Iraqi News Tuesday Afternoon 7-5-22

TLM724 Administrator BondLady’s Corner

A Government Advisor Warns Of The Collapse In Oil Prices

Economie| 11:21 - 05/07/2022  Special - Mawazine News, today, Tuesday, the economic advisor to the Prime Minister, Mazhar Muhammad Salih, warned of the collapse of oil prices.

In an exclusive interview with Mawazine News, Saleh said, "Oil prices must collapse and decline, and this rise is me and my time due to the Ukrainian-Russian war."

He pointed out, "The need to take advantage of this rise through the establishment of investment projects as well as development projects."    https://www.mawazin.net/Details.aspx?jimare=198558

Rising Oil Prices In World Markets

Economie| 08:51 - 05/07/2022   Follow-up - Mawazine News: Oil prices rose, on Tuesday, with investors' fears of supply disruptions, most notably a possible production cut in Norway.

Brent crude futures for September settlement rose 0.2 percent, or 22 cents, to $113.73 a barrel by 04:32 GMT.

US West Texas Intermediate crude rose $1.95, or 1.8%, to $110.38 a barrel, from Friday's close. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=198540

The Dollar Is Rising In The Iraqi Market

Economie| 10:11 - 05/07/2022   Baghdad - Mawazine News, the dollar exchange rates rose, today, Tuesday, on the Iraqi Stock Exchange.  Selling price: 148,450 dinars per 100 dollars,  buying price: 148,350 dinars per 100 dollars   https://www.mawazin.net/Details.aspx?jimare=198551

Suspension Of Trading In The Iraqi Stock Exchange On The Occasion Of Eid Al-Adha

Market  Economy News-Baghdad  The Iraqi Stock Exchange (the Stock Exchange) announced, on Tuesday, the suspension of its activity for a period of nine days.

The market said in a statement, "Based on the decision of the Council of Ministers to declare an official holiday for a period of nine days on the occasion of the blessed Eid Al-Adha, the last trading session will be on Thursday, July 7."

He added: "The activity will be practiced after the official holiday, starting from Sunday, July 17, according to its official timings."

It is noteworthy that the market organizes five trading sessions per week from Sunday to Thursday, and includes 103 Iraqi joint stock companies representing the sectors of banking, telecommunications, industry, agriculture, insurance, financial investment, tourism and hotels.

23 . views  Added 07/05/2022 - 12:56 PM  Update 07/05/2022 - 5:51 PM

https://economy-news.net/content.php?id=28786

Fitch Announces The Credit Rating Of Iraqi Islamic Banks

Banks   Economy News – translation The credit rating agency, Fitch, suggested that the assets of the Iraqi Islamic banking sector will continue to grow in the medium term.

A report by the agency issued today, Tuesday (July 5, 2022) and translated by "Al-Iqtisad News" stated that "the medium to long-term growth potential of the Islamic banking sector in Iraq (b-/stable) is positive."

The report considered that “the Iraqi Islamic banking sector is small, with a market share of 8.1% of the total assets of the banking system at the end of 2021 (2017: 5.3%) and a market share of 3.7% of the total deposits of the banking system (2017: 3%).”

He explained that "the total assets of Islamic banks amounted to 12.9 trillion Iraqi dinars (8.8 billion US dollars) by the end of 2021, which represents a significant growth of 18.2% year-on-year (2020: 9.7%). It exceeded the growth of the assets of conventional banks in 2021 by 15.1% On an annual basis (2020: 4.1%), the total assets of the Iraqi banking system reached 159.4 trillion Iraqi dinars (US$109.2 billion) at the end of 2021.

The report pointed out that “Islamic banks enjoy high capital ratios - higher than conventional banks, although such levels of capital can be quickly amortized in such a weak and volatile operating environment. Islamic banks capital constituted 42.2% of the total capital of the banking sector. Iraq at the end of 2021, despite a much smaller market share of assets than conventional banks.”

He pointed out that “Iraq’s share of global Islamic banking assets is small at 0.4% at the end of the third quarter of 2020 and was lower than neighboring Jordan (0.7%) and Oman (0.7%), according to the Islamic Financial Services Board (IFSB), mainly because Operating environment. 30 out of 76 Iraqi banks were Islamic in 2021, consisting of one state-owned bank and 29 private banks.

He cautioned that "key issues in the banking industry include a difficult operating environment, political instability, limited lending opportunities, lack of comprehensive regulations governing the industry, weak enforcement of financial regulations, reporting and transparency issues (contributing to mistrust in the banking system), and laundering. Money concerns and unskilled human capital.

