Iraqi News Saturday Afternoon 5-7-22

TLM724 Administrator BondLady’s Corner

Oil: The Revenues Generated From The Net Sale Of The Region's Oil Are Not Equal To 50% Of Its Sold Value

Economie Saturday, May 7, 2022 6:35 PM Oil: The revenues generated from the net sale of the region's oil are not equal to 50% of its sold value https://nnciraq.com/126152/

Global Oil Markets Close With Significant Weekly Gains

Market Economy News-Baghdad Global oil exchanges closed with weekly gains, amounting to more than 5 dollars . Brent crude closed in its last session yesterday, Friday, with a rise of 1.49 dollars, to reach 112.39 dollars, and recorded weekly gains of 5.25 dollars, equivalent to 4.9 %.

US West Texas Intermediate crude closed at 1.51 dollars, to reach 109.77 dollars a barrel, and recorded weekly gains of 5.08 dollars, or 4.85 %. Basra Heavy crude also closed higher, reaching 103.76 dollars, and achieved weekly gains of 3.93 dollars .

And led oil prices during the past two days to rise after the imminent European Union sanctions on Russian oil and the prospects of tight supplies and made traders ignore concerns about global economic growth. Views 14 Date Added 05/07/2022 https://economy-news.net/content.php?id=27887

OPEC Reveals The Share Of Iraq's Oil Production Next June

Economie| 12:39 - 07/05/2022 Baghdad - Mawazine News, OPEC revealed that the share of Iraq's oil production will reach 4.509 million barrels per day during the month of June, after agreeing to increase 432,000 barrels per day.

The organization stated, "The production quota for Iraq for the month of June was set at 4.509 million barrels per day, an increase of 4.8 thousand barrels per day over the month of May, which amounted to 4.461 million barrels per day, and an increase of 95 thousand barrels per day over last April."

And she indicated that "Iraq was the second largest producer in the organization after Saudi Arabia, and the third largest producer in OPEC + after Saudi Arabia and Russia."

She noted that "the production of Saudi Arabia and Russia was set at 10.663 million barrels per day for each of them during the month of June, an increase of about 114 thousand barrels per day over the current month of May." Ended 29/M99 https://www.mawazin.net/Details.aspx?jimare=192318

Saleh And Al-Kazemi Stress The Importance Of Moving Towards Meeting National Entitlements And Improving Living And Service Conditions

political| 04:29 - 07/05/2022 Baghdad - Mawazine News, the President of the Republic, Barham Salih, received Prime Minister Mustafa Al-Kazemi.

During the meeting, they discussed the general situation in the country, where the importance of consolidating security and stability, chasing down the remnants of terrorism and blocking its attempts to target the security of citizens, was emphasized, in addition to the need to provide all support to the security forces in carrying out their important tasks in this regard.

With regard to the political situation in the country, the importance of solidarity, the consolidation of the national ranks and the strengthening of the home front in facing the various challenges facing the country, support for dialogue in resolving outstanding issues and moving towards meeting the national entitlements awaiting the country, focusing on the needs of citizens and improving living and service conditions, and the necessity of Securing the security, stability and sovereignty of Iraq. Ended 29 / h

https://www.mawazin.net/Details.aspx?jimare=192348

Saleh Identifies Two Things To Manage Currency Risks And Foreign Reserves

Economie Friday, May 6, 2022 7:43 PM National News Center/ Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained today, Friday, the implications and impact of raising interest by the US Central Bank on the Iraqi economy, while he identified two things to manage currency risks, foreign reserves, exchange rates and interest.

Saleh said, in a statement followed by / the National News Center /, that "the implications and impact of raising the interest by the US bank on the Iraqi economy are twofold, the first is that the country is the debtor party, as the increase in interest on the US dollar will lead to an increase in the cost of loans withdrawn in dollars, especially those that Its annual interest is determined on the basis of market or (moving) interest in dollars, which is indicated by the financial markets as rising, such as the (Libor) interest, which is the interest of lending and borrowing between banks in dollars in the London market, and even if some loans carry a fixed interest on the loan itself, but they carry (a margin of precautionary risk around the The fixed interest itself) and it is called (the spread), in order to avoid market fluctuations,” noting that “the latter, that is, the (spread) will rise automatically, taking into account the risks of high interest.”

The statement added, "As for the second part, and with the country being the creditor, investing in dollar deposits or US bonds for Iraq will be expected to raise returns in the future, with US interest rates mostly rising, and it depends on the nature of the contractual interest, is it fixed or variable?" If the interest on dollar bonds are It has a fixed contractual character until the maturity date, and it is required to liquidate it in the secondary market and transfer it to liquid cash for various purposes.

He pointed out that "in all cases, the country's official investment department remains the most capable party in good hedging, by managing foreign currency risks or foreign reserves in dollars, especially exchange rate and interest rate risks, through good diversification and reducing market risks for Iraq's financial portfolio." https://nnciraq.com/125971/

The Rise In The Exchange Rate Of The Dollar In The Local Markets

Economie| 09:56 - 07/05/2022 Baghdad - Mawazine News The dollar exchange rates recorded, today, Saturday, an increase in the Iraqi local markets. And the selling price recorded 148.250 dinars per 100 dollars, while the purchase price was 147.250 dinars per 100 dollars.

