Iraq Economic News and Points To Ponder Thursday Evening 5-23-24


Iraq Economic News and Points To Ponder Thursday Evening 5-23-24

An Economic Expert Explains The Reasons For The Turmoil In Gold Prices In Iraq

Economy | 05/23/2024   Baghdad – Mawazine News  The economic expert, Nabil Jabbar Al-Tamimi, revealed today, Thursday, the reasons for the change and turmoil in gold prices in Iraq.

Al-Tamimi said in an interview with “Mawazine News”, “The gold market in Iraq is directly linked to international gold prices. The rise and fall of global prices is the only one that has an impact on the local gold market.”

He added, “We are currently witnessing a global rise in prices, as the price of an ounce of 24-karat gold has exceeded more than $2,400, which represents the highest global gold prices throughout history. Waves of inflation, lax monetary policies around the world, and a group of geopolitical turmoil have led to a rise in gold prices during the three years.” Which resulted in the spread of the Corona virus more than doubling.”

He pointed out that “the prices of one ounce in 2020 ranged near $1,300 per ounce, while today’s trading is near $2,400 per ounce.

The American Ambassador Affirms Her Country’s Commitment To Supporting The Security And Stability Of Iraq

Thursday, May 23, 2024 3:47 PM  Baghdad/National News Center The United States affirmed The Presidency’s Media Department stated

During the meeting, Rashid stressed “the importance of working to strengthen and develop relations in various fields, especially economic, commercial, cultural and environmental, in a way that achieves the common interests of the two countries and peoples.”

He pointed to “the positive developments that the country is witnessing at various levels,” pointing out that “security stability is being consolidated thanks to the efforts of the Iraqi security forces in their various formations.”

For her part, Elena Romanski expressed her country’s “commitment to supporting the security and stability of Iraq and strengthening relations of cooperation and friendship in various fields.”

The Prime Minister Calls On The Private Industrial Sector To Invest In The Raw Materials Available In Iraq
Thursday 23, May 2024  Economical Number of readings: 292  Baghdad / NINA / Today, Thursday, Prime Minister Muhammad Shiaa Al-Sudani called on the private industrial sector to invest in the raw materials available in Iraq.

A statement from his media office stated that Al-Sudani launched, in the Al-Najaf Governorate, today, Thursday, the executive work on the Al-Diyar Al-Iraqiyya Glass Production Factory project.

According to the statement, the project is the first to be implemented in accordance with the sovereign guarantees approved in the budget, and in cooperation between the Iraqi Trade Bank and the Iraqi Trade Bank. TBI and the German Export Bank, and it represents the most important forms of cooperation between Iraq and Germany, the foundations of which were laid during his visit to the German capital, Berlin.”

Al-Sudani blessed the launch of work on this important project, and appreciated the efforts of the Industrial Estates Authority, the Ministry of Industry, and other supporting parties, stressing:

“This factory is being implemented in an industrial city by an investor who has undertaken to provide all services. The industrial city is also preparing to embrace industrialists and provide land and services, which is an advantage.” We aspire to have it implemented in all governorates.”

The Prime Minister indicated that the new project is the first to produce glass, with a capacity of 800 tons per day, which means 25% of the local market’s need. The factory will rely on silica available in Iraq, stressing the availability of many raw materials that have not been invested. He also directed the necessity of implementation according to Plan and schedule.

The Prime Minister affirmed the government’s support for the private sector, and the provision of guarantees for all projects that represent a priority, especially the housing and construction sector, which represents a large demand for construction materials, indicating the country’s need to triple the existing factories for coverage, calling on the serious private sector to invest in this important opportunity.

As the government continues to remove obstacles and bureaucracy, this path will provide real job opportunities, and larger industries will settle in this city and other industrial cities.”/

Al-Handal Stresses Iraq’s Commitment To Combating Money Laundering.. What About Inflation?

Economy News – Baghdad   The head of the Iraqi Private Banks Association, Wadih Al-Handal, confirmed today, Thursday, that Iraq is committed to combating money laundering, pointing to the role of the Central Bank of Iraq in reducing inflation to 3.8%.

