Oil exceeds $ 105, gold jumps more than 3 percent

Shafaq News / On Thursday, oil prices continued to rise, reaching more than 105 dollars per barrel, and gold prices rose by more than 3 percent after a Russian attack on Ukraine raised fears of a war in Europe that could disrupt global energy supplies.

Brent crude prices rose to $ 105.01 a barrel, the highest level since August 14, 2014, by 0.9:23 GMT, an increase of $ 8.40, or 8.47 percent.

West Texas Intermediate crude prices rose $7.48, or 6 percent, to $99.58 a barrel, the highest since August 11, 2014.

Oil prices have risen by more than $20 a barrel since the beginning of 2022 on fears that the United States and Europe will impose sanctions on the Russian energy sector and supply disruptions.

On the other hand, gold prices jumped more than 3 percent to the highest level in more than a year, as investors turned to safe havens after the start of the invasion of Ukraine by Russian forces, following orders from President Vladimir Putin to carry out what he described as a special military operation.

And gold rose in spot transactions 1.7 percent to $ 1971.97 an ounce, after reaching its highest level since January 2021 at $ 1948.77 an ounce.

And US gold futures rose 1.8 percent to $ 1970.90 an ounce.

Shafaq.com

Minister of Finance: The white paper and its projects represent the main pillar of economic reform in Iraq

Shafaq News/ The Minister of Finance, Ali Abdul Amir Allawi, Deputy Chairman of the Supreme Committee for Economic Reform in Iraq considered today, Thursday, the plan for implementing the white paper “representing the main pillar of economic reform” in the country.

Allawi chaired a meeting that included the undersecretaries of the various ministries in charge of the White Paper projects, in addition to the reform cell team charged with following up on the implementation of those projects, according to a statement issued by the Ministry of Finance today.

The statement quoted Allawi as saying: The White Paper plan and its projects represent the main pillar of economic reform in Iraq, as despite it being primarily targeting government performance, its effects extend to the entire economy.

He also stressed that the white paper is a vision presented by the current government and started to implement it, and it represents a road map for implementing reform for future governments because of these projects of a purely professional economic nature, and there must be a clear will and vision to implement them.

During the meeting, the Minister of Finance indicated the need to show sufficient professional flexibility to implement these projects in coordination between the various ministries involved in the implementation.

The meeting witnessed access to the electronic program for measuring, evaluating and progressing performance for the levels of implementation of various projects after six months from the start of implementation, as the international support provided to Iraq for the implementation of these projects and the need for coordination between the various ministries, the reform cell and the international parties providing that support were discussed.

During the discussions, the Minister of Finance was briefed on the progress of performance and implementation of projects, and some obstacles and problems that may hinder or delay the progress of implementation were noted, whether they were financial, organizational or legal, and directed to address them and take measures to solve these problems and obstacles in the best and fastest way in order to reach the desired goals and achieve sound economic reform.

It is noteworthy that Prime Minister Mustafa Al-Kazemi announced on August 2, the launch of the economic reform plan within the white paper that he had previously announced as a program for his government’s work.

Al-Kazemi said at the time, in a statement received by Shafaq News Agency, “We strongly aspire to restore the country’s economy to its strength after the situation had reached very low levels as a result of rampant corruption. This plan would rebuild the Iraqi economy in a proper manner, achieving sustainable development for the country.”

Shafaq.com

Al-Kazemi’s advisor: Iraq is facing a global technological openness after leaving the seventh chapter

Baghdad – Mawazine News: Adviser to the Prime Minister, Mazhar Muhammad Salih, identified the most prominent positive effects after Iraq’s exit from Chapter VII, while noting that this would expand regional economic cooperation.

Salih said, “Iraq’s return to the international community, free from the restrictions imposed by Chapter VII of the United Nations Charter since 1990, is an important victory for the Iraqi people and for Iraqi diplomacy,” noting that “this will enable the Iraqi state to deal with the world without harsh restrictions and limitations.” spanning more than 30 years.

He added that “Iraq, the government and the people, is today the foundation of freedom and peace in the region and the world,” noting that “the new openness of the world to Iraq and the lifting of all restrictions represents a technological and scientific progress that our country will witness while it is free of obstacles and high costs imposed on it in the movement of its economy with the world.” .

He added, “This will open the international business environment to Iraq in a country that has become free from the cost of political and other risks,” noting that “Iraq is looking forward to developing bilateral economic relations and opening them up to the State of Kuwait and all countries in the region.”

He stressed that “regional economic cooperation will take a wide range in promoting positive economic interactions, especially expanding investment opportunities and joint cooperation for the happiness of the Iraqi people and all the peoples of the region.”

