Iraq Economic News and Points To Ponder Tuesday Afternoon 9-3-24
The Sudanese Advisor Details The Reasons For The Fluctuation Of Gold Prices In Iraq
Time: 09/02/2024 Read: 2,665 times {Economic: Al-Furat News} The financial and economic advisor to the Prime Minister, Mazhar Saleh, said today, Monday, that the reasons for the fluctuation of the price of gold in Iraq are not internal, but rather global, indicating that
the Iraqi government encourages the import of gold because it is a “safe haven” for wealth.
Saleh told {Al-Furat News} agency, “At the state or individual level, gold is historically considered a safe haven for preserving the purchasing power of wealth, as people keep gold for that purpose and the
cycle of gold assets between rise and fall is usually slow, and if we take the cycle of assets we find almost gold, As an average, it has a fixed value among other wealth,” he explained, explaining that
“society has historically been accustomed to keeping gold as a tendency to preserve personal wealth.”
He added, "The state in the modern era reserves part of its external reserves that support the national currency in gold.
For example, Iraq reserves about 148 tons of gold, which constitutes 10% of its foreign currency reserves."
During last February, Iraq's gold reserves witnessed a noticeable increase, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons. He continued,
"Reserves are a diversified investment portfolio in gold and currencies such as the dollar, euro, pound, yuan, yen, and others," describing
this diversity as "based on basic global evidence, and it is not arbitrary." He pointed out,
"This evidence was done in agreement with the International Monetary Fund, in terms of the monetary gold ratios that support and are considered a cover for the Iraqi dinar." He stressed that
the global standard for this is 10%, adding that gold “is not easy for quick payments and other transactions, and it is heavy, but
it is part of protecting reserves and confronting fluctuations in currency values.” He stated,
“The cycle of gold assets is slow, so keeping it protects reserves from currency fluctuations, and
Iraq is not a maker of the price of gold in global markets, but rather a recipient, because we are not a country that possesses golden wealth, but rather
we import gold, so the entry of gold into Iraq is good wealth.”
Better than introducing consumable goods that have no value and deplete resources.
Gold is a “precious wealth for the future,” noting that
“the gold discovered in the world is approximately 75%, and
it is limited and not widespread,
so central banks pay to keep a minimum amount of gold.” He stressed,
“The policy of encouraging the entry of gold into Iraq is to import wealth, and
as assets represent good stores of wealth, so the state encourages that and the customs taxes on it are moderate,” indicating that
“the gold markets in Iraq depend on two things:
its price in the world and the
extent to which the dollar rises or falls, and
we receive Foreign visas worth the value of gold and the dollar,” he said, adding that
encouraging the flow of gold to Iraq “is a good thing.
Recently, the price of gold has risen in Iraq, as the price of weights (5 grams) exceeded 500 thousand Iraqi dinars.”
https://alforatnews.iq/news/مستشار-السوداني-يفصل-اسباب-تقلب-اسعار-الذهب-في-العراق
The Ministerial Council For Economy Holds A Meeting Headed By Fouad Hussein And Issues A Number Of Decisions
Monday 02 September 2024 Economic Number of readings: 123 Baghdad / NINA / The Ministerial Council for the Economy issued a number of decisions regarding residential complexes and groundwater projects in a meeting held today.
A statement by the Ministry of Foreign Affairs stated that Deputy Prime Minister and Minister of Foreign Affairs, Chairman of the Ministerial Council for the Economy, Fuad Hussein, chaired the twenty-seventh session of the Ministerial Council for the Economy, which was held in the Ministry of Planning building, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Agriculture and Trade, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, the Chairman of the Securities Commission, the Undersecretary of the Ministry of Oil, and the Prime Minister's Advisors for Economic and Legal Affairs.
He discussed the items on its agenda and took the necessary decisions regarding them. "
The Council hosted, according to the statement, the Director General of the Housing Department at the Ministry of Housing and Construction to discuss the issue of stalled residential complexes projects and discuss the best ways to complete those projects.
The Council decided that the Ministry would announce the sale of those residential complexes and calculate the values of the amounts spent as a starting point for competition between investors when submitting their offers."
The Council also hosted the Director General of Planning and Follow-up and the Director General of the General Authority for Groundwater at the Ministry of Water Resources to discuss the issue of the random use of groundwater and organize it.
The Council decided to submit a clear and detailed study on the groundwater map, and to prepare controls and mechanisms for granting approvals for drilling wells in coordination with the Ministries of Agriculture and Industry and Minerals, in addition to including artesian well drilling equipment in the import license after the approval of the sectoral authority.
The Council decided that the Ministry of Water Resources would prepare a detailed study for the projects (Irrigation of Amara and Reclamation of the Middle Tigris).
The Council also hosted the head of the Central Organization for Standardization and Quality Control and the head of the Federation of Iraqi Chambers of Commerce to discuss the implementation of the Council’s decision regarding granting the Iraqi quality mark and the tracking tape for goods (barcode), which has entered into force.
The Council recommended, according to the statement, that the Council of Ministers approve the allocation of an amount of (3) million dollars to secure and update the systems of the Iraqi Depository Center at the Securities Commission.
The Council also decided, based on the request submitted by the Federation of Iraqi Industries, to recommend to the Council of Ministers that the customs duty on ground plastic granules and plastic granules be (0.5%).
The Council approved, according to the statement, the request of the Spanish company Imathia, which is implementing the Basra-Shalamcheh railway line, to provide a performance guarantee of 5% of the contract value within 21 days from the date of signing the contract, based on the instructions for implementing government contracts, and to emphasize to the Ministry of Transport that this line be used exclusively for transporting passengers.
The Council also approved the completion of the project to establish a building for female students’ dormitories at the University of Baghdad, and approved the increase in the total cost of the projects to equip specialized mechanisms for the municipalities of Ramadi and Fallujah, and to establish a water project for government departments in the 7-kilometre area in the city of Ramadi. / End 2
https://ninanews.com/Website/News/Details?key=1151401
Work ban
September 02, 2024 It was decided not to allow those whose information is listed in the attached table to work in all licensed ( licensed banks, exchange companies category (A, B), brokerage companies for buying and selling foreign currencies, small and medium enterprise financing companies, financial investment companies, and electronic payment companies ), due to their violation of the controls regulating the work of exchange and brokerage companies. Buying and selling foreign currency No. (1) amended for the year 2022..For more, click here https://cbi.iq/static/uploads/up/file-172527808018855.pdf
https://cbi.iq/news/view/2662
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