Wednesday Evening Iraq Economic News Highlights 8-3-22
Economy News – Baghdad The technical advisor to the Prime Minister, Haitham al-Jubouri, confirmed, on Wednesday, that there is no government direction to reduce the exchange rate of the dollar against the dinar.
Al-Jubouri said, “The federal budget for 2022 is difficult to decide during the current year,” explaining that “fixing contracts for those who have actual service for two years and appointing health and medical professionals for cadres covered by the medical gradation and holders of higher degrees are available even if the budget is not approved.”
He pointed out that “the provision of job grades absolutely is a matter that needs and depends on approving the budget and providing sufficient financial liquidity to provide these degrees.”
Al-Jubouri said in an interview with the official news agency, “The government does not have any direction to reduce the exchange rate of the dollar against the Iraqi dinar.”
Views 130 Added 08/03/2022 – 6:54 PM Update 08/03/2022 – 10:49 PM
Grain Trade Discusses Investment Projects And Recommendations Of The Commercial Activity Committee[/Size]
Economie| 09:01 – 03/08/2022 Baghdad – Mawazine News The General Company for Grain Trade, one of the formations of the Ministry of Commerce, announced, on Wednesday, that the company’s board of directors held a meeting to discuss topics on its agenda related to investment projects and the development of commercial activity.
A statement by the company, Mawazine News, received a copy of it, quoting the Chairman of the Board of Directors, Mohamed Hannoun, as saying: The company has great opportunities to organize its resources to be incentives for employees to establish projects to develop its infrastructure.
Hanoun reviewed the most important achievements during the last period, the most important of which was exceeding the barrier of two million and two hundred thousand tons of wheat, in a season that was ideal by all standards, in which work was done realistically and confronting corruption.
He added, we have paid the full financial dues to farmers in five governorates and there is a new payment that will be transferred and distributed to marketers, noting that the payment of financial dues to wheat marketers had the effect of increasing the pace of marketing during daily activity.
Hannoun stressed that the company is continuing to change the paths of the mechanisms of many businesses in which the company was losing by paying sums without achieving any gain for its employees.
Hanoun continued: During today’s session, we discussed the establishment of screening plants and the trend towards centralizing the loading and unloading activity, as well as the automation project presented by the General Salam Company, one of the Ministry of Communications companies.
He pointed out, “We also discussed the decisions of the committee formed to present a vision of the commercial project and the practice of commercial activity in accordance with the achieved economic feasibility.
Hanoun said, We are working with complete transparency and are working to fortify the decision that is being voted on so that there is no conflict with the conditions approved by the General Secretariat of the Council of Ministers.
Hanoun concluded that the coming days will witness a qualitative development in the development of the capabilities of the staff working in the company, which requires more cooperation and interaction for the company’s sites and branches in all regions of the country.
The Promotion Of Kirkuk Records The Highest Production Rate In Years..And Farmers Are Complaining About Its Low Prices
Shafaq News/ The Union of Farmers’ Associations in Kirkuk confirmed today, Wednesday, that the production of soy for the current season recorded the highest percentage in several years, but the low prices “killed the farmers’ joy.”
The head of the union, Mahmoud Al-Ezzi, told Shafaq News Agency, that the productivity of sophistication for the current season in several regions, especially Hawija district, recorded a 70% increase over the past seasons after the success of the summer plan in all its contents, noting that the promotion of Kirkuk recorded a prominent presence in terms of quality and taste.
However, the product prices, which do not exceed 200 dinars per kilogram, killed the farmers’ joy and caused great frustration due to the costs they incurred in securing the agricultural requirements of fertilizers and pesticides, in return for low prices that did not cover what farmers spent throughout the farming season.
Al-Ezzi attributed the reasons for the low prices to the season of sophistication and the ripening of the crop at the same time and in several provinces, despite the great demand for the promotion of Kirkuk from the merchants of the central and southern provinces and the vegetable sales centers in the country.
The head of the Union of Farmers’ Associations called for a fair economic strategy that guarantees the farmer’s livelihood profits equal to the efforts, and the sums of money required by the summer agricultural plan in exchange for reasonable prices that guarantee all classes of society, especially those with low incomes, to purchase the crop. LINK
Al-Kazemi’s Government Approves Financial Funding For The Iraqi Army To Build Outposts On The Turkish Border
Shafaq News/ On Tuesday, the Iraqi Council of Ministers approved recommendations to fund the border guards with tens of billions of dinars to establish security and prevent infiltration.
