Iraq Economic News and Points To Ponder Late Sunday Evening 8-25-24
Iraq's Oil Exports Decline
Economy | 09:04 - 08/25/2024 Mawazine News - Follow-up The US Energy Information Administration announced on Sunday that Iraq's oil exports to America declined last week.
The administration stated in a table that "the average US imports of crude oil last week from 9 major countries amounted to 5.452 million barrels per day, down by 171 thousand barrels per day from the previous week, which amounted to 5.623 million barrels per day."
It added that "Iraq's oil exports to America amounted to 166 thousand barrels per day last week, down by 17 thousand barrels per day from the previous week, which amounted to 149 thousand barrels per day."
The administration indicated that "the largest oil revenues to America last week came from Canada at a rate of 4.083 million barrels per day, followed by Colombia at an average of 213 thousand barrels per day, followed by Saudi Arabia at an average of 207 thousand barrels per day, from Nigeria at an average of 190 thousand barrels per day, and from Brazil at an average of 177 thousand barrels per day."
According to the table, "the amount of US imports of crude oil from Mexico was at a rate of 167 thousand barrels per day, from Ecuador at a rate of 163 thousand barrels per day, and from Libya at a rate of 86 thousand barrels per day. https://www.mawazin.net/Details.aspx?jimare=253891
Iraq's Oil Exports To America Decline During The Week
Energy Economy News – Baghdad The US Energy Information Administration announced today, Sunday, that Iraq's oil exports to America declined during the past week.
The administration stated in a table, which was reviewed by "Al-Eqtisad News", that "the average US imports of crude oil during the past week from 9 major countries amounted to 5.452 million barrels per day, a decrease of 171 thousand barrels per day from the previous week, which amounted to 5.623 million barrels per day."
She added that "Iraq's oil exports to America amounted to 166 thousand barrels per day last week, down by 17 thousand barrels per day from the previous week, which amounted to 149 thousand barrels per day."
The administration indicated that "the largest oil revenues for America during the past week came from Canada at a rate of 4.083 million barrels per day, followed by Colombia at an average of 213 thousand barrels per day, followed by Saudi Arabia at an average of 207 thousand barrels per day, from Nigeria at an average of 190 thousand barrels per day, and from Brazil at an average of 177 thousand barrels per day."
According to the table, "the amount of US imports of crude oil from Mexico was at a rate of 167 thousand barrels per day, from Ecuador at a rate of 163 thousand barrels per day, and from Libya at a rate of 86 thousand barrels per day.
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Recorded 41%.. Iraq Is The First Destination For Emirati Exports
2024/08/25 Read: 1,482 times {Economic: Al Furat News} Dubai ruler Mohammed bin Rashid announced an increase in UAE exports to Iraq Bin Rashid said in a press statement, "Our trade with Iraq increased by 41%, making it the first destination for Emirati exports."
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He added, "Our foreign trade approached 1.4 trillion dirhams in six months, with a 25% growth in our non-oil exports, and our goal is to achieve 3 trillion dirhams in non-oil foreign trade."
Bin Rashid pointed out that "our economic relations have been strengthened with various countries, as our trade with India has increased by 10%, with Turkey by 15%, and with Iraq by 41%, making it the first destination for Emirati exports."
He continued, "The global growth rate of foreign trade reached about 1.5%, and the growth in our foreign trade reached 11.2% annually, as we move rapidly towards our targets." LINK
To resolve the issue of banks “deprived of the dollar.” Al-Alaq will return to Washington soon
Economy | Today, 14:00 | Baghdad today – Baghdad An official source in the Central Bank of Iraq revealed, today, Sunday (August 25, 2024), the imminent important visit of the bank’s governor, Ali Al-Alaq, to the United States of America to resolve the issue of Iraqi banks deprived of the dollar. The source told “Baghdad Today” that
“during the end of this month there will be an important visit by the Governor of the Central Bank of Iraq, Ali Al-Alaq, to New York City in the United States of America to hold several meetings with the US Federal Reserve and the US Treasury to discuss the file of Iraqi banks that are deprived of dealing in dollars, and the possibility of...
