BondLady’s Corner Early Sunday PM 10-24-21

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Iraq As First Representative Of The Government Team In The Board Of Directors Of The Arab Labor Organization

Sunday 24 October 2021 19:19 | Economic Number of readings: 231   Baghdad / NINA / – Minister of Labor and Social Affairs Adel Al-Rakab was elected on Sunday as first deputy for the government team in the Board of Directors of the Arab Labor Organization.

A statement by the ministry stated, “This came during the first procedural session of the organization’s board of directors, as Nasser Al-Meer from the Qatar Chambers of Commerce and Industry was elected as its chairman, and Yaqoub Yousef from Bahrain as second deputy for the employers team, and the formation of the presidency was approved from among the members of the organization’s board of directors. all”.

He added, “Iraq was also elected as a member of the Committee on Trade Union Freedoms in the organization.”

Al-Rikabi had arrived at the head of a ministerial delegation to the Qatari capital, Doha, to attend the meetings of the 95th session of the Board of Directors of the Arab Labor Organization, which will be held for the period from 24-25/10/2021 at the invitation of the Qatar Chamber of Commerce and Industry. /finished8 https://ninanews.com/Website/News/Details?key=934981

Central Bank Sales Of Dollars Recorded More Than 150 Million

Economie| 01:09 – 10/24/2021   Baghdad – Mawazine News   , the Central Bank of Iraq’s sales fell, on Sunday, from the difficult process, to record more than 150 million dollars.

Today, the Central Bank auction for the sale and purchase of foreign currencies witnessed a decrease in its sales by 3.23% to reach 150 million, and 823 thousand and 703 dollars, which it covered at a base exchange rate of 1460 Iraqi dinars per dollar.

The purchases amounting to 122 million and 13 thousand and 703 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 28 million and 810 thousand dollars went in cash.

19 banks responded to requests to enhance balances abroad, and 11 banks to meet cash requests, in addition to 198 intermediary companies. Ended 29/A 4    https://www.mawazin.net/Details.aspx?jimare=172291

Dollar Exchange Rates In Local Markets Today

Market   Economy News _ Baghdad  Today, Sunday, the dollar exchange rates witnessed stability in the local markets.

Where the selling prices of the dollar recorded 148.000 dinars per 100 dollars, while the purchase prices of the dollar recorded 147,500 dinars per 100 dollars.

And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar. Views 285 Date Added 10/24/2021    https://economy-news.net/content.php?id=26660

A Significant Increase In Iraq’s Oil Exports To America

Energy   Economy News _ Baghdad   The US Energy Information Administration announced, on Sunday, that Iraq’s oil exports to America increased by 239,000 barrels per day during the past week.

The administration said in a report seen by “Economy News”, that “the average US imports of crude oil during the past week from eight countries amounted to 4.901 million barrels per day, down by 584,000 barrels per day from the previous week, which amounted to 5.485 million barrels per day.”

And she added, “America imported crude oil from Iraq at a rate of 239 thousand barrels per day during the past week, up from the previous week, in which the average exports reached 188 thousand barrels per day.”

She pointed out that “most of America’s oil imports during the past week came from Canada, at a rate of 3.254 million barrels per day, followed by Mexico, whose imports amounted to 462,000 barrels per day, followed by Saudi Arabia, whose imports amounted to 319,000 barrels per day, then Colombia, with a quantity of 319 thousand barrels per day. 211,000 barrels per day.

According to the administration, “the amount of US imports of crude oil from Brazil reached an average of 208 thousand barrels per day, followed by Nigeria, whose imports amounted to 137,000 barrels per day, and then Trinidad and Tobago, whose imports amounted to 71 thousand barrels per day,” noting that ” America did not import crude oil from Ecuador and Russia during the past week.”

Views 295 Date Added 10/24/2021    https://economy-news.net/content.php?id=26659

With The Aim Of Placing Oil Revenues On The Development Track, The Successful Experiences Of Countries

Sunday 24 October 2021   135   With the aim of placing oil revenues on the development track, the successful experiences of countries

Baghdad: Imad of the emirate   Benefiting from oil revenues and making them more beneficial to the country is of interest to economists and those interested in it, as there are many international oil experiences in managing oil revenues, the most prominent of which is the Norwegian experience, and how it employed the oil sector in creating an integrated and refreshing economy characterized by a solid industrial basis.

