Iraqi News Economic News Highlights Thursday AM

Thursday AM Iraq Economic News Highlights 8-11-22

Central Bank: Cash reserves rise to 82 billion dollars

Economie| 11:05 – 11/08/2022   Baghdad – Mawazine News   The Central Bank of Iraq revealed, on Thursday, that cash reserves had risen to $82 billion, as well as an increase in its gold balance to record levels.


The official spokesman for the Central Bank, Omar Assem, said in an interview with the official newspaper “Al-Sabah”, followed by Mawazine News, that “the bank’s reserves currently amount to 82 billion dollars.”


He added, “Iraq also advanced 10 ranks in the table of countries with the most gold in possession, to become the 30th globally and 4th in the Arab world, as its total possessions exceeded 130 tons, after purchasing an additional 34 tons, and this came within the bank’s policy to achieve stability and ability to face changes.” local and international economics. Ended 29/N33


Despite Paying The Full War Debts.. Iraq Is Obligated To Pay Other Money To Kuwait


Article  at link

Iraq Loses 3 Trillion Dinars In One Year Due To The Corruption Of Outlets


Baghdad / Obelisk: The economic expert, Manar Al-Obaidi, revealed, on Wednesday, August 10, 2022, that Iraq lost more than three trillion dinars during the past year 2021 due to the waste taking place at the border crossings.


Al-Obaidi said in a clarification on Facebook, which was followed by the obelisk, that “seven countries announced the volume of their exports to Iraq in 2021, which amounted to more than 37 billion dollars, according to official reports issued by the customs authorities in those countries.”


Al-Obaidi added: On the other hand, the Iraqi Customs Authority announced its data published by the Central Bureau of Statistics, in which it stated that the total volume of Iraq’s imports amounted to 16 billion US dollars, and that the volume of Iraq’s imports from these seven countries amounted to only 7 billion dollars, a difference of 30 billion dollars.


He explained, “This big difference indicates the volume of unregistered goods entering Iraq through unofficial ports or through unofficial ways, which led to Iraq’s loss of more than 3 trillion Iraqi dinars as a minimum as a result of customs not obtaining the imported materials, which reflects the volume of waste that occurs in the field of ports.” border, which has been talked about for a long time, but it is still clearly far from the required efficiency.”


Al-Obaidi indicated that “the Central Bank of Iraq sold more than 37 billion US dollars in 2021, most of which were to cover Iraq’s imports, according to the data of the Central Bank.”    LINK


Low Dollar Exchange Rates In Iraq


Economie   2022-08-11 | 02:52   2,907 views  Alsumaria News – Economy  Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in the Iraqi local markets on Thursday.


The selling prices of the dollar were 148,500 dinars per 100 dollars, while the purchase prices of the dollar were 148,400 dinars per 100 dollars.


and decidedCentral Bank of Iraq Earlier, the exchange rate of the dollar against the Iraqi dinar was modified, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, while the price of selling it to banks was set at (1460) dinars per dollar, while the selling price to the citizen was at (1470) dinars per dollar.    LINK


Zaidan And The Minister Of Resources Discuss Judicial Procedures Against Saboteurs And Water Trespassers


Policy  2022-08-11 | 05:17   Source:  Alsumaria news  204 views  Today, Thursday, the President of the Supreme Judicial Council, Faiq Zeidan, discussed, during his meeting with the Minister of Water Resources, Mahdi Rashid Al-Hamdani, the judicial procedures against violators of the law, including violators and saboteurs of the irrigation channels.


And the judiciary’s media said in a statement received by Alsumaria News, “The President of the Supreme Judicial Council, Faeq Zaidan, received the Minister of Water Resources, Engineer Mahdi Rashid Al-Hamdani, and discussed with him the judicial procedures against violators of the law, violators and saboteurs of the irrigation channels.”


Zaidan indicated, according to the statement, that “sabotaging public property is a crime punishable by the anti-terrorism law under Article 2, paragraph (1) of it, and strict measures must be taken against those who commit these crimes.”   LINK


Customs: Central Region Customs investigations seize 8 violating trucks


Economie| 10:53 – 11/08/2022   Baghdad – Mawazine News   The Customs Authority announced, today, Thursday, that the Central Region Customs investigations seized 8 trucks in violation of import controls and conditions.


The authority said, “its cadres in the Investigation and Combating Smuggling Department of the Central Region Customs Directorate seized 8 trucks containing various materials (secondary ceilings, fiber-class poles, construction, clothing, and various materials) in cooperation with the Iraqi National Security Agency and the Economic Security Directorate, as they were a violation. The import controls and conditions have been taken, and legal measures have been taken against them in accordance with the applicable customs law.


