Iraq Economic News Highlights and Points to Ponder Tuesday AM 10-31-23

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Iraq Economic News Highlights and Points to Ponder Tuesday AM 10-31-23

Iraq And Iran Are Discussing Using Their Currencies In Trade And Financial Transfers

Time: 10/31/2023  Read: 650 times   {Politics: Al-Furat News} Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani received the Minister of Industry, Mines and Trade of the Islamic Republic of Iran, Abbas Aliabadi, and discussed economic relations between the two countries, and ways to enhance them and strengthen exchange and partnership at various levels and fields.

Payne stated to the Prime Minister’s Office, a copy of which {Al-Furat News} received, that Al-Sudani indicated during the meeting “Iraq’s readiness to open horizons for bilateral cooperation in the field of petrochemical and fertilizer industries, because of their strong impact in promoting internal development.”

For his part, the Iranian Minister conveyed the greetings of the President of the Islamic Republic of Iran, Ebrahim Raisi, and his emphasis on the necessity of proceeding with fruitful economic integration projects, in the face of the economic challenges witnessed by the region and the world.

The meeting also witnessed discussion of the possibility of moving towards using the national currencies of the two countries in trade exchange and bilateral financial transfers, in order to have more flexibility in dealing, for the benefit of the two countries.    LINK

The Rise In Dollar Prices In Baghdad And Kurdistan

2023-10-31 Shafaq News/ The exchange rates of the US dollar rose against the Iraqi dinar in the markets of the capital, Baghdad, and in Erbil, the capital of the Kurdistan Region, today, Tuesday.

Shafaq News Agency correspondent said that dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges this morning, recording 161,800 dinars, while yesterday, Monday, prices were 161,550 dinars for every 100 dollars.

Our correspondent indicated that selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 162,750 dinars, while the purchasing price reached 160,750 dinars for every 100 dollars.

As for Erbil, the dollar also recorded an increase, as the exchange rate in banking shops for sale reached 161,700 dinars, and the purchase price was 161,600 dinars for every 100 dollars.   LINK

The Judiciary Announces The Return Of 113 Billion Dinars To The Retirement Authority’s Account

Economy | 06:40 – 10/30/2023   Mawazine News – Baghdad  The Supreme Judicial Council announced, today, Monday, the return of 113 billion dinars to the account of the National Retirement Authority.

The media center of the Supreme Judicial Council stated in a statement received by Mawazine News, that “the Baghdad Al-Karkh Court of Appeals/the Second Al-Karkh Investigation Court specialized in integrity cases returned an amount of (113,646,564,853,300) one hundred and thirteen billion six hundred and forty-six million five hundred and sixty-four thousand eight hundred and fifty-three dinars.” In Iraq, it was returned to the account of the National Retirement Authority.

The center explained, “The amount was returned to the account of the National Retirement Authority/State Employees Retirement Fund from one of the electronic payment companies for the amounts accumulated in the trial balance arising from the retirement investment portfolio payments due to the National Retirement Authority.”   https://www.mawazin.net/Details.aspx?jimare=237075

The Iraqi market trades shares worth more than 26 billion dinars within a month

Economy  2023-10-31 Shafaq News/ The Iraq Stock Exchange announced, on Tuesday, that it traded more than 21 billion shares with a financial value exceeding 26 billion dinars during the 22 sessions it organized this October, which is nearing its end.

According to the indicators achieved during this month, the number of shares traded was (21,477,379,061) shares, through the trading of shares of (64) companies, indicating that the value of these shares amounted to (26,113,326,640) dinars.

The number of executed contracts reached (12,982) contracts, while the ISX60 traded stock price index closed in the last trading session at (808.55) points.

As for the indicators achieved for the current year until October 31, the number of shares reached more than 515 billion shares with a financial value of more than 495 billion dinars.  LINK

Integrity: Stopping The Waste Of (10) Billion Dinars In The Contract To Rehabilitate The Great Mosque Of Nineveh

Information/Baghdad..The Federal Integrity Commission announced today, Tuesday, stopping the waste of more than 10 billion dinars that were intended to be spent in violation of the law in Nineveh Governorate.

The authority stated in a statement received by Al-Maalouma, that “the investigative committee formed to investigate the violations committed in Contract No. (60 of 2013) concluded between the Sunni Endowment Office and one of the Japanese companies to rehabilitate the Great Mosque of Nineveh in the amount of 66 billion dinars, was able, through investigation, investigation and audit procedures, to obtain A judicial decision to stop the disbursement of an amount of (ten billion, two hundred and fifty-nine million dinars, which was almost spent illegally.)

She  added, “The committee’s procedures to investigate the administrative and financial irregularities, breaches, and overstatements that marred the contract,” pointing out that “the implementing company was found to be not registered with the Registration Department.” Companies in the Ministry of Commerce, and they have no branch or representation in Iraq.”

