WOTS WED JAN 12 2022
Al-Rasheed Announces The Launch Of The Credit Card
These are the articles I discussed on the My FX Buddies Podcast:
The Central Bank Reveals The Objectives Of Its Economic Initiative
On Wednesday, The Central Bank Counted The Goals Achieved From Its Initiatives To Promote Economic Growth, Revitalize The Private Sector, And Address The Effects Of The Corona Pandemic, While Setting Its Value In Iraqi Dinars.
The Deputy Governor Of The Central Bank, Ammar Hamad Khalaf, Said In A Press Conference, Which Was Followed By “Al-Ahd News”, That “The Central Bank Launched Several Initiatives To Address Several Reasons, Including The Low Level Of Financial Depth, The Level Of Financial Inclusion, The High Costs Of Lending, The High Unemployment Rate, In Addition To The Low Contribution Of The Non-Oil Sector And The Exposure Of The Economy. Iraqi Economic Stagnation After 2014.
He Pointed Out That "There Are Several Allocations For The Initiative Of The First Central Bank Of One Trillion Dinars And It Was Directed Mainly To The Private Sector And The Initiative Of 5 Trillion Dinars Also To The Private Sector, But Through The Privatized Banks And The Housing Fund, But The Initiative Became 3 Trillion For The Ministry Of Finance To Reduce It."
He Pointed Out That "After The Successes Achieved By The Initiative And Mobilizing The Allocated Funds, The Bank Decided To Issue New Initiatives In 2020, Coinciding With The Corona Pandemic, And It Was To Revitalize The Private Sector And Finance The Largest Possible Number Of Private Projects. The Trillion Dinars Initiative.
He Explained That "The 5 Trillion Initiative Came Due To The Increasing Demand From The Housing Sector, Whether Through The Real Estate Bank Or The Iraqi Housing Fund For This Bank, And The Amount Increased, And The Total Amounts Reached 9 Trillion Dinars, Which Is Supported By The Increasing Demand For The Housing Sector."
He Added, "The Initiatives Launched By The Central Bank Totaled 15 Trillion Dinars."
The arrival of Prime Minister Mustafa Al-Kazemi to Najaf Governorate
Prime Minister Mustafa Al-Kazemi arrived today, Wednesday, in Najaf Governorate.
The correspondent of the "National Charitable Center" stated that "the delegation accompanying Al-Kazemi included a number of ministers, the Secretary-General of the Council of Ministers and the governor of the Central Bank of Iraq."
He pointed out that the Prime Minister and his accompanying delegation will meet with directors of departments in Najaf.
Sadr responds to threats, reiterates promise of a nationalist government
Iraq’s influential Shiite cleric and leader of the Sadrist Movement on Tuesday reiterated his promise of forming a nationalist government with the “law” being its main leader.
“We are proceeding with the formation of a national majority government, and our door is open to some of those we still think well of,” Muqtada al-Sadr said in a tweet.
The Sadrist leader noted that they will not allow anyone to “threaten” their partners or social peace, adding that the new government is “a government of law.”
Sadr’s statement come a day after a senior commander of the pro-Iran militia Kataib Hezbollah Abu Ali al-Askari said “we have repeatedly warned of the threat of expropriating the rights of the majority,” adding that “difficult days will pass in Iraq where everyone will lose,” in a statement published on his Telegram channel.
Sadr secured the largest number of seats in the Iraqi legislature following the October 10 election, promising a nationalist government two days after the vote. He has also expressed opposition towards militias, and called for having the state control arms.
The Iraqi parliament held its first session on Sunday, almost three months after October’s early vote, re-electing Mohammed al-Halbousi for a second term as speaker of the parliament and his two deputies. “Choosing the parliament president [speaker] and his deputies is the first sign of a national majority government,” Sadr said at the time.
However, the legislative session erupted into disorder after the Coordination Framework, an alliance of Shiite factions that continue to object to the election results, submitted a paper claiming they, rather than the Sadrist Movement, now hold the biggest parliamentary bloc with 88 seats, MPs from the scene told Rudaw.
The Sadrist later presented themselves to the newly elected parliamentary speaker as the largest bloc that will form the government.
According to a long-standing agreement, the three main leadership positions in the Iraqi government are divided among Kurds, Shiites, and Sunnis. Whereas Kurds get the presidency, Shiites get the premiership, and Sunnis get the parliamentary speaker. Among Kurds, the PUK has held on to the Presidency position since 2005.
The Patriotic Union of Kurdistan (PUK) on Monday chose current Iraqi President Barham Salih as their candidate to run a second term.
Soon .. Al-Rasheed Announces The Launch Of The Credit Card
Al-Rasheed Bank Announced, On Wednesday, The Imminent Launch Of The Credit Card, Which Will Be Granted To Those Who Wish To Hold A MasterCard (Nakheel).
