Iraq Economic News and Points To Ponder Monday Evening  5-27-24


Iraq Economic News and Points To Ponder Monday Evening  5-27-24

A Positive Report From The World Bank On Iraq’s Monetary Policy

Economy |  05/27/2024  Baghdad – Mawazine News  The report issued by the International Monetary Fund mission for the current year 2024 for Article Four consultations, today, Monday, praised the Iraqi government’s measures, including the monetary policy led by the Central Bank of Iraq.

The report indicated, according to a statement issued by the Central Bank and received by “Mawazine News,” that “the Central Bank of Iraq has taken several measures aimed at stabilizing the national currency and controlling monetary inflation,” adding that “the Central Bank has raised the interest rate on monetary policy tools from 4% to 7.5%.” % and increasing banks’ mandatory reserve requirements from 15% to 18%.

These steps were decisive in reducing the inflationary pressures that Iraq suffered from, and this contributed to creating a more stable economic environment.

The report stressed that “important reforms in the banking sector such as gradually increasing In bank capital and mergers between small banks aim to strengthen the banking sector and increase its efficiency and flexibility in the face of economic shocks.”

The report noted that “Iraq has implemented new compliance measures to improve the transparency of cross-border financial transactions, by launching an electronic platform that imposes the disclosure of financial beneficiaries, which enhances the integrity of financial transfers in accordance with international banking standards, in addition to the role of the Central Bank of Iraq in expanding Correspondent banking relationships, to facilitate smoother international trade financing operations.”

The Minister Of Finance Confirms The Government’s Commitment To Implementing The Financial Management Law

Economy   Monday, May 27, 2024 3:54 PM  The Minister of Finance confirms the government’s commitment to implementing the Financial Management Law

The Iraqi Central Bank Sells More Than $275 Million During Today’s Auction

Economy News – Baghdad  The Central Bank of Iraq announced, on Monday, its sales of hard currency, amounting to more than 276 million dollars in today’s transactions, according to the official rate of 1310.

The bank’s data showed that the total internal cash withdrawals amounted to $25,100,000, while the total amounts of transfers abroad, which include remittances and credits, amounted to $251,787,116, while the total sale amounted to $276,887,116.

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Iraq Is Close To Opening The First Factory To Produce Naval And Military Boats

Money and business   Economy News – Baghdad  During the current year, the Military Industries Development Company will open the first factory of its kind in the country to produce military naval boats, revealing that it has concluded pre-manufacturing contracts with the leadership of the Naval Force.

The company’s general manager, Ali Mohsen Khudair, said in a statement followed by Al-Ahed News Agency, “The authority, as part of its plans to develop the military industry in the country in cooperation with international companies, will open during the current year the first factory of its kind for the production of military naval boats, and it will also specialize in rehabilitating and maintaining ships.” River and marine vessels.

He added, “The factory, which was equipped with the latest advanced devices and equipment, and is currently in operation, is located within the site of the (Uqba bin Nafi) facility in the Yusufiyah region, noting that the production of boats of various types was carried out before 2003 within the Dhat Al-Sawari Company affiliated with the Ministry of Industry and Minerals.” However, it was not at the required level.”

Khudair revealed that “the Authority had concluded prior contracts with the leadership of the Iraqi Naval Force to equip it with naval boats with specific specifications, which reflects the success of the economic feasibility achieved previously, which focused on the factory’s production of boats of various types, in accordance with the requirements and specifications of the beneficiary in the security services of the maritime police.” And the river.”

He pointed out that “the manufactured boats are characterized by being fast interceptors, designed according to international specifications, operating with high efficiency in various marine conditions, and also enjoying high stability.”

The company director confirmed, “The Authority intends to develop the work of the fleet of boats and military naval boats of various types, which will contribute to supporting the country’s economy as well as creating great job opportunities for the workforce:.  201 views  Added 05/27/2024 –

Decrease In Dollar Exchange Rates In Baghdad And The Provinces

Economy |  05/27/2024  Baghdad – Mawazine News  Today, Monday, the dollar exchange rates recorded a decrease in the local markets in Baghdad and the governorates.  Below is a list of exchange rates: 

Baghdad 145,000   Erbil 144,925   Basra 145,000   Najaf 145,000   Mosul 145,000   Kirkuk 144,950   Sulaymaniyah 144,850

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Provoking Thoughts and Points to Ponder on Money

Never ask of money spent Where the spender thinks it went. Nobody was ever meant To remember or invent What he did with every cent.  – Robert Frost

The almighty dollar, that great object of universal devotion throughout our land, seems to have no genuine devotees in these peculiar villages.  – Washington Irving

Jesus went into the temple… overthrew the tables of the money changers, and the seats of them that sold doves.  – Bible

When I had money everyone called me brother.  – Polish proverb

Take care of the pence, and the pounds will take care of themselves.  – William Lowndes

Ah, take the Cash, and let the Credit go, Nor heed the rumble of a distant Drum!  – Omar Khayyam

When money speaks the truth is silent.  – Russian proverb

Money is not required to buy one necessity of the soul.  – Henry David Thoreau

Not greedy of filthy lucre.  – Bible 

The love of money is the root of all evil.  – Bible