Iraqi News Wednesday Afternoon 2-23-22
Iraqi News Wednesday Afternoon 2-23-22
TLM724 Administrator BondLady’s Corner
After exiting the seventh chapter... Al-Kazemi tweets: A new beginning for Iraq to restore its role and presence
Political | 02:03 - 23/02/2022 Baghdad - Mawazine News, Prime Minister Mustafa Al-Kazemi considered, on Wednesday, that closing the file of UN resolutions is a new beginning for Iraq to restore its role and presence.
Al-Kazemi said in a tweet, "Iraq has crowned its efforts on the path of normal relations with its neighbors, brothers and the international community by closing the file of UN resolutions that resulted from the absurd adventures of the former regime, and for which our people paid harsh prices for 32 years."
He added, "This is a new beginning for Iraq to restore its role and presence through the vision of the state, and not the absurdity of the non-state."
And Foreign Minister Fouad Hussein announced, earlier today, Wednesday, that Iraq had exited from Chapter VII procedures. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=185496
A Difference Of 500 Dinars.. The Dollar Exchange Rates In The Local Markets
Economie| 10:00 - 23/02/2022 Baghdad - Mawazine News The dollar exchange rates witnessed, today, Wednesday, a slight decrease in the local markets.
And the selling prices of the dollar were 146250 dinars per 100 dollars, while the purchase prices of the dollar were 145750 dinars per 100 dollars.
And yesterday, Tuesday, selling prices recorded 146750 dinars per 100 dollars, while buying prices recorded 146250 dinars per 100 dollars. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=185476
Fears That Prices Will Continue To Rise In Local Markets
Wednesday 23 February 2022 118 Baghdad: Hussein Thaghb The Iraqi street is witnessing great fear due to the continuous increase in the prices of local market supplies, which has increased the Iraqi family’s concern over what is hidden in the coming days after the prices of basic materials rose by large percentages that exceed the rates of devaluing the national currency against the US dollar, which led to the difficulty of predicting the reality of prices.
Specialists in economic affairs have presented some solutions that can limit the rise in prices and mitigate its impact on Iraqi families, foremost of which is the interest in the reality of the ration card, and that we have an integrated industry in all its stages.
The head of the Baghdad Chamber of Commerce, Firas Rasoul Al-Hamdani, attributed the rise in food prices in local markets to several reasons, including local and international, and said: “The most prominent reasons that led to the rise in prices of basic and other materials in local markets is due to the rise in prices in global markets by 30-40%. For some materials, as well as the rise in global transport prices, this came in conjunction with the decision to devalue the national currency, and these combined reasons led to an increase in prices to unacceptable levels for the Iraqi family.
National Industries
He pointed out that "the need to have integrated national food industries, as it must produce strategic grains and manufactured mechanization, and we create manufacturing plants with local labor, and thus we have an integrated industry without the need for international markets, and thus we make a national product that is offered at reasonable prices."
He pointed out that "the most important step in confronting food prices requires attention to the ration card items and making the family do not need the local market unless there is a need that exceeds its needs." the Actual".
Legalization Of Purchases
The economic affairs specialist Maytham al-Bolani said: "The rise in food prices, in particular, raises the concerns of the Iraqi family, which is now legalizing its purchases. Domestic product and foreign import, maintains on the reality of local markets.
He pointed out that "the reality of the local market situation requires reviewing or canceling the import ban decisions issued by the Ministry of Agriculture of chicken, chicken pieces and frozen seafood, as they are in violation of the law and the constitution, and the procedures of the Product Protection Law No. 11 of 2010 are satisfied, since this law is the legal framework for protecting local producers." Expanding customs and tax exemptions for importing production inputs for local producers.
Money transfer
He pointed out that "the inevitability of simplifying the mechanisms of financial transfer through authorized banks and the abolition of illegal and restrictive restrictions on freedom of trade such as import permits, taxes and customs, which contributed to creating a parallel exchange rate, and working in a way to enhance bank balances in correspondent banks without any discrimination in the distribution process, and that this
It is the procedures that help in the process of ending prices in the parallel market, and that these procedures are consistent with the law of the Central Bank Iraqi".
