Iraqi News Highlights Sunday Afternoon 11-6-22
Tlm724 Administrator Bondlady’s Corner
Iraq is the largest purchaser of gold in the second quarter of 2022
Market Economy News _ Baghdad Today, Sunday, the World Gold Council announced that Iraq is the country that is the largest purchaser of the yellow metal for the second quarter of 2022, while maintaining its 30th rank in the world among the largest countries in possession of gold reserves.
The council said in its latest schedule for the month of November 2022, which was reviewed by Al-Iqtisad News, that “Iraq jumped to the 30th rank after it was the largest purchaser for the second quarter of the current year 2022, after purchasing 33.90 tons of gold, bringing its reserve balance to 130.4 tons, which is Equivalent to 9.4 of the rest of his other reserves.
He added that “Turkey was the most buying country for gold for the third quarter of 2022, with a rate of 31.17 tons, bringing its reserves to 488.9 tons and reaching the 13th rank, while Egypt was the largest buyer for the first quarter of 2022 with 44.9 tons.
The United States of America still leads the rest of the countries with the largest gold possession in the world, at 8,133 thousand tons, followed by Germany, 3,355 thousand tons, and then Italy, 2,451 thousand tons, while the Lao People’s Republic ranked 100, with a rate of 900 kilos, preceded by the Republic of Cape Verde with 1 tons as well. “.
On June 27, Iraq announced the purchase of new quantities of gold, amounting to approximately (34) tons, an increase of 35% over what was in its possession.
It is noteworthy that the World Gold Council, which is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.
138 views Added 11/06/2022 – 10:51 AM Update 11/06/2022 – 6:18 PM
https://economy-news.net/content.php?id=30621
“The State Is Just A Teller”… An Economic Center: 90% Of Iraq’s Expenditures Are Without Production
Money and business Economy News-Baghdad The head of the Iraq Future Foundation, Manar Al-Obaidi, confirmed on Sunday that the majority of the Iraqi state’s expenditures go to non-productive sectors.
Al-Obeidi told “Economy News” that “the Iraqi state’s expenses for the year 2022 were distributed among 42% salaries, 24% social care, 10% grants and subsidies, and 14% debt service.”
He added, “90% of the total expenditures of the Iraqi state are without any productivity and without any real current or future return for Iraq.”
He pointed out that “90% of all expenditures mean that the Iraqi state is just a money changer who receives oil money and returns to distribute it unfairly among the Iraqi people.”
53 . views Added 11/06/2022 – 9:35 AM Update 11/06/2022 – 5:51 PM
https://economy-news.net/content.php?id=30616
Approach To The Formation Of The Future Iraqi Sovereign Fund, Which Forms It Systematically And Structurally And Implements It In Practice
Articles Aqeel Jaber Ali
A knowledge base that “on the path, the path is formed”, but we are still in the steps of thinking about shaping the path of the methodology of the sovereign fund. Undoubtedly, the scientific methodological theorization of the sovereign investment fund is not scientifically and methodologically difficult, but the stumbling obstacle in practical application, as is the case with the obstacle of transition to a type of budget Programs and objectives in the federal general budget.
It highlights the importance necessary to focus methodically and practically to contain and enable the shift from scientific theorizing to the reality and methodology of the applicable financial and economic model, which is the biggest challenge for government economic officials.
In this regard, we think in parallel who is the party responsible for forming and formulating the structure of the Iraqi Sovereign Fund in a real and realistic way, systematically, structurally and institutionally in the reality of institutional work away from non-productive and practically unproductive theorizing!
Sovereign funds can be created and formed from the surpluses of the federal public budget, surpluses of government revenues from the activities of companies whose assets occupy a large share, the revenues from certain tax savings, including foreign exchange reserves of central banks, and international trade surpluses.
This, for example, is how money is made in China. Sovereign funds, representing the state, dispose of national savings, invest them in funds of various companies and other financial instruments, in particular, in stocks, bonds and funds of foreign countries.
In principle, the foreign exchange reserves of the Fund are used differently from the official reserves of the government. Specifically, the state usually has two other schemes for investing financial resources: a central bank that invests primarily in bonds, and state-owned companies that invest their money in private equity.
But the resources of the last two institutions can also be transferred by the state to sovereign funds. Sovereign investment funds, owned by the governments of sovereign countries, manage state rental income (the public domain) and budget surpluses.
Each sovereign fund seeks to increase its potential and capabilities by investing in various national and international financial instruments. If the main goal of pension funds is to ensure the financing of pension obligations, then sovereign accumulation funds pursue various goals, such as: pooling savings for future generations, promoting the implementation of social and economic projects, and protecting the economy from fluctuations.
In commodity prices, to promote restructuring and scientific and technical development. This management of national wealth in the name of the development of society and the state as a whole can be considered a new type of modern international economic approach based on the formation of national welfare funds.
