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Zig’s Place Chat and News Thurs AM 3-4-21

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Butterfly   Iraq’s Inflation index has increased remarkably, official statistics   2021-03-03 05:17   Shafaq News/ The Ministry of Planning announced on Wednesday that the inflation index increased dramatically.

The Central Statistical Organization mentioned in a statement received by Shafaq News Agency that the monthly inflation index rose by 0.9% last January compared to the previous month, along with the annual inflation index, which rose by 3.3% compared to the same month of 2020.

“The increase in dollar exchange rates since mid-December 2020 has caused a devaluation of local currency and an increase in the prices of goods and services for most of them are imported,” they added.

The organization pointed out, “the increase of the monthly inflation index of December focused on the increase that happened in the goods and services department by 2.1% due to the rising costs of gold across Iraq.”

“The health department also witnessed an increase of 1.3% as a result of the rise in the prices of the main medical products and services, which include pharmaceutical products such as blood pressure and diabetes medication, high physician wages in community-based clinics, and high services wages in community-based hospitals.” They proceeded.

They explained further, “The housing department recorded a rise of 1.4% due to the rise in the water, electricity, fuel and rental fees by 0.2%, along with the education department which also increased as a result of the rise in the fees of private lessons in many governorates.”

The organization confirmed that the rise of the annual index for January compared to the same month in 2020 came as a result of the increase in the tobacco department by 11.2%, as well as the annual rise in the housing department by 0.3%, and the health department by 13.6%.”

They added that the transportation department recorded an annual increase of 9.7%, and the communications department recorded an annual rise of 5.8%. In comparison, the department of entertainment and culture rose by 11.1%, and the department of services and goods I   https://shafaq.com/en/Economy/Iraq-s-Inflation-index-has-increased-remarkably-official-statistics

butterfly   Foreign currency exchange drops, Iraq’ central bank said

https://shafaq.com/en/Economy/Foreign-currency-exchange-drops-Iraq-central-bank-said

butterfly   2021-03-04 03:12 Shafaq News / the Central Bank of Iraq on Thursday, announced decrease in the foreign currency exchange for the fourth day in a row.

Shafaq News Agency correspondent said that the foreign currency auction of the Central Bank of Iraq recorded a 9.43% decrease to 106,016,000 dollars which the bank covered at an exchange rate of 1460 dinars per dollar.

He added that the sales operations were in the form of wire transfer and credits.

Last December, Iraq’s central bank increased the sale price of U.S. dollars to banks and currency exchanges to 1,460 dinars, from 1,182 dinars, seeking to compensate for a decline in oil revenue due to low crude prices.

The central bank of Iraq said the key reason behind the dinar’s devaluation was to close the gap of widened 2021 budget inflation after a collapse in global oil prices, a major source of Iraq’s financial resources.

butterfly   Gold prices in the Iraqi local markets today

https://shafaq.com/en/Economy/Gold-prices-in-the-Iraqi-local-markets-today-2-1

butterfly  2021-03-04 03:06  Shafaq News / gold prices in the Iraqi wholesale and retail markets for today, Thursday (March 4, 2021)  The prices in Al-Nahr Street wholesale markets in Baghdad (in Dinars)

Sale

Purchase   one Mithqal (5 grams) of 21k of Gulf, Turkish and European gold   350,000

340,000

one Mithqal (5 grams) of 21k of Iraqi Gold

320,000

315,000

The prices in Baghdad goldsmiths’ shops (retail) (in Dinars)

Sale

one Mithqal (5 grams) of 21k of Gulf gold  350,000 – 360,000

one Mithqal (5 grams) of 21k of Iraqi Gold  325,000-330,000

butterfly   Covid-19 pandemic affected about 11 million Iraqis, official

https://shafaq.com/en/Economy/Covid-19-pandemic-affected-about-11-million-Iraqis-official

butterfly  2021-03-04 02:51  Shafaq News / pandemic‑related risks could further complicate the economic situation in Iraq, an official said on Thursday.

the Iraqi Prime Minister advisor Mazhar Muhammad Saleh said in an interview with Shafaq News Agency, closing down countries due to coronavirus pandemic is slowing global economy indicating that the country’s gross domestic product in 2020 shrank by about 11 %.

“The poverty rate rose to more than 30% while unemployment among the youth jumped to more than 29%,” He added.   “About 11 million Iraqis -25% of the population- have been affected by the pandemic.”

Saleh pointed out that the daily-workers who do not have any stable job or monthly salary are the most affected part, “those people do not benefit from social welfare nor retirement systems and do not receive any support from the government.”

