Oil prices jumped on Tuesday after Washington announced a postponement of customs duties on Chinese goods, which traders saw as a lull in the raging trade war between Washington and Beijing.
According to Bloomberg, Brent contracts were trading at $ 60.80 a barrel, up 4% from the previous settlement price.
WTI crude was trading at $ 56.85 a barrel, up 3.5% from the previous close.
A high-level government delegation will head to Baghdad after Eid al-Adha to resolve outstanding problems.
The delegation is scheduled to discuss with officials in Baghdad, the financial budget for 2020 and the oil file as well as the security situation in the disputed areas.
“The federal and regional governments have good intentions to resolve all outstanding problems,” a parliamentary source said, adding that several committees had been formed to resolve differences.
He added that the delegation will discuss coordination between the army and the Peshmerga to prevent terrorists from infiltrating, especially in the disputed areas, pointing out that a positive atmosphere prevailed in an earlier meeting between the federal and regional governments, towards the solution of problems.
Iraqi Ambassador to Iran Saad Jawad Qandil said his country and Iran are considering mechanisms to use local currencies in their bilateral trade to reduce dependence on the US dollar, the Mehr News Agency reported.
The ambassador noted that the two neighbors are in talks to find the best way to facilitate their financial transactions.
The Iraqi diplomat reiterated his government’s clear position on unilateral sanctions imposed by the United States on Iran, saying that these restrictions contravene international rules and regulations.
Noting that bilateral trade between Iran and Iraq was not affected by the sanctions last year, Qandil expressed his country’s readiness to increase the level of cooperation with Iran in various economic fields.
Iraq is currently Iran’s largest trading partner, and the two countries have taken important steps to improve their mutual trade over the past few years.
In early February, the central banks of Iran and Iraq reached an agreement to establish a payment mechanism to facilitate banking relations and promote trade between the two countries.
During the meeting, Iran’s Central Bank Governor Abdul Nasser Hemmati, who visited Iraq to discuss the expansion of banking relations, expressed the hope that the trade balance between the two neighboring countries will increase further.
In early May, officials from the two countries held a meeting in Tehran to discuss the establishment of a trade commission between Iran and Iraq.
According to the Iranian Trade Promotion Organization ( TPO ), the two sides discussed at the meeting several issues including joint investment and establishment of industrial zones, facilitating the transit of goods, facilitating business trips, organizing pilgrimage and health tourism, as well as solving current problems related to mutual trade.
Iran’s exports to Iraq increased by 37 in the last Iranian calendar year (ending March 20) and neighbors are on the agenda to boost their trade to $ 20 billion by 2021.
BAGHDAD / NINA / A member of the Board of Directors of the Iraqi Economic Council, Baqer Al-Mashat, called for the government’s direction towards a free economy through activating a solid investment environment and cooperation and coordination between the public and private sectors.
Al-Mashat suggested in a statement on Monday: “The creation of a special division in the Secretariat of the Council of Ministers to follow up the steps of transition and cooperation between all parties to make this transition a success.”
He called on the private sector, especially the banking sector, to support these trends by providing financial guarantees to attract companies and foreign investors.
He continued, saying: “The best time to support these government trends, especially as the citizen began to harmonize with these measures, which ultimately serve his interests.”
ERBIL – A number of Iraqi ministers may get dismissed from their position in the upcoming weeks as efforts have been intensified to do reforms in the government, an informed source revealed on Thursday.
There have been productive discussions and good understanding among the parliamentary factions on this issue which is said to happen in the upcoming weeks.
According to the information BasNews has learned, a number of political parties had been objecting to the new Iraqi government.
At least four ministers will be removed over alleged involvement in corruption, he said.
Below are the central controls related to the exchange rate of the foreign currency to convert the project inputs and outputs from foreign currency to its equivalent in the local currency, and that is by calculating the net discounted present value standard and the internal return on investments in economic analysis that governs investment projects that costs excess one million dinars.
Estimate the shadow price of foreign currency:
1. It is necessary to put central controls to amend the official exchange rate * to reflect the shadow price of the foreign currency, and that is considered one of the necessary requirements to implement the net discounted present value standard and the internal return rate on investment in the economic calculation stated in the instructions, paragraph nine.
The central controls for adjusting market prices distinguished a group of outputs and inputs traded internationally, where the projects production or usage of them is reflected on the abundance of foreign currency in the economy and thus project outputs or inputs used of such are considered purely foreign currency outputs or inputs.
* What is meant by exchange rate: the number of units of foreign currency, expressed in dollar per one dinar.In particular the following outputs and inputs of foreign currency were distinguished:
According to the pricing rules the value of the output and input (traded) is calculated using export prices (FOB) and import prices (CIF), according to what is listed in the pricing rules.
