Monday AM Iraq Economic News Highlights 9-5-22

Monday AM Iraq Economic News Highlights 9-5-22

Ministry Of Planning: Inflation Indicators Are Fairly Stable

Iraq  12:14 - 2022-09-05   On Monday, the Ministry of Planning announced that inflation indicators in the country are "fairly stable and under control", despite their increase compared to previous years.

The ministry's spokesman, Abdul-Zahra Al-Hindawi, said, "The rise in inflation is due to its association with imports, as the prices of many commodities and goods rose globally, and this was reflected on Iraq through the impact of its inflation indicators because it meets most of its needs," according to the official "Al-Sabah" newspaper.

He added, "Inflation began to rise since last year, compared to previous years," noting that "its rate during the past months is fairly stable, ranging monthly between 0'3 to 5'0", (that is, it is less than 1 percent, However, the cumulative increase rate reached about 6 percent during the past month, compared to the same month of the previous year.

Al-Hindawi explained, "There are a number of materials that are directly related to the rise and fall of inflation, including foodstuffs, non-alcoholic beverages, housing and other sections, as they are affected by all economic variables, whether they are at the level of the inside or the outside."

A spokesman for the Ministry of Planning added, "There is a large cash block circulating in the local market, which also has effects on the indicators."     https://kirkuktv.net/AR/Details/8673

Oil Prices Rise Before The OPEC + Meeting

Economie   2022-09-05 | 00:45  Two scenarios for the OPEC + meeting .. Oil markets are holding their breath The Organization of Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC +, may decide during its meeting later today, Monday, to maintain current production levels or even reduce production to support prices despite The supply continues to be short.

"Although we expect the group to keep production unchanged, the rhetoric may be upbeat as it looks to halt the recent decline in prices," ANZ analysts said in a note

. They were unveiled as saying that Russia is not supporting an oil production cut at the moment and that OPEC+ is likely to keep its production stable when it meets on Monday.   LINK

A Slight Decrease In The Exchange Rates Of The Dollar In The Local Markets

2022-09-05 | 03:32   1,039 views  Today, Monday, the dollar exchange rates witnessed a slight decrease in the local markets.   And the selling prices of the dollar were 148000 dinars per 100 dollars, while the purchase prices of the dollar were 147,900 dinars per 100 dollars.   LINK

Oil Prices Jump More Than A Dollar A Barrel In Anticipation Of The OPEC + Meeting

Economie| 08:39 - 05/09/2022   Follow-up - Mawazine News:  Oil prices continued to reap gains, rising by more than one dollar a barrel in early Asian trading on Monday, amid investors' anticipation of possible moves by OPEC + producers to adjust production and support prices at a meeting later today.

Brent crude futures rose $1.43, or 1.5 percent, to $94.45 a barrel by 0054 GMT, after rising 0.7 percent on Friday.

US West Texas Intermediate crude scored $88.12 a barrel, up $1.25, or 1.4 percent, after rising 0.3 percent in the previous session. US markets are closed for a public holiday on Monday.

Oil prices have fallen for the past three months in a row, after touching multi-year highs in March due to concerns that interest rate hikes and Covid-19 restrictions in parts of China, the world's largest crude oil importer, will slow global economic growth and slash demand. on oil.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, may decide during their meeting later on Monday to maintain current production levels or even reduce production to support prices despite the continued tight supply. https://www.mawazin.net/Details.aspx?jimare=204526

The defense is proceeding with the return of their rescinded contracts and is directed to expand the base of those covered

Posted On2022-09-05 By Sotaliraq   Baghdad/Bright news   The Ministry of Defense has started procedures to return their contracts rescinded, and confirmed its intention to release forms for those covered for submission, while instructing to refer people of advanced ages to retirement.

Observers believe that the measure would enhance the human capabilities of the Iraqi army, which was depleted during the battles against the terrorist organization ISIS. Baghdad and some provinces witness from time to time demonstrations for those whose contracts have been terminated by those affiliated with the armed forces, demanding that they be returned to service.

A statement issued by the Ministry of Defense, received by Al-Mada, stated that "work will be carried out during the next few days to return the nullified contracts from the employees of the Ministry of Defense, according to the form that will be launched soon through its website."

The statement added, "This came in accordance with Law No. (2) of 2022 on emergency support for food security and development, which included a paragraph on the return of rescinded contracts from members of the security services."

He stressed, "The work to do so took place based on the directives issued by the Commander-in-Chief of the Armed Forces, Mustafa Al-Kazemi, and in implementation of the order of the Minister of Defense, Juma'a Inad."

The statement went on, "The Ministry of Defense calls on all affiliates whose contracts have been terminated, to follow its website; For the purpose of filling out this form when it is released.”

For his part, committee member Yasser Watout said in a statement to (Al-Mada), that "a visit I made yesterday to the Ministry of Defense and I met with Minister Juma'a Inad and the Secretary General, and a session was held in the presence of all concerned in the ministry in order to have their contracts rescinded." Watout added, "The return will include 37 thousand and 500," explaining that "people of old age will be returned and referred to retirement."

He pointed out that “the committee concerned with this process started its work yesterday,” stressing that “those covered by this decision are those whose contracts have been rescinded after 2014, and it may include those whose contracts have been terminated since 2010.”