It is noteworthy that the exchange rate recorded an increase for the second day in a row in the Iraqi local markets. https://www.mawazin.net/Details.aspx?jimare=192291

Al-Kazemi’s Advisor Determines Two Directions For Spending The Expenses Of The Surplus Oil Prices In The Budget

Economie Yesterday, 20:03 Baghdad - conscious - Nassar al-Hajj Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified two directions for disbursing the expenses obtained from increasing oil revenues due to the increase in oil prices globally in the 2022 budget, while stressing that 3 areas will be given priority.

Saleh said in a statement to the Iraqi News Agency (INA), that "the expenditures obtained from the growing revenues from oil revenues will be spent on a budget with an expansionary pattern in two directions, and the priority will be for three areas: the poor classes, food security and income-generating investment projects."

He added, "The first trend goes towards strengthening operational spending towards addressing the problems of poverty and poor classes, especially by supporting social welfare programs to include in their ranks the poorest segments to be integrated into the social welfare programme, in addition to expanding the ration card work program and supporting grain producers for the purposes of food security.".

He added, "The other direction will be a shift towards income-generating investment projects that operate with productive packages within strong investment payments."

He pointed out that "this will be evident in the budget law for the year 2022, and the preparation of the 2023 budget, in order to maintain sustainable economic growth that exceeds population growth and enhances job opportunities and prosperity in the national economy."

Earlier, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, set a condition for depositing the financial surplus in a sovereign fund, while indicating that spending on social spending and addressing poverty will be a priority.

Salih told the Iraqi News Agency (INA): "Based on the text of Article 19 / Second of the amended Federal Financial Management Law No. 6 of 2019,

if the actual revenues exceed the total expenses or expenditures, including financing the planned deficit in the annual budget, the surplus amount is deposited In a (sovereign fund) provided that a budget law is available,

otherwise the said financial surpluses will be deposited in a reserve account and will undoubtedly be an opening balance in financing the federal general budget for the year 2023 in whole or in part and according to the exchange sections and its future priorities.

He added, "Spending on social spending and addressing poverty will be the first priority,

in addition to making it easier with the investment spending associated with the implementation of strategic projects that operate work and inevitably generate income." https://www.ina.iq/155119--.html

Saleh Identifies Two Things To Manage Currency Risks And Foreign Reserves

Friday, May 6, 2022 7:43 PM National News Center/ Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained today, Friday, the implications and impact of raising interest by the US Central Bank on the Iraqi economy, while

he identified two things to manage currency risks, foreign reserves, exchange rates and interest.

Saleh said, in a statement followed by / the National News Center /, that "the implications and impact of raising the interest by the US bank on the Iraqi economy are twofold, the

first is that the country is the debtor party, as the increase in interest on the US dollar will lead to an increase in the cost of loans withdrawn in dollars, especially those that Its annual interest is determined on the basis of market or (moving) interest in dollars,

which is indicated by the financial markets as rising, such as the (Libor) interest, which is the interest of lending and borrowing between banks in dollars in the London market, and

even if some loans carry a fixed interest on the loan itself, but they carry (a margin of precautionary risk around the The fixed interest itself) and it is called (the spread), in order to avoid market fluctuations,” noting that

“the latter, that is, the (spread) will rise automatically, taking into account the risks of high interest.”

The statement added, "As for the second part, and with the country being the creditor, investing in dollar deposits or US bonds for Iraq will be expected to raise returns in the future, with US interest rates mostly rising, and it depends on the nature of the contractual interest, is it fixed or variable?"

If the interest on dollar bonds are It has a fixed contractual character until the maturity date, and it is required to liquidate it in the secondary market and transfer it to liquid cash for various purposes.

He pointed out that "in all cases, the country's official investment department remains the most capable party in good hedging, by managing foreign currency risks or foreign reserves in dollars, especially exchange rate and interest rate risks, through good diversification and reducing market risks for Iraq's financial portfolio." https://nnciraq.com/125971/

Al-Kazemi's Advisor Clarifies The Implications And Impact Of The US Federal Reserve Raising Interest Rates On The Iraqi Economy

Economie Today, 18:35 Baghdad - INA - Nassar Al-Hajj, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained, today, Friday, the implications and impact of raising interest rates by the US Central Bank on the Iraqi economy, while identifying two matters for managing currency risks, foreign reserves, exchange rates and interest.

Saleh said, to the Iraqi News Agency (INA), that "the implications and impact of raising the interest by the American bank on the Iraqi economy are twofold, the

first is that the country is the debtor party, as the increase in interest on the US dollar will lead to an increase in the cost of loans withdrawn in dollars, especially those whose benefits are determined."

The annual basis is based on the market or (moving) interest in dollars, which is indicated by the financial markets on the rise, such as the (Libor) interest, which is the interest of lending and borrowing between banks in dollars in the London market, and

even if some loans carry a fixed interest on the loan itself, but they carry a (prudent risk margin around the fixed interest). itself) and called (spread), in order to avoid market fluctuations,” noting that

“the latter, that is, (the spread) will rise automatically, taking into account the high interest risks.”

The statement added, "As for the second part, and with the country being the creditor, investing in dollar deposits or US bonds for Iraq will be expected to raise returns in the future, with US interest rates mostly rising, and it depends on the nature of the contractual interest, is it fixed or variable?"

If the interest on dollar bonds are It has a fixed contractual character until the maturity date, and it is required to liquidate it in the secondary market and transfer it to liquid cash for various purposes. He pointed out that" https://www.ina.iq/155294--.html