Iraq Economic News and Points to Ponder Thursday Evening 2-13-25
Investments 2025: Economic Renaissance Under The Umbrella Of The General Budget
Time: 2025/02/13 12:56:05 Read: 1,725 times {Economic: Al Furat News} Mazhar Muhammad Salih, financial and economic advisor to Prime Minister Muhammad Shia al-Sudani, confirmed today, Thursday, that investment projects for the year 2025 are an integral part of the investment section in the Federal General Budget Law.
He added in his statement to {Euphrates News} that “the three-year general budget was enacted to give the development policy sufficient flexibility in implementing investment projects without interruption, according to a flexible and rational vision that takes into account the indicators of the National Development Plan 2024-2028, and according to the available financing capabilities drawn up in the plan and the general budget together.” LINK
Iraq’s Golden Treasure.. Will It Protect The Country From Economic Fluctuations?
Time: 2025/02/13 Read: 1,380 times {Economic: Al Furat News} Member of the Finance Committee, Jamal Kocher, confirmed that Iraq’s gold reserves represent a safety valve for the Iraqi economy.
“Iraq’s gold reserves make Iraq and the entire state safe and protect the country from any sudden economic crises,” Kocher told {Euphrates News}.
Kocher pointed out that “the issue of rising and falling gold prices globally does not affect the reserve.”
Gold is considered a safe haven in times of economic crises, as it maintains its value or increases with the deterioration of other currencies.
Iraq has a large gold reserve, which enhances its economic strength and protects it from external shocks.
The economic advisor to the Prime Minister, Mazhar Mohammed Salih, revealed Iraq’s gold reserves, estimated at about 152 tons.
Although gold prices may fluctuate globally, this does not affect the value of Iraq’s gold reserve in the long term. LINK
Al-Maamari: The Central Bank Supports The Agricultural, Industrial And Residential Sectors With Loans Amounting To One Billion Dinars Through The Electronic Development Portal
Thursday 13 February 2025 Economic Number of readings: 368 Mosul / NINA / The official in charge of the alternative energy file in Nineveh, Khader Al-Maamari, confirmed that the Central Bank of Iraq has launched an initiative to support the agricultural and industrial sectors, in addition to the housing sector, by providing loans of up to one billion dinars for some projects through the electronic development portal.
He said in a statement to the National Iraqi News Agency / NINA / that “the initiative comes within the framework of government efforts to stimulate the national economy and enhance sustainable development in Iraq, which contributes to raising the level of local production and achieving stability in these vital sectors.”
Al-Maamari added that “the loans provided will target projects that contribute to providing job opportunities, increasing local production, and encouraging investment in the fields of agriculture, industry and housing. He also pointed out that applying for these loans will be through the electronic development portal launched by the Central Bank, which facilitates the application process and speeds up procedures for beneficiaries.”
He urged “all investors and owners of small and medium enterprises in Nineveh to take advantage of this opportunity, stressing that the initiative represents a real opportunity to support agricultural, industrial and housing projects that contribute to developing the infrastructure and achieving sustainable development in the governorate.”
He pointed out that “the process of applying for loans will be carried out according to specific terms and conditions, as the submitted projects will be carefully studied to ensure that loans are allocated to the most feasible projects. He expected that this program will contribute to strengthening the local economy and providing job opportunities for young people in Nineveh.”
He explained, “Awareness workshops will be organized for potential beneficiaries in Nineveh on how to apply and benefit from this initiative, to ensure maximum benefit from the support provided.” / End
https://ninanews.com/Website/News/Details?key=1185413
Dollar Prices Fall In Baghdad Markets
Stock Exchange Economy News – Baghdad The US dollar exchange rate fell this morning, Thursday, in Baghdad markets.
The dollar prices witnessed a decrease in the Al-Kifah and Al-Harithiya stock exchanges, recording 150,250 Iraqi dinars for every 100 dollars, while yesterday morning, Wednesday, it recorded 150,400 dinars for every 100 dollars.
Selling prices in exchange shops in local markets in Baghdad recorded a decrease, as the selling price reached 151,250 Iraqi dinars for 100 dollars, while the purchase price reached 149,250 dinars for 100 dollars. https://economy-news.net/content.php?id=52750
Gold Continues Its Historic Rise In Baghdad Markets
Stock Exchange Economy News – Baghdad The prices of foreign and Iraqi gold rose in the local markets in the capital, Baghdad, today, Thursday (February 13, 2025).
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 616 thousand dinars, and a purchase price of 612 thousand dinars.
The selling price of one mithqal of 21-karat Iraqi gold reached 586 thousand dinars, and the purchase price was 582 thousand.
As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranges between 615,000 and 625,000 dinars, and the selling price of a mithqal of Iraqi gold ranges between 505,000 and 515,000 dinars. https://economy-news.net/content.php?id=52755
National Bank Of Iraq Achieves Strong Financial Growth In 2024
Banks The National Bank of Iraq announced its financial results for the year 2024, which showed remarkable growth in various financial indicators, reflecting the strength of the bank’s performance and its expansion in providing banking and credit services.
The bank’s assets during the year 2024 amounted to about 5.1 trillion Iraqi dinars compared to 3.9 trillion dinars in 2023, recording a growth rate of 30.8%. Credit facilities also increased to 1.78 trillion dinars after they were 1.3 trillion dinars in 2023, achieving a growth rate of 36.9%.
As for deposits, they witnessed a significant increase, reaching 3.46 trillion dinars in 2024, compared to 2.9 trillion dinars in 2023, an increase of 19.3%. Pre-tax profits also rose to 293.9 billion dinars in 2024, after they were 228.9 billion dinars in 2023, recording a growth of 28.4%.
As for revenues, they increased to 452 billion dinars in 2024, compared to 343.1 billion dinars in 2023, with a growth rate of 31.7%. The bank’s investments in government bonds amounted to about 920 billion dinars.
The bank achieved net profits after deducting income tax of 252.3 billion dinars during the past year, while the volume of the bank’s purchases on behalf of customers from the currency sales window amounted to more than 16.2 billion dollars, which resulted in achieving commissions worth 151 billion dinars. https://economy-news.net/content.php?id=52762
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