Individual income increased in 2022, says Iraq’s Ministry of Planning

A man holds money as he poses for a picture at a foreign currency exchange market in Baghdad, Iraq, December 20, 2020. (Reuters photo)

SULAIMANI (ESTA) — Soaring oil prices in 2022 increased individual income in Iraq said the country’s Ministry of planning on Wednesday.

Spokesperson to the Iraqi Ministry of planning Abdul Zahra said, the overall ratio of individual income during 2021 for every Iraqi citizen was five to six million Dinars which equals 4000$ annually according to the dollar exchange rate at that time.

Zahra also pointed out the impacts of oil prices adding, “Soaring oil prices which has the biggest stake in increasing revenue, is a reason for rising individual income”.

However the spokesperson did not reveal the exact individual income for 2022, but he stressed the income is higher in comparison to 2021.

Oil prices soared during the first half of 2022, the climbing drove the oil nation’s revenue higher than before. Brent neared the record high of $147 after Russia launched its invasion of Ukraine in February, adding to supply concerns.

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