Bondlady’s Corner – Iraq Economic News and Points to Ponder Tuesday AM 3-26-24


Iraq Economic News and Points to Ponder Tuesday AM 3-26-24

Tlm724 Administrator Bondlady’s Corner

The Secret Of The Dollar’s ​​Decline: The Parallel Market Lost Its Customers And Demand For The Platform Increased Four-Fold

Economy  03-26-2024 | 17,082 views  Al-Sumaria News – Economy  The Deputy Governor of the Central Bank of Iraq confirmed that external commercial transfers through the official SWIFT system have increased significantly and jumped from $50 million per day to $200 million now.

Deputy Governor of the Central Bank, Ammar Khalaf, said that transactions via the Central Bank’s electronic platform – which ensures compliance with the SWIFT system – have witnessed a significant increase, and many foreign trade transactions are now conducted through the platform,” according to Agence France-Presse.

He added, “At the beginning of 2023, transactions amounted to $50 million per day, and now we have about $200 million, which is proportional to the size of the Iraqi economy.”

Khalaf said, “We noticed that the cases of rejections by the US Federal Reserve on remittances have decreased recently because banks have realized the international requirements and because merchants know better what is required to transfer their money.”

Khalaf said: “We are in constant contact with the US Treasury to try to lift the ban on some banks,” hoping that the talks will yield “good and positive results.”

Perhaps this matter reveals the real secret of the decline in the exchange rates of the dollar against the dinar, as there is only a small part remaining, perhaps equivalent to 25 million dollars per day, that buys the dollar from the parallel market, while the rest of the types of foreign trade have begun to take place through the central bank and in a fundamental manner according to the announced numbers. LINK

Government Source: All Government Banks Adopted The Simple Decreasing Interest Method Instead Of Fixed Interest

Economy News – Baghdad  On Monday, Prime Minister Muhammad Shiaa Al-Sudani directed government banks to adopt simple decreasing interest on loans and advances. 

Views 80  03/25/2024 –

Investing In Iraq’s Natural Wealth Is A Step Towards Economic Integration

Money  and business  Economy News _ Baghdad  Experts in financial and economic affairs called for investing the enormous natural resources that Iraq possesses in a scientific and systematic manner that contributes to removing the country from the cycle of the “one-way rentier” economy represented by oil and gas, to reach integration in various industrial, agricultural and commercial aspects.

According to the classification of international economic institutions, Iraq ranks ninth in the world in terms of its possession of raw natural resources, amounting to approximately 16 trillion dollars.

Advisor to the Prime Minister for Financial and Economic Affairs, Dr. Mazhar Muhammad Salih, said in an interview with “Al-Sabah” followed by “Al-Iqtisad News,” that “Iraq ranks ninth in the world in the value of natural resources and wealth stored in the ground – which the global economic circles estimate as stored wealth at prices.” prevailing – at least 16 to 17 trillion US dollars.”

He explained that “the reports of the geological survey experts in Iraq confirm that the country has the first reserve in the world of sulfur and the second reserve of phosphate after Morocco,” noting that “the reports were previously completed by the experts of the Iraqi Geological Survey, within the project (identifying reserves), as For example, approximately 10 billion tons of phosphate and others were discovered.”

Saleh added, “With the exception of the current investment in oil and gas wealth, the Iraqi economy has the opportunity to optimally exploit these mineral and other natural resources,” noting that “the draft economic reform law and the natural resources investment law constitute Iraq’s future strategy for the birth of investment partnerships with the private sector in accordance with A broad production chain that goes beyond extraction and export, so that the extraction outputs go to the manufacturing of the raw materials themselves as inputs, which are chains that will undoubtedly generate and maximize added value.”

He explained that “such an approach is one of the country’s economic diversification policies and the elimination of (rentier unilateralism), and it is an approach that undoubtedly creates a solid development base based on creating exports to global markets with high-value export revenues that are in the interest of the current account of the Iraqi balance of payments.”

He noted that “such a policy of investment, partnership and development requires a pattern of investment rates that maximize production and annual national income, the basis of which is certainly the investment and production partnership between the state and the private sector.”

The specialized international economic website Statista published a report on the natural resources possessed by the countries of the world, where Iraq ranked ninth in the world, as it possesses 15.9 trillion dollars in natural resources, and its desert terrain contains oil, natural gas, phosphate and sulfur, according to the website.

For his part, the head of the Regional Center for Studies, Ali Al-Sahib, said, “Iraq possesses many important natural resources, especially expensive materials such as sulfur and mercury, in addition to gas, coal, etc., and therefore it was possible for Iraq to escape from the so-called (Dutch bug) in terms of Its dependence on oil alone, in addition to the possibility of achieving a significant increase in its financial income, which would raise the purchasing power of the Iraqi individual.”

He noted that “Iraq’s investment in these minerals and gas, in addition to oil – and it possesses the second oil reserve in the world – qualifies it to be one of the rich countries, despite the fact that the living reality of the Iraqi individual is witnessing negative repercussions due to the presence of a corruption system that ravages the Iraqi body and strikes its institutions.”

He added, “Iraq does not possess – especially after 2003 – the devices and equipment capable of extracting these riches buried in the ground, but it can contract with major international companies specialized in this matter in order to achieve a qualitative leap in the economic and even industrial fields. With this measure, it will have moved far, even if “Partly based on dependence on oil revenues.”

Views 79 03/26/2024 –

Stability Of The US Dollar Exchange Rates On The Baghdad Stock Exchange

Economy  Tuesday, March 26, 2024 12:29 PM  Baghdad/National News Center   The exchange rates of the US dollar stabilized on Tuesday morning in Baghdad markets, with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 147,400 dinars for every 100 dollars, which are the same prices that were recorded yesterday, Monday.

Buying and selling prices also stabilized in the exchange shops in the local markets in Baghdad, as the selling price reached 148,500 dinars, while the purchasing price reached 146,500 dinars for every 100 dollars.

The Central Bank Sells About A Quarter Of A Billion Dollars At Auction Today

Money and business    Economy News – Baghdad  The Central Bank of Iraq announced, on Sunday, its sales of hard currency, amounting to about 250 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 14,330,000 dollars, while the total amounts of transfers abroad, which include remittances. The credits amounted to $235,620,923, while the total sale amounted to $249,950,923. Views 73   3/25/2024 –

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Provoking Thoughts and Points to Ponder on Buying & Selling

A fair price for oil is whatever you can get plus ten to twenty per cent – Anonymous

A decision is the action an executive must take when he has information so incomplete that the answer does not suggest itself  – Arthur William Radford

An extravagance is anything you buy that is of no earthly use to your wife – Franklin P. Jones

What costs nothing is worth nothing  – Anonymous

Keep thy shop and thy shop will keep thee  – Ben Jonson

Everything is worth what its purchaser will pay for it  – Publilius Syrus

There is hardly anything in the world that some man can’t make a little worse and sell a little cheaper, and the people who consider price only are this man’s lawful prey – John Ruskin

Cheat me in the price but not in the goods  – Thomas Fuller

When you buy, use your eyes and your mind, not your ears – Czechoslovakian proverb

People will buy anything that’s one to a customer – Sinclair Lewis