The authority added, in a statement received by Mawazine News, that “these measures come based on the directives of the Director General of the General Authority of Customs in activating the role of the investigation and combating smuggling department in all directorates of the authority.” Ended 29/N33


Oil Prices Fall On Demand Concerns And Increased Supplies


Economie| 08:46 – 11/08/2022   Follow-up – Mawazine News:  Oil prices fell in early Asian transactions today, Thursday, as traders are waiting for more crude supplies to be pumped into the market, coupled with weak demand.


Brent crude futures fell 53 cents, or 0.5 percent, to $96.87 a barrel, while West Texas Intermediate crude futures fell 61 cents, or 0.7 percent, to $91.32 a barrel.


The US Energy Information Administration reported that US crude stocks increased by 5.5 million barrels in the last week, compared to an expected increase of 73,000 barrels.


Gasoline supplies also increased in the last week to 9.1 million barrels per day, despite data showing a six percent drop in demand in the past four weeks on an annual basis.


The International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) are expected to release their monthly oil export data later today.


The Investment Confirms The Completion Of The Basmaya Project And Clarifies The Prices Of Units And Services


Economie| 09:59 – 10/08/2022   Baghdad – Mawazine News   Today, Wednesday, the Investment Authority clarified the most prominent points of contention that stopped work in the Basmaya residential complex during the last period, and while it confirmed its resolution and resumption of work, reassuring citizens of the completion of the project, it responded to the demands to develop the services of the complex and establish the road leading to it, pointing to the imminent opening of a large commercial project in it.


The head of the Investment Authority, Suha Al-Najjar, said that “the dispute with the Korean Hanwha Company revolved around the achievement and the financial position, as the company stopped working, claiming that the government and the Investment Authority failed to pay the required financial payments in exchange for continuing work.”


She added, “After reviewing the matter by referring to Deloitte International Company to conduct the legal and financial audits, it was found that the government handed the company more financial payments than the company deserves for the achieved completion rates, which range between 30-35%, while the government handed the company money equivalent to a completion rate that should reach to 50%, which the company did not reach and means that it received more payments than the actual achievement.”


And she added, “Based on these legal facts, we have held negotiations with the company to discuss the outcomes of the audit process, which proved that the Iraqi government paid an amount exceeding one billion dollars above the amount owed to the company. .


She pointed out that “the Basmaya project includes the construction of 100,000 housing units, the authority received only 20,000, and in return the company implemented an unparalleled infrastructure in Iraq, and we assure the citizens that work on the project will be completed and will continue.”


Regarding the conditions for obtaining housing units by citizens and whether they have changed, Al-Najjar indicated that “the conditions have not changed and are the same, and the prices of apartments will remain in dollars. There is a very strong demand and they are determined to complete the project.”


With regard to the project of the road leading to Basmaya and the services needed by the residents of the complex, Al-Najjar explained, “The road was taken over by the Ministry of Housing and entered into last year’s budget and will continue, and the Ministry has taken serious steps to clear the conflicts to complete it,” noting, “As for the issue of services, it declined due to Hanwha’s suspension of work and once it resumed.” Services will be redeveloped, and a commercial complex for the international Carrefour company will be opened in Besmaya, and we stressed that it must be completed quickly.”


Earlier today, Wednesday, the National Investment Commission announced the details of its discussions with the Korean Hanwha Company regarding the Basmaya residential complex, while indicating that there is a serious desire to move forward with the project and overcome all problems. Ended 29 / p. 87


Closure Of An Iron And Steel Plant In The Kurdistan Region


Posted On2022-08-11 By Sotaliraq    On Wednesday, the Directorate of Forest and Environment Police in Sulaymaniyah Governorate announced the closure of a factory for the production of rebar within the borders of the “Bazian” region.


The directorate said in a statement that “due to the increase in the amount of toxic smoke emitted and the danger it poses to the environment of the region, yesterday, Tuesday, a detachment from the Forest Police Station in Bazian went to the location of the “Super Steel” armament factory in the “Bazian” district.


The statement added that after warning the factory about the presence of smoke and toxic waste, and confronting it with legal violations, it was decided to close the factory until this problem is addressed, pointing to the organization of an investigation file for the factory and handing it over to the judiciary.


Super Steel was established in the year 2011, and it is a company specialized in the field of iron manufacturing, mold and scrap metal recycling in the Kurdistan Region.   LINK