Bondlady’s Corner – Iraq Economic News and Points to Ponder Monday Afternoon 2-5-24


Iraq Economic News and Points to Ponder Monday Afternoon 2-5-24

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance For Al-Furat News: No Amendments Can Be Made To The 2024 Budget

Time: 02/05/2024 17:53:40 Read: 91 times   {Local: Al-Furat News} The Parliamentary Finance Committee announced today, Monday, that it is not possible to make any amendments to the draft federal budget for the year 2024.

The head of the committee, Thamer Dhabian, explained {to Al-Furat News} that: “No amendments can be made to the draft budget law for the year 2024, and the budget was approved for three years, so the budget items cannot be amended.”

Thebian pointed out, “It is possible to make amendments to the schedules, but the budget items were approved for three years and their items cannot be tampered with.”

A member of the Parliamentary Finance Committee, Moin Al-Kazemi, confirmed via {Al-Furat News} that there is a clause in the budget that obliges the government to submit a schedule of adjustments to the numbers, and that the government is preparing these amendments, which will include {crude oil production costs, an increase in immunization card allocations, and an increase in the number of those covered by protection social security, as well as an increase in allocations for the purchase of wheat and milkshakes crops, and other matters and decisions issued by the Council of Ministers that require funding, which will be included in a financial schedule.

According to Al-Kadhimi, in general, the upper ceiling of the budget will remain {199} trillion dinars, and these amendments will be referred to the House of Representatives and studied by the Parliamentary Finance Committee and then approved under the dome of Parliament without being touched upon by the {78} items present within the tripartite budget.  LINK

A Slight Decrease…The Dollar Exchange Rates On The Baghdad Stock Exchange

Time: 02/05/2024 10:37:49 Read: 1,157 times  {Economic: Al-Furat News} The prices of the US dollar fell slightly against the Iraqi dinar, today, Monday, in Baghdad markets.   The prices were as follows..

Selling price: 153,250 dinars

Purchase: 151,250 dinars per 100 dollars.   LINK

The Minister Of Planning Issues Directives For Examining And Marking Gold

Monday 05, February 2024 12:03 | Economical Number of readings: 384  Baghdad / NINA / Today, Monday, Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, chaired a joint meeting with representatives of the Ministry of Commerce.

A statement from the ministry stated that: “During the meeting, the approved mechanisms and specifications were discussed in importing goods, merchandise, cars and gold, and working to support the national economy by adopting the necessary standards in the process of controlling imports, in accordance with the Iraqi specifications and factory conformity.”

The Minister directed that all necessary requirements be provided to open centers for examining and marking gold at Iraqi airports, and to operate 24 hours a day, seven days a week

. The General Company for Car Trading, a number of those concerned in the Ministry of Commerce, and the Director General of Quality Control.

Iraq And China Are Discussing Developing The Economic Partnership And Contributing To The Development Road Project

Money  and business  Economy News – Baghdad  Today, Monday, the Prime Minister, Muhammad Shiaa Al-Sudani, discussed with the Chinese Ambassador to Iraq, Cui Wei, the development of the economic partnership and the contribution of Chinese companies to the development road project.

The Prime Minister’s Media Office stated, in a statement received by Al-Iqtisad News, that “Al-Sudani received the Ambassador of the People’s Republic of China to Iraq, Cui Wei, where the meeting witnessed discussion of the overall bilateral relations between the two countries and ways to strengthen them, and areas of developing the economic partnership and the contribution of Chinese companies to the road project.” Strategic development.

During the meeting, Al-Sudani pointed out “the importance of supporting stability and sustaining security in the region, thus stimulating its economy to grow, and working to prevent the expansion of the conflict, by stopping the aggression against Gaza.”

Al-Sudani renewed his reminder of “the responsibility of the major powers and international bodies and organizations regarding the continuation of the genocidal war to which the Palestinians are subjected on their land.”

For his part, the Chinese ambassador conveyed the greetings of the “Chinese leadership to the Prime Minister,” stressing “to work on everything that would advance bilateral relations and enhance partnership, peace and sustainable development.”

Views 45 02/05/2024 –

Iraq’s Oil Exports To America Exceed Five Million Barrels Within A Month

Energy    Economy News _ Baghdad  The US Energy Information Administration announced on Monday that Iraq’s oil exports to the United States amounted to more than five million barrels during the month of January.

The administration said in a table seen by Al-Iqtisad News, “Iraq exported 5.387 million barrels of crude oil to America during the month of January, with an average export of 173 thousand barrels per day, lower than the month of December 2023, when its exports amounted to 5.611 million barrels, with an average of 193 thousand barrels per day.

She added, “Iraq exported crude oil to America during the first week of last January at an average of 192 thousand barrels per day, while the average export decreased to 64 thousand barrels per day in the second week, and exported an average of 206 thousand barrels per day in the third week, and in the fourth week.” The average reached 205 thousand barrels per day.

She pointed out that “Iraq ranked fifth in its exports to America during the past month after Canada, Mexico, Saudi Arabia, and Brazil, and ranked second in the Arab world after Saudi Arabia, whose exports amounted to nine million barrels,” indicating that “Canada ranked first as the country that exports the most oil to America.” Followed by Mexico.  Views 44  02/05/2024 –

Oil Rises As Fears Of Escalation In The Middle East Continue

Economy |  05/02/2024  Information/Baghdad..   Oil prices rose slightly in early Asian transactions on Monday after sharp declines last week, amid continued attempts to reach a ceasefire agreement in the Gaza Strip, although the United States intends to launch more attacks on groups it supports. Iran.

Brent crude futures rose 24 cents, or 0.3 percent, to $77.57 per barrel, and West Texas Intermediate crude futures increased by 11 cents, or 0.15 percent, to $72.28 per barrel.

The two contracts ended last week’s transactions at a decline of about seven percent. They fell by 2 percent on Friday after stronger-than-expected US jobs data indicated that the interest rate cut may be further than expected, in addition to progress in ceasefire negotiations between Israel and the Palestinian Hamas movement.

In The Document.. Cancellation Of The License Of An Iranian Bank Branch In Iraq

02/05/2024 Read: 2,353 times  {Economic: Al-Furat News} The Central Bank of Iraq decided to cancel the license of an Iranian bank branch in Iraq.

According to a letter from the bank to the Iranian bank, {Al-Furat News} received a copy of it, “and based on the decision of the board of directors of this bank No. (185) of 2023, in view of the losses incurred by the bank’s branch in Iraq, the limited activities it practices, and the inability to implement or expand the practice of banking activities.”

Consequently, there is no point in continuing to work inside Iraq, in addition to being subject to international sanctions, it was decided to cancel the branch’s license in Iraq.”   LINK

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Points To Ponder On Advice Quotes and Quotations   

 Have more than thou showest, Speak less than thou knowest.  – William Shakespeare

What you don’t see with your eyes, don’t invent with your tongue.  – Jewish proverb

If you keep your mind sufficiently open, people will throw a lot of rubbish into it.  – William A. Orton

Don’t fight forces; use them.  – Buckminster Fuller

Drink nothing without seeing it; sign nothing without reading it.  – Spanish proverb

You must not think, sir, to catch old birds with chaff.  – Cervantes

Never give advice in a crowd.  – Arab proverb

Never give advice unless asked.  – German proverb

Whatever advice you give, be short.  – Horace