And The Media Office Of The Bank Stated In A Statement, That "The General Manager Directed The Work Team Of The Cards, Channels And Electronic Department In The Bank To Hold A Meeting With A Number Of Nakheel Employees, Where It Was Agreed On The Steps And Implementation Mechanism."
He Added That
"This Card Carries Several Advantages, Including Lending A Certain Amount And According To The Salary,
As Well As The Possibility Of Purchasing From Sales Places That Have ATMs And (Pos)"
Kurdistan: The Council Of Ministers Approved Sending 200 Billion Dinars To Finance Salaries
On Wednesday, The Kurdistan Regional Government Announced The Approval Of The Federal Council Of Ministers To Send 200 Billion Dinars To Finance The Salaries Of Employees And Workers In The Public Sector.
The Spokesman For The Kurdistan Regional Government, Jotiar Adel, Said In A Press Conference Held Today After A Meeting Of The Kurdistan Council Of Ministers, That The Iraqi Council Of Ministers Approved, In Yesterday's Session, The Sending Of 200 Billion Dinars, And We Hope In The Coming Days It Will Reach The Kurdistan Region.
On The Military Cooperation Between Erbil And Baghdad, The Spokesman Said That According To The Joint Report Presented By The Minister Of Peshmerga And The Minister Of Interior In Today’s Session, There Is Good Security And Military Coordination Between The Peshmerga Forces And The Federal Security Forces, And We Hope That This Coordination Will Be Reflected On The Ground, And That There Will Be Political Will To Activate This Coordination In Order To Fill These Security Gaps In The Areas Of Contact Between The Two Side
Economist: The Government Has No Justification To Continue Raising The Dollar Exchange Rate
The economic expert, Ihsan Al-Kinani, confirmed that the government does not have any justification to continue to raise the exchange rate of the dollar in the local markets, pointing out that oil prices and financial abundance make it imperative for the next government to take measures to reduce the exchange rate.
Al-Kinani told Al-Maalouma, "Oil prices exceeded 80 dollars per barrel, at a time when Iraq was able to overcome the financial crisis that occurred in 2020, which pushed towards raising the exchange rate of the dollar, and today the need for that is no longer needed."
He added, "Iraq has all the financial capabilities and qualifications that necessitate a reduction in the exchange rate, especially after the completion of Kuwait's compensation and the rise in oil prices, as well as the increase in oil production by OPEC after its last meeting on Tuesday of last week."
And he indicated that "the next budget will be decisive, either to continue starving the people, or to return things to their previous status by reducing the exchange rate and specifying it in the budget."
World Bank: Iraq will witness the highest economic growth among the Arab countries in two years
The World Bank expected that Iraq will witness the highest economic growth among the Arab countries during the years 2022 and 2023, while an expert confirmed that the country is still a rentier economy.
The bank said in its report for the month of January, seen by Shafak News Agency, that "Iraq is expected to witness the highest economic growth among the Arab countries and the State of Iran during 2022, at 7.3 percent, up from 2.6 percent in 2021, after this growth decreased to -15.7 percent in the year 2020, indicating that "it is expected that economic growth in Iraq will remain higher than the rest of the Arab countries for the year 2023, despite its decline to reach 6.3 percent."
The bank added that "the economic growth of Saudi Arabia in 2022 is expected to be 4.9 percent, Qatar 4.8 percent, Kuwait 5.3 percent, Egypt 5.5 percent, UAE 4.6 percent, Bahrain 3.2 percent, Tunisia 3.2 percent, Jordan 2.3 percent, and Algeria 4.1." percent, Iran 2.4 percent, Djibouti 4.3 percent, Oman 3.4 percent and Algeria 2 percent.
While the bank did not indicate its expectations for Lebanon and Libya due to the lack of clear economic indicators for it, noting that "economic growth declined in Lebanon in the year 2021 to -10.5 percent, and economic growth in Libya rose in the same year to 78.2 percent."
The World Bank raised its forecast for the economic growth rate for the Middle East and North Africa region, in conjunction with the recovery of sectors that have been severely affected since the outbreak of the pandemic, coinciding with the rise in oil prices and the easing of monetary policies.
The World Bank expected growth in the Middle East and North Africa to accelerate to 4.4% in 2022, after raising expectations issued in June 2021, with the region’s economy growing by 3.4% in 2023. With the recovery of sectors that depend on communication, and the decline in oil production, As well as the facilitative policy environment in general.
For his part, the economic expert, Hilal Al-Tahhan, considered in an interview with Shafaq News that "the rise in economic growth in any country is a positive indicator of the improvement of its economy, but at the same time, Iraq is still considered rentier and depends mainly on the oil sector."
