Iraqi Economic News & Points To Ponder 9-5-23

Iraqi Economic News & Points To Ponder 9-5-23

Tlm724 Administrator Bondlady’s Corner

Planning Announces The Decline In The Inflation Rate Last July

Economy | 05/09/2023    Baghdad - Mawazine News  Today, Tuesday, the Ministry of Planning announced a decrease in the inflation rate during the month of July, by (0.6%), compared to what it was in the month of June that preceded it.

The official spokesman for the ministry, Abdul Zahra Al-Hindawi, said in a statement, a copy of which Mawazine News received, that "the Central Statistical Organization recorded a decline in the inflation rate during the month of July, by (0.6%), compared to what it was in the month of June that preceded it." ".

He added, "The decrease in the inflation rate was affected by the decrease in the prices of the food and non-alcoholic beverages section, by (0.2%)."

He pointed out that the prices of milk, cheese and eggs decreased by (1.6%), while the prices of vegetables decreased by (1.5%), oils and fats decreased by (1.6%), while the prices of fish and non-alcoholic beverages decreased by (0.5%). and (0.4%), respectively.

He pointed out that “the sections of tobacco, clothing, shoes, supplies and equipment, health, transportation, education, restaurants, and miscellaneous goods and services recorded a slight increase in their prices during the month of July, ranging between (0.1%) and (0.6%), with the exception of the housing section, which recorded an increase by (2.2%). %), while the prices of the entertainment department decreased by (0.1%).

Regarding the annual inflation, Al-Hindawi stated that it "increased by (3.5%) in July this year, compared to what it was in the same month of last year 2022."

He explained that "the Central Statistical Organization updated the entire food basket during the month of June, in addition to updating the prices of phones, computers and cars," noting that "the sample that is being monitored in the markets includes all goods and services, the number of which is (333) goods and services, with an average rate of The monthly expenditure on it is 88% of the total per capita expenditure.

He continued, "The number of items within this basket reaches (486) items distributed over (12) sections, as the average per capita spending on them per month is (25) thousand dinars or more."

https://www.mawazin.net/Details.aspx?jimare=234461

Minister Of Transport: The Government Is Looking Forward To Creating Economic Integration With The Countries Of The Region

 Money  and business  Economy News _ Baghdad  Minister of Transport, Razak Muhibis Al-Saadawi, confirmed today, Tuesday, that the government is looking forward to finding economic integration with the countries of the region, noting that it is about to complete an important stage of the completion of the great port of Faw.

A statement by the ministry's media office, received by "Al-Iqtisad News", stated that "the Minister of Transport, Razzaq Muhibis Al-Saadawi, met with the CEO of the Saudi Ports Authority, Omar bin Talal Hariri, on the sidelines of the meetings of the Maritime Industry Sustainability Conference held in Jeddah."

The statement added, "The meeting, which was attended by the Iraqi Ambassador to Saudi Arabia Safia Al-Suhail, the Undersecretary of the Ministry of Transport for Technical Affairs, Eng. Talib Baish, and the Director General of the Planning and Follow-up Department, Mr. Abbas Omran, reviewed the work of the ports between the two countries, where it was emphasized the need to exchange experiences in the field of automation and management and discussion Regarding the work of the Transport, Border Crossings and Ports Committee in the Iraqi-Saudi Coordination Council.

The Minister of Transport confirmed, "The Iraqi government is looking forward to finding economic integration with the countries of the region," noting that "we are about to complete an important stage of the completion of the great port of Faw, which constitutes an important lung for the strategic development road project."

He added, "The Iraqi government is keen to strengthen relations and joint work between the two countries," noting that "the geographical location of both countries guarantees us the success of any joint investment projects."

In turn, Omar bin Talal Hariri, CEO of the Saudi Ports Authority, said, "Ports play an important role in the growth of the economy and the achievement of strategic goals." Bin Talal reviewed "the work and services of the Kingdom's ports, and the authority's regulatory and supervisory role in it," expressing his readiness to "support and exchange experiences with Iraq".

Views 77  09/05/2023 - https://economy-news.net/content.php?id=36177

The Price Of A Barrel Of Brent Crude Exceeds $90 For The First Time In 9 Months

Energy  Economy News – Baghdad  Oil prices rose today, Tuesday, and the barrel of Brent rose above $ 90, its highest level since November 18, 2022, after Russia and Saudi Arabia announced decisions to support the oil markets.

Today, Wednesday, Saudi Arabia decided to extend the voluntary cut in oil production by one million barrels per day for three months, from October until the end of December 2023.

And the Saudi Press Agency stated that the voluntary cut aims to enhance the precautionary efforts made by OPEC + to support the balance of oil markets.

In the context, Russian Deputy Prime Minister Alexander Novak announced that his country would extend the voluntary reduction of oil exports by 300 thousand barrels per day until the end of 2023, indicating that the volume of the voluntary reduction of oil production in Russia will be considered monthly, according to the situation in the global market.

Views 54  09/05/2023 - https://economy-news.net/content.php?id=36183

The Rise In The Exchange Rate Of The Dollar Locally

Economy  Tuesday, September 5, 2023 Baghdad / National News Center  The exchange rates of the US dollar against the Iraqi dinar rose slightly, today, Tuesday, in the markets of the capital, Baghdad.  The selling prices in the exchange shops in the local markets in Baghdad amounted to 154,500 Iraqi dinars, while the purchase price amounted to 152,500 dinars for every 100 dollars.  https://nnciraq.com/225197/

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Points To Ponder on Security:

"Let us never confuse stability with stagnation."  -- Mary Jean LeTendre

"Many people think that by hoarding money they are gaining safety for themselves. If money is your ONLY hope for independence, you will never have it. The only real security that a person can have in this world is a reserve of knowledge, experience, and ability. Without these qualities, money is practically useless."  -- Henry Ford

"One has to abandon altogether the search for security, and reach out to the risk of living with both arms. One has to court doubt and darkness as the cost of knowing." -- Morris L. West