Iraq Economic News and Points to Ponder Sunday AM 3-23-25
Economist: Government Measures Are Insufficient To Resolve The Dollar Exchange Rate Crisis In Iraq
Time: 2025/03/22 Read: 1,515 times {Economic: Al Furat News} Economic expert Basem Jamil Antoine confirmed today, Saturday, that the dollar exchange rate in Iraq is witnessing significant fluctuations, especially with the approach of Eid and the increase in shopping activity.
Antoine told Al Furat News Agency, "There are many factors that influence price stability, such as supply and demand, in addition to the psychological and social factors that drive the market."
He added, "These factors make it difficult to accurately measure the exchange rate," stressing that "current government measures are not sufficient to solve the problem. Rather, in-depth studies are needed that address all the economic and psychological dimensions of this crisis." LINK
Iraq Affirms Its Commitment To The Principles Of The Arab League
Saturday, March 22, 2025 Iraq's commitment to the principles of the League of Arab States and its support for its efforts to enhance Arab solidarity and defend just causes, foremost among which is the Palestinian cause.
A statement by the Ministry of Foreign Affairs said: "On the 80th anniversary of the founding of the League of Arab States, Iraq, as one of the founding states, affirms its commitment to the principles of the League and its support for its efforts to enhance Arab solidarity and defend just causes, foremost among which is the Palestinian cause."
The statement added that "the Ministry commends the important role played by the League in light of regional and international challenges," calling for "developing mechanisms for joint Arab action and enhancing economic and social integration, in a way that enhances the position of the Arab nation and achieves the aspirations of its peoples."
The Ministry affirmed, according to the statement, "its aspiration for a more cooperative future among Arab countries," noting "the Republic of Iraq's readiness to contribute effectively to achieving the League's goals and consolidating joint Arab action." / https://ninanews.com/Website/News/Details?key=1193396
His Excellency The Governor Of The Central Bank - Zaid Al-Hilli
March 22, 2025 Open mouth, closed mouth
His Excellency the Governor of the Central Bank - Zaid Al-Hilli
I would not have intended to address this appeal directly to Your Excellency, as I am convinced that you are a man known for your humanity and that you understand the implications of this appeal.
However, the numerous inquiries and appeals received from hundreds, perhaps thousands, of citizens in the media, including our newspaper, have prompted us to issue this appeal. We are hopeful that you will make your just decision during these blessed days of the holy month.
To summarize, there are private banks that failed to perform their duties for a variety of reasons we don't have the business of mentioning. This prompted the Central Bank to place them under its guardianship. Shareholders and depositors were delighted with the guardianship decision, hoping to rectify the situation of these banks and return them to strong operation. However, the matter took too long and became a disaster for citizens.
Citizens affected by the guardianship decision have been making intensive and persistent appeals to the media, even threatening to organize demonstrations to make their voices heard.
The phenomenon of placing many private banks under the guardianship of the Central Bank has begun to appear as a punishment for citizens who deposited their money or purchased shares in banks originally licensed by the Central Bank itself and established under valid government laws.
The "guillotine" of guardianship has eroded the remaining capital of these banks through rent payments, electricity and water bills, generator costs, employee salaries, and maintenance, all at the expense of the remaining funds of depositors and stockholders.
These are banks that are both open and closed! I ask: Wouldn't it be reasonable to end this anomalous situation, liquidate these companies, and distribute the remaining funds—which are a small amount—according to the creditors' apportionment system, instead of letting everything be lost, as happened with the Basra International Bank and others?
I have great hope in your wisdom and your usual humanity, because I believe that the prolonged guardianship situation may turn into a public opinion issue, although it is easy to solve.
Please, do not leave people alone to face this ordeal, some of whom are orphans, so rush to help those who have lost a small part of their savings, especially since we are in the last days of the blessed Ramadan. And be certain, Your Excellency, that the hand of charity is never empty, but rather God fills it with the blessings of giving. Please accept my highest respect and appreciation. LINK
Washington Calls On Erbil To Expedite The Export Of Kurdistan's Oil
March 22, 2025 Erbil - Al-Zaman US National Security Advisor Michael Waltz urged the Kurdistan Region to expedite the formation of a government and resume oil exports through the Turkish port of Ceyhan, which have been halted since March 2023.
The US advisor's request came during a phone call he made Friday evening with Kurdistan Regional Government Prime Minister Masrour Barzani to discuss "ways to strengthen relations between the Kurdistan Region and Iraq with the United States," according to a statement from the regional government.
Waltz and Barzani agreed on the "need to expedite the formation of the new Kurdistan Regional Government cabinet and reiterated their commitment to resuming Kurdistan Region oil exports as soon as possible." LINK
Oil Expert: Oil Prices Rising To $72 Will Have A Positive Impact On The Iraqi Economy
Time: 2025/03/22 12:16:56 Read: 1,275 times Economic: Al Furat News} Oil expert Hamza Al Jawahiri confirmed today, Saturday, that recording oil prices and Brent at an average of $72 per barrel has a positive impact on the prices of Basra crude and Iraqi oil in general.
Al-Jawahiri explained in a statement to Al-Furat News Agency, "Heavy Basra crude may be less valuable, but the rise in the prices of Brent crude and oil in general contributes to raising the value of the remaining Iraqi crudes."
Al-Jawahiri pointed out that "these prices are considered safe and good for the Iraqi economic situation," explaining that "any increase above $70 per barrel is safe and does not pose any economic problems for Iraq." LINK
Basra Crude Ends Weekly Trading With Gains
Saturday, March 22, 2025, 11:33 AM | Economic Number of reads: 163 Baghdad / NINA / Basra Heavy and Medium crude oil prices recorded gains for the second week in a row on Saturday.
Basra Heavy crude closed in its last session with an increase of $2.24, reaching $70.04, and recorded weekly gains of $1.82, equivalent to 2.67%.
Basra Medium crude oil recorded an increase of $2.24 in its last session, reaching $73.09, recording weekly gains of $2.26, or 3.19%. / https://ninanews.com/Website/News/Details?key=1193319
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