It opens new horizons for organization, planning and macroeconomic methodology. From the foregoing, there are several questions that seem logical and objective in the reality of the proactive thinking approach to the issue of forming the Iraqi sovereign fund, including:
Views 187 Added 11/06/2022 – 11:39 AM Update 11/06/2022 – 6:27 PM
https://economy-news.net/content.php?id=30624
Al-Nusairi: The Participation Of Banks In The Baghdad International Fair Enhances Confidence In The Banking Sector
Banks Economy News-Baghdad The economic and banking advisor to the Association of Iraqi Private Banks, Samir Al-Nusairi, said, on Sunday, that the wide and distinguished participation of the Central Bank of Iraq, the Association of Iraqi Private Banks, government and private banks, and the Tamkeen Fund, which is supervised and managed by the Central Bank of Iraq and the Association in the 46th session of the Baghdad International Fair enhances confidence in the Iraqi banking sector and strengthens relations Economic and banking relations with foreign countries and Arab countries, especially the Gulf countries,
and thus these relations will contribute to joint cooperation and the creation of solid correspondent banks for international banking, where 12 countries and 363 Arab, foreign and Iraqi companies participate in all disciplines and fields.
The broad and active participation of banks in the activities of the Baghdad International Fair comes with a distinguished presence of the Association and authorized managers and their attempt to promote the services, banking products and modern technical services provided by banks at the present time,
in particular the provision of financing loans to finance small, medium and housing projects within the initiative of the Central Bank to allocate 18 trillion dinars to revitalize the economic cycle Stimulating the economy, reducing the unemployment rate for graduates and those with professions and crafts, achieving the societal goal of the banking sector,
as well as motivating the public to go to save in banks and reduce hoarding in homes and in unsafe places “with the aim of raising the percentage of financial inclusion, which rose during this year to 33.5%.
He noted that “the public’s visit to the wings of the participating banks and to see the banks’ plans, procedures and services will contribute greatly to restoring confidence in them, as they are solid national financial institutions, and their deposits in them will be guaranteed by law, especially since the Deposit Insurance Company has begun its work.”
Al-Nusairi called on the concerned government authorities and the Ministry of Finance to implement the decisions of the Council of Ministers and the Economic Committee in the Council of Ministers regarding supporting private banks and creating a state of balance between the volume of deposits in government banks and the volume of deposits in private banks, which currently constitute only 13% of the total deposits.
Concerned with settling salaries for employees in banks with the aim of increasing the ability of banks to grant cash credit of all kinds, in addition to involving the leaders and experts of the Egyptian sector in making economic decisions related to the banking sector and their participation in official delegations and joint committees for economic cooperation with countries of the world because without a sound banking sector it is not possible to build an economy A healthy country.”
Views 178 Added 11/06/2022 – 12:45 PM Update 11/06/2022 – 6:27 PM
https://economy-news.net/content.php?id=30626
The Prime Minister Approves The Resignation Request Submitted By The President Of The National Investment Commission / Expanded
Sunday 06 November 2022 17:14 | political Number of readings: 145
Baghdad / NINA / – The Prime Minister, Muhammad Shiaa Al-Sudani, has approved the resignation request submitted by the head of the National Investment Commission, Suha Daoud Najjar.
And his media office stated in a statement, “The Prime Minister directed the concerned agencies to take the necessary measures regarding the resignation of the head of the National Investment Commission, and authorizes the Vice-President of the Commission, Salar Muhammad Amin, to run the affairs of the commission temporarily.” / End https://ninanews.com/Website/News/Details?key=1012340
The Rise In The Exchange Rate Of The Dollar Against The Dinar
Economie| 10:00 – 06/11/2022 Baghdad – Mawazine News, the dollar exchange rates rose, today, Sunday, on the local stock exchange. Selling price: 147.000 dinars per $100 purchase price: 146.900 dinars per $100 https://www.mawazin.net/Details.aspx?jimare=210356
Iraq’s Oil Exports To America Rise In A Month
Economie| 08:53 – 06/11/2022 Follow-up – Mawazine News, the US Energy Information Administration announced, on Sunday, that Iraq’s oil exports to America amounted to more than 5 million barrels last October.
The administration said in its schedule, seen by Shafak News Agency, that “Iraq exported 4.588 million barrels of crude oil to America during the month of October, at an average of 148 thousand barrels per day,” down from the month of September, in which Iraqi oil exports to America amounted to 7.050 million. barrels and an average of 235 thousand barrels per day.
She added that “Iraq exported crude oil to America during the first week of September at a rate of 109 thousand barrels per day, while an average of 130 thousand barrels per day was issued in the second week, and an average of 220 thousand barrels per day was exported in the third week,” noting that “the fourth week’s exports amounted to 134 thousand barrels per day.
The US Energy Information Administration stated that “Iraq ranked sixth in its exports to America during the past month, after Canada, Mexico, Saudi Arabia, Colombia and Brazil, and the second Arab country after Saudi Arabia, whose exports to America reached 11 million, and 284,000 barrels per day,” noting that “Canada ranked first as the most oil-exporting country to America, followed by Mexico.” Ended 29 / AD 99 https://www.mawazin.net/Details.aspx?jimare=210351
Central Bank: Bank Loans Include The Citizens Of The Kurdistan Region
Sunday, 6 November 2022 2:00 PM Baghdad / National News Center Today, Sunday, the Central Bank of Iraq announced that the loan initiatives it launched also include the citizens of the Kurdistan Region.
The bank said in a statement received by the National News Center: “Its initiatives of various kinds, the latest of which is the health loan initiative, include all segments of Iraqi society in all governorates of Iraq, including the Kurdistan Region, while adhering to the conditions and instructions for each initiative.”
On October 7, 2022, the Central Bank of Iraq decided to include people with cancerous diseases and incurable cases with loans as part of its development initiative, granted through authorized banks in Iraq at a rate of 5 per thousand and with a repayment period not exceeding five years.
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