Iraq Economic News and Points To Ponder Sunday Afternoon 7-28-24

Paralyzed For 19 Years.. Parliamentary Optimism About Passing The Most Important Laws In Iraq

Energy  Economy News – Baghdad  The Parliamentary Oil and Gas Committee expressed its "optimism" on Sunday about the imminent approval of the Oil and Gas Law, which has been suspended for 19 years, noting that its delay was due to it being a political pressure card used throughout the past years in forming successive governments.

Committee member Nazim Al-Shabli said, “The oil and gas law is the most important of the suspended laws,” noting that “it was being exploited as a political pressure card in forming governments.”

But Al-Shabli expected that "the most serious government in this file is Al-Sudani's government," noting that "clear committees were formed between Baghdad and the Kurdistan Regional Government, but until now the government has not sent the final version to the House of Representatives or the Oil Committee."

Al-Shabli expressed the Oil Committee’s hope that “the relevant committees will resolve the issue and send it to Parliament, given the benefits of the law in regulating oil exports and stopping smuggling or selling oil outside SOMO,” believing that “this issue will be resolved in the coming days.”

He stressed that "the delay of the law came because it is a political card, especially since the region wants the law and considers it to be in its interest, in addition to the fact that it has old obligations and contracts with foreign companies, in addition to the continuation of smuggling."

About a year has passed since the formation of the committee to draft the oil and gas law, after a 19-year delay in the law that regulates the relationship between Baghdad and Erbil with regard to the management of oil in Kurdistan and the rest of the provinces.

The law is considered one of the most important laws that have been suspended for years, amounting to more than 150 laws.

196 views  07/28/2024 - https://economy-news.net/content.php?id=45672

The Ministry Of Commerce Discusses With World Bank Representatives A Strategy To Support Entrepreneurship And Establish Local Companies.

Sunday 28 July 2024 11:17 | Economic Number of readings: 257 Baghdad / NINA / The Private Sector Development Department at the Ministry of Trade held a meeting (remotely) with representatives of the World Bank to discuss a strategy to support entrepreneurship, owners of small and medium enterprises and start-ups to advance the local economic reality.

The ministry stated in a statement that "the meeting discussed the basic pillars of the entrepreneurship system that will be evaluated by World Bank experts through surveys and the application of laws specific to these projects, in addition to holding discussion sessions with project owners and presenting recommendations on policies for each pillar."

The statement explained that "the meeting came out with several recommendations aimed at developing the Iraqi private sector to advance the local economic reality," referring to "the pioneering role of the Private Sector Development Department in providing support to owners of small and medium enterprises, which is part of its tasks."

On the other hand, the Investment Committee of the General Company for Central Markets at the Ministry of Trade held its periodic meeting to discuss its investment projects plan, and the circulars received by the company related to investment projects in Baghdad and the governorates, including the recommendations of the Ministerial Council for Social Services regarding the Iraqi Construction Council, as well as the mechanism for compensating contractors.

The statement added that "the meeting urged the follow-up committees to complete the tasks assigned to them and prepare reports and correspondence to the relevant sectoral authorities to ensure the speedy completion and opening of these projects and set a time frame for their completion and submit periodic reports on the completed work." https://ninanews.com/Website/News/Details?key=1143928

The Stock Market Index Rose By 0.35%

Market  Economy News – Baghdad  The stock market index rose on Sunday, in the first session of the week, by 0.35%.  During the session, 3.6 billion shares were traded, worth 1.9 billion dinars.

The value of shares of 13 companies increased, while the shares of 4 other companies decreased.

The session witnessed the execution of 591 transactions on the shares of 32 traded companies.

Views 13 07/28/2024 - https://economy-news.net/content.php?id=45691

Jump In The Central Bank Of Iraq's Dollar Sales

Time: 2024/07/28 15:22:10 Reading: 650 times  {Economic: Al Furat News} The Central Bank of Iraq’s sales of the US dollar increased to more than $274 million in today’s currency auction, Sunday, compared to sales last Thursday.

The Central Bank sold in its auction today 274 million, 868 thousand, and 286 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits, international settlements for electronic cards, and foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of remittances and credits, which amounted to $267,368,286, up 97% from cash sales of $7,500,000.

The number of banks that purchased cash dollars was 2 banks, while the number of banks that met requests to enhance balances abroad was 17 banks, and the total number of exchange and brokerage companies participating in the auction was 5 companies.  LINK

Iraqi Oil Exports Exceed 102 Million Barrels In A Month

Economy | 07/28/2024  Mawazine News – Baghdad  The Iraqi Ministry of Oil announced, on Sunday, the total oil exports for last June, according to the final statistics issued by the State Oil Marketing Organization (SOMO).

The ministry stated in a statement received by Mawazine News that "the total quantity of crude oil exports amounted to 102 million, 314 thousand, and 548 barrels."

The statistics stated that the quantities exported from the oil fields in central and southern Iraq amounted to 102 million, 11 thousand, and 928 barrels, while exports to Jordan amounted to 302 thousand, 620 barrels.   https://www.mawazin.net/Details.aspx?jimare=252204

US Dollar Exchange Rate Drops In Baghdad

Economy | 04:42 - 07/28/2024  Mawazine News – Baghdad  The US dollar prices fell in the markets of the capital, Baghdad, at the close, on Sunday evening.

The dollar price decreased with the closing of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 149,300 dinars for every 100 dollars, while this morning it recorded 149,550 dinars for every 100 dollars.

The selling prices in exchange shops in local markets in Baghdad were: the selling price was 150,250 Iraqi dinars for 100 dollars, while the purchase price was 148,250 dinars for 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=252214

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