Bondlady’s Corner – Iraq Economic News and Points to Ponder Wednesday Afternoon 1-10-24

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Iraq Economic News and Points to Ponder Wednesday Afternoon 1-10-24

Tlm724 Administrator Bondlady’s Corner

Economy Parliament: Officials Behind Manipulation Of The Dollar…And Warns Of “A Very Dangerous Matter”

Time: 01/09/2024 Read: 2,301 times  {Economic: Al-Furat News} A member of the Parliamentary Economics Committee, Soran Omar, accused influential parties – which he did not name – of being behind the manipulation of the dollar exchange rate.

Omar said in a press statement, “The government did not control the exchange rate radically, and all measures to reduce it have limited impact, in light of the continued smuggling and money laundering through some banks and money exchangers,” noting that “the Central Bank’s measures are continuing, but the exchange rate is still high.” On the black market, the difference sometimes reaches 25 thousand dinars {per hundred dollars} from the official price.”

He warned that “corrupt people are benefiting from the rise in the exchange rate, and some officials are behind the manipulation of the black market,” calling for “radical measures to be taken to set the price, as it affects the economy negatively, which is a very dangerous matter that portends undesirable consequences.”

Omar pointed out that “the responsible authorities accuse merchants of being behind the increase in exchange rates due to their reluctance to enter the Central Bank’s platform to buy dollars, in addition to complaints from commercial circles about obstacles and restrictions imposed by the Central Bank that complicate the issue of dealing with the platform.”

It is noteworthy that the measures to strengthen monetary sovereignty in the country by reducing dealing with the dollar and relying on the Iraqi dinar in financial transactions are still confusing daily life in the local markets, as they witness a large difference between the official and parallel prices.

The Central Bank of Iraq sells the dollar through a special electronic platform for trading foreign currency at a price of 1,320 dinars per dollar, while the exchange rate in the parallel market is about 1,530 dinars.   LINK

“Al-Eqtisad News” Publishes Dollar Prices On Iraqi Stock Exchanges

 Economy News – Baghdad  Today, Wednesday, Al-Iqtisad News publishes the exchange rates of the dollar in local markets.  The exchange rates on the Baghdad stock exchanges reached 154,300 per 100 dollars, while the Basra Stock Exchange recorded 154,400 per 100 dollars.  As for the Kurdistan region, prices in Erbil and Sulaymaniyah reached 154,100, but the Dohuk Stock Exchange recorded an increase in prices, reaching 154,200. Views 49  01/10/2024 – https://economy-news.net/content.php?id=39305

The Government Begins Preparing The 2024 Budget Schedules

Money  and business  Economy News – Baghdad  Deputy Prime Minister, Minister of Planning Muhammad Tamim, announced work on preparing the 2024 budget schedules and sending them to Parliament for approval.

A statement issued by the Ministry of Oil, a copy of which was received by Al-Eqtisad News, said: “Today, Wednesday, Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, chaired an expanded meeting, held in the Ministry of Oil, in the presence of the Deputy Prime Minister for Energy Affairs, Minister of Oil, Hayan Abdul-Ghani, Minister of Finance, Taif Sami, Minister of Oil in the Kurdistan Regional Government, Kamal Muhammad, and his accompanying delegation, as well as undersecretaries of the Ministries of Planning and Oil, and a number of general directors in the two ministries, and the Ministry of Finance.”

The statement added that during the meeting, mechanisms for preparing the general budget schedules for this year 2024 were discussed, in its operational and investment aspects, in light of oil prices and the revenues expected to be achieved during this year.

The minister stressed the government’s keenness to complete these schedules within this year’s budget as soon as possible and send them to the House of Representatives for approval, taking into account the quantities of oil exported, including the Kurdistan region’s share, and Iraq’s obligations to the production quotas specified by OPEC Plus.

For his part, the Minister of Oil, Hayan Abdul Ghani, stressed the importance of the budget, which requires completing the spending and financial revenue schedules, indicating that the Ministry of Oil is making great efforts to provide the best conditions to secure the production and export of oil, and to achieve appropriate revenues to secure financing of the budget.

In addition, Finance Minister Taif Sami indicated the ministry’s keenness to achieve balance in the budget and secure the necessary funding for the ruling and basic spending sections, whether on the operational or investment side.

Meanwhile, the Minister of Oil in the Kurdistan Region, Kamal Muhammad, expressed the region’s readiness to cooperate in the field of oil export in accordance with what was approved by the budget law.

It is noteworthy that the Iraqi government approved a three-year budget in order to formulate a clear financial and economic policy to achieve development.

90 views 01/10/2024 – https://economy-news.net/content.php?id=39307

Stock Market Falls By 1.04%

Iraqi Stock Exchange  Market  The Iraqi Stock Exchange fell by 1.04% after the shares of leading companies fell.  The stock exchange concluded 837 deals on shares of 38 companies, with traded shares reaching 918 million shares, worth 1.3 billion dinars.

Shares of Palestine Hotel rose by 4.8%, Elite General Contracting by 4.26%, and Al-Sajjad Furniture by 3.3%, while shares of Trans-Iraq Bank decreased by 5.6% and National Furniture Industries by 5%.

The banking sector ranked first in trading, with traded shares reaching 745.6 million shares worth 701.4 million dinars, followed by the industrial sector, which traded 34.9 million shares worth 110 million dinars.  Views 45  Added 01/10/2024 – 2:35 PM  https://economy-news.net/content.php?id=39306

Al-Sudani: The Process Of Development And Work For A Strong, Stable And Prosperous Iraq Has Begun

Time: 01/10/2024 18:29:39 Read: 169 times  Prime Minister Muhammad Shiaa Al-Sudani, unlike the opening of the activities of the 47th session of the Baghdad International Fair:

I welcome brothers, friends, companies and businessmen to Baghdad Al Salam  Today was a special day, as in the morning we laid the foundation stone for constructing a bridge on the Tigris River

The process of development and work towards a strong, stable and prosperous Iraq has begun LINK

Prime Minister: Iraq Seeks To Expel The Coalition Forces Quickly And Orderly

Wednesday 10, January 2024 15:26 | Political Number of readings: 276  Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Wednesday, that Iraq seeks to expel the international coalition forces quickly and orderly, while indicating that ending the war on Gaza will stop the danger of regional escalation.

The Prime Minister said in an interview with Reuters: “Iraq is seeking to remove the international coalition forces quickly and orderly so that they do not remain in Iraq for a long time and the attacks continue,” indicating that “this is done by agreeing on a time frame for their removal.”

He added, “There is a need to reorganize the relationship, so that it is not a target or justification for any party, whether internal or external, to tamper with stability in Iraq and the region.”

Regarding the war on Gaza, the Prime Minister stressed “the necessity of ending this war, which would stop the danger of regional escalation,” explaining that “ending the Gaza war is the only solution.”

He warned of “the expansion of the conflict arena in a region that is sensitive to the entire world and which possesses most of the energy supplies.”https://ninanews.com/Website/News/Details?Key=1100226

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Provoking Points To Ponder on Adversity:

Much of your pain is the bitter potion by which the physician within you heals your sick self.- Kahlil Gibran

Man cannot remake himself without suffering, for he is both the marble and the sculptor.- Dr. Alexis Carrel

Out of suffering have emerged the strongest souls; the most massive characters are seared with scars.- Edwin H. Chapin

The pain of love is the pain of being alive. It is a perpetual wound.- Maureen Duffy

There is no coming to consciousness without pain.- Carl Jung

http://famousquotesandauthors.com/topics/adversity_quotes.html

 Famous Quotes and Authors, Famous Quotations for all Occasions