Bondlady’s Corner – Iraq Economic News and Points to Ponder Monday Afternoon 3-11-24


Iraq Economic News and Points to Ponder Monday Afternoon 3-11-24

Tlm724 Administrator Bondlady’s Corner

With Its Rise Locally… Iraq’s Gold Reserves Were Revealed

Time: 03/10/2024 12:50:33 Read: 2,041 times  {Economic: Al-Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the size of the Iraqi gold reserve at the Central Bank of Iraq.

Saleh told {Al-Furat News} agency, “There should be a distinction between fundamentally imported commercial gold and monetary gold, which is an integral part of the country’s foreign reserves, as monetary gold falls within the diversification of the monetary authority’s investment portfolio, and the numbers indicate that it exceeds 132 tons of monetary gold and within the safe range of reserves.” foreign to the country.

He added, “As for commercial gold, it is regulated by a law and instructions that are subject to the controls of commercial systems and the gold marking law, which the Central Agency for Standardization and Quality Control undertakes to mark and protect gold assets supplied to the country as national wealth.”

Local markets in Baghdad are witnessing an increase in gold prices, as the selling price of a gram (the mithqal) reached 465 thousand dinars.

An economist, Salah Nouri, revealed the reasons for the rise in gold prices.

Nouri told Al-Furat News, “What is happening at the present time in terms of the increase in gold jewelry is the result of an increase in demand for it. When the demand for it increases, its price increases, and so far this is economically logical.”

Nouri added, “But more importantly, why has the demand for gold jewelry increased at the present time? I think that the citizen tends to save in it instead of the dollar, and this is a weak reason. It is more likely that traders speculating in the dollar are turning to gold instead of the dollar for reasons of speculation or smuggling, because Individual citizens’ need for gold jewelry is limited to special occasions.”

Meanwhile, an informed source told {Al-Furat News} that one of the reasons for the rise in gold prices was due to “citizens’ weak confidence in banks,” so they withdrew the amounts deposited in banks and turned to gold.”    LINK

Central Bank Sales Exceed $213 Million Today 

Monday 11, March 2024 13:03 | Economical  Number of readings: 307  Baghdad / NINA / The Central Bank of Iraq revealed, today, Monday, its total sales of foreign currency through the electronic window.

The window recorded the total amounts of transfers abroad (remittances, credits) at $195,840,125, while the total amount of cash sales amounted to $17,578,943, and the total amount of sales amounted to $213,419,068.

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

A Slight Increase In Dollar Prices In Local Markets

Monday 11, March 2024 10:44 | Economical Number of readings: 270  Baghdad / NINA / The exchange rates of the US dollar against the Iraqi dinar rose slightly today, Monday, in the markets of Baghdad and Erbil.

The selling price of the dollar in Baghdad rose to record 150,250 dinars, while the price yesterday, Sunday, was 150,150 dinars for every 100 dollars.

The selling price in money exchange shops in local markets in Baghdad was 151,250 dinars, while the purchase price was 149,250 dinars for every 100 dollars.

In Erbil, the price of the dollar also recorded a slight increase in banking shops, as the selling price reached 150,100 dinars, and the purchase price reached 150,000 dinars for every 100 dollars./End H

A Slight Decline In The Prices Of Heavy And Medium Basra Crude Oil

3/11/2024  Mawazine News – Baghdad  The prices of Basra Heavy and Medium Crude crude fell slightly on Monday, coinciding with the decline in global oil prices.

Prices for Basra Heavy crude fell by 5 cents to reach $77.02, while prices for Basra Medium crude fell by 5 cents to reach $80.30.

Oil prices began this week’s trading with a decline, continuing the losses they suffered last week due to concerns about the slowdown in demand in China, but the continued geopolitical risks surrounding the Middle East and Russia limited the decline.

Ministry Of Planning: Inflation In The Country Has Risen To (4.5%)

Economy | 03/11/2024   Mawazine News – Baghdad  The Iraqi Ministry of Planning confirmed that the cumulative inflation level in the country has risen to approximately 4.5%.

The spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said in an interview followed by Mawazine News that the last monthly inflation in January 2024 was higher by 0.4% compared to what it was previously.

Abdul Zahra Al-Hindawi added that the annual inflation index rose by the same percentage compared to what it was in January 2023, meaning the cumulative inflation became approximately 4.5%.

Regarding poverty levels in the country, a spokesman for the Iraqi Ministry of Planning explained that “data from the survey results regarding the level of poverty in Iraq will be released after about two months.”

Abdul Zahra Al-Hindawi pointed out that the aforementioned survey was conducted in all governorates, including the governorates of the Kurdistan Region.

Although Iraq is considered one of the oil-rich countries, it suffers from a continuous rise in poverty rates, amid government promises to take measures to address them, but they have not achieved the desired results.

The data now approved by the Ministry of Planning, which dates back to the year 2018, indicates that the poverty rate in Iraq is 21%, and in the governorates of the Kurdistan region it is about 6.5%.

Inflation is an increase in the general level of prices of goods and services, and the Consumer Price Index (CPI) is the most common and used indicator, as it tracks the average level of prices of goods and services that a family consumes.

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

Provoking Points to Ponder on Decisions 

Necessity relieves us from the embarrassment of choice.  – Vauvenargues

When you have to make a choice and don’t make it, that is in itself a choice.  – William James

A man without decision can never be said to belong to himself; he is as a wave of the sea, or a feather in the air which every breeze blows about.  – John Foster

Nothing is so exhausting as indecision, and nothing is so futile.  – Bertrand Russell

Not to decide is to decide.  – Harvey Cox

Decision is a sharp knife that cuts clean and straight; indecision, a dull one that hacks and tears and leaves ragged edges behind it.  – Gordon Graham