Iraq Economic News and Points to Ponder Saturday Morning 11-30-24
Gold Heads For Biggest Monthly Drop In Over A Year
Economy | 04:45 - 11/29/2024 Mawazine News – Baghdad Gold prices rose on Friday, supported by a weaker dollar and geopolitical tensions, but were set to post their biggest monthly decline since September 2023 due to the US currency’s rise this month following Donald Trump’s victory in the US presidential election.
Spot gold was up 0.7% at $2,659.49 per ounce by 1201 GMT, but was on track for a weekly decline of about 2% after heavy selling earlier in the week.
US gold futures were up 0.85% at $2,659.20.
Gold prices have fallen 3% so far in November, their worst monthly performance since September 2023, amid expectations that the Trump administration’s potential for higher tariffs will keep interest rates higher for longer.
The dollar index fell to its lowest since November 12, but was still on track to post a 2% gain for the month.
Gold has been on a strong rise this year and is falling sharply this month due to heavy profit-taking after Trump’s election win and a stronger dollar following his victory, said Jigar Trivedi, senior analyst at Reliance Securities, according to Reuters.
“Middle East concerns have eased a bit due to the ceasefire talks, but otherwise concerns about Russia and Ukraine are still dominating the market,” said Ajay Kedia, director of Kedia Commodities in Mumbai.
https://www.mawazin.net/Details.aspx?jimare=257010
Oil Prices Rise, Exceed $73
economy | 11/29/2024 Mawazine News – Baghdad Oil prices rose to more than $73 on Friday evening. The price of a barrel of Brent crude reached $73.11 per barrel, while yesterday it recorded an increase that reached $72.78.
The price of a barrel of American crude reached $69.40 per barrel, while it had closed yesterday at $68.72. https://www.mawazin.net/Details.aspx?jimare=257024
Iraq Prepares For An Electronic Revolution In Electronic Payment As 2025 Approaches
Economy | 11/29/2024 Mawazine News – Baghdad The head of the electronic payment team in Iraq, Nabil Al-Najjar, confirmed today, Friday, that Iraq will witness a major transformation in the field of electronic payment next year.
Al-Najjar explained in a statement to the official agency, followed by "Mawazine News", that "the number of electronic payment cards in Iraq has exceeded the barrier of 18 million cards, which means that a third of the population uses this method." He added that "there is a government trend that supports electronic payment through a series of decisions that will contribute to this major transformation in the Iraqi economy."
Al-Najjar pointed out that "Iraq is heading towards huge digital campaigns in line with the economic decisions adopted by the government of Prime Minister Mohammed Shia Al-Sudani, and it is expected that the year 2025 will witness a qualitative shift in electronic transactions."
https://www.mawazin.net/Details.aspx?jimare=256999
Electronic Payment.. 18 Million Cards Used In Iraq
Local Economy News – Baghdad Head of the electronic payment team in Iraq, Nabil Al-Najjar, confirmed today, Friday, that Iraq will witness a major electronic transformation next year.
Al-Najjar said, "The number of cards for electronic payment users has exceeded the 18 million mark, which means that a third of the Iraqi people use electronic payment cards," noting that "there is a government trend in favor of electronic payment through some decisions, and this indicates a major shift in the Iraqi economy."
He added, "The Iraqi market is heading towards major digital campaigns in accordance with the economic decisions issued by the government of Prime Minister Mohammed Shia al-Sudani, and it is expected that the year 2025 will witness a major shift in dealing with electronic payment."
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The President Of The Republic And The First Deputy Speaker Of Parliament Affirm Their Support For The Government Program Tracks
Political | 08:30 - 11/29/2024 Mawazine News – Baghdad President of the Republic Abdul Latif Jamal Rashid and First Deputy Speaker of Parliament Mohsen Al-Mandalawi affirmed their support for the government program tracks to serve citizens.
A statement issued by the Presidency of the Republic received by "Mawazine News" said that "the President of the Republic received the First Deputy Speaker of Parliament, and the meeting reviewed the situation on the local scene, and ways of coordination between the legislative and executive authorities, to enhance the legislative and oversight role of the House of Representatives, and support the tracks of the government program to serve the citizen and meet his aspirations."
The meeting also discussed regional developments according to the statement, and the need to take the necessary measures to enhance the state of security and stability witnessed by Iraq was emphasized.
https://www.mawazin.net/Details.aspx?jimare=257029
Al-Sudani: We Carried Out Comprehensive Reforms That Attracted Foreign Investments
Political | 11/29/2024 Mawazine News – Baghdad Prime Minister Mohammed Shia al-Sudani stressed that comprehensive reforms were a reason for attracting foreign investments to Iraq.
A statement from his office received by "Mawazine News" stated that "Prime Minister Mohammed Shia al-Sudani received in the capital Madrid, today, Friday, a group of members of the Iraqi community in Spain."
Al-Sudani confirmed in his speech to the community members that "the visit included a high-level delegation, and Iraq and Spain have put the basic steps together to move towards a comprehensive strategic partnership in various fields, and the foreign ministries of the two countries have been directed to jointly prepare for this relationship." He
explained that "Iraq moved based on the strategic partnership agreement with the European Union, and the partnership with France, Germany, and Italy," indicating that "Spain has priority, based on the close political positions and the noble position on the Palestinian issue, the distinguished historical relationship, and its role in the international coalition against ISIS."
The Prime Minister pointed out that "the solid Spanish companies known for their experience are invited to contribute to the general development witnessed by Iraq, the reconstruction movement and the construction of infrastructure. The relationship has developed since the visit of the Spanish Prime Minister Pedro Sanchez to Iraq last year."
He stressed that "the government has worked to build trust and work to provide services, and that its responsibility is to serve all Iraqis with all their spectrums and diversity.
According to the figures, all sectors have witnessed important achievements that have put the country on the right path, and in every region of the country there is a service or development project."
Regarding financial, economic and banking reform, Al-Sudani explained that "the government has begun to develop the private sector and reform the banking system according to international compliance standards. Electronic sales numbers have increased, as part of a package of reforms in the field of tax and customs laws and company registration to facilitate the work of the local and foreign private sector,"
indicating that "the comprehensive reforms were a reason for attracting foreign investments that were initiated, and exceeded 62 billion dollars in two years, in the oil and gas, housing, industry, agriculture and hotels sectors, and indicators of international organizations and institutions indicate an increase in the growth rate during this period." https://www.mawazin.net/Details.aspx?jimare=257028
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