Dean of the College of Business Economics at Al-Nahrain University, Dr. Nagham Hussein Nehme, said: “In 1990, the Norwegian Parliament passed the State Oil Fund Law;

In order for this fund to support a long-term management of the revenues of the oil sector and to work on the accumulation of government financial assets in order to deal with the large financial obligations in the future, related to the requirements of public spending in the field of retirement, aging population and health care, and this fund separates the state’s oil revenues from the national economy and consumption. At the same time, it constitutes a reserve that protects the country’s economy from violent shocks in oil prices.

She added, “In 1996, the money was transferred for the first time from the state treasury to the fund, and in 1998 it was allowed to use the fund’s money in commercial shares, and the fund was named the retirement fund, and the fund includes profit on investments managed by the fund as well as oil revenues.”

Norwegian Finance

Dr. Nagham continued: “The Norwegian Ministry of Finance has entrusted the highest responsibility for managing the fund to the Central Bank of Norway, and as a general rule, the majority of politicians in the country agreed that the oil revenue in the regular budget should not exceed 4% of the annual profit for the investments undertaken by the fund, and in the long-term it works The fund and through the savings role it plays to cover and finance public expenditures in the future.”

Experience licenses

Regarding the oil licensing experience in Iraq, the expert in economic affairs, Dr. Ahmed Al-Rawi, said: “Many specialists in oil management consider the oil licensing experience to be the best for managing and increasing production, so many consider this experience to be a correct start for the development of the oil industry in Iraq, and given the country’s interruption for a period of time.

For decades, there has been a long history of technological developments in the field of oil. The matter requires that the Iraqi staff deal with the rapid developments in this field in stages, in order to master the work completely.”

oil industry

He pointed out that “the result of this trend is to raise its efficiency and advance the oil sector in isolation from foreign companies, as the process of promoting the oil industry requires technology and huge capital.”

Al-Rawi said that “the involvement of multinational companies that have weight in the field of oil investments in Iraq to invest in important oil fields is a direction with a strategic dimension, and may be a reason for the advancement of the oil sector.”  LINK

Industry: {Rising Growth} After Opening Several Factories

Sunday 24 October 2021   194   Baghdad: Shatha Al-Janabi and Jinan Al-Asadi

The Ministry of Industry and Minerals confirmed, for the first time, achieving growth rates of 16% after the opening of many factories, laboratories and new production lines, pointing to the importance of establishing a marketing center that works on preparing marketing staff to promote local products for the public, private and mixed sectors.

The statement was made by Minister Manhal Aziz al-Khabbaz during a conference held by the Industrial Research and Development Authority at the Baghdad International Fair, which was attended by “Al-Sabah”.

He added during the work of the conference, which was held under the slogan (Marketing is Art, Ambition and Challenge), that “Iraq has industrial experiences for the past long years, but there is a problem that lies in the weakness of its marketing system,” noting that “the ministry has now given its attention to two main directions, namely research and development, and the marketing mechanism.” correct.”

The Minister of Industry promised the Iraqi market “young, renewable, and the focus of attention of international companies, and it needs the presence of integrated marketing capabilities and cadres, marketing plans and future goals for most of its commercial sectors,” stressing that “the marketing process in the country is late, as the state is responsible for marketing products to government departments and institutions.”

In the same context, he stressed, “The ministry has given great attention to the opening of new factories and factories, and the dependence on the national industry, and this has positive repercussions for the country, such as saving hard currency, reducing unemployment rates and raising the country’s economic level,” revealing “its success for the first time by achieving a growth rate of 16% after the opening Many factories, laboratories and new production lines.

Al-Khabbaz indicated that “the ministry opened, as part of a plan prepared in this regard, about 11 new plants and factories during the past and current years, according to short, medium and long-term plans, including a new factory for asphalt products in Diyala Governorate with a capacity of 80,000 tons annually, and a plant for the production of medical oxygen gas in the State Company.” Steel industries with a capacity of 500 cylinders per day.

And he added, “The Al Mahaweel Brick Factory of the General Company for Construction Industries with a capacity of 30 million blocks annually, and a factory for the production of electrical transformers in the General Company for Electrical and Electronic Industries with a capacity of 30 million blocks annually, was also opened.

10,000 transfers annually.

The Minister of Industry added that “a Kabaisa cement plant with a capacity of 95% of its design capacity of ordinary and resistant cement was also opened, in addition to the opening of the Fallujah Black Cement Plant with a capacity of 1.5 million tons annually.

for ordinary cement.    LINK

 

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