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The Iraqi economy in 2022.. a country without a budget, the "theft of the century" and the dollar's rise are its most prominent angles
[You must be registered and logged in to see this image.]An aerial view of Baghdad's largest commercial center, Al-Shorja
2022-12-28 04:18
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Shafaq News/ Although oil, with all its aspects and data, is considered the main focus of Iraq's economy, as it constitutes 95% of its federal budget, there are other economic events that are no less important, which is that the country has become without a general budget for the current year.
It also witnessed the largest financial theft, which was called the theft of the century, and despite having the largest reserves of hard currency, it ends the year with a significant rise in the dollar in the parallel market.
Iraqi Council of Ministers
In (December), the Council of Ministers of the Federal Government announced the approval of the disbursement of 400 billion Iraqi dinars to the Kurdistan Region to finance the salaries of the 11th and 12th months of the year 2022, which came after many disputes.
On (January 16), the Board of Advisors in the Council of Ministers obligated the Ministries of Industry, Minerals and Agriculture to open imports that had previously been banned unconditionally and directed not to resort to it in the future due to its great harm and the creation of a monopolistic environment.
On April 6, the General Secretariat of the Council of Ministers announced several decisions related to food security as a result of the Russian-Ukrainian war, including opening the import of all foodstuffs for a period of three months to confront the food crisis that occurred in the world, and allowing the Ministry of Trade to import wheat with a ceiling not exceeding 3 million tons, and zeroing fees. Customs duties on foodstuffs, construction materials and medicines.
Ministry of Finance
On (January 1), the Ministry of Finance said: There is no financial budget for the year 2022, for the first time in the history of Iraq, which came due to the state of political blockage that the country experienced in the same year, which prevented the approval of the budget, which made the spending and spending 1/12 identical to the spending operations for the year 2021 .
On (May 15), the food security law was issued at a value of 25 trillion dinars as a result of the lack of a budget for the year 2022, which was said at the time that it “pertains to the citizen, the social welfare segment, the disbursement of farmers’ rights, and the allocation of an amount to the Ministry of Electricity to pay off debts and import gas.”
On (October 20) the disclosure of the largest theft in contemporary Iraqi history from the trusts of merchants contracting with the state and deposited as insurance to be recovered after the completion of projects, with the official tax authority, which amounted to 3.7 trillion Iraqi dinars, which were stolen for the benefit of five companies and were paid for through 247 checks were cashed between September 9, 2021 and August 11, 2022, from a branch of the state-run Rafidain Bank.
On (November 16) America announces the rise of Iraqi bonds in the US Treasury to 37.968 billion dollars in September.
Central Bank of Iraq
On (January 23, 2022), the Central Bank launched several lending initiatives, including the Small and Medium Enterprises Financing Initiative and the Large Projects Initiative amounting to five trillion dinars to finance specialized banks, in addition to three trillion dinars to support the real estate sector, and the clean energy financing initiative at an amount of one trillion dinars.
On (June 27), the Central Bank of Iraq announced that Iraq had advanced ten ranks in the table of the countries with the most gold reserves, bringing its total possessions to (130.39) tons, ranking thirty in the world and fourth in the Arab world after purchasing nearly 34 tons.
On (September 11th), the bank announced an increase in its foreign reserves, which amounted to more than 90 billion US dollars, which is the highest level achieved by the central bank since 2003.
On (November 7), the Central Bank of Iraq decided to stop dealing in the US dollar currency for four Iraqi banks, which included “Al-Ansari Islamic Investment and Finance”, “Al-Qawad Al-Islami for Finance and Investment”, “Asia Iraq Islamic for Investment and Finance”, and “Al-Sharq Al-Awsat”. Al-Iraqi Investment”, and this was after a directive from the American Federal Bank, due to the suspicion of currency smuggling and money laundering.”
The local market and the Central Bank of Iraq
On (December 1), the price of the dollar increased in the parallel market (the black market) and reached more than 154,000 dinars compared to 100 dollars, after several banks were prevented from entering the currency sale auction, after warnings from the US Treasury Department.
On (December 2), the exchange rate increased in the Kurdistan Region's stock exchanges, exceeding for the first time the barrier of 150,000 Iraqi dinars against 100 US dollars.
