Iraq Economic News and Points to Ponder Wednesday Afternoon 5-15-24


Iraq Economic News and Points to Ponder Wednesday Afternoon 5-15-24

Al-Sudani Told An American Official: The Government Is Proceeding With Economic And Financial Reform

Political | 02:24 – 05/15/2024   Mawazine News – Baghdad   Prime Minister Muhammad Shiaa Al-Sudani confirmed today, Wednesday, that the government’s efforts and steps in the field of economic and financial reform, especially in the areas of tax, customs, and the banking sector, and completing the elements of an ideal investment environment

Al-Sudani’s media office stated in a statement received by Mawazine News that “Al-Sudani received US Assistant Secretary of State for Energy Resources Affairs Jeffrey Payette, in the presence of the US Ambassador to Iraq,” noting that “the meeting reviewed the most prominent files of cooperation in the field of energy, in all its forms, and ways to develop it.” “In a way that contributes to achieving common interests.”

The Prime Minister stressed “the government’s keenness to implement its executive approach within the axis of achieving energy self-sufficiency, in the areas of exploiting locally produced natural and associated gas, generating electricity, providing petroleum derivatives, and producing chemical fertilizers and petrochemical materials,” referring to the memorandums of understanding that were signed during his visit to The United States of America last April, which is being implemented on the ground.”

Al-Sudani pointed to “the government’s efforts and steps in the field of economic and financial reform, especially in the areas of tax, customs, and the banking sector, and completing the elements of the ideal investment environment, calling on American companies to work and invest in Iraq.”

For his part, Payet praised the efforts of the Iraqi government in developing the energy sector, noting that “the joint statement by Prime Minister Muhammad Shia al-Sudani and US President Joseph Biden represented a road map and a framework for fruitful work and cooperation.” He stressed “the desire of American companies to invest and expand their activities within Iraq”.

Securities: We Are Studying The Possibility Of Licensing Brokerage Companies To Trade In Shares On International Stock Exchanges

Market  Economy News – Baghdad  Chairman of the Securities Commission, Faisal Al-Haims, confirmed today, Wednesday, that the authority is studying the possibility of licensing brokerage companies to trade in shares on international stock exchanges.

Al-Haims said in a statement received by Al-Iqtisad News, “The Authority has begun studying the licensing of brokerage companies to trade in shares on global stock exchanges through a technical committee within it.”

He added, “The Authority is working seriously to support and develop the stock market by studying the licensing of brokerage companies to enable them to trade in shares on international stock exchanges for the first time in Iraq.”

He explained, “This step comes in the context of protecting the rights of citizens to trade through brokerage companies that practice this activity without an official license from the Securities Commission, which seeks to develop the financial markets in the country,” noting that “the Commission is working to provide a stimulating and regulated investment environment.” “It contributes to enhancing confidence among investors and raising Iraq’s position in global financial markets.”

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Stability Of Dollar Exchange Rates In Baghdad, Basra And Erbil

Wednesday 15, May 2024 11:17 | Economical Number of readings: 153   Baghdad / NINA / The exchange rates of the dollar against the dinar witnessed stability this Wednesday morning in Baghdad, Basra and Erbil.   Below is a list of dollar selling prices: $100 = 146,000 dinars in Baghdad     $100 = 145,750 dinars in Basra     $100 = 145,850 dinars in Erbil

Romanowski Comments On The Visit Of The US Assistant Secretary Of State To Iraq

Iraq   Wednesday, May 15, 2024 Baghdad/National News Center  Today, Wednesday, the US Ambassador to Iraq, Alina Romanowski, welcomed the Assistant Secretary of State for the Office of Energy Resources, Jeffrey Pyatt, to Iraq.

Romanowski said in a tweet, “The important visit began to follow up on the successful visit of the Sudanese Prime Minister to Washington last month, and to strengthen our bilateral cooperation in the field of energy.”  She concluded, “Together we can help Iraqis prosper by providing electricity 24 hours a day, 7 days a week.”

Central Bank Sales Of Foreign Currency Exceed $277 Million

Wednesday 15, May 2024 Economical Number of readings: 96  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) at $255,583,581, while the total amount of cash sales amounted to $21,990,000, and the total amount of sales amounted to $277,573,581.

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

The National Bank Of Iraq Receives A Strong Credit Rating From Capital Intelligence

Economy News – Baghdad  The global credit rating agency, Capital Intelligence, has affirmed its credit rating for the National Bank of Iraq for long-term and short-term foreign currencies (FCRs), maintaining the bank’s basic financial strength rating at (bb) with a stable outlook.

The bank said in a statement received by Al-Iqtisad News, “This positive rating reflects the strength and solidity of the financial position of the National Bank of Iraq, and enhances the culture of trust among current and new customers and investors. The rating also contributes to supporting the bank’s efforts to achieve its development goals in serving the Iraqi national economy.”

According to the statement, the Capital Intelligence Agency based its granting of this rating to the National Bank of Iraq on several factors, the most important of which are: good banking management, a high ratio of capital to assets, including the core capital ratio (CET1), effective flexibility in capital management, and good liquidity supported. With a growing deposit customer base, especially from retail banking, along with good operating profitability driven by improved revenue quality and stability, in addition to high quality of loan assets.

Commenting on this achievement, the authorized director of the National Bank of Iraq, Ayman Abu Dhaim, confirmed that “the positive credit ratings obtained by the National Bank of Iraq reflect its efforts to enhance the soundness and strength of its financial position, including increasing its capital and improving its risk management, indicating that this The rating is a testimony to the bank’s commitment to the highest standards of banking, and contributes to enhancing the confidence of customers and investors.”

Abu Dhaim pointed out that “the National Bank of Iraq will continue its commitment to providing the best banking services to its customers, in an effort to contribute to supporting the Iraqi national economy and enhancing its position on the global economic map.” Views 174 05/15/2024 –

Oil Rises Due To Forest Fires In Canada

Time: 05/15/2024 07:31:01 Read: 1,391 times  {Economic: Al-Furat News} Oil prices rose in early trading on Wednesday, with major forest fires threatening the oil sands region in Canada and the market expecting a decline in US crude oil and gasoline stocks later today.

Brent crude futures rose 34 cents, or 0.4%, to $82.71 per barrel. US West Texas Intermediate crude futures rose 38 cents, or 0.5%, to $78.39 a barrel by 00:16 GMT.

A huge wildfire was approaching Fort McMurray, the center of Canada’s oil sands industry, with production of about 3.3 million barrels per day, or two-thirds of the country’s total production, and thousands in the suburbs were asked to evacuate.   LINK

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Provoking Thoughts and Points to Ponder on Advice :

But one must know where one stands, and where the others wish to go.  – Goethe

No man ever listened himself out of a job.  – Calvin Coolidge

Thanksgiving comes after Christmas.  – Peter Kreeft

The proverb warns that, “You should not bite the hand that feeds you.” But maybe you should, if it prevents you from feeding yourself.  – Thomas Szasz

I remember my father telling me the story of the preacher delivering an exhortation to his flock, and as he reached the climax of his exhortation, a man in the front row got up and said, ‘O Lord, use me. Use me, O Lord – in an advisory capacity!’  – Adlai Stevenson