Iraq Economic News and Points to Ponder Wednesday Evening 10-11-23
Tlm724 Administrator Bondlady’s Corner
Moody’s: Iraq’s Economy Is Exposed To Great Risks
Money and business Moody’s, a credit rating company, confirmed that Iraq’s economy is highly vulnerable to any decline in oil prices, which constitute 90% of government revenues.
She confirmed in a report on the Iraqi economy, obtained by Al-Iqtisad News, that the government accounts are ambiguous and suffer from major shortcomings, as the non-oil sector is hampered by the lack.
She added that Iraq needs to reduce corruption and improve public finances, to confront fluctuations in oil prices, explaining that the government’s default on debts owed to the private sector is on the rise, causing investors huge losses.
She noted that hydrocarbon wealth is not fully exploited due to years of armed conflict, international sanctions, and insufficient investment.
She stressed that these factors, along with the political risks, made us half of Iraq at CAA, especially since 40% of the government debt is long-term local debt taken from the Central Bank and state-owned commercial banks.
To download the file on the Iraqi economy, click here
https://economy-news.net/vrsfls/cntnt/file/37082.pdf
https://economy-news.net/content.php?id=36928
Advisor To The Prime Minister: Iraq Will Continue To Need Oil And Gas For The Next Two Decades
Time: 2023/10/11 08:46:32 Read: 2,028 times {Economic: Al-Furat News} The Prime Minister’s Advisor for Economic Affairs, Mazhar Muhammad Salih, confirmed that Iraq will continue to need oil and gas during the next twenty years.
In a press statement, Izza Saleh explained this need “in light of the failure of technology to provide a solution to reduce the costs of alternative energy.”
He stated, “The world is living in the period of the Fourth Industrial Revolution in many fields, starting from the digital sector and ending with the production of alternative or renewable energy in all its forms.”
He pointed out that “the progress of the industrial revolution in the eighteenth century depended for a period of time on “traditional” fossil energy, but with the change in life, life faced problems due to this energy, which produces environmental pollutants,” stressing that “the search for alternatives to energy created another problem related to…
In terms of cost, we see all scientific innovations searching for the lowest costs in producing electrical energy, which is why oil and gas still dominate the scene as they are the least expensive compared to other alternatives.
Saleh explained, “Facing environmental problems in the world requires searching for energy alternatives, no matter how high the costs are,” noting that countries of the world, including Iraq, suffer from major environmental problems, including desertification.
He stressed that “the search for alternative energy sources in Iraq represents a life and existential necessity.” LINK
Oil Is Stable As Supply Concerns Ease
Energy Economy News – Baghdad Oil prices were unchanged in early Asian trading on Wednesday, as fears of possible supply disruptions due to the recent escalation in Gaza between Israel and Hamas receded.
By 0009 GMT, Brent crude rose 12 cents to $87.77 a barrel. US West Texas Intermediate crude also rose three cents to $86 a barrel.
The two benchmarks rose more than $3.50 on Monday, as military clashes raised fears that the conflict might extend beyond the Gaza Strip, but they closed lower in yesterday’s session, Tuesday.
Although Israel produces very small amounts of crude oil, markets are concerned that if the conflict escalates, it could hurt Middle East supplies and worsen the deficit expected for the rest of the year.
Political risks prevented a further decline in crude oil prices.
In an optimistic sign about the supply situation, Venezuela and the United States made progress in talks that could lead to easing sanctions on Caracas by allowing at least one additional foreign oil company to obtain Venezuelan crude oil under some conditions.
Views 60 10/11/2023 – https://economy-news.net/content.php?id=36918
Foreign Exchange Centers
October 08, 2023 In confirmation of what was stated in our Circular No. 3/9/180 on 6/30/2020 and subsequent circulars regarding foreign exchange positions, the most recent of which is our Circular No. 2/9/204 on 3/30/2023, all licensed banks must take into account the foreign exchange positions allowed in accordance with the circulars.
Above, in order to avoid the inability to meet your customers’ requests to withdraw the dollar deposited in cash in their accounts opened with you,
As many complaints have been received regarding non-fulfillment of these withdrawals under the pretext of the existence of instructions issued by this bank preventing this.
In this regard, this bank will take into account the complaints received from your customers in this regard and will take the necessary measures against the banks that refuse. To comply with the above
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Points to Ponder From George Washington:
A slender acquaintance with the world must convince every man that actions, not words, are the true criterion of the attachment of friends.
Arbitrary power is most easily established on the ruins of liberty abused to licentiousness.
Associate with men of good quality if you esteem your own reputation; for it is better to be alone than in bad company.
Bad seed is a robbery of the worst kind: for your pocket-book not only suffers by it, but your preparations are lost and a season passes away unimproved.
Be courteous to all, but intimate with few, and let those few be well tried before you give them your confidence.
Discipline is the soul of an army. It makes small numbers formidable; procures success to the weak, and esteem to all.
Experience teaches us that it is much easier to prevent an enemy from posting themselves than it is to dislodge them after they have got possession.
Few men have virtue to withstand the highest bidder.
Firearms are second only to the Constitution in importance; they are the peoples’ liberty’s teeth.
Friendship is a plant of slow growth and must undergo and withstand the shocks of adversity before it is entitled to the appellation.
Government is not reason; it is not eloquent; it is force. Like fire, it is a dangerous servant and a fearful master.
Guard against the impostures of pretended patriotism.
Happiness and moral duty are inseparably connected.
I have no other view than to promote the public good, and am unambitious of honors not founded in the approbation of my Country.
I hope I shall possess firmness and virtue enough to maintain what I consider the most enviable of all titles, the character of an honest man.
I walk on untrodden ground. There is scarcely any part of my conduct which may not hereafter be drawn into precedent.
If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter.
