Iraq Economic News and Points to Ponder Wednesday Afternoon 5-1-24

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Iraq Economic News and Points to Ponder Wednesday Afternoon 5-1-24

A Thousand Dinars Every Month.. An Expert Predicts The Shape Of The Final Journey Of Dollar Prices

 Economy |Baghdad today – Sulaymaniyah  Today, Wednesday (May 1, 2024), the economic expert, Farman Hussein, expected the continued decline of the dollar’s ​​exchange rate against the Iraqi dinar until it reaches the official rate of the Central Bank of Iraq.

 The Central Bank sells the dollar at a price of 1,320 dinars, while the dollar is currently trading in the local markets in Baghdad and the governorates, and in what is known as the “parallel market,” at 1,470 dinars or a little more.

 Hussein told “Baghdad Today” that  “the efforts of the government and the Central Bank were important in strengthening dependence on the dinar, and quashing rumors that were promoting a significant rise in the price of the dollar and its crossing the barrier of 200 thousand dinars for 100 dollars.”

He added,   “The government erased fears of the rise of the dollar and increased reliance on the dinar, and the current demand for the dollar is only for those in need.

 Therefore, we will go towards a greater decline and it may stabilize in the coming weeks at 140 thousand dinars.” 

 Hussein expected “the dollar to decline gradually every month or two, at a rate of one or two thousand, to reach the official government rate.”

The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, had previously attributed the noticeable decline in the dollar exchange rate to “the economic policy that played a major role in imposing a climate of stability in the general level of the dollar exchange rates,” indicating that

 “the state of superiority of the official exchange market in financing foreign trade.” For Iraq, it caused a decline in the effects of the parallel market and a decline in its illegal activities.”

 The Parliamentary Investment and Development Committee also acknowledged the decline in exchange rates and the achievement of positive results in the local markets in recent months, while

 economic affairs specialists point out the necessity of preserving the economic gains achieved recently, especially the stability of prices in the local markets, which they attributed to the decline. Parallel dollar.  

https://baghdadtoday.news/248384-ألف-دينار-كل-شهر.-مختص-يتوقع-شكل-الرحلة-النهائية-لأسعار-الدولار.html

Al-Sudani Stresses The Importance Of Following Up On The Understandings Reached Between Iraq And America 

Politics |Baghdad Today – Baghdad   The Prime Minister, Muhammad Shiaa Al-Sudani, stressed this evening, Tuesday, (April 30, 2024), the importance of following up on the understandings reached between Iraq and America.

 A statement from his office, received by “Baghdad Today”, stated that  Al-Sudani “chaired, this evening, a meeting that included a number of advisors to the Prime Minister, and

 the meeting discussed the file of the  Washington visit, and following up on the implementation of the agreements and understandings concluded by the official Iraqi delegation, headed by the Prime Minister, with the American side.” During the recent visit,

 this is based on the government’s approach in closely following up on all the files it is working on, including those related to foreign relations and understandings with the governments of countries, the latest of which is the file of the relationship with the United States.

The meeting witnessed, according to the statement,  “a discussion of the results of the meetings of the Supreme Coordinating Committee (HCC), concerned with  activating the framework agreement between Iraq and the United States with its seven axes, as well as a discussion of the important economic partnership file that the Iraqi private sector concluded with major American companies.”

 Al-Sudani stressed   “the importance of following up on the understandings reached between Iraq and the United States in many areas, in order to arrange the bilateral relationship, in a way that serves the highest interests of Iraq.”

His Excellency pointed to the necessity of benefiting from the competencies that the Iraqi communities abound in, in reconstruction campaigns and providing services, And in implementing the priorities of the government program,” he described “these competencies as idle wealth.”

 The Prime Minister directed the advisors to arrange priorities in following up on the outcomes of the Washington visit, and that

 each advisor should follow up on a specific file, along with the relevant ministry and the Iraqi embassy in Washington, and submit to him what is verified of it.

 Al-Sudani also directed the appointment of a special secretariat for the Higher Coordination Committee (HSS), and an emphasis on continuing periodic meetings, to follow up and review what has been accomplished.

https://baghdadtoday.news/248330-السوداني-يؤكد-أهمية-متابعة-ما-تمّ-التوصل-إليه-من-تفاهمات-بين-العراق-وامريكا.html

Oil And White Products

 Economical 05/02/2024  Walid Khaled Al-Zaidi   If we want to transform from a country that exports its products to a country that manufactures them instead of selling them as basic products to global markets,

we must  recognize that crude oil is only a raw material that is involved in other activities such as manufacturing industries that generate  huge economic benefits and the establishment of projects for heavy industries and other projects and energy generation work.

