Tuesday Afternoon Iraq Economic News Highlights 8-23-22
Fluctuations In Oil Prices With Renewed Fears Of Tight Supply
Shafaq News/ Oil prices fluctuated, on Tuesday, with renewed concerns about the scarcity of supply that dominated market sentiment after Saudi Arabia warned that the largest oil producer may cut production to correct the recent decline in oil prices, so that Brent prices rose while US crude fell.
Brent crude futures rose 70 cents, or 73%, to $97.18 a barrel by 04:28 GMT, after a volatile session on Monday when it fell more than $4 before paring losses to trade near stability.
US West Texas Intermediate crude futures fell 54 cents, or 59%, to $90.23 a barrel.
The Kingdom of Saudi Arabia, the largest exporter in the Organization of the Petroleum Exporting Countries (OPEC), said that the Organization of the Petroleum Exporting Countries (OPEC) stands ready to cut production to correct the recent drop in oil prices, driven by weak futures market liquidity and macroeconomic concerns, which ignored the lack of Extremely severe physical raw supplies.
The official Saudi Press Agency quoted Saudi Energy Minister Prince Abdulaziz bin Salman that OPEC + has the means and flexibility to deal with challenges.
Iran accused the United States on Monday of stalling efforts to revive the 2015 Tehran nuclear deal, a charge denied by Washington, which said the agreement was closer than two weeks due to Iran’s apparent flexibility.
Meanwhile, Europe faces a new disruption to energy supplies due to damage to the pipeline system that transports oil from Kazakhstan through Russia, adding to concerns about reduced gas supplies. LINK
The Closure Of The Baghdad Stock Exchange On A Decrease In The Exchange Rates Of The Dollar
Shafaq News/ The exchange rates of the dollar decreased against the Iraqi dinar, today, Monday, with the closure of the main stock exchange in Baghdad.
Shafaq News Agency’s reporter said that the central Al-Kifah and Al-Harithiya stock exchanges were closed in Baghdad at 147,900 Iraqi dinars for $100.
While the prices this morning were 148,050 Iraqi dinars for $100.
Our correspondent indicated that the buying and selling prices in banking shops in the local markets in Baghdad stabilized, as the selling price amounted to 148,500 Iraqi dinars, while the purchase prices amounted to 147,500 dinars per 100 dollars. LINK
The Arab Monetary Fund Expects The Iraqi Economy To Grow During 2022
Baghdad / Obelisk: The Arab Monetary Fund launched, on Tuesday, August 23, 2022, the seventeenth edition of the “Arab Economic Prospects” report, including expectations of economic growth and trends in the development of domestic prices for Arab countries, including Iraq, during the years 2022 and 2023.
The report expected that the Iraqi economy would recover, achieving a growth of 5.5 percent in the current year, and a relative decline in economic growth to 4.4 percent in the year 2023.
He reviewed part of the government and the Central Bank’s measures to contribute to achieving growth in the country, indicating that the Central Bank had set among its priorities in its strategic plan for the years 2021-2023 to support digital financial and banking services by preparing for the “Know Your Customer Online” project, to adopt the use of digital identification to open bank accounts and integrate Customers digitally, and obligating the banking sector to use digital applications, such as mobile phone applications and online banking services, in accordance with international best practices.
The report indicated that the Central Bank launched, in coordination with the government, several initiatives in order to stimulate economic activity, especially in the field of financing small, medium and large enterprises, and in the field of housing and personal loans, and to enhance credit to the private sector by reducing the interest imposed on loans granted. https://almasalah.com/archives/12721
In Baghdad… A National Trade Forum That Includes An Exhibition (Made In Iraq) And International Visits To Iraqi Projects
Shafaq News / The Baghdad Chamber of Commerce announced today, Tuesday, the discussion of the establishment of the Iraqi National Trade Forum in cooperation with the International Trade Center, the United Nations Migration Agency, while it indicated that the most prominent activities of the forum are to include the visit of international companies to Iraqi companies and projects and to activate the exhibition (Made in Iraq).
The Chamber said in a statement received by Shafaq News Agency, “The Baghdad Chamber of Commerce held a joint meeting with the International Trade Center ITC and the International Agency for Migration IOM to discuss joint cooperation and the role that the Chamber will provide in the Iraqi National Trade Forum,
which contributes to enhancing the competitiveness of the value chain for agricultural businesses in Iraq, indicating that “The forum is scheduled to be held next November in Baghdad for companies and related projects, in the presence of the government and the private sector, over a period of three days.”
The statement added that “the forum will include sessions, discussion dialogues and (B2B) sessions, including Iraqi companies and entrepreneurs with major international companies (20) companies, in addition to the (Made in Iraq) exhibition for Iraqi agricultural projects and field visits to participating international companies to Iraqi companies and projects to see their work. and their accomplishments.
The statement added that “the Baghdad Chamber of Commerce discussed” all the details with (ITC) and (IOM), and its role in the forum in general, and the participation of entrepreneurs, owners of ideas and emerging pioneering projects with the required specialization, as well as the way for Iraqi projects and companies to participate in the forum.
