Bondlady’s Corner Thursday Morning

  In Bondlady’s Corner 

Iraqi News Thursday Morning 5-26-22

TLM724 Administrator BondLady’s Corner

An economic expert for / Nina /: The Central Bank’s Neglect Of Part Of The Golden Rule For Iraq Is / Is Incorrect / And Is Of Non-Economic Feasibility


Tuesday 24 May 2022 10:16 | economic  Number of readings: 309  Baghdad / NINA / – An expert in economic affairs, Raad Twij, confirmed that the Central Bank’s neglect of part of the golden rule for Iraq is “incorrect” and of non-economic feasibility.


Twig said in a statement to the National Iraqi News Agency / NINA/ The monetary reserves policy is one of the main tasks of the monetary authority and that the monetary basis for any reserve is foreign exchange and gold, and gold is the main haven for any currency in the event of a decrease in purchasing power and resistance to inflationary factors, and ………


with the presence of financial abundance and the monetary reserve of the Iraqi currency reaching 70 billion dollars, the proportion of reserves Gold from the rest of the components of the monetary reserve of the Central Bank of Iraq is 9%, i.e. 96.4 tons of gold and is in sequence 37 globally and fifth in the Arab world.


Therefore, the Central Bank of Iraq to dispose of 1% of its gold is incorrect and of non-economic feasibility instead of increasing this reserve, which has been proven Its importance to the Russian Central Bank and the ruble currency with the Ukrainian crisis.”


The Central Bank revealed, last February, the increase in its reserves of gold and hard currency, while explaining its value.


Deputy Governor of the Central Bank, Ihsan Shamran Al-Yasiri, said, “The central bank’s reserves of hard currency witnessed a stable rise for more than a year, affected by the balanced measures of monetary policy, with which they exceeded the $64 billion barrier at the beginning of February 2022, and the gold assets in the possession of the Central Bank exceeded 96 tons. Within the reserves.” / End 8  LINK

Central Bank Governor: We Will Continue To Support The Banking Sector To Develop The Iraqi Economy


Money  and business  Economy News-Baghdad  The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhif, affirmed the Central Bank’s commitment to support and develop the Iraqi banking sector to expand financing for economic development, develop the electronic payments system, and increase the level of financial inclusion.


During his speech at the conference on the sustainability of economic growth organized by the Iraqi-British Business Council in the British capital, London, on Tuesday, Mokhif said, “The banking sector has withstood great challenges, as most of the banking sector indicators have witnessed, and still are, positive growth during the year 2021.”


He pointed out that “the initiatives of the Central Bank have supported economic recovery and contributed to ensuring a reasonable level of employment in the complex conditions that the country has gone through,” adding: “We continue to support efforts to confront climate change with other government institutions, as the Central Bank allocated an initiative in the amount of one trillion dinars.” to finance the purchase of clean energy systems.


It is noteworthy that the conference witnessed the participation of a number of government officials, private banks and the Iraqi and British private sectors, and discussed the investment files and the white paper prepared by the government as a plan for the advancement of the Iraqi economy.


Iraq Raises Its Holdings Of US Bonds To More Than Two Billion Dollars


Monday, May 23-2022,PM 3:22 Karar Al Asadi 338   Today, Monday, the US Treasury Department announced that Iraq’s holdings of US bonds increased to more than two billion dollars during the month of March.


And the Treasury said in its latest table, that “Iraq’s possession of US Treasury bonds for the month of March of 2022 increased by two billion and 117 million dollars, or 8.79%, to reach 26.203 billion dollars, after it was 24.086 billion dollars in the month of February.”


And she indicated that “these bonds also rose from the same month last year 2021, when Iraq’s possession of bonds amounted to 17.8 billion dollars.”


She added that “Iraqi bonds, including long-term guarantees amounting to 11.348 billion dollars and short-term guarantees amounting to 14.855 billion dollars,” noting that


“these bonds represent 0.3% of the world’s bonds.”


In the Arab world, Saudi Arabia is at the forefront of the countries with the most US bonds, raising its holdings to reach $115,461 billion. Kuwait comes second with $46.815 billion, the UAE is third with 45,640, then Iraq is fourth and Oman is fifth with $5.690 billion, then Morocco is $3.672 billion.


And the US Treasury indicated that “the most holder of US bonds is Japan with 1,232.382 trillion dollars, followed by China with 1,039.590 trillion dollars, the United Kingdom with 634.948 billion dollars, and then Ireland with 315,858 billion dollars.” LINK


Oil Prices Rise, Supported By A Lack Of Supplies And The Possibility Of Increased Demand


Economie| 09:57 – 25/05/2022  Baghdad – Mawazine News: Oil prices rose in early trading today, Wednesday, supported by the lack of supplies and the possibility of increased demand from the upcoming start of the summer driving season in the United States.


Brent crude futures for July rose $1.27, or 1.27 percent, to $114.83 a barrel. By 04:15 GMT, US West Texas Intermediate crude futures for July delivery rose $1.27, or 1.12%, to $111.00 a barrel.


Brent crude rose 0.1 percent on Tuesday, while West Texas Intermediate crude closed down 52 cents. Ended   LINK


The Governor Of The Central Bank Of Iraq Meets The Governor Of The Bank Of England


May 25, 2022  The Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Makhif, met the Governor of the Bank of England on Tuesday, 2422 during his visit to London to participate in the conference of sustainability of economic growth held by the Iraqi -British Business Council.


The two sides stressed the importance of central banks and monetary policy in


facing economic challenges,  ensuring macroeconomic stability and  supporting economic growth


The Governor of the Bank of England welcomed the training of the employees of the Central Bank of Iraq in various fields. The importance of developing banking relations between the two countries.



