation in our country, and the country's capabilities in financing foreign trade cover approximately 15 months of imports, which expresses the strength and efficiency of Iraq's foreign reserves, which is the basis of strategic hedging that strengthens its position." Our country is free from any potential trade risks due to the geopolitical situation and its possibilities.”

The Houthi attacks in Yemen on ships in the Red Sea forced many companies to divert sailing away from the Red Sea and pass through the Cape of Good Hope route around Africa, which increased the time and costs of trips.

The attacks launched by the Houthis, which they say are in support of the Palestinians, target a route that represents about 15 percent of global shipping traffic and serves as a vital channel between Europe and Asia.

Lack Of Dollar Revenues From Oil

Exporting oil via ships affects the Iraqi economy because it depends on oil in the process of financing the government’s public expenditures, according to the economic researcher, Ali Abdul Kadhim. He notes that if the process of transporting oil via ships becomes bad or difficult, this will negatively affect oil exports, leading to There will be a decrease in dollar revenues from oil, and this will be reflected in the general budget and its deficit will increase further.”

Abdul Kadhim points out during his talk to Shafaq News Agency, “The two countries that import Iraqi oil the most are China and India, so oil revenues will be affected, and then the Iraqi government will not be able to pay the budget expenses.”

Regarding the incident of Iran detaining a commercial ship flying the Tanzanian flag inside Iraqi waters, he explains that “these incidents affect the Iraqi economy, as this tanker was carrying oil from Basra.”

He stresses the need for "Iran to intervene to resolve this current crisis, as Iraq is the best market for its products, and that the continuation of the unrest will harm its economic sector, especially if the Iraqi private sector and merchants turn to other countries to import from."

Investment-Repellent Environment

For his part, economic researcher, Omar Al-Halbousi, says, “The security situation that Iraq is witnessing, including an escalation between armed factions, the United States of America, and Iran inside Iraq, is negatively affecting the economy and turning it into an environment that is replete with foreign and even national capital.”

Al-Halbousi explained in an interview with Shafaq News Agency, “Attracting investment requires security stability, but this escalation leads to investors being reluctant to enter Iraq or completely refraining from investing at a time when the country is in dire need of attracting foreign investors to move the economic wheel.”

He continues, "The security escalation between the factions, America, and Iran comes in conjunction with the Baghdad International Fair, which witnessed an important international presence, and it is an intended escalation as a message to the international companies participating in the fair not to come and invest in Iraq."

He added, "Especially since the exhibition was the best among its previous sessions in terms of organization, international participation, and public attendance, but there are countries that want Iraq to remain a market for selling their goods and not move the wheel of investment in it."

He notes that "these attacks inflict great economic losses on Iraq due to the loss of current and future investment opportunities, as the process of attracting investments is complex and difficult in light of an unstable security situation, which makes Iraq lose the most important economic element that it needs." LINK

Provoking Points To Ponder on Adversity:

When I have listened to my mistakes, I have grown.  - Hugh Prather

We only think when we are confronted with a problem.  - John Dewey

Adversity comes with instruction in its hand.  - Anonymous

Mistakes are often the best teachers.  - James A. Froude 

 http://famousquotesandauthors.com/topics/adversity_quotes.html

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