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Iraqi News and Highlights Thursday PM 7-23-20

TLM724 Administrator BondLady’s Corner

The Exchange Rate Of The Dollar Is Stabilizing In Iraq Today

Time: 7/23/2020 10:36:18 Read: 5,200 times {Baghdad: Al Furat News} Foreign currency markets in Iraq recorded, today, Thursday, the stability of the exchange rate of the US dollar against the Iraqi dinar.

The selling and buying prices of the dollar in banking companies and offices are as follows:

The selling price of one dollar is 1242.5 dinars, or 124 thousand and 250 dinars per hundred dollars.

The purchase price of the dollar is 1232.5 dinars, or 123 thousand and 250 dinars per hundred dollars.

As for the prices of foreign currencies, gold and crude oil – until the preparation of this news:

The euro The global price: 100 euros = 115,90  sterling dollars

The international price: 100 pounds = 127.30 dollars

The Turkish lira The global price: 100 dollars = 684,87 TL

per ounce price Gold worldwide = 1875.60 dollars

per barrel of crude oil Brent = 44.50 dollars   per barrel of US crude oil = 42.10 dollars.   LINK

The Minister Of Finance Announces The Date For The Payment Of Salaries Of Employees And Retirees

Time: 07/23/2020 13:22:38 Read: 8,021 times  {Baghdad: Al Furat News}. The Finance Minister, Ali Allawi, directed the Accounting Department at the Ministry to pay the salaries of employees and retirees at the beginning of next week, that is, before the blessed Eid Al-Adha.

The Central Bank of Iraq announced yesterday, Wednesday, the insurance of employee salaries for the month of July and that it will be launched in one payment before Eid Al-Adha. ”   LINK

Al-Rafidian Directs Its Branches To Open Accounts For Citizens To Deposit Their Money

Time: 07/22/2020 09:10:17 Reading: 3,120 times  {Baghdad: Al Furat News} Al-Rafidain Bank, Thursday, directed all its branches in Baghdad and the provinces to receive customers wishing to open accounts of all kinds.

The media office of the bank said in a statement, {Al Furat News} received a copy of, that “many citizens have a great desire to open accounts for the purpose of depositing their money in the bank and obtaining the benefits.”

The bank called on its employees to “provide the necessary facilities for those who intend to deposit their money in the banking system and benefit from the services provided by the bank through such deposits.”   LINK

Clarification From The Oil Marketing Company On Iraqi Oil Exports

Energy  Economy News _ Baghdad  On Thursday, the Oil Marketing Company issued a clarification on Iraqi oil exports, while calling for accuracy and taking information and details from its official sources.

The company said in a statement, “Economy News” received a copy of it, “referring to what was published on the energy site on the current July 21 titled (Iraqi oil exports in July above the OPEC target + within 20 days only), the Oil Marketing Company would like to clarify the opinion The year is the fact that the published news is inaccurate and unprofessional.

She added, “While the news confirmed that the rate of exports from the southern ports of Iraq recorded a rate of 2.7 million barrels per day, it had neglected the fact that this rate in itself was less than (100) thousand barrels per day than the rate of exports in the previous June.

With the offer that this rate in itself is not final and does not reflect the commitment of Iraq, which will be shown by the results of July exports at the beginning of next August, which Iraq confirmed through the Federal Ministry of Oil that it will represent a full commitment to the agreement of OPEC countries and the countries joining with them to reduce production.

She continued that “the export rate mentioned in the energy website publication itself, and after collecting it at the region’s exports from northern Iraq and the volume of local consumption, results in a commitment of approximately 100% in the production reduction agreement,” calling on “news and media institutions to be accurate and take the information and details from its official official sources instead of Make mistakes that harm their credibility in this area. ”

Number of views 14 Date added 23/07/2020  http://economy-news.net/content.php?id=21144

Global Organization: Price Stability Is A Challenge For Iraq And The Economy Must Be Stimulated

Reports  Economy News – Baghdad  The Food and Agriculture Organization of the United Nations (FAO) released its monthly assessment of the situation in Iraq following the spread of the Corona pandemic, noting that the drop in global oil prices put pressure on national financial resources and generated the need to finance the economic deficit that occurred, and stressed that “price stability remains a challenge , As most retailers remain unsure of future prices. ”

The organization said that global food markets are still well supplied and international prices are still relatively stable. Some health checks and quarantines have led to delays at the border and increased transit times and transportation costs.

