Bondlady’s Corner – Iraq Economic News and Points to Ponder Friday Afternoon 10-13-23


Iraq Economic News and Points to Ponder Friday Afternoon 10-13-23

Tlm724 Administrator Bondlady’s Corner

Economist: The Central Bank Bears The Rise In The Dollar… And 50 Billion Are Frozen In Homes

Time: 2023/10/12 22:59:51 Read: 4,979 times   {Economic: Al-Furat News} The economic expert, Abdul Rahman Al-Mashhadani, held the Central Bank of Iraq responsible for the rise in the dollar in the local market.

Al-Mashhadani said: For the program {Free Speech} broadcast by Al-Furat satellite channel this Thursday evening, it said: “The rise in dollar prices is caused by the parallel market, which meets trade requests with countries sanctioned by the American side and amounts to $30 million per day, as well as financing the drug trade through it.”

He added, “At this moment, all the measures taken are incorrect, and a section of speculators and traders are the ones causing the dollar prices to rise, and the Central Bank’s measures to reduce the sale of the dollar led to an increase in the exchange rate.”

Al-Mashhadani stressed, “The necessity of adopting a culture of relying on the banking system in financial transactions. Iraq is supposed to be a tourist country with the presence of more than 12 archaeological and religious sites. The problem is that we have not invested any tourism in the country.”

He pointed out, “The solid amount of dollars in Iraqi homes is no less than 50 billion dollars. If the Central Bank criminalizes dealing in dollars, how will they be spent?”

Al-Mashhadani stressed, “The Central Bank still has the tools to control the exchange rate.” LINK

The Central Bank Calls For The Opening Of Exchange Offices In Iraq’s Airports

Economy News – Baghdad   The Central Bank of Iraq called on Class A exchange companies to open offices in Iraqi airports in order to facilitate obtaining the dollar currency for travelers.

Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said, “The Central Bank directed the Class A exchange companies to facilitate travelers’ access to the dollar currency through their companies and by opening offices in the airports of (Baghdad – Basra – Najaf – Erbil).”

Khalaf addressed companies wishing to open an office in one or more of the above airports, depending on the geographical area of the spread of their branches, by “submitting their applications to the Central Bank, specifying the airport in which they wish to work.”

The Director General of the Investment Department at the Central Bank, Mazen Ahmed, said a few days ago, in an interview with Al-Iraqiya News Channel, that the Central Bank will open 5 branches of banking offices inside the airports of Baghdad, Najaf, and Basra in order to sell the dollar to travelers, indicating that Erbil Airport will be in the next stage. .

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An Expert Reveals The Importance Of Attracting Russian Investments To Iraq.. What Is America’s Role?

Economy | 04:29 – 10/13/2023   Mawazine News – Baghdad  The economic expert, Safwan Qusay, confirmed today, Friday, that Iraq is trying to be in the region of economic balance by attracting investments from countries of the East or West, including Russia.

Qusay said in a statement followed by Mawazine News, “Russia represents a giant industrial country, and Iraq’s openness to the Russian system can be exploited by attracting investments in the agriculture, livestock, and transportation sectors. Especially if we manage the investment file in the iron and steel sector to create complementary industries at the train level.” And ships.”

He added, “Iraq is looking forward to investing in its geographical location and it needs to establish an industrial zone for strategic industries that complement the path of development and the presence of economic powers such as Russia that can contribute to these sectors.

I believe that establishing a nuclear reactor to generate electrical energy will support the process of establishing this industrial city and that we will have diversity.” In sources of investments.

He pointed out that “Iraq is looking forward to increasing the capacity of financial transactions with the Russian side outside the SWIFT system, so that it has trade with the East through this system and this reduces the pressure on financial bottlenecks in some cases.” He continued, saying: “Russia is a country currently present in Iraq.

” It has investments in the energy and petrochemicals sector, and it may be ready for Russian investments. In return, there can be a link to the production of the continent of Asia through Russia, and to link the continent of Asia through the Al-Faw crossing and through border crossings with Iran for the crossing of goods from Russia to the continent of Africa via the Kingdom of Saudi Arabia. And Jordan.”

Regarding Iraq’s orientation towards a number of economic poles and the possibility of its exit from American influence as a result of this orientation, Qusay said:

“Iraq does not have a region of attraction without others, but it must build a sectoral investment map so that there is competition in every sector, and I believe that the advantage of the economy is The return is what will determine the preference. For example, integration with the Russian economy at the level of agriculture, iron and steel industries, and nuclear energy. This could be the path.”

He added: “With the United States, for example, we need a technological city established by American companies at home .”

