Ranked 29th out of 100 countries, Iraq raises its gold holdings to more than 152 tons

The World Gold Council announced on Tuesday that Iraq has increased its gold holdings to more than 152 tons.

According to the latest table published by the Council in September 2024, which Shafak News Agency reviewed, “Iraq ranked 29th out of 100 countries listed in the table with the largest gold reserves,” indicating that “Iraq ranked third in the Arab world after Saudi Arabia and Lebanon.”

He added, “Iraq increased its gold holdings to 152.6 tons, after its gold holdings were 148.3 tons, which represents 11% of its remaining reserves.”

The Council also pointed out that “the United States of America is the largest country in the world with the largest gold holdings, at 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy with 2,814 thousand tons, while Bosnia and Herzegovina came in last with 1.5 tons.”

The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.

Shafaq.com

The Federal Court interprets the phrase “Iraq is fully sovereign” in the Constitution

The Federal Court interprets the phrase Iraq is fully sovereign in the ConstitutionToday, Tuesday (October 8, 2024), the Federal Supreme Court issued a decision that included the interpretation of the phrase (fully sovereign) contained in Article (1) of the Constitution of the Republic of Iraq for the year 2005.

She said in a statement that “the Constitution of the Republic of Iraq guarantees the unity of Iraq, and since that unity requires that Iraq have full sovereignty over all its lands, airspace and territorial waters, this also requires that all federal authorities, decentralized regional and governorate authorities and local administrations be obligated to abide by the provisions of the Constitution to preserve the unity of Iraq and not to do anything that would undermine its sovereignty.”

The Federal Court stressed that “any authority that violates this has violated the constitution and endangered Iraq’s sovereignty, in accordance with Articles (1, 8, 50, 109, and 116) of the Constitution of the Republic of Iraq for the year 2005.”

She explained that “this interpretation came in accordance with the decision issued by the court No. (89/Federal/2024).”

Burathanews.com

Government Advisor: Expansion of electronic payment has boosted the digital economy

The Prime Minister’s Advisor, Dr. Amer Al-Adhadh, stated that the expansion in the use of electronic payment tools contributed to strengthening the digital economy.

Al-Adhadh, who also holds the position of Executive Director of the Supreme Reform Committee, said during his interview with Al-Sabah: Iraq witnessed a remarkable development in the field of electronic payment during the years 2023 and 2024, according to the campaign launched by the Prime Minister with the aim of activating electronic payment operations, which enhanced the widespread use of these tools on a wide scale.

He explained that the Central Bank of Iraq had a pivotal role in implementing government decisions related to this field, through advance planning and developing the necessary technical infrastructure, indicating that the amounts processed through the “National Switchboard” witnessed significant growth, reflecting the improvement in infrastructure and the expansion in the use of electronic payment channels.

Al-Adhadh pointed out that, according to statistics, financial settlements for movements passing through the national switchboard amounted to about 2 trillion dinars in August of this year, compared to only 800 billion dinars in August 2023, in addition to the fact that government payments also witnessed significant growth, reaching 904 billion dinars in August 2024, compared to nearly 700 million dinars in the same month of the year.

2023.

He added that payment operations at fuel stations witnessed tremendous growth, rising to 43 billion dinars in August 2024, compared to 200 million dinars in the same month of the previous year, noting that the Ministry of Interior witnessed the implementation of more than 5 million payment operations since the launch of the campaign on June 1 of last year, which reflects the great positive impact on improving electronic transactions in government sectors.

Al-Adhadh noted the adoption of the service level agreement by ministries and government institutions towards companies that provide electronic payment services, in order to be of high quality for beneficiaries, in addition to updating the settlement system, which was actually launched in June of this year, which allowed the system to operate around the clock.

He stressed that Iraq has witnessed a significant increase in the number of bank cards issued, with increases of millions, noting that there has been a noticeable growth in the number of point-of-sale devices used in various government and private sectors by doubling their numbers and using them in all governorates, making them easier and safer.

Alsabaah.iq

Transport reveals the date of receiving the five-berth project in Faw Port

The Ministry of Transport announced the receipt of the five berths project in the Grand Faw Port by organizing a major celebration attended by major companies specialized in the maritime sector.

The Director of the Ministry’s Media Office, Maitham Al-Safi, said in a press statement that: “The Korean company (Daewoo), which is implementing the Faw Grand Port project, has completed work on the five berths project, including the project to establish a container terminal in the port, and that the remaining work includes cleaning and removing work waste only, and the project will be officially handed over at the end of this October.”

