Bondlady’s Corner – Iraq Economic News and Points to Ponder Friday Afternoon 2-16-24


Iraq Economic News and Points to Ponder Friday Afternoon 2-16-24

Tlm724 Administrator Bondlady’s Corner

Travelers Demand That The Central Bank Launch The New Mechanism For Granting Dollars… And Reveal The Defects Of The Old One

Time: 02/16/2024 09:47:51 Read: 3,224 times  {Local: Al-Furat News} Travelers called on the Central Bank of Iraq to speed up the launch of the new mechanism for granting dollars from government and private banks and exchange companies.

The travelers confirmed through {Al-Furat News} agency, that “the old mechanism was not successful and relied on nepotism and certain people to receive the dollar, depriving large numbers of travelers of obtaining the dollar, which forced them to go to the parallel market to buy the currency.”

An informed source revealed the day before yesterday, Wednesday, that the sale of the dollar at the official rate of the Central Bank of Iraq to travelers had stopped.

The source told Al-Furat News, “The sale of the dollar to travelers has been stopped in most government banks,” noting, “The Central Bank intends to launch a new mechanism to obtain the currency for travelers.”

The Iraqi traveler to countries specified by the Central Bank is given an amount of $3,000, and in the case of treatment, he and the companion are given $6,000 at the official rate {1,320 dinars to the dollar} with the exception of Iran, Syria, and Lebanon.  LINK

The Real Estate Bank Decides To Extend The Implementation Of The Electronic Collection And Collection Agreement

Economy | 11:16 – 02/16/2024   Mawazine News – Baghdad  The management of the Real Estate Bank Council decided, today, Friday, to extend the implementation of the electronic collection and collection agreement.

A statement from the Ministry of Finance, a copy of which it received, stated that “the management of the Real Estate Bank decided, in its last session, to extend the implementation of the electronic collection and collection agreement approved by it.”

The Director General of the Real Estate Bank, Abbas Shehab Al-Jawahiri, said, according to the statement: “Electronic collection will contribute to launching disbursement and disposal, without facing temporary deficits in financial revenues, due to the slowdown that occurs as a result of traditional methods.”

He explained, “The bank is currently working on preparing an electronic database, and moving from manual collection to electronic collection, to facilitate procedures for paying installments for citizens and working to combat financial and administrative corruption, which accompanies traditional collection methods.”

He continued, “This measure comes in implementation of the decisions of the Council of Ministers regarding electronic collection and collection, and the adoption of the shift from cash financial transactions to electronic transactions and collection of funds, through the application of modern electronic systems.”

Oil Is Heading Towards Recording Gains For The Second Week In A Row

Economy | 09:26 – 02/16/2024   Mawazine News – Baghdad   Oil prices varied during early Friday trading, with investors assessing expectations of a slowdown in demand and weak data for US retail sales that once again revived hopes for a reduction in US interest rates.

Brent crude futures recorded a slight decline of 0.08 percent to $82.79 per barrel. While US West Texas Intermediate crude futures rose 6 cents to $78.09 per barrel.

The two benchmarks rose more than 1 percent in Thursday’s settlement, as a larger-than-expected decline in US retail sales raised hopes that the Federal Reserve (the US central bank) would begin lowering interest rates in the coming months, which could be positive for demand for oil. End 25

Al-Sudani Meets With The US Vice President In Munich

02/16/2024   Mawazine News – Baghdad   The White House said that US Vice President Kamla Harris will meet with Iraqi Prime Minister Muhammad Shiaa al-Sudani and Israeli President Isaac Herzog at the Munich Security Conference today, Friday, according to what Reuters reported.

Yesterday evening, Thursday, the Iraqi Prime Minister headed to Germany to participate in the Munich Security Conference 2024 after concluding his official visit to the Netherlands.

Every February, senior politicians from the world’s continents gather in Munich to attend the World Security Conference.

This year, the Munich Security Conference celebrates its sixtieth anniversary, and its current session is expected to be held between February 16 and 18, in its traditional location, the Bayerischer Hof Hotel. However, this year, for the first time, the adjacent Rosewood Munich Hotel will be the venue for some of the conference sessions.

Politicians, security and military leaders, and high-level experts from all over the world will participate in it to discuss the most pressing issues related to international security.

The wars in Ukraine and Gaza, as well as issues of migration, climate change and artificial intelligence, top the conference agenda.

According to the organizers, a total of “about 50 heads of state and government and more than 100 ministers, along with the heads of many important international organizations and civil society organizations” are expected to attend the conference.

To read more current and reliable Iraqi news please visit BondLady’s Corner: 

Points To Ponder on Anxiety about the Future

Fear not that thy life shall come to an end, but rather that it shall never have a beginning.  – John Henry Cardinal Newman

People living deeply have no fear of death.  – Anais Nin

Fear of death is worse than dying.  – J. C. F. von Schiller

The fear of life is the favorite disease of the twentieth century.  – William Lyon Phelps 

Too many people are thinking of security instead of opportunity. They are more afraid of life than death. – James F. Byrnes