In its statement, the Baghdad Chamber of Commerce indicated that the meeting was attended by Board member Alaa Al-Nouri, Director of Entrepreneurship and Marketing in the Chamber, Falah Hassan Al-Jubouri, Director of International Organizations Anmar Iyad Molouki, and a representative of the United Nations Migration Agency (IOM) Mahdi Muhammad, the national official in charge of livelihoods. Zahraa and Tut are Program Officer at the International Trade Center (ITC), and Rop Kohlimann is the ITC Trade Promotion Officer. LINK
Kuwait And Baghdad Resume Negotiations On The “Khor Abdullah” Shipping Lane
The flag of Iraq and the flag of Kuwait
August 23, 2022 12:44 PM Kuwait – Mubasher: A Kuwaiti delegation is heading to the Iraqi capital, Baghdad, this week to resume Kuwaiti-Iraqi negotiations on the “Khor Abdullah” shipping lane.
The two sides are seeking to enhance cooperation and coordination on the outstanding issues after negotiations were halted during the nearly two-year period of the Corona pandemic.
According to sources, the delegation includes the Undersecretary of the Ministry of Communications, Kholoud Shehab, the commissioned assistant undersecretary for the transport sector, Jamal Kandari, and some officials. According to Kuwaiti news.
The sources stressed the great importance of “Khor Abdullah” as a navigation corridor located between the Kuwaiti islands of Bubiyan and Warba, and the Iraqi Faw peninsula.
She stressed the need to complete the demarcation of the maritime border with Iraq in full.
The sources stated that the political leadership in both countries was keen to finalize this file without disturbing the atmosphere of bilateral and neighborly relations between the two countries. LINK
Iraqi Oil Announces The Provision Of “Super” Gasoline… Soon
Shafaq News/ The Iraqi Ministry of Oil announced today, Tuesday, the close availability of “super” gasoline in its operating stations.
The General Company for the Distribution of Oil Derivatives, affiliated with the ministry, said in a brief statement, received by Shafak News Agency, that it will “provide imported super high-purity gasoline at fuel filling stations.”
Globally, gasoline is divided into several categories, namely, regular gasoline (less than 95 degrees of purity), improved high-octane gasoline (95 degrees of purity), and high-octane gasoline, (98 degrees of purity), where each category differs from the other in the power and performance of the engine. To do it in the best way and in a natural way.
Filling stations in Iraq distribute regular gasoline and high-octane (95) gasoline, with the exception of the Kurdistan Region, where petrol stations provide super, in addition to these two types. LINK
Labor Launches The Electronic Form For Registration In The Poverty Rule According To Law 11 Of 2014
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Grain And Fuel Are Iraq’s Most Important Imports From India
Shafaq News/ Iraq’s imports of grain and petroleum fuel amounted to half of what it imported from India during the year 2021, according to the trade map website, which provides a map of countries’ trade for exports, imports, international demand, alternative markets and competitive markets.
And the site stated in a statistic on its website and seen by Shafak News Agency, that “Iraq imported 24 items of goods from India during the past year, with a value of 2,032.421 billion dollars,” noting that “the growth of imports from India increased by 7% between 2017 to 2021.” .
He added that “cereals came first in Iraq’s imports from India, with a value of 522 million dollars, followed by mineral fuels, mineral oils and their distillation products, with a financial value of 511 million dollars, followed by meat, offal and edible limbs with a value of 207 million dollars, followed by pharmaceutical products with a value of 103 million dollars. . Iraq has great commercial relations with India, as Iraq is one of the largest exporters of crude oil to it. LINK
Gold Prices Rise From Their Lowest Level In 3 Weeks
Arabic and international Economy News _ Baghdad Global gold prices rose during trading on Tuesday, rebounding from its lowest level in 3 weeks.
According to global market data, the prices of the yellow metal increased in spot transactions by 0.1%, or the equivalent of $1.8, to $1,738.06 per ounce, by 04.17 GMT.
And gold futures contracts for December delivery rose by 0.12%, equivalent to $2.5, to reach $1,750.7 an ounce.
In terms of other precious metals, silver decreased by 0.16% to $18.84 an ounce, platinum declined by 0.05% to $867.85, while palladium increased by 1.13% to $201478.
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https://economy-news.net/content.php?id=29429
The Minister Of Finance Is An Agency Directs To Find Solutions To The Conditions Of Educational Retirees In Basra
Money and business Economy News-Baghdad Today, Tuesday, the Minister of Finance, Ihsan Abdul-Jabbar, directed an emergency meeting to resolve the completion of the transactions of the retired educators in Basra, while stressing the need not to harm the citizens .
Abdul-Jabbar said in a statement that “it is necessary to urgently find appropriate solutions to start receiving the transactions of retired educators in Basra Governorate,” directed to “convene an emergency meeting to discuss the issue of delaying the receipt of transactions .”
He added that “the educators and their families are not guilty of the contradictions that existed ten years ago between the ministries of finance and education,” stressing “the need to expedite finding a legal settlement to receive transactions for about a thousand teachers who have been deprived of their pensions for more than a year .”
He stressed that causing harm to citizens is something that we cannot accept at all, especially as it concerns the segment of educators who have devoted their lives to educating generations after generations in our dear country . 74 . views Added 08/23/2022 – 10:21 AM Update 08/23/22 – 1:15 PM
https://economy-news.net/content.php?id=29431
