Bondlady’s Corner

Iraq Economic News and Points to Ponder Late Tuesday Afternoon 12-5-23

Tlm724 Administrator Bondlady’s Corner

A Decline In Dollar Exchange Rates In Local Markets With The Closure Of The Two Stock Exchanges

Market  Economy News – Baghdad  On Tuesday, the exchange rates of the US dollar in Baghdad and Erbil witnessed a decline with the closure of the stock market.

The exchange rates of the dollar fell on the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, to record 157,150 dinars per 100 dollars, while it recorded this morning 157,600 dinars per 100 dollars.

Regarding selling prices in banking shops in local markets, they decreased, as the selling price reached 158,000 dinars per 100 dollars, while the purchase price reached 156,000 dinars per 100 dollars.

In Erbil, the dollar also recorded a decline, as the selling price reached 156,850 dinars, and the purchase price reached 156,750 dinars per 100.  12/05/2023 – https://economy-news.net/content.php?id=38199

The Iraqi Stock Exchange Closed Down By 4.02%

Market  Economy News – Baghdad   The Iraqi Stock Exchange closed, on the second day of trading this week, down by 4.02%.

The session traded shares of 31 companies, with the number of shares traded reaching more than 1.6 billion shares, with a value of more than 2.6 billion dinars.

Al Mansour Hotel shares rose by 1.43%.

Al-Mansour Bank shares fell by 14.88%, followed by Ashur Bank by 8.51%.

Views 26  Added 12/05/2023 – https://economy-news.net/content.php?id=38191

The Central Bank Raises Tens Of Millions Of Euros As An Initial Payment To Cover Imports From Türkiye

Central Bank of Iraq   Economy News – Baghdad   A government source revealed, on Tuesday, that the Central Bank has increased tens of millions of euros as an initial payment to cover imports from Turkey.

The source said, “In implementation of the banking arrangements agreement that was concluded with Turkey last week, the Central Bank of Iraq has, since last Sunday, the third of December, strengthened tens of millions of euros as an initial payment.”

He added, “This aims to cover retailers’ imports from Turkey, through Iraqi merchants paying in Iraqi dinars and the Central Bank strengthening them in euros so that settlement with Turkish merchants is made in Turkish lira.”  Views 103 12/05/2023 – https://economy-news.net/content.php?id=38169

After Losses That Continued For Days, Oil Prices Stabilized In Global Markets

Economy |  05/12/2023  Baghdad – Mawazine News   Oil prices stabilized after a three-day loss, as Saudi Arabia said recent cuts by the OPEC+ alliance would be fully adhered to and could be extended, in the face of persistent doubts about the effectiveness of the restrictions.

Brent crude settled above $78 a barrel after falling by more than 6% in the previous three sessions, while West Texas Intermediate crude exceeded $73.

Saudi Energy Minister Prince Abdulaziz bin Salman told Bloomberg News that the recently scheduled cuts will “overcome” the expected inventory increase in the first quarter, and could continue until 2024 if necessary.

Crude oil has been under downward pressure since the meeting of the Organization of the Petroleum Exporting Countries and its allies last week, as traders remain unconvinced of the extent to which the voluntary cuts package has been fully implemented. Analysts highlighted the group’s bloated spare capacity, saying traders need to see evidence of the implementation and impact of the cuts. The meeting was delayed for several days and witnessed internal disagreements.

https://www.mawazin.net/Details.aspx?jimare=238976

The President Of The Republic To The Minister Of Interior: Stability Is An Important Element In Achieving Economic Development And Encouraging Investment

Political | 12:57 – 05/12/2023  Baghdad – Mawazine News  The President of the Republic, Abdul Latif Jamal Rashid, stressed during his meeting with the Minister of Interior, Abdul Amir al-Shammari, today, Tuesday, the importance of consolidating security and stability.

A statement from the Presidency of the Republic, received by Mawazine News, stated, “The President of the Republic, Abdul Latif Jamal Rashid, received today at Baghdad Palace, the Minister of Interior, Abdul Amir al-Shammari.” “.

During the meeting, the President of the Republic stressed “the importance of consolidating the security and stability that Iraqi cities enjoy,” pointing out that “stability is an important element in achieving economic development and encouraging investment and the private sector.”

He praised “the efforts of the Ministry of Interior in protecting the security of the regions and combating crime in all its forms, especially in reducing the scourge of drugs,” noting “the importance of providing facilities to citizens to carry out their daily transactions and issuing documents, identification documents, etc.”

For his part, Minister Abdul Amir Al-Shammari appreciated “the directives of the President of the Republic, and also reviewed the ongoing work progress in the Ministry of Interior at various levels and the implementation of the tasks assigned to it in establishing security and stability, and the future plans drawn up in this regard.”   https://www.mawazin.net/Details.aspx?jimare=238993

All Cabinet Decisions Taken In Today’s Session

The Council of Ministers headed by Muhammad Shiaa Al-Sudani  – Sweeteners   Economy News – Baghdad   On Tuesday, during its 49th regular session, the Council of Ministers took several decisions after discussing the files on its agenda.

