Iraq Economic Thursday AM

Thursday AM Iraq Economic News Highlights 12-8-22


The Dollar Continues To Exceed The Threshold Of 1,500 Dinars


Economie| 09:35 – 08/12/2022   Baghdad – Mawazine News Today, Thursday, the exchange rates of the dollar witnessed a slight decrease in the local stock exchange.  The selling price of the dollar was 150,200 dinars per 100 dollars, while the buying price of the dollar was 150,100 dinars per 100 dollars.


More Than 150,000 For Every 100 Dollars… The Exchange Rates In The Iraqi Markets


Economie   2022-12-08 | 01:44   Source:  Alsumaria News   2,703 views  Alsumaria News publishes, today, Thursday, the exchange rates of the dollar on the local stock exchange.


The selling price of the dollar was 150,200 dinars per 100 dollars, while the buying price of the dollar was 150,100 dinars per 100 dollars.


While the selling prices of the dollar were recorded, yesterday, Wednesday, 150,400 dinars per 100 dollars, and the buying prices of the dollar were 150,250 dinars per 100 dollars.


It is noteworthy that, on December 19, 2020, the Central Bank of Iraq  [/url]   officially announced the adjustment of the exchange rate of the US dollar to be 145 thousand dinars for every 100 dollars, according to the state’s general budget for the year 2021 approved by Parliament.  LINK


The Ministry Of Commerce: Allocations For The Ration Card Are Secured In The 2023 Budget


Iraq   12:02 – 2022-12-08   Trade Minister Atheer Al-Ghurairy confirmed today, Thursday, that the ration card allocations in the budget for next year 2023 cover its items over a year, and while determining the size of the available storage for wheat, he announced the start of a contract to purchase quantities of it for the next year.


Al-Ghurairy said in a statement, “The ration card allocations are determined on the basis of financial variables and allocations,” stressing that “the ration card allocations in the 2023 budget will cover wheat and the rest of the food supplies over a year.”


He added, “The storage of the items of the food basket is sufficient for more than two months, and the ministry has begun distributing the eleventh meal of it,” noting that “the strategic storage of wheat is secured for the current year, and the contract has been started for the next year.”


He pointed out that “the available storage of wheat material amounts to about 750,000 tons, and it was contracted within 20 days from international origins,” stressing that “the contracts are continuing.”


The Yellow Metal Prices Are Falling Due To The Recovery Of The Dollar


Economie   2022-12-08 | 00:43   707 views   The dollar index rose 0.2 percent, making the greenback more expensive for buyers of other currencies.


As for other precious metals, silver fell 0.6 percent to $22.60, platinum lost 0.2 percent to $1,000.67, while palladium settled at $1,844.20.    LINK




Economie| 09:07 – 08/12/2022   Follow-up – Mawazine News   Oil prices rose in early Asian trading on Thursday, after falling to their lowest level this year as US crude stocks fell, as concerns grew that the economic slowdown would weaken demand for fuel.


Brent crude futures rose 62 cents, or 0.8%, to $77.79 a barrel by 03:25 GMT, while US West Texas Intermediate crude futures rose 69 cents, or 1%, to $72.70 a barrel.


Yesterday, Wednesday, Brent settled below the previous closing low for the year, which it touched on the first day of 2022, while US West Texas Intermediate crude fell to a new annual low.


And the Energy Information Administration said yesterday, Wednesday, that US crude stocks fell last week, while gasoline and distillate stocks rose, which increased concerns about falling demand.


And the data helped the rise in oil prices, which showed that the Japanese economy contracted less than initially expected in the third quarter, and the easing of Covid-19 restrictions in China, among the largest consumers of crude oil in the world, also helped stabilize oil prices.


Oil: Increasing the investment rate of associated gas in the Zubair field to 147 million cubic feet Economie| 08:08 – 07/12/2022   Baghdad – Mawazine News   The Ministry of Oil announced, on Wednesday, a project to raise the rate of investment of associated gas in the Zubair field to 147 million standard cubic feet per day.


The ministry stated, in a statement that Mawazine News received a copy of, that “the Basra Gas Company has been authorized to purchase and install five new compressors at the Hammar Musharraf station, which contribute to the collection and processing of (80 cubic feet) an additional million standard cubic feet per day of associated gas in the Zubair oil field, To raise the rate of invested quantities to (147 cubic meters) – one million standard cubic feet per day.


And she confirmed, “This came after the meeting of the Joint Higher Management Committee of the Basra Gas Company HMC, and under the direction of the Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani.”


The Director General of the South Gas Company, Hamza Abdel-Baqi, confirmed, according to the statement, that “the new project aims to raise the number of compressors at the Hammar Mishref station to (11) compressors as a total that contributes to raising the compressor capacity from (35 cubic feet per day) to (147). Moqmaq (million cubic feet per day).


He added, “The five new compressors will contribute to increasing the ability to collect associated gas and reduce the rate of flaring in the Zubair oil field.”


While the managing director of the Basra Gas Company, Andrew Weber, stated, according to the statement, that “our goal in this project is to support the vision of the Ministry of Oil to increase production capacity to reduce gas flaring in southern Iraq and convert associated gas into clean energy,” pointing out that “electric power stations will be supplied with gas.” dry, in addition to providing quantities of liquid gas and condensate.”


Al-Sudani Is Discussing With The Delegation Of The International Monetary Fund Cooperation In The Field Of Economic Reform


Political | 10:06 – 08/12/2022   Baghdad – Mawazine News,Prime Minister Muhammad Shia Al-Sudani stressed today, Thursday, the importance of strengthening cooperation between Iraq and the International Monetary Fund’s development programs.


