Iraq Economic News and Points To Ponder Late Saturday Evening 8-24-24
The Dollar's Sudden Fall Against The Iraqi Dinar: What Are The Markets Hiding?
Last updated: August 18, 2024 Independent/- The exchange rates of the US dollar witnessed a noticeable decline against the Iraqi dinar in the markets of the capital, Baghdad and Erbil, on Sunday morning, which raised questions about the reasons for this decline and its possible repercussions on the local economy.
With the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, dollar prices recorded a noticeable decline, as the exchange rate reached 149,500 dinars for every 100 dollars, compared to the price of 149,800 dinars for every 100 dollars the previous day.
This decline reflects a noticeable shift in the exchange market that may have long-term effects on the Iraqi economy.
In the local markets in Baghdad, exchange rates in banking shops also witnessed a decline, with the selling price reaching 150,500 dinars and the purchasing price 148,500 dinars for every 100 dollars.
This slight decrease may be an indication of market volatility or changes in supply and demand for the dollar.
In Erbil, the capital of the Kurdistan Region, money exchange shops recorded a slight decrease in the price of the dollar, as the selling price reached 149,500 dinars and the purchase price reached 149,400 dinars for every 100 dollars.
This decrease, although slight, reflects a similar movement in the region's markets and may have impacts on trade and local economic activity.
Possible Reasons For Decline:
Government or central intervention: This decline could be the result of intervention measures by the Central Bank of Iraq or the government to contain market fluctuations and enhance the stability of the dinar.
Global Economic Changes: There may be an impact from global changes in oil prices or US economic policies that may contribute to exchange rate fluctuations.
Adjustments in supply and demand: Changes in supply and demand for the dollar in local markets can play an important role in moving prices.
Possible Repercussions:
The decline in dollar prices may have positive and negative repercussions on the Iraqi economy.
On the one hand, the decline may contribute to supporting the purchasing power of the dinar and reduce inflationary pressures.
On the other hand, this change may raise concerns about market stability and potential impacts on trade and investment.
Future Prospects:
Although the current decline in dollar prices may be an indication of the beginning of a change in the market, the continuation of this trend depends on several factors, including local economic policies and global conditions.
The coming weeks will remain crucial in determining whether this decline will continue or if it is just a temporary fluctuation in the markets.
These transformations raise questions about the strategies of the Iraqi economy and the extent of their impact on the daily lives of citizens, which makes it necessary to follow economic developments closely to know their full repercussions. https://mustaqila.com/هبوط-الدولار-المفاجئ-أمام-الدينار-الع/
Iraq Is Among The Countries That Buy The Most Gold In 2024
Economy | Today, 09:22 | Baghdad today - follow-up Recent statistics revealed, today, Saturday (August 24, 2024), that Iraq ranked ninth globally among the 10 countries that bought the most gold this year, and what is meant by gold is the conversion of foreign cash reserves into gold.
According to statistics, Iraq bought 100 tons of gold this year,
coming ninth out of the 10 countries that bought the most gold this year, compared to 1,298 tons bought by Russia, as amid escalating geopolitical tensions and economic fluctuations, interest in buying gold is increasing.
Gold reached an all-time high of $2,531.75 per ounce after surpassing $2,500 for the first time this month amid growing expectations that the Federal Reserve is close to cutting interest rates.
https://baghdadtoday.news/256384-العراق-ضمن-أكثر-الدول-شراءً-للذهب-خلال-2024.html
More Than 100 Tons.. Iraq Is The Ninth Largest Buyer Of Gold In 2024
Economy 2024-08-24 | 2,315 views Alsumaria News-Economy Iraq ranked ninth globally among the 10 countries that bought the most gold this year.
What is meant by gold is the conversion of foreign monetary reserves into gold, not the gold of goldsmiths and citizens.
Iraq bought 100 tons of gold this year, coming ninth out of the 10 countries that bought the most gold this year, compared to 1,298 tons bought by Russia, as amid escalating geopolitical tensions and economic fluctuations, interest in buying gold is increasing.
This comes as the price of the precious metal reached an all-time high of $2,531.75 per ounce after surpassing $2,500 for the first time this month amid growing expectations that the Federal Reserve is close to cutting interest rates.
The price of bullion usually benefits from low interest rates, and central banks hold gold reserves because of its strong collateral, liquidity and yield characteristics.
https://www.alsumaria.tv/news/economy/497884/أكثر-من-100-طن-العراق-تاسع-أكبر-مشترٍ-للذهب-في-2024
Oil Prices Rise More Than 1 Percent As Dollar Falls
Saturday 24 August 2024 00:11 | Economic Number of readings: 321 Baghdad / NINA / Oil prices rose by more than one percent on Friday, with the decline of the dollar.
Brent crude futures rose 95 cents, or 1.23 percent, to $78.17 a barrel, while US West Texas Intermediate crude futures rose $1.06, or 1.45 percent, to $74.07 a barrel. "
Brent crude futures fell about two percent since the beginning of the week, while West Texas Intermediate crude lost more than three percent." https://ninanews.com/Website/News/Details?key=1149395
Economist Talks About The Mechanism For Reviving The Iraqi Economy
Economy | 08/24/2024 Mawazine News – Baghdad Economic expert Mustafa Hantoush said today: "What the Central Bank of Iraq is doing by empowering foreign banks or foreign investors at the expense of the Iraqi banking system is a fatal blow to future opportunities to advance the Iraqi economy through the banking system."
According to his statement to Mawazine News Agency, the expert Hantoush described the experiences of foreign banks or foreign investors who own national banks as failed experiments, pointing out that they have caused financial disasters for many countries.
The economic expert explained: "Most countries in the world give a very specific percentage to foreign investors in the banking sector in order to preserve capital and profits as an economic cycle within the country https://www.mawazin.net/Details.aspx?jimare=253831
Iraq And America To Resume Negotiations On The Banking Sector Next Monday
Banks Economy News – Baghdad A delegation from the Central Bank of Iraq is traveling to the United States of America to resume negotiations on the banking sector.
An informed source told Al-Eqtisad News that a delegation from the Central Bank of Iraq will begin negotiations with the American side on August 26 in America.
He added that the Central Bank has moved towards signing a contract with the international company Oliver Wyman to present a plan on reforming the private banking sector, within the next six months.
He pointed out that the proposed plan includes merging some banks or cancelling the licenses of some banks. 358 views 08/24/2024 - https://economy-news.net/content.php?id=46669
More than one billion dollars in sales of the Central Bank of Iraq during a week
Time: 2024/08/24 Read: 1,287 times {Economic: Al Furat News} The total sales of hard currency by the Central Bank of Iraq during the past week, which was opened in the auction last week, amounted to more than one billion dollars.
Sources reported that the Central Bank sold during the past week and for the 5 days in which the auction was opened, one billion, 135 million, 635 thousand, and 274 dollars, at a daily rate of 277 million, 127 million, and 456 dollars, lower sales than the previous week, which amounted to one billion, 384 million, 31 million, and 47 dollars .
The highest dollar sales were on Wednesday, when they reached 283 million, 616 thousand, and 416 dollars, while the lowest sales were on Tuesday, when sales reached 268 million, 304 thousand, and 25 dollars .
Foreign remittance sales during the past week amounted to 1 billion, 66 million, 985 thousand, and 274 dollars, an increase of 94% compared to cash sales, which amounted to 68 million, 650 thousand dollars .LINK
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