He added, "The higher the oil prices and the higher the production, the higher the growth in Iraq, but from the economic point of view, relying on one resource to achieve the growth rate is a negative point, not a positive," stressing that "Iraq needs to develop and diversify sources of income and focus on the agricultural, industrial and tourism sectors to contribute." effectively in achieving the growth rate and not relying on oil only to achieve an increase in the growth rate.”
Al-Tahhan also pointed out that "Iraq needs to diversify sources of income," noting that "all countries of the world that depend on one source of income are considered disadvantageous for their economy. The correct economy is the economy that depends on all economic sectors to achieve an increase in the growth rate."
The economic expert concluded his speech that "there is a plan that the government seeks to achieve, which is to focus on the agricultural, industrial and tourism sectors in order to increase the rate of economic growth in the near future.
Saleh: The state's debts amounted to 20 billion dollars, and they are paid according to timetables
Today, Wednesday, the economic advisor to the Prime Minister, Mazhar Muhammad Salih, announced that Iraq's total debts amount to about 20 billion dollars, stressing that they are paid according to timetables and have allocations in the general budget, with Iraq leaving the list of high-risk countries in money laundering and terrorism financing.
Saleh stressed, in a statement carried by a reporter (Iraqi Media News Agency / INA), that "raising Iraq's name from the list of high-risk countries is an important achievement for financial integration with Europe, because it is the global financial center, which will give Iraq an opportunity to have its financial dealings broader and reduce who cost credit risk, and dealing with bank correspondents will be easier.”
He stressed that "this positive plan made Iraq a part of the international financial environment, as for Iraq's survival on the list is evidence of the blockade, and Britain had raised the name of Iraq last year and today the European Union, which is a great victory for Iraq and the financial and banking sector, and before lifting the The name of Iraq on the list All of Iraq’s transactions were taken with interest and fear of it, which affected the cost of trade and finance and the disruption of financial transactions.
Saleh pointed out that "the European Union had doubts, and they did not exist. Crimes and violations exist all over the world. As for Iraq's transactions, they are clean and subject to compliance, because the transfer of funds is subject to many criteria, and every amount that comes out of Iraq is informationally filtered."
Saleh noted that "there is international cooperation between Iraq and anti-money laundering bodies in the world and with the international financial team responsible for these issues, and Iraq is an important member of this team, and all these points are positive and are in the interest of Iraq and improve its integration into the global financial and banking environment."
He explained that "Iraq completed compensation for Kuwait and paid $52.4 billion, and all the million debts go back to the debts before 1990 and were resolved in the (Paris Club) agreement signed by Iraq in 2004, and 80% or more of Iraq's debts were written off," pointing to The countries that did not settle their debts with Iraq prior to 1990 are considered eroding their debts with the passage of 40 years, noting that “some foreign debts were generated during the war on ISIS, and the total debts owed by Iraq amount to about 20 billion dollars and are repaid According to timetables and have allocations in the general budget.”
The Framework Reveals Pressures To Withdraw From The Lawsuit To Cancel The First Session
The State of Law coalition’s representative, Muhammad Rasoul Al-Rumaithi, considered, on Wednesday, the referral of Representative Mahmoud Al-Mashhadani to the Parliamentary Behavior Committee, as being part of pressure exerted by some political parties against the coordination framework to back down from the lawsuit to cancel the first session.
Al-Rumaithi said in a statement to "Al-Maalouma", that "the coordinating framework continues with the appeal procedures before the Federal Court with the legitimacy of the first session and the court's decision," noting that "the first session witnessed several violations, including wearing the military uniform, as well as chants and slogans."
He added that "the first session went irregularly," accusing unnamed political parties of "exerting pressure on the framework to retract the lawsuit to cancel the first session of the House of Representatives."
US Military Convoys Flock To Ain Al-Assad
A security source said, on Wednesday, that US military convoys continued to arrive at Ain Al-Assad Air Base, west of Anbar.
The source said in a statement to the "Information" agency, "Ain Al-Assad Air Base in Al-Baghdadi district, Hit district, west of Anbar, witnessed the arrival of US convoys loaded with equipment and military vehicles coming from Baghdad and other governorates."
He added, "The American convoy movement arrived under the protection of American security companies and drones," noting that "the American forces have tightened protection measures on the Al-Assad base building for fear of being targeted."
And the security strategist in American and international intelligence affairs, Muhammad Ahmad Al-Rousan, considered, on Wednesday, that the American withdrawal from Iraq is a “lie” and it is a repositioning and spread with an intensification of its intelligence operations through the US Central Intelligence Agency.
A new blow to Barzani's refusal... The Union: Barham Salih, the Kurdish component's candidate for the presidency of the Republic
Today, Wednesday, the Patriotic Union of Kurdistan reiterated its adherence to Barham Salih's candidacy for the presidency, stressing that he is the candidate of the Kurdish component.
