Iraq Economic News and Points to Ponder Sunday Afternoon 11-17-24

The President Of The Republic Stresses The Need To Develop A Future Strategy For Financial Policy According To Transparent Standards

Sunday 17 November 2024 13:06 | Economic Number of readings: 209  Baghdad / NINA / President of the Republic Abdul Latif Jamal Rashid stressed the necessity of developing a future strategy for financial policy according to transparent standards. The media department of the Presidency of the Republic stated in a statement that “President of the Republic Abdul Latif Jamal Rashid received at the Baghdad Palace, Governor of the Central Bank Ali Mohsen Al-Alaq.

” It added that “during the meeting, plans were reviewed to reform and develop the government and private banking sector, and support the work of the Central Bank, to enhance financial stability and achieve economic development.”

According to the statement, the President of the Republic stressed the necessity of developing a future strategy for financial policy according to clear transparent standards that contribute to developing the services provided to the citizen, and building a solid banking sector.

In turn, Al-Alaq reviewed the plans and procedures of the Central Bank aimed at developing the banking sector to play its role in facing economic challenges. / End 11 https://ninanews.com/Website/News/Details?key=1169498

Al-Atwani To The French Embassy Delegation: Halting External Borrowing Indicates An Improvement In Iraq’s Financial Policy

Money and business  Economy News – Baghdad  The head of the Finance Committee, Atwan Al-Atwani, explained on Sunday, during his meeting with the French embassy delegation, that the cessation of external borrowing indicates an improvement in Iraq’s financial policy.

A statement issued by the media office of the Council of Representatives, and seen by “Economy News”, stated that “the head of the Finance Committee, Atwan Al-Atwani, received a delegation from the Economic Attaché at the French Embassy in Baghdad.”

The statement continued, “During the meeting, the financial and economic situation in the country was reviewed, in addition to the role of the Finance Committee in monitoring spending and implementing the items of the general budget.

” Al-Atwani pointed out “the priorities that his committee is currently working on, most notably maximizing non-oil revenues to avoid the risks of fluctuations in global oil prices on the Iraqi economy, in addition to preparing a package of important legislation that would bring about a qualitative shift in the financial and banking sector.”

He explained that “the decline in foreign borrowing indicates an improvement in our financial policy,” noting that “the decline in foreign debts came after conducting a comprehensive review of the feasibility of these loans, as we stopped them and began to pay off the old ones, and we obligated that borrowing be only for productive projects that achieve a financial return and not for consumer sectors.”

Al-Atwani called on French companies to “enter the Iraqi market forcefully, especially since they have previous successful experiences in implementing strategic projects.”

He pointed out that “the provisions of the general budget gave the government the opportunity to encourage foreign companies to invest their money in the country by providing sovereign guarantees.”

For his part, the French delegation expressed its happiness with this fruitful meeting, stressing “his country’s desire to strengthen relations in various development fields with Iraq in a way that achieves the interests of the two friendly peoples.”   https://economy-news.net/content.php?id=49929

Gold Rises Again In Baghdad  

Stock Exchange  Economy News – Baghdad   The prices of foreign and Iraqi gold rose today, Sunday, in the local markets in Baghdad.

Gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, this morning recorded a selling price for one mithqal of 21 karat Gulf, Turkish and European gold of 538 thousand dinars, and a purchase price of 534 thousand.

The selling price of one mithqal of 21-karat Iraqi gold reached 508 thousand dinars, and the purchase price was 504 thousand.

As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranged between 540,000 and 550,000 dinars, while the selling price of a mithqal of Iraqi gold ranged between 510,000 and 520,000 dinars.    https://economy-news.net/content.php?id=49919

Find Out The Dollar Exchange Rates In The Iraqi Markets With The Closing Of The Stock Exchange

Economy  |  11/17/2024   Mawazine News – Baghdad  The US dollar exchange rate stabilized in the capital Baghdad on Sunday, while it declined in Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.

