Gold Declines Under Pressure From The Dollar
Time: 2025/08/01 12:13:46 Reading: 330 times {Economic: Al Furat News} Gold prices are heading for their third consecutive weekly loss on Friday, pressured by a stronger dollar and declining expectations of a US interest rate cut.
While uncertainty over US tariffs on trading partners supported the yellow metal’s prices,
spot gold settled at $3,288.89 per ounce by 07:33 GMT, down 1.4% so far this week.
Meanwhile, US gold futures fell 0.3% to $3,339.90 per ounce. LINK
Government Advisor Denies Allegations Of 62 Trillion Dinars Lost
The Prime Minister’s Financial Advisor, Mazhar Mohammed Salih, confirmed that the rumor of destroying half of the 62 trillion Iraqi dinars currency is illogical and baseless. While explaining that the Iraqi monetary system is subject to strict procedures for managing paper currency, he called on citizens to refrain from circulating fabricated news and to maintain cohesion and trust in national financial, banking and economic institutions.
Salih said: “Some social media outlets have recently circulated illogical allegations that huge sums estimated at 62 trillion dinars were destroyed due to “mice and rats.” This news is completely untrue and lacks the slightest degree of credibility and economic logic.”
Salih emphasized that “Iraq’s issued currency does not exceed 100 trillion Iraqi dinars, which includes circulating currency and reserve currency. Therefore, claiming that more than half of the currency was destroyed due to environmental or biological factors is economically impossible and not credible in terms of the scale and institutional procedures surrounding currency management.”
He explained that “official data indicate that approximately 88% of the total monetary supply is outside the banking system, hoarded by individuals, as a result of an inherited monetary culture in Iraqi society, rather than within the warehouses or vaults of a single institution, where it could be exposed to such damage.”
He added that “the Iraqi monetary system is subject to strict procedures for managing paper currency, in terms of printing, storage, periodic inspection, and replacement through precise monetary and accounting mechanisms. Such large sums cannot be left vulnerable to damage without oversight or follow-up.”
He pointed out that “the rumor aims to create confusion and provoke public opinion, especially among non-specialists who do not know the nature of the monetary system in our country or how it works. This is something that must be addressed with reason and wisdom.
” He called on “all citizens not to circulate such fabricated news, which represents an underestimation of people’s intelligence and has no economic or realistic value. Rather, it is part of attempts to confuse public opinion at a time when greater cohesion and confidence in national financial, banking, and economic institutions are required.” https://economy-news.net/content.php?id=58205
Iraq Among Three Countries With The Highest Tariffs Imposed By Trump
Economy | 08:39 – 01/08/2025 Mawazine News – Follow-up
US President Donald Trump signed an executive order on Thursday evening increasing tariffs on dozens of countries with which the United States considers its trade balance to be heavily tilted in their favor. The White House described the move as “restructuring global trade to benefit American workers.”
According to a senior White House official, these tariffs will take effect on August 7, seven days later than originally scheduled.
The White House said in a statement that the new tariffs range from 10% to 41%, with the exception of Brazil, which was subject to tariffs of up to 50%.
Syria topped the list, with the highest tariffs imposed on it. These tariffs will apply to countries that have not reached bilateral trade agreements with the United States.
The tariffs on some Arab countries:
15% on Jordan;
25% on Tunisia;
30% on Algeria and Libya;
35% on Iraq; and
41% on Syria.
Countries that have concluded bilateral trade agreements with the United States will be subject to the tariffs stipulated in those agreements, but most countries have imposed customs duties of between 10 and 15%.
Tariffs on some other countries:
10% on British goods;
15% on the European Union, Japan, and South Korea;
25% on India;
30% on South Africa;
35% on Serbia;
39% on Switzerland;
40% on Laos; 50% on Brazil.
These additional tariffs have sparked widespread concern among companies exporting to the United States.
The same applies to Canada, where Trump increased tariffs on non-NAFTA products from 25% to 35%.
Several Asian countries heavily dependent on the US market have expressed relief that their exports will be subject to additional tariffs lower than those Trump intended to impose, such as Cambodia and Thailand, which reduced their tariffs from 36% to 19%.
