Iraq Economic News and Points To Ponder Saturday Afternoon 11-9-24
The Dollar Is Falling Quietly In Baghdad And Erbil At The Beginning Of The Week.. Will The Decline Continue?
Economy | - 09/11/2024 Mawazine News – Baghdad The dollar prices fell slightly in the markets of Baghdad on Saturday, and in Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.
The dollar prices fell with the closing of the Al-Kifah and Al-Harithiya stock exchanges to record 150,600 Iraqi dinars per 100 dollars, while this morning it recorded 150,750 dinars per 100 dollars.
The selling prices in the exchange sector also stabilized in the local markets in Baghdad, where the selling price reached 151,750 Iraqi dinars per 100 dollars, while the purchase price reached 150,750 dinars per 100 dollars.
In Erbil, the dollar also recorded a decline, as the selling price reached 150,500 dinars per 100 dollars, and the purchase price reached 150,400 dinars per 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=256482
In 5 Days.. The Central Bank Of Iraq Sells More Than A Billion Dollars
economy | 04:25 - 09/11/2024 Mawazine News – Baghdad The total sales of hard currency (US dollar) by the Central Bank of Iraq during the past week exceeded one billion dollars, during the days in which the auction was opened.
The Central Bank also sold during the past week, and for five days from the opening of the auction, an amount of one billion, 169 million, 32 thousand, and 884 dollars, at a daily average of 233 million, 806 thousand, and 577 dollars, down from the previous week, which amounted to one billion, 396 million, 679 thousand, and 335 dollars.
The highest sales of the dollar were on Thursday, where sales amounted to 301 million, 400 thousand, and 898 dollars, while the lowest sales were on Sunday, where they amounted to 282 million, 64 thousand, and 798 dollars.
Foreign remittance sales during the past week amounted to one billion, 122 million, 432 thousand, and 884 dollars, an increase of 96% compared to cash sales, which amounted to 46 million, 600 thousand dollars. https://www.mawazin.net/Details.aspx?jimare=256479
Gold Prices Rise In The Capital Baghdad
Money and business Economy News – Baghdad Gold prices in the wholesale markets on Al-Nahr Street in Baghdad witnessed an increase, as the selling price of one mithqal of Gulf, Turkish and European gold, 21 carats, was recorded at 566 thousand dinars, while the purchase price was recorded at 562 thousand dinars.
The selling price of one mithqal of 21-karat Iraqi gold was 536 thousand dinars, and the buying price was 532 thousand dinars.
As for prices in goldsmith shops, the selling price of a mithqal of 21-karat Gulf gold ranged between 570,000 and 580,000 dinars, while the selling price of a mithqal of Iraqi gold ranged between 540,000 and 555,000 dinars. https://economy-news.net/content.php?id=49640
Oil Prices Post Weekly Gains.. Brent To $73.87
Energy Economy News - Follow-up Oil prices fell more than 2% at settlement on Friday as concerns about prolonged supply disruptions from Hurricane Rafael in the Gulf of Mexico eased, while China's latest economic stimulus package failed to lift some oil traders' mood.
Brent crude futures fell $1.76, or 2.3%, to settle at $73.87 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.98, or 2.7%, to $70.35.
Energy producers shut more than 23% of oil production in the U.S. Gulf of Mexico on Friday in preparation for Hurricane Rafael, Reuters reported.
But the latest forecasts for Hurricane Rafael's path and intensity have reduced the risk the hurricane poses to oil production.
Meanwhile, investors were left frustrated after China launched a new package of financial support measures on Friday, announcing a package that would ease debt repayment pressures on local authorities.
Despite falling on Friday, oil prices rose more than 1% on a weekly basis, supported by expectations that the administration of President-elect Donald Trump may tighten sanctions on Iran and Venezuela, which could limit their supplies to the global market.
The US Federal Reserve cut interest rates by a quarter of a percentage point on Thursday, which helped lift oil prices by more than 1% in the previous session.https://economy-news.net/content.php?id=49630
Faw Port And Development Road Revenues Equivalent To 6% Of Oil Income
November 9, 2024: Baghdad - Qusay Munther Basra - Amjad Nasser
An economic expert confirmed that the Grand Faw Port and the development road will constitute a huge economic transformation by 2038, as they will contribute revenues exceeding 6 percent of oil revenues. He pointed out that this achievement, supported by the completion of the first phase of the port, enhances Iraq's position as a regional trade link and opens new horizons for diversifying the national economy.
Expert Nabil Al-Marsoumi wrote in a post on his Facebook page yesterday that (the complete completion of the five berths and the near completion of the first phase of the Grand Faw Port project is a step in the right direction to diversify the Iraqi economy and provide job opportunities, with the project to be completed in its three phases in 2038 with a total capacity of 91 million tons annually, including 67 million tons for containers and 24 million tons for bulk goods).
He stressed that (according to the data of the General Company for Iraqi Ports, the Grand Faw Port will achieve revenues of more than two trillion dinars in 2038, in addition to more than 4 trillion dinars from the development road, which is equivalent to about 6 percent of Iraq's oil revenues). Prime Minister Mohammed Shia al-Sudani had previously determined the completion rates of the main projects in the Grand Faw Port in Basra Governorate.
