Iraq Economic News and Points To Ponder Monday Afternoon 6-22-26
Judge Zeidan Discusses Strengthening Financial Stability With Central Bank Governor Nizar Nasser
Money and Business Economy News — Baghdad The head of the Supreme Judicial Council, Judge Faiq Zaidan, discussed on Monday with the new governor of the Central Bank, Nizar Nasser, ways to enhance financial stability and support legal procedures.
A statement from the Supreme Judicial Council, received by "Al-Eqtisad News," stated that "the President of the Supreme Judicial Council received the new Governor of the Central Bank, Nizar Nasser, and congratulated him on assuming his position, wishing him success in his duties."
The statement indicated that "Judge Zeidan discussed with the Governor of the Central Bank a number of files of common interest related to strengthening financial stability and supporting the legal procedures of the Central Bank."
https://www.economy-news.net/content.php?id=70544
Gold Rises After Progress In Talks Between Washington And Tehran
Money and Business Economy News — Follow-up Gold prices rose on Monday from their lowest level in more than a week, reached in the previous session, as oil prices fell after Iran indicated progress in peace talks with the United States, although expectations of an interest rate hike following hawkish signals from the US Federal Reserve weighed on the precious metal's performance outlook.
Gold rose 0.9% in spot trading to $4,197.41 per ounce by 02:38 GMT, after falling on Friday to its lowest level since June 11. U.S. gold futures for August delivery fell 0.7% to $4,215.90.
The first round of talks between senior US and Iranian officials in Switzerland ended on Monday, and Iran's Press TV quoted the Iranian Foreign Ministry spokesman as saying that good progress had been made.
A joint statement issued by the two mediating countries, Qatar and Pakistan, said that the United States and Iran had agreed on a roadmap to reach a final agreement within 60 days.
Edward Meir, an analyst at Marex, said, "The current situation in Switzerland is very different from what it was a few hours ago when the two sides were fighting, but now it seems that they are making some progress."
He added, "We will continue to trade in line with geopolitical trends for a little longer, but the situation is fluid, so it is probably best to observe developments from the sidelines for the time being."
Meanwhile, Federal Reserve Chairman Kevin Warsh's focus on inflation at last week's press conference, without any more nuanced comments about what might open the door to an interest rate hike, led investors to conclude that a rate increase was imminent.
According to the CME Group's Fidwatch tool, traders see an 89% chance of an interest rate hike in December, compared with 61% before the US Federal Reserve meeting.
As for other precious metals, silver rose 1.8% in spot trading to $66.10 an ounce, platinum gained 0.2% to $1,667.97 and palladium climbed 1% to $1,270.41. https://www.economy-news.net/content.php?id=70543
Iran Cuts Oil Prices To Attract Buyers After Resuming Exports Through The Strait Of Hormuz
Energy Iran has significantly reduced the prices of its crude oil offered for sale to China, in an attempt to accelerate the disposal of supplies after resuming oil exports through the Strait of Hormuz following the interim agreement with the United States.
According to Bloomberg data, July delivery shipments of Iranian light crude are being offered at discounts of between $2.50 and $5 per barrel compared to the price of Brent crude, compared to discounts that were around $1 before the agreement.
Shipping data shows that 11 oil tankers left Iran’s Chabahar port in recent days, carrying about 20 million barrels.
China accounts for about 90% of Iranian oil exports, often through indirect trade channels or under alternative shipping names.
Meanwhile, estimates indicate that there are approximately 121 million barrels of Iranian oil stored on tankers in the Gulf and other areas, a 5% increase from the week prior to the agreement. https://www.economy-news.net/content.php?id=70590
Iraq, Jordan And Egypt Affirm Their Commitment To Implementing The Outcomes Of The "Tripartite Cooperation"
Localities Iraq, Jordan, and Egypt affirmed on Monday their commitment to implementing the outcomes of the tripartite cooperation mechanism and strengthening economic integration.
The Iraqi Ministry of Foreign Affairs stated in a press release, "Foreign Minister Fuad Hussein held extensive talks today, Monday, with Jordanian Deputy Prime Minister and Minister of Foreign Affairs and Expatriates Ayman Safadi and Egyptian Minister of Foreign Affairs, Immigration, and Egyptian Expatriates Badr Abdel-Aty, on the sidelines of the Arab Consultative Meeting and the resumed 165th regular session of the Council of the League of Arab States at the ministerial level, held in the Jordanian capital, Amman."
According to the statement, the talks included "reviewing the paths of joint cooperation among the three countries within the framework of the tripartite cooperation mechanism, and discussing ways to enhance the strategic partnership and expand areas of economic, trade, and investment cooperation, in a manner that contributes to achieving the common interests of the peoples of the three countries."
The ministers emphasized "the importance of continuing coordination and consultation among Iraq, Jordan, and Egypt, activating the outcomes of previous tripartite meetings, and accelerating the implementation of joint projects, in order to strengthen economic integration and support sustainable development efforts in the region."
The ministers exchanged views on the most prominent regional and international developments, stressing the importance of strengthening joint Arab action, supporting efforts aimed at consolidating security and stability, and addressing the challenges facing the region through dialogue, cooperation and continuous coordination.