This deprivation was lifted, as this had a negative impact on the Iraqi banking and financial situation.” The source, who requested to remain anonymous, said,
“Those Iraqi banks are not being punished, but are only deprived of dealing in dollars, and
Al-Alaq’s visit comes in order to lift that deprivation, as well as discuss protecting the Iraqi banking system and supporting its stability.”
It is noteworthy that the Governor of the Central Bank of Iraq, Ali Al-Alaq, resolved on Wednesday (August 7, 2024) the controversy regarding reconsidering the dollar exchange rates.
Al-Alaq said, in press statements, followed by “Baghdad Today”:
“There is no intention to reconsider the dollar exchange rates,” pointing out,
“The Central Bank sells more than 250 million dollars daily at the official rate.” He noted,
“The bank covers the requirements of foreign trade, and some do not want fundamentalist methods,” noting,
“The view that the price of the dollar has risen or fallen is not a correct indicator.”
He stressed, "The central bank's success in controlling inflation compared to other countries," adding,
"We will reach 100 percent of foreign remittances without going through the US Federal Reserve at the end of this year." He stressed,
"The financial situation in Iraq is still proceeding within what is planned in the state's general budget," noting that
"for the first time, by virtue of the new budget and financial management law, the allocations of governorates and ministries are rotated." Al-Alaq said,
“The Central Bank is undergoing a major transformation process by reorganizing foreign trade, and
our procedures in foreign trade are taking place for the first time with the involvement of international institutions.” He continued,
"There are small traders outside the system that are putting pressure on the market, and
a mechanism to regulate their trade is about to be launched, and
we are focusing on getting everyone involved in sound fundamentalist channels." He revealed,
“The Central Bank has opened channels for the Chinese, Turkish, Indian, and UAE currencies,”
announcing, “The imminent launch of a new audit mechanism for trade via foreign currencies.” He stressed that
“all commercial foreign transfer operations are subject to review by the competent international company,” revealing
“meetings in New York at the end of August to discuss lifting sanctions on banks and reviewing transfer operations.” Al-Alaq explained,
“The dollar is not given to the traveler until after the departure stamp,” noting that
“the new mechanism guarantees the arrival of the dollar 100 percent to the traveler, and
we started with it in Baghdad, then Najaf, Basra, Erbil, Sulaymaniyah, and Kirkuk.”
He added, "There is a government move to increase capital support for the Real Estate Bank and the Housing Fund in the budget," noting,
"The bank's initiatives have an exceptional role in trying to fill the housing deficit." The Governor of the Central Bank announced,
“The capital increase paragraph for the Real Estate Bank and the Housing Fund in the budget has not been implemented yet, and
we do not want the bank’s financing to be a substitute for the investor’s obligations,” noting that
“the Real Estate Bank was directed to finance complexes with completion rates of 80 to 90 percent.”.
https://baghdadtoday.news/256475-لحسم-ملف-المصارف-المحرومة-من-الدولار.-العلاق-الى-واشنطن-قريباً.html
Central Bank Of Iraq Sales Amount To About $6 Billion In A Month
Posted On2024-08-25 By Sotaliraq The Central Bank of Iraq's sales from the hard currency auction for the US dollar during last July amounted to more than 5 billion dollars.
Our correspondent reported that the Central Bank sold during the month of July, during the days in which it opened its auction for buying and selling the US dollar, 5 billion, 746 million, 98 thousand, and 54 dollars, at a daily rate of 273 million, 623 thousand, and 716 dollars.
Our correspondent added that foreign remittance sales during the past month amounted to 5 billion, 428 million, 395 thousand, and 754 dollars, an increase of 94% compared to cash sales, which amounted to 317 million, 23 thousand dollars.
Our correspondent indicated that these sales were distributed between transfers abroad to finance foreign trade, and cash sales to banks, while the selling price of documentary credits and international settlements for electronic cards reached 1310 dinars per dollar, while the selling price of transfers abroad and the cash selling price reached 1305 dinars per dollar. LINK
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