On the other hand, the conditions of crop development in Iraq were generally favorable with well-distributed and timely rains in the current agricultural year.

It is estimated that Iraq has sufficient wheat stocks to cover its food needs at least until the autumn of 2020 due to the increase in the average local production, and the remaining sugar and oil stocks will continue to be distributed to families registered as weak families with the Ministry of Labor and Social Affairs social protection program.

In response to the growing needs of many families without income during the closing period, the government created a cash disbursement program (grant).

And the Iraqi Central Bank introduced measures to mitigate the impact of the crisis on families and companies, “but there is still a need for a larger stimulus package to restart the economy.”

Thanks to the implementation of strict price control measures after the initial hikes, food prices generally started to stabilize starting in April.

The latest data from the vulnerability analysis and planning system indicates that “price stability remains a challenge, as most retailers remain uncertain of future prices. However, overall market performance is improving,” according to the FAO report.

And regarding the solutions that the Iraqi government can adopt to get out of the current situation, the report indicated that the government needs to consider preparing various scenarios for its budget depending on the speed of the global recovery and to consider alternative sources of financing and adjustments to spending, re-study regional trade and improve food availability and allocate funds Of the remaining foreign reserves of food imports that can be exploited by private banks and merchants to ensure stable supplies in local markets, create an enabling environment for increased domestic production, and give farmers and workers in the agricultural and food sector exceptions to the closure and curfew investment in productive infrastructure and support for non-integrated sectors In the formal economy, strengthening social safety nets, and improving food security monitoring and control capabilities.

Global food markets remained well supplied, and overall international prices stabilized or fell slightly until May. The average FAO food price index was 162.5 points in May, down 3.1 points (1.9 percent) from April, and reached the lowest monthly average since December 2018.

May’s decline witnessed the fourth consecutive monthly decline in the value of the index. All other general index sub-indices recorded monthly declines in May, with the exception of sugar, which rose for the first time in three months.

In response to the World Health Organization’s announcement of a global epidemic of Corona virus, the government established the Crisis Cell Committee, headed by the Ministry of Health, and by virtue of Cabinet Resolution No. 55 at the end of March. Each ministry also formed its own crisis cell. The Prime Minister issued Order 151, which specified the membership of the commission. The Council of Ministers also formed the Supreme Committee for Health and National Safety.

Increased financial expenditures have led to a decrease in available reserves to respond to the unexpected economic downturn in light of the Corona Virus pandemic, and at the current spending rate, Iraq is asking for an oil price of US $ 76 per barrel to finance its recurrent expenditures for 2020, and if oil prices stabilize at $ 30- $ 35 per barrel for the rest of 2020 No reform measures have been taken, the budget deficit will exceed 29% of GDP in 2020 and total financing needs will reach $ 67 billion, about 39% of GDP. In this context (scenario), Iraq will have to resort to a mix of domestic and foreign sources to finance the deficit.

Financing the budget deficit and the current account deficit of 18.8% of GDP in 2020 while maintaining the exchange rate linked to the US dollar (which has not changed since 2009) will pressure Iraq’s foreign reserves.

Foreign currency reserves can only cover up to 6 months of imports as of May 2020, “thus exacerbating the country’s vulnerability to external shocks and undermining the country’s ability to finance food imports and domestic support programs.”

The upside of the current financial and monetary pressures is that inflationary pressures are still largely silent due to the availability of cheaper consumer goods. In addition, Turkish and Iranian currencies continue to decline, affecting the main official trading partners of Iraq.

Key inflation, defined as a measure of overall inflation within the economy that includes commodities such as food and energy prices, remains under control at less than 1%.

The public sector remains the most attractive sector for employment in Iraq, so any delay or suspension of the salaries and pensions of its employees, in addition to the low wages of workers in the private and informal sectors, will affect the family food expenditures, food markets and food security of the country, noting the ration courses that were delayed for two months since the beginning of the year.

