Iraq Economic News and Points to Ponder Saturday Afternoon 11-16-24
Central Bank Of Iraq's Hard Currency Sales Rise To More Than $1 Billion
economy | 04:43 - 11/16/2024 Mawazine News – Baghdad The Central Bank of Iraq recorded an increase in its sales of hard currency (US dollars) during the past week, as total sales amounted to more than $1.434 billion, distributed over five days of auction.
According to the data, the average daily sales amounted to $286.996 million, representing an increase compared to the previous week, which recorded total sales of $1.169 billion.
Monday was the highest selling day during the past week, as sales amounted to $292.427 million, while Wednesday recorded the lowest sales at $281.979 million.
Foreign remittance sales accounted for the largest share, amounting to $1.380 billion, representing 96% of total sales, while cash sales amounted to only $54.200 million.
This increase comes within the framework of the Central Bank’s continued efforts to meet the market’s needs for foreign currency, while maintaining the stability of the exchange rate and enhancing external financial flows. https://www.mawazin.net/Details.aspx?jimare=256625
Dollar Holds Steady At Start Of Week With Close
Economy | 05:23 - 11/16/2024 Mawazine News – Baghdad The dollar prices fell in the markets of Baghdad on Saturday, and in Erbil, the capital of the Kurdistan Region, with the closure of the stock exchange at the beginning of this week.
The dollar prices fell with the closing of the Al-Kifah and Al-Harithiya stock exchanges to record 150,350 Iraqi dinars per 100 dollars, while this morning it recorded 150,600 dinars per 100 dollars.
The selling prices also fell in exchange shops in the local markets in Baghdad, where the selling price reached 151,250 Iraqi dinars per 100 dollars, while the purchase price reached 149,250 dinars per 100 dollars.
In Erbil, the dollar recorded a slight decrease, where the selling price reached 150,450 dinars per 100 dollars, and the purchase price reached 150,350 dinars per 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=256628
Financial Advisor: Good Performance Of Fiscal Space Reflects Government’s Ability To Increase Spending Without Problems
Political | 11/16/2024 Mawazine News – Baghdad The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Saleh, confirmed today, Saturday, that the good performance of the fiscal space is an indication of the government's ability to increase spending without facing financial problems, noting that the temporary shortage in the flow of public revenues in some months did not disrupt the government's work.
Saleh said that "the government's financial policy worked towards the principle of fiscal space in the economy, which means that the pace of public spending, especially on investment projects, was not significantly affected by the temporary shortage in the flow of public revenues in some months."
Saleh added: "The good performance of the fiscal space indicates the government's ability to increase spending or provide social support that contributes to supporting the economy without causing serious financial problems such as inflation or a large deficit."
He continued: "This fiscal space is still available when the state's financial conditions are good, which allows the government to take fiscal policies that stimulate economic growth, such as increasing spending on infrastructure or improving social services."
https://www.mawazin.net/Details.aspx?jimare=256624
Oil Prices Fall On Weak Chinese Demand, Uncertainty Over Rate Cut
Saturday 16 November 2024 08:55 | Economic Number of readings: 237
Baghdad / NINA / Oil prices fell by one dollar per barrel at the end of trading yesterday, Friday, heading towards a weekly loss, as investors are assessing indications that demand in China, the largest importer of crude, is still weak, in addition to a possible slowdown in the pace of the Federal Reserve's interest rate cuts.
Brent crude futures fell $1.09, or 1.5 percent, to $71.47 a barrel, while US West Texas Intermediate crude futures fell $1.18, or 1.7 percent, to $67.52. Over the week, Brent headed down 3.3 percent and WTI 4.1 percent.
Data from the National Bureau of Statistics showed crude refining activity at Chinese refiners fell 4.6 percent in October from a year earlier, marking a seventh straight month of year-on-year decline, amid some plant shutdowns and smaller independent refiners cutting operating rates. The
International Energy Agency (IEA) forecast global oil supply will outpace demand in 2025 even as cuts by the OPEC+ alliance, which groups OPEC members and allies such as Russia, continue, as rising output from the United States and other non-OPEC+ producers outweighs slowing demand.
The Paris-based agency raised its demand growth forecast by 60,000 barrels per day (bpd) in 2024 to 920,000 bpd, and left its 2025 oil demand growth forecast unchanged at 990,000 bpd.
OPEC this week also cut its forecast for global oil demand growth for this year and 2025, marking the fourth downward revision by the group. The organization for its forecast for 2024.
The US Energy Information Administration said that crude inventories rose by 2.1 million barrels last week, far exceeding analysts’ expectations for an increase of 750,000 barrels.
The administration reported at the same time that gasoline stocks fell by 4.4 million barrels last week to their lowest level since November 2022, compared with analysts’ expectations in a Reuters poll for an increase of 600,000 barrels.
The data also showed that distillate stocks, which include diesel and heating oil, unexpectedly fell by 1.4 million barrels. /End9 https://ninanews.com/Website/News/Details?key=1169284
Gold Prices Stabilize In Baghdad
Money and business Economy News – Baghdad Gold prices witnessed stability in the wholesale markets on Al-Nahr Street in the capital, Baghdad, where the selling price of one mithqal of 21 karat Gulf, Turkish and European gold was recorded at 532 thousand dinars, and the purchase price reached 528 thousand dinars.
The selling price of one mithqal of 21-karat Iraqi gold was 502 thousand dinars, and the purchase price was 498 thousand.
As for prices in goldsmith shops, the selling price of a mithqal of 21-karat Gulf gold ranged between 535,000 and 545,000 dinars, while the selling price of a mithqal of Iraqi gold ranged between 505,000 and 515,000 dinars. https://economy-news.net/content.php?id=49875
Al-Bandawi: Iraq Is Moving Towards Full Sovereignty With America’s Commitment To Withdraw Its Forces
Time: 2024/11/16 Read: 1,014 times {Politics: Al Furat News} Member of the Parliamentary Security and Defense Committee, Ali Al Bandawi, said that Iraq is taking steps towards full sovereignty with the commitment of the United States of America to withdraw its forces.
Al-Bandawi told {Euphrates News} that: "Regarding the agreement between Iraq and America on the withdrawal of international coalition forces from Iraq, the agreement was made between Iraq and America and the Iraqi government is committed to this agreement and a series of dialogues and meetings were held."
He pointed out that "the United States and the new American president are supposed to complete the agreements, especially since there is a need to go in the economic direction instead of the military or war direction."
Al-Bandawi added that "Iraq's continuation of these dialogues with the American side will lead to a final agreement and the agreement is binding on the administration of the two countries," noting that "the speech of the Commander-in-Chief of the Armed Forces, Prime Minister Mohammed Shia al-Sudani, confirmed that it is binding because a joint high technical committee is completing the remaining final arrangements for the withdrawal of American and international forces from Iraq."
Iraqi officials said in statements last September that there is an agreement with a clear time frame between Washington and Baghdad on the issue, but Washington has remained largely silent.
Defense Minister Thabet al-Abbasi also confirmed two months ago that an agreement had been reached on the withdrawal of coalition forces over two years and transforming the relationship into a sustainable security partnership.
He said in a previous interview that "it was agreed to end the coalition's mission in two phases, the first phase begins this year and continues until 2025, while the second phase ends in 2026."
It is noteworthy that approximately 2,500 American soldiers are still present in Iraq as part of the international coalition, under a training and advisory mission and to assist Iraqi forces, after their numbers were reduced following the defeat of ISIS from the country in 2017. LINK
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