It’s noteworthy that according to the International Monetary Fund (IMF) Iraq’s economy, which shrank due to Covid-19 and a sharp decline in oil revenue is poised to return to pre-pandemic levels by 2024.

The slowdown in the real gross domestic product reflects a drop in non-oil activity and reduction in crude output as a result of OPEC+ decisions, IMF said in February.

The IMF stressed the importance of fighting corruption in key public institutions and restructuring large state-owned banks to foster financial stability and develop the private sector.

Iraq has begun taking much-needed steps towards ensuring future economic stability.

The Central Bank of Iraq devalued the currency by about 23 % against the US dollar in December, a move the fund expects to help reduce external imbalances and preserve foreign exchange reserves.

The draft 2021 budget is intended to cut the fiscal deficit through various measures to raise non-oil revenue and contain the unsustainable expansion of pension bills and government wages, the IMF said.

Owing to the efforts, Iraq’s economy is expected to gradually recover and grow by 1.2 % and 3.9 % in 202

butterfly  Dollar exchange rates in Iraq

https://shafaq.com/en/Economy/Dollar-exchange-rates-in-Iraq-2-0

butterfly  2021-03-04 01:55  Shafaq News / The dollar exchange rates dropped today Thursday (March 4, 2021) in the Iraqi market.

  • The Kifah Stock Exchange recorded 145,300 dinars, for $ 100.
  • Al-Harthiya Stock Exchange recorded 145,350 dinars, for $ 100.

In Baghdad   Selling prices in the banking stores in the local markets

  • Sale price: 145,750 dinars for $ 100   •Purchase price: 144,750 dinars for $ 100

In Erbil  Selling prices in the banking stores in the local markets

  • Sale price: 145,300 dinars for $ 100  •Purchase price: 145,000 dinars for $ 100

4 Mar 21, 09:58 AM butterfly    Oil prices of OPEC Members

https://shafaq.com/en/Economy/Oil-prices-of-OPEC-Members-5

butterfly   2021-03-04 01:45   Shafaq News/ Basra Light climb on Thursday to more than 64$ recording the highest price among OPEC members.

As for other OPEC prices,  OPEC Members  Last  Oil price/barrel

UAE   Murban  61.78

Iraq  Basra Light  64.25

Iraq  Basra Heavy  60.25

KSA   Arab Extra Light  62.60

Algeria  Saharan Blend  63.65

Nigeria  Bonny Light  63.11

butterfly  Oil prices rise ahead of OPEC meeting

https://shafaq.com/en/Economy/Oil-prices-rise-ahead-of-OPEC-meeting

butterfly  2021-03-04 01:14  Shafaq News/ OPEC and other oil producers, a group known as OPEC+, are considering rolling over production cuts into April instead of raising output as a recovery in oil demand remains fragile due to the coronavirus crisis, three OPEC+ sources told Reuters.  OPEC+ ministers hold a full meeting on Thursday.  U.S. West Texas Intermediate (WTI) crude futures rose 38 cents, or 0.63%, to $61.66 a barrel by 0524 GMT.   Brent crude futures rose 48 cents, or 0.75%, to $64.55 a barrel.

The market has been expecting OPEC+ to ease production cuts by around 500,000 barrels per day (bpd) from April.

Meanwhile, U.S. crude oil stockpiles surged by a record of more than 21 million barrels last week as refining plunged to an all-time low due to the Texas freeze that knocked out power for millions.

OPEC leader Saudi Arabia has also been expected to end its voluntary production cut of an additional 1 million bpd.

But three OPEC+ sources said on Wednesday some key OPEC members had suggested keeping the group’s output unchanged.

A ministerial panel meeting ended on Wednesday without making any policy recommendations, two OPEC+ sources told Reuters.

It was not immediately clear whether Saudi Arabia would end its voluntary cuts or extend them, they said.

Butterfly   Head of a parliamentary bloc: the federal court law in exchange for the budget

https://shafaq.com/en/Iraq-News/Head-of-a-parliamentary-bloc-the-federal-court-law-in-exchange-for-the-budget

butterfly  2021-03-04 06:01  Shafaq News/ The head of the Irada Parliamentary bloc, Hussein Arab, revealed that some political parties put conditions on the passage of the budget law of 2021.

Arab told Shafaq News Agency, “Political forces are stipulating the passage of the federal court law, in exchange for the passage of the budget law of 2021,” noting “the Federal Court law was included in today’s session.”

He pointed out that today’s session did not include voting for the budget law, but there will be a special session for the 2021 budget, either Saturday or Sunday, where it will be passed upon everyone’s approval.

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