Al-Kazemi’s media office stated, in a statement received by Shafaq News Agency, that Prime Minister Mustafa Al-Kazemi chaired the twenty-eighth regular session of the Council of Ministers, which witnessed a discussion of developments in the country, in addition to discussing a number of basic files, topics on the agenda, and issuing recommendations and decisions thereon.
He added that at the beginning of the session, Al-Kazemi reviewed the political and security conditions in the country, and renewed his call for the need for concerted efforts to bring stability and defuse crises.
He indicated that the Council of Ministers supported the initiative presented by Al-Kazemi yesterday evening, Monday, which received internal and external political support.
And between the Council of Ministers, the Deputy Commander of Joint Operations hosted Lieutenant-General Abdul-Amir Al-Shammari, and a number of security leaders, who reviewed the security situation in the country and presented a security assessment of the Iraqi-Turkish borders.
The Council of Ministers agreed to approve the attached recommendations of the Security Assessment Committee on the Iraqi-Turkish borders, which include financing 30 billion dinars from the text mentioned in the emergency security law published in the Official Gazette on July 4, 2022, including 20 billion dinars for building outposts, and 10 billion dinars for mechanisms.
The Ministry of Finance is funding the Border Forces Command at an amount of 42 billion dinars, according to the mechanism mentioned in the Cabinet Resolution (15 of 2022), and transferring it to the Joint Operations Command. The exception of these projects is from the instructions for implementing government contracts (2 for the year 2014). LINK
Gold Prices Are Falling In The Baghdad Markets
Shafaq News/ “foreign and Iraqi” gold prices decreased in the local markets in the capital, Baghdad, today, Wednesday, (August 3, 2022).
Shafak News Agency correspondent said that gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, recorded this morning, the selling price of one weight of 21 karat of Gulf, Turkish and European gold is 367 thousand dinars, and the purchase price is 363,000, while the selling prices for yesterday, Tuesday, were 369 thousand. Dinar per weight.
Our correspondent indicated that the sale price of one 21-carat weight of Iraqi gold also decreased at 327 thousand dinars, and the purchase price reached 323 thousand.
With regard to gold prices in goldsmiths’ shops, the price of selling the weight of Gulf gold 21 carat ranges between 365 thousand and 375 thousand dinars, while the selling price ranged from the weight of Iraqi gold between 325 thousand and 335 thousand dinars.
It is equal to one mithqal of gold (five grams). LINK
OPEC Plus Meets Amid Production Struggles And US Pressure For More Oil
Energy Economy News-Baghdad OPEC+ meets on Wednesday amid market expectations of a steady or slight increase in oil production as most of its members are already pumping close to capacity and cannot heed US calls for increased production to help tackle high prices . .
The United States has put OPEC leaders Saudi Arabia and its ally, the United Arab Emirates, under pressure to pump more oil to help confront Russia over its invasion of Ukraine .
US and Western sanctions on Russia have sent prices of all kinds of energy soaring, driving inflation to its highest levels in several decades and central banks raising interest rates sharply . According to Reuters.
OPEC has been increasing production in line with its targets by about 430,000-650,000 barrels per day per month in recent months, and has refused to switch to faster production increases .
The group’s sources indicated a lack of spare capacity among members to add more barrels as well as the need for more cooperation with Russia as part of the broader OPEC+ group .
By September, OPEC+ had canceled all of the record production cuts it had implemented in 2020 to deal with the collapse in demand caused by the coronavirus pandemic .
In June, OPEC+ produced nearly 3 million barrels per day of crude less than its quotas expected, as sanctions against some members and reduced investment by others crippled its ability to calm the world’s energy crisis.
Only Saudi Arabia and the United Arab Emirates are believed to have some spare capacity left to increase production . French President Emmanuel Macron said he had been told that Saudi Arabia and the UAE had very limited ability to increase oil production. https://economy-news.net/content.php?id=29129
Slight Decrease.. Dollar Exchange Rates For Today
Economie 2022-08-03 | 03:21 1,836 views Alsumaria News – Economy The dollar exchange rates fell today, Wednesday, on the Iraqi Stock Exchange.
The selling price of the dollar was 148,550 dinars per $100, while the purchase price of the dollar was 148,450 dinars per $100. LINK