Iraq Economic News Highlights Thursday AM

  In Iraqi News 

Thursday AM Iraq Economic News Highlights 9-22-22

KDP: Al-Sudani Informed Us And The Political Parties Of Reaching An Agreement On The Oil And Gas Law

byMoahmad EditorIraq The representative of the Kurdistan Democratic Party, Shirwan Al-Dobardani, announced that the candidate for the coordination framework for the prime minister, Muhammad Shiaa Al-Sudani, informed them of reaching an agreement with the Kurdistan Regional Government and the political parties, regarding the Federal Oil and Gas Law, which will be the first law to be approved, in the event that sessions are held. Parliament and government formed.

Earlier, Muhammad Shiaa Al-Sudani said, in a tweet on Twitter, that he had responded to a “parliamentary invitation, from various blocs, to exchange visions and proposals on the ministerial curriculum, and the form that the relationship between the House of Representatives and the next government should look like,” adding that “today’s meeting will take place.” Addressing important issues related to the service and living aspects facing citizens and activating the economy.

For his part, Shirwan Al-Dobardani said that the meeting with Muhammad Shia Al-Sudani was held in the “Parliament Cafeteria”, during which Al-Sudani confirmed that the dialogues with most of the political parties have reached the “last stages”, and they are waiting for dialogues with other parties as well, in reference to the Sadrist movement. According to Doberdani.

He pointed out that Al-Sudani also emphasized reaching a “good stage” during the dialogues with the Kurdistan Regional Government and the negotiating delegation of the Kurdistan Democratic Party, where an agreement was reached with the Kurdistan Regional Government and political parties, specifically the Kurdistan Democratic Party, provided that the draft federal oil and gas law The first project will be approved, in the event that Parliament sessions are held and a government is formed.

Regarding setting a date for the parliament session, Al-Dobrani referred to what Al-Sudani said, about the continuation of dialogues between the coordination framework, the Sunnis and the Kurds, and the pursuit of dialogue with the Sadrist movement to agree on a date for holding the session, in order to form the government, set a date for early elections and dissolve parliament.

The representative of the Kurdistan Democratic Party bloc, pointed out that Al-Sudani confirmed that they cannot wait any longer, because the Iraqi situation is bad and cannot bear any further delay, and the dialogue is open and they are trying to involve all parties in the government.

الديموقراطي الكردستاني: السوداني ابلغنا والاطراف السياسية بالتوصل الى اتفاق بشأن قانون النفط والغاز

The Dollar Is Flying To Its Highest Level In 20 Years

Economie 2022-09-22 | 05:10 1,836 views Alsumaria News – Economy The US dollar rose to its highest level in 20 years compared to major currencies, today, Thursday, supported by the tightening of monetary policy in the Federal Reserve (the US central bank), and after Russian President Vladimir Putin issued an order for the first general mobilization in the country since the World War the second.

The dollar index, which measures the performance of the US currency against a basket of six major currencies, including the euro, sterling and the yen, rose to 111.79 for the first time since mid-2002.

And the dollar rose to its highest level in 24 years, exceeding 145 yen, after keeping Bank of Japan On ultra-low interest rates and easy monetary policy guidance, today, Thursday.

The dollar also hit new highs against the New Zealand and Australian dollars, and rose against the offshore Chinese yuan and the Korean won.

And the expectations of the US “Central” show that the interest rate will rise to 4.6% next year and not cut interest until 2024. It raised the interest rate by another 75 basis points to reach a range between 3 and 3.25%, as was widely expected.

The dollar rose to 145.405 yen, but it witnessed sharp fluctuations in the wake of the announcement Bank of Japan It was last trading up 0.31% at 144.53 yen.

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The British pound fell to its lowest level in 37 years to $ 1.1221, and recorded in its latest trading, a decrease of 0.26% to $ 1.124.

The euro fell to a 20-year low of $0.9807, before trading 0.18% lower at $0.9820.

The Australian dollar fell 0.6% to $0.6593, after touching $0.6583, its lowest level since 2020. LINK

Gold Prices Are Rising In The Iraqi Markets

Economie 2022-09-22 | 03:53 1,071 views Alsumaria News – Economy Gold prices rose today, Thursday, in the local markets.

The price of a 21-carat gold weight, the most traded one, reached 344 thousand and 735 dinars, excluding the fees of the craftsman.

As for the price of a gold weight of 24 karat, it amounted to 393 thousand and 975 dinars, excluding the fees of goldsmithing. LINK

Scandal Rocks “Sumo”: It Sold A Shipment Contaminated With Chemicals

Economie 2022-09-21 | 09:20 5,025 views Reuters revealed, today, Wednesday, that the Iraqi Oil Marketing Company (SOMO) has sold a shipment of fuel oil contaminated with a chemical cleaning agent in recent weeks.

Three trade sources told the agency that it was a shipment of between 600,000 and 700,000 tons of high-sulfur fuel oil that had been supplied to customers.Sumo.

They added that the shipment contained chlorinated organic compounds between 90 and 130 parts per million.

And she didn’t answer Sumo So far a request for comment.

