"Tidbits From TNT" Tuesday Morning 8-28-2021

TNT:

Tishwash:  Alia Nassif calls for a reduction in the dollar exchange rate after the price of a barrel of oil exceeded eighty dollars

Representative Alia Nassif called on the Ministry of Finance to reduce the exchange rate of the dollar after the price of a barrel of oil exceeded eighty dollars, indicating that it is not fair for the poor to pay the price of economic crises, whether they are caused by corruption or the lack of appropriate plans to deal with crises.

And she said in a statement today: "The price of a barrel of oil has exceeded eighty dollars, while the dollar exchange rate is still burdening the Iraqi citizen who pays the price of financial corruption and the absence of appropriate plans to confront economic crises such as the crisis of the previous drop in oil prices and the country's dependence on oil revenues only," indicating: "The working class is the most affected by the rise in the exchange rate of the dollar, because its purchasing power has become unable to cope with the rise in the prices of food commodities and basic materials."

Nassif stressed "the need for the Ministry of Finance to reduce the exchange rate of the dollar against the dinar and return it as it was in the past, because there is no need to continue with the high exchange rate and to avoid its negative repercussions on all groups of the people."

Today, Tuesday, the price of Brent crude jumped above $ 80 for the first time in nearly three years, amid expectations of rising demand and concerns about supplies as the world slowly emerged from the epidemic crisis.

Brent crude rose 0.8 percent in Asian morning trading to $80.19, its highest level since October 2018, according to "AFP".

West Texas Intermediate crude also rose 0.9 percent to $ 76.07.   link

************

Tishwash:  An economist calls for the revival of the experiment of oil-gold speculation in Iraq

The economic expert, Riad Al Marsoumi, called on Monday to revive the experience of speculating oil with gold in the country.

Al-Marsoumi told Al-Furat News that "there is an old Iraqi experience in the last century, through a specialized committee in the Central Bank of Iraq, which carries out the process of trading and economic speculation in gold."

He pointed out, "The possibility of this committee to benefit from fluctuations in gold prices, especially since gold and oil have a direct relationship, that is, the higher the oil price, the higher the gold price."

Al-Marsoumi considered this field "profitable. The economy can benefit from the rise in gold prices, especially since it has become an economic safe haven, after changing the exchange rate of the dollar, which is commensurate with gold in a military relationship, and there are Iraqi cadres in the Central Bank who worked in this regard."

Experts and specialists stressed that the rise in gold prices has a strong relationship with energy and oil prices, on the grounds that the price of oil has a relationship with the productivity of most commodities because it represents a part of the cost components of any commodity, whether transportation, production or others, and when any changes in its prices occur, this affects the economy The local commodity by causing changes in the prices of local commodities, whether the change is up or down.

Gold prices rose in Iraq, in trading this evening, Monday, despite the decline in the prices of the precious metal globally.

And the price of a gram of 24 carat gold, during evening trading in Iraqi gold shops, was about 82,445 dinars ($56.49).

A gram of 21 karat gold amounted to about 72,141 dinars ($49.43).

While the price of a gram of 18 carat gold in Iraq was 61835 dinars ($42.37).

As for economic gold prices in Iraq, the price of a gram of 14 karat gold scored about 48,093 dinars ($ 32.95), and the price of a gram of 12 karat gold scored about 41223 dinars ($ 28.24).   link

*************

Tishwash:  Iraq's foreign debt has decreased by 25% during the current year.. Iraq has paid about 11.5 billion dollars, and next year will pay only 5 billion dollars

An American magazine revealed a decrease in Iraq's foreign debt during 2021, compared to 2020, which indicates that Iraq paid about 11.5 billion of its debts.

And the American magazine Global Finance said in its schedule for the year 2021 that “Iraq’s foreign debt during 2021 amounted to 69.684 billion dollars, down from” in 2020, which amounted to 81.153 billion dollars in 2020, indicating that “Iraq’s debt for 2019 amounted to 47.705 billion dollars and in In 2018, it amounted to $50.018 billion.”

On this basis, Iraq's debts during the current year decreased by 25% from last year, due to Iraq's payment of more than 11.4 billion dollars of its debts.

Earlier, Adviser to the Prime Minister, Mazhar Muhammad Salih, indicated that 9 trillion dinars were allocated in the next year’s 2022 budget to pay installments and interest on debts, which represents more than $ 5 billion only, which is a small payment compared to what was paid in the current year.

The magazine added that “the most indebted Arab countries during 2021 were Sudan, with a foreign debt of 211.656 billion dollars, preceded by Eritrea, with a debt of 175.575 billion dollars, followed by Bahrain, with a foreign debt of 129.417 billion dollars, followed by Egypt with a debt of 92.858 billion dollars. Then Jordan preceded it with a debt of $91.172 billion, while no debt was recorded in Lebanon for the year 2021, as there were no statistics during this year, after its external debt for the year 2020 amounted to $154.364 billion.

Globally, Japan came in with the most indebted countries in the world in 2021, with a value of 256.494 billion dollars, followed by Sudan with 211.656 billion dollars, followed by Greece with 210.093 billion dollars.

The magazine noted that sometimes tax revenue is less than expected, and by borrowing the government can cover temporary deficits without cutting spending, sometimes, the shortfall is not temporary and the government is running a structural deficit   link

Mot:  ~~~ It's getting to be that time of Year!! ~~~

Mot:  How Many have Experienced the ""Wee Folk"" switcheroo!! ~~~