A rise in prices in Iraq by 5% compared to 2012

The Ministry of Planning on Tuesday, report the price increase in Iraq by 5%, while noting that the inflation index also rose during the month of April.

The spokesman of the ministry Abdul-Zahra al-Hindawi said in a statement received by Alsumaria News, a copy of it, “The Central Bureau of Statistics completed the report of the figures for the prices of the property for the month of April 2017, the adoption of 2012 base year of the calculation instead of 2007 as the year that the implementation of the socio-economic survey of the family In Iraq, a year represented by changes in the level of living for the family and the structure of household consumption and economic situation in the country by about a year, “noting that” the survey of prices for the month of April and included for the first time Salah al-Din after a stop since June 2014, while not include the provinces of Anbar and Nineveh Because of the prevailing conditions.”

Al-Hindawi added that “the rise in prices of food and non-alcoholic beverages came as a result of the high prices of bread and cereals by (0.5%) due to the high prices of rice and the increase in the prices of vegetables group by (13%) due to higher prices of tomatoes and higher prices of sugar, sugar and non- (0.1%) each, “adding that” the prices of meat and fish saw a decline in prices ranged between (0.7%) and (1.2%), and the prices of groups of milk, cheese, eggs, oils, fats and fruits and other food products as well as clothing and shoes, (0.7%) and (2.5%)”.

“Prices of housing and tobacco increased by 0.3-0.4 percent. The prices of equipment, furniture, household equipment, health, transport, communication, education and restaurants were also slightly lower in prices by 0.5 percent,” he said. Entertainment, culture, goods and services at their prices.”

He attributed the rise in the annual inflation rate during the month of April compared to the same month of the previous year in 2016 and by 1% to the increase in prices of food and non-alcoholic beverages by 0.6% and the increase in prices of the tobacco section by 6% (2.5%), “pointing out that” the index of consumer prices reached during the month of April (105.1%), reflecting the general price increase rate (5.1%) compared to 2012.”

He pointed out that “the basic inflation rate witnessed a decline during the month of April by (0.2%), and rose by the same percentage compared to April 2016.”

The Central Agency for Statistics and Information Technology announced earlier that it will start using the mechanization in collecting the different prices and at specific times in place of the paper form in force previously, stressing that this will contribute to the speed of collection and accuracy of prices and correct the calculation in case of errors.



A floating bridge on the Tigris River connects west Mosul to its east

Security forces set up today a bridge on the Tigris River linking the west side to the east side of the city of Mosul.

A security source told the {Euphrates News} today that “the heroes of the Directorate of Military Engineering erected a bridge on the Tigris River linking the west side and the east side length of 190 m and within 3 hours.”

“The bridge was erected from the east side to the west of the hotel (Nineveh Oberoi) west side of the area of ​​the Hawi Church.”

“The bridge will be used to transport the units and supplies between the two sides and will also be used to evacuate the displaced from the west side to the east when the liberation of the west side is completed, it will be used for citizens.”


Euphrates News

The liberation of the rest of Mosul


On Monday, the War Media Cell published a map of the rest of the liberation of west Mosul.

The map below shows that “the remaining areas under the control of Daesh are a very small part.”

The joint security forces continue the process of liberating the city of Mosul from the grip of “Daash”, after the announcement of the Commander-in-Chief of the Armed Forces Prime Minister Haider Abadi starting zero hour (October 17, 2016), to liberate Nineveh.



First agreement to launch electronic health card


The Director of the Department of Women’s Protection at the Ministry of Labor and Social Affairs Hussein Al-Moussawi Sunday, the conclusion of an initial agreement to launch the electronic health check card for beneficiaries taking social benefits and holders of the card in the near future.

Al-Moussawi said in a statement that “the Department of Women’s Protection will provide the Ministry of Health with the names of beneficiaries by taking the amount of social benefits holders of the card circuit registered within the database of the Department.”

“The Ministry of Labor will provide the health services provided by the health services, which will be available to the beneficiaries free of charge. The procedure will be part of the social protection umbrella provided by the Ministry of Labor.

“The project is one of the pillars of women’s economic and social empowerment,” Moussawi said.


The obelisk

Moves to provide 40 thousand jobs

The government began negotiations with the energy giant Dutch Shell to increase the proportion of Iraq’s contribution to the establishment of a (Nebras) investment project in the field of petrochemical industries.

According to an official statement «morning» received a copy of which was conducted by the Ministry of Industry and Minerals new round of talks with Dutch Shell included a number of topics of technical, financial and legal issues related to the implementation of the (Nebras) investment project in the field of petrochemical industries and the possibility of creating a success. The meeting discussed the «agreement concluded with the company, which includes the construction of the largest complex of petrochemical industries in the region, the completion period ranging from 5 to 6 years, which will make Iraq one of the largest producers of petrochemicals in the Middle East and achieve a profit estimated at $90 billion on an operational lifetime of over the 35 years provide about 40 thousand jobs.»