Refiners usually purchase high-sulfur fuel oil for further processing in secondary refineries to produce higher quality petroleum products.

One source explained that the maximum content of chlorinated organic compounds in fuel oil in refineries is five parts per million, and that any levels higher than that can cause damage to processing units.

Another source said, “The high-sulfur fuel oil goes to the (refinery) feed, so it has no effect on the fuel tanks,” but noted that it would take some time for the whole thing to be done.

The first source said that the impact on prices is limited so far in light of abundant supplies. LINK

In A Precedent, The Most Dangerous .. Iraq Begins To Use The Reserve Water Reserves

Video 2022-09-22 | 04:51 Source: Sumerian 612 views In a precedent that is the most dangerous, Iraq begins to use the reserve water reserves after Turkey and Iran continue to cut off water supplies, while calls continue to open channels of dialogue between Baghdad and those two countries to find a solution to this crisis.

Reducing the share of water that reaches my rivers Tigris Euphrates before Turkey to the lowest levels, and changing the course of the rivers feeding the Sirwan River in Diyala Governorate before Iran put Iraq In the face of the danger of water scarcity, and perhaps access to the use of the reserve water reserve in Lake Tharthar, which is the last solution to deliver water to agricultural lands and human use, in a move that those concerned see will expose the country to water drought in the coming years.

Although there is an agreement signed between Baghdad And Ankara in the nineties of the last century, which provides for the distribution of regional waters according to population needs. Except that the government Turkey This agreement was not respected, so that experts in economic affairs suggested using the paper to stop trade exchange as a means of pressure against Turkey even Iran Until they stop these illegal practices Iraq. LINK



Parliamentary Efforts To Legislate The Slum Organization Law

Iraq 12:38 – 09-22-2022 A member of the Parliamentary Services Committee, Madiha Al-Moussawi, confirmed that the slum organization law is complete and prepared in all respects, and it is supposed to be included in the parliament’s agenda in the event that Parliament sessions are resumed.

Al-Moussawi said that the slums law is complete and ready for the first reading in the event that Parliament sessions are resumed.

She added that the slums are evidence of the worsening economic repercussions, poverty and unemployment, and the failure of the government and its institutions to provide the requirements for the right to housing for every Iraqi citizen.

She indicated that there are efforts to resolve many bills that have been postponed due to the suspension of Parliament sessions, including the draft law on regulating slums, redressing the poor who do not have a shelter, and ending the encroachment on state property.

The Ministry Of Labor Announces The Formation Of A Joint Team With International Support To Organize The Work Of The Private Sector

Iraq 11:30 – 09-22-2022 Today, Thursday, the Ministry of Labor and Social Affairs confirmed its progress in preparing the national policy to organize the Iraqi labor market, and announced the formation of a joint team to organize the work of the private sector.

The Director General of the Labor and Vocational Training Department in the ministry, Raed Jabbar Nahed, said that “there is a cabinet decision that sets the proportion of local employment at 50% compared to 50% of foreign workers,” noting that “the Ministry of Labor has taken several measures regarding foreign companies, public companies and private sector companies.” Those who violate this percentage are through the inspection body belonging to the ministry, and the violators are referred to the Labor Court for labor issues.”

And regarding the organization of the Iraqi labor market, Nahed stressed that “the ministry is working on preparing the national policy for employment and vocational training to organize the Iraqi labor market,” expressing his hope that “work on this policy will begin at the end of this year.”

And he continued, “A working group was formed headed by the Ministry of Labor and a group of labor organizations experts and (NG) or with the support of the international organization, and this policy regulates work in the private sector,” noting that “the ministry is implementing the effective labor law that coordinates the relationship between the worker and the owner.” the work”.

The Ministry of Labor and Social Affairs had announced earlier that most of the foreign workers in Iraq were illegal, while indicating that 100,000 permits had been granted to foreign workers since 2012.

The Ministry Of Commerce Announces The Launch Of The Eighth Meal Of The Food Basket

Iraq 17:38 – 09-21-2022 Today, Wednesday, the Ministry of Commerce announced the launch of cutting and preparing the eighth meal of the food basket, starting tomorrow, Thursday.

The ministry stated in a statement, that “the General Company for Food Stuff Trading has completed its technical and administrative preparations to receive the materials supplied for the account of the food basket in its stores, which will be distributed to all those covered by the ration card system, according to the marketing plan for processing prepared by the company, starting from the poorest areas and followed by the rest of the regions.”

The statement called, “Food agents to review the cutting centers in Baghdad and the provinces for the purpose of cutting the quotas of citizens according to the cutting schedules.”

For her part, General Manager of the Foodstuff Company, Lama Al-Moussawi, confirmed, according to the statement, that “citizens will be supplied with the materials at once and at the same time without delay or shortage of any material.”

Al-Moussawi indicated that “the company will sell the flour (Das) and French (Duvilac) milk in a direct sales manner to citizens, at competitive prices through sales centers in Baghdad and the provinces in conjunction with the start of the cutting process.”

The statement called on “citizens to report violations through the announced hotlines or through the official Facebook website of the ministry or company, or to apply through the (Rabeni) electronic service link.”

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