Union member Rizan Sheikh Diller said in an interview with Al-Rabaa, that "the National Union Party nominated Barham Salih for a second term as president of the Republic of Iraq," stressing that "any political party has the right to nominate anyone before it, and no other political party has the right to interfere." partisan affairs related to the selection of a candidate for office.
Dler added, "The Presidency of the Republic has been part of the National Union's share over the past years, and we are committed to this position, which was held by candidates from the National Union and implemented the constitution, especially Barham Salih."
And she continued by saying: "During three years of his tenure as the Presidency of the Republic, Saleh was able to make major changes that served Iraq, including internal and external."
And the union member stressed, "Barham Salih is the candidate of the Kurdish component for this position.
The Presidency of the House of Representatives: We are committed to the constitutional timing for the election of the President of the Republic
Today, Wednesday, Deputy Speaker of the Iraqi Parliament, Shakhwan Abdullah Ahmed, affirmed the parliament's commitment to the constitutional timings for the presidential elections.
A statement by his media office, received by the "National News Center", stated that "there is a specialized committee whose tasks are to scrutinize the biographies of the personalities who have submitted for the post of President of the Federal Republic of Iraq, adding His Excellency."
He added, according to the statement, that "the parliament's presidency is committed to the constitutional timings for electing the president of the republic, and conditions must be met for choosing the president of the republic in accordance with Article (68) of the Iraqi constitution, as he is a symbol of the nation's unity, represents the sovereignty of the country, and ensures compliance with the constitution.
An Economist Calls On MPs To Fulfill Their Promises To Restore The Dollar Exchange Rate
The Expert In Economic Affairs, Basil Al-Obaidi, Called, On Wednesday, For Members Of The House Of Representatives In The Current Parliamentary Session To Fulfill Their Promises They Made To Themselves Regarding The Follow-Up Of The File Of The Exchange Rate Of The US Dollar Against The Iraqi Dinar And Seek To Return It To Its Previous Era.
Al-Obaidi Said In A Statement, Followed By “Al-Ahd News” That “The Members Of The House Of Representatives In The Current Session, And Before Winning The Parliamentary Seats, Made A Pledge To Return The Exchange Rate Of The US Dollar Against The Iraqi Dinar, Which Hurt The Poor And Greatly Affected Large Layers Of The People.”
He Added, "The Government's Decision, Represented By The Ministry Of Finance, To Suddenly Raise The Exchange Rates Of The Dollar Against The Dinar Created A Real Economic Crisis For The Iraqi Citizen, Resulting In A Significant Increase In The Prices Of Most Of The Materials Used To Be Purchased."
Al-Obaidi Indicated, “The Ministry Of Finance Is Responsible For This Decision, Which It Planned And Directed To Implement At A Time When International Oil Prices And The Reserves Of The Central Bank Have Witnessed A Decline, Pointing Out That “Cash Reserves Have Become Promising, And Oil Prices Have Also Begun To Gradually Rise.”
He Pointed Out That "The Rise In International Oil Prices And The Financial Abundance That Resulted From It Made It Imperative For The Next Government To Take Measures To Reduce The Exchange Rate Below The Current Or Return It To Its Previous Era.
The expert in economic affairs, Basil Al-Obaidi, called, on Wednesday, for members of the House of Representatives in the current parliamentary session to fulfill their promises they made to themselves regarding the follow-up of the file of the exchange rate of the US dollar against the Iraqi dinar and seek to return it to its previous era.
Al-Obaidi said in a statement to the "Information" agency, that "the members of the House of Representatives in the current session, and before winning the parliamentary seats, made a pledge to return the exchange rate of the US dollar against the Iraqi dinar, which affected the poor and greatly affected large layers of the people."
He added, "The government's decision, represented by the Ministry of Finance, to suddenly raise the exchange rates of the dollar against the dinar created a real economic crisis for the Iraqi citizen, resulting in a significant increase in the prices of most of the materials used to be purchased."
Al-Obaidi indicated, “The Ministry of Finance is responsible for this decision, which it planned and directed to implement at a time when international oil prices and the reserves of the Central Bank have witnessed a decline, pointing out that “cash reserves have become promising, and oil prices have also begun to gradually rise.”
He pointed out that "the rise in international oil prices and the financial abundance that resulted from it made it imperative for the next government to take measures to reduce the exchange rate below the current or return it to its previous era."
The rise in the price of the US dollar against the Iraqi dinar exacerbated the suffering of large layers of society, which prompted citizens to austerity to manage their affairs, amid difficult living conditions.
