Bondlady’s Corner – Iraq Economic News and Points to Ponder Sunday Afternoon 11-5-23


Iraq Economic News and Points to Ponder Sunday Afternoon 11-5-23

Tlm724 Administrator Bondlady’s Corner

Member Of Parliamentary Finance: The Dollar Exchange Difference Is Very Large And It Has Become Necessary To Address It

Time: 11/05/2023 11:33:30 Read: 2,080 times   {Economic: Al-Furat News} A member of the Parliamentary Finance Committee stressed the need to address the high dollar exchange rates in the country.   Committee member Ali Jabbar Mu’nis told Al-Furat News Agency, “The financial difference between the official and parallel exchange rates in the markets has become very large.”

He added, “It has become necessary to resolve this matter by dealing more seriously with the US Federal Reserve, oil dues, and increasing dollar payments to Iraq, and the issue must be addressed because of the negative repercussions on the lives of citizens.”

He warned of “long-term repercussions, as the Iraqi government has large economic obligations and the budget must undertake the process of organizing the budget more closely.”   LINK

An Economic Expert Proposes A Solution To The Dollar Crisis In Iraq

Economy | 05/11/2023   Mawazine News – Baghdad,  the economic and teaching expert at Basra University, Nabil Al-Marsoumi, on Sunday, proposed a solution after the escalation of the dollar exchange rate crisis in Iraq.

Al-Marsoumi said in a post on his Facebook account, followed by Mawazine News, that “Iraq’s exports of black oil in 2022 amounted to more than 4 billion dollars.”

He added, “Iraq can sell black oil in euros or Chinese yuan and use the amounts to settle commercial transactions with countries sanctioned by America, especially Iran.”

Al-Marsoumi pointed out that “if this happens, the exchange rate of the dollar in the parallel market will decline significantly,” pointing out that “this must be preceded by an understanding with the US Federal Bank and obtaining its approval.”

More Than $223 Million…Central Bank Sales Today 

Sunday 05, November 2023 |Economical Number of readings: 316 Baghdad / NINA / The Central Bank of Iraq announced, today, Sunday, its total sales of foreign currency through the electronic window.

The total amounts of transfers abroad (remittances, credits) amounted to $200,100,280, while the total amount of cash sales amounted to $23,700,000, and the total amount of sales amounted to $223,800,280.

The cash sale price was set at 1,305 dinars per dollar, while bond credits, international settlements for the electronic card, and foreign transfers were set at 1,310 dinars per dollar. /End 11

The Stock Exchange Traded 21 Billion Shares Last October

Market  Economy News – Baghdad  The Iraq Stock Exchange announced today, Sunday, that it traded 21 billion shares worth 26 billion dinars during the month of last October.

The market stated in a report published on its official website and viewed by Al-Iqtisad News that it “organized during the month of last October 22 trading sessions on the shares of 103 companies listed on the market.”

During the aforementioned period, approximately 13,000 transactions were executed, while the price index decreased by 3%.

In turn, foreign investors bought more than 700 million shares worth 2.3 billion dinars after implementing 479 deals on shares of 12 companies.

Views 23 11/05/2023 –

The Dollar Drifts With The Closure In The Local Market

Time: 11/05/2023 16:44:50 Read: 1,755 times   {Economic: Al-Furat News} The exchange rates of the US dollar against the Iraqi dinar rose with the closing of the stock market in Baghdad on Sunday evening.

Dollar prices recorded 163,550 dinars with the closure of the Al-Kifah and Al-Harithiya stock exchanges, while prices this morning were 163,200 dinars for 100 dollars.

Until the selling prices in the exchange shops in the local markets in Baghdad rose, as the selling price reached 164,500 Iraqi dinars for 100 dollars, while the purchasing price reached 162,500 dinars for 100 dollars.   LINK


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Provoking Points to Ponder on Difficulty:

The  greatest difficulties lie where we are not looking for them — Goethe

It has been the glory of the great masters in all arts to confront and to overcome; and when they had overvc0me the first 
difficulty, to turn it into an instrument for new conquests over new difficulties; thus to enable then to  extend the empire of science  – Burke

Difficulty is a severe instructor, set over us by the Supreme guardian and  legislator, who knows us better than we know ourselves, and loves us better too. — He that wrestles with us strengthens our nerves and sharpens our skill — Our antagonist is our helper — Burke

The weak sinews become strong by their conflict with 
difficulties — hope is born in the long night of watching and fears – Faith visits us in defeat and disappointment, amid the consciousness of earthly frailty and the crumbling tombstones of mortality — E H Chapin

It is not every calamity that is a curse – and early adversity is often a blessing – Surmounted 
difficulties not only teach, but hearten us in our future struggles — Sharp