Bondlady’s Corner – Iraq Economic News and Points to Ponder Wednesday Afternoon 10-31-23

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Iraq Economic News and Points to Ponder Wednesday Afternoon 11-1-23

Tlm724 Administrator Bondlady’s Corner

Parliamentary Finance: We Renew Our Support For The Central Bank’s Measures To Control The Exchange Rate

  Economy Baghdad – IA    Today, Tuesday, the Parliamentary Finance Committee renewed its support for the Central Bank’s measures to control the exchange rate.

 The head of the committee, Atwan Al-Atwani, told the Iraqi News Agency (INA),   “The committee renews its support for the Central Bank’s measures to control the exchange rate and address obstacles.”

 Al-Atwani denied “the news circulating that there is a tendency to dismiss the governor of the Central Bank.”    https://www.ina.iq/196447–.html

Dollar Prices Rise In Baghdad With The Stock Market Closed

Economy  Wednesday, November 1, 2023 4:34 PM Baghdad/National News Center  The prices of the US dollar rose against the Iraqi dinar, today, Wednesday, in the markets of the capital, Baghdad, with the stock market closed.

The correspondent of the National News Center said, “Dollar prices rose with the closure of the main Kifah and Harithiya stock exchanges in Baghdad, recording 162,200 dinars against 100 dollars, while dollar prices this morning recorded 161,900 dinars against 100 dollars.”

He added, “Selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 162,500 dinars for 100 dollars, while the purchase price reached 161,000 dinars for 100 dollars.”   https://nnciraq.com/234845/

Central Bank Sales Exceed $198 Million Today

Wednesday 01, November 2023 14:23 | Economical Number of readings: 278  Baghdad / NINA / The Central Bank of Iraq announced, today, Wednesday, its total sales of foreign currency through the electronic window.

The window recorded the total amounts of transfers abroad (remittances, credits) of $177,215,364, while the total amount of cash sales amounted to $21,700,000, and the total amount of sales amounted to $198,915,364.

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

https://ninanews.com/Website/News/Details?key=1087319

Parliamentary Finance Denies The Existence Of A Movement To Dismiss The Governor Of The Central Bank Of Iraq

Politics     Central Bank of Iraq     Parliamentary Finance  2023-10-31 Shafaq News/ The Parliamentary Finance Committee denied, on Tuesday, the existence of a movement by Parliament to dismiss the Governor of the Central Bank, Ali Al-Alaq.

The head of the committee, Atwan Al-Atwani, said in a statement received by Shafaq News Agency,

“We categorically deny the news circulating regarding the Parliamentary Finance Committee’s intention to dismiss the Governor of the Central Bank of Iraq.”

Al-Atwani called on the media to adopt the official news issued by the committee’s presidency, stressing “the committee’s full support for the measures of the Central Bank of Iraq to restore stability to the market and control the exchange rate, and we are in constant communication and coordination in order to address the causes and obstacles with the aim of putting things back on track.”

https://shafaq.com/ar/سیاسة/المالية-النيابية-تنفي-وجود-حراك-ل-قالة-محافظ-البنك-المركزي-العراقي

Oil Rises Ahead Of The Fed Meeting As The Conflict In Gaza Continues

Economy | 09:05 – 01/11/2023 Baghdad – Mawazine News  Oil prices rose in early Asian trading, today, Wednesday (November 1, 2023), ahead of major global central bank meetings this week, including the US Federal Reserve, while the market closely monitors developments in the conflict in Gaza between Israel and Hamas. By 0330 local

time Greenwich, Brent crude futures for January delivery rose by 0.3 percent, or 28 cents, to $85.30 a barrel, after falling more than one percent in Tuesday’s session. Brent crude futures for December fell four cents to settle at $87.41. per barrel with the expiration of the contract yesterday, Tuesday.

US West Texas Intermediate crude futures increased 0.2 percent, or 16 cents, to $81.02 per barrel, after losing about 1.6 percent in the previous session. Edward Moya, chief market

analyst at OANDA, said, “Crude prices It stabilizes before…the interest rate decision of the Federal Open Market Committee,” which is the committee that determines the direction of US monetary policy.

He added, “Geopolitical risks remain and this appears to offset some of the impact of record production levels coming from the United States.”

The American Petroleum Institute reported on Tuesday that crude oil stocks in the United States rose by about 1.3 million barrels last week, while fuel stocks fell by about 360,000 barrels, and distillate stocks fell by about 2.5 million barrels.

Raising interest rates to curb inflation could slow economic growth and reduce demand for oil, while lowering interest rates to stimulate spending could lead to increased oil consumption.

According to a poll conducted by the CME FeedWatch tool, the US Central Bank, which will conclude its meeting on Wednesday, is expected to keep interest rates steady.

In Europe, inflation in the euro zone in October reached the lowest level in two years, falling to 2.9 percent from 4.3 percent in September, according to a preliminary reading of the European Union Statistics Office (Eurostat), which led to expectations that the European Central Bank would not raise interest rates soon. The Bank of England will meet tomorrow, Thursday.

A special survey on Wednesday showed that factory activity in China unexpectedly contracted in October, after pessimistic official figures issued the previous day, raising questions about the fragile economic recovery at the beginning of the fourth quarter. China is the world’s largest oil importer.