In other words the pricing rules calculate what the project produces from foreign currency (quantity of exports multiplied by the export price (FOB) in foreign currency or the quantity of substitute imports multiplied by the import price (CIF) in foreign currency, as well as what the project uses from foreign currency and imported inputs multiplied by the import price (CIF) in foreign currency …. etc.).
In a later step, project outputs and inputs must be converted from the foreign currency to its equivalent in local currency (dinars) by using a specific exchange rate for the foreign currency.
2. Justifications for exchange-rate adjustment: there are a number of important and powerful arguments which support the view that the official exchange rate reduces the real value of foreign currency for purposes of calculating the economic national profitability for investment projects and hence for the purposes of investment planning. It is demonstrated in this context to call for assessing the dinar for less than (3.208) dollar (official exchange rate) when assessing project outputs and inputs of traded goods of exports, substitute imports and imports… etc.
The justifications to call for the use of an exchange rate that is lower than the official exchange rate are:
And in support to this view is the state’s utilization and in a broad approach to the customs and quantitative protection policies especially for consumer goods, as well as export subsidies that exports have through an amended export exchange rate.
3. Estimate the amended exchange rate of the Iraqi dinar to be used in technical and economical feasibility studies and for (1.134) dollar per dinar. This price should be approved for 3 years until re-appreciation by the competent authorities.
THIS REPORT WAS SENT TO THE UNITED STATES CONGRESS. IT PLAINLY SHOWS IN THIS REPORT THEY EXPECTED THE DINAR TO REVALUE AT AROUND A DOLLAR IN 2013.
This report is from page 84 of the massive SIGR report (Special Inspector General for the Reconstruction of Iraq)….
(The…)
BGG ~ This is a screen shot from the “Special Inspector General for Iraq Reconstruction” – Apr 2012, quarterly report to Congress. For members of our Government to say they have no idea what is going on here – means they haven’t read some very basic documents presented them.
The legal expert Tariq Harb said that the third day of August begins the power of the speaker of parliament to remove the immunity from the deputy accused of his crime without the need to vote the parliament and continue this power for a month .
“Article 63 of the Constitution followed in Article 7 of the House of Representatives Law 13 of 2018 and Article 20 of the Rules of Procedure of the House of Representatives identified two ways to lift the immunity from the first deputy approval of the parliament by a majority vote at the absolute When the parliament is in a hurry. ”
He added that “the second way is the approval of the Speaker of the House of Representatives only without the need to be presented to the Council and vote as the law requires the approval of the Speaker of Parliament only if it is outside the term of the legislative term and the legislative term is four months of each year and does not include two months parliamentary holidays and four months legislative term And do not include the two months and thus be each year of eight months and four months holiday and four years.
He explained that “the legislative term ended on 7/2 and was extended for one month according to the permit of extension for only one month according to article 85 of the Constitution, so the rest of the month holiday and Jubaiha in accordance with Article 57 and Article 58 of the Constitution and where the end of the extension on 8/2, The holiday, which grants the speaker of parliament for the rest of the month, the power to lift the immunity for each deputy without the need to be presented to the parliament and vote, but this power restricted him on charges of felony only to which the law was confinement for more than five years in accordance with the provisions of Article 25 of the Penal Code No. 111 of 1969 .
And wondered the war, “Will respond to the President of the Parliament requests to lift the immunity of MPs accused of crimes of a kind of criminal according to his constitutional and legal authority.” / End1
The leader of the coalition of Iraqi decision Atheel Nujaifi, on Tuesday, to international intervention to reduce the phenomenon of corruption in Iraq, attributing to the involvement of regulators in this corruption.
“The situation in Iraq has reached an impasse, in terms of fighting corruption and holding corrupt officials accountable,” Nujaifi told Ashqaf. “The authorities that are pursuing the corrupt are also becoming addicted to corruption and unable to pursue the corrupt.”
And the leader of the Iraqi decision coalition that “the corrupt became stronger than the Iraqi regulatory bodies, and therefore they are not leaders to be held accountable.”
“It is very important that there be international intervention, not an American, only to change this pattern that has reached the situation of Iraq in the pursuit of corruption.”
“The Iraqi judiciary and the Iraqi regulatory bodies must be under the eyes of the world and prove its credibility to the world that it is capable of pursuing the corrupt, or there is international intervention to curb corruption in Iraq, because the corruptists have penetrated the course of events in the country,” he added.
The Integrity Commission announced in July that it had completed files of “big” corruption that prove the involvement of about five members of the House of Representatives, while demanding the lifting of immunity from them, and confirmed the referral of more than 2600 cases involving officials from the rank of Director General and above on the judiciary, More than 4,000 cases in the Commission are being investigated for this segment.
