Saturday Morning Iraq Economy News Highlights 5-21-22
The President Of The Kurdistan Regional Government Participates In The Davos World Economic Forum
Shafaq News/ The Prime Minister of Kurdistan Regional Government, Masrour Barzani, headed today, Saturday, to Switzerland to participate in the World Economic Forum in Davos.
A statement by the regional government was received by Shafak News Agency; “Within the framework of the activities of the Global Forum, the Prime Minister will participate in a panel discussion entitled (A New Security Structure in the Middle East).”
The statement added; “On the sidelines of the forum, which kicks off from the 22nd to the 26th of this month, the Prime Minister will hold a series of meetings and meetings with senior officials, businessmen and economists in the region and the world.”
He pointed out that the Prime Minister “will address, during the forum, the latest developments in Iraq and the region, and will also discuss diversification of the economy and sources of income, in addition to highlighting the importance of developing and reforming the banking system, finding new markets for Kurdistan’s products and agricultural crops, and promoting trade and investment exchange.” LINK
Gold Prices Are Rising In The Iraqi Markets
Shafaq News/ “Foreign and Iraqi” gold prices rose in the local markets, today, Saturday.
Shafak News Agency reporter 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 amounted to 380 thousand dinars, and the purchase price of 376 thousand, while the selling prices for last Thursday were 372 Thousand dinars.
Our correspondent indicated that the sale price of one 21-carat weight of Iraqi gold was also stable at 340,000 dinars, and the purchase price reached 336 thousand.
With regard to gold prices in goldsmiths’ shops, the selling price of a 21-carat Gulf gold weight ranged between 380 thousand and 390 thousand dinars, while the selling price ranged between 340 thousand and 350 thousand Iraqi dinars. It is equal to one mithqal of gold (five grams). LINK
Dollar Exchange Rates In Local Markets
Economie 2022-05-21 | 04:41 1,938 views Alsumaria News – Economy The dollar exchange rates witnessed stability, today, Saturday, in the local markets. The selling prices of the dollar were 148,300 dinars per $100, while the purchase prices of the dollar were 148,200 dinars per $100. LINK
Oil Prices Rise, Brent Approaches $113 A Barrel
Economie 2022-05-21 | 03:51 573 views Alsumaria News – Economy Oil prices rose on Saturday, as the European Union’s planned ban on Russian oil and the easing of “Covid-19” shutdowns in China countered fears that slowing economic growth would hurt demand.
Brent crude futures ended in the Friday session, up by 0.46% at $112.55 a barrel, while US Nymex crude rose by 0.35% at $110.28 a barrel.
Brent crude rose on a weekly basis by 0.9%, after declining by 0.75% in the previous week, while US crude recorded a weekly decrease of 0.19%
The International Monetary Fund urged Asian countries to be aware of the indirect risks resulting from monetary tightening.
Despite rising fuel prices, Americans are consuming more fuel, according to a report by the Federal Highway Administration on vehicle mileage. The European Union hopes to conclude an agreement related to a proposed ban on imports of Russian crude that includes exemptions for countries most dependent on Russian oil, such as Hungary, according to Reuters. LINK
The Stability Of The Dollar Exchange Rates On The Iraqi Local Stock Exchange
Economie| 10:36 – 21/05/2022 Baghdad – Mawazine News, today, Saturday, dollar prices witnessed stability in local markets throughout the country, and the selling prices of the dollar recorded 148.750 dinars per 100 dollars, while the purchase prices of the dollar recorded 147.750 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=193853
With 967 Thousand Barrels Per Day.. Iraq Is The Third Largest Oil Exporter To China In The Month Of April[/Size]
Economie| 08:56 – 21/05/2022 Baghdad – Mawazine News: Data from the General Administration of Customs showed today, Saturday, that Iraq came as the third largest oil exporter to China during the month of April of 2022.
The administration said in its schedule, which was reviewed by / Mawazine News, that “Iraq was exported to China within a month. April of the current year 2022 amounted to 4.09 million tons of oil, equivalent to (29.039 million barrels) and equivalent to 967 thousand barrels per day, indicating that these “exports decreased by 8.1 percent from the same period last year and down by 13.71% from last March.” In which exports amounted to 4.74 million metric tons, equivalent to (33.654 million barrels).
She added that “Saudi Arabia ranked first as the largest supplier of crude to China in April of 2022, reaching 8.93 million tons, equivalent to 63.403 million barrels, and then Russia came second, as its exports to China amounted to 6.55 million tons, or 46.505 million barrels.”
According to the table, “Kuwait came fourth, with exports of 3.63 million tons, or the equivalent of 25.773 million barrels, followed by the UAE, which came in fifth place, with exports amounting to 3.10 million tons, or the equivalent of 22.01 million barrels.”
