Iraq Economic News and Points to Ponder Saturday AM 10-14-23

The Number Of “Billionaires” In Iraq Is Equivalent To That In 9 Countries. A Quarter Of Its Population Is Below The Poverty Line, And A Third Of Its Youth Are “Unemployed.”

Economy | Baghdad today - Baghdad    Noticeable economic disparity in the country. Luxury for some and the burden of living on the shoulders of others, and the dreams of ambitious youth disappear under “unemployment” and billions here and dinars there, amid government attempts to eradicate poverty, through “social care” or “soft loans,” while reports indicate that “billionaires  ” In Iraq, it is equivalent to that of 9 countries combined.

Economic affairs expert Nabil Al-Marsoumi explained today, Saturday (October 14, 2023), that "a quarter of Iraq's population lives below the poverty line, and a third of its youth suffer from unemployment."

In numbers: Iraq's wealthy people

The economic expert quoted statistics from a French studies center regarding economic disparity in Iraq, in which he stated that “36 billionaires, each of whom has a wealth of more than a billion dollars, in addition to 16,000 millionaires, each of whom has a wealth of more than a million dollars,” according to a blog post followed by “Baghdad Al-Youm.”

While "the number of billionaires in Iraq is equivalent to the number of the following countries combined: the Emirates, Kuwait, Lebanon, Hungary, Romania, Portugal, the Netherlands, Denmark, and Nigeria," Al-Marsoumi said.

The number of “billionaires” in Iraq is equivalent to that in 9 countries. A quarter of its population Iraq and poverty levels

On (July 21, 2023), the Minister of Labor and Social Affairs, Ahmed Al-Asadi, confirmed that the measures taken by the government raised Iraq’s level by 20 levels in the international poverty hierarchy, according to the United Nations.

In press statements, Al-Asadi revealed, “The loan fund of 400 billion dinars has been approved for this year within the 2023 budget, as we will work to ensure that these loans are for real projects to employ tens of thousands of unemployed people.”

He stressed that through these steps, "Iraq rose 20 places in terms of poverty levels according to the latest United Nations report, where Iraq was ranked 86 and has now reached 66, and we will continue our work until Iraq reaches advanced stages."

The poverty rate in Iraq ranges between 22-25%, and Al-Muthanna Governorate (southwest) leads the poorest governorates with a rate of 52%, followed by Al-Diwaniyah and Dhi Qar governorates in the south with a rate of 49%, according to statistics from the Ministry of Planning.   LINK

Exchange Rates Continue To Exceed The Barrier Of 160 Thousand Per Hundred Dollars In Iraq

Economy   2023-10-14    2,857 views  Alsumaria News – Economy   Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Saturday, October 14, 2023.

Dollar prices exceeded the 160,000 mark in local markets in Baghdad, where the selling price reached 161,500 per 100 dollars, while the purchase price reached 159,500 per 100 dollars.

For more than 7 months, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system ““SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel (black) markets.

The Central Bank of Iraq   decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of buying the dollar from the Ministry of Finance  reached 1,300 dinars per dollar and selling it at (1,310) dinars per dollar to banks through the electronic platform, and it is sold for (1,320) dinars per dollar. Dollars from banks and non-banking financial institutions to the final beneficiary.   LINK

A New Rise In The Dollar Exchange Rate In Iraqi Markets

Economy |  10/14/2023  Baghdad - Mawazine News  The dollar exchange rates rose on Saturday in local markets.   The selling price was 161,500 Iraqi dinars per 100 dollars.   While the purchase price was 159,500 Iraqi dinars per 100 dollars.     https://www.mawazin.net/Details.aspx?jimare=236330

Iraqi Oil Exports To America Declined During The Past Week

Iraq's oil exports to America amounted to 247 thousand barrels per day last week

Zagros TV  11:48 AM  #Oil #America     Iraqi oil exports to America declined during the past week

Jordan raises its share in importing Iraqi oil to 450 thousand barrels per month

Zagros Arabia – Erbil   The US Energy Information Administration announced today, Saturday, a decline in Iraq’s oil exports to America during the past week.

Tables published by the administration revealed that the average US imports of crude oil during the past week from eight major countries amounted to 5.299 million barrels per day, an increase of 321 thousand barrels per day from the previous week, which had reached 4.978 million barrels per day.

According to the tables, the administration added that Iraq's oil exports to America amounted to 247 thousand barrels per day last week, down by 59 thousand barrels per day from the previous week, which averaged 306 thousand barrels per day.

It also indicated that most of America's oil revenues during the past week came from Canada at an average of 3,544 million barrels per day, followed by Mexico with an average of 656 million barrels per day, and oil imports from Brazil amounted to an average of 362 thousand barrels per day, and then Colombia at an average of 289 thousand barrels per day.

According to the administration, the amount of American imports of crude oil from Libya was at a rate of 88 thousand barrels per day, from Saudi Arabia at a rate of 67 thousand barrels per day, and from Nigeria at a rate of 46 thousand barrels per day, while no quantity was imported from Russia or from Ecuador.    https://zagrosnews.net/ar/news/47431

Points to Ponder on Character:

Never does a man portray his own character more vividly, than in his manner of portraying another -- Richter

Character and personal force are the only investments that are worth anything -- Whitman

Characters do not change -- Opinions alter , but characters are only developed --Benjamin Disraeli

As they, who for every slight infirmity take physic to repair their health, do rather impair it; so they, who for every trifle are eager to vindicate their character, do rather weaken it -- J Mason

Our character is but the stamp on our souls of the free choices of good and evil we have made through life --John Cunningham Geikie

Truthfulness is a corner-stone in character, and if it be not firmly laid in youth, there will ever after be a weak spot in the foundation -- J Davis

Character is the result of two things: Mental attitude and the way we spend our time --Elbert Hubbard