On (December 4), the bank increased the companies’ share of the dollar according to their classification, as category A companies receive one million and 800 thousand dollars per week, category B companies receive 750 thousand dollars per week, category companies receive 80 thousand dollars per week, and banks receive 200 thousand dollars. Weekly.
On (December 19), the Central Bank of Iraq launched a package of measures to improve the performance of transactions related to the dollar, after weeks of the rise in the exchange rate of the dollar against the Iraqi dinar, including the sale of dollars through government banks.
Oil Ministry
On (January 20) Oil signed a contract to develop the Mansouriya gas field in Diyala with a capacity of 300 cubic metres, with the Chinese company Sinopec.
In (February / February), the Federal Court issued a decision that the oil and gas law of the Kurdistan Region was unconstitutional. What the regional government considered at the time was a decision motivated by political pressure, and the Federal Court's decision led to the withdrawal of some oil companies from the region that had been operating for years in it.
On (1 May) the oil company announces the achievement of the largest oil revenue since 2003 amounting to more than 11 billion and 477 million dollars after the rise in oil prices to more than 112 dollars.
On (June 20), a severe car fuel crisis hit a number of Iraqi governorates.
On (September 12), the Minister of Oil announces Iraq's commitment to exporting all of its quota as determined by the OPEC agreement and determinants, and to work with members of the organization and its allies from outside the organization to achieve balance in global markets.
On (October 2) the Ministry of Oil announced a contract with the American company "Baker Hughes" to raise the production of associated gas in the Nasiriyah and Al-Gharraf oil fields to 200 million standard cubic feet (scf) during the coming period.
On (October 17) the Iraqi oil company signed a joint study of the land part of the offshore area in the Gulf with the Chinese company Sinooc.
Ministry Of Agriculture
On (7 April) the Iraqi Ministry of Agriculture banned the import of 33 foodstuffs from the Kurdistan Region and prevented their movement from the region to the rest of the provinces of Iraq.
On (July 20), the Minister of Agriculture and Water Resources in the Kurdistan Region, Bekred Talabani, announced that the federal government had agreed to market agricultural products and crops to the region's farmers in the rest of Iraq's regions and cities.
In (July) the price of eggs increased to more than 7 thousand dinars per class. The Ministry of Agriculture attributes this to the fact that some governors prevented the transfer of eggs and chickens between provinces and the monopoly of some.
On (July 21), the Ministry of Agriculture directed to stop the import of 6 crops, namely "potatoes, watermelons, watermelons, tomatoes, cucumbers, and eggplants" from the country's border crossings, due to their abundance locally.
In (September), agriculture confirms the export of more than 700 thousand tons of dates to several Arab and foreign countries.
In (December) the Kurdistan Regional Government announced the export of the first batch of the local pomegranate product to the UAE, as the first batch of local products to be exported abroad.
The Ministry of Electricity
On (September 18) the Ministry of Electricity announced an unprecedented production of electric power that exceeded 24,000 megawatts.
On (June 15th), the Electricity Company announces the payment of Iranian gas arrears for the year 2020 through internal borrowing from the Iraqi Trade Bank, which amounted to $1.6 billion.
Ministry of Commerce
On the 6th of March, the Ministry of Commerce announces a plan to import one million tons of wheat to secure the food basket for the current year, after the rise in wheat prices as a result of the Russian-Ukrainian war.
In (March) the repercussions of the Russian-Ukrainian war on the prices of food commodities, as it witnessed a rise in the markets of all of Iraq and the Kurdistan Region with the start of the war and its economic repercussions on the world.
On (September 27), Al-Tijara announces the start of distributing the electronic ration card to the people of Najaf Governorate, as part of its project to automate the ration card, in cooperation with the World Food Program.
On (November 1), Iraqi trade opens the 46th Baghdad International Fair, with the participation of 12 countries and 363 local and foreign companies.
The Ministry of Planning
On (October 16), the annual inflation rate reached 5.3%, compared to what it was during September of the previous year 2021.
On (November 29), planning listed 2,768 service projects distributed over 15 governorates, in addition to the Ministry of Construction and the two funds for the reconstruction of Dhi Qar and the liberated areas, with an amount of more than 4 trillion dinars.
