Iraq Economic News and Points To Ponder Late Tuesday Evening  5-28-24


Iraq Economic News and Points To Ponder Late Tuesday Evening  5-28-24

With The End Of Her Duties Approaching…Plasschaert: I Thank All Iraqis And My Deep Appreciation For The Cooperation And Support…Long Live Iraq

Tuesday 28, May 2024 18:59 | Political Number of readings: 181  Baghdad / NINA / The United Nations envoy to Iraq, Jeanine Hennis-Plasschaert, today, Tuesday, sent a message on the occasion of the approaching end of her term in the country, in which she extended thanks and gratitude to all Iraqis.

Plasschaert said in her message, according to a statement by the United Nations Mission in Iraq (UNAMI): “As my term as Special Representative of the Secretary-General in Iraq approaches its end, I would like to express my deep gratitude and appreciation to all Iraqis, especially those I have met and worked with.”

She added, “Over the past five years, I have been repeatedly touched by the generosity and hospitality of a people who have never deviated from their traditions of welcoming a stranger or helping the needy, even if it was at the expense of their comfort or time. I have learned a lot from listening to Iraqi women and men as they recount their history with pride.” “.

She pointed out, “Although many faced serious challenges, optimism for the coming days was always bright. They welcomed me and my other colleagues at the United Nations in their cities and homes, and invited us to join them in a meal or event. They did not miss an opportunity to highlight Iraq’s rich culture and enormous beauty, and in every way.”

Across the country, including the Kurdistan region, countless people of all ages spontaneously shared, again and again, their hopes and aspirations, and I will never forget any of them.”

She continued, “I truly appreciate the professional meetings and discussions we had with a wide range of partners, from civil society representatives, academics, tribal leaders, and religious leaders to local authorities, governorate authorities, national authorities, judges, security officials, and politicians. It goes without saying that their opinions and viewpoints have taught us a lot and guided our work.” .

Plasschaert pointed out that “some of these meetings included people who put aside daily differences to find solutions in the critical stages of Iraq. All of these interactions left an indelible impression on me. I cannot overstate our gratitude to the various agencies of the Iraqi government, which facilitated our work, through the efforts “She tirelessly protected the United Nations staff and its operations.”

“None of this means that the United Nations has been immune to criticism – some of it justified, some of it simply based on misperceptions about who we are, and what we can and cannot do,” she stressed. “But talking to those who understand the organization’s values ​​and what it stands for was important.” Very productive. As I have said many times, the United Nations does not have a magic wand.

 Ultimately, the balance between conflict and peace, or poverty and prosperity, depends on the political will of countries, but if we can make a difference in people’s lives, it is worth intensifying the work and continuing. In the end, the United Nations has one major priority at its core: to promote peace and prosperity for all – regardless of affiliation, religion, background or race.”

Plasschaert concluded her message by saying, “Once again, I would like to express my deep appreciation and thanks for the generous cooperation and support provided to the United Nations Assistance Mission for Iraq (UNAMI) and the broader United Nations family in Iraq, and to me personally.. Long live Iraq.”/End 8

More Than $283 Million In Iraqi Central Bank Currency Auction Sales

Economy News – Baghdad  On Tuesday, the Central Bank of Iraq’s dollar sales amounted to more than $283 million at the currency auction.

The Central Bank sold in its auction today 283 million and 73 thousand and 871 dollars, which it covered at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,305 dinars per dollar in cash.

Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 261 million 993 thousand and 871 dollars, an increase of 94% over cash sales amounting to 21 million and 80 thousand dollars.

The number of banks that purchased cash dollars reached 6 banks, while the number of banks that responded to requests to enhance balances abroad reached 7 banks, and the total number of exchange and brokerage companies participating in the auction was 176 companies. Views 79  05/28/2024

Parliamentary Finance Stresses The Importance Of Supporting The Government In Implementing The Government Program

Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani money and business  Economy News – Baghdad  The Parliamentary Finance Committee stressed, on Tuesday, the importance of supporting the government in implementing the government program, while stressing the necessity of conducting a comprehensive review and reconsidering the components of the budget.