The dollar prices stabilized with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 150,350 dinars per 100 dollars, the same prices recorded this morning.

As for the selling prices in the field of exchange in the local markets in Baghdad, they stabilized, as the selling price reached 151,250 dinars per 100 dollars, while the purchase price reached 149,250 dinars per 100 dollars.

In Erbil, the dollar recorded a decrease, as the selling price reached 150,100 dinars per 100 dollars, while the purchase price reached 150,000 dinars per 100 dollars.  https://www.mawazin.net/Details.aspx?jimare=256651

Central Bank Sells About $300 Million In Auction Today

Time: 2024/11/17 Read: 1,599 times  {Economic: Al Furat News} The Central Bank of Iraq’s dollar sales, on Sunday, amounted to more than $298 million in the currency auction.

The bank sold in its auction today 298 million, 833 thousand and 614 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $279,583,614, up 96% from cash sales of $19,250,000.

The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 16 banks, and the total number of exchange companies participating in the auction was 16 companies.  LINK

Decline In Iraq’s Oil Exports To America During The Week

Time: 2024/11/17 09:20:12 Read: 1,170 times  {Economic: Al Furat News} The US Energy Information Administration announced, today, Sunday, a new decline in Iraq’s oil exports to America during the past week.

The administration stated in a table that “the average US imports of crude oil during the past week from 9 major countries amounted to 5.703 million barrels per day, an increase of 104 thousand barrels per day from the previous week, which amounted to 5.599 million barrels per day.”

She added that “Iraq’s oil exports to America amounted to 121 thousand barrels per day last week, down by 62 thousand barrels per day from the previous week, which amounted to 183 thousand barrels per day.”

The administration indicated that “the largest oil revenues for America during the past week came from Canada at a rate of 3.953 million barrels per day, followed by Mexico at an average of 384 thousand barrels per day, then Venezuela at an average of 359 thousand barrels per day, and Brazil at 280 thousand barrels per day.”

According to the table, “the amount of US imports of crude oil from Ecuador amounted to 247 thousand barrels per day, from Colombia 142 thousand barrels per day, Saudi Arabia 140 thousand barrels per day, and Nigeria 77 thousand barrels per day, while it did not import any amount from Libya. LINK

A Workshop In Basra Discusses With Foreign Oil And Gas Companies Encouraging Investment And Development In The Province

Sunday 17 November 2024  Economic Number of readings: 128  Basra / NINA / The Security Committee of Basra Provincial Council sponsored, on Sunday, a workshop to reach a sustainable and effective partnership with foreign companies and encourage them to work and invest in the province.

The head of the committee, “Aqeel Talib Al-Furaiji,” said according to his media office, “The workshop aims to reach a real, sustainable and effective partnership to reach a common vision between government sectors and security agencies with foreign companies operating in Basra through security, technical and informational communication according to the borders, contexts and controls in effect to encourage the active investment movement witnessed by Basra to return with economic, reconstruction and developmental benefits to Basra and Iraq in general.”

He stressed the importance of this pivotal strategy that Basra Governor “Asaad Al-Eidani” worked on in the previous period, and what Basra witnessed in terms of development, reconstruction, construction, competition, rise and renaissance over the rest of the other provinces, including the capital Baghdad and the Kurdistan Region, and his giving the utmost importance to this vital file as it is one of the files of common interest that serves the interests of the local government and foreign companies wishing to invest and work in Basra.”

For his part, the Director of Schlumberger Company in Iraq praised the holding of this workshop, which strengthens the relationship and work between the Iraqi authorities and foreign oil and gas companies, indicating that “this workshop represents an important link in the efforts to enhance cooperation and joint coordination to enhance security in the province, and enhance stability and development to create a more secure environment to encourage more investment and create a balance aimed at accelerating economic growth and deepening the spirit of cooperation between the Iraqi authorities and the oil and gas industry in the province.” / End   https://ninanews.com/Website/News/Details?key=1169515

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