Iraqi News Tuesday AM 2-1-22
Iraqi News Tuesday AM 2-1-22
TLM724 Administrator BondLady’s Corner
Oil Prices Continue To Rise Near 7-Year Highs
Economie| 08:28 - 01/02/2022 Follow-up - Mawazine News: Oil prices continued to rise, on Tuesday, trading near seven-year highs last week, as investors bet on supplies remaining scarce, with a limited increase in production by major oil producers and a strong post-pandemic recovery in fuel demand.
Brent crude for April delivery rose 1.18, or 1.31 percent, to $91.21 a barrel.
US West Texas Intermediate crude also rose 32 cents, or 0.36%, to $88.48 a barrel, after rising 1.5% the day before. Ended 29/A4 https://www.mawazin.net/Details.aspx?jimare=183321
More Than $8 Billion...The Volume Of Iraq's Oil Revenues Last Month
Economie| 11:44 - 01/02/2022 Baghdad - Mawazine News
The Ministry of Oil announced, on Tuesday, the total exports and revenues achieved for the month of last January, stressing that they amounted to more than 8 billion dollars, at a price of 83.246 dollars per barrel.
A statement by the ministry, received by Mawazine News, stated that "according to the preliminary statistic issued by the Iraqi Oil Marketing Company SOMO, the amount of crude oil exports amounted to (99) million (286) thousand and (78) barrels, with revenues amounting to (8.27) billion dollars. ".
He added that "the total quantities exported of crude oil for the month of last January from oil fields in central and southern Iraq amounted to (96) million (430) thousand and (596) barrels, while from the Kirkuk fields through the port of Ceyhan, the exported quantities amounted to (2). One million (545) thousand and (656) barrels.
He pointed out that "the average daily exports amounted to (3) million and (203) thousand barrels, while the average price per barrel amounted to (83,246) dollars." https://www.mawazin.net/Details.aspx?jimare=183335
Thrift And Hoarding
Tuesday 01 February 2022 97 Dr.. Hamed Rahim Saving is one of the very important variables in the economy, as it is one of the most important sources of funding for investments in the existing economic activity. As for the concept, saving is (temporary abstinence from spending part of the available income), and this common concept in scientific sources contains a problematic overlap between its sides. With the concept of (hoarding), which is an undesirable economic behavior, and therefore a distinction must be made between them. market.
As for saving, it is a desirable economic behavior and treated in economic theory, and it is one of the investment portfolio options as it achieves a return on the saved financial resources. Income, on the other hand, the economic activity will receive these deposits as they are financial resources that can be converted into other assets that stimulate the real aggregate supply and investment demand as well, and herein lies the role of (credit policy).
In the end, it is necessary - in addition to the concept referred to - to distinguish saving from hoarding, and the concept of saving can be formulated as (it is one of the investment portfolio options represented by a temporary refrain from spending part of the available income to achieve a return).
And speaking of the structurally dysfunctional Iraqi economy, the story has complex dimensions and problems. The improvements in income after 2003 did not have a developmental impact on reality and did not provide us with a correct picture of the economic variables. Perhaps saving is one of those axes, as the monetary mass that it issues The Central Bank, which has grown significantly as a result of income improvements, is supposed to be an important part of it turning into savings through the adoption of policies that stimulate it.
But the indicators say otherwise. The average percentage of the currency issued by the Central Bank of the banking sector did not exceed 12%, meaning that what the public holds (cash in circulation) is at an average of 88%, taking into account that the investments are very weak, and this is what it shows. The GDP map, the contribution of the industrial sector did not exceed an average of 2% and the construction and building rate was 5%. As for the tourism sector, its contribution is so weak that no field was singled out for it on the map, and this means that cash in circulation was distributed between consumer spending and hoarding.
