Iraq Economic News and Points To Ponder Monday Afternoon 6-10-24


Iraq Economic News and Points To Ponder Monday Afternoon 6-10-24

International Monetary: We Support Iraqi Reforms That Keep The Oil Market Away From Crises

Economy  Monday, June 10, 2024 10:05 AM  Follow-up/National News Center  The head of the International Monetary Fund mission in Iraq, Ghazi Shubaikat, said that the Fund supports Iraqi reforms that achieve financial sustainability, keeping Iraq away from any crises affecting the oil market, which Iraq relies on to cover its annual expenses, anticipating growth in the Iraqi economy during the coming years.

*What Does The Fund Expect For The Future Of The Iraqi Economy?

– The Fund expects growth in the Iraqi macroeconomy, in conjunction with the reforms adopted by the government with the aim of creating realistic solutions to all economic problems, and we sensed seriousness from the Iraqi government in the field of achieving economic reforms that strengthen the relationship with the Fund, and this encourages the strengthening of cooperation in a way that serves the Iraqi economy, which He suffers from chronic problems.

*How Does The Fund Support The Iraqi Economy And What Is The Support?

The International Monetary Fund supports Iraqi reforms that achieve financial sustainability, keeping Iraq away from any crises facing the oil market, which Iraq relies on to cover its annual expenses, especially since a country like Iraq needs large revenues to cover the needs of all sectors, and this needs to create Real financial sustainability through reviving the productive and service sectors and bringing the capital cycle into a local context.

*What Do You Advise Regarding Reducing Unemployment Rates?

Iraq must focus on the labor market and create advantages in the private sector equivalent to what it obtains in the public sector, so that employment can be directed to the private sector, which must be activated within limits commensurate with Iraq’s economic capabilities.

*What Does The Iraqi Labor Market Need?

– It is necessary to work on training and qualifying human resources in all specializations in light of the presence of human wealth that can be employed in a way that serves Iraq, with the need to create skilled labor in all sectors and in a way that is consistent with the government’s reform policy.

*In Your Opinion, Where Are The Strengths In The Economy?

– The private sector represents an economic force that can overcome challenges and gradually advance the national economy. It addresses many problems, especially since Iraq can achieve a diversity of revenues from sectors, some of which are distinguished by achieving sustainable revenues.

*What About The Financial Sector?

Competitiveness in the financial sector can create a sound financial sector with advanced services and safe and transparent money paths that support the economy and the stages of development it seeks and works to achieve and reaches the most important goals of financial sustainability.

The Ministerial Council For The Economy Decides To Support The Independence Of The Central Bank In Formulating Monetary Policy

Economy News – Baghdad  On Monday, the Ministerial Council for the Economy took several decisions, including supporting the independence of the Central Bank of Iraq and approving recommendations regarding the import of vehicles.

The media office of the Ministerial Council for the Economy stated, in a statement seen by Al-Iqtisad News, that “Deputy Prime Minister, Minister of Foreign Affairs, and Chairman of the Ministerial Council for the Economy, Fouad Hussein, chaired the seventeenth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister, Minister of Planning, and Ministers of Industry.”

 Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, the Prime Minister’s advisors for economic and legal affairs, and the Chairman of the Securities Commission.”

He added, “The Council discussed the items on its agenda and took the necessary decisions regarding them, and hosted the President and Vice President of the Financial Supervision Bureau and the Director-General of the Legal Department in the Bureau to study and evaluate partnership contracts between the public and private sectors and demonstrate the economic feasibility of their continuation or termination.”

He pointed out that “the head of the Bureau reviewed these contracts, which were divided between important contracts that benefit the state budget and contracts that lacked economic feasibility, and the Council decided to complete the discussions in the presence of representatives of the relevant ministries in order to resolve this important file.”

The Council decided, according to the statement, “to approve the recommendations of the committee formed to study the adoption of Iraqi, Gulf, or higher specifications when importing vehicles in order to preserve the lives and safety of citizens and users of vehicles and roads.”

The Council discussed, “Determining the contribution of foreign capital to Iraqi banks, and in line with the state’s general policy in supporting the Iraqi and foreign banking sector and foreign investments in Iraq,” deciding to “support the independence of the Central Bank of Iraq in formulating monetary policy in accordance with its applicable laws and instructions.”

