Iraq Economic News Highlights and Points to Ponder Wednesday AM 10-25-23


Iraq Economic News Highlights and Points to Ponder Wednesday AM 10-25-23

Iraq and BRICS

Economical  10/25/2023   Muhammad Sharif Abu Maysam    The most important characteristic of Iraq’s economic relationship with the BRICS group is the volume of trade exchange, as Iraq’s oil exports to the countries of this group constitute more than half of the total exports, especially the countries of India and China. Imports amount to approximately 70 percent of the total import volume.

The most important thing that concerns us in this matter is that commercial exchanges and financial transactions can be carried out in national currencies within the BRICS program, which heralded countries aspiring to escape from the dominance of the “SWIFT platform” for exchanges and transactions and liberate local currencies from the pressure of the dollar’s dominance as the sole currency for commercial exchanges and financial transactions in light of dollarization.

The global economy, as well as the possibility of trade partnership within the Chinese “Belt and Road” program within the framework of a clearly defined program in which the common rights and interests of the countries of the group and the countries participating with it are guaranteed without monopoly or domination.

Iraq’s location is considered one of the most important locations on the map of trade between East and West, in addition to its importance on the map of global oil markets. Certainly, the mechanisms of this cooperation will push towards more partnerships with the countries of this group, especially investment partnerships in a promising and attractive environment once the main goals of engagement are achieved. In this group.

BRICS are the first letters of the names of five countries with rapidly growing economies that share the desire to be liberated from Western hegemony over the global economy, and to put an end to this hegemony in international political issues. These countries are (Brazil, Russia, India, China, and South Africa), and recently this group was able to attract…

A number of the most important and promising economies in the world, including (Argentina, Venezuela, Algeria, the Kingdom of Saudi Arabia, Iran, Egypt and the United Arab Emirates).    

Most of these countries have locations on the map of the Chinese “Belt and Road” initiative and have a desire to transact business through their local currencies in purchasing goods, to ensure freedom from the power and hegemony of the dollar over commercial exchanges, while Iraq shares its important position and the desire to be free from the power of the dollar, which has caused Many monetary and financial imbalances were one of the elements that repel investment,

which means that Iraq’s economic interests push towards economic cooperation with the countries of this group and the aspiration towards monetary stability and towards broader areas in the flow of investments from the BRICS countries in a way that serves the future of sustainable development in our country.

Parliamentary Services: The Rise In The Dollar Did Not Affect The Work Of The Service And Contractors

Time: 10/25/2023 Read: 429 times    {Local: Al-Furat News} The Parliamentary Services and Reconstruction Committee confirmed that the rise in the dollar exchange rate did not affect the level of services and service work.

Committee member Baqir Al-Saadi told Al-Furat News Agency, “With regard to the fluctuation of the dollar exchange rates and its impact on service work, the government supports contractors by providing it to them at the official price from the Central Bank of Iraq of 1,320 dinars.”

He stated that “the government’s orientation is towards supporting service work in all its aspects, in addition to monitoring and following up on its integrity.”

Prime Minister Muhammad Shiaa Al-Sudani announced yesterday that there are many projects that will see the light during the next year.

Al-Sudani pointed out during a press conference that “the current high price of the dollar is the price of speculators and not the official price of the dollar,” noting that “some private banks, banking companies, and merchants are manipulating the official price of the dollar, and there are legal measures and deterrents for dollar speculators.”   Raghad Dahham  LINK

The Dollar Continues To Crush The Dinar In Iraq

WEDNESDAY, 10-25-2023, KARAR AL-ASSADI   The exchange rates of the US dollar continue to rise against the Iraqi dinar, today, Wednesday, in the markets of Baghdad and the rest of the provinces.

Exchange rates rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 162,200 dinars for every 100 dollars, after prices recorded yesterday, Tuesday, 162,000 dinars for every 100 dollars.

Dollar prices also rose in exchange shops in local markets in Baghdad, where the selling price reached 163,250 dinars, while the purchasing price reached 161,250 dinars for every 100 dollars.

The Baghdad Dollar Jumps In The Markets.. Atms Sell For More Than 163 Thousand Dinars

Economy |Baghdad today – Baghdad   Today, Wednesday (October 25, 2023), the dollar exchange rates recorded a new jump, reaching more than 163 thousand dinars for every 100 dollars.

The “Baghdad Today” correspondent said, “The selling price of the dollar in banking offices in Baghdad reached 163,250 dinars per 100 dollars, while the purchase price reached 161,250 dinars per 100 dollars.”

