Iraqi News Highlights Monday Late Evening 6-12-23
Iraqi News Highlights Monday Late Evening 6-12-23
Tlm724 Administrator Bondlady’s Corner
International Monetary comments on Iraq's budget and re-warns of "inflation" in the currency
Economy Baghdad today – Baghdad Today, Monday, the American "Financial Post" newspaper reported a warning that it said was issued by the International Monetary Fund to the Iraqi government regarding the budget in its current form after its approval after four continuous days of deliberation and political problems between Baghdad and the Kurdistan region of Iraq.
The newspaper said, according to what it translated (Baghdad Today), that "the Iraqi government under the administration of the current Prime Minister, Muhammad Shia'a al-Sudani, passed the" largest budget "in the history of Iraq, amounting to 153 billion US dollars," explaining that
"the International Monetary Fund issued a warning to the Sudanese government on the atheist And the 30th of last May about the government's spending of such large sums, given the current economic conditions.
The newspaper pointed out that "international monetary concern is due to fears that large government spending will lead to"inflation" in the Iraqi currency,
which in turn leads to a spiral of economic deterioration affecting the future of the country, according to its description.
It is noteworthy that Iraq recorded a decline in inflation rates during the month of April, which reached one percent, with the central bank heading towards buying large quantities of gold to support the local economy.
For his part, the Iraqi Central Bank announced that the country has become in the thirtieth place internationally with the quantities of gold reserves stored.
Determinants Of The Exchange Rate Of The Dollar In The Iraqi Market.. An Expert Explains The Factors
Economy Iraq Central Bank of Iraq Iraqi dinar dollar exchange rate Sulaymaniyah Stock Exchange Economist
2023-06-11 Shafaq News/ The economist, the spokesman for the Sulaymaniyah Stock Exchange in the Kurdistan Region, Jabbar Goran, explained on Sunday the factors affecting the determination of the exchange rate of the US dollar against the Iraqi dinar.
Goran told Shafaq News agency, "Determining the exchange rate in the local markets is related to four determinants, the
first of which is citizens' expectations that are usually linked to government decisions (statements by officials), and the
second is related to determining the exchange rate in official transactions, especially financial budgets."
He added, "There are also monetary determinants, which are related to the monetary policy of the Central Bank of Iraq, which is represented in the quantities of dollar pumping and the mechanism for distributing the dollar in the markets, the last of which is the financial policy of the state."
Goran emphasized that "determining the exchange rate in the federal budget for the current year affected the exchange rate of foreign currency in the market.
After it reached approximately (149,000) thousand dinars per ($100), it has now fallen to (146,000) thousand dinars per ($100).)". And that
"the budget decision alone is not sufficient to control the price of the dollar in the market," explaining that "the difference exceeds (15) thousand dinars, and
this is a big difference that requires the Central Bank of Iraq to take other and additional measures to control the price of the dollar."
Regarding the reasons for the rise in the exchange rate from the official price, a spokesman for the Sulaymaniyah Stock Exchange indicated that
“currency smuggling operations outside the country, as well as the process of
not pumping all the money that some banks buy from the Central Bank, as well as
administrative and financial corruption,
are all reasons affecting the instability of the exchange rate.” dollar.”
Goran concluded, saying, "The Central Bank of Iraq now grants approximately (200) financial invoices per week for foreign transfers, after it did not exceed (50) invoices per week, due to the financial audits on the accounts of those invoices."
https://shafaq.com/ar/اقتصـاد/محددات-سعر-صرف-الدولار-في-السوق-العراقية-خبير-يوضح-العوامل
What Is The Extent Of Its Impact On Iraq? .. “Goldman Sachs” Detonates A “Surprise” Regarding Global Oil Prices
Translated Reports | Baghdad Today – Translator Goldman Sachs International Bank, one of the most influential banks on the international economy, predicted that oil prices would range during the remainder of this year between 86 and 91 dollars per barrel.
