Iraqi News Thursday AM 7-14-22
TLM724 Administrator BondLady’s Corner
The Central Bank Reveals The Size Of The Cash Reserve And Confirms The Rise In Iraq’s Gold Reserves
Thursday 14 July 2022 11:49 | Economic Number of readings: 491 Baghdad / NINA / – The Central Bank of Iraq renewed its assurances to citizens that the continued rise in oil prices in the global market contributes to increasing the cash reserve of hard currency, stressing the rise in Iraq’s gold reserves.
The Deputy Governor of the Central Bank, Ammar Khalaf, stated, in a statement to the National Iraqi News Agency ( NINA ), that “the increase in the monetary reserve is linked to the rise in oil prices in the global market and is reflected in the reserves of the Central Bank, which we expect to reach 90 billion dollars at the end of this year.”
He explained, “The cash reserve currently with the Central Bank has reached more than 70 billion dollars.”
And about the size of Iraq’s gold reserves, the Deputy Governor of the Central Bank confirmed, “We have more than 100 tons of gold reserves currently, indicating that”
He added, “We reached an increase in this number a short time ago, up to 30 tons, which led to the rise of Iraq’s classification in the global gold list, ahead of other countries.”
The Central Bank of Iraq, late last month, announced that Iraq had advanced among the list of countries with the most gold reserves, bringing its total possessions to (130.39) tons, ranked thirty in the world and fourth in the Arab world. / End 5 https://ninanews.com/Website/News/Details?Key=987475
Because Of The Drought… Iraq Loses 50% Of The Wealth Of Bees
Reports Economy News-Baghdad The “Al-Araby Al-Jadeed” website revealed a new crisis affecting the environment of Iraq with the increasing effects of drought on the provinces, indicating that one of the most important Iraqi professions, the honey industry, has begun to decline and gradually disappear .
The agricultural engineer who specializes in beekeeping, Ghanem Al-Azzawi, says in a report that “the honey industry in Iraq is a source of livelihood for thousands of Iraqi families, but today it is threatened with decline, due to drought, desertification, lack of vegetation cover, diseases and lack of support .”
He added that “beekeeping is one of the successful economic projects, and its owners succeeded in providing the Iraqi market with natural honey, throughout the previous period, but it declined in the past two years and worsened during this year as a result of government neglect, the decline of agriculture, the increase in desertification and environmental pollution, which prompted many breeders to quit this profession .
Al-Azzawi points out that “one beehive in previous years, especially during abundant water and rain, produced approximately 40 kilograms of honey per season, but now the production of honey per beehive does not exceed 10 kilograms, except what is rare in some areas of northern Iraq .”
Al-Azzawi warns that thousands of Iraqi families will lose their sources of income as a result of striking the honey industry, calling on his country’s government to develop a plan to preserve the rest of it. For his part, a member of the Iraqi Beekeepers Association, Nuri al-Hadithi, explains how beekeeping has expanded in Iraq in the past two decades, until it has become a profession for thousands of Iraqis, but he confirms that it is now threatened by climate change, from dust storms, desertification, the decline of vegetation cover and water scarcity .
He explained, “Beekeeping has turned in previous years into investment projects that compete with many projects in other sectors, but are now threatened with disappearance as a result of the dryness of the rivers and the lack of rain .”
He points out that bee swarms in some areas of Iraq have gradually disappeared and others have lost their ability to produce bees by more than 80 percent as a result of the lack of flowering plants due to drought, noting that Iraq has lost more than 50 percent of the wealth of bees .
According to Al-Hadithi, “the number of officially registered hives is more than 500,000 beehives, and annually produces more than 2,000 tons of natural honey, while the number of beekeepers has reached more than 2,000 beekeepers, in addition to other unregistered amateur beekeepers distributed throughout Iraq.” Especially the central and northern regions. Views 202 Added 07/14/2022 – 11:27 AM Update 07/14/2022 – 6:38 PM https://economy-news.net/content.php?id=28899
Planning For / Nina /: These Are Projects And Future Development Plans That Will Be Launched Soon
Thursday 14 July 2022 14:09 | Economic Number of readings: 257 Baghdad / NINA / – The Ministry of Planning is preparing to launch a package of projects and future development plans for the next phase.