During the ceremony to receive the five berths of the Grand Faw Port from the Korean company implementing the work, al-Sudani indicated that (his government faced major challenges in starting to implement the vital development road project), stressing that (the Grand Faw Port project will transform the historical geographical situation of Iraq).
Development path
A statement from his media office received by Al-Zaman yesterday continued, saying, “Al-Sudani conducted a sea tour to view the basic projects in the Grand Faw Port, accompanied by the Minister of Transport, Razzaq Muhaibis, the Governor of Basra, Asaad Al-Eidani, a number of representatives and advisors, and the Director General of the Ports Company. He began with the five docks, the handover ceremony of which he sponsored.
He then viewed the other projects, represented by the container yard and the dock wall, which has reached 100 percent completion. He then moved to the submerged tunnel, which has reached 58.47 percent completion, and is considered one of the most important development road projects.”
He added that "Al-Sudani inspected the work on the navigation channel, which is 77.41 percent complete, as well as the ongoing work on the road linking Faw Port and the expressway, which represents the beginning of the strategic development road.
The progress rate on the road has reached (92.42 percent). For his part, the Director of the General Company for Iraqi Ports, Farhan Al-Fartousi, confirmed the docking of 3 large ships at the five berths at Faw Port that were received. Al-Fartousi said in a statement yesterday that (the Faw Port project consists of 5 projects with their infrastructure, and the symbolic project in it is the five berths that were delivered)."
Pointing out that (the docking of 3 large ships on these docks has proven to the world Iraq's seriousness in completing the Faw Port project), stressing that (the five projects in Faw Port complement each other, and are represented by the five docks project, which will be followed by the container yard project, then the main road,
fourthly the submerged tunnel, and fifthly the navigation channel, and all of them will be completed by the end of 2025), he continued by saying that (one of the projects is the road project linking the entrance to Faw Port to the international highway, extending from the entrance to the port, passing under the Khor Al-Zubair Canal through the submerged tunnel to Highway No. 1 in the city of Safwan and via two bridges, and has reached a completion rate of 92 percent.
Economic sanctions
It will be completed next May, and the completion rate of its bridges has reached 98 percent, and the entire project will be completed next May.) On the other hand, economic journalist Salam Zidane ruled out the imposition of new economic sanctions by the United States of America on Iraq.
Zidane expected in a statement yesterday that “the United States will not impose economic sanctions on Iraq in the coming period, especially at the beginning of next year, and perhaps it will adopt a new mechanism for transferring dollars through American banks, by canceling the platform and relying on correspondent banks.” LINK
Private Banks Association: Financial Inclusion Rate Rose To 48%
Banks Economy News – Baghdad The Association of Private Banks announced today, Saturday, the increase in the percentage of financial inclusion for electronic payment during the last two years.
The Executive Director of the Private Banks Association, Ali Tariq, said in a statement to the official agency, which was followed by “Al-Eqtisad News”: “During the last two years, there has been progress in terms of increasing financial inclusion and the use of bank accounts, especially after the government decisions regarding increasing the use of electronic payment.”
He pointed out that "there are many citizens who have bank cards or bank accounts, and the use of electronic payment is increasing clearly and gradually, and all of this is reflected in the financial inclusion rate, which has risen according to the latest data from the Central Bank to reach 48%."
He added: "Our ambition in the next phase is for financial services to increase and be directed not only to city centres but also to villages and rural areas so that there are financial services that include the largest possible segment of society."
Yesterday, Friday, Prime Minister Mohammed Shia Al-Sudani issued several directives to expand the scope of financial services in the governorates.
The Prime Minister's Media Office stated that "within the framework of efforts to reform the financial and banking system, as one of the priorities of the government program, and in light of the important steps achieved during the past two years, and in light of the challenges facing the financial and banking system, especially in the governorates, and since confronting them requires greater attention and radical improvements to ensure enhancing confidence in the financial and banking sectors,
facilitating the process of economic development, increasing financial inclusion and raising its indicators throughout the country, and because most of the activities were concentrated in the capital, Baghdad, Prime Minister Mohammed Shia Al-Sudani directed a number of steps to be taken in this regard:
1. Increasing the number of bank branches in the governorates to meet the needs of the local population, and in a way that contributes to expanding the scope of financial services, while paying attention to buildings, their modernity, and providing their basic requirements.
2. The necessity for all banks in the governorates to adopt modern technologies such as online banking services and mobile applications, which facilitates citizens’ access to their banking services easily.
3. Emphasizing to banks the importance of developing their financial services to suit the needs of individuals and small businesses, such as soft loans and savings accounts.
4. Enhancing financial inclusion in the governorates by providing banking services to different segments of society, including districts and sub-districts in villages and rural areas.
5. Launching conferences and awareness campaigns in the governorates, to educate citizens about the importance of dealing with banks and how to manage and invest money properly.
6. Organizing workshops to train young entrepreneurs and local businessmen on how to deal with loans and financial services.
He added, "The Ministry of Finance, the Central Bank of Iraq, and the Iraqi Private and Islamic Banks Associations will coordinate with the governors' offices to accomplish the above tasks according to their jurisdiction and responsibility, and submit quarterly reports (every three months) to the Prime Minister's Office regarding the progress of work on the steps mentioned above."https://economy-news.net/content.php?id=49631
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