Payable According To Timetables..Disclosure Of All Of Iraq's Foreign Debts
The Economic Advisor To The Prime Minister, Mazhar Muhammad Salih, Announced Today, Wednesday, That The Total Debts Owed By Iraq Amount To About 20 Billion Dollars, Stressing That They Are Paid According To Timetables And Have Allocations In The General Budget, Among The Benefits Of Iraq’s Exit From The List Of High-Risk Countries In Money Laundering. And Terrorist Financing.
Saleh Said In An Interview Seen By Al-Ahed News, That “Raising Iraq’s Name From The List Of High-Risk Countries Is An Important Achievement For Financial Integration With Europe, Because It Is The Global Financial Center, Which Will Give Iraq An Opportunity To Have Its Financial Dealings Broader And Reduce The Costs Of Credit Risks, Dealing With Bank Correspondents Will Be Easier.”
He Added, "This Positive Plan Has Made Iraq A Part Of The International Financial Environment. As For Iraq's Remaining On The List, It Is Evidence Of The Siege. Britain Preceded Last Year By Raising The Name Of Iraq And Today The European Union, Which Is A Great Victory For Iraq And The Financial And Banking Sector, And Before Raising The Name Of Iraq From The List, All Of Iraq’s Transactions Were Taken Into Account Of Usury And Fear Of It, Which Affected The Cost Of Trade And Finance And The Disruption Of Financial Transactions.”
Saleh Pointed Out That "The European Union Had Doubts, And They Did Not Exist. Crimes And Violations Exist In All Parts Of The World. As For Iraq's Transactions, They Are Clean And Subject To Compliance, Because The Transfer Of Funds Is Subject To Many Criteria, And Every Amount That Comes Out Of Iraq Is Informationally Filtered," Noting That "There Is International Cooperation Between Iraq And The Anti-Money Laundering Bodies In The World And With The International Financial Team Responsible For These Issues, And Iraq Is An Important Member Of This Team, And All These Points Are Positive And Are In The Interest Of Iraq And Improve Its Integration Into The Global Financial And Banking Environment.”
He Explained, "Iraq Has Completed Compensation For Kuwait And Paid $52.4 Billion, And All The Million Debts Go Back To The Debts Before 1990 And Were Resolved In The (Paris Club) Agreement Signed By Iraq In 2004 And It Has Written Off 80% Or More Of Iraq's Debts, And The Countries That Its Debts With Iraq Were Not Settled Prior To 1990, As These Debts Have Eroded With The Passage Of Time And 40 Years Have Passed, Noting That “Some Foreign Debts Were Generated During The War On (ISIS), And The Total Debts Owed By Iraq Amount To About 20 Billion Dollars And Are Paid According To Timetables And Have Allocations In The General Budget
Within the OPEC agreement, Iraq's share of crude oil will increase within a month
link
13 OPEC countries pumped 28.04 million barrels per day of crude oil, during the month of December, an increase of 190,000 barrels per day from November, while nine non-OPEC partners pumped 13.98 million barrels per day, an increase of 120 thousand barrels per day. .
According to a survey conducted by the "Standard & Poor's Global Platts" platform, "the gains of Venezuela, Kazakhstan, Saudi Arabia, Iraq and Angola exceeded the losses of Libya and Nigeria, which made the increase in OPEC + production for the tenth month in a row."
It added that 14 of the 18 members had quotas that did not meet their targets, including even its largest producer Russia, whose compliance level rose above 100% for the first time since February, when harsh winter temperatures shut down wells and reduced pipeline flows. pipes".
The platform survey found, "Total compliance with OPEC + quotas jumped to 116.5%, the highest level since the alliance introduced record production cuts in the spring of 2020, with the 19 members subject to production targets to pump about 620,000 barrels per day below their common ceiling."
According to the survey, Iraq continued to exceed its share, which rose by 60 thousand barrels per day per month, to reach 4.310 million barrels per day, from 4.250 million barrels per day last November, bringing the percentage of commitment and compliance to 82.2 percent.
Saudi production amounted to 9.95 million barrels per day, and production increased by 60 thousand barrels per day, with a commitment rate of 106.9 percent.
Among the losers, Libya fell to its lowest level in one year at 1.05 million barrels per day, due to protests that closed several major oil fields and a major terminal, while Nigeria suffered more operational and technical problems that led to a decrease in production to 1.38 million barrels per day.
Below here is the WOTS Report for WED Jan 12, 2022
Publishes the dollar exchange rate on the local stock exchange on Wednesday, January 12, 2022, according to the monitoring of specialists.
Baghdad - the stock exchange
148,100
....
