Wed. AM TNT News Articles/Thoughts 1-12-22



Let’s all pray that this finally happens by the 15th like it’s been said. Speculation, anticipation and procrastination has been the history of this investment.

imo… past history can be, but is not necessarily an indication of future results. Its not how long we are in this project, it is more important we stay focused on being prepared and help each other when we all cross the finish line together in order to benefit the most from what choices given to us…. …. Just like driving a car, in order to arrive safely, we anticipate the road & the curves ahead, not the last curves we passed. YES, this week Could bring us through the finish line, which to me is really through the starting gate to begin our new future, drive safely

you heard about the guy who was going to swim across the atlantic, well he got 90% of the way across and was very tired and discouraged, suddenly he decided to turn around and go back because he knew that path and distance, dont be that guy…

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.   link

Association Of Banks: 95% Of The Trading Volume In The Iraqi Stock Exchange Belongs To The Banking Sector

The Association of Iraqi Private Banks announced, today, Tuesday, that the improvement in the performance of the Stock Exchange during the past year is due to the banking sector, which accounted for 95 percent of the trading ratio.

The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, said, in a press statement received by Earth News, that “95% of the trading volume in the stock exchange is due to the banking sector, as the number of traded shares reached 930 billion shares, with a value of 812 billion dinars.”

He added that “compared to 2020, the growth rate of the number of shares traded for the banking sector amounted to 142.3%, as it was 368.4 billion shares in the year 2020, while 892.8 billion dinars in the year 2021,” stressing that “the value of traded shares increased by 244%, as it was in the year 2020. More than 193.6 billion dinars, while last year it amounted to 666.5 billion dinars.

He explained that “the number of deals rose to 40,856 deals last year, while it was 18,792 deals in 2020”, continuing that “the policy of the Central Bank contributed significantly to the improvement and development of the banking sector’s performance during the past year, which contributed to the rise in the shares of some banks.”

And he added, “The National Bank of Iraq’s acquisition of the branches of the Lebanese Bank of Audi in Iraq is considered one of the most important positive events that affected the market share, in addition to the merger of the First Capital Bank and the International Islamic Bank and the expansion of some Iraqi private banks abroad through the opening of branches.” Noting that “in the year 2020, four listed banks increased the capital, namely Al-Taif Islamic, Asia Iraq, the Chancellor and the Secretary of Iraq, while four listed banks distributed profits, namely the Commercial Bank, the National Bank of Iraq, Al-Mansour and Al-Taif   link

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.”   link

Source: Dinar Recaps

Oil prices exceed $83

Oil prices jumped, today, Wednesday, extending their significant 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 demand for oil in the long run. short.

The global benchmark Brent crude and the US benchmark West Texas Intermediate 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. And

Brent crude 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.

On Tuesday, US Central Bank Governor Jerome Powell said that the world’s largest economy can withstand the current jump in Covid-19 infections with “short-term” effects, adding that the “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 prices,” said Oanda analyst Edward Moya.

Meanwhile, American Petroleum Institute data showed a weaker picture of fuel demand, with a slightly lower-than-expected crude oil stockpile and a larger-than-expected increase in gasoline and distillate stocks.

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 to analysts’ expectations for an increase of 2.4 million barrels, and distillate stocks, which include diesel and heating oil, rose 3 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, as it expected total US demand to rise 840 thousand barrels per day in 2022 from last year, up from previous expectations of an increase of 700 thousand barrels per day.

Meanwhile, the Energy Information Administration lowered its production forecast for 2022, forecasting US oil production to rise by 640,000 barrels per day, down from a previous forecast of an increase of 670,000 barrels per day.   link

Source: Dinar Recaps


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