Iraqi News Saturday AM 1-8-22
Iraqi News Saturday AM 1-8-22
TLM724 Administrator BondLady’s Corner
Dinar File
Saturday 08 January 2022 129 Thamer Al-Haims Fitch International, the international credit rating agency, expected that Iraq will witness the highest growth in the Gulf oil-exporting countries next year, to rates that may reach 1.8%.
Undoubtedly, the national product as a whole is affected by the infrastructure of the stability and strength of the national currency. It is known that the rise and fall of currencies in light of the relationship with economies is dealt with, most notably the dollar.
We hear, for example, about the decline of the Turkish lira and the Iranian toman, and this is done through a central decision, as is the case with the Iraqi dinar, as happened recently from a reduction, to counter the bleeding of the dollar, as a result of excessive importation, not as is the case with the two neighbors, as we imported the cheapest in hard currency and what competes with the national product.
Grape leaves, yellow corn stalks and even molasses were imported, while the aim was to reduce external transfer for the purposes of the importer, which means that the flotation door is still wide open, as we did not notice a difference or reduction in external transfer for import purposes in its excessive aspect when we compare it with Devaluation of the dinar.
The sales of the currency window did not decrease by a quarter, as did the dinar, as on the contrary, the product was keeping pace with and matching the price of the importer, in addition to the costs that made it rise compared to its imported counterpart, which is not covered by the standards of the Iraqi specification, as a privilege for the importer to be applied only to the national product.
According to the Ministry of Finance and its standards, the country should receive 7 billion from customs annually, but in fact, only 12% of customs resources reach the Ministry of Finance, and the smuggled funds since 2003 amounted to 350 billion dollars, which is equivalent to 32% of the revenues Iraq in 18 years.
The question is, was the smuggled plus the seven billion annually in customs waste sufficient to prevent the dinar's value from depreciating? Let's prepare for our oil resources with which we will compete with oil countries in OPEC, and allocate a special fund for lawsuits to follow up on smuggled money in safe and unsafe international havens.
We can also come to an understanding with the Turks with a reasonable commercial offer in exchange for water that has been reduced by half to secure our food security, which is not only represented by wheat, but also related to Devices and equipment that raise the level of our agriculture while it faces a water crisis in any case, despite the presence of an advanced Iraqi industry for sprinklers in Alexandria factories.
An equal economic relationship with neighboring countries, in general, may develop from barter valued in dollars, then move towards monetary exchange in national currencies, in addition to political and security stability and the consequent of integrated projects bilaterally or regionally in the light of international projects, which enhances a stable dinar.
In any case, the process of floating the dinar was and still does not reflect the accounts of the threshing floor, but rather the calculation of a field that has long been exposed to the factors of corruption, and the result was an increase in the poverty rate while we face the challenges of organized smuggling and the water file, meaning that monetary policy requires transparency through which it is presented in the next budget and a return to the system of opening credits Documentary, to end the stage of exceptions and emergencies, which have become a fundamental reason for the fragility of the dinar.
https://alsabaah.iq/59423/%D9%85%D9%84%D9%81-%D8%A7%D9%84%D8%AF%D9%8A%D9%86%D8%A7%D8%B1
During 2021... Iraq's Oil Exports Exceed One Billion Barrels
Economie| 12:29 - 08/01/2022 Baghdad - Mawazine News The Ministry of Oil announced, on Saturday, that Iraq's oil exports during 2021 amounted to more than one billion barrels, noting that China and India were the most purchasers of Iraqi oil.
The Oil Marketing Company (SOMO) said in a statistic on its official website, seen by Mawazine News, that "the total oil exports for the year 2021 amounted to one billion and 102 million and 188 thousand barrels, with a monthly export rate of 91 million and 849 thousand barrels, and a daily rate of two million and 962,000 barrels.
And it indicated that "revenues from crude oil sales amounted to $68 billion and 995 million, at a rate of $5.749 million per month," noting that "the average monthly selling price of crude oil amounted to $68 and 36 cents a barrel." Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=180945
Oil Prices Close With Unexpected Weekly Gains
Economie| 11:04 - 08/01/2022 Follow-up – Mawazine News: Today, Saturday, oil prices closed with weekly gains, despite falling slightly on the last day due to Kazakhstan and Libya.
Brent and US crude were close to recording an increase of nearly 5% in the first week of the year, with prices reaching their highest levels since the end of November, driven by supply concerns.
Brent crude fell in its last session before closing by 24 cents to reach 81.75 dollars, but it achieved a weekly profit of 4.90 dollars, or the equivalent of 6.54% in a week.
And the US West Texas Intermediate crude was settled down by 56 cents to reach $78.90 a barrel, but it also achieved a weekly profit of $4.80, or the equivalent of 6.16%. Ended 29/A 4
https://www.mawazin.net/Details.aspx?jimare=180934
The World's Gold Reserves Are Declining, And Iraq Maintains Its Position
Market Economy News _ Baghdad Today, Saturday, the World Gold Council announced a decline in world gold reserves after the central banks of countries sold large quantities of gold within one month, while Iraq maintained its global position.
In its latest schedule for the month of January 2022, which was reviewed by Al-Eqtisadiah News, the council said that “the global reserves of gold declined as a result of the central banks selling large quantities of it, amounting to 21.5 tons of gold,” noting that “Uzbekistan sold gold by 21.5 tons to reach to 353.6 tons, while Turkey sold 7 tons, Russia 3.1 tons and the Kyrgyz Republic 1.4 tons.
He added that "a small group of regular buyers bought quantities of gold, namely Kazakhstan 4.3 tons, Poland 3.4 tons, India 2.8 tons, and Ireland 0.7 tons."
He pointed out that "Iraq maintained its global position 39 for the sixth consecutive month out of the 100 countries listed in the table with the largest gold reserves, reaching 96.4 tons of gold, which represents 9% of the rest of its other reserves."
He explained that "Iraq also maintained its fifth rank in the Arab world after Saudi Arabia, Libya, Algeria and Lebanon," noting that "the total possession of gold in the five Arab countries amounts to 996.5 tons."
He pointed out that "the United States still leads the rest of the countries with the largest gold possession in the world, with 8,133 thousand tons, followed by Germany, 3,359 thousand tons, then Italy 2,451 thousand tons, while Suriname ranked 100, with 1.5 tons, preceded by Yemen, with 1.6 tons."
It is noteworthy that the World Gold Council, which is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world. Views 117 Date Added 01/08/2022
https://economy-news.net/content.php?id=27083
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