He pointed out that “the government has developed solutions to all obstacles and technical problems in order to implement the project with the best specifications, as the Faw Port project will play a pivotal role in transporting goods between Asia and Europe, especially since it is linked to the Development Road project, which represents the Greater Iraq Project.”

Al-Safi added that “the ministry will organize an official celebration with high government representation and the presence of major international companies specialized in the maritime sector and ports that have expressed their desire to contribute to this giant project, as the first phase of the project will be completed during the coming year (2025).”

He pointed out that “the next step in the project implementation phases is to submerge the submerged tunnel, which is considered one of the giant projects, as the tunnel passes under the Khor Al-Zubair navigation channel with a length of (2.4) km and connects the city of Umm Qasr and the city of Al-Faw, and is the link between the port of Al-Faw and the development road channel that will connect the East with the West, and will be of great importance in serving the global transport movement.”

He explained that “the ministry seeks to contract with major international shipping lines to create new opportunities to enhance trade, investment and economic growth due to the port’s strategic location that connects trade lines between the East and the West.”

Alforatnews.iq

Baghdad Governor reveals population increase and confirms: Explosive budgets will not cover service needs

Baghdad Governor Abdul Muttalib Al-Alawi revealed on Monday that the population of the capital has increased to 11 million and 500 thousand people, stressing that the “explosive” budgets do not cover the required need for infrastructure and other projects.

Al-Alawi told Shafaq News Agency, “The governorate is responsible for the areas on the outskirts of Baghdad, not just its center. These areas suffer from a significant shortage in the needs of citizens, and the resources available from the general budget do not cover the actual need to provide services and infrastructure to citizens.”

He added, “Government companies must participate with the private sector in implementing service projects, and this matter requires effort and re-legislation of laws to activate the private sector and stimulate economic development.”

He pointed out that “Baghdad Governorate includes ten million people according to the official census, but on the websites the population of the capital Baghdad is about 11 million and 500 thousand people, and as a result of the previous circumstances of wars and terrorism, a large gap occurred in Baghdad between the population increase and the infrastructure.”

Al-Ali stressed that “the available resources and explosive budgets, no matter how much they are, do not cover the required need, because needs are variable, different and evolving, and whenever we address a problem or service deficiency, another deficiency appears.”

Shafaq.com

Iraq exports more than 54 million barrels of oil and its derivatives to America

The US Energy Information Administration announced on Monday that Iraq exported more than 54 million barrels of crude oil and its derivatives to the United States during seven months of the current year.

A schedule of the administration, which Shafaq News Agency reviewed, showed that Iraq’s exports of oil and its derivatives during seven months amounted to 54 million and 917 thousand barrels.

He pointed out that Iraq exported eight million and 868 thousand barrels of crude oil and its derivatives during the month of July, an increase from the month of June, when exports amounted to eight million and 600 thousand barrels.

The US Energy Information Administration stated that OPEC’s exports of crude oil and its derivatives to America during seven months of the current year amounted to 270 million and 853 thousand barrels, with Saudi Arabia leading the highest rate with 79 million and 402 thousand barrels during the same period of time.

Iraqi oil exports to the United States have increased significantly over recent years, with export figures reaching record levels in some months, partly due to Iraq’s ability to increase its oil production, as well as rising global demand for oil.

Oil trade relations between Iraq and the United States play an important role in strengthening economic relations between the two countries, and contribute to enhancing the stability of the global oil market and providing energy to the American and global economies.

Shafaq.com

BP in talks to invest in 3 oil projects in Iraq

Informed economic sources revealed on Monday that the British energy giant British Petroleum (BP) is holding talks to invest in three new projects in Iraq.

The sources said that the company abandoned a goal to reduce its oil and gas production by 2030, at a time when the company’s CEO, Murray Auchincloss, reduced its energy transition strategy with the aim of restoring investor confidence with a return to the Middle East, according to the website “Al Arabiya.net.”

The sources added that the company is currently holding talks to pump investments into three new projects in Iraq, including a project in the Majnoon field.

BP has a 50% stake in a joint venture to operate the giant Rumaila oil field in southern Iraq.

Last August, BP signed an agreement with the Iraqi government to develop and explore the Kirkuk oil field in the north of the country, build power plants and increase solar energy capacity.

