Bondlady’s Corner – Iraq Economic News and Points to Ponder Monday Afternoon 12-25-23


Iraq Economic News and Points to Ponder Monday Afternoon 12-25-23

Tlm724 Administrator Bondlady’s Corner

Kurdistan Is Awaiting A Decision From The Central Bank Of Iraq To Prevent Dealing In Dollars

The Minister of Commerce in the Kurdistan Government confirmed that the region only adopts the Iraqi dinar in transactions at the level of border crossings and airports, and said that measures to prevent the circulation of the dollar will include the real estate market, car trade, and other activities during the next year, if a decision is issued to that effect by the Central Bank of Iraq.

Kamal Muslim, Minister of Trade in the Regional Government, indicated that we are committed to all instructions and decisions regarding stabilizing the dollar exchange rate and increasing the value of the Iraqi dinar, as we deal in the Iraqi dinar exclusively at the level of border crossings and airports.

Emphasizing on the market level as well, we will commit to imposing dealing in the dinar if a decision is issued by the Central Bank requiring that it be used in all market transactions, such as buying and selling goods, homes, and cars in the Kurdistan region.

The Central Bank of Iraq decided earlier in 2023 to limit all local transactions to the Iraqi dinar, and after that the Ministry of Interior launched a campaign to prevent dealing in dollars in all governorates with the exception of the Kurdistan region, while indicating that the penalty for violating the law reaches 5 years in prison.

What Are The Reasons For The Continuous Decline In Dollar Exchange Rates?.. A Parliamentarian Answers

Economy |  12/25/2023  Mawazine News – Baghdad  Member of the House of Representatives, Suhaila Al-Sultani, on Monday explained the reasons for the decline in the dollar exchange rates after months of rise, while confirming that the results of the successful measures and decisions taken by the government and the Central Bank have begun to be translated into reality.

Al-Sultani said in an interview followed by Mawazine News, that “the dollar exchange rates will witness a significant decline in the local markets compared to the rise that the parallel prices reached in the previous period,” noting that “the government’s continued taking the right steps in this file will reduce the gap between the official and parallel rates.” almost”.

She continued, “The campaign of arrests and prosecution of currency speculators had an effective role in keeping the Iraqi dinar from collapsing,” adding that “the Central Bank’s decisions work to match the parallel and official dollar exchange rates.”The member of the House of Representatives added, “Controlling the dollar file, in light of the major violations in this file, will not be instantaneous and will need a period of time in order to impose it on the local markets,” noting that “the results of the successful measures and decisions that the central bank government took have begun to be translated on the ground.” reality”.

The US Dollar Falls In Baghdad

Economy   Monday, December 25, 2023 Baghdad/National News Center  The exchange rates of the US dollar against the Iraqi dinar fell in the markets of the capital, Baghdad, today, Monday, to reach a price not recorded in about two months.

Dollar prices fell with the opening of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 149,100 Iraqi dinars against 100 dollars, while yesterday, Sunday, prices were 151,950 dinars against 100 dollars.

The selling prices in the exchange shops in the local markets in Baghdad reached 150,250 dinars per 100 dollars, and the purchase price was 148,250 dinars per 100 dollars.

A Source Suggests That Dollar Prices Will Fall To 145 Thousand

Economy | 12/25/2023   Mawazine News – Baghdad  An informed source suggested, on Monday, that the central bank’s agreements with some countries to finance foreign trade in local currency contributed to the decline in dollar exchange rates, suggesting that the exchange rates would reach 145 thousand compared to 100 US dollars.

The source said, in an interview with Mawazine News, that “the agreement with the banks of the Emirates, Turkey, India, and China to finance Iraq’s foreign trade is a step in the right direction,” noting that “proceeding with these measures will reduce the gap between the official and the parallel.”

He continued, “The measures taken by the government were practical, but the shock of the US Federal Reserve’s punishment of banks prevented prices from falling in the previous period,” noting that “the US sanctions were a painful blow to the local markets.”

He added, “One of the factors why the dollar exchange rates did not decline in the previous period was the intervention of the external factor in the dollar issue,” adding that “the central bank’s agreements with some countries to finance trade in the local currency contributed to the decline in the dollar exchange rates.”

Central Bank Sales For Today Exceed $199 Million

Monday 25 December 2023  Economical Number of readings: 302  Baghdad / NINA / The Central Bank of Iraq announced, today, Monday, its total sales of foreign currency through the electronic window.

The window recorded the total amounts of transfers abroad (remittances, credits) at $187,265,896, while the total amount of cash sales amounted to $12,640,000, and the total amount of sales amounted to $199,905,896.

The cash sale was set at 1,305 dinars to the dollar, while the bond credits, international settlements for the electronic card, and foreign transfers were set at 1,310 dinars to the dollar. /End 11

The Iraqi Stock Exchange Closed Down By 0.85%

Market  Economy News – Baghdad   The Iraqi Stock Exchange closed today, Monday, down by 0.85%.

The session traded shares of 31 companies, with the number of shares traded reaching more than 1.1 billion shares, with a value of more than 1.1 billion dinars.

Shares of Al-Amin Financial Investment rose by 5.2%, followed by Al-Hilal Industrial by 3.9%, and Al-Iraqiya Land Transport by 3.8%.  Sumer Bank shares fell by 7.6%, followed by Dates Manufacturing by 5.6%.   Views 52   12/25/2023 –

Oil: Revenues Last Month Amounted To More Than $8 Billion

Baghdad – Mawazine News  The Ministry of Oil confirmed on Monday that revenues last month amounted to more than $8 billion.

A statement by the ministry stated, “The amount of crude oil exports, according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), amounted to (102) million (975) thousand (782) barrels, with revenues amounting to (Cool billion (481).” One million and (558) thousand dollars.

The statement indicated that “the total quantities of crude oil exported for the month of November from the oil fields in central and southern Iraq amounted to (101) million (764) thousand and (620) barrels, while the quantities exported from Qayyarah were one million (38) thousand.” And (779) barrels, while exports to Jordan were (172) thousand and (383) barrels.

He added, “The average price of one barrel reached (82,365) dollars,” noting that “the exported quantities were loaded by (33) international companies of several nationalities, from the ports of Basra, Khor Al-Zubair, and the monobuoys, and from the Turkish port of Ceyhan and the modern Kirkuk warehouse, by tanker trucks.” And from the Qayyarah field.”

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Provoking Points To Ponder on Proof and Certainty:

The quest for certainty blocks the search for meaning. Uncertainty is the very condition to impel man to unfold his powers.  – Erich Fromm 

There are no facts, only interpretations.  – Friedrich Nietzsche

Statistics are no substitute for judgement.  – Henry Clay

Get your facts first, and then you can distort ’em as much as you please.  – Mark Twain

‘For example’ is not proof.  – Jewish proverb 

A half truth, like half a brick, is always more forcible as an argument than a whole one. It carries better.   – Stephen Leacock

You are all you will ever have for certain,.  – June Havoc

Doubt is not a pleasant condition, but certainty is.  – Voltaire

To believe with certainty we must begin with doubting.  – Stanislaus, King of Poland

Modest doubt is call’d The beacon of the wise.  – William Shakespeare

What men want is not knowledge, but certainty.  – Bertrand Russell

Famous Quotes and Authors, Famous Quotations for all Occasions