Earlier, the UN Security Council issued Resolution No. (2621) on February 22, 2022, which confirmed Iraq’s fulfillment of all its international obligations under Chapter VII, and resulted in its exit from Chapter VII with immediate effect, and the closure of the Compensation Committee and Fund at the end of this year. Ended 29 / p. 87

Mawazin.net

For The First Time Since 2014, The Brent Barrel Exceeded The $98 Barrier

Earth News/ Oil prices rose today, Tuesday, above the level of 98 dollars a barrel, for the first time since September 2014, in light of the escalation of tension over the Ukrainian crisis.

By 11:15 local time, US crude futures “West Texas Intermediate” rose by 4.62% to $ 95.28 a barrel.

Brent crude futures rose 3.46% to $98.69 a barrel, according to Bloomberg website data.
The rise in oil prices comes as investors fear that oil supplies from Russia, one of the world’s leading crude producers, will be affected by the Ukrainian crisis.

Earthiq.news

AN ECONOMIST WARNS THE IRAQIS: DO NOT SELL THE DOLLAR, YOU WILL “LOSE”

Baghdad / National News Center: Today, legal expert Abdul Rahman Al-Mashhadani warned Iraqis against selling the dollar these days, stressing that the exchange rate “will not change.”

Al-Mashhadani said in a television interview, followed by the “National News Center”, that “Mr. Al-Sadr did not request a change in the exchange rate of the dollar or a reduction in the exchange rate against the dinar, but rather a request to reorganize the foreign exchange market.”

Al-Mashhadani added, “The Minister of Finance forced the Central Bank to implement the decision to raise the dollar exchange rate,” explaining that the timing of the exchange rate was inappropriate and the size of the increase was illogical despite the Corona pandemic. He should have borrowed from the Central Bank.

Regarding citizens selling dollars during these days, he said, “The citizen who sells dollars will lose because the exchange rate has not changed.”

He stressed, “There are mafias that profit from the citizens’ rush to sell the dollar,” noting that “a number of banks earned (45) dollars within (20) days.”

Nnciraq.com

Political Analyst: The Presidents of the Republic, the Ministers, and the Government Program will be passed in one basket

{Al Furat News} The political analyst, Sabah Al-Ugaili, on Monday, suggested passing the presidents and ministers and the government program in one basket.

Al-Ugaili said that, “The stability bloc emerged from the womb of the coordination framework, and it represents the entire Shiite forces and an introduction to forming the next government and declaring it the most numerous bloc under the dome of Parliament.”

“It will also take it upon itself to proceed with the dialogues to form the next government,” he added.

A member of the Al-Fateh Alliance, Ayed Al-Hilali, had revealed the imminent announcement of a new political formation called the “National Stability Alliance” led by Nuri al-Maliki, which includes 133 deputies to form the largest bloc in Parliament, and while he indicated that the birth of the alliance or not depends on waiting for developments in the relationship with the Sadrists, he stressed that the alliance It will include non-Shiite forces outside the coordination framework.

And on the prospects of the Federal Supreme Court extending its decision regarding the legality of opening the door for nomination again for the presidency, Al-Ugaili explained, “There is no extension of the court’s decision after the constitutional frameworks that clarified according to Article 54 that the first session is competent to elect the Speaker of Parliament and announce the most numerous bloc and open the door for nomination to the President of the Republic during 30 days”.

He added, “There is an appeal against the unconstitutionality of opening the candidacy door for a second time, and we are awaiting the decision next Wednesday.”

Al-Ugaili indicated, “There are indications that opening the door for nomination again is not constitutional and the National Union is the closest to obtaining the position and the most prominent candidate is Barham Salih.”

The political analyst concluded by saying:

The Federal Supreme Court has set, next Wednesday, the date for settling the appeal by reopening the nomination for the post of President of the Republic.

The House of Representatives was scheduled to vote in the February 7 session on the presidential candidates, but the session was not held due to the absence of political blocs, with the exception of an alliance that includes a group of “independent” deputies, after the Federal Supreme Court announced a decision unconstitutional for the nomination of the leader of the Kurdistan Democratic Party, Hoshyar Zebari for the presidency and his exclusion from the candidacy, after it issued a decision in advance to stop the procedures for his candidacy.

In light of this, the Presidency of the House of Representatives issued a decision to open the door for candidacy for the position of President of the Republic, starting from February 9, for a period of (3) days.

Representative Basem Khashan announced that he had submitted an appeal to the Federal Supreme Court against the decision of the Presidency of the House of Representatives, which included opening the door for candidacy for the post of President of the Republic again.

Alforatnews.iq

Al-Kazemi’s advisor: The exchange rate will remain at its current position

Baghdad / Obelisk: Adviser to the Prime Minister for Economic Affairs, Mazhar Muhammad Salih, suggested that the dollar exchange rate against the Iraqi dinar would remain at its current position.

Saleh said, “It is the monetary policy that determines the exchange rate according to the Central Bank Law,” adding that “unfortunately, there have been many interventions.”