The sources said the new agreements are expected to be based on a profit-sharing model, in stark contrast to previous contracts.

The sources added that BP is also considering investing in redeveloping fields in Kuwait.

In the Gulf of Mexico, the company said it would move forward with development of the massive Cascade field, and the company also intends to greenlight development of the Tiber field.

The sources confirmed that the company will also consider acquiring assets in the Permian shale oil basin with the aim of expanding the size of its onshore operations in the United States.

Shafaq.com

Iraqi economist expects oil price to rise to $200 if war extends to Gulf

Shafaq News / Economic expert Nabil Al-Marsoumi expected on Friday that the price of a barrel of oil would rise to nearly $200 if the war in the region expanded to include the Gulf states, and Iran closed the Strait of Hormuz and cut off the flow of about 20 million barrels of oil to global markets daily.

The expert spoke in an analysis published today about the two expected possibilities regarding what he called the coming oil war. He said that the first of them is that Israel will target the Iranian oil export outlets, especially Kharg Island, through which 90% of Iranian oil exports pass. This means eliminating 1.5 million barrels of Iranian oil from the market, which will raise prices by about $5 per barrel to $82.

He added: But it will lead to cutting off the most important sources of Iranian funding, and in this case we will face several scenarios. The first is that OPEC Plus will intervene and cancel voluntary and mandatory production restrictions, which will provide sufficient oil supplies to compensate for the loss of Iranian oil, indicating that this will lead to a decrease in prices and their return to the $70 mark.

He addressed the second possibility, saying: The war may extend to include oil pumping and export stations in the Gulf, which may negatively affect Gulf oil exports, especially Saudi oil exports, which will push oil prices above $100 per barrel.

Al-Marsoumi also pointed out that Iran had previously confirmed that preventing it from exporting its oil to the world also means preventing the exit of oil from the Strait of Hormuz. If Iran closes the Strait of Hormuz, this means cutting off about 20 million barrels per day of global oil supplies, which will push prices to $200 levels, in addition to negatively impacting Gulf gas shipments that pass through the strait.

The Iraqi economic expert continued by saying that the Israeli strike will be limited to hitting oil facilities, especially Iranian refineries, which means taking out 300 to 400 thousand barrels per day of Iranian exports, noting that in this case it will have no significant impact on global oil prices, especially after Libyan oil returns to its previous levels.

Shafaq.com

“Everyone is exposed and the situation is fragile.” The Iraqi government and its factions distance themselves from the regional clash

Shafaq News / The British website “Middle East Eye” reported that the Iraqi armed factions will not target any American interests or military bases in Iraq or Syria until further notice, as these factions and political forces have decided to distance themselves from Israel’s battles with the Lebanese Hezbollah and Iran, fearing that the expansion of the growing regional wars will destroy Iraq and the sites of these forces and factions.

The British report, translated by Shafaq News Agency, quoted Iraqi officials and leaders of armed factions supported by Iran as saying that their focus would instead be on providing humanitarian aid and financial support to civilians affected by the Israeli war on Lebanon.

Nasrallah’s assassination

After the report pointed to the recent escalation in the war, including the assassination of the Secretary-General of the Lebanese Hezbollah, Hassan Nasrallah, and the launching of ballistic missiles by Iran that damaged military bases in Israel, it said that this raised estimates of the possibility of greater Iraqi participation, whether through the regular Iraqi army or various paramilitary groups, but Iraqi officials say that there is a belief that this could cause the collapse of the political, economic and military system in Iraq and the fall of its government.

The report pointed out that Prime Minister Mohammed Shia al-Sudani held dozens of meetings in recent days with political leaders, leaders of armed factions allied with Iran, and senior security officers.

The report quoted one of Al-Sudani’s advisors as saying that the prime minister sought, during these meetings, to “explain the reality of the situation facing Iraq and the consequences of any Iraqi party getting involved in the ongoing conflict.”

He confirmed that Al-Sudani also met with many Arab and Western diplomats, and spoke with many leaders of neighboring countries, including the Egyptian president, the Emir of Qatar, and the King of Jordan.

According to Al-Sudani’s advisor, he asked them to help “stop the ongoing Zionist aggression on Lebanon and Gaza, which threatens to expand the conflict in the region.”

The report quoted Iraqi officials and faction leaders as saying that they believe that Iraq will be one of four countries that Israel will attack soon, in response to the Iranian missile attack.

