Iraq Economic News and Points to Ponder Saturday Evening 4-20-24


Iraq Economic News and Points to Ponder Saturday Evening 4-20-24

Parliamentary Committee: Iraq Has Regained Its Regional Role And Influence In The World

Political | – 20/04/2024   Mawazine News – Baghdad  A member of the Parliamentary Security and Defense Committee, Muhammad Al-Shammari, confirmed today, Saturday, that Iraq has regained its regional role and influence in the world.

Al-Shammari said in an interview followed by Mawazine News, “We aspire for Iraq to regain its regional and global role, and to exploit this situation to be a mediator between America and Iran to ease tensions.”

Al-Shammari pointed out that “Iraq’s restoration of its regional role and influence in the world could be used by the Iraqi government to establish security and stability in the Middle East and in the region in particular.”

Iraq’s Debts During The War With Iran Are Disturbing The Economy And Increasing The Possibility Of It Faltering

Economy |  04/20/2024   Mawazine News – Baghdad..   The financial and banking expert, Mustafa Hantoush, confirmed that the volume of external debts incurred by Iraq exceeded 75 billion dollars, and could increase by the end of the current year 2024.

Hantoush said, in an interview followed by Mawazine News/ that the volume of external debts incurred by Iraq before and after the year 2003 amounts to about 70-75 billion dollars, which can be increased by the end of the current year 2024.

He added that the public debt owed by Iraq to the Paris Club and external obligations is about 35 billion dollars, and may reach 50 billion dollars by the end of the current year, due to… Obligations, external contracts and debt interest.

He pointed out that there are old debts owed by Iraq related to financing the Iran-Iraq war and other international obligations before the invasion of Iraq in 2003, ranging between 35 and 40 billion dollars, which are not scheduled in the Iraqi payment regulations, but they are registered with the Iraqi banks of Al-Rafidain and Al-Rashid in the international debt regulations.

Fourth In The Arab World: Iraq’s Gold Reserves {137.7} Tons

Time: 04/20/2024 17:49:06 Read: 1,469 times   {Economic: Al-Furat News} The former Director of the Financial Supervision Bureau, Salah Nouri, revealed today, Saturday, Iraq’s gold reserves.

Nouri told {Al-Furat News} that: “The gold reserve at the Central Bank of Iraq is approximately {137.7} tons and ranks fourth in the Arab world, according to statistics from the World Gold Council, headquartered in London.”

He pointed out, “We do not have accurate information about the amount of gold reserves in the Central Bank of Iraq. In general, the Central Bank must diversify investments between investing in US government bonds and investing in gold.”

Regarding the most prominent matters covered by the American Forbes magazine about the reasons for the rise in global gold prices, Nouri explained, “The great demand for gold by Chinese and Hong Kong investors is to hedge against economic instability that affects investment in stocks and bonds.”

He added, “There are also fears of reducing interest rates on investment in US government bonds, which led to investing in gold as a safe haven.”

Nouri concluded with “geopolitical reasons for the Russian-Ukrainian war and the war on the people of Gaza by the Zionist entity, all of which are reasons that pushed gold prices to rise globally.”

Gold prices rose yesterday, Friday, due to risk aversion in financial markets.

By 04:29 GMT, gold in instant transactions rose 0.3% to $2,386.05 per ounce, after briefly jumping to $2,417.59 earlier in the session, hovering near the highest level ever at $2,431.29, which it recorded last Friday. .  LINK

Al-Sudani: We Have Reached Satisfactory Solutions With The US Treasury To Address The Conditions Of The Sanctioned Banks

Economy News – Baghdad  Prime Minister, Muhammad Shiaa Al-Sudani, announced on Saturday that a satisfactory agreement had been reached with the American side regarding banks that are prohibited from dealing in the dollar currency.

Al-Sudani said in a press conference, seen by Al-Iqtisad News, that “the Iraqi delegation held important meetings with the US Treasury, with which the Iraqi government and the Central Bank are working, to reform the financial banking sector in Iraq and address the observations that occurred in this sector during the time of previous governments.” “.