Iraqi banks introduce new products

The public and private banks, caused a quantum leap in the world of banking, by offering the best new products and services, to serve the citizen, according to financial expert Thamer al-Azzawi, who found that these steps are consistent with the economic reforms developed by the government.

Al – Azzawi said in his statement to the “morning” that the new banking operations carried out by banks, achieve the aspirations of the public to keep up with the global banking industry, as well as the provision of services that will restore the confidence of the citizen in this vital sector. He urged the concerned authorities to banks in greater support, through laws, legislation and financial facilities, to facilitate their work and achieve the intervention of the economic cycle of the country’s earnings.

The public banks to provide services and products to the public, including loans to state employees through the Rafidain and Rasheed banks, as well as services provided by the Trade Bank of Iraq, housing loans and commercial loans, as well as other banking products. al – Azzawi said that the Iraqi banking sector achieved a good reputation globally and regionally, through several awards for government banks, as well as obtaining a certificate of quality (ISO), at (TBI), which seeks to strengthen Iraqi banks position globally through the sale of government bonds. Trade Bank of Iraq got two awards from “The Banker Middle East” Foundation as the best commercial bank and best management campaign for the launch of the new identity of the bank in the UAE. The Banker Middle East magazine high – level affairs on news of the banking industry in the Middle East, where the awards were handed over in the presence of a number of international companies. al – Azzawi said that new products and services offered by banks and revive the Iraqi economy, gradually to deal with the financial liquidity experienced by the banking sector first, the national economy the second.



Iraq set for highest monthly oil exports as OPEC meeting nears

Iraq is on track for what may be the country’s highest monthly crude exports even as the Middle East nation supports moves to extend Opec-led production cuts aimed at trimming bloated global inventories.

Vessels hauling 62 million barrels of the nation’s crude departed ports in the Gulf and Mediterranean Sea in the first half of May, according to tanker-tracking and shipping agent data. If sustained through May, the daily rate of 4.14 million barrels would exceed any month since Bloomberg began tracking shipments in January 2015. Current shipments, a partial proxy for output, would exceed sales in October which was the baseline month for the production accord.

Countries pumping more than half the world’s oil are trying to cut an excess of stored crude that’s weighing on prices by limiting their own supply. Led by the world’s biggest producers Saudi Arabia and Russia, the 24 nations party to the accord look set to extend the deal when they meet in Vienna next week. Iraqi Oil Minister Jabbar al-Luaibi said this month there’s a consensus around prolonging the deal and his country backs it.

“Iraq’s compliance to its production target was always going to be a moving target as the country was reluctant to limit production in the first place,” said Edward Bell, a commodities analyst at Dubai-based bank Emirates NBD. “The higher Iraqi volumes shows one of the flaws of the deal: the focus on production rather than exports.”

Iraq, the second-largest producer in the Organization of Petroleum Exporting Countries, pumped 4.41 million barrels of crude a day in April, according to production estimates compiled by Bloomberg. The country produced more in each month so far this year than the 4.351 million barrels a day limit it agreed to under the OPEC deal in November, according to the Bloomberg- compiled data. The production limits took effect in January, initially for a period of six months. Al-Luaibi said in March that Iraq would fully comply with its output limit in March and April.

Neighbouring Iran, OPEC’s third-largest producer, also boosted the level of exports in the first half of May, ship-tracking data compiled by Bloomberg show. Observed crude shipments from the Gulf country rose to 2.14 million bpd in the first half of the month, up 366,000 barrels from the same period of April. Iran was allowed to raise output slightly to about 3.8 million bpd under the OPEC deal.

Iraq’s commitment to OPEC was that it would reduce output by 210,000 bpd. While exports are not a perfect match, they are one means by which external observers try to gauge output. Iraq doesn’t have the same capacity to store crude as some other producer nations, meaning that what’s pumped out of the ground is piped relatively quickly onto ships. Iraq produced less than 4 million bpd until June 2015, according to data compiled by Bloomberg.

Iraq’s export surge can partly be explained by catching up on reduced flows in April, when a damaged jetty was being repaired. Partial monthly data is subject to changes by the end of the month, with single shipments capable of shifting the barrels-a-day rate significantly. Still, the timing of the additional shipments isn’t ideal, said Emirates NBD’s Bell.

“This of course doesn’t look great coming ahead of the OPEC meeting,” Bell said, adding that Saudi and Russian backing for an extension meant the deal will likely be prolonged. “Overproduction by countries like Iraq means there’s going to be more reliance on Saudi Arabia to compensate by over-cutting.”