After the report said that the dramatic and brutal Israeli attacks on Lebanon and Hezbollah during the past two weeks had delighted the Israeli leadership and the Israelis, it quoted Al-Sudani’s advisor as saying that “the Iranian missiles dispelled their euphoria.”

According to the same advisor, this “means that Israel will certainly respond to this attack, and will inevitably attack Iraq, as well as Syria and Yemen, in addition to some oil sites in Iran,” adding that “Al-Sudani is trying hard to deprive the Israelis of any pretext that can be used to strike Iraq.”

Al-Sudani’s advisor considered that “the political, security and economic situation in Iraq is fragile and will not tolerate adventure from any party, and that any ill-considered action in the coming days will have a high price and could burn everything.”

Possible targets

According to expectations from sources in the armed factions and security services, Israel may attack several targets, including the headquarters of the Popular Mobilization Forces.

The report pointed out that rumors spread last week about Israel preparing a list of 35 targets in Iraq, including the locations and names of political leaders and leaders of armed factions. However, leaders of armed factions and security officials confirmed that there is no indication of the existence of such a list.

The report quoted a senior official in the Popular Mobilization Forces as saying, “Its targets in Iraq are known and clear, as it will attack the camps of some armed factions, in addition to the camps and headquarters of the Popular Mobilization Forces, and it may target some leaders of the armed factions.”

After pointing out that “the only two figures actually targeted are Akram al-Kaabi, the leader of the Hezbollah al-Nujaba Movement, and Abu Hussein al-Muhammadawi, the leader of the Hezbollah Brigades,” the Hashd leader said that the leaders of the other armed factions linked to Iran have replaced their military roles with more political and economic roles, and no longer have any real influence on the armed resistance against Israel.

According to the Popular Mobilization Forces source, “the Israelis and Americans know this and are well aware of it, and they have no interest in targeting them.”

“Islamic Resistance”

The report noted that immediately after the Iranian missile attack ended, the “Islamic Resistance” in Iraq issued a statement confirming that it would not target American interests and military bases in Iraq unless Washington helped Israel attack Iran, or if Iraqi airspace was used to launch Israeli airstrikes, adding that “then all American bases and interests in Iraq and the region will be our target.”

The report quoted a leader of the Hezbollah al-Nujaba movement as saying, “All parties have agreed to stop any military operations at this stage, but if Israel strikes any of them, everyone will respond immediately,” adding that “American and Israeli interests in Iraq and the entire region will be targeted.”

Precautionary measures

The report stated that Al-Sudani had put all Iraqi military forces on high alert since Tuesday evening, while most of the leaders of the armed factions have not appeared in public since then.

The report quoted leaders in the PMF as saying that the leadership of the PMF held a meeting last Monday to discuss the latest developments and ways to secure its offices and forces. According to one of those who attended the meeting, it was agreed to avoid getting involved in the escalating regional conflict, including attacking American forces in Iraq, which they had done repeatedly before the start of this war. They also decided to limit the number of combat elements at their headquarters and to inform the leaders to avoid being there as well.

In addition, the report stated that the leadership of the Popular Mobilization Forces agreed to issue strict instructions to all leaders that all fighters registered with the organization must not be involved in the regional conflict in any way.

The report quoted a source in the meeting as saying, “If they decide to fight, they should not use their fighters registered on the Popular Mobilization Forces’ payroll, or its vehicles or equipment.”

The report indicated that one of the senior commanders, who was present at the meeting, described the situation as “very sensitive, and any mistake, we will all pay the price for,” adding, “We are being targeted, and the locations of our forces, their headquarters, and their weapons depots are exposed and known, so there is no room for any uncalculated action. We are regular forces, so our choice is the government’s choice. It is that simple.”

Shafaq.com

Rafidain Bank announces the collection of more than four trillion dinars electronically for the benefit of 700 government departments

Shafaq News / The government-owned Rafidain Bank announced on Friday that it has collected more than four trillion dinars electronically for the benefit of 700 government departments.

A statement by the bank’s media office, received by Shafaq News Agency, stated that “the number of government departments that have activated the electronic collection system until October 1st has reached more than 700 government departments.”

He explained that “the total amounts that were settled and collected for the benefit of those government departments and deposited in their accounts at Rafidain Bank amounted to more than four trillion dinars.”

He pointed out that “the rate of reliance on payment systems is constantly increasing and new departments will be included soon.”

Shafaq.com