Iraq Economic News and Points To Ponder Late Wednesday Evening  6-5-24


Iraq Economic News and Points To Ponder Late Wednesday Evening  6-5-24

Fintech In Iraq: How Is Iraq Reshaping Its Financial Future?

Time: 06/05/2024 Read: 1,248 times  {Economic: Al-Furat News} Financial technology (FinTech) has become a major driver of innovation in the global banking sector, providing innovative solutions to facilitate financial services and increase their efficiency.

In Iraq, banks have begun to adopt these technologies, which has contributed to improving customer experience and expanding the scope of financial services provided. The Iraqi Deposit Insurance Company plays an important role in supporting this trend, as it is a pillar of financial stability, by encouraging banks to adopt financial technology and providing a regulatory environment supportive of innovation.

Financial technology has demonstrated its ability to enhance financial inclusion in Iraq, as it can provide affordable and accessible financial services to wide segments of society, especially in remote and rural areas.

Through mobile applications and online banking, individuals and businesses can access a variety of financial services, such as money transfers, paying bills, and obtaining loans, without having to visit bank branches.

The Iraqi Deposit Insurance Company is working to enhance the use of financial technology in Iraq, through cooperation with banks and financial technology companies to develop innovative solutions that meet the needs of the Iraqi market. The company is also working to provide the necessary regulatory framework to ensure the security and safety of digital financial services, and to protect consumer rights.  LINK

Dollar Prices Decline In Baghdad

Economy |  06/05/2024   The dollar exchange rates decreased today, Wednesday, in the markets of the capital, Baghdad.

Dollar prices fell with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 145,500 Iraqi dinars for every 100 dollars, while yesterday, Tuesday, prices recorded 145,850 dinars for every 100 dollars.

While selling prices also decreased in banking shops in local markets in Baghdad, as the selling price reached 146,500 dinars, while the purchasing price reached 144,500 dinars for every 100 dollars.

Oil Prices Continue To Decline Amid The Increase In US Crude And Fuel

Energy  Economy News _ Baghdad  Oil prices extended losses in early Asian trading on Wednesday, after a report showed an increase in US crude and fuel inventories, raising concerns about demand growth.

Brent crude futures fell 14 cents, or 0.2 percent, to $77.38 per barrel by 0005 GMT. US West Texas Intermediate crude futures also fell 18 cents, or 0.3 percent, to $73.07 per barrel.

Both contracts fell about a dollar in yesterday’s session on Tuesday and about three dollars a barrel on Monday, under pressure from the OPEC+ coalition announcing plans to increase supplies starting in October, despite recent indications of weak demand growth.

Data from the American Petroleum Institute showed that stocks of crude oil, gasoline and distillates in the United States rose last week. High inventories are usually a sign that supplies are exceeding demand.

Figures from the American Petroleum Institute showed that crude inventories rose by more than four million barrels in the week ending May 31, compared to analysts’ expectations of a decline of 2.3 million barrels in a Reuters poll.

Gasoline stocks also rose by more than four million barrels, which is much more than the two million barrel increase that analysts expected.

The US Energy Information Administration will publish official inventory data on Wednesday at 14:30 GMT.  Views 105 06/05/2024 –

Iraq’s Foreign Loans Decreased To $9 Billion

Economy | 03:15 – 06/05/2024  Baghdad – Mawazine News  The Iraqi government announced, today, Wednesday, that the value of foreign loans to Iraq decreased to about 9 billion dollars, after canceling about 31 loans from 2003 until the end of last year 2023.

The technical advisor to the Prime Minister, Muhammad Sahib Al-Daraji, said on the sidelines of an economic forum He resides in Baghdad and was followed by Mawazine News.

He said, “A specialized committee has been formed to reveal the amounts borrowed by Iraq from 2003 to the end of 2023, and to track the fate of this money and the projects that were completed thanks to these loans, and which are still under completion, and what are the faltering projects among them?” “.

He added, “Iraq was able to cancel about 31 external loans, leaving those loans worth 8 billion and 900 million dollars remaining,” explaining that “these efforts aim to enhance transparency and monitor public spending, and ensure that loans are directed towards vital projects that contribute to developing the infrastructure.” Infrastructure and basic services in the country.

He stressed that “the committee will continue its work to follow up on the use of the borrowed funds and ensure that the desired goals are achieved.”

Central Bank Sales Exceed $272 Million Today

Wednesday 05, June 2024 14:49 | Economical Number of readings: 210

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) at $249,648,467, while the total amount of cash sales amounted to $22,830,000, and the total amount of sales amounted to $272,478,467.

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

Al-Sudani sponsors the signing of a cooperation agreement between the Trade Bank of Iraq (TBI) and the German Export Credit Corporation

Wednesday 05, June 2024 11:33 | Economical Number of readings: 521

Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani sponsored the signing of a cooperation agreement between the Trade Bank of Iraq (TBI) and the German Export Credit Corporation, to finance private sector development projects within the government’s sovereign guarantees initiative./End 9

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Provoking Thoughts and Points To Ponder On Adversity:

An earthquake achieves what the law promises but does not in practice maintain – the equality of all men. – Ignazio Silone

I don’t deserve this award, but I have arthritis and I don’t deserve that either. – Jack Benny

I have an inward treasure born within me, which can keep me alive if all the extraneous delights should be withheld; or offered only at a price I cannot afford. – Charlotte Bronte

Nothing is more desirable than to be released from an affliction, but nothing is more frightening than to be divested of a crutch. – James Baldwin

People don’t ever seem to realize that doing what’s right is no guarantee against misfortune. – William McFee

The struggle to the top is in itself enough to fulfill the human heart. Sisyphus should be regarded as happy.  – Albert Camus

There are three modes of bearing the ills of life: by indifference, by philosophy and by religion. – Charles Caleb Colton