Iraq Economic News and Points to Ponder Wednesday Afternoon 12-6-23

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Iraq Economic News and Points to Ponder Wednesday Afternoon 12-6-23

Tlm724 Administrator Bondlady’s Corner

Iraq And Saudi Arabia Sign A Partnership Agreement In The Field Of Industrial Investments For The Private Sector

Wednesday 06, December 2023 | Economical Number of readings: 401  Baghdad / NINA / Iraq and Saudi Arabia signed, today, Wednesday, a partnership agreement in the field of industrial investments for the private sector.  The official agency stated: “The head of the Iraq Fund for Development signed today the partnership agreement between Iraq and Saudi Arabia in the field of industrial investments for the Iraqi and Saudi private sectors.”/End 9   https://ninanews.com/Website/News/Details?key=1093954

Investors: The Iraqi Market Is Promising And Its Investment Environment Is Excellent

Money  and business  Economy News – Baghdad  The agreement signed between the Iraqi and Saudi sides in the field of industrial investments for the private sector is considered an important partnership and a stimulating initiative that will raise the level of services in the Iraqi market.

The Director Commissioner of the Iraqi Diar Company, Salman Dawoud Salman, said, “Under the sponsorship of the Iraqi Fund for Development, the Iraqi and Saudi sides participated in the private sector for the first time.”

He explained, “Al-Diyar Company acquired 49 percent of the investments of the Saudi Northern Factory in Iraq,” noting that “the company is considered one of the important companies in the industrial field.”

He added, “The industrial city is considered one of the strategic projects with an area of 6,000 dunams and is located in the Al-Najaf Governorate,” noting that “there are 6 factories under construction in the industrial city and work is proceeding at a continuous pace.”

For his part, the director of the Northern Cement Company in Saudi Arabia, Saud Al-Arifi, expressed his “happiness at signing a partnership agreement in the field of industrial investments for the private sector,” noting that it “is the first real investment partnership in the sector at this level.”

He continued, “We hope that this initiative will motivate other investors to take the same approach and create joint and beneficial investments for everyone,” noting that “the investment environment is excellent, the opportunities are available, and the Iraqi market is promising in all respects.”

He added, “The government is working to support and facilitate procedures,” calling on “all investors in the Gulf countries to take the initiative and seize the distinctive opportunities that will raise the level of services and construction in the Iraqi market.”

He added, “Many projects will see the light soon.” 

Source: Iraqi News Agency (INA)  Views 30  12/06/2023 –  https://economy-news.net/content.php?id=38234

Al-Nusairi: The Central Bank Has Achieved An Important Step To Finance Trade With Türkiye In The Euro

Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi   Money  and business  Economy News – Baghdad  Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed on Wednesday that the Central Bank completed an important step last week to finance trade with Turkey in the euro currency in the tens of millions as an initial payment to cover retailers’ imports from Turkey, as “the implementation of the banking understanding agreement with Turkey began last Sunday.” “.

Al-Nusairi noted that “this came through Iraqi merchants paying in Iraqi dinars and the Central Bank strengthening them in euros,” pointing out that “after that, settlement is made with Turkish merchants in Turkish lira.”

The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, previously announced, “An Iraqi delegation went to Turkey to agree with Turkish banks to enhance balances in euros or Turkish lira.”

He pointed out that the Central Bank continues to hold periodic agreed-upon meetings with the US Federal Reserve and other banks that were agreed with last month as part of a series of negotiations in order to reach more agreements to regulate trade financing and enhance balances of various currencies in correspondent banks, and thus control speculation in the dollar. On the black market, maintaining exchange rate stability.   Views 35 12/06/2023 –https://economy-news.net/content.php?id=38236

Central Bank Sales Exceed $214 Million Today

Wednesday 06, December 2023 | Economical Number of readings: 263  Baghdad / NINA / The Central Bank of Iraq announced, today, Wednesday, its total sales of foreign currency through the electronic window.

The window recorded the total amounts of transfers abroad (remittances, credits) of $199,798,795, while the total amount of cash sales amounted to $14,590,000, and the total amount of sales amounted to $214,388,795.

The cash sale price was set at 1,305 dinars per dollar, while bond credits, international electronic card settlements, and foreign transfers were set at 1,310 dinars per dollar. /End 11

https://ninanews.com/Website/News/Details?key=1093977

Al-Sudani: We Have Made Important Strides In Banking Reform, Land Management, Agriculture, And Residential Cities

Economy   Wednesday, December 6, 2023 Baghdad/National News Center  Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani called on the House of Representatives to prioritize legislation related to tax system reform, noting that this “reform” represents an “important message” to foreign investors and companies.