The media office of the Prime Minister stated, in a statement received by Mawazine News, that “Prime Minister Muhammad Shia’ al-Sudani received the International Monetary Fund delegation headed by the resident representative of the Fund in Iraq, Ghazi Shbeikat.”


He added, “During the meeting, they discussed the IMF’s support for the economic reform approach adopted by the government,” referring to “cooperation in the field of reforming and developing the Iraqi banking system, and supporting Iraq’s efforts in combating corruption.”


During the meeting, Al-Sudani stressed, “The importance of enhancing aspects of joint cooperation between Iraq and the Fund’s development programs, and their support for the path of empowering the Iraqi economy.”


Parliament’s recess carries over the budget and committee chairings to next month


Posted On2022-12-08 By Sotaliraq   Baghdad / Hussein Hatem   Today, Thursday, the House of Representatives began its legislative recess for a period of 30 days, and it will resume its sessions on the ninth of next January.


And the Presidency of the House of Representatives decided, on November 8, 2022, to extend the second legislative term of the first legislative year of the fifth electoral session, by one month, in order to “pass important laws.”


According to deputies who spoke to (Al-Mada), the work of the parliamentary committees will continue during the legislative recess, and there will be regular weekly meetings for the heads of the committees to resolve many important projects and files.


A member of the House of Representatives, Mahma Khalil, said in an interview with (Al-Mada), that “the legislative recess for the House of Representatives began today, Thursday, according to the constitution.”


Khalil, who is the head of the Parliamentary Services Committee, added, “The legislative recess includes all deputies and heads of committees,” noting that “the heads of committees will have regular weekly meetings during the legislative recess.”


The member of the House of Representatives indicated that “the file of the committees and committee chairmen will be decided after the legislative recess and the House of Representatives carrying out its work.”


In turn, the other member of the House of Representatives, Thaer Makhaif, said in an interview with (Al-Mada) that “parliamentary committees will continue their work and meetings, as everyone has been informed to continue working in order to activate their work and to continue studying and discussing the laws that come to them through the Presidency of the Council and what is issued by them towards the ministries “.


The parliament’s work during its recess will be represented by meetings of the chairpersons of the committees, which may be once or twice a week,” he added.


He continued, “Many draft laws are a stage from the previous sessions, and priority will be given to them according to importance in order to complete them within the committees and proceed with their legislation, in addition to the fact that some laws have been read as a first reading.”


For his part, a member of the House of Representatives, Jassim Al-Moussawi, said in an interview with (Al-Mada), that “many draft laws Parliament seeks to resolve, but after the legislative recess that began today, Thursday.”


Al-Moussawi added, “The special and necessary activities will not be hindered by the legislative recess, but will proceed naturally.”


A member of the Parliamentary Legal Committee pointed out, “His committee will have an activity next Wednesday represented by a visit by a delegation from the United Nations.”[/size]


Al-Moussawi pointed out, “The parliamentary committees have completed a large part of the file of the heads of the committees through negotiations, and they will be resolved after the legislative recess.”


In a related development, MP Majed Shankali said, “The House of Representatives entered its legislative recess today, Thursday.”


Shankali continued, “The parliament extended its legislative term on the 8th of last month for a month, so tomorrow will be a legislative holiday according to the rules of procedure of the House of Representatives.”


He pointed out, “The House of Representatives was waiting for the budget to arrive in order to proceed with holding its sessions until they are completed, but for not arriving from the government, it will enter its legislative recess.”


Shankali stressed that it is not possible to “cancel the legislative recess because it is within the rules of procedure of the House of Representatives, which stipulated that the legislative recess be for a period of two months, but it was reduced to one month only.”


It is supposed to be the last session of the House of Representatives in the second legislative term, yesterday, the first Tuesday, but the parliament failed to hold it as a result of differences between the political blocs regarding the special grades included in the paragraphs of the agenda of the session, which prompted the postponement of the session for further notice.  LINK


The World Bank Warns The Government Of Its “Current Approach”: An Impressive Decline That Will Hit The Iraqi Economy


Posted On2022-12-08 By Sotaliraq   Baghdad Today – Translation   [size=45]Today, Wednesday, the World Bank issued a report on the economic situation in Iraq, warning the government against continuing the “current economic approach,” calling on the authorities in Baghdad to take new measures to amend the budget for the next year 2023.


In its report, which was translated by (Baghdad Today), the World Bank explained that it is “concerned about Iraq’s high dependence on oil imports to achieve economic progress despite the breathing space it obtained as a result of high global demand and the price ceiling,” noting that “the continuation of the current approach will lead to a decline The Iraqi economy is effective in the event that the government’s economic policies are not changed.


The World Bank also made it clear that “Iraq will suffer, during the next year 2023, from a financial deficit for non-oil resources by about 114 trillion dinars, or 58% of the total Iraqi non-oil economy,” stressing that “the high deficit in this aspect will cause damage.” the Iraqi economy at unprecedented rates.


The World Bank also stressed the need for “the budget for the next year 2023 to take into account the high price rates in Iraq and the escalation of the cost of living, and to regulate through laws and protection networks to ensure that the most vulnerable classes of citizens are not affected with regard to purchasing power.”


The World Bank report ended with “emphasizing the need for the Iraqi government to take into account the development of the private sector to address the unemployment crisis inside the country during its preparation of the next budget, explaining that the additional funds that Iraq obtained from the rise in oil prices will go towards paying the deficit in the non-oil resource sectors, in If it is not addressed during the budget,” as he put it.   LINK