And the American CNBC network stated, according to a report it published today, Monday, and its translation (Baghdad Today), that “
an internal report issued late yesterday evening, Sunday, showed that the International Bank expects oil prices to range during the remainder of this year to between 86 to 91 US dollars per barrel.
It stated that "the International Bank predicted last Thursday that oil prices would rise by more than ninety dollars a barrel during the coming period." The network pointed out that
"the change in the bank's expectations comes as a result of news of a recovery in Russian oil exports by about 10% from current levels, despite the US sanctions imposed on Moscow."
It is noteworthy that Sachs' expectations about Russian oil faced criticism from specialists, according to the network, as a result of Russia's temporary entry into the OPEC Plus alliance and
its announcement last week, through its Deputy Foreign Minister Alexander Novak, of his country's "welcome and commitment" to OPEC's oil decisions and the outputs of the Vienna meeting, according to what was reported by the Russian News Agency.
Iraq relies entirely on oil revenues that finance government expenditures and form annual budgets without there being any other sources of income followed according to a realistic, integrated economic system.
As for the impact on the balance of the budget,
the automatic effect of the drop in oil prices is the rise in the budget deficit to high and dangerous levels (as a result of dependence on oil to finance the budget) and
the inability of the state to fulfill its financial obligations (especially consumer spending represented by salaries and wages), which is what actually happened during In the year 2020, and
one of the possible ways to clarify the impact achieved from the rise in oil prices is what is called the price achieved for the balance of the general budget (meaning the oil prices in which the general budget is balanced), and
in this context and in light of the current conditions and the rise in the wages and salaries bill (consumer spending), prices
The parity that achieves balance in Iraq may exceed the barrier of 70 dollars on average, and until October of 2021 the average price was about 65 dollars, and there is a difference of 5 dollars per barrel, and
it is possible to achieve balance in the budget at the end of the year in light of the prices remaining at their current levels.
Withdrawal Of The Al -Gizal Company's License To Mediate With The Sale And Purchase Of Foreign Currencies
June 12, 2023 Based on the decision of this bank’s board of directors (88) of 2023 in its numbered session in the number 1636 held on 4/26/2023,
it was decided to withdraw the permission of the Al -Giza Company to mediate with the sale and purchase of foreign currencies and
confiscate the guarantee letter in favor of this bank and
cancel the establishment certificate granted to it and
provide us with a book of removing the name The company above is from the records of the Ministry of Commerce / Corporate Registration Department. https://cbi.iq/news/view/2357
Servantic Reality In The Zawra District (Laboratory Zone)
June 13, 2023 A reference to the book of the Office of the Prime Minister No. No. (2314866/3063) on 5/22/2023 and to achieve the principle of financial inclusion and sustainable development by delivering banking and financial services to all groups of Iraqi society and at any point in our beloved Iraq The large population density, especially the Zawra district (laboratory area).
Please inform us of your procedures as quickly as possible https://cbi.iq/news/view/2358
Iraq Ranks Third In The World In Terms Of High Unemployment Rate
Monday, June 12, 2023 11:51 am Follow-up / National News Center The global economy grapples with rising unemployment rates as countries face the complexities of fighting inflation, laying off workers, securing international financing, attracting investment, and creating jobs.
According to BNN, the latest data sheds light on the countries with the highest unemployment rates, led by Africa, with Nigeria and South Africa ranking first with unemployment rates of 33.3% and 32.9%, respectively.
In a disturbing revelation, Iraq emerged as the third highest unemployment rate in the world and the highest rate in the Arab world, reaching 15.55%,
indicating that the repercussions of unemployment are deeply felt across the country, which underscores the urgent need to take effective measures to address this issue.
Spain comes in fourth place, after Iraq, with an unemployment rate of 13.26%.
Despite Turkey's ongoing crises, the country's unemployment rate stands at 10%, which puts it in fifth place on the global list.
Iran comes in sixth, grappling with an unemployment rate of 9.6%, and Serbia ranks seventh with an unemployment rate of 9.2%, followed by Chile and Brazil in South America, with average rates of 8.7% and 8.5%, respectively.
