Iraq Economic News and Points to Ponder Wednesday Afternoon 4-23-25
Government Advisor: Development Indicators Place Iraq On The Cusp Of A New Economic Era.
Local | 08:41 - 04/23/2025 Mawazine News – Baghdad The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, confirmed on Wednesday that development indicators place Iraq on the cusp of a new economic era, noting that the gross domestic product is pushing Iraq towards sustainable development faster than expected.
Salih said: "The fact that Iraq is the third economic power in West Asia among Arab countries in terms of GDP, after Saudi Arabia and the UAE, is an indicator that extends in two directions. The first is the accelerated ability to achieve significant development progress, confirming the unprecedented speed and development of our country in imposing the great economic and political stability that Iraq has achieved."
He added, "The second relates to the gross domestic product, and confirms, on the domestic level, that our country is an effective economic force in attracting investment opportunities in development areas, provided by the great stability environment in recent years, towards supporting sustainable development at a faster rate than expected."
He continued: "The urban renaissance and the launch of infrastructure and service programs are among the most important activities in government policy and its economic program, and they have not stopped due to their proven success in accelerating, so that our country occupies its geo-economic position as a promising path indicated by high rates of economic growth."
He pointed out that "the positive indicators we see in Iraq's favor among the economies of West Asia have established a new economic era for Iraq, which has begun to accumulate accelerated rates of development preceded by strong stability, which was (a necessary condition) for our country to occupy third place in GDP progress (as a sufficient condition) and with high cohesion."
The Prime Minister's advisor indicated that "the foundation of this cohesion has remained the effective participatory and institutional role of the three authorities: legislative, executive and legal, in overcoming the experience of the difficult years, to achieve the two pillars of the desired progress towards securing the future, and building a future of prosperity, stability and development, which has given the current government program the ability to achieve its positive goals in achieving widespread economic successes, without a doubt." https://www.mawazin.net/Details.aspx?jimare=260900
Central Bank: We Are Committed To Building A More Inclusive And Equitable Digital Financial System.
Banks Economy News – Baghdad The Central Bank of Iraq (CBI) emphasized on Wednesday the importance of the media's role in supporting financial inclusion and spreading financial literacy, while also underscoring its commitment to building a more inclusive and equitable digital financial system.
In her speech at the Ninth Scientific Conference (Third International) of the College of Media at the University of Iraq, under the theme "Artificial Intelligence in Media:
Prospects for Innovation and Challenges of Cultural Dialogue," the bank's Assistant Head of Financial Affairs, Adhraa Taha Mohammed, said, "This conference reflects the bank's vision to promote financial inclusion, implement government directives toward the use of electronic payment methods, and the role of the media in spreading financial literacy."
She added, "Financial inclusion has become a pillar of economic and social development. It doesn't just mean individuals having access to banking services, but also empowering them to make smart financial decisions that contribute to improving their lives and supporting the stability of society as a whole.
" She emphasized that "the media's vital role is not limited to raising awareness, but extends to building a solid financial culture that enhances trust between citizens and financial institutions."
She explained that "the government's drive to promote the use of electronic payment methods has become an urgent necessity imposed by modern developments, which requires all parties, whether academics, journalists, or institutions, to work together to guide society."
She emphasized that "media colleges play a pivotal role in preparing media professionals capable of delivering financial messages in innovative and credible ways, bringing economic concepts closer to all segments of society, especially marginalized groups or those previously excluded from the traditional financial system."
She emphasized that "the Central Bank of Iraq is committed to actively participating in building a more inclusive and equitable digital financial system, and is opening doors to cooperation with universities, researchers, and all relevant parties to achieve this goal.
This can be achieved by: organizing workshops and seminars within universities to introduce students to the concepts and importance of electronic payments, providing technical and cognitive support for university research focused on digital transformation and digital finance, encouraging financial innovation among students by urging the financial sector to offer financial products and services tailored to the student segment, and offering accessible digital solutions.
It also aims to involve students in awareness campaigns as active contributors to spreading a responsible financial culture in society."
She concluded by saying, "This integration between the Central Bank and universities aims not only to increase the use of electronic payment tools, but also to create a financially and technically literate generation capable of leading the national economy toward greater progress and modernity."
She emphasized that "investing in financial awareness within universities is an investment in Iraq's future and the best path to achieving true and sustainable digital financial inclusion." https://economy-news.net/content.php?id=54761
The Iraqi Stock Exchange Signs A Memorandum Of Understanding With The Abu Dhabi Securities Exchange To Join The "Tabadul" Platform.
Stock Exchange Economy News – Baghdad The Iraq Stock Exchange and the Iraqi Securities Commission signed a strategic memorandum of understanding with the Abu Dhabi Securities Exchange (ADX) today, Wednesday, to join the Tabadul digital trading platform, becoming the platform's ninth member.
The Iraq Stock Exchange stated in a statement received by Al-Eqtisad News that "the signing ceremony was held at the headquarters of the Abu Dhabi Securities Exchange.
This step comes within the framework of enhancing joint cooperation between the two sides, based on the preliminary agreement announced between the Iraqi Securities Commission and the Abu Dhabi Securities Exchange in January 2025, with the aim of enhancing joint cooperation between the capital markets of the two countries."
She continued, "The agreement aims to consolidate cooperation frameworks in various fields, including technology and innovation, developing trading and post-trade systems, and exchanging best practices and technologies in the trading field."
She explained that "this memorandum will contribute to paving the way for investors and brokerage firms to trade directly and seamlessly between the Abu Dhabi Securities Exchange and the Iraq Stock Exchange, as the "Tabadul" platform enables brokerage firms in both markets to access other markets remotely, which contributes to strengthening the interconnection between the markets and enabling Iraqi investors to access regional and global investment opportunities."
