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Fri. PM KTFA News Articles 1-20-23

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Henig » January 20th, 2023

From Davos.. The President of the Republic: The security situation in Baghdad and other cities is stable and better than other countries

Baghdad / NINA / – The President of the Republic, Abdul Latif Jamal Rashid, affirmed that the security situation in Baghdad and other cities is stable and better than other countries.

He said in a dialogue session on the Middle East within the activities of the World Economic Forum in Davos: The current government is moving towards reform and benefiting from oil revenues towards building and improving the economy.   LINK

Al-Saihoud: The next stage should be an industrial revolution to support and encourage the national economy

Baghdad / NINA /- The MP for the State of Law coalition, Muhammad Saadoun Al-Saihoud, said that “the next stage must be an industrial revolution to support and encourage the national economy.”

Al-Saihoud stressed in a press statement today that: The time has come for Iraq to take its main and pioneering role for the development and upgrading of the local product, whether it is agricultural, industrial, commercial or even investment, given that Iraq has economic resources, infrastructure, human resources, raw materials, minds and expertise that can enable it to revitalizing the national economy in all its details.

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He added that: The government must develop and upgrade the national product after inaction and absence that lasted for many years, and that Iraq must be a producer country, not just a consumer, and it has all the ingredients for success, and this is what needs political and economic support, whether at the level of the legislative and executive authority alike.  LINK

Clare » January 20th, 2023

Planning announces the rate of inflation in Iraq and the government’s measures to address it

1/20/2023   Baghdad –

On Friday, the Ministry of Planning revealed government measures to address the effects of inflation in Iraq, while identifying the reasons for its high rates.

A spokesman for the Ministry of Planning, Abd al-Zahra al-Hindawi, said, “The whole world is witnessing a rise in inflation indicators as a result of the repercussions of the Russian-Ukrainian war and climate conditions,” noting that “the repercussions contributed to the rise in prices of industries and energy to the highest levels, and thus reflected on inflation indicators, which rose significantly.” in the countries of the world.”

Al-Hindawi added, “Inflation rates rose in Iraq during the past year 2022, affected by global repercussions and the exchange rate that changed during the recent period.”

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He pointed out that “the rate of inflation in Iraq reaches (6 to 7%) compared to what it was previously, and this type is a natural cumulative increase over the past months,” attributing the reason to “the high prices of some services, the volume of cash circulation and the cash mass circulating in the markets.” “.

And he indicated that “the more the monetary mass in circulation inflated, the higher the inflation rate would be affected,” noting that “the real measures to reduce inflation are to support the local product, preserve the value of the national currency, and ration imports.”
He pointed out that “these measures would contribute to achieving a state of stability in inflation indicators.”

He continued, “The government is taking a number of measures to reduce cases of inflation, and there are policies within the future directions to support industry and agriculture to reduce the volume of imports and ration it in proportion to the actual need,” explaining that “these measures will contribute to reducing the irrational increases in inflation in the country.”   LINK

Henig » January 20th, 2023

Al-Sudani chairs a special meeting to discuss the final details of the 2023 draft budget

Baghdad today – Baghdad

Today, Thursday, Prime Minister Mohamed Shia Al-Sudani chaired a special meeting to discuss the final details of the draft federal budget law 2023 .

A statement by the media office of the prime minister, which was received by (Baghdad Today), stated that “Al-Sudani chaired a special meeting to discuss the final details of the draft federal budget law 2023.”  

Al-Swadani stressed, according to the statement, “the need to complete the draft budget law as quickly as possible, and submit it to the House of Representatives, in order for it to enter into force without delay.” Fighting corruption, improving services, and reforming the economy. 

Al-Sudani directed that “the draft law takes into account the importance of presenting infrastructure projects over other projects, in order to create an appropriate environment in the internal economy to achieve the adoption of the ministerial curriculum, provide service and make a difference that the citizen touches, in the service sector and other economic sectors.”

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On November 26, 2022, Prime Minister Muhammad Shia’ al-Sudani chaired a meeting devoted to discussing the draft federal budget law for the year 2023, while he demanded that the draft be completed as quickly as possible and submitted to Parliament .   LINK

Clare » January 20th, 2023

High oil prices in world markets

1/20/2023

Oil prices rose today, Friday, amid optimism that the Federal Reserve (the US central bank) will end the cycle of monetary tightening, which will boost the economy and support demand for fuel.

Brent crude futures for March delivery rose 48 cents, or 0.6%, to $86.64 a barrel, while US crude prices rose 54 cents to $80.87 a barrel, up 0.7%.

The two benchmarks are heading for a second consecutive week of gains, and both closed up 1% on Thursday, near their highest closing levels since December 1.

New York Federal Reserve Chairman John Williams said on Thursday that the US central bank will approve more interest rate hikes, and that he sees signs that inflationary pressures may be starting to ease from their very high levels.    LINK

Henig » January 20th, 2023

Gold is heading towards a fifth weekly rise, amid bets on slowing rate hikes

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023/01/20

Gold prices stabilized today, Friday, but are heading for gains for the fifth week in a row, as the weakness of the dollar and hopes of a slowdown in raising US interest rates boosted the attractiveness of the yellow metal, which represents a safe haven.

And by 03:08 GMT, gold settled in instant transactions at $ 1930.04 an ounce, up 0.5% during the week. Yesterday, Thursday, prices recorded $1,935.20, the highest level since April 2022.

US gold futures rose 0.4% to $1,931.50.

According to a Reuters poll, the US Fed is expected to end the monetary tightening cycle with a 25 basis point hike in each of the next two policy meetings, then likely keep interest rates steady for at least the rest of the year.           

With lower interest rates, which means lower returns from assets such as government bonds, investors may prefer gold.

Data on Wednesday showed US retail sales fell by the most in a year, putting the overall economy on a weaker growth path.    

The dollar index is heading for its second weekly decline, making gold cheaper for overseas buyers.

As for other precious metals, spot silver rose 0.5% to $23.94.

Platinum fell 0.1% to $1,032.25, and palladium fell 0.3% to $1,748.28. Both metals are heading for a second week of decline. LINK

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Source: Dinar Recaps

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