Bondlady’s Corner – Iraq Economic News and Points to Ponder Saturday AM 12-30-23


Iraq Economic News and Points to Ponder Saturday AM 12-30-23

Tlm724 Administrator Bondlady’s Corner

A Government Advisor Identifies The Most Prominent Features Of The Economic Reform Bill

Economy | 03:50 – 12/30/2023  Mawazine News – Baghdad,  the financial advisor to the Prime Minister, Mazhar Muhammad Salih, today, Saturday, identified the most prominent features of the draft economic reform law, while noting that the draft law is consistent with the private sector development strategy.

Saleh said, “The economic philosophy framed by the draft economic reform law presented on its way to legislation in the House of Representatives is based on the vision of the government’s approach to reform and reorganization of the national economy.”

He added, “The government curriculum, which was approved by the House of Representatives in October 2022, is responsible for implementing a reform vision based on the principle of partnership between the state and the private sector (in financing, investment and production), starting with investing in natural resources and manufacturing industries and ending with digital and other services, and generating… High value-added chains enhance growth factors in GDP.”

Saleh explained, “The draft economic reform law is also consistent with the principles of the (National Strategy for Private Sector Development) and the principles of the new formation of the Private Sector Council headed by Prime Minister Muhammad Shiaa Al-Sudani.”

He pointed out that “the draft reform law, which is in the process of legislation, is consistent with the national strategy for developing the private sector. They are undoubtedly a realistic embodiment and a central syndrome in building the rules of the (social market) through the vision of partnership between the state and the private sector that we mentioned earlier.”

He continued: “They are also two economic forces that will contribute to their cohesion by diversifying the sources of income in the national economy and dismantling it from the rentier unilateralism on whose ruins coexisted with emergency profit-making liberal capitalisms devoid of any idea of building market institutions. Rather, they remained fleeting to sustainable development or even the tendency to build the foundations of the real investment desired throughout. past decades.

Saleh stressed that “Iraq is advancing the vision of partnership between the state and the social market, through the implementation of the economic reform law immediately upon its enactment, to establish coherent guarantees for a promising economic future that will leave behind the rentier phenomenon and the problems of unilateralism.”

He stated that “implementing the economic reform law will achieve for our country optimal use of all available resources (material and human), and at the same time guarantee a level of prosperity that results in sustainable growth in a diversified economic climate that guarantees development.”

The Central Bank Sold More Than A Billion Dollars During The Past Week

Economy  Saturday, December 30, 2023   Baghdad/National News Center  The Central Bank of Iraq’s total sales of hard currency in US dollars during the past week amounted to more than one billion dollars.

During the past week and for the five-day period during which the auction was opened, the Central Bank sold 1 billion 22 million 302 thousand and 804 dollars, at a daily rate of 204 million 460 million and 560 dollars, higher than what it recorded last week, which amounted to 674 million 21 thousand and 96 dollars.

The highest dollar sales were on Thursday, when they amounted to 210 million 430 thousand and 551 dollars, while the lowest sales were on Monday, when they reached 199 million 905 thousand and 896 dollars.

Foreign remittance sales during the past week amounted to 902 million 121 thousand and 804 dollars, an increase of 87% compared to cash sales that amounted to 120 million 181 thousand dollars.

The sales were in the form of cash and transfers abroad to finance foreign trade, while the selling price of documentary credits and international settlements for electronic cards reached 1,305 dinars per dollar, while the selling price of transfers abroad and the cash selling price reached 1,310 dinars per dollar.

A Slight Increase In Dollar Prices In Baghdad And Kurdistan With The Closure

Market   Economy News – Baghdad   The exchange rates of the dollar against the dinar rose slightly in Baghdad and Erbil, with the stock market closing on Saturday evening.

Dollar prices rose with the closure of the main Kifah and Harithiya stock exchanges in Baghdad, recording 152,150 dinars for every 100 dollars, and this morning it had recorded 152,050 dinars.

The selling prices in the exchange shops in the local markets in Baghdad for sale reached 153,000 dinars, and the purchase prices were 151,000 dinars for every 100 dollars.

In Erbil, the dollar also recorded an increase, as the selling price reached 152,000 dinars per 100 dollars, and the purchase price reached 151,700 dinars.