Regarding the escalation of the conflict in Gaza, US Secretary of State Anthony Blinken, who will visit Israel on Friday, said that the United States and other countries are examining “a variety of possible alternatives” for the future of the Gaza Strip if the Hamas movement is isolated from the Strip.

https://www.mawazin.net/Details.aspx?jimare=237123

Oil: Revenues Last Month Amounted To More Than $9 Billion

Wednesday 01, November 2023 | Economical Number of readings: 128  Baghdad / NINA / The Ministry of Oil announced that revenues generated from the sale of oil last month amounted to more than nine billion dollars.

The ministry said in a statement that the amount of crude oil exports last month, according to preliminary statistics issued by the Iraqi Oil Marketing Company “SOMO”, amounted to (109) million (545) thousand and (589) barrels, with revenues amounting to (9.669) billion dollars.

She explained that the total quantities of crude oil exported for the month of October from the oil fields in central and southern Iraq amounted to (108) million (50) thousand and (360) barrels, while the quantities exported to Jordan amounted to (464) thousand and (728) barrels, while exports from Qayyarah were one million (30) thousand and (501) barrels.

It indicated that the average daily quantities exported amounted to (3) million and (533) thousand barrels, and the average price of one barrel reached (88.26) dollars../End

https://ninanews.com/Website/News/Details?key=1087343

Parliament Rules Out The Adoption Of The Oil And Gas Law During The Current Session And Explains The Reasons

Time: 11/01/2023 08:14:13 Read: 2,028 times   {Economic: Al-Furat News} The Oil, Gas and Natural Resources Committee in the House of Representatives ruled out approving the oil and gas law during the current parliamentary session.

He pointed out that there are different drafts of this law, but the Kurdistan region was not satisfied with the draft proposed by the Ministry of Oil, indicating that “the region is completely unable to export oil according to the decision of the Federal Court, which requires it to deliver 400 thousand barrels per day to Baghdad, in addition to a court ruling.” Paris, which recognized the need for the central government to control oil exports from the Kurdistan region itself.”

Fereydoun pointed out that the viewpoint of political parties is those that oppose the enactment of the law, while the future outlook shows that the law will contribute to resolving the problems between Baghdad and Erbil.

He added that everyone in this country must believe in solving problems from their roots, since the stage now, whether for the region or the center, is different, stressing the need to be bold in legislating the law.

The spokesman for the Ministry of Oil, Assem Jihad, said in a previous press statement that “the Ministry prepared the oil and gas law and presented it to the government, and it was discussed by the concerned authorities and the team formed by the regional government,” stressing that “the government is committed to approving it in the current government session, as it Within the government curriculum.   LINK 

 Bank Of Baghdad Achieves A Net Profit Of 102 Billion Dinars During The First 9 Months Of The Year 2023

Bank of Baghdad   The Bank of Baghdad achieved a net profit of 102.9 billion dinars until the third quarter of the year 2023, as it ranks first in the banking sector in terms of profits.

The bank’s assets amounted to 2.4 trillion dinars, and deposits grew to 1.9 trillion dinars.

In the recent period, the bank has been suffering from problems related to liquidity in the dollar currency, but deposits and revenues have grown very significantly.

The bank invested 566 billion dinars in Iraqi and Lebanese government bonds.

After announcing the financial results for the third quarter, the stock jumped by 1.23% to reach 3.3.

Views 36  11/01/2023 – https://economy-news.net/content.php?id=37195

Industry: Directed To Achieve 5 Main Goals To Protect The Local Product

Money  and business  Today, Wednesday, the Ministry of Industry and Minerals set three standards for implementing consumer and local product protection laws, while announcing the most important laws in this regard.

Ministry spokeswoman Doha Al-Jubouri said, “The package of economic laws that was issued in Iraq in 2010, represented by the Iraqi Products Protection Law, the Competition and Monopoly Prevention Law, the Consumer Protection Law, and the Customs Tariff Law, is a combination of economic laws whose texts must be applied.”

She added, “The above-mentioned laws work to control local and global markets, monitor the course of internal and external trade, provide the correct solutions to provide a competitive environment, and provide legal protection for national projects and foreign investments to ensure the arrival of goods that meet the needs of the Iraqi consumer, as well as preventing any defect that may occur.” Causes harm to the market, the consumer or the industry.”

She pointed out, “The Ministry adopts a specific methodology in the process of implementing the provisions of the law based on a number of standards and determinants, and takes into account achieving a balance between the main goal of implementing the decisions, which is to protect the local industry on the one hand, and ensuring the interest of the Iraqi consumer and protecting his rights on the other hand, and achieving Fair competition and not creating a monopoly from a third party.”

She continued, “All of these considerations have been translated into special forms, spreadsheets, and obligations imposed on everyone who submitted a protection request, on the basis of which decisions issued to protect local products are evaluated in accordance with the law, and on the basis of which these decisions are reviewed during the application period, to monitor their impact on the industry.” The local market, the Iraqi consumer, and the local market.

Views 29    11/01/2023 – https://economy-news.net/content.php?id=37193

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Provoking Points to Ponder on Feelings:

Our feelings were given us to excite to action, and when they end in themselves, they are cherished to no good purpose — Sanford

Strong feelings do not necessarily make a strong character — The strength of a man is to be measured by the power of the feelings he subdues – not by the power of those which subdued him — 
Richter

Cultivate consideration for the feelings of other people if you want not have your own injured — Those who complain the most of ill-usage are those who abuse others the oftenest – 
Richter

The heart that is soonest to awake to the flower is always the first to be touched by the thorns — 
Moore