And she indicated that “the market share of Middle Eastern producers of crude oil to China rose 54.3% in April from 49.9% in March and 54.3% in April 2021.” https://www.mawazin.net/Details.aspx?jimare=193840
The Minister Of Finance Excludes Resorting To Borrowing And Reveals The Size Of The Surplus From Selling Oil[/Size]
Economie| 03:09 – 20/05/2022 Baghdad – Mawazine News, Finance Minister Ali Abdul Amir Allawi ruled out on Friday resorting to borrowing and revealed the size of the surplus from selling oil.
Allawi said, “Iraq will have a surplus of the difference in selling oil, up to 20 billion dollars,” stressing that “in light of the current financial abundance, it is unlikely to resort to borrowing.”
He added that “Iraq has begun to feel the positive effects of changing the dollar exchange rate,” noting that “the 2021 budget is unable to cope with economic fluctuations.”
Allawi explained that “the Food Security Law aims to address the rise in global markets,” noting: “The ministry is committed to the decision of the Federal Court and that the court took its decision based on the concept of judges and away from any pressure.”
He added, “The law submitted by Parliament is similar to the Food Security Law presented by the government.”
He noted that “the political blockage stands behind the failure to pass the budget law,” noting that “the Kurdistan region did not hand over any revenues to the federal government, whether related to the export of oil or the ports, and that the position of the Federal Court on the region’s oil is constitutional and legal.” LINK https://www.mawazin.net/Details.aspx?jimare=193783
Iraq Achieves $ 20 Billion In Surplus Oil Sales And Avoids Borrowing
FRI, 20-05-2022,PM 5:02 TAYSEER AL-ASSADI Iraqi Finance Minister Ali Allawi confirmed on Friday that his country will achieve a surplus from the difference in selling oil, up to 20 billion dollars.
Minister Allawi said today that this current financial abundance will spare Iraq from resorting to the borrowing policy, as it was prevalent in previous years, noting that Iraq has begun to feel the positive effects of changing the dollar exchange rate.
It is noteworthy that Iraq’s annual budget depends by 95 percent on oil imports, whose prices have risen during 2022. LINK
Next Wednesday .. Who Will Prevail In The Food Security Law, For The Devotees Or For Those Who Refuse? Canon’s Brightness Clarifies
Saturday, May 21-2022,Pm 12:57 Karar Al Asadi In a new round of the conflict that has been going on since the end of the early parliamentary elections until now between the Sadrist movement, which won the highest seats and those who joined it, and the coordination framework and those who lined up with it, what will happen in next Wednesday’s session that was devoted to voting on the food security law that the two sides wrestled with And raised to the Federal Court and refused and then returned to the front in a parliamentary manner.
His latest developments were clarified by the representative of the Ishraqa Kanon bloc, Muhammad Jassem Al-Khafaji, in a statement to Noon news agency, saying, “The proposed law is presented within the work of the Council, specifically in the Finance Committee, and it is not hidden from everyone the active role of the Iraqi judiciary in preventing an attempt – (what he described) – slipping into more constitutional and legal violations in the process of legislating laws, the latest of which is Federal Court Decision No. (21) which was issued before days, and he explained the description of the government for managing daily affairs and what are the tasks entrusted to it, including the lack of legislation or proposing laws, so the food security law submitted by the government was rejected.
As a result, the decision of the Finance Committee was to proceed with its legislation based on Article 60 of the Iraqi Constitution and Article (112) of the internal system of the House of Representatives, which It provides for the possibility of enacting laws by the competent committee, to avoid this constitutional violation, so it was submitted again to the Presidency of the House of Representatives and referred to the Legal Committee to express a legal opinion in order to proceed with its first reading in the House of Representatives and then vote on it.
He added, “It wasVoting on the decision in the Legal Committee is approval by the majority, but we proved in the vote that we do not agree with it, and that this law is also a violation within the same previous framework because it contains a financial aspect and a financial obligation for the government, which is contrary to the Constitution and the decision of the Constitutional Court and its decision No. (21) of 2015 to legislate laws
The parliament had a financial aspect, so the decision was to be presented to the government to obtain its approval, and this means that we did nothing because the government, by law and constitution, does not allow it to legislate, and it was read in the first reading in the House of Representatives, and the problem is that the law contains many things far from food security and providing the food basket for the citizen
And it has percentages of spending on certain projects and giving the authority to the government for the purpose of borrowing, repaying debts and repaying loans.
At the same time, the Federal Court made it clear with its decision that the issue of providing food, medicine and security is a routine matter among the government’s daily work in managing matters and it is obligatory in it, and the session will be next WednesdayIt is to vote on the law and we will try to make it within the constitutional frameworks.” Qasim Al-Halfi – Holy Karbala LINK