The Iraqi and the British believe that British insurance companies are able to guarantee global investment in Iraq, and I believe that the division of regions and commercial and economic dealings with countries of the world are what will contribute to determining the path of investment in Iraq, and Iraq is not against any investment.”

Russian President Vladimir Putin and Iraqi Prime Minister Muhammad Shiaa Al-Sudani participated in the activities of the “Russian Energy Week” forum, which was held in Moscow.

In his speech at the opening of the forum, Putin stressed that “the global economy is moving to a multipolar model that has several growth centers.”

For his part, Al-Sudani spoke at the forum about Russian development in the gas, oil, and electricity sectors, in addition to the Iraqi government’s priority in economic diversification through integrated energy, petrochemical, and integrated projects.

Iraq Is Working To Establish A Factory For The German Mercedes Company

Reconstruction and building  Economy News – Baghdad:  The Prime Minister’s advisor, Muhammad Sahib Al-Daraji, confirmed that Iraq is working to establish factories for Mercedes and MAN.

Al-Daraji said, during his visit as part of an official delegation to Saudi Arabia, “Our visit includes several goals, including visiting the factories of MAN and Mercedes companies, because there is a memorandum of understanding between the Iraqi Military Industrialization Organization and a Saudi international company to invest in building factories of MAN and Mercedes companies in Iraq.”

He added, “We discussed with the Saudi public and private sector many investment opportunities in the residential, agricultural and industrial sectors.” The Iraqi-Saudi Investment Company was also established, the Saudi Investment Protection Law was approved, and 3 billion US dollars were allocated from the Saudi side to invest in Iraq.  10/13/2023

High Oil Prices

Economy |  10/13/2023   Follow-up – Mawazine News  Oil prices rose today, Friday, after the United States tightened its sanctions program on Russian crude exports, raising concerns about supplies in an already scarce market, and global inventories are expected to decline during the fourth quarter.

Brent crude futures rose 36 cents, or 0.4%, to $86.36 per barrel, and US West Texas Intermediate crude rose 53 cents, or 0.6%, to $83.44 per barrel.

Brent crude is heading for weekly gains of 2.1%, and West Texas Intermediate crude is heading for a 0.8% rise this week, after both crude oils rose sharply on Monday due to the possibility of disruption to exports from the Middle East.

The International Monetary Fund Is Pessimistic About The Future Of The Iraqi Economy

Money  and business   Economy News – Baghdad  The International Monetary Fund confirmed that restrictions on foreign currency sales in Iraq have hindered growth in the gross domestic product.

The Fund said in a report on regional economic developments and prospects, seen by Al-Iqtisad News, that “reductions in oil production are having repercussions on oil-exporting countries, as the growth of the gross oil domestic product has slowed following three rounds of sharp cuts in oil production under the OPEC + agreement.” October 2022, April 2023, and June 2023.”

He added that the Gulf countries’ non-oil GDP grew, thanks to the strength of the manufacturing industry and the recovery of the services sector, while in Iraq, restrictions on foreign currency sales hinder growth.

Although the Iraqi Ministry of Planning announced that inflation reached 3.5%, the International Monetary Fund placed Iraq alongside Algeria, which has an inflation rate of more than 9%, and Iran at 30%.

He said, “Inflation is still high in another group of oil exporters, which are Algeria, Iraq, and Iran,” referring to countries with currencies pegged to the US dollar, except for Iraq. Central banks followed in the footsteps of the Federal Reserve, which led to a rise in basic interest rates this year by 100 points. Average basis until August 2023.

The International Monetary Fund noted that Iraq’s primary non-oil balances declined due to the rise in public sector wages, in addition to the increase in the support rate.

The Fund stated that this year, growth is expected to record a noticeable slowdown in oil-exporting countries, reaching 2%, stressing that growth in Iraq will decline due to the reduction in oil production and the impact of rationalizing the use of foreign currency in import-dependent sectors.

He pointed out that in 2024, it is expected that the increase in the wage bill in Iraq will lead to a decline in the public financial position.  10/13/2023 –


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Points to Ponder From  KAHLIL GIBRAN:

If the other person injures you, you may forget the injury; but if you injure him you will always remember.

They deem me mad because I will not sell my days for gold; and I deem them mad because they think my days have a price.

The significance of a man is not in what he attains but rather in what he longs to attain.

The tiny flame that lights up the human heart is like a blazing torch that comes down from heaven to light up the paths of mankind. For in one soul are contained the hopes and feelings of all Mankind.

Let there be spaces in your togetherness.