The price is in most Baghdad exchanges
Purchase
147,500
sale
148,500
————————
Erbil - Bursa
148,175
————————
Basra - Bursa
148,100
—————————
Mosul - Bursa
148,200
—————————
Sulaymaniyah - Bursa
148,200
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1429.2000 |  1481.9000 | 1457.5000 | 1457.4000 | 1457.4000 | 0.2000 | 15:19 |
| USD/VND | 22698.0000 | 22703.0000 | 22698.1100 | 22696.7100 | 22696.8500 | 1.1100 | 02:01 |
| USD/CNY | 6.3643 | 6.3665 | 6.3731 | 6.3627 | 6.3731 | -0.0086 | 05:20 |
| USD/KWD | 0.3019 | 0.3029 | 0.3024 | 0.3021 | 0.3024 | -0.0003 | 05:20 |
| GBP/USD |  1.3636 | 1.3636 | 1.3645 | 1.3621 | 1.3634 | 0.0002 | 05:26 |
| USD/IRR | 42000.0000 | 42500.0000 | 42243.7000 | 42226.3000 | 42243.7000 | -3.4000 | 00:00 |
| USD/IDR | 14341.0000 | 14341.0000 | 14347.0000 | 14266.0000 | 14284.0000 | 55.0000 | 05:24 |
FED Powell: Inflation poses major threat to job market...
Says Economy No Longer Needs Aggressive Pumping...
JPMORGAN Dimon sees best economic growth in decades...
Central Banks, Not Covid, Will Drive Global Economies in 2022
Morgan Stanley, BNP Paribas See Return of Big Currency Swings
Currencies are an island of relative calm. Wall Street says that’s about to change.
Fed Chair Powell says rate hikes, tighter policy will be needed to control inflation
Oil approaches its high levels before Omicron
Oil prices jumped on Wednesday, extending their large gains in the previous session, after the head of the Federal Reserve (the US Central Bank) hinted that the bank may raise interest rates at a slower pace than expected, which supports the demand for oil in the short term.
The global benchmark Brent crude and the US benchmark West Texas Intermediate crude are trading at their highest levels since the emergence of the mutated Omicron strain of the Corona virus in late November, as it did not damage demand for fuel as much as its predecessors.
Brent rose 22 cents, or 0.3 percent, to $ 83.94 a barrel by 0224 GMT, after jumping 3.5 percent in the previous session.
US crude was not less fortunate than Brent, as it also rose 38 cents, or 0.5 percent, to $ 81.60 a barrel, consolidating its 3.8 percent rise in the previous session.
The US central bank, Jerome Powell, said on Tuesday that the world's largest economy can withstand the current jump in Covid-19 infections with "short-term" effects, adding that there is a "long way" to tighten monetary policy.
"The long road to normal means the economy will continue to see a lot of support during the first half of the year and this is good news for crude oil prices," said Edward Moya, an analyst at OANDA.
* Double demand
Meanwhile, American Petroleum Institute data showed a weaker picture of fuel demand, with a smaller-than-expected drop in crude oil inventories and a larger-than-expected increase in gasoline and distillate inventories.
Crude stocks fell 1.1 million barrels for the week ending January 7, according to market sources, citing figures from the American Petroleum Institute. This is less than the 1.9 million barrels expected by 10 analysts polled by Reuters.
Gasoline stocks rose 10.9 million barrels, compared with analyst expectations for a 2.4 million barrel increase. And distillate stocks, which include diesel and heating oil, rose three million barrels, compared to expectations for an increase of 1.8 million barrels.
However, the US Energy Information Administration raised its forecast for oil demand on Tuesday revived the market. It expected total US demand to rise 840,000 barrels per day in 2022 from last year, up from previous expectations of an increase of 700,000 barrels per day.
At the same time, the Energy Information Administration lowered its production forecast for 2022, forecasting US oil production to rise by 640,000 barrels per day, down from its previous forecast of an increase of 670,000 barrels per day.
World Bank: Iraq will witness the highest economic growth among the Arab countries in two years
The World Bank expected that Iraq will witness the highest economic growth among the Arab countries during the years 2022 and 2023, while an expert confirmed that the country is still a rentier economy.
The bank said in its report for the month of January, seen by Shafak News Agency, that "Iraq is expected to witness the highest economic growth among the Arab countries and the State of Iran during 2022, at 7.3 percent, up from 2.6 percent in 2021, after this growth decreased to -15.7 percent in the year 2020, indicating that "it is expected that economic growth in Iraq will remain higher than the rest of the Arab countries for the year 2023, despite its decline to reach 6.3 percent."
The bank added that "the economic growth of Saudi Arabia in 2022 is expected to be 4.9 percent, Qatar 4.8 percent, Kuwait 5.3 percent, Egypt 5.5 percent, UAE 4.6 percent, Bahrain 3.2 percent, Tunisia 3.2 percent, Jordan 2.3 percent, and Algeria 4.1." percent, Iran 2.4 percent, Djibouti 4.3 percent, Oman 3.4 percent and Algeria 2 percent.