Salih added that “coordination between monetary policy and fiscal policy in a rentier country such as Iraq is very important, especially since the reserves supporting the Iraqi dinar come from the Ministry of Finance,” noting that “according to the statement of the Central Bank, there is an understanding and insistence on maintaining the stability of the Iraqi dinar exchange rate at its current price. And that the bank’s statement referred to the insistence and defense of the exchange rate.”

He believed that “certainly, there are benefits in the decision to raise the exchange rate and a lot of harm,” adding that “the Ministry of Finance was hedged against the issue of harm, especially in terms of the poor classes and the extent of inflation.”

Saleh concluded that, “according to the statement of the Ministry of Finance, it appears that the previous parliament reduced the budget and increased support for the poor classes, which is an important point in my estimation,” noting that “more than a trillion dinars were deleted from the allocations for the categories covered by social welfare salaries.”

The Central Bank announced that the dollar exchange rate is stable and there are no intentions to change it, pointing out that the need for concerted efforts by government institutions to improve the economic levels of the poor classes.

The bank indicated that there are no intentions to change the current exchange rate, especially after the positive results it achieved during the last period.

He added that the discussions that took place during the hosting of the Governor of the Central Bank of Iraq in the House of Representatives on Saturday, corresponding to February 19, 2022, stressed the need for “the concerted efforts of all government institutions to improve the economic and living standards of the poor classes that were affected by the high rate of inflation.”

Almasalah.com

Iraq Gets Rid Of Freezing Its Financial Assets And Takes A Step Towards Exiting From Chapter VII

Earth News / Economic expert Ahmed Saddam confirmed today, Monday, that Iraq has got rid of the problem of freezing its financial assets after completing the payment of Kuwaiti compensation.

Saddam told “Earth News” that “Iraq will exit from Chapter VII after it has fulfilled all its international obligations, the latest of which is the payment of Kuwait’s compensation amounting to 52.4 billion dollars.”

He added, “This means that the Iraqi government has got rid of the problem of freezing its financial assets. In addition, completing the payment of compensation to Kuwait and removing Iraq from Chapter VII will give the impression that Iraq is now outside the framework of dangerous countries,” noting that “this is a positive impact on Iraq’s international reputation.” And it has a positive impact on its economic reality.”

Earthiq.news

After the return of the dollar’s rise .. gold prices jump in the Iraqi markets

Shafaq News / “Foreign and Iraqi” gold prices rose significantly in the local markets, today, Tuesday (February 22, 2022).

Shafak News Agency correspondent said, that gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, recorded for one weight of 21 caliber of Gulf, Turkish and European gold, a selling price of 390 thousand dinars, and the purchase price of 386 thousand, while the selling prices were recorded for yesterday, Monday, 384 thousand dinars.

Our correspondent indicated that the selling price of one 21-carat weight of Iraqi gold also increased at 360 thousand dinars, while the purchase price reached 356 thousand.

With regard to gold prices in the goldsmiths’ shops, the price of selling the weight of Gulf gold 21 carat ranged between 390 thousand and 400 thousand dinars, while the selling price ranged from the weight of Iraqi gold between 360 thousand and 370 thousand dinars.

It is equal to one mithqal of gold (five grams).

Shafaq.com

The Central Bank resolves the controversy: There is no intention to change the exchange rate and we have sufficient foreign reserves

Shafaq News / An informed source in the Central Bank of Iraq revealed, on Sunday, that there are no intentions to change the current exchange rate of the dollar against the Iraqi dinar. for the possibility of a price change.

A special source in the Central Bank of Iraq said, “There are no intentions to change the current exchange rate, especially after the positive results that it achieved during the past period.”

He added that “the discussions that took place during the hosting of the Governor of the Central Bank of Iraq in the House of Representatives on Saturday corresponding to February 19, 2022 emphasized the need for concerted efforts by all government institutions to improve the economic and living standards of the poor classes that were affected by the high rate of inflation.”

He called on the public to “not deal with news that indicates the possibility of a price change,” stressing that “the central bank possesses sufficient foreign reserves to stabilize the current exchange rate.”

Yesterday, Saturday, the Iraqi Council of Representatives formed a parliamentary committee specialized in the financial and economic file and supervising the work of the Central Bank, against the background of the tweet of the leader of the Sadrist movement Muqtada al-Sadr regarding the devaluation of the Iraqi dinar against the US dollar.

And the leader of the Sadrist movement, Muqtada al-Sadr, had made six proposals regarding the exchange rate of the dollar against the Iraqi dinar, including summoning the Minister of Finance, Ali Allawi, and the governor of the Central Bank, Mustafa Ghalib, immediately.

Al-Sadr’s proposals included, “strongly stopping currency smuggling, looking into the matter of some banks such as (Middle East, Al-Qabd, and Al-Ansari) belonging to some people who control the currency, and other private banks, and dealing firmly with banks belonging to some of the parties controlling the country and people.”

In addition, Al-Sadr urged “to organize the Iraqi currency market centrally and in a correct manner, by enacting some laws that increase the value of the dinar exchange rate.”

Shafaq.com