Watout pointed out that "there is a problem related to the fugitives whose contract has not been terminated, as these were not included, and the defect here is in the military unit to which the soldier belongs, not in the soldier himself."

He spoke about “a directive that will be issued by the Chief of Staff of the Army, Abdul Amir Yarallah, to all the military leaders and teams to request the return of the fugitives to their units and the completion of the investigative councils against them.”

And he went on to say, "The people covered will start the examination in the training centers during the coming days, each within his governorate."

In a related context, another statement of the Ministry of Defense, received by (Al-Mada), stated that "the Secretary General of the Ministry of Defense, Lieutenant-General Raad Hashem, chaired the first coordination conference for receiving their nullified contracts."

The statement continued, "The conference was attended by representatives of a number of relevant departments and directorates in the process of receiving their nullified contracts."

The statement quoted “Hashem as saying that the form for receiving their voided contracts will be launched during the next few days, and directing the attendees to intensify efforts to bring them back to rejoin the ranks of the Iraqi army.”

In addition, security expert Ahmed Al-Sharifi said in a statement to (Al-Mada), that "the return of those whose contracts have been terminated constitutes an enhancement of human resources."

Al-Sharifi added, "The Ministry of Defense suffers from a lack of human resources, after it entered into many battles and was attritioned."

He pointed out, "The enrollment of this segment is positive from the military point of view, as they are trained, and an emergency thing happened that made them leave the service."

Al-Sharifi stated, "The field was ambiguous during the period of these soldiers' departure from service, which was during the entry of the terrorist organization ISIS into a number of provinces."

He stressed, "This emergency circumstance has prompted some to lack discipline in the military hours," noting that "the competent authorities will take charge of reintegrating them into the military institution and improving the type of discipline they have."

Al-Sharifi concluded, "This will be based on the reorganization that took place after the entry of the terrorist organization ISIS and to this day."

It is noteworthy that the terrorist organization ISIS had taken control of a number of governorates in June of 2014, and this led to the leakage of a number of members of the armed forces, after which decisions were issued to terminate their contracts, but the House of Representatives decided to return them to service under the Emergency Food Security Support Law, which It was voted on last June.   LINK

Gold Prices Rise In Iraq

Economie   2022-09-05 | 03:50   251 views    Alsumaria News – Baghdad Gold prices rose slightly in the Iraqi local markets on Monday.

The price of a 21-carat gold weight, the most widely traded among the public, reached 354 thousand and 590 dinars, excluding the fees of the craftsman.   The price of a gold weight of 24 carat amounted to 405,235 dinars, excluding gold smiting fees. LINK

Reconstruction Is Close To Completing A Vital Road In Baghdad With 12 Bridges

Posted On2022-09-05 By Sotaliraq   Yesterday, Sunday, the Ministry of Construction, Housing and Public Municipalities set the date for the opening of the Dora-Youssoufia road, noting that the road contains more than 12 bridges.

The Director General of the Roads and Bridges Department in the ministry, Hussein Jassem, said in a statement to the official news agency, "The ministry has completed the main sections of the Dora-Yusufiya road at a rate of 95 percent, and the same for the gravel works, as for the bituminous foundation, only one kilometer remains."

Out of the total length of 15 kilometres, he indicated, "The connecting works have been roughly completed, and the completion rate has reached more than 70 percent."

He added, "The opening of the project will be before the end of this year," noting that "the first phase of it included work on the bridge intersection south of Baghdad, which is progressing at a very good pace, as it is nearing completion, and it is hoped within the next two weeks. As for the other bridge, which is considered the longest, as It is 1,300 meters and will be completed in 45 days.”

Jassim explained, "The project has seen reluctance for many years, and what has been achieved during this year is a reason to be proud that the staff are able to work, achieve, innovate and remove obstacles," stressing that "the remaining works of the project will not take long; The fact that its preparations are ready and the completion of the entire project will be before the end of the year.”

He pointed out, "The project is considered one of the most important roads that were established in Baghdad after 2003, and it will be the road linking the Baghdad-Basra highway and the Baghdad city center at the two-story bridge. The movement of incoming and outgoing wheels,” he added, adding that “the project had been planned since the seventies of the last century, but it had not been implemented due to the circumstances that the country went through.”

He continued, "The road contains more than 12 bridges, with a length of 15 kilometers, with two super bridges, as well as double tube arches, box and rain arches," noting that "the project consists of two contracts, the first contract includes the road, and the other contract is for the construction of a bridge. The road connects with the expressway in a regular way to regulate entry and exit, and the length of the first bridge is about 1350 meters, and the second bridge is 650 meters.”

Jassim added, "The Department of Roads and Bridges has complementary works to keep pace with the development that took place in the construction area of ​​the project, after housing complexes and gatherings have become around it, and therefore the matter requires ensuring the movement of these social activities without affecting the flow of the road," stressing Preparing a plan for the construction of cross-road bridges in some places and the construction of additional pedestrian bridges.

Jassim added, "The project is of great importance, despite the lack of financial allocations due to the lack of approval of the budget, but the department used the maximum powers with the support of the Prime Minister, the Secretary-General of the Council of Ministers, and the Minister of Construction, in order to complete the project and reduce its obstacles." LINK