Bondlady’s Corner Iraqi News Thursday Afternoon

  In Bondlady’s Corner 

Iraqi News Thursday Afternoon 5-12-22

TLM724 Administrator BondLady’s Corner

Mahmoud Dagher Explains The Economic Feasibility Of Removing Zeros From The Local Currency

Money  and business   Economy News-Baghdad   The economic expert, Mahmoud Dagher, explained the economic feasibility of the project to delete zeros from the Iraqi currency, which is frequent in political and economic circles from time to time, especially in times of inflation.

 

Dagher said to “Economy News”, that “removing zeros does not change the level of inflation because it does not change the money supply or securities,” adding that “the state will have to spend money to print a currency equivalent to the replaced currency.”

 

On ways to preserve money during inflation in the markets, Dagher advised capital owners to “invest in fixed assets that are not subject to commercial circulation, such as gold, real estate and fixed assets to keep money from eroding during price increases.”

 

Views 239 Date added 12/05/2022  LINK

 

Iraq Possesses “Financial Abundance” .. An Economist Who Is Mortgaging The Sustainability Of The Industrial Sector

 

Economie   Thursday, May 12 2022 10:34 AM   National News Center / Special  Today, Wednesday, economic advisor Duraid Mahmoud Al-Enezi pledged Iraq’s continuity of the industrial sector’s permanence, noting that Iraq has a great financial abundance that can restore this sector to work again.

 

Al-Enezi said in a statement to the “National News Center”, “Most of the Iraqi factories can return to work, and new factories and factories can be purchased, but what we really lack is the decision to return them to service.”

 

And he continued, “The past three months, due to the high oil prices, provided Iraq with a financial abundance of 38 billion and a half billion dollars, and this abundance can revive the industrial sector in Iraq, especially since the sustainability of the sector means the continuation of Iraq.”

 

Oil prices rose sharply today, Wednesday, with renewed concerns about the flow of energy from Russia, as US oil jumped 6.3 percent to $ 105.97 a barrel in recent trading, while Brent crude rose 5.2 percent to $ 107.75 a barrel.  LINK

 

Parliamentary Foreign Affairs To / NINA /: These Are Our Important Files And The Legislation That We Will Work On In The Current Session

 

Thursday 12 May 2022 16:12 | political Number of readings: 183  Baghdad / NINA / – The Parliamentary Relations and Foreign Affairs Committee revealed the most important files and legislation that it will work on during the current session of the House of Representatives.

 

Committee member MP Abbas Al-Zamili said, in a statement to the National Iraqi News Agency ( NINA ), that “the work of the Parliamentary Committee for the current session will be different, as it includes more than one head of an important parliamentary bloc in Parliament who will work together to formulate the Iraqi foreign policy for the coming period.”

 

He explained, “The performance of the Relations Committee will be completely different and affect the life of the citizen directly, and give a clear message about Iraq’s status, sovereignty and foreign relations with neighboring countries and with the international community.”

 

Regarding the most important files that the Parliamentary Committee will work on, the head of the Al-Fateh Alliance Parliamentary Bloc confirmed, “The priority of the important files will be the sovereignty of Iraq and the relationship with neighboring countries, and the mechanism for granting entry visas to the Iraqi citizen to some countries that travelers suffer from by not granting them the visa, as well as the issue of efficiency The Iraqi passport is compared to the passports of other countries.

 

The House of Representatives voted, in its session held yesterday, Wednesday, to distribute the members of the Foreign Relations Committee, which included representatives Ibtisam Al-Budairi, Yasser Al-Maliki, Amer Hussein Al-Fayez, Dylan Ghafoor Saleh, Irian Aziz Ahmed, Muthanna Amin, Ivan Faeq Yaqoub, Gandhi Abdul Karim, Shalan Al-Karim and Hassan Al-Adhari. And Vian Sabri./End of 5

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The Iraqi Stock Exchange Closed Lower In The First Week Of May

 

Market   Economy News-Baghdad   During the first week of May 2022, the Iraq Stock Exchange organized five trading sessions from Sunday 05/08/2022 to Thursday 05/12/2022.

 

According to a market report, the number of shares traded this week amounted to more than (52) billion shares .The value of traded shares this week amounted to more than (43) billion dinars .