The official spokesman for the ministry, Abdul-Zahra Al-Hindawi, said, in a statement to the National Iraqi News Agency ( NINA ), that “the Ministry of Planning is in the process of announcing the five-year development plan for the next five years 2023-2027, and preparing a new strategy to reduce poverty in the country for the next five years.”
He added, “The population census is not a substitute for statistical surveys, which are also not a substitute for the population census, because both complement the other,” noting that “the labor force survey, the results of which were officially announced before the Eid al-Adha holiday, shed light on many economic and societal joints. in the file of manpower in Iraq.
He explained, “The broad, detailed package of indicators about the reality of the workforce and community groups in Iraq, will be an important support for those plans with the aim of setting appropriate policies for each detail and addressing them.” https://ninanews.com/Website/News/Details?Key=987512
A Proposed Mechanism For Calculating Inflation According To The Consumer Price Index In Iraq
Ali Dadouch The Consumer Price Index (CPI) is defined as a measure of the incremental average change in the prices paid by urban consumers for a market basket of consumer goods and services.
The index measures the monthly change in the prices paid by consumers, and the US Bureau of Labor Statistics ( BLS ) uses the Consumer Price Index to calculate the consumer price index as a weighted average of the prices of a basket of goods and services representing total consumer spending in the United States, and the consumer price index is one of the most common measures in calculating Inflation and deflation, where the CPI report uses a different survey methodology and a sample of prices and index weights different from the Producer Price Index ( PPI ), which measures the change in prices received by producers of goods and services, and the index is determined according to various groups of goods and services arranged into (Cool categories. Expenditures included, as shown in the figure below:
User fees and sales or production taxes are included, while income taxes and prices for investments such as stocks, bonds, or a life insurance policy are not part of the CPI. The prices of the housing category, which represent approximately one third of the general consumer price index, are based on a survey of the rental prices of 43,000 housing units, which are then used to calculate the rise in rent prices as well as the owners’ equivalent. The owner’s equivalent category represents the rent equivalent of owner-occupied dwellings to correctly reflect the share of housing costs in consumer spending.
The CPI market basket has been developed from detailed spending information provided by families and individuals about what they have actually purchased, as there is a time lag between the spending survey and its use in the CPI. For example, the US Bureau of Labor Statistics has basedIn calculating the consumer price index in the years (2020-2021) to the data collected from consumer spending surveys for the years (2017-2018),
and in each of those years, about (24,000) thousand consumers from all over the country provided quarterly information on their spending habits Their own in the interview survey, which includes collecting information about frequently purchased items (food, personal care products, etc.),
and during the past two years (12,000) thousand American consumers kept records of everything they bought, so the mechanism for calculating the index came According to expenditure information for about (24,000) thousand consumers in the form of weekly diaries and (48,000) thousand quarterly interviews were used to determine the importance or weight of the categories of elements in the structure of the CPI index .
According to US Bureau of Labor Statistics ( BLS ) data for the month of June, annual consumer prices in the US rose by (9.1%), the largest increase in more than four decades, and this has affected American society and made them deeper into paying for gasoline, food and health care. And rents, the Federal Reserve is sure to raise interest rates by another 75 basis points at the end of this month.
The data also indicated an increase in the prices of a group of other goods and services, including cars, clothes and home furniture, as this rise in the consumer price index is the largest in almost 17 years on a monthly basis.
The inflation data came on the heels of stronger-than-expected job growth in June, and indicated that the US central bank’s tight monetary policy stance has made little progress so far in calming (reducing) demand and lowering inflation targeting to 2%.
And with home rents rising (the biggest rise in home rents in 36 years), inflation could become entrenched, with rents being one of the largest and most stable categories of inflation, raising the risk that the Fed will continue to raise interest rates in the second half. from 2022.
Although high inflation has affected all countries of the world, it represents a political danger to US President (Joe Biden) and his Democratic Party, who enters the congressional elections next November.