The Media Department of the House of Representatives said in a statement, seen by Al-Iqtisad News, that “the Finance Committee, headed by Atwan Al-Atwani and in the presence of its members, held its fifth meeting dedicated to discussing the general budget schedules for the year 2024, today, Tuesday, 5/28/2024.”

The head of the committee stressed – according to the statement – “the necessity of conducting a comprehensive review and reconsidering the components of the budget and studying the schedules in detail in order to find a clear vision, in addition to the importance of considering the entitlements of governorate projects compared to the allocations for ministries’ projects,” noting that “the current financial allocations Ends at the end of the fiscal year.

The statement continued, “The meeting witnessed members’ interventions that stressed the importance of supporting the government in implementing the government program aimed at providing services in all regions, taking into account supporting the governorates in strategic projects and infrastructure projects.”

The statement continued, “The committee discussed the possibility of making the necessary transfers and their impact on the sectors in a productive manner, while drawing a clear vision in accordance with the requirements of the public interest and reducing the deficit by rationalizing spending and supporting important sectors such as education and health, while paying attention to supporting the private sector.”

The statement indicated, “It was emphasized that the economic foundations in the budget must be maintained, the philosophy of maximizing the state’s imports, enhancing exports, and building decisions according to a clear vision, taking into account their positive repercussions, and stressing the completion of government projects that contribute to serving the citizen in general.”

Views 77 05/28/2024 –

Oil Prices Stabilize With A Balance Between Production Expectations And Interest Concerns

Arab and international  Economy News – follow up  Global oil prices stabilized on Tuesday, as the possibility of OPEC+ maintaining oil supply restrictions at its meeting on June 2 and expectations of strong fuel demand from the United States during the summer helped balance concerns about the continued rise in US interest rates for a longer period.

Oil prices rose more than 1 percent yesterday, Monday, in quiet trading due to public holidays in Britain and the United States, with expectations of increased demand from the United States with the beginning of the summer holiday season.

Brent crude futures for July rose 38 cents, or 0.5 percent, to $83.48 a barrel by 13:27 GMT.

US West Texas Intermediate crude futures also rose $1.43, or 1.8 percent, to $79.15, compared to Friday’s settlement price, after it was traded during an American holiday without settlement.

Charalambos Pisouros, an analyst at brokerage firm XM, said: “Oil has recovered recently, and this may be driven by expectations of strong demand for fuel with increased vehicle driving times during the summer holiday season.”

“Despite the indisputably brighter mood we have seen in the past two days, interest rate concerns will act as a brake on further attempts to raise oil prices significantly in the near future,” said Tamas Varga of brokerage BVM.

All eyes are on the next online meeting of the OPEC+ alliance on June 2, as traders and analysts expect voluntary production cuts to continue at 2.2 million barrels per day.

“The assumption that there will be no changes in production levels is a fair assumption,” Varga said.

Views 56  05/28/2024 –

Trade Exchange Between Iraq And China Exceeds 50 Billion Dollars

Economy | 05/28/2024  Baghdad – Mawazine News   The Ministry of Foreign Affairs announced on Tuesday that the volume of trade exchange with China exceeded $50 billion in two years.

Deputy Foreign Minister for Political Planning Affairs Hisham Al-Alawi said, “Arab-Chinese relations are important, as the volume of financial cooperation has reached about 400 billion dollars,” pointing out that “China is the largest trading partner and the exchange volume has exceeded 50 percent.”

He added, “The volume of trade exchange between Iraq and China during the past two years amounted to more than 50 billion dollars,” noting that “there is advanced cooperation between Beijing and Baghdad in the field of oil and gas, in addition to renewable energy.”

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Provoking Thoughts and Points to Ponder on Money

Money is the poor people’s credit card.  – Marshall McLuhan

A man is rich in proportion to the things he can afford to let alone.  – Henry David Thoreau

Money is like a sixth sense, and you can’t make use of the other five without it.  – W. Somerset Maugham

Money swore an oath that nobody who did not love it should ever have it.  – Irish proverb

I’m so happy to be rich, I’m willing to take all the consequences.  – Howard Ahmanson