Iraq Economic News and Points to Ponder Saturday Afternoon 5-11-24


Iraq Economic News and Points to Ponder Saturday Afternoon 5-11-24

The Exchange Rate Of The US Dollar Is Rising Again In Baghdad Markets

Economy |  05/11/2024   Mawazine News – Baghdad   Today, Saturday, the exchange rates of the US dollar witnessed an increase in Baghdad markets,

and dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 146,200 dinars per 100 dollars, while last Thursday, dollar prices recorded 145,700 Iraqi dinars per 100 dollars.

Regarding the selling prices in the exchange shops in the local markets in Baghdad, the selling price reached 147,250 dinars, while the purchasing price reached 145,250 dinars for every 100 dollars.

Deputy: Iraq Represents An Important Factor In The Stability Of The Global Oil Market

Economy | 05/11/2024   Mawazine News – Baghdad   MP Nour Nafie Al-Jalaihawi confirmed, on Saturday, that Iraq represents an important factor in the stability of international markets in the oil and energy file.

Al-Julaihawi said, in an interview followed by Mawazine News, that “developing Iraq’s oil and gas fields is an important strategy in order to strengthen the country’s economy, diversify its revenues, and seek to raise the efficiency of its production capacity in a way that contributes to increasing exports.”

She added, “The Prime Minister’s launch of the fifth supplementary licensing round and the sixth round, which will include 29 projects in fields and exploratory patches, whether oil or gas, spread across 12 governorates, is a step in the right direction that will lead to achieving three positives at the same time: increasing its ability to pump oil and produce gas and reducing the bill.” Importing the latter, in addition to revitalizing neighboring regions and providing more job opportunities, not to mention supporting the governorates and financing service projects.”

She stated that “Iraq represents an important factor in stabilizing international markets in the energy file and increasing its production capacity is a step in the right direction, especially gas fields, in order to reach the stage of sufficiency.”

Minister Of Oil: Soon We Will Announce The Increase In Iraq’s Oil Reserves To 160 Billion Barrels

Economy |  05/11/2024  Mawazine News – Baghdad  The Minister of Oil, Hayan Abdul Ghani, confirmed today, Saturday, that the Iraqi oil reserves will soon be announced to rise to more than 160 billion barrels.

Abdul Ghani said, in his speech during the launching ceremony of the fifth supplementary licensing round and the sixth round, followed by Mawazine News, that “the supplement to the fifth licensing round and the sixth licensing round are part of the government program.”

He added, “Today, the Ministry is offering 29 promising projects within these licenses to advance industry and gas wealth.”

He continued, “Licensing rounds have the effect of adding two million barrels of oil to national production,” stressing that “these projects will provide job opportunities, stimulate the economy in those areas, and meet the growing needs for gas.”

He stressed “the imminent announcement that Iraq’s oil reserves will rise to 160 billion barrels.”

Brent Crude Rose Above $84 Due To Strong Demand

Saturday 11, May 2024 08:32 | Economical Number of readings: 203  Baghdad / NINA / Brent crude oil hovered above $84 a barrel after the release of data this week, indicating increasing demand in the United States and China, the largest consumers of crude in the world, while the raging conflict in the Middle East contributed to supporting prices.

By yesterday evening, according to Reuters, Brent crude futures rose 33 cents to $84.21 a barrel, while US West Texas Intermediate crude rose 42 cents to $79.68.

Crude oil inventories in the United States declined due to increased refinery work. This came at a time when data showed that China’s oil imports in April were higher than last year’s imports.

Chinese exports and imports returned to growth in April after contracting the previous month, indicating improved demand.

Attention will be focused on the US inflation data released next week, as it will affect the course of the Federal Reserve (the US central bank) regarding interest rates.

At the same time, it is increasingly likely that the European Central Bank will start cutting interest rates in June./End9

Economist: Tax Revenues From The Private Sector Should Be 4 Trillion Dinars Annually

Economist Manar Al-Obaidi confirmed that “tax revenues from the private sector should be 4 trillion dinars annually.”

Al-Obaidi told Al-Iqtisad News, “There are more than 8 million economically active people working in the private sector, and based on the average monthly income being around 600 thousand dinars, the value of the revenues collected for people in the private sector amounts to about 4 trillion Iraqi dinars, taking an average of the income tax rate.” The monthly rate is 7%.

He pointed out that the value of the monthly tax that is supposed to be paid by economically active people in the private sector is approximately 280 billion Iraqi dinars, while the annual tax is approximately 3.5 trillion Iraqi dinars.

This does not include the income tax imposed on employees in the public sector and salaries amounting to 40 trillion dinars annually, with a tax rate of 7%, so it will be The amount of income tax from public sector employees is 3 trillion dinars.

He stressed that unfortunately there is no clear data on the amount of tax that is supposed to be achieved compared to what is achieved, but the tax alone is capable of generating revenues of a minimum value of 10 trillion dinars annually, and it may reach 15 trillion dinars. Views 46 05/11/2024 –

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Provoking Thoughts and Points To Ponder on Character :

Generous people are rarely mentally ill people.  – Karl Menninger

When wealth is lost, nothing is lost; When health is lost, something is lost; When character is lost, all is lost!  – Anonymous

You must look into people as well as at them.  – Lord Chesterfield

Human improvement is from within outward.  – James Froude

Talent is nurtured in solitude; character is formed in the stormy billows of the world.  – Goethe

Only what we have wrought into our character during life can we take away with us.  – Wilhelm von Humboldt

Every man has three characters – that which he exhibits, that which he has, and that which he thinks he has.  – Alphonse Karr

Not in the clamor of the crowded street, Not in the shouts and plaudits of the throng, But in ourselves, are triumph and defeat.  – Henry Wadsworth Longfellow

Who knows nothing base, Fears nothing known.  – Owen Meredith

In men whom men condemn as ill I find so much of goodness still, In men whom men pronounce divine I find so much of sin and blot I do not dare to draw a line Between the two, where God has not. – Joaquin Miller

In this world a man must either be anvil or hammer.  – Henry Wadsworth Longfellow