Al-Bajari Reveals The Existence Of External And Internal Pressures To Obstruct The Progress Of The Chinese Agreement


Tuesday 24 May 2022 16:55 | economic    Number of readings: 250  Basra / NINA / – Member of the Parliamentary Transport Committee, Representative, Zahra Al-Bajari, revealed the existence of external and internal pressures that affected the progress of the Chinese agreement, while stressing Iraq’s need for new berths in the port of Faw to accommodate trade between China and Europe.


And she said in a televised interview, reported by her media office, that more than 100 parliamentarians are working to start implementing the Chinese agreement, “indicating that the Belt and Road project is not only commercial, but there are development corridors as well, as it will include laboratories, factories and development facilities.


Regarding the completion of the Faw port, Al-Bajari indicated , that the port is simple and flabby and is intended to disrupt the Belt and Road project, pointing out that five berths are not considered a port and do not reach the level of the Chinese agreement, while she stressed Iraq’s need for 200 years to establish 95 berths to accommodate trade between China and Europe.


And she added, that the percentage of completion of the contract with Daewoo is equal to zero percent, in addition to the impossibility of completing the Grand Faw port project through budget allocations, while revealing that some parties (unnamed) sought to craft the agreement by converting it to building a thousand schools. / is over  LINK


Planning Confirms Securing The Money Needed To Conduct A Population Census


Sweetened Last update 05/25/2022 | 10:22 PM  Information / Baghdad…  The Minister of Planning, Khaled Battal Al-Najm, announced, on Wednesday, that the financial aspect of conducting the population census was secured.


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A statement by the ministry, received by the information, stated that “Al-Najm chaired a joint meeting of the Census Operations Room, in the Central Statistical Organization headed by Dia Awad Kazem, and the meeting was attended by the head of the Statistics Authority in the Kurdistan Region, Sirwan Muhammad, and his accompanying delegation, in addition to the Director General of the Executive Administration Samir. Khudair, and heads of labor sectors in the census.


He added, “The meeting witnessed the discussion of a number of important issues related to conducting the population census, as the star directed to double working hours, and to facilitate all procedures, in order to provide an ideal environment for conducting the general population census on its proposed date in October 2023.”


Al-Najm pointed out to his “success in securing the financial aspect of the census, after this aspect represented an obstacle that caused a delay in its implementation,” noting that “the new procedures consisted of transforming the census into a project within the ministry’s investment budget, and  thus it became possible to provide the required financial allocations.”


He pointed to “the great importance of the general population census project, especially with regard to ensuring the fair distribution of wealth, according to the exact population sizes of the provinces,” adding that “preparations will continue in coordination with the Kurdistan region and all provinces, and ministries, according to a detailed work plan, framed by governing time timings.” for all stages of census implementation.


He stressed that “the next step will be to:


conduct a pilot census in selected areas in all governorates, in addition to other work related to


establishing a data center,


completing aerial maps of administrative units,


completing procedures for providing tablets and electronic programs, and


other important and basic preparations.”  LINK

In A Shocking Report, The International Bank Reveals: Iraq Students Do Not Understand What They Read


Special files, 2022/05/24 10:14, Readings: 237  Baghdad- Iraq today:  The World Bank said that more than 90 percent of the first-graders are unable to understand what they read in Iraqi schools.


This came in a statement in which he announced his approval of a new project worth $10 million to support innovations in order to learn in three late Iraqi provinces.


He added that “the new project aims to enhance teaching practices for Arabic language and mathematics teachers, and to improve reading, writing and arithmetic skills among primary school students from the most needy groups in the Iraqi provinces where development is delayed from other provinces.”


He pointed out that “the development of human capital is at the heart of achieving sustainable economic growth”, and added,


“Human capital in Iraq represents only 15 percent of the total wealth, which is one of the lowest rates in the Middle East and North Africa region, and it is largely due to the weakness of the products education”.


“Years of conflict and structural deficiencies led to an educational system that is unable to provide basic skills to students – which constitute the basis of learning and skills development,” the statement said.


The latest evaluation of the first grades reading skills and evaluation of mathematics skills for the first grades shows that by the third grade, the vast majority of Iraqi students who were evaluated were not acquired after adequate basic skills, with more than 90% of students are unable to understand what they read, according to the statement.


He said, “Nearly a third of the third-grade students were able to correctly answer one question about one of the appropriate texts for their ages just read it, and 41% of the third grade students were able to solve the issue of one calculation properly.”


The statement stressed that “what we mentioned from the low learning outcomes highlights the urgent need for focus – according to the priorities – on students from the most needy groups and exposed to the risk of failure to knee and leak from the education system, as students leakage increased from primary schools in the recent past and did not complete education Only half of the poorest students.”


The World Bank indicated that “the new project is directed towards students belonging to the poorest groups to prevent more learning losses between them and to ensure learning for all Iraqi children.”


Commenting on this, Saruj Kumar Jah, the regional director of the East Department at the World Bank, said,


“The promotion of learning and productivity for this generation and future generations in Iraq, and thus securing the economic and social benefits that result from it, requires investments in the basic skills of students from the most needy groups.


The project would be What is new is to help Iraq improve the products of learning to read and mathematics for more than 300 thousand students and improve teaching practices for more than 4000 teachers and schools for mathematics and Arabic language in the three poorest provinces of Iraq.”


The new project will be implemented by the Iraqi Ministry of Education in close cooperation with the ministries of planning and finance over two years.


As for the results that will appear within the framework of the implementation of this project, they will be used on a broader national scale and direct the necessary reforms to improve the level of quality of education and its suitability in Iraq.


Innovations will be funded for learning within the framework of the “Reform, Recovery and Reconstruction Fund”, which was established in partnership with the government of Iraq in 2018 and with joint funding by Germany, the United Kingdom, Canada and Sweden.

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