Agricultural Calendar
He cautioned that "achieving a fair price for all parties that visit the market, including traders and citizens, requires updating the agricultural calendar tables in consultation with the Chambers of Commerce, the Federation of Agricultural Associations, the Ministry of Agriculture and the Ministry of Finance, the Customs Authority, and commitment to it, and expanding the investment in establishing marketing centers for vegetables, fruits, and frozen and refrigerated warehouses, by By allocating the necessary lands to them and allowing the establishment of these centers on agricultural lands that are not suitable for agriculture or lands that do not have a water share without any other restrictions, because these centers are one of the basics of enhancing food security while facilitating lending to these projects from the initiative of the Central Bank, and this The measure contributes to reducing the commissions received by the popular Allawi.
Competition Law
Al-Bolani stressed "the formation of councils for the Consumer Protection Law, the Competition and Anti-monopoly Law, as well as activating Cabinet Resolution No. 336 of 2018 and directing the security authorities to all controls to prevent interference in customs inspection procedures on trucks and containers, and to identify one authority the Organized Crime Directorate and in coordination with the General Authority Customs is responsible for the inspection and non-interference of other security forces, as well as canceling the process of obtaining approvals from the National Operations Center for the process of transferring live calves coming from the official border crossings and accompanied by customs treatment.
He demanded the formation of a permanent committee to enable and improve the business environment for the private sector, in order to solve all the problems facing the private sector. The private sector submits its recommendations to the Council of Ministers, and its meetings are weekly. LINK
Investments And The Transition To An Open Economy
Wednesday 23 February 2022 144 Baghdad: Warqa' Al-Khuzaie The head of the Association of Securities Brokers in Iraq, Ali Al-Mukhtar, confirmed that the money market is a mirror of the economy in developed countries and countries with good economies, and the lack of interest in the money market indicates the absence of an organized economic process in the country, which leads to the failure to exploit wealth in the development of the country .
He added that investments and the transition to the open market are enough to solve the economic stagnation that the country is suffering from, through investment projects and partnership with major international companies. and Arabic.
Profitable Companies
And Al-Mukhtar stated, “The issue of privatization or the state’s tendency to privatize companies is a model solution from the economic point of view, after all: if this was done, according to certain determinants and with close supervision, to get rid of the losing public sector companies and sell them to the private sector,” noting that “this will provide job opportunities. Many, and these companies will turn from losers to profitable companies, thus ridding the state of its burden, as well as creating job opportunities in large areas of real economic work through investment in the free market.
Foreign Investment
Regarding the entry of foreign investors, the association’s president stated that “there are investments by large foreign portfolios, hoping for more of them,” noting that “the surrounding Arab markets depend heavily on foreign investments to provide cash,” explaining at the same time, that “the association made This is a main objective in the market for continuous work during the coming period to introduce some instructions that would reassure the foreign investor to enter the Iraqi markets to increase the volume of existing investment portfolios through new instructions and legislation that will help in this matter."
Regarding the role of small investors after the decision to use “cumulative voting” in the meeting of general bodies, Al-Mukhtar explained: “This helps to activate the volume of trading in the market, as there will be an opportunity for small investors to enter the boards of directors, and see the policies of the boards and companies that they contribute to.”
In it, since those councils were exclusive to the owners of investments or high contributions, noting that “cumulative voting” is a correct procedure that is now applied through the Registrar of Companies in the meetings of the public bodies of joint stock companies, and its results will certainly appear in the coming period, and there will be positive effects. Through participation of all in decision-making in the Council Administration".
Inclusion Of Companies
And the head of the Association of Securities Brokers, said, "The Iraqi Stock Exchange continues to list new joint stock companies, hoping that there will be more listings through new joint stock companies that will raise the volume of trading and give various investment opportunities to the Iraqi and foreign investor."