She explained that "by leveraging the Tabadul platform, investors in member markets will be able to participate in initial public offerings (IPOs) among them, which will help highlight the benefits of cross-border trading and expand investment horizons."
The Chairman of the Iraqi Securities Commission, Faisal Al-Haimus, praised this step, stressing that "the Iraqi market's accession to the 'Tabadul' platform represents a qualitative shift in the development of the financial market infrastructure in Iraq."
He added, "This platform will enhance opportunities for regional partnerships and economic integration with Arab financial markets, contributing to broader horizons for investors and reflecting the Commission's commitment to supporting the digital transformation in the Iraqi financial market."
In turn, Jimmy Afham Toma, CEO of the Iraq Stock Exchange, said: "We are proud that the Iraq Stock Exchange has joined the Tabadul digital trading platform, as this represents an important step towards developing the Iraqi financial market and strengthening its integration with regional markets."
She noted that "this cooperation with the Abu Dhabi Securities Exchange aligns with the Iraqi government's efforts to promote economic growth and increase investment, which supports the government's goals of enhancing economic openness and developing financial infrastructure."
For his part, Abdullah Salem Al Nuaimi, CEO of the Abu Dhabi Securities Exchange Group, said: "This memorandum of understanding marks a milestone in the cooperation between the Abu Dhabi Securities Exchange and the Iraq Stock Exchange."
He added, "This cooperation strengthens the Iraqi market's position within the regional ecosystem by increasing market activity and providing a wider range of opportunities for investors by enabling access to diverse investment options in companies listed on both markets."
He continued: "The platform also provides access to more than 7.5 million investors on member exchanges, and includes more than 490 listed companies. Trading activity between member financial markets doubled in 2025 compared to 2024, reflecting the platform's position in the regional financial landscape."
In addition to the Abu Dhabi Securities Exchange, the Tabadul platform currently includes a group of the region's most prominent exchanges, including the Bahrain Bourse, the Muscat Stock Exchange, the Astana International Exchange, the Kazakhstan Stock Exchange, the Central Asian Stock Exchange, the Armenian Stock Exchange, and the Amman Stock Exchange. Discussions are currently underway with a number of other financial markets to join the platform.
Tabadul provides a comprehensive range of trading opportunities to investors in member markets, through seamless and flexible solutions that support business development, expand investment opportunities, and contribute to promoting sustainable economic growth.
The Tabadul platform underscores the Abu Dhabi Securities Exchange's commitment to developing advanced technological infrastructure and expanding investor access to markets through strategic partnerships with leading financial markets, particularly in Arab countries such as Iraq.
This will also contribute to enhancing liquidity, providing innovative trading solutions, and supporting the integration of financial markets at the regional and international levels. https://economy-news.net/content.php?id=54763
Gold Falls In Baghdad And Erbil Markets
Wednesday, April 23, 2025 14:29 | Economic Number of reads: 204 Baghdad / NINA / The prices of Iraqi and foreign gold decreased on Wednesday in the local markets of Baghdad and Erbil, with the decline of the global gold ounce.
The selling prices of gold, in the wholesale markets on Al-Naher Street in Baghdad this morning, for one Mithqal of 21 karat Gulf, Turkish and European gold, were recorded at 680 thousand dinars, and the purchase price was 676 thousand dinars, while the selling price was 710 thousand dinars yesterday, Tuesday.
The selling price of one Mithqal of 21 karat Iraqi gold was recorded at 650 thousand dinars, and the purchase price was 646 thousand dinars, while the selling price yesterday, Tuesday, was 680 thousand dinars.
As for the prices of gold in goldsmiths, the selling price of one Mithqal of 21 karat Gulf gold ranges between 680 thousand and 690 thousand dinars, and the selling price of one Mithqal of Iraqi gold is between 650 thousand and 660 thousand dinars.
As for gold prices in Erbil, they also recorded a decrease, as 24-karat gold was sold for 797 thousand dinars, 22-karat gold was sold for 730 thousand dinars, 21-karat gold was sold for 697 thousand dinars, and 18-karat gold was sold for 597 thousand dinars. / End https://ninanews.com/Website/News/Details?key=1199704
Oil Prices Rise Again, With Brent Reaching $68 A Barrel.
economy | 08:56 - 04/23/2025 Mawazine News - Follow-up Oil prices rose about 1 percent in early trading on Wednesday, extending the previous day's gains as investors assessed a new round of sanctions on Iran, falling U.S. crude inventories, and President Donald Trump's softening tone toward the Federal Reserve.
The market found support after Trump on Tuesday backed off his threats to fire Federal Reserve Chairman Jerome Powell, days after mounting criticism of him for not cutting interest rates. Trump also suggested the possibility of reducing tariffs on China.
Brent crude futures rose 61 cents, or 0.9 percent, to $68.05 a barrel by 00:07 GMT, while U.S. West Texas Intermediate crude was at $64.27 a barrel, up 60 cents, or 0.94 percent. The United States imposed new sanctions on Iranian LNG and crude oil shipping tycoon Seyed Assadollah Emamjoumeh and his trading network on Tuesday.
The U.S. Treasury Department said in a statement that Emamjoumeh's network is responsible for shipping hundreds of millions of dollars of Iranian LNG and crude oil to foreign markets. Meanwhile, U.S. crude oil inventories fell by about 4.6 million barrels last week, market sources said Tuesday, citing data from the American Petroleum Institute. https://www.mawazin.net/Details.aspx?jimare=260882
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/