Al-Handal said during a speech he delivered at the Arab-Turkish summit in Istanbul, followed by Al-Iqtisad News, that “Iraq’s policy is focused on economic openness to all countries, to build a network of strong economic relations, and to attract foreign investments in infrastructure development.”

He added, “Bilateral relations between Iraq and Turkey are going through their golden age. Trade exchange reached 20 billion dollars last year, and cooperation is great between Iraqi and Turkish companies in implementing strategic projects inside Iraq,” noting that “the visit of Turkish President Recep Tayyip Erdogan last month To Iraq, it will reflect positively on the Arab region, starting with the development road project.”

The head of the Association of Iraqi Private Banks stated, “The Iraqi Development Road Project is one of the projects that will transform the form of transporting goods between East Asian countries and Europe, because it will contribute to shortening the time on the ship departing from the port of Al-Faw to Europe by fifteen days compared to other transport lines.”

 As well as reducing the cost in terms of insurance and transportation fees, which will be reflected positively on the final price of the goods, in addition to the fact that the project will provide more than 100,000 direct job opportunities with the establishment of large factories inside the country.”

He pointed out, “The development road will link the countries of China, India, the Emirates, Qatar, Iraq, and Turkey, all the way to Britain, through rail and land lines to transport goods and people.

It is the leading project in the region currently, as it will contribute to transporting fifteen million passengers annually and more than 22 million tons of food.” Goods, and will cost seventeen billion dollars, with revenues for Iraq amounting to about 5 billion dollars annually.”

Al-Handal called on Arab and foreign banks to “contribute to financing investments while continuing to work on providing sovereign guarantees, in a way that contributes to accelerating work and achieving development for all.”

He stated, “The Central Bank of Iraq worked with its Turkish counterpart, during the previous stage, to adopt the Turkish lira and the euro to finance trade exchange between the two countries.”

He stressed that “the private banking sector is progressing rapidly in growth, despite the great challenges surrounding it, and that some banks that faced difficulties in dealing in the dollar continue to work in other currencies, in implementing the aspirations of their customers, in addition to increasing the types of banking services, which… “It reflects positively on the sector’s work in increasing the rate of financial inclusion.”

He explained, “The monetary policy, led by the Central Bank of Iraq, during the current stage, has worked very successfully, contributing to reducing inflation from 7.5 percent to 3.8 percent,” noting, “Iraq’s foreign currency reserves have reached more than 111 billion.” $, and gold 145.6 tons, which makes it ranked fifth in the Arab world.”

Al-Handal thanked the Union of Arab Banks, praising this two-day Arab-Turkish summit, wishing to come up with urgent decisions that contribute to changing the face of the region economically and give hope to our people, who are suffering from the effects of inflation, high prices, and the migration of foreign investors.

He concluded by saying: “Iraq is one of the countries committed to combating money laundering and terrorist financing, according to what was announced by the Financial Action Task Force for the Middle East and North Africa (MINFATF), which is an indicator that all countries rely on,” praising “the role of the Central Bank and the Iraqi judiciary in preserving To classify Iraq globally as one of the countries committed to combating money laundering and terrorist financing.

Views 131 05/23/2024

252 Million Dollars In Sales From The Iraqi Central Bank Within A Day

Economy News – Baghdad  Foreign remittance sales at the Central Bank of Iraq auction, on Thursday, increased by 90% at the expense of cash sales, reaching more than $252 million.

Today, during its auction for buying and selling the US dollar, the Central Bank sold 277 million, 354 thousand and 736 dollars, which the bank covered at a base exchange rate of 1,310 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 1,305 dinars per dollar in cash. .

Most of the bank’s dollar sales went to strengthening balances abroad in the form of (remittances, credits), which amounted to 252 million, 154,736 dollars, an increase of 90% over cash sales of 25 million and 200 thousand dollars.

Views 91 05/23/2024 –

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Provoking Thoughts and Points to Ponder on Money

Riches are for spending.  – Francis Bacon

Some people’s money is merited and other people’s is inherited.  – Ogden Nash

There is only one thing for a man to do who is married to a woman who enjoys spending money, and that is to enjoy earning it.  – Edgar Watson Howe

To be clever enough to get all that money, one must be stupid enough to want it.  – G. K. Chesterton

Why is there so much month left at the end of the money?  – Anonymous