Iraqi News Thursday AM 11-11-21
Iraqi News Thursday AM 11-11-21
TLM724 Administrator BondLady’s Corner
Al-Kazemi’s Advisor: Gold Is A Heavy Commodity And Its Monetization Is Difficult
Money and business Economy News _ Baghdad The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said, on Thursday, that the central banks' reserves of gold come as part of a balanced basket with the rest of the currencies, considering the yellow metal "a heavy commodity and its liquidation is difficult."
Saleh said in a press interview, "All central banks in the world hedge reserves of currencies that are securities whose credit rating is very high, in addition to gold, which these reserves must be low risk," noting that "there must be a balanced basket of currencies." to maintain the purchasing power of the reserves.
He added, "These reserves consisting of currencies and gold do not come randomly, but rather depend on global evidence that is mentioned and issued by the International Monetary Fund from time to time," noting that "part of these reserves is monetary gold so that the country's investment portfolio is low in risks and the so-called exchange rate fluctuations and decline The value of currencies, so the country hedges a diversified basket and part of the diversity is gold.”
Saleh pointed out that "gold is usually not hedged, and it is partial and does not exceed 10% of the reserves of central banks," noting that "monetizing gold is difficult, and it is a heavy commodity, not like other currencies that can be bought and sold in moments."
According to the World Gold Council, Iraq possesses in its reserves 96.4 tons of gold, which represents 9% of the rest of its other currencies. Iraq ranks 39th globally among the largest gold reserves, and fifth in the Arab world after Saudi Arabia, Lebanon, Algeria and Libya. Views 143 Date Added 11/11/2021
https://economy-news.net/content.php?id=26764
Al-Zubaidi: The High Rate Of Poverty .. Evidence Of The Failure Of The Financial And Economic Policy In The Country
Thursday 11 November 2021 09:39 | economic Number of readings: 475 Baghdad / NINA / - The independent politician, Thaer Munir Al-Zubaidi, considered the high rate of poverty... a sign of the failure of the country's financial and economic policy.
He said in a press statement: "The rise in the poverty rate from 20% in 2018 to more than 31% now, is a serious matter that portends social and economic consequences, especially in light of the lack of job opportunities."
Al-Zubaidi added: "The Ministry of Planning's announcement that 4.5 million Iraqis have become below the poverty line (equivalent to more than 11% of the population) is a clear picture of the economic failure, planning, development and management of financial resources, in addition to the unjustified rise in the dollar exchange rate, whose negative effects began to appear towards The collapse of the middle and poor classes of the Iraqi people."
He explained: "The Corona crisis has a certain aspect in the high rate, but the most important thing remains corruption and the failure to provide a safe environment for the productive industrial and agricultural private sector, and dependence on imports completely." https://ninanews.com/Website/News/Details?key=938525
The Central Bank Of Iraq Warns Against Dealing With Digital Currencies
Economie| 12:09 - 11/11/2021 Baghdad - Mawazine News On Thursday, the Central Bank of Iraq warned against dealing in digital currencies.
In a statement received by Mawazine News, the bank's media office stated that it "closely follows up transactions in the digital, encrypted and virtual currency market, given the great risks associated with these currencies and their failure to be subject to any legal, regulatory or technical controls or legislation in Iraq."
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The statement added, "In order to avoid any negative repercussions resulting from dealing with these currencies, which have high volatility and speculation in them, the Central Bank of Iraq warns against using them, and does not guarantee such currencies and does not provide legal protection for those who deal in them and has not granted a license to any digital currency currently encrypted." . Ended 29/b 88
https://www.mawazin.net/Details.aspx?jimare=174569
Director Of The Basra Oil Company: We Have Achieved Important Oil Production By Reaching One Billion Barrels To Advance The National Economy
Thursday 11 November 2021 14:09 | economic Number of readings: 307 Baghdad / NINA / - Director of the Basra Oil Company, Khaled Hamza Abbas, said that we have achieved important oil production, reaching one billion barrels to advance the national economy.
He added: The West Qurna 2 field is classified as one-sixth of the reserve drawn for the explored formation and achieves an important return for the Iraqi state.
He continued, "We plan with our Russian partners in Lukoil to extinguish the oil flames and reach a peak production of 800,000 barrels per day." / https://ninanews.com/Website/News/Details?key=938588
The Stability Of Oil Prices After The Sudden Drop
Economie| 10:32 - 11/11/2021 Follow - Mawazine News Global oil prices rose, Thursday, in the context of correction operations after the sudden drop yesterday, Wednesday.
As of 04:55 GMT, January futures for Brent crude were up 0.24% to $82.84 a barrel, and December futures for West Texas Intermediate crude were up 0.22% to $81.52 a barrel.
The rise in oil prices is linked to the corrective dynamics after the price quotations fell the previous day, and the dollar rose sharply against global currencies by about 1%.
Data on Wednesday showed US consumer price inflation rose 6.2% year on year. The dollar rose on expectations that moves by the White House and the Federal Reserve to curb price hikes would lead to higher interest rates and tighter monetary policy. The dollar is usually traded in inverse proportion to oil.
"The United States has also increased pressure on oil markets, with President Biden asking his economic advisors to look for ways to bring down energy prices," analysts at ANZ Bank said in a note today.
Crude inventories in the United States rose 1 million barrels in the week ending November 5, compared to analysts' expectations for an increase of 2.1 million barrels.
And the country released 3.1 million barrels of strategic petroleum reserves, the largest amount since July 2017. Ended 29 / b 88 https://www.mawazin.net/Details.aspx?jimare=174555
Dollar Exchange Rates In Local Markets
Market Economy News _ Baghdad Today, Thursday, the dollar exchange rates witnessed stability in the local markets. Where the selling prices of the dollar recorded 148,500 dinars per 100 dollars, while the purchase prices of the dollar recorded 148,000 dinars per 100 dollars.
And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, while the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar. Views 177 Date added 11/11/2021 https://economy-news.net/content.php?id=26760
Iraq Participates In The Work Of The 41st Session Of The General Conference Of UNESCO
Posted On 2021-11-11 By Sotaliraq Iraq participated in the forty-first session of the General Conference of UNESCO, which is hosted by the French capital, Paris, and will continue until the twenty-fourth of this month.
And the speech of Iraq delivered by the Undersecretary of the Ministry of Higher Education and Scientific Research and Deputy Chairman of the National Committee for Education, Culture and Science Ali Hamid Al-Shukri, according to an education statement, stated that the forty-first session of this conference comes within important historical and humanitarian moments in which the whole world looks forward to emerging from the difficulties imposed by the pandemic.
Corona, expressing his hope for the return to normal life for all peoples and the restoration of bonds of work, mutual understanding and mutual interest.
In the context of the work of the conference, Iraq voted to re-elect Audrey Azoulay to the post of Director-General of UNESCO. The Iraqi delegation thanked Mrs. Audrey Azoulay for the support she provided during the previous period to serve the educational process and the educational, cultural and scientific programs implemented for the benefit of Iraq during her assumption of the General Administration of UNESCO. LINK
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