A statement by the Prime Minister’s Media Office, seen by Al-Iqtisad News, stated that Prime Minister Muhammad Shiaa Al-Sudani chaired, today, Tuesday, “the forty-ninth regular session of the Council of Ministers, during which various general political situations, service, economic and social files were discussed, as well as “On following up on the implementation of the government program and its progress in multiple areas and on various performance axes.”

On the occasion of International Volunteer Day, and in appreciation of the valuable efforts they have made to serve the nation and society and with the aim of spreading the culture of volunteer work in Iraq; The Prime Minister directed the following:

1. Obligating all ministries and government agencies to show the utmost cooperation and provide facilities to volunteers and volunteer teams to implement their programs.
2. Allocating a financial grant to volunteers who are involved in accidents during their volunteer work.
3. Allocate an annual national award for those distinguished in volunteer work.
4. Ministries that have a need for volunteers establish volunteer centers in them that work to organize them within their programs and activities.

In the field of social care, the Council of Ministers decided to approve the proposals of the draft law on the first amendment to the Law on the Care of People with Disabilities and Special Needs (38 of 2013), which included increasing the salary of the full-time employee to 250 thousand dinars in lump sum, and authorizing the Council of Ministers to adjust the salary when needed, taking into account attention. Notes from the Legal Department in the General Secretariat of the Council of Ministers, and notes that were presented during the session.

In order to complete the solution to the problem of free lecturers, the Council of Ministers agreed to exclude Baghdad Governorate from the controls and instructions (2 of 2023) for the purpose of contracting with the second Rusafa lecturers (annex), who number (20,666) lecturers, provided that it is within the share of Baghdad Governorate stipulated in Article 66 of the Budget Law.

In the field of following up on health sector projects and completing health and treatment services, the Council of Ministers decided to approve the following:

The Ministry of Finance allocated (192,827,599,908) dinars, only one hundred and ninety-two billion eight hundred and twenty-seven million five hundred and ninety-nine thousand nine hundred and eight dinars to the Ministry of Health for signed and unfunded contracts (drug and dialysis contracts) to exhaust the drug allocation and raise the level of medical and therapeutic services provided in health institutions. Based on the provisions of the Federal General Budget Law (13 of 2023).

As a follow-up to the service aspect, and the completion of municipal services in residential areas that suffer from poor services, the Council of Ministers approved authorizing the Baghdad Municipality with the authority to receive the sewage network for the serviced, unserved, and agricultural areas implemented by the people in Al-Zawraa District (Al-Ma’amel), as is the current situation, according to the position of the sites and shops. The updated one, provided that tables of quantities are prepared for the required stores to be developed.

The Council also approved the allocation of the Ministry of Finance (11,774,286,000) dinars, only eleven billion seven hundred and seventy-four million two hundred and eighty-six thousand dinars to the Municipality of Baghdad for the emergency needs governing the repairs of the sinking of the main conveyor line (Baghdad Line) of the Baghdad Sewerage Department from the emergency reserve, based on To the provisions of the Federal General Budget Law for the fiscal years (2023 – 2024 – 2025).

Within the same service framework, the Council of Ministers approved the recommendation of the Ministerial Council for the Economy No. (20279 Q) regarding the project to implement the main line from Al-Habibiyah station to the sewage treatment project in Al-Rustamiyah (Al-Khansaa line), according to the following:

1. Cancellation of Cabinet Decisions (54 of 2014) and (214 of 2019).
2. Approval to include the component recorded in the letter of the Ministry of Planning, dated August 27, 2023, as a new, independent project within the federal general budget for the year 2023, and the Municipality of Baghdad will transfer an amount out of the allocations of its investment projects for the year 2023 for the purpose of inclusion, provided that its total cost is covered within the budget tables. Federal General Assembly for the year 2024, according to what was stated in the Federal General Budget Law (13 of 2023).

As part of the economic reform trends, the Council of Ministers approved the recommendations of the minutes of the meeting of the team formed pursuant to Council of Ministers Resolution (23408 of 2023), which included amending the legislative decision.

(767 of 1987) regarding the draft law exempting development projects from taxes and fees (repealing the dissolved Revolutionary Command Council’s decision No. 767 of 1987), to become as follows:

1. Limiting (defining) the concept of development projects set forth in Legislative Resolution (767 of 1987) and Cabinet Resolution (167 of 2010) projects financed by loans and grants within the federal general budget.
2. Projects that are announced after the issuance of this decision are included in this decision according to the interpretation mentioned in Paragraph (1) above.
3. The exemption becomes effective for projects that were included under Cabinet Resolution (167 of 2010) derived from Legislative Resolution (767 of 1987) and signed before the issuance of this decision.