The result is that the largest percentage of improvements in income went towards hoarding and not saving, noting that the relationship between saving and the interest rate is inflexible despite the rises from time to time in the interest rate on bank deposits, but without a significant effect in return (consecutive increases) in income most of them I went to (marginal propensity to consume) and not (marginal propensity to save), which showed us economic activity in its current form weak investments and a significant increase in imports consumerism.
Changing this equation is linked to the public’s confidence in banking institutions and general economic activity. banking. LINK
Absence Of Local Industry And The Repercussions Of The Iraqi Economy
Tuesday 01 February 2022 128 Baghdad: Hussein Thaghb Talking about the negative impact of the countries of the region on the Iraqi industry is continuous and is almost the focus of the main discussion, for any gathering that examines the reality of sustainable development that the country seeks. That's in the economy. Economic expert Basem Jamil Antoine stressed that "achieving economic development requires the creation of an effective and sober industrial sector, and Iraq is capable of that because of the elements of industrial advancement."
He added that "the impact of the industries of neighboring countries on the Iraqi industrial sector is clear and negative, as you find our local markets displaying goods manufactured outside the country at rates of up to 90% of the exhibits, which negatively affects the reality of the national economy, especially when we stand at the prices joint, as we find that prices It deserves study, due to the inability of the Iraqi national product to compete with it because it is offered at prices that exceed the cost of production in Iraq.
Cost Prices
He pointed out that "the inability of the national product to compete comes because neighboring countries, for example, provide support for their exports in different proportions, and this support is material, which leads to the export of goods to Iraq and other markets at cost prices, and sometimes a little less, and from Here stems from the inability of the local product to compete with the external product that reaches our markets and is offered at prices that the Iraqi factory, which owns production lines and experience, cannot match, but the reality of the market hardly serves it, for the reasons I mentioned.
Antoine stressed, "There are thousands of factories that have stopped working in the country due to the inability to compete with the imported product, and this matter must be addressed, and the national production can save billions of dollars annually allocated to importing the various products that It can be made locally.
Main Engine
As for the economic affairs specialist, Hamila Abdul-Sattar Kurdi, she indicated that “the national industrial production is an absolute necessity as it is the main engine of the economic development process. They are manufactured outside the country, and here we must stop at the minute details of this matter.”
Kurdi pointed to "the importance of working hard to protect the national product, which requires the concerted efforts of several parties, in order to support the local industry, especially since Iraq is able to build an important industrial system, but the matter depends on the availability of the real will for that, and the availability of natural resources." In most regions of the country, it leads to the possibility of expanding the national industry, and it is a real supporter of the country’s multiplicity of resources.”
Local Experiences
She stressed that "human resources are an important focus in the local industry, and Iraq has an abundance in this aspect, and it is an important element of success, when local expertise is available, as it reduces costs on production and reduces them to acceptable levels," pointing to "the need for production to be qualitative and under the supervision of agencies. Standardization and quality control to meet the requirements of the citizen, and a mechanism must be put in place to protect the national product, and a fixed system for the percentage of profits earned by the owners of money.
Local Brands
In turn, the citizen Haider Fawzi indicated that he “prefers the local product over the imported one, especially in the food industries, and you find many citizens wanting to go towards the local product, which is free from any side effects on the health of the citizen, as the manufacturing period is short and free of preservatives,
The Iraqi family also has positive memories with local brands that were produced in the past and are still remembered, and there is a great demand for them." He pointed out that "the local market is wide and requires many products, and the citizen did not find in the markets either some local products that often do not fit his inclinations, for reasons not related to quality, but rather related to the lack of need for them at the present time." LINK
Last Month... The Central Bank's Dollar Sales Exceeded 4 Billion
Economie| 02:01 - 01/02/2022 According to a statistic by the Economic Editor in Mawazine News, the Central Bank sold during the month of January 4 billion and 114 million and 079 thousand dollars, at a rate of 195 million and 908 thousand and 523 dollars per day, slightly lower than last December, in which the sales rate reached 195 One million and 909 thousand and 396 dinars.”