Despite the Fed’s intentions to fight inflation as a priority, the inflation situation is increasing in the economy day by day. Inflation rose by (1.3%) last month, the largest monthly rise since September 2005, and the rise in energy prices by (7.5%) Almost half of the increase in the consumer price index, gasoline prices jumped by (11.2%), while natural gas prices rose by (8.2%), the largest percentage since October 2005.
The cost of food consumed at home increased by (1%), to record the sixth consecutive monthly increase, and during the whole year (since June 2021) the consumer price index jumped by (9.1%).
This was the largest rise since 1981, as these increases in consumer prices were most impacted by (crowded global supply chains and massive fiscal stimulus from governments early in the COVID-19 pandemic , as well as the ongoing Russia-Ukraine war, which caused rising global food and fuel prices),
The same applies to the rest of the goods and services. The cost of car maintenance and repair has increased by (2%), which is the largest percentage since September 1974, and health care costs have increased by (0.7%) with a record increase in the cost of dental services.
Clothing prices decreased (0.8%), although retailers such as Walmart (WMT.N) and Target (TGT.N) reported excess inventory requiring discounts (i.e. surplus clothing items with discounts). Also saw a rise.
As we know that high inflation is eroding wage gains, which, along with higher borrowing costs, can lead to lower consumer spending, making us witness strong prospects for the start of an economic recession in early 2023.
The most prominent question is, where is the report of the Consumer Price Index for the Ministry of Planning, which was not issued for several months past, and for real reasons that I am completely ignorant of.
Here, we suggest a simple mechanism for calculating inflation through the consumer price index, if the ministry wanted to conduct a field survey in an easy and simplified way, which is that (a large group of shop and supermarket owners in different areas are chosen to measure the rates of change in goods, services and foodstuffs, and they are From the same accountant window (the cashier), thus facilitating the measurement process for each month).
As for housing, it can be divided into several categories, including (housing rents in low- and middle-income areas, including in high-income areas, in addition to rents in tourist areas). The same applies to clothes and other goods that can be calculated through commercial places and malls.
Views 182 Added 07/14/2022 – 1:53 PM Update 07/14/2022 – 6:39 PM
https://economy-news.net/content.php?id=28901
Oil Prices Continue To Decline
Economie| 08:37 – 14/07/2022 Follow-up – Mawazine News: Oil prices continued to decline, today, Thursday, with investors doubling the bets on the US Central Bank raising interest rates, which would control inflation and reduce demand for oil.
Brent crude futures for September fell 20 cents, or 0.2%, to $ 99.37 a barrel, after increasing 9 cents, on Wednesday.
West Texas Intermediate crude futures for August delivery were traded at $95.93 a barrel, down 37 cents, or 0.4%, after an increase of 46 cents in the previous session. Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=199298
Mosul Reconstruction Committee: A Number Of Projects Will Be Implemented Within The Emergency Support Law
Economie| 09:42 – 07/14/2022 Baghdad – Mawazine News The Mosul Reconstruction Committee announced, on Thursday, that Nineveh Governorate will witness the implementation of a number of projects within the emergency support law, while revealing the details of a visit to Baghdad by a team headed by Nineveh Governor Najm al-Jubouri, after the Eid holiday.
The Executive Director of the Committee, Abdul Qader Al-Dakhil, said that “the funds allocated in the emergency support law for Nineveh Governorate will be implemented through which a number of projects will be included by the Ministry of Planning.”
In an interview with the official news agency, Mawazine News, Al-Dakhil added, “At the forefront of these projects is the improvement of the health sector’s reality, especially since the city suffers from a significant shortage of beds.”
He pointed out that ”
He stressed, “All the problems that the governorate suffers from, the lack of funding and the need to implement projects, will be discussed during a team visit by the local government headed by the Nineveh Governorate, to the capital, Baghdad, after the Eid al-Adha holiday, to solve all the problems and resolve the issues that the governorate needs.” https://www.mawazin.net/Details.aspx?jimare=199304
To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/
by TaboolaSponsored Links