In the field of monitoring the investment sector and stimulating economic development, the Council of Ministers decided to approve the following:

1. The competent ministries provide priced statements and transformation paths for the conflicts facing the implementation of government projects included in the investment plan.
2. The statements are presented to the contractors implementing these projects. For the purpose of implementing it at the same prices, and under the supervision of the competent ministry.
3. In the event that the contractor apologizes for implementation, for any reason, the competent minister grants the authority to implement an exception to the contracting methods and instructions for implementing the budget.
4. The costs of conflicts are added to the cost of the project (outside the amount of reserve, supervision and control) without the need for the approval of the Ministry of Planning and the Ministerial Council for the Economy.
5. This decision will be implemented for a period of (6) months, with the Ministry of Planning being informed of this.

Also in the investment sector, the Council of Ministers approved the recommendation of the minutes of the fifth meeting of the Diwani Order Committee (22432) of 2022 concerned with (reviewing the agreement with the Chinese side and proposing a policy for selecting and determining its projects), according to the following:

Financing the projects listed below from the investment account, based on the second axis (the Iraqi-Chinese Agreement/A) of the federal general budget law for the three years, and includes the projects and their estimated costs:

1 Jerusalem Station: 1 212,500,000 dollars

2 Jerusalem Station: 3 212,500,000 dollars

3 Akkas gas station: $106,250,000

The Council discussed a number of issues and files on its agenda, and took the following decisions regarding them:

First: Approval of the issuance of the Environmental Competencies System for the year 2023, which was audited by the State Council, based on the provisions of the Constitution and Article (5) of Law (1 of 2020) The Third Amendment Law to the Law on the Graduation of Persons in Medical and Health Professions (6 of 2000), taking into account attention. Opinion of the Legal Department in the General Secretariat of the Council of Ministers.

Secondly:

1. Approval of annexing the plot numbered (529/10 Bartella) to the plot numbered (332) adjacent to and belonging to the Syriac Orthodox Church of Bartella, without allowance, for use as a church and its annexes.
2. The amount of the sales allowance, the subject of paragraph (1) above, was considered a government debt and was written off in accordance with the Federal Financial Management Law of 2019, and Cabinet Resolution (23447 of 2023).

Third: Approval to grant the company executing the Al-Shuhada Residential Complex project in Maysan Governorate an operating advance for the second time in the amount of (10,000,000,000) dinars, only ten billion dinars, based on the provisions of the instructions to facilitate the implementation of the Federal General Budget Law of the Republic of Iraq, for the fiscal years (2023-2024). -2025).

Views 27  12/05/2023 – https://economy-news.net/content.php?id=38205

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Provoking Points To Ponder:

Doubt — There are two ways to slide easily through life: to believe everything or to doubt everything; both ways save us from thinking — Alfred Korzybski

Crisis — You must learn to be still in the midst of activity and to be vibrantly alive in repose —Indira Gandhi

Hope — There is no medicine like hope, no incentive so great, and no tonic so powerful as expectation of something tomorrow — O S Marden

Mistakes — A life spent making mistakes is not only more honorable but more useful than a life spent in doing nothing — George Bernard Shaw

Anger is seldom without argument – but seldom with a good one —Hallfax

An angry man is again angry with himself when he returns to reason — Publilius Syrus

Anybody can become angry – that is easy – but to be angry with the right person and to the right degree and at the right time – and for the right purpose and in the right way — that is not within everybody’s power and is not easy — Aristotle

Tolerance  is the positive and cordial effort to understand another’s beliefs, practices, and habits without necessarily sharing or accepting them — Joshua Liebman

Forgiveness — Never does the human soul appear so strong as when it foregoes revenge, and dares forgive an injury — E. H. Chapin

“I can forgive, but I cannot forget” is only another way of saying, “I will not forgive” — Forgiveness ought to be like a cancelled note — torn in two – burned  up – so that it can never be shown against one — Henry Ward Beecher

Friendship — True friendship is like sound health, the value of it is seldom known until it is lost – Charles Caleb Colton

Reality — It is good to have an end to journey toward; but it is the journey that matters in the end –-Ursula K Leguin

Destiny is not a matter of chance, it is a matter of choice – It is not a thing to be waited for, it is a thing to be achieved — William Jennings Bryan

Purpose — I am the master of my fate; I am the captain of my soul — William E Henley

Knowing — Where there is the tree of knowledge, there is always paradise; so say the most ancient and the most modern serpents — Friedrich Nietzche

Compassion –Fear grows out of the things we think; it lives in our minds, Compassion grows out of the things we are, and lives in our hearts — Barbara Garrison

What we anticipate seldom occurs — what we least expect generally happens — Benjamin Disraell