The report identified challenges specific to Islamic banking with “poor awareness of Islamic products, lack of standardization, limited product range, and lack of Islamic liquidity management tools. Some Iraqi banks operate largely as treasury functions, spreading excess liquidity to CBI positions with There are no real banking business models.   Views 94  Added 07/05/2022 - 11:42 AM  Update 07/05/2022 - 5:45 PM

https://economy-news.net/content.php?id=28785

Planning: 64% Of The Total Population Of Iraq Is 15 Years Old

Money and business  Economy News-Baghdad  The Minister of Planning announced, on Tuesday, the results of the labor force survey in Iraq, indicating that the survey provided national estimates at the governorate, rural and ban levels.

The Minister of Planning, Khaled Battal Al-Najm, said in a press conference held at the ministry on the occasion of the launch of the first labor force survey in Iraq, (5 July 2022), that "this survey was carried out by the Central Bureau of Statistics with the generous support of the International Labor Organization, and it is the first national survey specialized in the labor force, It was implemented during the second half of 2021 by adopting the latest statistical standards established by the International Conference on Labor Statistics.

He added, "The survey provided national estimates at the governorate, rural and ban levels, and produced a set of important indicators about the labor market and demographic characteristics of residents in Iraq. It will also pave the way for quick access to knowledge of the special needs that provide job opportunities for citizens, and this survey will contribute to providing indicators that serve the preparation of long-term policies to confront Labor market challenges, structuring and identifying and diagnosing the deficit.

Battal indicated, "In light of the economic and social changes that Iraq has witnessed in the past years, and the lack of implementation of the general population census so far, the need has become urgent for indicators that cover the reality of the labor market and employment in order to develop appropriate mechanisms and formulate policies that can change the reality associated with unemployment challenges, so we were keen to implement International high-quality statistical standards in the implementation of this survey, which included all governorates.

that "the results were subjected to an in-depth analysis by specialized experts to ensure that the indicators reflect the reality, so that the treatments respond to reality and are capable of changing it positively, taking into account the number of basic tracks covered by the survey related to the demographic characteristics of the family and the individual, the status of the workforce, the main occupations and the characteristics of secondary occupations." Searching for work, belonging to trade unions, and being covered by social security.

He pointed out, "It was among the important indicators shown by the survey that the population aged 15 years and over constituted about 64% of the total population, and males constituted about 50% and females 50%, which is almost an equal percentage, and the youth group aged 15-24 years constituted 21% and at the age of 25 year or more, it constituted 43% of the total population, and the unemployment rate was 16.5 %.

He stressed that "there are many results and indicators of great developmental importance that resulted from the survey," calling on "interested and responsible parties inside Iraq from sectoral ministries and civil society organizations to elicit work-related information from this survey and not to build on false information here, and there we do not find any It has an official source that confuses the recipient."

29 . views  Added 07/05/2022 - 1:56 PM  Update 07/05/2022 - 5:34 PM

https://economy-news.net/content.php?id=28789

Iraq And Kuwait Stress The Importance Of Upgrading Trade And Investment Cooperation Between The Two Countries

Tuesday 05 July 2022 11:12 | Economic Number of readings: 214   Baghdad / NINA / - Iraq and Kuwait stressed the importance of promoting trade and investment cooperation between the two countries.

A statement by the Ministry of Foreign Affairs stated that the Undersecretary for Multilateral Affairs and Legal Affairs, Qahtan Taha Khalaf, met the Deputy Foreign Minister of the State of Kuwait, Majdi Ahmed Al-Dhafiri, and the meeting discussed relations between the two countries and the latest developments in the region.

The two sides stressed, according to the statement, the depth of the relationship between the two brotherly peoples . And strengthening the bonds of brotherhood and friendship that bind them, as well as the importance of promoting trade and investment cooperation between the two countries in a way that achieves their common interests.”/ End 2    https://ninanews.com/Website/News/Details?key=986134

Barzani: We Are Always Ready For Talks With Baghdad, And We Will Not Give Up Our Rights Under Any Pressure Or Circumstance

Political | 05:04 - 05/07/2022   Kurdistan - Mawazine News   The President of the Kurdistan Regional Government, Masrour Barzani, affirmed, on Tuesday, that the region will never give up its constitutional rights, at a time when the US ambassador to Iraq, Alina Romanowsky, indicated that the region is a strong ally of Washington.

This came during Masrour Barzani's reception of the US ambassador in Erbil, according to a statement received by Mawazine News, a copy of which, according to the statement, "discussed ways to improve relations between the Kurdistan region and the United States, in addition to discussing solving problems between the region and the federal government."

The Prime Minister reiterated that "

The US ambassador pointed out that "the Kurdistan region is a friend and a strong ally of the United States, and also stressed the need to solve the problems between the Kurdistan region and the federal government on the basis of the constitution." Ended 29/R77    https://www.mawazin.net/Details.aspx?jimare=198595

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