 

And the trading index closed in the market for the first session of the week at (589.84) points, while the index closed at the end of the week at (583.47), achieving a decrease of (1.09%) from its closing in the first session .

 

And executed during the week more than (3400) contracts of buying and selling on the shares of companies listed in the market .  Views 85 Date added 12/05/2022 LINK

 

The Stability Of The Dollar Exchange Rates On The Local Stock Exchange

 

Economie| 10:13 – 12/05/2022   Baghdad – Mawazine News , the dollar exchange rates recorded, today, Thursday, stability in the circulation of the Iraqi local markets.

 

And the selling prices of the dollar were recorded at 148,500 dinars per 100 dollars, while the purchase prices of the dollar were recorded at 147,500 dinars per 100 dollars.

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Al-Rafidain Bank Directs Its Branches To Promote Investment Loan Applications

 

Economie| 09:33 – 12/05/2022   Baghdad – Mawazine News   Today, Thursday, Al-Rafidain Bank directed its branches in Baghdad and the provinces to promote investment loan applications for all sectors.

 

The media office of the bank stated, in a statement received by Mawazine News, a copy of it, that “with the aim of supporting the national economy, revitalizing the economic movement in the country and diversifying the banking services provided to customers, the bank instructed its branches to finance investors and owners of supporting projects to move the wheel of construction and reconstruction.”

 

He added that “the granting of investment loans is after studying the economic feasibility of the project to be financed with the availability of appropriate guarantees that guarantee the bank’s right to recover its money.” Ended 29/PM 99    LINK

 

Inflation Fears Drop Oil Prices To More Than 1%

 

Economie| 12:16 – 12/05/2022  Follow-up – Mawazine News:  Oil prices fell more than 1%, in a volatile week, as economic fears and fears of recession negatively affected global financial markets, in a way that outweighed concerns about supplies and tension in Europe.

 

Oil prices are under pressure this week, along with global financial markets, amid concerns about rising interest rates, the dollar’s rise to a two-decade high, and worries about inflation and a possible recession. The prolonged shutdown to combat COVID-19 in China, the world’s largest importer of crude, has also affected the market.

 

However, the market received a boost thanks to supply concerns from the Russo-Ukrainian war, with prices rising more than 35% since the beginning of the year. Prices are also receiving support from a ban under consideration in the European Union for Russian oil, a major supplier of crude and fuel to the bloc, which could lead to a further decline in global supplies.

 

The European Union is still haggling over the details of the Russian ban, and approval of the ban needs consensus, and it was postponed because Hungary opposes the ban because it would be very damaging to its economy.

 

Brent crude futures fell $1.25, or 1.2 percent, to $106.26 a barrel, and US West Texas Intermediate crude futures fell $1.24, or 1.2 percent, to $104.47 a barrel.

 

On Wednesday, oil prices jumped 5% after Russia imposed sanctions on 31 companies in countries that were sanctioned after the invasion of Ukraine.

 

This caused concern in the market at a time when the flow of Russian natural gas to Europe through Ukraine fell by a quarter. This is the first time that exports through Ukraine have been disrupted since the war began.

 

Concerns about deteriorating demand in China, which is trying to curb the spread of the Corona virus, also curbed the rise in prices.

 

The US Energy Information Administration said that commercial crude stocks in the United States rose last week due to a record withdrawal of oil from the strategic reserves. LINK

The National Oil Company Issues A Statement On The Contracts And Agreements Signed In The Kurdistan Region

 

Political | 04:02 – 12/05/2022   Baghdad – Mawazine News, today, Thursday, the National Oil Company issued a statement on the contracts and agreements signed in the Kurdistan region.

 

The company stated, in a statement, that “the federal government’s competence in managing the current fields does not negate its lack of competence in managing the fields that will be discovered in the future.”

 

She added, “Saying otherwise will lead to illogical results, the most prominent of which is that some regions will participate with the state and other regions in the explored fields before the entry into force of the constitution on the one hand, and will be unique in managing and exploiting the new and explored fields on the other hand, in their lands, which leads to the inflation of their imports and the increase in the welfare of their residents.” Compared to the regions and governorates that are not organized into a region in the country.