While the bank did not indicate its expectations for Lebanon and Libya due to the lack of clear economic indicators for it, noting that "economic growth declined in Lebanon in the year 2021 to -10.5 percent, and economic growth in Libya rose in the same year to 78.2 percent."
The World Bank raised its forecast for the economic growth rate for the Middle East and North Africa region, in conjunction with the recovery of sectors that have been severely affected since the outbreak of the pandemic, coinciding with the rise in oil prices and the easing of monetary policies.
The World Bank expected growth in the Middle East and North Africa to accelerate to 4.4% in 2022, after raising expectations issued in June 2021, with the region’s economy growing by 3.4% in 2023. With the recovery of sectors that depend on communication, and the decline in oil production, As well as the facilitative policy environment in general.
For his part, the economic expert, Hilal Al-Tahhan, considered in an interview with Shafaq News that "the rise in economic growth in any country is a positive indicator of the improvement of its economy, but at the same time, Iraq is still considered rentier and depends mainly on the oil sector."
He added, "The higher the oil prices and the higher the production, the higher the growth in Iraq, but from the economic point of view, relying on one resource to achieve the growth rate is a negative point, not a positive," stressing that "Iraq needs to develop and diversify sources of income and focus on the agricultural, industrial and tourism sectors to contribute." effectively in achieving the growth rate and not relying on oil only to achieve an increase in the growth rate.”
Al-Tahhan also pointed out that "Iraq needs to diversify sources of income," noting that "all countries of the world that depend on one source of income are considered disadvantageous for their economy. The correct economy is the economy that depends on all economic sectors to achieve an increase in the growth rate."
The economic expert concluded his speech that "there is a plan that the government seeks to achieve, which is to focus on the agricultural, industrial and tourism sectors in order to increase the rate of economic growth in the near future.
Saleh: The state's debts amounted to 20 billion dollars, and they are paid according to timetables
Today, Wednesday, the economic advisor to the Prime Minister, Mazhar Muhammad Salih, announced that Iraq's total debts amount to about 20 billion dollars, stressing that they are paid according to timetables and have allocations in the general budget, with Iraq leaving the list of high-risk countries in money laundering and terrorism financing.
Saleh stressed, in a statement carried by a reporter (Iraqi Media News Agency / INA), that "raising Iraq's name from the list of high-risk countries is an important achievement for financial integration with Europe, because it is the global financial center, which will give Iraq an opportunity to have its financial dealings broader and reduce who cost credit risk, and dealing with bank correspondents will be easier.”
He stressed that "this positive plan made Iraq a part of the international financial environment, as for Iraq's survival on the list is evidence of the blockade, and Britain had raised the name of Iraq last year and today the European Union, which is a great victory for Iraq and the financial and banking sector, and before lifting the The name of Iraq on the list All of Iraq’s transactions were taken with interest and fear of it, which affected the cost of trade and finance and the disruption of financial transactions.
Saleh pointed out that "the European Union had doubts, and they did not exist. Crimes and violations exist all over the world. As for Iraq's transactions, they are clean and subject to compliance, because the transfer of funds is subject to many criteria, and every amount that comes out of Iraq is informationally filtered."
Saleh noted that "there is international cooperation between Iraq and anti-money laundering bodies in the world and with the international financial team responsible for these issues, and Iraq is an important member of this team, and all these points are positive and are in the interest of Iraq and improve its integration into the global financial and banking environment."
He explained that "Iraq completed compensation for Kuwait and paid $52.4 billion, and all the million debts go back to the debts before 1990 and were resolved in the (Paris Club) agreement signed by Iraq in 2004, and 80% or more of Iraq's debts were written off," pointing to The countries that did not settle their debts with Iraq prior to 1990 are considered eroding their debts with the passage of 40 years, noting that “some foreign debts were generated during the war on ISIS, and the total debts owed by Iraq amount to about 20 billion dollars and are repaid According to timetables and have allocations in the general budget.”
CBI Update: Just a note:
including $13,270,000. CASH
ISX Update: Shares Traded: 604,254,710Value Traded: 878,117,177 dinars
1-11-2022 Intel Guru Fleming ...Today, Tuesday, January 11, 2022, the Jumbotrons in the Town Square’s throughout Iraq, told the People that their currency value will be different tomorrow. Beginning Wednesday, January 12, 2022, the Dinar will have a New International Value. The Nation of Iraq is celebrating tonight...
1-11-2022 Intel Guru MarkZ [via PDK] Today has been very quiet on the RV front . I have spoken to folks all over the globe and they all say we are waiting for an event and for someone to pull the trigger.
