Bondlady’s Corner – Iraq Economic News and Points to Ponder Monday Evening 10-30-23


Iraq Economic News and Points to Ponder Monday Evening 10-30-23

Tlm724 Administrator Bondlady’s Corner

Al-Shammari: There Are No Sanctions From The US Treasury Department On Iraq

Advisor to the Prime Minister, Fadi Al-Shammari, denied the existence of sanctions from the US Treasury Department on Iraq due to smuggling the dollar abroad. Al- Shammari said in a press statement, “In the past, we stood in amazement at the money laundering operations in the currency auction, and the cries were rising from all political, social, and popular classes because it was a drain on the economy.” “There were major money laundering operations that benefited countries, organizations, and corrupt people,” he said.

He added, “The launch of the platform is Iraq’s entry into the international financial and economic system. There are no sanctions imposed on Iraq by the US Treasury, but sometimes there is a tightening of standards to deliver potential political messages.”

He continued, “The security services are on alert to pursue dollar speculators,” stressing that “basic foodstuffs were not affected by the price of the dollar.”

Member Of Parliamentary Finance: Great Reluctance In Budget Decisions And Agreements On The Part Of The Region

Time: 10/30/2023 12:28:07 Read: 1,339 times   {Economic: Al-Furat News} The Parliamentary Finance Committee clarified, today, Monday, that budget decisions and political agreements are witnessing great reluctance on the part of the Kurdistan region.

Ali Mu’nis, a member of the Parliamentary Finance Committee, told Al-Furat News Agency: “With regard to the delay in releasing financial amounts to the Kurdistan region, because the money file between the governments of the center and the region often arises after approving the budget, there is a dispute regarding the financing of the region’s salaries by the central government.”

He added: “There are obligations under budget decisions and political agreements, as some of these obligations are fulfilled by the regional government towards the central government in terms of oil export dues and the fulfillment of these obligations, which is witnessing great reluctance on the part of the region.”   LINK

The Dollar Rises Against The Iraqi Dinar In Baghdad Markets

Time: 10/30/2023 11:24:25 Read: 1,924 times   {Economic: Al-Furat News} The exchange rates of the US dollar against the Iraqi dinar rose, today, Monday, in Baghdad markets.  The prices were as follows.. 

The selling price was 162,500 dinars, while the purchase price was 160,500 dinars per 100 dollars. LINK

The World Bank Warns Of A “Price Shock” For Oil And Agriculture Due To The Gaza War

Monday 30, October 2023 17:44 | Economical Number of readings: 199  Baghdad / NINA / The World Bank warned, on Monday, that the war on Gaza may lead to a shock in the prices of raw materials such as oil and agricultural products if the conflict escalates and expands in the Middle East.

The World Bank’s chief economist, Indermeet Gill, said in a statement, “The war between Israel and Hamas caused the largest shock to commodity markets since the 1970s.”

He added, “This had repercussions that caused turmoil in the global economy that continues to this day.”

He pointed out that “decision makers must be vigilant. If the conflict escalates, the global economy will face a double energy shock for the first time in decades” from the war in Ukraine and the conflict in the Middle East.

The World Bank stated that the potential price hike will depend on what happens to global oil prices and exports.

Under an optimistic scenario, oil could rise by between 3 and 13%, or between $93 and $102 per barrel.

According to an average scenario, prices could rise to $121, while according to the worst scenario, oil will reach a peak between $140 and $157, exceeding prices unprecedented since 2008./End 8

Oil Prices Fell By More Than 1% In Global Markets

Monday 30, October 2023 09:02 | Economical Number of readings: 453  Baghdad / NINA / Oil prices fell more than one percent today, Monday, as investors remained cautious ahead of the Federal Reserve meeting and manufacturing data in China scheduled for release this week, dissipating support resulting from tension in the Middle East.

By dawn today, according to Reuters, Brent crude futures fell 1.6%, or $1.11, to $89.37 a barrel, while US West Texas Intermediate crude fell 1.2%, or $1.34, to $84.20 a barrel.

Brent crude and West Texas Intermediate crude closed higher on Friday by 3% after Israel intensified its ground incursions into the Gaza Strip, which raised fears of a possible expansion of the scope of the conflict in the region that produces a third of global oil production.

Investors are awaiting the outcome of the US Federal Reserve meeting next Wednesday, US job data, and the profits of the giant technology company Apple (AAPL.O), in search of signs of any economic slowdown that may affect demand for fuel in the largest oil consumer in the world./ End

Planning Begins With A Participatory Ecosystem Assessment In The Southern Marshes

Economy News _ Baghdad  Today, Monday, the Ministry of Planning announced that the Central Bureau of Statistics, in cooperation with the United Nations Development Programme, will implement a field survey to study and evaluate the participatory ecosystem in the marshes of southern Iraq.

The Ministry’s official spokesman, Abdul Zahra Al-Hindawi, said in a statement received by “Al-Iqtisad News” that “the survey being carried out in the governorates of Dhi Qar, Maysan, and Basra comes within the objectives of the Central Bureau of Statistics to know the current reality of the marshland environment and the outcome of the conditions of the families living there, as a result of the decline of water at the time.” the present”.

Al-Hindawi added, “The survey aims to collect recent data related to the social, economic, environmental, and agricultural aspects of the ecosystem of the marsh residents and provide data that contributes to increasing the ability of the marsh residents to confront the negative effects of climate change and empower them and its realistic impact on buffalo breeding, fishing, and birds, in addition to studying industries and handicrafts.”

 Which is practiced by the residents of the marsh community and knowledge of the factors that help make the marshes attractive places for tourism and preserve their natural landscapes.”

Views 52 10/30/2023 –

 Including Oil And Gas… Political Differences Hinder The Enactment Of These Laws

Political | 04:32 – 10/30/2023  Mawazine News – Baghdad  Member of the Iraqi Parliament, Samia Al-Ghalab, confirmed today, Monday, that the House of Representatives did not approve controversial draft laws for several reasons, noting that political differences are what delays their approval.

Al-Ghalab said in an interview followed by Mawazine News, “There is a group of laws that should be legislated within Parliament,” noting that “most of the laws are suspended due to political differences.”

She added, “The political agreement within the state administration coalition stipulated the passage of controversial laws within six months of the formation of the Sudanese government.”

Al-Ghallab pointed out that “there are important laws that have not seen the light of day since several previous parliamentary sessions.”  


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Provoking Points to Ponder on Common Sense:

Common Sense is, of all kinds, the most uncommon — It implies good judgment, sound discretion, and true and practical wisdom applied to common life — Tryon Edwards

One pound of learning requires ten pounds of common sense to apply it — Persian Proverb

Fine sense, and exalted sense, are not half as useful as common sense — there are forty men of wit to  one man of sense — He that will carry nothing about him but gold, will be every day at a loss for readier change — Pope

To act with common sense according to the moment, is the best wisdom I know ; and the best philosophy is to do one’s duties, take the world as it comes, submit respectfully to one’s lot; bless the goodness that has given us so much happiness with it, whatever it is; and despise affectation — Walpole