Iraq Economic News and Points to Ponder Tuesday Afternoon 2-4-25
Gold Continues To Rise And Maintains A Historical Level In Iraq
Stock Exchange Economy News – Baghdad The prices of "foreign and Iraqi" gold rose in the local markets in the capital, Baghdad, today, Tuesday, (February 4, 2025).
Gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, this morning recorded a selling price for one mithqal of 21 karat Gulf, Turkish and European gold of 595 thousand dinars, and a purchase price of 591 thousand dinars.
The selling price of one mithqal of 21-karat Iraqi gold reached 565 thousand dinars, and the purchase price was 561 thousand.
As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranges between 595,000 and 605,000 dinars, while the selling price of a mithqal of Iraqi gold ranges between 565,000 and 575,000 dinars. https://economy-news.net/content.php?id=52498
Joint Statement By The Office Of The Prime Minister And The Central Bank Of Iraq
Economy | 04/02/2025 Mawazine News – Baghdad The government, in cooperation with the Central Bank of Iraq, announced today, Tuesday, the launch of a comprehensive initiative for banking reforms, noting that "this step comes as part of the government program aimed at modernizing the banking sector and making it more competitive locally and globally."
According to the joint statement issued by the Prime Minister's Office and the Central Bank, received by "Mawazine News", the new reforms include an integrated strategic process that constitutes a turning point in the history of economic development in Iraq.
These comprehensive reforms aim to keep pace with developments in the countries of the region and the world, and contribute to opening up broader horizons for communication with the outside world in modern banking and financial transactions.
These reform efforts were based on several main areas, according to the statement:
1- Strengthening ownership structures and governance frameworks, by enhancing transparency and accountability, by creating diverse ownership structures and ensuring independent oversight of boards of directors over operations and committees.
2- Raising the level and standards of service, by increasing access to basic financial services for all members of the Iraqi people, by enhancing efficiency, increasing the supply of products, and modernizing the infrastructure of the banking sector.
3- Harmonization and conformity with international standards, by imposing commitment to recognized frameworks and practices in the areas of combating money laundering and combating the financing of terrorism, as well as commitment to financial transparency.
4- Enhancing financial flexibility, by enhancing the financial safety of Iraqi banks and setting strong requirements for capital and cash liquidity, to protect customer deposits and protect the economy in the face of local and international challenges.
The statement noted that "the Central Bank is working to implement and develop regulatory and supervisory frameworks in cooperation with international partners, while the government is working to support the reforms and efforts of the Central Bank to develop the state of the banking sector.
" He added, "This initiative comes within the framework of a broader strategy aimed at modernizing the banking sector, as the Central Bank is currently working to develop it in partnership with Oliver Wyman, a leading global management consulting firm."
The government and the Central Bank confirmed "adopting a common reform vision, which is to establish a modern, transparent and comprehensive banking system that supports the aspirations of the dynamic economy of the Iraqi state.
The executive details of these reforms will be presented at a later time," noting that "this initiative constitutes an important step towards achieving sustainable economic growth and enhancing confidence in the Iraqi financial system, which opens new horizons for cooperation and partnerships at the international level." https://www.mawazin.net/Details.aspx?jimare=259362
Dollar Exchange Rates In Iraq
Economy | 04/02/2025 Mawazine News – Baghdad Mawazine News publishes today, Tuesday, the exchange rates of the dollar in Iraq against the Iraqi dinar in local markets.
Selling 151,500 Iraqi dinars for 100 dollars. - Purchase 149,500 dinars for 100 dollars.
https://www.mawazin.net/Details.aspx?jimare=259347
Oil Prices Decline In Global Markets
Economy | 04/02/2025 Mawazine News – Baghdad Oil prices fell on Tuesday after U.S. President Donald Trump agreed to suspend heavy tariffs on Mexico and Canada, the United States’ biggest foreign oil suppliers, for a month.
Brent crude futures fell 41 cents, or 0.5 percent, to $75.55 a barrel, while U.S. West Texas Intermediate crude fell 75 cents, or 1 percent, to $72.41. https://www.mawazin.net/Details.aspx?jimare=259339
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