Iraq Economic News and Points to Ponder Monday Afternoon 4-29-24


Iraq Economic News and Points to Ponder Monday Afternoon 4-29-24

Telecommunications Announces The Imminent Issuance Of An Internationally Recognized Digital Signature For The First Time In Iraq

The Minister of Communications, Hiyam Al-Yasiri, announced the imminent issuance of a digital signature with internationally recognized global auditing.

The ministry said in a statement, “Minister of Communications Hiyam Al-Yasiri chaired a consultative meeting with a number of the Prime Minister’s advisors to discuss launching the electronic signature project in the presence of advanced staff in the ministry and the General Company for Communications and Informatics at the ministry’s headquarters.”

The statement added, “During the meeting, a presentation was given about the project, the stages of its implementation, and the procedures for creating a special platform to be launched on the mobile phones of employees and citizens to obtain an electronic signature.”

The Minister stressed – according to the statement – “the importance of issuing a digital signature with global scrutiny, recognized and subject to international standards,” pointing out, “the importance of the project as it is one of the basic building blocks for automation and digital transformation projects, the implementation of which will begin in the Ministry of Communications and then in other ministries and institutions.”

She pointed out that “the meeting touched on extensive discussions of the observations made by the attendees, which enriched the topic and will be taken into consideration during the coming period.”

Digital signature refers to an electronic authentication process in which signature techniques are used to confirm a person’s identity and the authenticity of the signed document.

If the authenticity of this signature is verified on a global level, it will carry the necessary importance and trust in many contexts, such as international financial transactions or official authentication of documents in various countries and sectors.

Decrease in dollar exchange rates in Baghdad, Basra and Erbil

Monday 29 April 2024 12:03 | Economical  Number of readings: 250   Baghdad / NINA / The exchange rates of the dollar against the dinar witnessed a decline on Monday morning in Baghdad, Basra and Erbil.   Below is a list of dollar selling prices:

$100 = 144,500 dinars in Baghdad   $100 = 144,600 dinars in Basra   $100 = 144,600 dinars in Erbil./End 9

The Iraqi Central Bank Announces The Strengthening Of Banks’ External Accounts By $260 Million

Economy News – Baghdad  External remittances at the Central Bank of Iraq auction increased by 95% today, Sunday, at the expense of cash sales, to reach $261 million.

Today, during its auction for buying and selling the US dollar, the Central Bank sold 275 million, 227 thousand and 267 dollars, which the bank covered at a base exchange rate of 1,305 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 1,310 dinars per dollar in cash. .

Most of the bank’s dollar sales went to strengthening balances abroad in the form of (transfers, credits) which amounted to 261 million and 37 thousand and 267 dollars, an increase of 95% over cash sales of 14 million and 190 thousand dollars. 04/28/2024 –

Central Bank Sales Exceed $278 Million…Today

Monday 29 April 2024 | Economical Number of readings: 127  Baghdad / NINA / The Central Bank of Iraq announced, today, Monday, its total sales of foreign currency through the electronic window.

The window recorded the total amounts of transfers abroad (remittances, credits) at $261,578,540, while the total amount of cash sales amounted to $16,520,000, and the total amount of sales amounted to $278,098,540.

The cash sale 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. /

The Iraqi Stock Exchange Traded More Than 4 Billion Shares During One Session

Market  Economy News – Baghdad  During today’s session, Monday, the Iraq Stock Exchange traded more than 4 billion shares, while the Palestine Hotel Company topped the shares that rose the most.

The number of shares traded reached 4.009 billion shares, while the value of shares traded amounted to 14.2 billion dinars,   and 869 trading deals were concluded during the session.

Palestine Hotel shares topped the list of shares that rose the most, with 2.7 million shares traded at a value of 4.55 dinars.

The Iraq Stock Exchange announced today, Monday, that it will suspend its activity for one day next Wednesday, coinciding with International Labor Day. Views 47  04/29/2024 –

Oil Prices Declined In Early Global Trading

Economy | 08:53 – 04/29/2024  Mawazine News – Baghdad  Oil prices rose in early Asian trading on Monday, giving up gains made in Friday’s session, as peace talks between Israel and Hamas in Cairo eased fears of a widening conflict in the Middle East.

US inflation data also reduced expectations of a reduction in interest rates soon.

Brent crude futures fell by one dollar, or 1.1 percent, to $88.50 per barrel, before rising to $88.55 by 0149 GMT.

West Texas Intermediate crude futures fell 84 cents, or 1 percent, to $83.01 per barrel.

In this context, Tony Sycamore, an analyst at IG Market, believed that the intensification of mediation efforts in a truce agreement between Israel and Hamas eased geopolitical tensions and contributed to the weak opening of the markets on Monday.

Al-Sudani Directs The Updating Of The National Energy Strategy

Energy  Economy News – Baghdad  Today, Monday, Prime Minister Muhammad Shiaa Al-Sudani directed the updating of the national energy strategy.

The Prime Minister’s Media Office stated, in a statement received by Al-Iqtisad News, that “Prime Minister Muhammad Shiaa Al-Sudani chaired a meeting devoted to discussing the plans of the Ministry of Electricity and the National Energy Strategy file, in the presence of the Ministers of Electricity and Oil.”

Al-Sudani directed, “to form a specialized team from the ministries of planning, electricity, oil, and finance, and a body of advisors, to work on an urgent update of the integrated national energy strategy, on the basis of reviewing the energy file and what Iraq needs at the level of productive energy and fuel energy, and at the same time ensuring the sustainability of financing energy projects.” To prevent its delay or stop.

He stressed, “It is necessary to take into account, in updating the strategy, the integration of energy projects with each other, that sources of gas security be available to operate gas electricity stations once they are completed, that gas transmission pipelines be available once its production from oil fields is completed, and that electrical stations that benefit from it are available.”

He stressed “the importance of the strategy taking into account the path that the state is supposed to take to reduce the burdens of the energy file on state funds,” directing “the need for the specialized team to submit its report updating the strategy after consultation with the relevant ministries and with the consultant to the Ministry of Planning, KBR Company.”

The statement continued: The meeting witnessed a discussion of resolving the pipelines transporting the gas produced from the gas stations, especially since within six months gas will be produced in West Qurna, which requires work on introducing this carrier pipeline to the national network.

He pointed out that “the meeting discussed the issue of electricity collection, and followed up on the implementation of the directives issued at previous meetings.” Views 61   04/29/2024 –

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Provoking Points To Ponder on Failures and Mistakes

Failure at a task may be the result of having tackled it at the wrong time.- Brendan Francis

We fail more often by timidity than by over-daring.- David Grayson

Failure is more frequently from want of energy than want of capital.- Daniel Webster

Losers have tons of variety. Champions take pride in just learning to hit the same old boring winners.- Vic Braden

Lack of will power has caused more failures than lack of intelligence or ability.- Flower A. Newhouse

The word fate … is the refuge of every self-confessed failure.- Andrew Soutar