It is noteworthy that “the Association of Securities Brokers in Iraq is one of the governmental organizations that was established in 2004 according to the decision of the Coalition Provisional Authority, and it included in its membership 44 brokerage companies and had an active role in establishing the office back system, which is a complementary system to the broker’s work for the post-electronic trading stage.” Among the most important contributions of the association, its participation with the Securities Commission and the Iraq Stock Exchange in discussing the securities law
The proposal with its instructions, as well as laying the foundations for the ethics of professional behavior for members, accompanied by the development and rehabilitation of small businesses and projects, and providing training in building skills in various fields in order to qualify young people and provide job opportunities for them" . LINK
Oil And Development
Wednesday 23 February 2022 129 Baghdad: morning The economic affairs specialist, Haider Kazem Al-Baghdadi, expected the continuation of the rise in crude oil prices to limits that were not in the accounts of experts and specialists regarding it, and this is evident by following the paths of the global economy, and the growth movement whose paths are now rising to compensate for the losses of the last period.
He added in an interview with "Al-Sabah" that "many of the economic blocs around the world have declined their industries due to the closure that lasted for long periods that were not in their accounts and development plans, which confused the scene for most economies that today are heading to compensate for the losses, and here the global industries are growing Gradually, at a time when everyone is committed to the prevention of Covid 19 mutants, and the accelerating global events and tensions witnessed in some regions of the world result in a rise in demand for crude oil, which leads to a continuous rise in crude oil prices.
Al-Baghdadi stressed that "the continuation of oil prices will continue for the coming period and may exceed $130 per barrel, especially since the global stockpile has fallen to significant levels, as well as shale oil is experiencing confusion in the various joints of its production during the current period, and many data contribute to the rise in crude oil prices."
He stressed the need for "the country to tend to benefit from the rise in crude oil revenues and use them to serve the national economy, as it represents a new opportunity to compensate for the previous stage and work to develop economic performance by employing funds in sustainable development that moves the labor market and moves it to a more advanced stage, as We can move the wheel of industrial and agricultural production in a phased manner, as well as advance the service aspect.”
In addition, oil prices jumped more than two dollars on Tuesday, setting a new record in seven years, after Russia ordered the deployment of its forces in two separatist regions in eastern Ukraine, in an escalation of a crisis that Western leaders have warned could spark war.
Brent crude futures, the global standard, rose more than 3% towards $99 a barrel, and this came after futures contracts witnessed a rise on Tuesday, reaching $97.66, to reach the highest level since September 2014.
While US West Texas Intermediate crude contracts jumped $3.25, or 3.6%, to $94.32 a barrel.
This came after US and European officials condemned the Russian move, although a US official said that the Russian military move did not yet constitute an invasion that could lead to the imposition of broad sanctions. https://alsabaah.iq/61290/%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D9%88%D8%A7%D9%84%D8%AA%D9%86%D9%85%D9%8A%D8%A9
Genel Energy: Our Reserves Are In Kurdistan 400 Million Barrels
Economic 2022/02/22 | Information/translation. International oil consultants MacNavtin and de Gulier, who work on behalf of the operator, the Norwegian company GNO, estimated that the reserve license for the Tauki field, in which the British Genel Energy Company has a 25 percent share, amounted to 357 million barrels of operating interest until the end of 2021.
Genel Energy stated in an update to its reserves, translated by the agency, that "this reserve comes after adjusting production to 40 million barrels per day and an incremental technical review of 3 million barrels, as the company continues to retain 23 million barrels of total reserves."
He added, "In the Taq Taq field in northern Iraq, in which the company owns a joint operating share of 44 percent, the total reserves amounted to 26 million barrels at the end of 2021, after it was 33 million barrels at the end of 2020, with an operational concession of five million barrels."
He continued, "With regard to the Sarta field, in which it owns 30 percent, the situation remained unchanged, which represents less production, which stood at the end of 2021 at 32 million barrels, with a production rate of 2 million barrels."
It is noteworthy that "the total reserves of the three fields of Genel, which is headquartered in London, is about 400 million barrels after collecting their shares." https://almaalomah.me/2022/02/22/583757
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