1-11-2022 Newshound Guru Kaperoni Tweet by Kurdistan PM Masrour Barzani - 'I strongly welcome the EU's decision to remove Iraq from its list of countries at high risk of money laundering. Now with increased cooperation and investment from the EU, banking sector reform and support will become easier to deliver for our people.'
1-11-2022 Newshound/Intel Guru Mnt Goat ...We are waiting for the CBI, IMF, World Bank and BIS to finally release the real rate of the dinar [that] will fairly and truly measure up the REAL VALUE already present in the economy, the oil and other resources of Iraq. Iraq will never accomplish its goals as stated in the White Paper without the reinstatement of the dinar and globally trading it. The White Paper itself even tells us this is their objective to accomplish... [post 2 of 2]
1-11-2022 Newshound/Intel Guru Mnt Goat ...we read in articles that it is time to adjust the exchange rate to enhance the value of the national currency (the Iraqi dinar) against the dollar. Iraq citizens say that they demand the return of the exchange rate of the dinar to its “normal” state. What is its normal rate?...I believe the CBI is pushing for the “glory” days of the dinar and this is their objective. This means reinstating it back on FOREX with a rate well over $3. We all need to remember that the true value of the dinar is NOT reflected in its current exchange rate even at 1120. [post 1 of 2....stay tuned]
1-11-2022 Intel Guru MarkZ [via PDK] I am still hearing from Treasury contacts and banking contacts out west that the 15th is the “drop dead date” …and they want it at least to be beginning by then….starting to flow by then… They want some tier 4 money starting to be in peoples hands by then. Still great chatter in Iraq with more education of the citizens on lower denoms happening. They are still seating their government. Very positive chatter there.
1-11-2022 Newshound Guru Sandy Ingram The white papers gives us the exact time frame...The white papers address the necessities needed for a financially healthy Iraq. The white papers have a 3 to 5 year span from the date it was published 2020. Thus 2022 may not be the year to expect much movement in the currency rate except to return to the previous rate of December 2021...
1-11-2022 Newshound Guru Vital Brad Question: "Is the Kuwaiti dinar and the Iraqi dinar the same thing?" No. Two different countries. Kuwait is a small little country on the southern part of Iraq. Iraq's a much bigger country. Both their currencies are called dinar...one Kuwaiti dinar is like $3.47 or something. It's very valuable and the reason is because of their oil reserves...Iraq has so much more land mass with oil. How much should theirs be worth? It was devalued at...$3.22...
1-11-2022 Intel Guru Frank26 Article: "It is time to adjust the exchange rate to enhance the value of the national currency (the Iraqi dinar) against the dollar." Wow! Can we have a standing ovation? ...this is the CBI saying this...this is the mother of all articles. Quote: '...let us make readjusting the exchange rate the first task of the next government and parliament to relieve the burden of the citizen.' The CBI wants to show the Iraqi citizens the NSCNs/new exchange rate as soon as possible and if you GOI are not ready by the 15th then we the CBI will show the citizens to reduce any confusion...
1-11-2022 Intel Guru MarkZ [via PDK] [What if the market crashes and there is no RV?] if the market crashes it will force the RV. Ideally they would reset it without crashing the market. But, its easier for them to let the market crash and justify the new system and adjusting of values…
1-11-2022 Newshound Guru MilitiaMan Article: "The outlets announce an agreement with the customs to activate the customs and tax receipt program" This to me suggests there is a game plan to going international. They tell us the most important thing agreed upon is to activate the tax receipt program at the Border Ports Authority. ...The CBI has told us they have a new electronic system that is one of it’s kind and has interlinked with government entities already. We also know that AYSCUDA has a contract for this very subject and that the WTO is working to support Iraq in her ascension along the way...They are gearing to activate systems. That activation is imo going to require an international REER (Real Effective Exchange Rate) in place...
We confirm the follow-up of the “Dari” project, by the Ministry of Housing, Construction and Municipalities, the Prime Minister’s Office, and the Council of Advisors, which we launched about (6) months ago, and it is the first initiative that takes place through electronic registration, and is devoid of influence, favoritism, and the interventions of parties and owners Power and state officials. We have allocated more than half a million plots of land in all governorates, provided them with up to three million citizens, and we opened the door to competition with full transparency. After six months, the lands were sorted and a plan was drawn up to provide services to them. To be a land serviced by sewage, a network of electricity, the Internet, and paved roads. Two weeks ago, we announced the delivery of up to (85) thousand initial bonds to citizens, and two weeks later we delivered up to (101) thousand initial bonds to citizens, a total of about (186) thousand plots of land that were handed over to citizens. There are more than 300,000 plots of land left, and soon all competitors will receive a bond, in an important experiment that achieved the principle of justice and transparency. We direct the Ministry of Construction and Housing to continue providing bonds, which is an important message to citizens that the government is transparent and deals fairly with citizens.
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