Bondlady’s Corner – Iraq Economic News and Points to Ponder Monday Afternoon 10-16-23


Iraq Economic News and Points to Ponder Monday Afternoon 10-16-23

Tlm724 Administrator Bondlady’s Corner

The Kurdistan Government Announces The Adoption Of The Iraqi Dinar Instead Of The Dollar In Customs Duties

Monday 16, October 2023  Economical Number of readings: 268  Baghdad / NINA / The Kurdistan Regional Government announced, today, Monday, the adoption of the Iraqi dinar in customs duties instead of the US dollar.   The Regional Government’s Media and Information Department said in a statement, “The Kurdistan Regional Council of Ministers decided to adopt the Iraqi dinar at all border crossings.”

The statement added, “All ministries are obligated to implement the decision, and in the event of a violation, legal measures will be taken against them.”

Al-Sudani Directs To Simplify Banking Procedures: We Are Determined To Implement Financial Reform

Economy News – Baghdad   Prime Minister Muhammad Shiaa Al-Sudani directed, on Sunday, to simplify all banking procedures, and to prepare a proposed list of facilities and simplified procedures to be submitted within a week.

Al-Sudani’s office stated in a statement, “Within the framework of his follow-up to the plan to implement financial and administrative reforms in the financial and banking sectors, Prime Minister Muhammad Shia’ al-Sudani chaired, this evening, Sunday, a meeting that included the Governor of the Central Bank and the directors of government banks, in which the procedures and work mechanisms taken to achieve… Banking reform, which constitutes one of the basic steps of financial and economic reform that the government adopts in its executive approach.”

Al-Sudani stressed, “Financial reform is not just a slogan, but rather a series of terms and procedures that the government is determined to implement without hesitation, and will face all the challenges and obstacles that hinder the implementation of systematic and thoughtful reform plans.”

Al-Sudani directed to “simplify all banking procedures, and prepare a proposed list of facilities and simplified procedures to be presented within a week, in addition to providing a summary of the obstacles that obstruct the banking reform process, and proposing effective and implementable treatments for them, in a way that helps in overcoming the approved traditional contexts, which prevent… Achieving the government’s goal of developing this important economic and service sector.”

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Iraqi Central Bank Sales Exceed $197 Million

Monday 16, October 2023 12:54 | Economical Number of readings: 306  Ghadad / NINA / The Central Bank’s sales amounted to about 197 million dollars today, Monday, during its auction for buying and selling the US dollar.

According to the bank’s list, its total sales today amounted to 197 million and 840 thousand and 296 dollars, which the bank covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1,310 dinars per dollar for external transfers and in cash.

According to a table published on the Central Bank’s website, “Most of the sales of the dollar went to strengthen balances abroad in the form of (transfers, credits) amounting to 160 million 860 thousand and 696 dollars, while the rest, amounting to 36 million and 980 thousand dollars, went in the form of cash sales.” /End 9

A Sudanese Advisor Explains The Planned Budget Deficit…Hypothetical Or Real?

Time: 2023/10/16 17:13:53 Read: 988 times   {Economic: Al-Furat News} The economic and financial advisor to the Prime Minister, Muhammad Mazhar Saleh, explained today, Monday, the planned deficit in the federal budget.

Saleh said {to Al-Furat News} that: “The planned deficit in the federal general budget is a hypothetical deficit designed at the price of a barrel of oil of $70, with an export capacity of about 3.4 million barrels of crude oil per day.”

He added, “Because crude oil export revenues constitute approximately 88% of the total budget revenues for the year 2023, any increases in crude oil revenues at prices averaging more than $70 per barrel will contribute to reducing the estimated deficit gap in the budget.”

Saleh continued, “It will also contribute to reducing it, and this is what is currently happening in the general budget.”

For the first time in its history, Iraq approved a three-year financial budget in a single draft law, which Parliament voted on last June. The government defended the step by saying that it aims to develop plans for important projects in the country, in addition to avoiding the problem of delaying the approval of financial budgets every year for several months.

The budget for the current year and the next two years, according to the budget law, amounted to 153 billion dollars, with an expected deficit of up to 48 billion dollars, and the oil price was approved at 70 dollars per barrel, as Iraqi oil exports constitute more than 96% of Iraq’s financial imports.   LINK

Dollar Prices Fall In Baghdad With The Stock Market Closed

Economy   Monday, October 16, 2023 Baghdad/National News Center   The prices of the US dollar fell against the Iraqi dinar, today, Monday, in the markets of the capital, Baghdad, with the stock market closed.

The correspondent of the National News Center said, “Dollar prices fell with the closure of the main Kifah and Harthiya stock exchanges in Baghdad, recording 158,000 dinars against 100 dollars, while dollar prices this morning recorded 158,300 dinars against 100 dollars.”

He added, “Selling prices in exchange shops in local markets in Baghdad decreased, as the selling price reached 158,500 dinars for 100 dollars, while the purchase price reached 157,000 dinars for 100 dollars.”

A Slight Decline In Oil Prices, And Brent Stabilizes At $90.55 Per Barrel

Economy | 10/16/2023   Baghdad – Mawazine News   Oil prices fell today, Monday (October 16, 2023), with the wave of rise on Friday relatively subsiding as investors awaited the repercussions of the escalation in Gaza on the rest of the countries, which could push prices up and deal a new blow to the global economy.

Brent crude futures fell by 34 cents, or 0.4 percent, to $90.55 per barrel, and West Texas Intermediate crude futures fell by 41 cents, or 0.5 percent, to $87.28 per barrel by 00:48 GMT.

The two crude oil prices rose by about six percent on Friday, the largest daily rise in percentage terms since April, with investors taking into account the expanding scope of the conflict in the Middle East.

During the week, Brent achieved record gains and rose 7.5 percent, while West Texas Intermediate crude increased 5.9 percent.

“Investors are trying to determine the impact of the conflict while the large-scale ground offensive has not begun after the 24-hour deadline that Israel initially gave to residents of the northern half of Gaza,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. Asking them to flee to the south.”

He added: “The impact that might include oil-producing countries has been taken into account to some extent, but if an actual land invasion occurred and had an impact on oil supplies, prices could easily exceed $100 per barrel.”

The conflict in the Middle East has had little impact on global oil and gas supplies, and Israel is not a major producer.

But the escalation in Gaza represents one of the most important geopolitical risks to oil markets since the outbreak of the Ukraine crisis last year.

Market participants are assessing what a broader conflict might mean for supplies from countries in the world’s largest oil-producing region.

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Points to Ponder From “Daily Reflections For Highly Effective People” By Stephen Covey:

Our character – basically – is a composite of our habits —  Because they are consistent – often unconscious patterns – they consistently – daily – express our character and produce our effectiveness ……………. or ineffectiveness — p. 46

It becomes obvious that if we want to make relatively minor changes in our  lives — we can perhaps appropriately focus on our attitudes and behaviors — But if we want  to make  significant — quantum change – we need  to work on our basic paradigms — p. 31

Change — REAL CHANGE — comes from the inside out — It doesn’t come from hacking at the leaves of attitude and behavior with quick fix personality ethic techniques — it comes from striking at the root — the fabric of our thought – the fundamental – essential paradigms – which give definition to our character and create the  lens through which we see the world — p. 317