Iraq Economic News and Points to Ponder Late Friday Evening 5-3-24


Iraq Economic News and Points to Ponder Late Friday Evening 5-3-24

Specialist: Floating The Dinar Is Economic Suicide

Money  and business  Economy News – Baghdad   Economist Muhammad Hashem Helou confirmed that the central bank cannot float the dinar exchange rate.

Helu said, “The Central Bank of Iraq cannot think about floating the exchange rate because it will abandon its only influential tool in light of the weakness and disruption of other economic tools.”

He added that the exchange rate is the nominal stabilizer of monetary policy in Iraq, and thinking about abandoning it is economic suicide and the bank cannot even think about that.

He continued, adding that floating the exchange rate in the presence of a parallel market and large speculators, and the presence of people who own billions of dinars and others who own billions of dollars, will lead to a sharp decline in the value of the currency, high levels of inflation, and rising prices.322 views 05/03/2024 –

Economic: The Fixed Dollar Exchange Rate Depletes Iraq’s Foreign Currency Reserves

Manar Al-Obaidi   Money  and business  Economist Manar Al-Obaidi confirmed that the fixed dollar exchange rate adopted by Iraq depletes the country’s foreign currency reserves.

Al-Obaidi said, “The only thing that is completely under the control of the Iraqi state is the exchange rate, which forcefully drains all foreign reserves to maintain an imaginary fixed price that traders benefit from to increase their profit margin.”

He added, “I never called for following a free-float policy. Rather, I called for a start to follow a compensation policy managed with a small volatility factor and gradually work to increase it until complete liberalization is reached.”

He continued, “The alternative to maintaining the fixed exchange rate is to continue depleting the reserves until they run out and the oil market is exposed to very expected future fluctuations. Then, will we be forced, not given the choice, to an absolute floatation of the currency or a shocking reduction in the exchange rate, as happened in 2020, and then the risks will be greater and greater?” 140 views 05/03/2024 –

New Government Talk About The Oil Pipeline From Basra To Jordan

Energy  The Prime Minister’s Advisor for Energy Affairs, Falah Al-Amiri, announced that the project to extend the oil pipeline from Basra to Jordan is not currently on the table.

Al-Amiri said, “The project to extend the oil pipeline from Basra to Jordan is not on the table, and the focus is on the Basra port and the Turkish port of Ceyhan,” noting that talk about Jordan having an opponent is incorrect.

He added that this project has great complications and is not easily passed by the government.

142 views   05/03/2024 –

In Financial Inclusion Week, Al-Rafidain Encourages The Use Of Electronic Payment In Citizens’ Transactions

Time: 05/03/2024 10:11:20 Read: 949 times  {Economic: Al-Furat News} Rafidain Bank participated in the activities of the Financial Inclusion Week, in the presence of a wide range of financial and banking institutions.

During the participation of its special pavilion in commercial centers, gatherings and other places, the bank reviewed its services and products, including opening bank accounts, adopting electronic payment and collection, encouraging the use of electronic cards to reduce cash transactions, and introducing the importance of citizens saving their money in the bank instead of hoarding it at home.

In addition to the presence of a specialized team to answer citizens’ inquiries about other services.

Participation aims to educate the public about the importance of financial inclusion and the spread of banking culture to the furthest reaches of the country to include all segments of society.   LINK

A Slight Rise In Oil Prices Amid OPEC+ Efforts To Extend Production Cuts

Economy   Friday, May 3, 2024 9:23 AM  Follow-up / National News Center  Oil prices witnessed a slight rise on Friday as OPEC Plus considers extending production cuts. However, the general trend for the week indicates a decline amid concerns about the US economy and the impact of rising interest rates on growth.

Brent crude futures prices for July delivery rose by 16 cents to reach $83.83 per barrel, while US West Texas Intermediate crude for June delivery rose by 19 cents to reach $79.14 per barrel.

Despite this rise, both oil benchmarks were poised to suffer weekly losses, with Brent crude heading for a decline of 6.3% and US West Texas Intermediate crude falling by 5.6%.

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Provoking Thoughts and Points to Ponder on Wealth

He that maketh haste to be rich shall not be innocent.  – Bible

I glory more in the coming purchase of my wealth than in the glad possession.- Ben Jonson

I’ll fares the land, to hastening ills of prey Where wealth accumulates, and men decay.  – Oliver Goldsmith

It is the wretchedness of being rich that you have to live with rich people.  – Logan Pearsall Smith

One cannot both feast and become rich. – Ashanti proverb

Poor men seek meat for their stomach, rich men stomach for their meat.  – Old saying