Taiwan, meanwhile, has expressed hope for an agreement to reduce the 20% tariff imposed on its exports. https://www.mawazin.net/Details.aspx?jimare=264461
Despite Global Volatility, Iraqi Oil Continues To Rise
Economy | 11:11 – 01/08/2025 Mawazine News – Baghdad – Iraqi oil prices rose on Friday during daily trading in the global market.
According to special data, Basra Medium crude oil recorded $74.13 per barrel, while Heavy crude oil recorded $71.08 per barrel, with a change of +0.87 for both.
The data also showed global oil prices, with British Brent crude recording $71.75 per barrel, while US West Texas Intermediate crude oil recorded $69.29 per barrel, with a change of +0.03 and +0.05, respectively. https://www.mawazin.net/Details.aspx?jimare=264466
Iraq Faces A Climate Crisis That Threatens Its Economic And Social Security.
Time: 2025/08/01 17:20:24 Reading: 105 times {Local: Al Furat News} The head of the Strategic Center for Human Rights in Iraq, Fadel Al-Gharawi, confirmed that the last three years (2022-2024) witnessed unprecedented climate transformations in the country, negatively impacting the economy, agriculture, and energy sectors, and causing waves of displacement, poverty, and serious environmental degradation. He warned that the crisis is no longer merely environmental, but has turned into a direct threat to national security and societal stability.
Al-Gharawi said in a statement received by {Euphrates News} that “Iraq has become one of the countries most affected by climate change phenomena, ranking fifth globally, as temperatures in the central and southern governorates exceeded 50 degrees Celsius during the summers of 2023 and 2024, and continued in 2025, with drought rates recorded at the highest levels in decades.
He indicated that the rate of increase in temperatures reached 0.48 degrees Celsius per decade, which is nearly double the global average, which portends a permanent environmental disaster.”
He added, “The flow of the Tigris and Euphrates rivers has decreased by 30-40% compared to the normal average, causing a sharp decline in water resources, accelerating desertification rates, and increasing evaporation rates, which has had a direct impact on agricultural and food production.”
He explained that “the agricultural sector was the most affected by rising temperatures and water scarcity, noting that 2022 witnessed a 37% decline in wheat production, a 30% decline in barley production, and a 50% decline in total production in some areas.
In 2023, 50% of farmers were forced to reduce cultivated areas or use less water, while 71% of agricultural land was threatened with complete drought in 2024, with more than 100,000 dunums of arable land lost annually due to desertification.”
Al-Gharawi pointed out that “these climate phenomena have led to the displacement of thousands of families from the countryside to the cities, after they lost their sources of livelihood. He indicated that at least 130,000 people were internally displaced between 2022 and 2023, while approximately 40% of farmers completely abandoned their profession during 2024, and more than 80% of affected rural families became dependent on humanitarian aid or food loans.”
He explained that “the livestock sector, particularly buffalo, has been severely affected, with the number of buffalo heads declining from 150,000 in 2015 to less than 65,000 in 2024. Sheep and cattle farming has also declined due to pasture deterioration and the rising cost of feed, impacting national food security.”
He also noted that “heat waves and dust also impacted public health, with thousands of cases of heatstroke and respiratory illnesses recorded, while one dust storm in 2022 hospitalized more than 5,000 people in just two days.”
Al-Gharawi called on the Iraqi government to “strengthen and follow up on the implementation of the ‘Green Iraq Initiative’ project, which includes planting 5 million trees to reduce desertification, establishing solar energy projects to generate 1 gigawatt of electricity, and improving irrigation techniques.”
He called for the adoption of an urgent national climate adaptation strategy that includes comprehensive, funded water and agricultural plans, the launch of direct support programs for affected farmers through national agricultural emergency funds, an immediate shift to renewable energy to reduce reliance on conventional electricity and reduce emissions, and the rehabilitation of desertified lands through afforestation and rainwater harvesting projects.
He also stressed the need to integrate climate change into national economic policies, link it to financial planning and social services, and enhance international cooperation to provide long-term climate financing to help Iraq address this crisis. LINK
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