Iraq Economic News and Points To Ponder Monday Afternoon 6-24-24
Iraq Transfers $254 Million Abroad Within One Day
Economy | 06/24/2024 Baghdad – Mawazine News Foreign remittance sales at the Central Bank of Iraq auction, today, Monday, increased by 92% over cash sales, reaching more than 254 million dollars.
Today, during its auction for buying and selling the US dollar, the Central Bank sold 274 million, 246 thousand and 415 dollars, covering it 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 254 million 66 thousand and 415 dollars, an increase of 92% over cash sales amounting to 20 million 180 thousand dollars.
The number of banks that purchased cash dollars reached 3 banks, while the number of banks that responded to requests to enhance balances abroad reached 16 banks, and the total number of exchange and brokerage companies participating in the auction was 40 companies.
https://www.mawazin.net/Details.aspx?jimare=250168
The Central Bank Publishes The Mechanism For Imposing Fines On Private Banks
Economy | 06/24/2024 Baghdad – Mawazine News The Central Bank of Iraq revealed the mechanism for imposing fines on private banks and money changers.
According to a document issued by the bank on the third of this month, “We would like to inform you that imposing fines on banks and non-banking financial institutions is carried out through a specialized committee in this bank whose work is based on Central Bank Law No. (56) of (2004) and Banking Law No. (94) of (2004) and the instructions and controls that regulate banking operations.”
He added, “In view of the bank or non-banking financial institution’s violation of these laws, instructions and controls, noting that the purpose of imposing fines on banks and non-banking financial institutions is to prevent them from committing violations of the laws mentioned above and the instructions issued pursuant to them to protect them and ensure their safety and the safety of the financial sector in general.” . https://www.mawazin.net/Details.aspx?jimare=250153
The President Of The Republic Calls For Amending Laws Related To Investment
Political | 02:19 – 06/24/2024 Baghdad – Mawazine News On Monday, President Abdel Latif Gamal Rachid called for amending laws related to investment.
A statement from the Presidency of the Republic stated, “The President of the Republic, Abdul Latif Jamal Rashid, received today at Al-Salam Palace in Baghdad, the Chairman of the National Investment Authority, Haider Muhammad Makkiya,” indicating that “during the meeting, the National Authority’s work plans and its investment policy were reviewed.”
The President of the Republic pointed out “the necessity of overcoming obstacles facing investors, as well as supporting Iraqi businessmen and involving them in the investment process.”
He explained that “activating investment requires making amendments to some of the applicable laws,” stressing his support for “everything that would facilitate and revitalize this vital sector in a way that strengthens the national economy and provides job opportunities.”
He stressed “developing communication mechanisms, exchanging experiences and information, and enhancing the process of trade partnerships between Iraq and countries with expertise in this field.”
For his part, Makiya affirmed the Authority’s “keenness to develop the work,” reviewing “the investment plans and projects currently in the works, in addition to the future plans drawn up to develop all cities in Iraq and serve their residents.” https://www.mawazin.net/Details.aspx?jimare=250163
Iraq.. Oil Will Continue To Rise Until 2025
Economy | 06/24/2024 Baghdad – Mawazine News The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, today, Monday, identified the most important economic gains achieved due to the rise in oil prices, pointing out that global energy market sources indicate that the current rise in oil prices will continue until the end of the year 2025.
Saleh said, “There are There is a clear link between the rise in revenues from Iraqi sourced oil due to the rise in energy prices in global markets on the one hand, and the sustainability of financing investment projects whose allocations are estimated in Federal General Budget Law No. 13 of 2023 (the tripartite budget), which exceeds 55 trillion dinars annually.”
He explained, “The rise in oil prices above their estimated rates leads to reducing the hypothetical deficit gap in the annual general budget, which is estimated at approximately 64 trillion dinars, and provides sustainability of spending on development projects,” stressing that “the hypothetical deficit is no longer a reason for faltering or delaying reconstruction projects and expenditures.” Related investment.
Saleh added, “The government program has prioritized, in its philosophy and general directions, the policy of diversifying sources of income in the national economy.”