Iraq Daily Journal

Arab and foreign countries refuse to hand over Iraq funds of the former regime!

Parliament’s Integrity Committee revealed on Saturday the refusal of some Arab and foreign countries to hand over to the Iraqi government the smuggled and frozen funds belonging to the former regime.

The Committee member Jumah Diwan said in a press statement that “the committee discussed the issue of the recovery of money smuggled and frozen existing in some Arab and foreign countries in more than one meeting, hosted a number of officials in the Central Bank and its banks and a number of officials in the Ministries of Foreign Affairs and Interior.”

He added that “the government was able in the past period to recover a few million dollars from the number of foreign countries,” adding that “some Arab and foreign countries refused to deal with the Iraqi government and handed over funds smuggled and frozen by the government of the former regime.”

“The Iraqi government and diplomacy must act to bring legal proceedings before the international courts to force these countries to hand over stolen and frozen funds,” Diwan said.



Abadi’s financial adviser criticizes calls to cut the dinar and warns of the effects

Mohammed Saleh, financial adviser to Prime Minister Haider Abadi, criticized on Friday, calls to reduce the value of the Iraqi dinar against the US dollar, stressing that such a step will lead to three crises.

Saleh said in a statement Alsumaria News received a copy of it, “There are parties and personalities working unfortunately, to promote the idea of ​​deterioration of the exchange rate of the Iraqi dinar and bring about a deterioration in the standard of living and hit stability in order to impose a monetary tax urgently affecting all segments of the people, which is inflation, and the creation of a deliberate deterioration of the level of Living in order to fill the state some of its deficit without thinking about the management of revenues from outside the oil revenues, “noting that” the devaluation of the Iraqi currency through the reduction of the exchange rate of the dinar against the dollar, for example, will add destructive consequences in a negative impact of deepening the financial crisis, A new crisis of inflation General level of prices and inevitably generates inflationary recession, which exacerbates the general economic situation and common discontent is intended at the time of fighting the war on terror, and we desperately need the elements of economic stability.”

Saleh added that “the country will enter here with three crises, a financial crisis is not solved by rapid monetary policy methods such as reducing the exchange rate of the Iraqi dinar as the dollar campaign and the dollar-dollar pioneers and the rich who are fighting the people and the misery of the poor and low-income,” noting that “the second crisis is inflation prices and the deterioration caused by the deterioration of stability over the foreign currency and reduce the purchasing power of pensions and incomes of citizens exchange rate because of inflationary expectations and broadcast state of uncertainty and lack of confidence in Iraqi dinars economic stability.”

He explained that “the third crisis will be security because of terrorism and the war on the oppressor, the loser is the people and the winner of the devaluation of the dinar are the rich dollar and terrorism, do not forget that inflation in the regions and the rise of inflation rates there to 3 decimal places and the deterioration of the standard of living has accelerated victory over stability The standard of living in the rest of Iraq, which is the smart economic war practiced by the economic leadership in achieving the urgent victory. “He pointed out that” the government reduced its non-essential expenses and absurd and frivolous, but did not exercise austerity policy such as reduced salaries, pensions or welfare and expenses of War and the necessary investment process.”

“The internal and external borrowing process to finance the budget deficit is not a deflationary process, as some claim, it is a stimulus and expansionary process that fights deflation. Deflationary budgets that lead to economic stagnation are usually those in which the budget is balanced by a lower level of expenditure, budgets contractionary really, but budgets that build on the deficit is financed the deficit by borrowing are the budgets of the expansive nature, especially the current financial policy in Iraq, “asserting that” internal borrowing came in accordance with the vision of monetizing the debt often, any financing a debt by expanding cash relatively basis, not vice versa, either external borrowing same applies like any other external resources in revenues of oil, in terms of impact expansion to account falling on public spending and the money supply expansion according to known to specialists in monetary policy mechanisms external flows.”

“The promotion of controversial economic issues in the time of war and the victory over terrorism is a miserable attempt by a group of detractors who want to weaken the state and spread despair,” adding that “there is a process of programmed ignorance of the Iraqi street to dispel despair, promoted forces driven by suspicious negative in the positive financial conditions is a victory and get out of the neck of the bottle, as well as the military victory and liberating the land and man from the clutches of terrorism.”



Iraq gets the best award for Smart Initiative

(Qi Card) company got through its participation in the Twenty-Third Congress of the Government of smart cities held in Dubai, the best smart initiative award.

According to a source familiar with the company’s “economy News” that the Qi card company got the best smart initiative award in exceptional circumstances on the initiative presented through its participation in the smart initiative in Dubai.

This award is a positive payment of what it carries a symbolic factor, which is honoring an Iraqi company hold such an international forum shared by international companies representing all countries of the world.


Economy News Agency