Iraq Economic News and Points to Ponder Tuesday Afternoon 5-7-24


Iraq Economic News and Points to Ponder Tuesday Afternoon 5-7-24

The Dinar Is Breathing Through The Eye Of A Needle And The Dollar Is At 145,500

Economy | 05:40 – 05/07/2024  Mawazine News – Baghdad  The exchange rates of the US dollar witnessed a decline this evening, Tuesday, in the capital, Baghdad, while it stabilized in Erbil, the capital of the Kurdistan Region, with the stock market closed.

Dollar prices fell with the closure of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 145,450 dinars per 100 dollars, while prices had recorded this morning 145,550 dinars per 100 dollars.

Regarding the selling prices in the exchange shops in the local markets in Baghdad, they stabilized, as the selling price reached 146,500 dinars per 100 dollars, and the purchasing price reached 144,500 dinars.

Al-Rafidain Explains The Importance Of Adopting A Comprehensive Banking System

Economy News – Baghdad  On Tuesday, Rafidain Bank explained the importance of adopting a comprehensive banking system, while stressing the work on adopting two advanced systems in the field of combating money laundering and terrorist financing.

The bank’s general manager, Ali Karim Hussein, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “since we took over the management of the bank, Rafidain Bank has begun activating the comprehensive banking system in its branches spread across government institutions and border crossings where the collection system is large.” “.

He explained, “The comprehensive banking system will simplify the procedures for opening accounts as well as transfer operations, so that the customer will be able to manage his account without accessing the bank.”

He pointed out that “there are many reforms, including the adoption of the AML and GOAML systems, which are among the internationally required systems, specializing in the field of combating money laundering and terrorist financing, in addition to the adoption of electronic systems in which the human hand does not interfere, as they are the ones who prepare the lists and conduct the scanning process electronically and not Manually,

and as a result, it will guarantee the credibility of Rafidain Bank, as well as the banking sector in general, towards international institutions by adhering to the requirements and legislation for combating money laundering and terrorist financing.”

The Director General of Al-Rafidain Bank stated, “The bank’s previous work, due to the lack of an electronic network linking the bank’s branches, the customers were businessmen, merchants, and simple citizens, who could not carry out any banking operation within a short time, but at the present time the system has been transformed electronically,

so the customer can go For any of our branches spread across Baghdad and the governorates that has a comprehensive banking system, he enters his account, and all his data will be available with the employee, which will make it easier for the customer to conduct banking operations, whether by withdrawal or deposit.”  05/07/2024 –

Sudanese Advisor: The Oil Sector Is Witnessing A Rapid Renaissance

Money  and business  Economy News – Baghdad  Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, explained the positive effects resulting from the export boom of natural gas derivatives, while indicating that the oil sector is witnessing an accelerated development renaissance.

Saleh said, in a statement followed by Al-Iqtisad News, that “models of economic progress depend on export resources in order to advance the reality of development,” indicating that “work to diversify the economy is through diversifying exported raw material products within high value-added chains that reflect positively on Current account of the balance of payments.

He added, “The export launch of a specific type of natural gas derivatives and the development in this direction have two important effects, including the optimal exploitation of some aspects of natural gas resources that have been wasted by burning, especially the gas associated with oil production, in addition to the gradual reduction and compensation for the costs of gas currently imported for specific purposes and used.”

 As a fuel for operating electrical power plants that rely on natural gas derivatives itself.”

He pointed out that “the oil sector today is witnessing a rapid developmental renaissance, whether in diversifying products from crude oil, associated gas or natural gas, and generating high flexibility in allocating the country’s financial resources, whether towards replacing imports of oil and gas products or promoting exports of them according to calculations of the balance between costs and benefits.”

From the import and export activities of various types of oil and gas derivatives,” noting that it is “the optimal balance rule that will be in the interest of the national economy, especially maximizing the country’s financial revenues.” 05/07/2024

Al-Sudani Receives A Delegation From The Union Of Arab Banks

Economy |  05/07/2024  Mawazine News – Baghdad  Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani received a delegation from the Union of Arab Banks.

The Prime Minister’s Media Office said in a statement, “Today, Prime Minister Muhammad Shiaa Al-Sudani received a delegation from the Union of Arab Banks.”

Iraq And The United States Of America Hold Trade Meetings In Washington

Tuesday 07, May 2024 12:42 | Economical Number of readings: 329

Baghdad / NINA / The Ministry of Commerce announced, today, Tuesday, the holding of meetings of the third session of the Trade and Investment Framework Agreement between Iraq and the United States of America in Washington, D.C., after a break that lasted more than nine years.

The ministry stated in a statement, “The meeting was chaired on the Iraqi side by the Economic Undersecretary of the Ministry and included the Director General of the Department of Foreign Economic Relations and the Commercial Attaché and representatives from the Ministries of Finance, Planning, Agriculture and Health, and on the American side the Commercial Representation Office.”

The statement indicated, “The meeting discussed many topics, the most important of which are the agricultural sector, standardization and quality control, the financial system, customs, company registration, intellectual property rights, Iraq’s accession to the World Trade Organization, the health sector, and government contracts.”

He added, “It was confirmed during the meetings that the Iraqi government is open to All parties said that economic reform and diversification of the economy are considered among the priorities that are being worked on, and that Iraq is ready to discuss any proposal that leads to strengthening relations between the two countries.

For its part, the American side expressed its great interest in the topics at hand and its appreciation for the reform measures undertaken by the Iraqi government.

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Provoking Thoughts and Points to Ponder on Wealth

The ideal social state is not that in which each gets an equal amount of wealth, but in which each gets in proportion to his contribution to the general stock.  – Henry George

I’ll fares the land, to hastening ills a prey, Where wealth accumulates, and men decay; Princes and Lords may flourish, or may fade – A breath can make them, as a breath has made – But a bold peasantry, their country’s pride, When once destroy’d can never be supplied.  – Oliver Goldsmith

Riches either serve or govern the possessor.  – Horace

The wealth of nations is men, not silk and cotton and gold.  – Richard Hovey

Life is short. The sooner that a man begins to enjoy his wealth the better.  – Samuel Johnson

Our Lord commonly giveth Riches to such gross asses, to whom he affordeth nothing else that is good.- Martin Luther