And  rehabilitating the services and transportation sectors and  stimulating trade of both internal and external types, in addition to employing the labor force in factories, laboratories and production workshops, thus strengthening the foundations of the economies of those countries.

 Therefore, the process of transformation  from a country that sources raw materials  to a country that manufactures them to produce other materials and goods that are more useful and more widely used is a major and promising development leap. At the comprehensive economic level,

but it must be strengthened with the will and culture to transform

      from the stage of primitive activities

     to advanced industrial activities, as well as

      large-scale organization for the purpose of industrialization.

And   preparing for conscious human development to enter the system of the global industrial society.

 We are no less prepared than the countries of the industrial transformation known as the Industrial Revolution that occurred in the mid-eighteenth century to the beginning of the nineteenth century in regions of Europe such as Britain, France, Germany, Italy, Switzerland, and Belgium, as well as North America, which possessed the characteristics of this early transformation and was accompanied by technological progress, financial investments, and early developments in class consciousness.

And theories related to this matter, as  talk has now begun about an Iraqi government strategy to

      maximize national production and

      enhance its role in global oil markets and to

      ensure diversification of national production of refining energy and prepare to

     rely on optimal investment of oil and gas wealth and   not rely only on oil exports, but rather on multiple sources that develop income. Iraqi National.

 Developing mechanisms for dealing with wealth, which represents the main source of the national economy in  maximizing the production of oil derivatives and the refining industry in Iraq, and  converting crude oil into white products is a basis for achieving self-sufficiency,  stopping imports, and  gradually shifting to exporting these products to global markets instead of marketing crude oil without manufacturing. Its derivatives and   through the shift to marketing and trade of white products, which raises Iraq’s position in the oil and commercial markets and places it in an advanced position.

 On time scales, we see that our country is one of the countries lagging behind in catching up with the industrialized countries that have worked to invest their natural resources and transform them into raw materials for the establishment of industry instead of exporting them.

Indeed, this has gone beyond importing raw materials in addition to what they have available to develop the work of the industrial sector and increase its positive effects on its overall activities.

 And the high annual income rates of members of its societies, whether for workers in the industry or the rest of the citizens.

 Its products constituted distinguishing marks in global markets, in addition to the quality of services it provided of all kinds.

 This matter is very natural for it to move the thoughts of those in charge of the national economy, especially when they  look at the oil sector and find in it

  A wide space for comprehensive national development through which the base of benefits from this wealth can be expanded due to the additional incentives it provides for investment and economic growth.     https://alsabaah.iq/95940-.html     

The Iraq Stock Exchange Receives The Shield Of The Arab Financial Markets Union In Doha

Economy    Yesterday, 23:49  Baghdad – INA   The Iraq Stock Exchange received the shield of the Arab Financial Markets Union in Doha.:

 A statement by the Iraqi Stock Exchange, received by the Iraqi News Agency (INA), stated that  “the Iraqi Stock Exchange participated with the Arab financial markets in the work of the meeting of the General Authority for Arab Financial Markets, and the opening of the trading session of the Qatar Stock Exchange, in addition to the annual conference of the Arab Financial Markets Union sponsored by the Stock Exchange.”

Qatar, which was hosted by the Doha Stock Exchange/State of Qatar for its 2024 edition.” 

He added,  “He also participated in financial market discussions with financial technology experts and the future of trading in financial instruments and ongoing financial market experiences, and discussed the performance of Arab financial markets that are members of the Arab Federation AFCM and joint cooperation plans,” pointing out that “the Iraqi Stock Exchange won the position for the second year.”

 First in average daily trading volume for 2023 indices, and won the Arab Capital Markets Federation shield in Doha.”  He continued:  “While the Saudi Tadawul market achieved the best position in the number of contracts executed and in the trading value achieved for the indicators of the year 2023,” noting that

“the Egyptian Stock Exchange achieved the best return on trading and the best number of new investors for the year 2023, along with the stock exchanges of Jordan (Amman), Bahrain, and Abu Dhabi.” As the best stock exchange in ESG indicators and PE ratio.     https://www.ina.iq/207844–.html   

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