Yesterday, Tuesday (October 24, 2023), the dollar exchange rates recorded an increase in the local markets, as the selling price of the dollar in exchange offices in Baghdad reached 162,000 dinars per 100 dollars, while the purchase price reached 160,000 dinars per 100 dollars.  LINK

An Economist Identifies The Causes Of The Ongoing Crisis In Exchange Rates

Economy |  10/24/2023  Mawazine News – Baghdad    The financial and economic expert, Mahmoud Dagher, today, Tuesday, identified the reasons for the ongoing crisis in the exchange rates of the US dollar against the Iraqi dinar.

Dagher said in a Facebook post, viewed by Mawazine News, that “the current crisis in the exchange rate is caused by the bad Iraqi policy of accepting that ports of entry remain open to countries subject to sanctions.” He pointed out that “this policy is followed by some partisan forces participating in the political process.

The exchange rate of the US dollar against the Iraqi dinar in the parallel markets is still recording a significant increase compared to the official rate.

Despite the approval of the country’s general budget several months ago, and the Central Bank selling more than 200 million dollars per day, many questions are being asked about the reason for the continued rise in the price of the US dollar against the Iraqi dinar in the parallel markets. Exchange.

Within A Month… Iraq Achieves More Than $9 Billion In Oil Revenues

Economy    2023-10-25 | 255 views  Alsumaria News – Economy   The Ministry of Oil announced, today, Wednesday, the final statistics of the quantities of crude oil exported and the revenues achieved for the month of last September.

The ministry stated in a statement received by Al-Sumaria News, “The total oil exports and revenues achieved for the month of last September, according to the final statistics issued by the Iraqi Oil  Marketing Company (SOMO), the amount of crude oil exports amounted to (103) million and (143) thousand and ( 199) barrels (one hundred and three million and one hundred and forty-three thousand and one hundred and ninety-nine barrels), with revenues amounting to (9) billion and (422) million and (410) thousand dollars (nine billion four hundred and twenty-two million four hundred and ten thousand dollars).”

She indicated that “the total quantities of crude oil exported for the month of September from the oil fields in central and southern Iraq amounted to (102) million (220) thousand and (441) barrels, while the quantities exported from Qayyarah were (473) thousand and (335).” barrels, while exports to Jordan were (449) thousand and (423) barrels.”

She added that “the average price of one barrel amounted to (91,353) dollars,” indicating that “the exported quantities were loaded by (37) international companies of several nationalities, from the ports of Basra, Khor Al-Zubair, the single buoys, and the modern Kirkuk warehouse, by tanker trucks, and from the Qayyarah field.”  LINK

The Presidents Of The Republic And The Prime Ministers Discuss Steps For Economic Reform And Combating Corruption

Policy  2023-10-24 | 1,322 views   Today, Tuesday, the President of the Republic, Abdul Latif Gamal Rashid, and the Minister, Muhammad Shiaa Al-Sudani, discussed steps for economic reform and fighting corruption.

The Prime Minister’s Media Office stated in a statement received by: Alsumaria News “The Sudanese received the President of the Republic,  Abdul Latif Jamal Rasheed The meeting witnessed discussion of the overall situation and files on the national scene, the progress of implementing service programs and the steps of economic reform and combating corruption, in accordance with the ministerial platform.

During the meeting, according to the statement, “the government’s positions regarding regional and international challenges and crises were reviewed, and the importance of supporting the gains achieved in security and stability.”   LINK

Points To Ponder on Giving:

Generosity is giving more than you can, and pride is taking less than you need. Kahlil Gibran (1883 – 1931)

Do give books – religious or otherwise – for Christmas. They’re never fattening, seldom sinful, and permanently personal.
 Lenore Hershey

You try to give away what you want yourself. 
Lois McMaster Bujold, “Memory”, 1996

If we have the opportunity to be generous with our hearts, ourselves, we have no idea of the depth and breadth of love’s reach.
 Margaret Cho, weblog, 03-09-04

If you want to see what children can do, you must stop giving them things.
 Norman Douglas

What a child doesn’t receive he can seldom later give.
 P. D. James, Time to Be in Earnest

A gift in season is a double favor to the needy.
 Publilius Syrus (~100 BC), Moral Sayings, 100 B.C.

He doubly benefits the needy who gives quickly. 
 Publilius Syrus (~100 BC), Maxims

The spirit in which a thing is given determines that in which the debt is acknowledged; it’s the intention, not the face-value of the gift, that’s weighed.
 Seneca (5 BC – 65 AD), Letters to Lucilius, 100 A.D.

We make a living by what we get, we make a life by what we give 
 Sir Winston Churchill (1874 – 1965)

Rich gifts wax poor when givers prove unkind. 
 William Shakespeare (1564 – 1616), Hamlet, 1600