The statistics indicated that “most of these sales went in the form of remittances abroad to finance foreign trade, while the selling price of the dollar transferred to bank accounts abroad, in addition to the cash sale, amounted to 1460 dinars per dollar. https://www.mawazin.net/Details.aspx?jimare=183347
Deputy Speaker: Barzani's Initiative Clarified The Vision Of The Kurdish Leadership To Solve The Political Crisis
political| 04:47 - 01/02/2022 Baghdad - Mawazine News, Deputy Speaker of Parliament, Shakhwan Abdullah, affirmed that the Kurds were and still are the main supporter of the country's stability, and their efforts are continuing for the success of the political process.
Abdullah stressed the importance of continuing coordination and cooperation between the national forces and the parties to the political process, especially the initiative of President Masoud Barzani, which clarified the national vision of the Kurdish leadership to resolve the political crisis and blockage and gather partners to move the political process forward.
This came during his meeting with a delegation from the Political Bureau of the Islamic Supreme Council headed by Ali Al-Ghabban and a number of members of the Political Bureau. The new topics and issues of common interest and ways to enhance cooperation and coordination between the parliamentary blocs to pass the necessary laws and legislation related to the service aspect and support the new government to face challenges were discussed.
The Deputy Speaker of the House of Representatives indicated that "the Kurds were and still are the main supporter of the stability of the country and their efforts are continuing to make the political process a success, and we have a common struggle and history with our partners from the national forces, and we will work in the next stage to establish security and stability and provide services to the citizens who put their trust in us in the elections." . https://www.mawazin.net/Details.aspx?jimare=183368
Saleh Stresses The Need To Make Constitutional Amendments
Today, Tuesday, the President of the Republic, Barham Salih, announced his candidacy for the position of President of the Republic.
Saleh said in a televised speech, "I was nominated for the position of President of the Republic after I obtained it by an independent national decision, realizing that it is a great honor and a great responsibility," noting that "the President of the Republic must be a symbol of the country's unity and sovereignty and a protector of the constitution, and that he be the president of all Iraqis, a president, not a subordinate." ".
He added, "We committed ourselves insistently and support the benevolent patriots, to continue under the roof of patriotism a path for my tasks, and I did not allow under any circumstance and despite the various difficulties and pressures to humiliate the position of the Presidency of the Republic," noting that "the circumstances of the country impose exceptional work and we have challenges that cannot be postponed."
He noted that "the new House of Representatives came with early elections in response to a popular youth movement that came against the background of a general feeling of grievances and the urgent need for a rule based on the will of the Iraqis without value, guardianship or interference, and for the people to be their own master."
Salih stressed: "We succeeded in overcoming many problems and challenges, and we were able to launch in Iraq from an address of conflict to an address for the convergence of countries and peoples of the region, and we will proceed on this path and we will not deviate from it and will not retreat," stressing "the necessity of making constitutional amendments in the next stage."
He pointed out that "the dangerous scourge of corruption that works to perpetuate itself and influence the will of the Iraqis with the money of the Iraqis requires a decisive pause, and that the fight against corruption is truly a national battle that will not fix the country's situation without winning it, based on striking the sources of corruption and recovering what was looted and smuggled."
https://www.radionawa.com/all-detail.aspx?jimare=27832
A Slight Decrease In The Exchange Rates Of The Dollar In The Local Markets
Economie| 10:21 - 01/02/2022 Baghdad - Mawazine News The dollar exchange rates recorded, on Tuesday, a slight decline in the main stock exchange in the capital and local markets, Baghdad.
The dollar exchange rate fell on the Central Kifah Stock Exchange in Baghdad today, recording 147,850 dinars, for each $100 bill.
The prices of buying and selling the dollar were stable in exchange companies and local markets in Baghdad, where the selling price amounted to 148,500 dinars, for each denomination of 100 dollars, while the purchase prices amounted to 147,500 dinars, for each paper denominations of 100 dollars. Ended 29/A 4
https://www.mawazin.net/Details.aspx?jimare=183327
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