Views 34 12/30/2023 –

Iraq Is Ranked Second On The List Of Arab Countries With The Most Oil Reserves By 2023

Energy   Economy News – Baghdad   The list of the 10 Arab countries that possess the most oil reserves during 2023 showed that Saudi Arabia, Iraq, and the UAE continue to top the list, in light of the leadership role of the Arab region in the global market.

The 2023 list did not witness any changes in the reserves of Arab countries, except for the UAE, which succeeded in increasing crude reserves of that fossil fuel, according to the Energy Research Unit.

It is noteworthy that global oil reserves rose during 2023 to 1.754 trillion barrels, compared to 1.746 trillion barrels during 2022.

*The 5 largest Arab countries in terms of reserves

During 2023, Saudi Arabia continued to occupy the throne of the list of the 10 Arab countries that possess the most oil reserves, with their stability at 267.19 billion barrels.

In second place on the list, Iraq came with oil reserves that stabilized at 145.01 billion barrels, unchanged from 2021.

With its position in third place, the UAE succeeded in increasing its oil reserves during 2023 to 113 billion barrels, compared to 111 billion barrels in 2022.

Fourth, Kuwait ranked among the top 10 Arab countries possessing oil reserves during 2023, with their stability at 101.5 billion barrels, according to what was monitored by the Energy Research Unit.

Libya came in fifth place in the Arab world, with oil reserves that stabilized during 2023 at the level of 48.36 billion barrels.

Egypt and Yemen are at the bottom of the list

In sixth place, Qatar came on the list of the 10 countries with the most oil reserves during 2023, settling at 25.24 billion barrels of crude oil.

It was followed in the ranking by Algeria, whose oil reserves stabilized during the year at 12.2 billion barrels, according to data collected by the Energy Research Unit.

The Sultanate of Oman ranked eighth on the list, with oil reserves that stabilized during 2023 at 4.9 billion barrels.

Ninthly, Egypt came with reserves amounting to 3.3 billion barrels of crude oil, followed in last place by the state of Yemen, with oil reserves that stabilized at 3 billion barrels.

It is worth noting that the reserves of Sudan and South Sudan reached 5 billion barrels by the end of 2023, but the Oil & Gas Journal did not provide separate data for each country separately.

Views 67 12/30/2023 –

Oil Stops At $77 A Barrel

Energy  Economy News-Follow-up  Oil prices stopped at $77 per barrel in the last closing and trading during the year 2023, as the financial markets and trading holiday began in the world, and will be suspended until the end of the Christmas holiday in the new year 2024.

In the past hours, American crude markets traded at $71.55, reaching its highest level in 2023 at $95.03 on September 24, 2023, and its lowest level on April 30, 2023, at $63.64.

As for Brent crude, its highest level was on September 24, recording more than $95 per barrel, while its lowest level was on March 12, recording $73 per barrel.

Views 54 12/30/2023 –

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

Provoking Points To Ponder on Tact and Diplomacy:

Tact is the intelligence of the heart.  – Anonymous

Silence is not always tact, and it is tact that is golden, not silence.  – Samuel Butler

Diplomats are useful only in fair weather. As soon as it rains, they drown in every drop.  – Charles de Gaulle

A distinguished diplomat could hold his tongue in ten languages.  – Anonymous

Negotiation in the classic diplomatic sense assumes parties more anxious to agree than to disagree.  – Dean Acheson

Diplomacy; the art of saying ‘nice doggie’ till you can find a rock.  – Wynn Catlin

An ambassador is an honest man sent to lie abroad for the good of his country.  – Henry Wotton

If any pilgrim monk come from distant parts, with wish as a guest to dwell in the monastery, and will be content with the customs which he finds in the place, and does not perchance by his lavishness disturb the monastery, but is simply content with what he finds, he shall be received for as long as he desires.

If, indeed, he find fault with anything, or expose it, reasonably, and with the humility of charity, the Abbott shall discuss it prudently lest perchance God had sent him for this very thing.

But, if he have been found gossipy and contumacious in the time of his sojourn as guest, not only ought he not be joined to the body of the monastery, but also, it shall be said to him, honestly, that he must depart. If he does not go, let two stout monks, in the name of God, explain the matter to him.  – Saint Benedict

 Famous Quotes and Authors, Famous Quotations for all Occasions