International Monetary Fund
On (October 12), Iraq tops the list of Arab countries in economic growth for the year 2022, with a growth rate of 9.3%.
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]An aerial view of Baghdad's largest commercial center, Al-Shorja
2022-12-28 04:18
Share
Font
Shafaq News/ Although oil, with all its aspects and data, is considered the main focus of Iraq's economy, as it constitutes 95% of its federal budget, there are other economic events that are no less important, which is that the country has become without a general budget for the current year.
It also witnessed the largest financial theft, which was called the theft of the century, and despite having the largest reserves of hard currency, it ends the year with a significant rise in the dollar in the parallel market.
Iraqi Council of Ministers
In (December), the Council of Ministers of the Federal Government announced the approval of the disbursement of 400 billion Iraqi dinars to the Kurdistan Region to finance the salaries of the 11th and 12th months of the year 2022, which came after many disputes.
On (January 16), the Board of Advisors in the Council of Ministers obligated the Ministries of Industry, Minerals and Agriculture to open imports that had previously been banned unconditionally and directed not to resort to it in the future due to its great harm and the creation of a monopolistic environment.
On April 6, the General Secretariat of the Council of Ministers announced several decisions related to food security as a result of the Russian-Ukrainian war, including opening the import of all foodstuffs for a period of three months to confront the food crisis that occurred in the world, and allowing the Ministry of Trade to import wheat with a ceiling not exceeding 3 million tons, and zeroing fees. Customs duties on foodstuffs, construction materials and medicines.
Ministry of Finance
On (January 1), the Ministry of Finance said: There is no financial budget for the year 2022, for the first time in the history of Iraq, which came due to the state of political blockage that the country experienced in the same year, which prevented the approval of the budget, which made the spending and spending 1/12 identical to the spending operations for the year 2021 .
On (May 15), the food security law was issued at a value of 25 trillion dinars as a result of the lack of a budget for the year 2022, which was said at the time that it “pertains to the citizen, the social welfare segment, the disbursement of farmers’ rights, and the allocation of an amount to the Ministry of Electricity to pay off debts and import gas.”
On (October 20) the disclosure of the largest theft in contemporary Iraqi history from the trusts of merchants contracting with the state and deposited as insurance to be recovered after the completion of projects, with the official tax authority, which amounted to 3.7 trillion Iraqi dinars, which were stolen for the benefit of five companies and were paid for through 247 checks were cashed between September 9, 2021 and August 11, 2022, from a branch of the state-run Rafidain Bank.
On (November 16) America announces the rise of Iraqi bonds in the US Treasury to 37.968 billion dollars in September.
Central Bank of Iraq
On (January 23, 2022), the Central Bank launched several lending initiatives, including the Small and Medium Enterprises Financing Initiative and the Large Projects Initiative amounting to five trillion dinars to finance specialized banks, in addition to three trillion dinars to support the real estate sector, and the clean energy financing initiative at an amount of one trillion dinars.
On (June 27), the Central Bank of Iraq announced that Iraq had advanced ten ranks in the table of the countries with the most gold reserves, bringing its total possessions to (130.39) tons, ranking thirty in the world and fourth in the Arab world after purchasing nearly 34 tons.
On (September 11th), the bank announced an increase in its foreign reserves, which amounted to more than 90 billion US dollars, which is the highest level achieved by the central bank since 2003.
On (November 7), the Central Bank of Iraq decided to stop dealing in the US dollar currency for four Iraqi banks, which included “Al-Ansari Islamic Investment and Finance”, “Al-Qawad Al-Islami for Finance and Investment”, “Asia Iraq Islamic for Investment and Finance”, and “Al-Sharq Al-Awsat”. Al-Iraqi Investment”, and this was after a directive from the American Federal Bank, due to the suspicion of currency smuggling and money laundering.”
The local market and the Central Bank of Iraq
On (December 1), the price of the dollar increased in the parallel market (the black market) and reached more than 154,000 dinars compared to 100 dollars, after several banks were prevented from entering the currency sale auction, after warnings from the US Treasury Department.
On (December 2), the exchange rate increased in the Kurdistan Region's stock exchanges, exceeding for the first time the barrier of 150,000 Iraqi dinars against 100 US dollars.