Surprisingly, Finland, famous for its high happiness rating, finds itself tenth on the list, competing with an unemployment rate of 7.9%. https://nnciraq.com/210618/
Industry Provides Egyptian Investors With A Database To Set Up Factories In Iraq
Economy of the day, 21:23 Cairo – conscious Today, Monday, the Ministry of Industry and Minerals confirmed providing Egyptian investors with a database to set up factories in Iraq.
The Director General of the Investments Department in the ministry, Adel Ahmed Shabib, told the Iraqi News Agency (INA): During the work of the Iraqi-Egyptian committee in Cairo:
“The Iraqi Ministry of Industry and Minerals has common relations with the Egyptian side, in various fields, including the existence of a cooperation protocol as well as memorandums of understanding.” signed since 2020 between the two sides.
"We seek, during our presence today, to activate these memorandums and cooperation protocols by establishing contact points for the two sides," he added. He added,
"The Egyptian side has a desire to invest in Iraq, by sending some investment delegations to Iraq earlier, among them important investors, including the well-known Egyptian investor Naguib Sawers, who has a desire to establish factories in Iraq, the most important of which are sugar factories and factories for silicon industries."".
And he continued by saying: "The delegations representing Iraq sat with the Egyptian side, and they were provided with an initial database, and they are now in the stage of preparing studies to establish factories in Iraq." He stressed,
"Iraq has a desire to benefit from the Egyptian experiences, as the brothers in Egypt were pioneers in the field of industrial cities and complexes and their management, and there is also a desire to transfer the Egyptian experience in privatizing its companies and converting them into joint stock companies." He pointed out,
"The Egyptian side has experience in medium and small industries, so through our presence, we presented to the Egyptian side the available investment opportunities in the Ministry of Industry, to present them to Egyptian investors who wish to conclude partnership contracts with the private sector in Iraq." He pointed out,
"The results that we reached during the first session with the Egyptian side were positive, and showed their desire to build bridges in the industrial field with Iraq."
Regarding the rehabilitation of idle factories in Iraq, he stated that
"activating idle factories has two aspects.
The first is what the Egyptian side desires to establish factories or rehabilitate factories, according to their desire, and the
second aspect is that the ministry offered the Egyptian side all the industrial investment portfolio to choose what they want."".
And he expressed his desire to "enter Egyptian companies interested in rehabilitating Iraqi factories, for many reasons, including the social fabric linked between the two countries and the depth of historical relations, in addition to the stages that Egypt has reached in developing its industry during the last period, as it was able to cover its local needs."
The Iraqi-Egyptian committee launched its work the day before yesterday, Saturday, with the participation of many ministries and independent bodies, including the Iraqi Media Network, and Egyptian official media. https://www.ina.iq/187316--.html
Conscious / Including Sophistication.. Iraq Exports 15 Agricultural Products To The Gulf Countries
June 12, 2023 6 Views Conscientious/Baghdad/M.A The Minister of Agriculture, Abbas Jabr, confirmed, on Monday, that Iraq exports 15 agricultural products after achieving self-sufficiency, pointing to the
reduction of amber cultivation in Iraq to 70% due to drought, and what is grown to preserve seeds only.
Jabr said, in an interview reported by our correspondent, that "Iraq has achieved a lot of agricultural products in abundance and started exporting the surplus."
He added, "Iraq now exports from 10 to 15 agricultural products, including dates, tomatoes, potatoes, and watermelon, to the Arab Gulf countries," noting that
"there are committees to monitor the market, follow up prices, and know demand." He pointed out,
"There is an increase and rise in the number of palm trees in Iraq, and reports indicate that their numbers have risen to 22 million palm trees," noting that
"the Ministry of Agriculture gave a million palm trees and trees to state departments." And the Minister of Agriculture explained that
“the existing quantities of water are the standard for what is determined from the areas for cultivation each year,” pointing to
“reducing amber cultivation in Iraq from 10,000 dunums last year to 3,000 for the current year, with
a reduction of 70% due to water scarcity and drought.” https://al-iraqinews.com/archives/369721
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