More Iraqi News Wednesday PM 3-9-22
More Iraqi News Wednesday PM 3-9-22
TLM724 Administrator BondLady’s Corner
Economists Expect A Barrel Of Oil To Reach $180
Posted On2022-03-09 By Sotaliraq Economists expect the price of a barrel of oil to reach $180, calling for the establishment of sovereign funds that invest increasing revenues in supporting the private sector, warning against losing this opportunity and maintaining the “rentier economy.”
Economist Sabah Alo said in an interview with Al-Mada that "there is a great demand for oil as a result of the world's recovery from the Corona virus and the recent Ukrainian crisis (the war between Russia and Ukraine)," at the same time, expecting the price of oil to reach "180 dollars per barrel in the event that The current crisis in Ukraine continues.
Alo explained, "Oil-producing countries such as Iraq will benefit greatly from the current rise in oil to compensate for the losses that they suffered a year or more ago due to the pandemic."
Alo called on the government to "invest that money and use it in infrastructure work or establish a sovereign fund for the reconstruction of Iraq."
The Ministry of Oil had announced earlier that Iraq had achieved the highest rates of oil export during the past month in eight years, stressing that the daily rate of export amounted to more than 3.3 million barrels per day, with a monthly revenue of 8.5 billion dollars.
For his part, economic expert Basem Jamil Anton said, "Iraq is facing a precious and irreplaceable opportunity represented by the rise in oil prices, and it happened three to four times earlier that was not properly exploited."
And Anton added, "The Iraqi economy remained for the past period a rentier dependent on oil only, and we were unable to transfer part of these revenues to sovereign funds and to develop the industrial, agricultural, tourism, transport and services sectors."
He pointed out, "Iraq is in dire need of forming sovereign funds for youth that help create job opportunities for the unemployed, especially since we have about 180,000 annual graduates from colleges and institutes who do not find job opportunities."
Antoun explained, "The presence of a private sector capable of absorbing these human capabilities keeps us from taking arbitrary measures to address the unemployment file."
He stressed, "No day passes without demonstrations organized by the unemployed and young people looking for opportunities, and this crisis will not be resolved except by activating the private sector by taking advantage of high oil prices."
And Antoun continues, "The operation of the private sector has significant effects, some of which are related to food security and its provision, and therefore we will dispense with imports." LINK
Brent Crude Drops To $122 A Barrel
Wednesday, March 9, 2022 5:16 PM Follow-up / National News Center Oil prices recorded, on Wednesday afternoon, a decrease of 122.60, amid the foggy direction of Brent crude prices.
Brent crude futures fell to $ 122.60 a barrel this afternoon, after jumping 2.57 percent the previous day.
Technical indicators indicate the lack of clarity in the direction of Brent crude oil prices against the dollar.
Brent crude futures rose this morning, to $3.28, or 2.57 percent, to $131.18 a barrel at 04:29 GMT, after jumping 3.9 percent the previous day. https://nnciraq.com/116634/
The Central Bank Signs A Memorandum Of Understanding With The Islamic Corporation For Investment And Exports
Economie| 10:17 - 08/03/2022 Follow - Mawazine News Today, Tuesday, the Central Bank of Iraq signed a memorandum of understanding with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), in the context of supporting economic and trade relations between member states of the Islamic Development Bank.
And the Central Bank stated, in a statement received by Mawazine News, that “this memorandum aims to enhance the activity of this institution in Iraq, especially in the banking sector,” adding that “it was agreed to hold periodic meetings for the purpose of exchanging experiences and information and holding workshops and training courses for Iraqi banks for the purpose of Benefit from the products offered by this institution in the field of securing international trade finance instruments.
He pointed out that " And he indicated that "this institution also provides credit solutions, mitigate credit risks, and offers insurance and reinsurance products, which in turn enhance credit in accordance with the provisions of Islamic Sharia." Ended 29 / p. 87 https://www.mawazin.net/Details.aspx?jimare=186687
The Central Bank Signs A Memorandum Of Understanding With The Islamic Corporation For Investment And Exports
The Central Bank of Iraq signed a memorandum of understanding with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), within the framework of supporting economic and trade relations between member countries of the Islamic Development Bank.
The Central Bank stated in a statement that "this memorandum aims to enhance the activity of this institution in Iraq, especially in the banking sector," adding that "it was agreed to hold periodic meetings for the purpose of exchanging experiences and information and holding workshops and training courses for Iraqi banks for the purpose of benefiting from the products offered by this Corporation in the field of securing international trade finance instruments.
He pointed out that "the tasks of the Islamic Corporation for the Insurance of Investment and Export Credit are to enhance commercial transactions between the member states of the Islamic Cooperation Council, and to facilitate the flow of foreign direct investments to those countries, with the aim of contributing to social and economic development."
And he indicated that "this institution also provides credit solutions, mitigate credit risks, and offers insurance and reinsurance products, which in turn enhance credit in accordance with the provisions of Islamic Sharia." https://www.radionawa.com/all-detail.aspx?jimare=28431
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad Today, Wednesday, the dollar exchange rates fell slightly on the local stock exchange.
The selling prices of the dollar were 147,500 dinars per $100, while the purchase prices of the dollar were 147,000 dinars per $100.
And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, 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 is 1470 dinars per dollar. Views 181 Date Added 09/03/2022 https://economy-news.net/content.php?id=27296
Al-Zamili: Do Not Be Lenient Or Lax With The Corrupt, And All The Theft Of Public Money Will Be Referred To The Judiciary
Political | 01:41 - 09/03/2022 Baghdad - Mawazine News, Hakim al-Zamili, First Deputy Speaker of the House of Representatives, called on the Federal Financial Supervision Bureau, and the rest of the supervisory bodies, to continue to uncover all files of corruption and waste in public money, and not to be affected by pressure, stressing that the House of Representatives is strongly supportive of the procedures followed by the supervisory authorities, And provide all facilities that enhance its work.
This came during his participation today, Wednesday, March 9, 2022, in the celebration held by the Federal Financial Supervision Bureau on the occasion of the 95th anniversary of the establishment of the Bureau, in the presence of a number of parliamentarians, ministers and officials.
Al-Zamili praised the effective and exceptional role of the Oversight Bureau, calling on them to make more efforts to preserve public money, especially those related to auditing government contracts in all ministries and state institutions, stressing that the current parliamentary session is a “reform” session that stands with the people, and will not allow complacency or inaction with cases of administrative and financial corruption, and it will work with the regulatory agencies to refer those concerned to the judiciary to receive their just punishment.
Al-Zamili stressed that what is happening today in some state institutions is legitimizing corruption, and the government and regulatory institutions must take their role in developing real solutions to end the state of waste of public money, and that this stage is a period of monitoring and accountability in which there is no place for the corrupt. https://www.mawazin.net/Details.aspx?jimare=186748
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