Iraq Economic News and Points To Ponder Monday Afternoon 7-29-24
Parliamentary Committee To Nina: These Are Our Observations On The Central Bank’s Measures To Confront The Rise In The Dollar Exchange Rate
Monday 29 July 2024 | Economic Number of readings: 309 Baghdad / NINA / The Parliamentary Committee on Economy, Industry and Trade disclosed a number of observations related to the Central Bank's measures to confront the rise in the dollar exchange rate against the dinar.
Member of the committee, MP Osama Al-Badri, stated that "there are different observations and points of view regarding the current measures of the Central Bank of Iraq in light of the lack of control over the rise in the exchange rate of the currency."
He explained that "the instability of the exchange rate has caused the emergence of the parallel market and increased the economic burden on citizens in light of the rise in prices due to the fluctuation of the exchange rate, and this requires the Central Bank's management to take effective measures to limit the impact of the parallel market."
He added that "the Central Bank needs to adopt more decisive policies and coordinate with government agencies to achieve tangible economic stability," calling on the Central Bank to take serious steps to reduce the gap between the official exchange rate of 1320 dinars per dollar, and the parallel market and ensure price stability. / https://ninanews.com/Website/News/Details?Key=1144263
Dollar Exchange Rates Stabilize At High Level, Exceeding 150 Thousand
Economy | 11:12 - 07/29/2024 Mawazine News – Baghdad Dollar exchange rates against the Iraqi dinar in local markets in Baghdad. - Selling 150,500 dinars for every 100 dollars. - Buying 148,500 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=252265
Finance Ministry Discusses With World Bank Financing Of Transport And Social Development Projects
Monday 29 July 2024 13:15 | Economic Number of readings: 236 Baghdad / NINA / A meeting was held today, Monday, at the headquarters of the Ministry of Finance between the Minister of Finance, Taif Sami Mohammed, and a delegation from the World Bank headed by the Regional Director of the Middle East Department, Jean-Christophe Carre, to discuss ways to enhance cooperation in the field of economic and social development.
The ministry stated in a statement, "The meeting's axes focused in particular on supporting transportation, railway and infrastructure projects related to the development road linking Iraq and Turkey towards the European continent, in addition to financing the programs of the Social Fund for Development."
It added: "These projects seek to improve the quality of services for citizens, enhance economic growth, and provide new job opportunities. The expected benefits of these projects are summarized in developing the road and transportation network, in addition to supporting small and medium enterprises and reducing poverty and unemployment."
During the meeting, the two sides expressed "their optimism about the possibility of reaching fruitful cooperation agreements that would contribute to achieving sustainable development in Iraq." https://ninanews.com/Website/News/Details?key=1144202
Foreign Remittance Sales Rise By 95% At Central Bank Of Iraq Auction
Time: 2024/07/29 Read: 728 times {Economic: Al Furat News} Sales of foreign remittances at the Central Bank of Iraq auction, today, Monday, witnessed a 95% increase compared to cash sales, reaching more than 257 million dollars.
During the auction, the Central Bank sold 269 million, 128 thousand, and 473 dollars, which was covered at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar for cash.
Most of the dollar sales were directed to strengthening the balances abroad in the form of transfers and credits, which amounted to 257 million, 128 thousand, and 473 dollars, an increase of 95% compared to cash sales, which amounted to 12 million dollars.
The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 17 banks. 17 exchange and brokerage companies participated in the auction. LINK
Iraq's Oil Reserves Are In Excess Of The Classification
Time: 2024/07/29 Read: 2,275 times {Economic: Al Furat News} Oil expert Hamza Al Jawahiri revealed, today, Monday, the quantities of unclassified oil reserves in Iraq.
Al-Jawahiri told {Euphrates News} that: "The oil companies operating in Iraq are developing the fields primarily and there are always increases in production from the fields that are being developed," noting that "Iraq is committed to its share within OPEC countries and cannot export quantities larger than those allocated."
He added, "Iraq now has more than one million barrels of oil in excess of the classification and it is kept in the wells and cannot be produced because the quantity of production and manufacturing is limited."
Al-Jawahiri explained that "the companies produce the oil and deliver it to Iraq and they are the ones who dispose of the quantities they sell."
Iraq aims to increase its oil reserves to 160 billion barrels, which coincides with its efforts to raise crude production to 8 million barrels per day by 2027, in addition to achieving self-sufficiency in gas, according to data obtained by the Energy Research Unit (based in Washington).
Iraq's oil reserves are the fifth largest in the world, accounting for 8% of the total global crude reserves, and represent approximately 12% of OPEC reserves, and 17% of proven reserves in the Middle East.
According to the latest estimates issued by Oil & Gas Journal, Iraq's proven oil reserves amounted to about 145.019 billion barrels by the end of 2023.
Oil Minister Hayan Abdul Ghani expressed his hope that the country's oil reserves would exceed 160 billion barrels, during the launch of two new licensing rounds to invest in 29 fields, in addition to exploration blocks for oil and gas.
Abdul Ghani confirmed that the government will support the winning companies and provide them with the necessary facilities.
Iraq, a founding member of OPEC, announced its commitment, like other countries, to reduce voluntary production to support prices affected by economic uncertainty. LINK
Stock Exchange Achieves Positive Results For The Second Day In A Row
Market Economy News – Baghdad The stock market index rose by 0.18% on Monday, for the second day in a row. During today's session, 4.2 billion shares were traded, worth 1.7 billion dinars.
It also witnessed the execution of 526 transactions on the shares of 30 traded companies.
The shares of 7 companies rose, while the shares of 11 other companies fell.
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Brent Crude At $81 Per Barrel
Economy | 07:55 - 07/29/2024 Mawazine News – Baghdad Oil prices rose on Monday, paring last week’s losses, on concerns about a widening conflict in the Middle East after a rocket attack on the occupied Golan Heights that Israel and the United States blamed on the Lebanese militant group Hezbollah.
Brent crude futures were up 20 cents, or 0.3 percent, at $81.33 a barrel by 0010 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 9 cents, or 0.1 percent, at $77.25 a barrel. Brent crude lost 1.8 percent last week, while WTI fell 3.7 percent, amid weaker Chinese demand and hopes for a ceasefire in Gaza.
On the demand side, data released earlier this month showed China’s total fuel oil imports fell 11 percent in the first half of 2024, raising concerns about the broader demand outlook in China, the world’s biggest importer of crude oil. https://www.mawazin.net/Details.aspx?jimare=252250
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