He hosted, “The Technical Undersecretary of the Ministry of Environment to discuss supporting the Ministry’s projects related to implementing the government program and removing obstacles that hinder its implementation.”  06/10/2024 –

Implementing The Comprehensive Banking System Of Rafidain Bank In 29 Branches

Economy | 09:38 – 06/10/2024  Baghdad – Mawazine  Rafidain Bank announced today, Monday, the implementation of the comprehensive banking system in 29 branches so far.

A statement from the bank, received by Mawazine News, stated, “In implementation of government directives to adopt modern methods in completing banking transactions and expanding the circle of banking activity using advanced technical devices, Al-Rafidain Bank announces the implementation of the comprehensive banking system in its branches (Anbar and Mosul University), thus joining the branches.”

 The comprehensive system was activated in Baghdad and the governorates, in addition to the branches of the border crossings (Zurbatiyah – Safwan – Arar – Trebil) in an important step to abandon paper work and move completely towards electronic transformation.

The bank confirmed that “the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timings to include all branches of the bank in implementing the system, especially since one of the priorities and adoptions of the government program is electronic transformation in financial transactions, reducing episodes of red tape for citizens, and reducing time and effort in completing citizens’ transactions.”

Find Out The Dollar Prices With The Closure Of Stock Exchanges In The Governorates

Economy | 07:10 – 06/10/2024   Baghdad – Mawazine News  publishes an evening list of the dollar exchange rates against the local dinar in some Iraqi governorates.   The list was as follows:

Baghdad:  Selling prices: 147,000   Purchasing prices: 145,000

Basra:  Selling prices: 146,000   Purchasing prices: 144,500

Erbil:  Selling prices: 147,000   Purchasing prices: 146,000

Najaf:  Selling prices: 146,000   Purchasing prices: 145,000

Oil Prices Decline With The Rise Of The Dollar After US Data

Energy  Economy News _ Baghdad  Oil prices fell for the second session in a row on Monday, affected by a rise in the dollar if expectations of a cut in US interest rates were postponed in the wake of strong US jobs data on Friday.

By 0036 GMT, Brent and West Texas Intermediate crude futures fell 4 cents to $79.58 and $75.49 per barrel, respectively.

Data last Friday showed that the number of new jobs in the United States was more than expected last month, which prompted investors to reduce expectations of a rate cut and led to a rise in the dollar.

The rise of the dollar increases the cost of purchasing commodities denominated in the US currency, such as oil, for holders of other currencies.

The euro was also under pressure, reflecting the uncertainty in the euro zone, after French President Emmanuel Macron called for early legislative elections in June after his party lost in the European Parliament elections to Marine Le Pen’s far-right party.

Markets are also focusing on the meetings of the Federal Reserve (US central bank) and the Bank of Japan this week.

Brent crude and West Texas Intermediate crude suffered a third weekly loss in a row last week, due to fears that a plan to reduce production cuts implemented by the OPEC+ group starting in October will add to an increase in global supply.

In Iraq, Oil Minister Hayan Abdul Ghani said that there is progress in talks with Kurdistan Region officials and representatives of international companies operating there to reach an agreement to resume oil exports through the Iraqi-Turkish oil pipeline, through which about 0.5% of global oil supplies passed.

Views 104  Added 06/10/2024 – 9:06 AM

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Provoking Thoughts and Points To Ponder On Adversity:

Whenever there is chaos, it creates wonderful thinking. I consider chaos a gift.  – Septima Poinsette Clark

I have always been pushed by the negative…. The apparent failure of a play sends me back to my typewriter that very night, before the reviews are out. I am more compelled to get back to work than if I had a success.  – Tennessee Williams

What we want is never simple.  – Linda Pastan

For me life is a challenge. And it will be a challenge if I live to be a hundred or if I get to be a trillionaire. – Beah Richards

To be thrown upon one’s own resources is to be cast into the very lap of fortune, for our faculties then undergo a development and display an energy of which they were previously unsusceptible. – Benjamin Franklin