On (December 4), the bank increased the companies’ share of the dollar according to their classification, as category A companies receive one million and 800 thousand dollars per week, category B companies receive 750 thousand dollars per week, category companies receive 80 thousand dollars per week, and banks receive 200 thousand dollars. Weekly.
On (December 19), the Central Bank of Iraq launched a package of measures to improve the performance of transactions related to the dollar, after weeks of the rise in the exchange rate of the dollar against the Iraqi dinar, including the sale of dollars through government banks.
Oil Ministry
On (January 20) Oil signed a contract to develop the Mansouriya gas field in Diyala with a capacity of 300 cubic metres, with the Chinese company Sinopec.
In (February / February), the Federal Court issued a decision that the oil and gas law of the Kurdistan Region was unconstitutional. What the regional government considered at the time was a decision motivated by political pressure, and the Federal Court's decision led to the withdrawal of some oil companies from the region that had been operating for years in it.
On (1 May) the oil company announces the achievement of the largest oil revenue since 2003 amounting to more than 11 billion and 477 million dollars after the rise in oil prices to more than 112 dollars.
On (June 20), a severe car fuel crisis hit a number of Iraqi governorates.
On (September 12), the Minister of Oil announces Iraq's commitment to exporting all of its quota as determined by the OPEC agreement and determinants, and to work with members of the organization and its allies from outside the organization to achieve balance in global markets.
On (October 2) the Ministry of Oil announced a contract with the American company "Baker Hughes" to raise the production of associated gas in the Nasiriyah and Al-Gharraf oil fields to 200 million standard cubic feet (scf) during the coming period.
On (October 17) the Iraqi oil company signed a joint study of the land part of the offshore area in the Gulf with the Chinese company Sinooc.
Ministry Of Agriculture
On (7 April) the Iraqi Ministry of Agriculture banned the import of 33 foodstuffs from the Kurdistan Region and prevented their movement from the region to the rest of the provinces of Iraq.
On (July 20), the Minister of Agriculture and Water Resources in the Kurdistan Region, Bekred Talabani, announced that the federal government had agreed to market agricultural products and crops to the region's farmers in the rest of Iraq's regions and cities.
In (July) the price of eggs increased to more than 7 thousand dinars per class. The Ministry of Agriculture attributes this to the fact that some governors prevented the transfer of eggs and chickens between provinces and the monopoly of some.
On (July 21), the Ministry of Agriculture directed to stop the import of 6 crops, namely "potatoes, watermelons, watermelons, tomatoes, cucumbers, and eggplants" from the country's border crossings, due to their abundance locally.
In (September), agriculture confirms the export of more than 700 thousand tons of dates to several Arab and foreign countries.
In (December) the Kurdistan Regional Government announced the export of the first batch of the local pomegranate product to the UAE, as the first batch of local products to be exported abroad.
The Ministry of Electricity
On (September 18) the Ministry of Electricity announced an unprecedented production of electric power that exceeded 24,000 megawatts.
On (June 15th), the Electricity Company announces the payment of Iranian gas arrears for the year 2020 through internal borrowing from the Iraqi Trade Bank, which amounted to $1.6 billion.
Ministry of Commerce
On the 6th of March, the Ministry of Commerce announces a plan to import one million tons of wheat to secure the food basket for the current year, after the rise in wheat prices as a result of the Russian-Ukrainian war.
In (March) the repercussions of the Russian-Ukrainian war on the prices of food commodities, as it witnessed a rise in the markets of all of Iraq and the Kurdistan Region with the start of the war and its economic repercussions on the world.
On (September 27), Al-Tijara announces the start of distributing the electronic ration card to the people of Najaf Governorate, as part of its project to automate the ration card, in cooperation with the World Food Program.
On (November 1), Iraqi trade opens the 46th Baghdad International Fair, with the participation of 12 countries and 363 local and foreign companies.
The Ministry of Planning
On (October 16), the annual inflation rate reached 5.3%, compared to what it was during September of the previous year 2021.
On (November 29), planning listed 2,768 service projects distributed over 15 governorates, in addition to the Ministry of Construction and the two funds for the reconstruction of Dhi Qar and the liberated areas, with an amount of more than 4 trillion dinars.
International Monetary Fund
On (October 12), Iraq tops the list of Arab countries in economic growth for the year 2022, with a growth rate of 9.3%.
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