TNT – “Tidbits From TNT” Friday 11-24-2023

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Economy News-Baghdad

The Iraqi Ministry of Transport announced on Thursday that the Turkish side informed it that the railway line is ready to be connected to the development road through Fishkhabur.

The Ministry of Transport participated in the meetings of the Iraqi-Turkish Joint Committee held in Baghdad for the period from November 21 to 22, and the two sides agreed on the entry of trucks to Iraqi territory and vice versa and according to the controls and regulations between the two countries, as well as an agreement to activate transit transport with regard to land transport after completing the technical aspects, according to a statement issued by the ministry.

The statement quoted the director of the General Company for Railways Younis Khaled Jawad as saying that: The committee agreed to exchange experiences between the two countries in the field of methods of inspection, loading and unloading in ports in addition to storage mechanisms in ports, noting that the Iraqi side showed its cooperation in the field of transport of dangerous goods and perishables, training and cooperation in the civil air transport sector.

He added: We informed the Turkish side that the railway line has been developed to be ready to be linked to the development road through Fishkhabur, and the two sides agreed that the Road Transport Association will hold a meeting in the second half of next year in Turkey to discuss the issue of roads and land transport between the two countries

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Tishwash:  Al-Alaq: Our communication continues with the US Federal Reserve and the US Treasury

The Governor of the Central Bank, Ali Al-Alaq, confirmed the continuation of communication between the Central Bank of Iraq, the US Treasury, and the US Federal Bank, indicating that the beginning of next month will witness a new meeting between the three parties.

Al-Alaq said in a statement that the Central Bank of Iraq is in continuous communication with the US Treasury Department and with the US Federal Bank, indicating that “this communication continues permanently, and there are quarterly meetings held to review all related matters within the framework of this relationship.” He added that “there is a meeting that will be

held At the beginning of next month, within the periodic quarterly meetings held between the Central Bank, the Federal Bank, and the Ministry of Treasury, during these meetings we review all matters with emphasis and focus on the issue of regulating external transfer in a way that ensures the safety of the financial system, especially after the implementation of the new external transfer system, which requires a lot of coordination.

He stated that “these developments that have taken place are radical and not formal developments within the framework of reorganizing trade on sound foundations and organizing external transfer on sound foundations,” explaining that “the details related to this issue require coordination and joint cooperation between the Central Bank and those parties.” He stressed

that “The next meeting will be in the Emirati city of Dubai,” noting that “there are quarterly meetings in addition to emergency organizational meetings or communications via telephone or video communication.”

He stated that “the Federal Bank agrees with the Central Bank on the necessity of them being removed from the process of conducting the executive aspects of the external transfer, and their role is limited to supervision and control, and this is normal in central banks that do not exercise these executive roles or detailed operations with regard to external transfer, and therefore the plan was The agreement between us is for the Central Bank of Iraq and the Federal Bank to exit these procedural processes, confirming the development of a plan to transfer the external transfer process from the electronic platform that will be completed at the beginning of next year.”

He pointed to creating a new relationship between Iraqi banks and internationally accredited correspondent banks abroad, where the process would be limited between them, and the role of the Central Bank of Iraq and the US Federal Reserve would be the process of monitoring and supervision, and we began some time ago trying to find a relationship between correspondent banks and our Iraqi banks.h  link

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CandyKisses:  Dollar down compared to six other currencies

The dollar was pressured on Friday by uncertainty surrounding the path of US interest rates, while the euro maintained gains made overnight with data indicating that the decline in the euro area may recede.

With U.S. markets closed on Thursday and a shorter trading session held on Friday due to Thanksgiving, currency trading is likely to be limited but with some volatility as liquidity is expected to remain weak.

The dollar index, which measures the greenback’s performance against six currencies, fell 0.029 percent to 103.73, staying close to a two-and-a-half-month low of 103.17 touched earlier in the week.

For the month, the index fell 2.8 percent and is on track for its weakest monthly performance in a year amid growing expectations that the U.S. Federal Reserve has finished raising interest rates and could start cutting them next year.

The euro was at $1.0904 after rising 0.16 percent overnight after a series of preliminary surveys showed the recession in Germany could be less than expected, offsetting a pessimistic reading of business activity in France.

Meanwhile, Japan’s core consumer price growth rose slightly in October, after declining the previous month, supporting investors’ views that persistent inflation could prompt the Bank of Japan to roll back monetary stimulus soon.

ING economists said they expected the Bank of Japan to move away from its ultra-lax stance next year. The Japanese yen rose 0.04 percent to 149.49 per dollar. The Asian currency is slowly moving away from a 33-year low of 151.92 touched at the start of last week. It rose 1.5 percent during the month.

Japan’s factory activity contracted for a sixth straight month in November, a survey showed on Friday, while modest growth in the services sector was little changed, highlighting the fragile economy amid weak demand and persistent inflation.

Sterling last traded at $1.2539, up 0.05 percent on the day.

The Australian dollar rose 0.14 percent to $0.657 and its New Zealand counterpart rose 0.07 percent to $0.605.