Bondlady’s Corner – Iraq Economic News and Points to Ponder Monday Evening 4-1-24


Iraq Economic News and Points to Ponder Monday Evening 4-1-24

Tlm724 Administrator Bondlady’s Corner

Saudi Arabia Invites Iraq To Participate In The World Economic Forum

Today, Monday, the Kingdom of Saudi Arabia invited Iraq, represented by the Prime Minister, to participate in the World Economic Forum, which will be held in Riyadh at the end of this month.

The Prime Minister’s Media Office said in a statement, “Prime Minister Muhammad Shiaa Al-Sudani received, today, Monday, an official invitation from the Saudi Crown Prince, His Highness Prince Muhammad bin Salman bin Abdulaziz, to participate in the special meeting of the World Economic Forum, which the Kingdom will host at the end of this month of April.” “.

In a letter he sent to the Prime Minister, Prince Mohammed bin Salman referred to the close relations between the Kingdom of Saudi Arabia and Iraq, considering that his participation will have a good impact on the success of the meeting’s work.

It is noteworthy that the special meeting of the World Economic Forum will be held in the city of Riyadh for the period from April 28-29, and will address a number of international topics and issues, and discuss international cooperation in the fields of economics and sustainable development.

The Central Bank Of Iraq Announces An Increase In The Cash Credit Ratio During 2023

Economy News – Baghdad  The Central Bank of Iraq announced, today, Monday, the percentage of cash credit to the total deposits of the Iraqi banking sector, which amounted to (52%) during 2023, confirming its increase compared to the year 2022, which recorded (47%), while in 2021 it was around (55%).

The Central Bank stated in a statement received by Al-Eqtisad News that, “although the increase was recorded, it did not exceed the standard percentage specified by the bank, amounting to (75%).”

He pointed out that “this ratio aims to maintain sufficient liquidity in banks to face customer withdrawals and conduct financial banking activities.”

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Parliamentary Integrity Decides To Form A Committee With The Trade Bank Of Iraq To Revitalize The Industrial Sector

Economy News – Baghdad  The Parliamentary Integrity Committee decided, on Monday, to form a committee with the Trade Bank of Iraq (TBI) to revitalize the industrial sector.

Committee member Alia Nassif said, in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “the Integrity Committee hosted the Director of the Iraqi Trade Bank, Bilal Al-Hamdani, to discuss the issue of the reluctance occurring from some of the bank’s creditors in paying what they owe,” indicating, “We found Violations of the law and violations.

She added, “We tried to create a state of cooperation by forming a committee from both parties to dispel obstacles, whether through the Ministry of Justice, the judiciary, or the courts, in order to create a real environment to stimulate the industrial sector and the investment movement in the country,” noting that “the bank director has a real will to advance the industrial sector.” “And solve all obstacles in a way that maximizes the state’s resources.”

She confirmed, “There are many creditors, as it is possible to enter into negotiations with them through laws that have some kind of flexibility to achieve revenues for the Iraqi state,” explaining that “as soon as the Director of the Iraqi Trade Bank hosted the Integrity Committee, a movement occurred for these creditors, as some of them deposited the money and fulfilled their obligations.”

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Globally, Oil Prices Fell In Early Trading

Economy |  01/04/2024  Mawazine News – Baghdad  Oil prices fell slightly on Monday, clinging to most of the gains recorded recently amid expectations of lower supplies due to OPEC+ production cuts, attacks on Russian refineries, and strong data in the Chinese manufacturing sector.

By 00:17 GMT, Brent crude prices fell 17 cents, or 0.2 percent, to $86.83 a barrel, after rising 2.4 percent last week.

West Texas Intermediate crude fell 11 cents, or 0.1 percent, to $83.06 a barrel, after rising 3.2 percent last week.

Trading volumes are expected to be weak on Monday due to the Easter holiday in a number of countries.

Russian Deputy Prime Minister Alexander Novak said on Friday that Russian oil companies will focus on reducing production rather than exports in the second quarter of the year in order to distribute production cuts equally with other OPEC+ member states.

Drone attacks targeted a number of Russian oil refineries, which is expected to reduce Russian fuel exports.

An official factory survey showed yesterday, Sunday, that manufacturing activity in China grew for the first time in six months in March, supporting demand for oil in the world’s largest crude importer, even as the crisis in the real estate sector continues to pressure the economy.

During Today’s Auction, The Central Bank Transferred $247 Million Abroad 

Money  and business  Economy News – Baghdad  The Central Bank of Iraq announced, on Monday, its sales of hard currency, amounting to about 252 million dollars in today’s transactions, according to the official rate of 1310.

The bank’s data showed that the total internal cash withdrawals amounted to 4,420,000 dollars, while the total amounts of transfers abroad, which include remittances. The credits amounted to $247,833,849, while the total sale amounted to $252,253,849.

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A Slight Increase In The Price Of The Dollar Against The Dinar In The Parallel Market

Economy |  01/04/2024  Mawazine News – Baghdad  The exchange rates of the US dollar rose slightly on Monday morning in Baghdad markets and in Erbil.

A local source told Mawazine News that dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 147,150 Iraqi dinars for every 100 dollars, while yesterday, Saturday, dollar prices recorded 146,900 Iraqi dinars for every 100 dollars.

Our correspondent indicated that selling prices in exchange shops in local markets in Baghdad stabilized, as the selling price reached 148,000 dinars, while the purchasing price reached 146,000 dinars for every 100 dollars.

As for Erbil, the dollar also recorded a slight increase in banking shops, as the selling price reached 146,800 dinars against the dollar, and the purchase price reached 146,700 dinars against 100 dollars.

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