The Ministry of Labor and Social Affairs continued to distribute one-time cash assistance under the “grant” program. The Ministry of Labor and Social Affairs agreed to grant 11.6 million people out of 12.3 million people who applied at the national level.

By May 9, the Iraqi Grain Board purchased about 1.36 million tons of local wheat from the start of purchase on April 16 to May 19, an increase from the amount of 542,000 tons purchased. This indicates that the harvest has shifted to the northern regions with the highest results.

It is estimated that Iraq has sufficient wheat stocks to cover its food needs at least until the autumn of 2020, with average domestic production increasing, according to the type of wheat purchased.

Domestic wheat production for 2020 is estimated at 4.5 million tons. The import requirement for wheat is estimated at 2.7 million tons, which will be mostly imported as flour (final product) for the marketing year 21-21-2020 (May-June).

The current stock of rice inside the country is about 190,000 tons, compared to two months of ration distribution. On average, Iraq produces about 270,000 tons of rice, and it is estimated that it needs about 1.3 million tons of rice imports, valued at about $ 674 million, according to 2019 price trends.

62% of rice imports are from India, while irrigated rice is produced in Iraq and harvested at the end of October. Domestic and imported rice are not direct substitutes for some of them as they are used for different types of dishes.

FAO noted some expected seasonal price hikes associated with April’s seasonal production in some plant components, such as tomatoes, which began returning to their normal prices at the end of May. For example, the increase in tomato prices decreased by 23% in April, by 28% in May.

In addition to developments in the global grain market, the average retail price of wheat flour increased by an annualized 21% in Iraq in April. Three of 23 different food commodities registered an increase of more than 10% per month during April. While five commodities increased between 5-10% per month.

The highest monthly increase was observed in tomato prices (24%) and beans (15%). The highest annual increase in eggs prices was recorded (28%).

The WFP food basket program driven by the cash transfer program of the World Food Program (2,100,000 calories per person per month) witnessed an average decrease of 2% per month while comparing the prices of the month of May with the month of April. The highest monthly decreases were observed in food basket prices in Diyala (-14%) and Anbar (-12%), while the highest monthly increase was observed in Nineveh (6%). The highest increase in the year was observed in Qadisiyah.

Number of views 37 Date added 23/07/2020  http://economy-news.net/content.php?id=21140

Parliamentary Integrity Reveals The Corruption Files That You Follow In Some Ministries

money and business  Economy News – Baghdad  The Parliamentary Integrity Committee said it is following many corruption files related to the various ministries, as well as other files on licensing rounds, the ratification of bills and oil contracts, and the renewal of “mobile” licenses.

Committee member Jawad Hamdan said in a press statement that “there are many corruption files referred by the committee to the Public Prosecution and Prosecution Authority, and so far no action has been taken on them, including files belonging to the ministries of industry, oil, tourism and antiquities.” Suspect

He added, “He submitted to the Integrity Commission approximately 15 files on corruption cases, in addition to three files related to the Ministry of Transport.”

He pointed out that “the parliamentary committee has many old corruption files from previous sessions, and many of the files are the work of deputies in person, and there are files for the committee in general, which it adopted and formed sub-committees to follow up on.”

And he added, “Among the corruption files that the Integrity Committee sub-committees follow are: corruption files in licensing rounds, certification of oil invoices and contracts, and the Petroleum Projects Company, and others at the level of ministries, such as the Ministry of Transport and Electricity, and in border crossings, in addition to corruption files in the Ministry of Defense, renewal of licenses For mobile phone. ”

He pointed out that “the size of the accumulated corruption files in the Parliamentary Integrity Committee is not commensurate with the ability of the committee to open all these files, because corruption is not stopping at this session in order to reopen the files that were identified by the committee in previous sessions.”

The committee member stressed “the necessity of developing plans for this committee that would be the true eye of the state at the level of all ministries, with the presence of specialized cadres of employees of those ministries, including legal, accountants and auditors, and by providing these procedures, the Integrity Committee will be able to play its true role correctly.”

Number of views 30 Date added 23/07/2020  http://economy-news.net/content.php?id=21141

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