She pointed out, “The amount that a judicial decision was issued by the Second Karkh Investigation Court to stop disbursing until the completion of audit and investigation procedures arises from two spare orders, the first of which is for mechanical works, amounting to (3,426,580,000) three One billion four hundred and twenty-six million dinars, while the second spare order for electrical works was for (1,243,270,000) one billion two hundred and forty-three million dinars, in addition to an advance in the amount of (5,590,063,940) five billion five hundred and ninety million dinars. Ended/25   LINK

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Framework: The Region May Witness War Due To The Continuation Of Zionist Massacres

Information / Baghdad… The representative of the coordination framework, Thaer Al-Jubouri, confirmed on Tuesday that the region may witness a war between Muslims and enemies of Islam due to continuing tensions as a result of the ongoing Zionist massacres against the Palestinian people.

Al-Jubouri told Al-Ma’louma, “The region is about to witness more surprises in light of the continuing Zionist attacks on the Palestinian people and the massacres it is committing in the Gaza Strip.”

He added, “Many fronts may open in the region after the great reactions from various countries of the world that rejected what the Zionist occupation is doing against the Palestinian people, one of which is the North Korean position and the countries of the region that support the rights of the Palestinians.”

He stated that “the events and massacres taking place against the Palestinian people may drag the region, for the first time, towards war between Muslims and enemies of the Islamic religion.”

Al-Jubouri pointed out, “This matter will change the geopolitical map in the region, and effective political leaders may emerge in the region to bring about this change.” Ended 25 n   LINK

 “Gaza War” And The Iraqi Market… An International Economist Points Out 4 Factors

Economy | Baghdad today – Diyala   Today, Tuesday (October 31, 2023), Professor of International Economics at Diyala University, Mahdi Saleh, pointed out four factors affecting Iraqi markets due to the “Gaza War.”

Saleh said in an interview with “Baghdad Today” that “the war on Gaza could affect Iraqi markets directly if it spreads and turns into a regional or international war or strikes the production chains of Iraq’s neighboring countries” – referring to Turkey and Iran, which constitute the largest percentage of Market imports – or it caused the paralysis of the Suez Canal, which is the artery of global trade.”

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Impact of the Gaza War

Saleh added, “But so far the impact of the war in Gaza has not been reflected on Iraqi markets, especially since it did not pose any threat to the production chains in the countries neighboring Palestine or the transport corridors, including the Suez Canal, in addition to it did not affect the economic situation in Iran and Turkey, which are the two most important partners.” “For Iraq.”

He continued, “The impact of Tehran and Turkey on the war in Gaza will affect the average prices in Iraqi markets due to the high volume of imports,” noting that “there are fears of prolonging the duration of the war and perhaps turning it into a regional war, so the impact on Iraqi markets will be very natural.”

High Anxiety Level

The professor of international economics pointed out that “the current tensions, although complex, have not affected the compass of public opinion, pushing it to a high level of anxiety, which in turn pushes them to make high purchases in anticipation of any crisis,” noting that “any security event could constitute the starting point for a state of anxiety.” It leads to a crisis, especially since America is involved in the Palestinian situation by supporting the Zionist entity.”

For its part, the World Bank warned on Tuesday that the escalation of the war in Gaza may result in severe damage to the global economy, which is already suffering from a bad situation, and specifically pointed to direct effects on basic commodities, especially oil and food, drawing 3 expected scenarios according to the development of events.

The World Bank’s chief economist, Indermeet Gill, said in a report that the conflict between Israel and Hamas comes as the Russian-Ukrainian war puts pressure on the markets, which caused “the largest shock to commodity markets since the 1970s, and this had repercussions that caused turmoil for the global economy.” It still exists today.”

“Decision makers must be vigilant,” Gale noted. “If the conflict escalates, the global economy will face a dual energy shock for the first time in decades,” from the war in Ukraine and the conflict in the Middle East.

The World Bank stated that potential inflation will depend on what happens to global oil prices and exports, and under an optimistic scenario, oil could rise by between 3 and 13 percent, or between $93 and $102 per barrel. According to an average scenario, prices could rise to $121, while according to the worst scenario, oil will reach a peak between $140 and $157, exceeding prices unprecedented since 2008.   LINK

Provoking Points to Ponder on Character:

A good character is, in all cases, the fruit of personal exertion — it is not inherited from parents; it is not created by external advantages; it is no necessary appendage of birth, wealth, talents, or station; but it is the result of one’s own endeavors — the fruit and reward of good principles manifested in a course of virtuous and honorable action — J Hawes

 A man’s character is the reality of himself — His reputation is the opinion others have formed of him — character is in him; reputation is from other people — that is the substance, this is the shadow –– H W Beecher

There is a broad distinction between character and reputation, for one may be destroyed by slander, while the other can never be harmed save by it possessor — Reputation is in no man’s keeping — You and I cannot determine what other men shall think and say about  us — We can only determine what they ought to think of  us and say about us — J G Holland

Character building begins in our infancy and continues until  death —Mrs Franklin D Roosevelt

A tree will not only lie as it falls, but it will fall as it leans — J J Gurney