Sunday Afternoon Iraq Economic News Highlights 7-3-2
The rise in the exchange rates of the dollar in Baghdad and Kurdistan
Shafaq News/ The exchange rates of the US dollar rose against the Iraqi dinar on Sunday, on the main stock exchange in the capital, Baghdad, and in the Kurdistan Region.
Shafak News Agency correspondent said that the central Al-Kifah and Al-Harithiya stock exchanges in Baghdad registered this morning 148,300 Iraqi dinars for 100 US dollars. Yesterday, Saturday, prices were 148,150 Iraqi dinars, compared to 100 US dollars.
Our correspondent indicated that the buying and selling prices increased in the banking shops in the local markets in Baghdad, where the selling price amounted to 148,750 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 147,750 Iraqi dinars per 100 US dollars.
In Erbil, the capital of the Kurdistan Region, the price of the dollar also increased, as the selling price reached 148,500 dinars per 100 US dollars, and the purchase price reached 148,400 dinars per 100 US dollars. LINK
Gold Prices Stabilize In Iraq
Shafaq News/ “foreign and Iraqi” gold prices stabilized in the local markets, today, Sunday, (July 2, 2022).
Shafak News Agency reporter said that gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, recorded this morning, the selling price of one weight of 21 karat of Gulf, Turkish and European gold is 373,000 dinars, and the purchase price is 369 thousand, which are the same prices as yesterday, Wednesday.
Our correspondent indicated that the selling price of one 21-carat weight of Iraqi gold was also stable at 333,000 dinars, and the purchase price amounted to 329 thousand.
With regard to gold prices in the jewelers’ shops, the price of selling a weight of Gulf 21-carat gold ranges between 370 thousand and 380 thousand dinars, while the selling price ranged from an Iraqi gold weight between 330 thousand and 340 thousand dinars.
It is equal to one mithqal of gold (five grams). LINK
Iraq Raises The Price Of Its Oil Exported To Jordan
Shafaq News/ The Iraqi Oil Marketing Company “SOMO” announced on Sunday that the average price of crude oil exported to Jordan rose to more than 107 dollars per barrel during the month of June, after starting for the third month in a row to export oil to this neighboring country during the current year. .
Thus, Iraq has sold one barrel of crude oil to Jordan for less than 6 dollars only, compared to the official selling price announced by the Ministry of Oil, which amounts to more than (113.70) dollars, according to the statistics issued by the ministry, after it sold at a price less than 15 dollars than the official price. during the month of May.
Somo said in a statistic on its website and seen by Shafak News Agency, that “the total oil exports to Jordan during the month of June amounted to 299,760 barrels,” noting that “the export rate amounted to 10 thousand barrels per day.”
The company added that “the average price of a barrel sold to Jordan amounted to 107.70 dollars,” noting that “the value of imports from Jordan’s oil exports during one month amounted to 32 million and 284 thousand and 152 dollars.”
In September 2021, Jordan received oil shipments under an agreement to purchase 10 thousand barrels per day of crude oil from the Kirkuk fields to meet part of the domestic demand, before stopping it in February 2022 as a result of the contract expiry, to start again last April.
It is noteworthy that Iraq exports crude oil at preferential prices to Jordan via tanker trucks, at an approximate rate of 10,000 barrels per day.
On Friday, the Ministry of Oil announced the total oil exports and revenues achieved for the month of June, indicating that they amounted to 101 million, and (191) thousand, and (236) barrels, with revenues of (11.505) billion dollars. LINK
Decline In Iraq’s Oil Exports To America
Shafaq News/ The US Energy Information Administration announced on Sunday that Iraq’s oil exports to America declined last week, reaching an average of 76,000 barrels per day.
The administration said in a report seen by Shafak News Agency, “The average US imports of crude oil during the past week from nine countries amounted to 5.162 million barrels per day, down by 146 thousand barrels per day from the previous week, which amounted to 5.308 million barrels per day.”
And she added, “Iraq’s oil exports to America amounted to an average of 76,000 barrels per day last week, down from the previous week, when oil exports to America averaged 100,000 barrels per day.”
She noted that “most of America’s oil revenues during the past week came from Canada, at a rate of 2.887 million barrels per day, followed by Mexico at a rate of 743,000 barrels per day, and oil revenues from Saudi Arabia at a rate of 701 thousand barrels per day, and then Colombia at a rate of 215,000 barrels per day.”
