Iraq Economic News and Points to Ponder Thursday Afternoon 4-25-24


Iraq Economic News and Points to Ponder Thursday Afternoon 4-25-24

Economist: There Is Serious Work To Lift US Sanctions On Iraqi Banks

Economy | 04/25/2024  Mawazine News – Baghdad  The expert in economic affairs, Safwan Qusay, confirmed that there is a joint committee between the US Federal Reserve and the Iraqi Central Bank in order to lift sanctions on some banks.

Qusay said, in a televised interview followed by Mawazine News, that “the joint committee is working to study the activities of the banks sanctioned by the US Federal Reserve.”

He added that “banks that have worked to purchase equipment or tools from sanctioned countries will have sanctions imposed on these banks.” A fine, indicating that the government must work to rehabilitate the banking sector so that it is internationally accepted.”

He pointed out that “the government of Muhammad Shiaa Al-Sudani directed the formation of a joint committee between the US Federal Reserve and the Iraqi Central Bank in order to move towards lifting sanctions on Iraqi banks and restoring the status of the Iraqi banking sector. ” to its global stature.

American Threats Close The Iraqi Stock Exchange At A Loss

Market   Economy News – Baghdad  The Iraqi Stock Exchange closed the weekend session, losing by 0.35%, as a result of security developments in northern Iraq after the United States threatened to launch strikes inside Iraq.

The main index of the stock exchange reached 1006.5, with 890 million shares traded, worth 1.1 billion dinars, through 817 transactions, on the shares of 40 companies.

As for the most active companies in terms of traded shares, the Middle East Bank led with 200 million shares, worth approximately 243 billion dinars, and the Iraqi Islamic Bank with 182 million shares.

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The Central Bank Warns Of The Dangers Of Misuse Of Electronic Payment Cards

Economy  Thursday, April 25, 2024 Baghdad/National News Center

The bank explained in a statement received by the National News Centre, that “reports of misused cards are referred to the Supreme Judicial Council, to take the necessary legal measures in accordance with the Anti-Money Laundering and Terrorist Financing Law No. (39) of 2015 and the instructions issued pursuant thereto.”

The statement indicated that “the bank’s efforts in this field resulted in the issuance of judicial rulings against violators, which included sentences of imprisonment and confiscation of cards.” The Central Bank called on

The Iraqi Central Bank Sold More Than $270 Million At Auction Today

Economy News – Baghdad  Today, Thursday, the Central Bank of Iraq’s dollar sales amounted to more than $270 million in the currency auction.

In its auction today, the Central Bank sold 270 million, 897 thousand and 422 dollars, which it covered at a base exchange rate of 1,305 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 1,310 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 264 million 37 thousand and 422 dollars, an increase of 97% over cash sales amounting to 6 million and 860 thousand dollars.

The number of banks that purchased cash dollars reached 6 banks, while the number of banks that responded to requests to enhance balances abroad reached 14 banks, and the total number of exchange and brokerage companies participating in the auction was 58 companies.

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The Bank Of Baghdad Is Moving To Increase Its Capital To 400 Billion Dinars

Bank of Baghdad  The Chairman of the Board of Directors of the Bank of Baghdad, Majid Al-Saadi, announced that the meeting of the bank’s general assembly will be held next May 18 in Baghdad.

Al-Saadi said that the next general assembly meeting of the Bank of Baghdad will decide to increase the bank’s capital from 300 billion dinars to 400 billion dinars in response to the Central Bank’s decision, and the increase will be free shares.

He added that the meeting will also discuss concluding a management agreement between the Jordan Kuwait Bank and the Bank of Baghdad.  04/25/2024 –

The Price Of Gold Rises And Brent Crude Falls Below $87 Per Barrel

Economy | 12:53 – 04/25/2024  Mawazine News – Baghdad  The price of gold ended its decline in recent days, and rose to $2,313 per ounce at the opening in the Asian markets, this morning, Thursday (April 25, 2024), while the price of Brent crude fell below $87 per barrel.

The price of gold fell by about $100 per ounce during the last three days, but it received support from the anxiety prevailing in global stock exchanges.

Gold is a safe haven for investment and demand for it increases when anxiety prevails in the markets.

Financial markets analyst at FX Street, Zwane Mehta, believes that the US growth data for the fourth quarter that will be released on Friday “will have a significant impact on gold prices,” as any slowdown in the US economy will lead to a rise in the price of the yellow metal.

A slowdown in the US economy is prompting the US Federal Reserve to cut interest rates faster, providing further support to gold prices.

On the other hand, oil prices fell this morning amid concerns about the slowdown in the US economy and the future monetary policy of the US Federal Reserve.

Brent crude fell 9 cents to $86.95 per barrel, while the price of Texas Light, Light crude fell 7 cents to $82.74 per barrel.

Dollar Prices Fall In Baghdad With The Stock Market Closing

Economy  Thursday, April 25, 2024 Baghdad/National News Center  The exchange rates of the US dollar decreased today, Thursday, against the Iraqi dinar in the markets of the capital, Baghdad, with the stock market closed.

The National News Center correspondent said, “Dollar prices fell with the closure of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 146,300 dinars for every 100 dollars, as prices recorded 146,600 dinars this morning.”

He added, “Prices decreased in banking shops in local markets in Baghdad, where the selling price reached 147,000 dinars for 100 dollars, while the purchase price reached 146,000 dinars.”

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 Provoking Points To Ponder on Failures and Mistakes

Through failure, we learn a lesson in humility which is probably needed, painful though it is.- Bill W.

Nothing is a waste of time if you use the experience wisely.- Auguste Rodin

From the errors of others, a wise man corrects his own.- Publilius Syrus

Learn from the mistakes of others – you can’t live long enough to make them all yourself.- Martin Vanbee

The entire history of science is a progression of exploded fallacies.- Ayn Rand

Don’t use the conduct of a fool as a precedent.- Talmud

Wise men learn by other men’s mistakes, fools by their own.- H. G. Bohn