Monday Morning Iraq Economic News Highlights 9-4-23

Monday Morning Iraq Economic News Highlights 9-4-23

Sudanese Advisor: The Ownership Of The Railway Link Project Will Be 100% For Iraq

Information/Baghdad… Adviser to the Prime Minister for Transportation Affairs, Nasser Al-Asadi, confirmed today, Monday, that the ownership of the railway link project with Iran will be 100% in favor of Iraq.

Al-Asadi said in a televised interview, followed by Al-Maalouma Agency, that "the railway link agreement with Iran stipulates the transportation of passengers only," pointing out that "the completion of the rehabilitation and development of the Shalamcheh crossing has become an urgent need."

He added, "There are no secrets related to the railway link project with Iran," noting that "the workforce in the project will be 100% Iraqi."

And the Prime Minister's Adviser for Transportation Affairs continued, "We do not know the reasons for the sensitivity of the railway link project with the Islamic Republic of Iran." LINK

About $200 Million In Cash Sales Today From The Iraqi Central Bank

2023-09-04 Shafaq News/ The Central Bank of Iraq's sales amounted to about 200 million dollars in the currency auction today, Monday.

Shafaq News Agency reporter stated that the Central Bank sold today, during its auction for buying and selling US dollars, 197 million, 727 thousand and 483 dollars, which the bank covered at a basic exchange rate of 1,305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1,310 dinars per dollar for external transfers. Same price in cash.

Our correspondent added that most of the dollar sales went to enhance the balances abroad in the form of (remittances, credits), which amounted to 172 million 357 thousand and 483 dollars, while cash sales amounted to 25 million and 370 thousand dollars.

Our correspondent indicated that the number of banks that bought the cash dollar amounted to 7, while the number of banks that responded to requests for strengthening balances abroad reached 20, while the total number of exchange and mediation companies participating in the auction was 89 companies. LINK

Parliamentary Oil: The Import Of Gas Will Continue For Five Years

Information / Baghdad..   The Parliamentary Oil and Gas Committee suggested, on Monday, that Iraq's need to import gas intended for electricity production plants may continue for the next five years.

Member of the committee, Representative Ali Shaddad, said in a statement to Al-Maalouma, that "the issue of providing gas for electricity production plants is linked to two matters, the first is the national effort through the investments provided by the South Gas Company, and the second is what the Basra Gas Company is doing in investing and stopping the burning of gas associated with extraction." oil.”

He added that "Iraq's need for energy is constantly increasing due to the increase in the need for electric energy and its provision for new housing projects and the reactivation and establishment of new industrial factories."

Prime Minister Muhammad Shia al-Sudani confirmed, during a meeting with deputies of the State of Law coalition last Wednesday, the possibility of stopping importing gas for a period of two years or a little more. LINK

Deputy: The Railway Link Between Iraq And Iran Is A Mercy Shot At The Port Of Faw

Posted On2023-09-04 By Sotaliraq   Basra - Qusay Munther    Laying the foundation stone for the rail link project between the Iranian provinces of Basra and Khorramshahr sparked reactions in favor and opposition to the government's step, amid a desire to complete the pending transportation and electricity projects with the Iraqi neighborhood. Independent MP Amer Abdul-Jabbar wrote on the XN website (the investment of the Arbaeen visit to lay the foundation stone for the project The rail link with Iran is considered as a mercy shot on the port of Faw.”

He added, “The need for 91 berths in the port will be eliminated, and it may be limited to 15 berths.”

According to reports, Iranian pressure continued on Iraq through the Minister of Transport, Rustam Qasimi, to link the two countries by rail, but that did not happen at the time.

During the ceremony, Al-Sudani welcomed (the Iranian Vice President and his accompanying delegation, and also appreciated the role of the Minister of Transport, the Governor of Basra, the advisors and the rest of the officials in the Ministry of Foreign Affairs, committees and ministries, for their exceptional efforts, to proceed with this great project),

pointing to (the importance of the railway link project in Transporting travelers and visitors to the holy shrines, from Iran and the countries of Central Asia, in addition to its importance in strengthening the infrastructure of the Iraqi economy and increasing its growth),

indicating that (the project has undergone years of discussion, and it was agreed to complete it between Iraq and Iran in 2021), and he pointed out that ( The railway link through Shalamcheh, is one of several links for transporting travelers and visitors to the holy shrines,

which is scheduled to reach the governorates of Najaf and Karbala). For his part, an informant conveyed (President Ibrahim Raisi's greetings to Al-Sudani, and praised the development plans initiated by the Iraqi government in various sectors).   LINK

Statistic: Iraq Achieved The Largest Trade Surplus In 2022 Over A Period Of Ten Years

Money  and business  Economy News _ Baghdad  Statistics conducted by the German company Statista, which specializes in market and consumer data, revealed that Iraq achieved the largest trade surplus for the past year 2022 over the past ten years.

The trade balance indicates the differences in imports and exports of goods in the country during the year. If the value of its exports during a period exceeds the value of its imports, it is called a surplus in the trade balance. If the total value of imports exceeds the total value of exports, it is called a deficit in the trade balance.

And the company stated in a table seen by Al-Iqtisad News that Iraq achieved the highest trade surplus for goods in 2022 over the past ten years, as the surplus last year amounted to $53.54 billion, up by 64% from 2021, which amounted to a trade surplus for goods in that period. The year is 20.08 billion dollars, indicating that Iraq achieved a deficit in its trade balance for two years, the first in 2020, when the deficit amounted to 4.11 billion dollars, and the second in 2015, when the trade deficit reached 0.94 billion dollars.

And he continued, “In 2019, the balance achieved a trade surplus of $16.62 billion, in 2018 the trade surplus reached $35.95 billion, and the trade surplus in 2017 reached $15.1 billion,” noting that the trade surplus in 2012 amounted to $35.39 billion.

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