 

And the company continued, “Also, the fact that any region concludes oil contracts and agreements with international companies and countries to export the extracted oil and gas violates the provisions of the above constitution, because the federal government’s jurisdiction is to formulate oil and gas development policy and manage the activity related to them and its competence in foreign trade.”

 

She explained, “The financial terms of service contracts prepared by the Ministry of Oil, which will be approved for redevelopment, comprehensive development or exploration in all licensing rounds, are the best compared to the financial terms of production-sharing contracts, whether it is for the state or foreign companies (contractor).”

 

The company indicated, “In production-sharing contracts for the region’s fields, the contractor is given a share of the extracted oil, in addition to the freedom to dispose of his share of the produced quantities and sell them at the place and time specified by the contractor, and this violates Article 111 of the Constitution, which clarifies that oil and gas are the property of the Iraqi people.”

 

And she added, “In spite of this, the region has authorized foreign companies to have full control over the petroleum operations through the terms of the production-sharing contracts for the region, as one of these clauses included, “that the government and each contracting entity have the right and obligation to sell or dispose of their oil shares in kind,” indicating, “That is, the regional government has given the contractors the right to sell their share of the oil produced and pay the government’s share.”

 

She stressed by saying: “Where the opposite is supposed to be true, and this means that the principle of control over production rests with foreign companies, and this is in contrast to service contracts for tours. Licenses for the Federal Ministry of Oil.”

 

She pointed out, “All oil produced through licensing rounds contracts is sold by the Oil Marketing Company (SOMO) at competitive prices that achieve the highest revenues for the Iraqi people.”

 

The statement said: “The Federal Ministry of Oil would also like to show that the financial terms of production-sharing contracts for the Kurdistan region – Iraq compared to the financial terms of service contracts have achieved very high benefits and profits for foreign companies at the expense of the government due to the absence of the principle of transparent competition and the resort to a direct bilateral agreement with companies. When referring those contracts, this is contrary to what was approved by the Federal Ministry of Oil in the oil licensing rounds.

 

He continued, “This caused the loss of the opportunity to obtain the best commercial terms to maximize the financial revenues from selling oil produced from the region’s fields, as the financial returns of the regional government constitute no more than 80% as an average after deducting production costs (the cost of producing a barrel of oil), while the returns constitute The financial statements for the first and second licensing rounds increased to more than 94.5% to 96.5%, and as shown in the attached commercial plans, and that the production costs were equivalent to 4 times the production costs in the licensing rounds of the Federal Ministry of Oil.

 

And between, “On the other hand, the regional government signed on itself, through production-sharing contracts, a contractual obligation to exempt contractors from taxes and allowed them to inflate their profits without imposing any kind of taxes or sharing those inflated profits, especially when oil prices rose globally, and this violates the tax law. For the year 1982 (amended) and its instructions.

 

He pointed out that “the region did not adhere to the quotas allocated to Iraq under the OPEC agreements, which negatively affected the quantities of oil allocated to Iraq from the central and southern fields, and thus had a negative impact on the financial returns of the federal government, despite bearing its burdens by securing the salaries of its people in the region.” LINK

 

Integrity: The Director Of The Agricultural Bank Branch In Hawija Was Arrested On Charges Of Embezzlement

 

Political | 04:38 – 12/05/2022   Baghdad – Mawazine News: The Federal Integrity Commission was able to arrest officials in the branch of the Cooperative Agricultural Bank in Hawija, stressing that the operation came against the background of discovering a waste of public money in the bank branch.

 

The Commission’s Investigation Department, while talking about the details of the operation that took place according to a judicial memorandum stating that the Commission’s investigation office in Kirkuk had received information that officials in the Agricultural Cooperative Bank – Hawija branch had committed major embezzlement operations, after which the office formed a team; To investigate the authenticity of information, and conduct a fundamental audit and investigation.

 

The department continued, explaining that the team, which moved to the bank’s branch, was able, after conducting a fundamental audit and investigation, to detect the embezzlement of an amount of (100,000,000) million dinars from the bank’s fund.

 

She added that the operation resulted in the arrest of the branch manager of the Agricultural Cooperative Bank in Hawija and his assistant, in addition to the arrest of the treasurer, noting that a fundamental arrest report was organized in the process, and presented with the accused and the seized documents to the investigating judge; who decided to arrest them; Based on the provisions of Article (316) of the Penal Code. LINK

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