According to the administration, “the amount of US imports of crude oil from Brazil amounted to an average of 209 thousand barrels per day, and from Nigeria at a rate of 201 thousand barrels per day, and from Trinidad and Tobago at a rate of 71 thousand barrels per day, and from Ecuador at a rate of 59 thousand barrels per day, while no amount was imported from Russia”. LINK
The Rise In The Exchange Rates Of The Dollar In The Local Markets
Economie| 10:21 – 03/07/2022 Baghdad – Mawazine News, the dollar exchange rates rose, today, Sunday, in the local markets.
And the selling prices of the dollar were 148,300 dinars per 100 dollars, while the purchase prices of the dollar were 148,250 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=198329
Iran Ranks 11th In Electricity Production In The World
Economie| 07:31 – 02/07/2022 Follow-up – Mawazine News, Saturday, Iran achieved a growth in electricity production by 6.4 percent and ranked 11th among the highest electricity producing countries in the world during the past year.
A statistical report published by “BP” stated that Iran’s production of electricity during the year 2021 achieved a growth of 6.4 percent compared to the previous year, reaching 357.8 terawatt-hours, and the volume of production in the previous year was 337.2 terawatt-hour.
The website indicated that the growth rate of Iran’s electricity production during the 10 years until the end of 2021 amounted to 4.3 percent.
The world’s total electricity production reached 13994.4 TWh in 2021, achieving a growth of 8.4 percent compared to the previous year, which amounted to 12,949.3. Ended 29/R77
https://www.mawazin.net/Details.aspx?jimare=198292
Kurdish Leader: Looting Of Wealth Continues By Political Families In Kurdistan
Political | 12:04 – 03/07/2022 Baghdad – Mawazine News The Kurdish leader, Hoshyar Abdullah, said today, Saturday, that the looting of wealth continues by political families in the Kurdistan region, while he saw that the postponement of the region’s elections amid international silence is a “scandal.”
Abdullah wrote in a post on the Twitter platform, that “the living, administrative and security situation in the region is bad, there is no trust between the authority and the people, the looting of wealth continues by political families,” noting that the postponement of the region’s elections amid international silence is a scandal.
Abdullah asked, “Why did the United Nations insist on early elections for Iraq, but it supported postponing the region’s elections?” LINK
Parliament Is Waving A New Law On Food Security Due To Budget Delays
Posted On2022-07-03 By Sotaliraq Baghdad / Hussein Hatem
The Parliamentary Finance Committee divided the expenses of the “Food Security” law into two parts, including those related to the stage after the law’s entry into force, and the last related to the stage after the formation of the government.
On the other hand, specialists stressed the need to expedite the creation of the 2022 budget, holding members of the House of Representatives and the government responsible for the delay.
On the eighth of last June, the House of Representatives, in the presence of 273 deputies, approved a proposed law on emergency support for food security and development, which aims to legislate emergency payments, especially in the electricity sector and achieve “food security”, in light of the fact that the 2022 budget has not yet been approved due to the political crisis.
A member of the Parliamentary Finance Committee, Jamal Kougar, said in an interview with Al-Mada that “the funds of the Emergency Support Law for Food Security and Development are divided into two parts after the law entered into force.”
Cougar added, “The first section is the disbursement of 10 and a half trillions when the law is signed, and the second section, which includes the remaining amount, is also divided into two parts, half of which is spent after voting on the law and the second half is left until the formation of the new government.”
He continued, “In the event the funds run out and the budget formation is delayed, the next step will be to pass another law similar to the Food Security Law.”
Cougar said, “The money will be sufficient and the government has the authority to spend (1/1), as the operating budget is fully spent along the lines of the 2021 budget.”
The total value of the law is 25 trillion dinars (about 17 billion dollars), of which 4 trillion dinars (about two billion and 746 million dollars) were allocated for electricity, “to pay off the external and import debts and to purchase gas and energy.”
Iraq owes Iran “the amount of 1.692 billion dollars for gas dues,” as Minister of Electricity Adel Karim announced in May.
In addition, the law allocated 5.5 trillion dinars ($3.2 billion) to purchase the local and imported wheat crop.
In turn, the economic affairs specialist, Basem Jamil Antoine, said in an interview with Al-Mada that “it is not possible for the emergency support law for food security and development to be a substitute for the budget.”
Antoine explained, “The budget needs final accounts, extensive study, and special laws. As for the emergency support law, it came to address part of a problem.”
He stressed, “the need for there to be full approval of the law,” noting that “not speeding up the passage of the 2022 budget law is a big mistake that bears the responsibility of the members of the House of Representatives and the government.”
The “Food Security” law, during the last period, sparked great controversy in the political and parliamentary circles, after which the Federal Supreme Court decided, on May 15, 2022, to cancel the draft law on emergency support for food security and development based on a lawsuit filed by the independent representative, Basem Khashan. LINK