Al-Sudani said in a speech he delivered during the tax system reform conference held today in Baghdad: “Within a year of the government’s life, we identified one of its priorities, which is economic reform, because it is a mission that has many dimensions.”

Al-Sudani added, “In all our meetings with investors, the goal was tax reform,” pointing out that “tax reform represents an important message to foreign investors and companies.”

He continued, “The government is serious about restoring the environment for doing business, and our problem is related to the tax reality,” stressing that the government “has made important strides in banking reform, land management, agriculture, and residential cities.”

He added, “We hope that the House of Representatives will prioritize legislation related to reforming the tax system.”   https://nnciraq.com/239899/

Prime Minister: The Task Of Economic Reform Has Many Dimensions

Prime Minister Muhammad Shiaa Al-Sudani confirmed on Wednesday that tax reform represents an important message to foreign investors and companies, while indicating that the government is serious about restoring the business environment.

The Prime Minister said in his speech during the conference (Reforming the Tax System in Iraq) that, “Within a year of the government’s life, we identified one of the government’s priorities, which is economic reform.”

He explained, “The task of economic reform has many dimensions,” noting that “the meetings with investors were aimed at tax reform.”

He added, “Tax reform represents an important message to foreign investors and companies,” stressing that “the government is serious about restoring the business environment.”

He pointed out that “the problem is related to the tax reality,” noting that “an important step has been made in banking reform and the management of agricultural lands and residential cities.”

He called on the House of Representatives to prioritize legislation related to reforming the tax system.

https://www.radionawa.com/all-detail.aspx?jimare=36510

Oil Prices Remain Stable Due To Increased Supply

Economy | 06/12/2023  Baghdad – Mawazine News  Oil prices stabilized after a four-day decline, as a flood of US exports and doubts about whether the OPEC+ alliance would be able to implement planned production cuts raised fears of oversupply.

Brent crude oil traded above $77 a barrel after falling more than 7% over the previous four sessions, while West Texas Intermediate crude remained above $72. US crude shipments are approaching a record level of 6 million barrels per day, according to estimates by ship tracking companies.

The decline in crude oil since the Organization of the Petroleum Exporting Countries and its allies announced deeper production cuts last Thursday shows that the market is skeptical about the extent of commitment to voluntary cuts.

Futures have fallen by about a quarter from their late-September peak on concern that increased production from outside the group will outpace demand growth.

In another sign of recovering supplies, the American Petroleum Institute said that inventories across the United States and at the oil storage center in Cushing, Oklahoma, rose last week, according to people familiar with the numbers.

Official data is scheduled to be issued later on Wednesday.

Technical signals show that the recent decline may have gone too far, too fast. Weak liquidity is also likely to exacerbate price movements, according to Vandana Hari, founder of Vanda Insights in Singapore. “Crude oil has been oversold,” she said.

She added: “It is difficult to imagine that prices are still suffering from the shock of the OPEC+ decision.”

Meanwhile, Russian Deputy Prime Minister Alexander Novak said that OPEC+ could take further action if last week’s agreement is not enough to balance the market. Novak spoke a day before he joined President Vladimir Putin on a visit to the United Arab Emirates and Saudi Arabia.

Reflecting weak markets, Saudi Arabia cut its official selling prices for Asia by the largest amount since February.

The price cuts represent a concession to market weakness in the near term, amid rising supply from non-OPEC+ producers, with low-sulfur crudes trading at particularly cheap prices, thanks in part to strong exports from the United States.

At the same time, Venezuelan President Nicolas Maduro ordered the country’s state oil and mineral companies to begin granting licenses to invest in the disputed region with Guyana known as “Essequibo,” and also asked foreign oil companies to withdraw from the region. This could escalate tensions with the United States, which lifted restrictions on the Venezuelan oil sector in October. 

https://www.mawazin.net/Details.aspx?jimare=239017

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Provoking Points To Ponder on Difficulty:

It is not every calamity that is a curse – and early adversity is often a blessing – Surmounted difficulties not only teach, but hearten us in our future struggles — Sharp
 

Difficulty is the soil in which all manly and womanly qualities best flourish; and the true worker, in any sphere; is continually coping with difficulties — His very failures, throwing him upon his own resources, cultivate energy and resolution; his hardships teach him fortitude; his successes inspire self-reliance — W Matthews

It cannot be too often repeated that it is not helps, but obstacles, not facilities, but difficulties that make men — W Matthews

Difficulties strengthen the  mind, as labor  does  the body –– Seneca

There is no merit where there is no trial; and till experience stamps the mark of strength, cowards may pass for heroes, and faith for falsehood — A Hill

The  greater the obstacle, the more glory we have in overcoming it; the  difficulties with which we are met are the maids of honor which set off virtue — Moliere