He stated, “For the first time, sovereign guarantees are granted to market activities and the private sector as a partner in development, with priority to major economic diversification activities, by providing appropriate financing to the private sector from global financial sources in order to finance the transfer of modern technology, especially the manufacturing and petrochemical industries, as well as industries related to the provision of high-quality products.” “A link to reconstruction, to ensure stable and high growth rates and provide the requirements for sustainable development and operation.”
He pointed out, “Global energy market sources indicate that the current oil prices will continue to rise until the end of the year 2025, with an average price of one barrel of crude oil at no less than $82, which is an average that exceeds the conservative price mentioned in the general budget law above, which was estimated at about $70 per barrel.” https://www.mawazin.net/Details.aspx?jimare=250173
Iraq Approves The Lending Strategy
06/24/2024 Baghdad – Mawazine News , today, Monday, the Ministerial Council for the Economy approved the national lending strategy, while deciding to hold a special session of the Council, in the Kurdistan region, to resolve all outstanding economic problems.
This came during a meeting held under the chairmanship of Foreign Minister Fouad Hussein, the 18th session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Trade, Agriculture, Industry, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, and the Prime Minister’s advisors for economic and legal affairs. Chairman of the Securities Commission, and Undersecretary of the Ministry of Oil.
According to a statement received by Mawazine News Agency, the Council discussed the items on its agenda and took the necessary decisions regarding them, and approved the Ministry of Transport’s request to refer a project to extend a railway between the city of Basra and the Shalamcheh port, as far as financial powers are concerned.
The Council approved the national lending strategy after the Governor of the Central Bank presented a brief on the strategy and what the bank implemented during previous lending initiatives. It also decided to hold a special session in order to discuss all opinions, ideas and proposals related to maximizing the state’s non-oil revenues.
The Council agreed, according to the statement, for the General Company (UR) affiliated with the Ministry of Industry to purchase the damaged and damaged cables and wires from the Ministry of Electricity and all their assortments for a price to be agreed upon between the two parties.
The Council reviewed the technical report prepared by the Ministry of Commerce on the reality and work of private mills, and decided to support the Ministry’s measures to improve the quality of flour production provided to citizens, as well as to approve the transfer of ownership of the mills.
The Council also agreed to cancel the withdrawal of work from the company executing the contract to prepare (16) spherical tanks so that the completion rates reach the final stages. The Council also decided, upon the request of the Ministry of Agriculture, to open the import of winter crops (lahana, cauliflower, lettuce, turnips, and beets). https://www.mawazin.net/Details.aspx?jimare=250167
How Much Were The Dollar Exchange Rates In The Markets Today?
Economy | 06/24/2024 Baghdad – Mawazine News The exchange rates of the dollar against the dinar rose today, Monday, in the markets of the capital, Baghdad.
Dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 147,150 dinars for every 100 dollars, while yesterday, Sunday, they recorded 146,800 dinars for every 100 dollars.
Selling prices also rose in the local markets in Baghdad, as the selling price reached 148,000 dinars, while the purchasing price reached 146,000 dinars for every 100 dollars.
https://www.mawazin.net/Details.aspx?jimare=250162
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Provoking Points To Ponder On Chance and Fortune
I make the most of all that comes, And the least of all that goes. – Sara Teasdale
If you do not expect it, you will not find the unexpected, for it is hard to find and difficult. – Heraclitus
Two roads diverged in a wood and I – I took the one less travelled by, And that has made all the difference. – Robert Frost
Unless a man has trained himself for his chance, the chance will only make him ridiculous. – W. Matthews
Chance is always powerful. Let your hook be always cast. In the pool where you least expect it, will be a fish. – Ovid
Chance is the pseudonym of God when he did not want to sign. – Anatole France
The harder you work, the luckier you get. – Gary Player
I think we consider too much the good luck of the early bird and not enough the bad luck of the early worm. – Franklin D. Roosevelt
Fortune favours the bold. – Terence
The luck of having talent is not enough; one must also have a talent for luck. – Hector Berlioz
In the field of observation, chance favours the prepared mind. – Louis Pasteur
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