He added, “The delegation reached satisfactory solutions that address the conditions of banks deprived of dealing in the dollar by forming committees that undertake the task of auditing the observations made on these banks,” noting that “if the observations are fundamental, the deprivation procedures will continue, and if they are observations, they can be addressed and carried out.”

“There will be reforms within these banks under the supervision of the Central Bank, so that the dollar dealings of these banks will be addressed in the future.”

Al-Sudani stressed that “the US Treasury’s impression was positive on the performance of the Iraqi financial institutions, whether the central bank or the government banking sector, and it was at the peak of optimism, given the reforms that were achieved during a short period of this government’s life.”

He pointed out that “80% of financial transactions and transfers today are carried out in accordance with international standards, certified by the US Treasury,” indicating that “the government will continue to reform the financial and banking sector, which represents a basic gateway to creating economic development and real reforms.”

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Within a week…more than one billion dollars in sales from the Iraqi Central Bank

Money  and business  Economy News – Baghdad  The Central Bank of Iraq’s total sales of US dollars in the currency auction during the past week amounted to more than one billion dollars.

During the past week, during the days in which the auction was opened, the Central Bank sold 1 billion, 354 million, 297 thousand and 9 dollars, at a daily rate of 193 million and 471 million dollars, higher than what it recorded last week, which amounted to 533 million, 978 thousand and 265 dollars.

The highest dollar sales were on Sunday, when sales amounted to 283 million, 160,000 and 3 dollars, while the lowest sales were on Wednesday, when sales amounted to 261 million, 374 thousand and 70 dollars.

Foreign remittance sales during the past week amounted to one billion, 263 million, and 772 thousand dollars, an increase of 94% compared to cash sales, which amounted to 90 million, 525 thousand dollars.

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Oil Closes Higher After Tension In The Middle East

Economy | – 04/20/2024  Mawazine News – Baghdad  Oil prices rose slightly, Friday, but suffered a weekly loss after Iran downplayed suspected Israeli attacks on its territory, in an indication that an escalation of hostilities in the Middle East could be avoided.

Brent crude futures rose 18 cents, or 0.21 percent, at settlement at $87.29 per barrel. US West Texas Intermediate crude futures for May delivery increased 41 cents, or 0.5 percent, to reach $83.14 per barrel upon settlement.

The most actively traded futures contract for June delivery rose 12 cents to $82.22 a barrel.

The two benchmarks rose by more than three dollars a barrel earlier in the session after explosions were heard in the Iranian city of Isfahan today in what sources described as an Israeli attack, but the gains declined after Tehran downplayed the incident and indicated that it had no plans to respond.

“It was just a big show, so the markets fell as quickly as they rose,” said Tim Snyder, an economist at Matador Economics.

Investors were closely watching Israel’s response to Iranian drone and missile attacks on April 13, which came in response to a suspected Israeli airstrike on April 1 on the Iranian embassy compound in Damascus.

American lawmakers included sanctions on Iranian oil exports as part of a pending aid package to Ukraine following the attack launched by Iran on Israel over the weekend.

Reuters data shows that Iran is the third largest oil producing country in the Organization of the Petroleum Exporting Countries (OPEC).

Media reported on Friday that the International Monetary Fund expects the OPEC+ alliance to begin increasing oil production starting in July.

Prices have fallen by about three percent since Monday, and the two benchmarks recorded their largest weekly loss since February.

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Provoking Points To Ponder on Failures and Mistakes

The man who has done his level best, and who is conscious that he has done his best, is a success, even though the world may write him down a failure.- B. C. Forbes

Many a man never fails because he never tries.- Norman MacEwan

Good judgment comes from experience, and experience comes from poor judgment.- Anonymous

Life is very interesting, if you make mistakes.- Georges Carpentier

When I have listened to my mistakes, I have grown.- Hugh Prather

Mistakes and errors are the discipline through which we advance.- William Ellery Channing