Iraq Economic News and Points to Ponder Wednesday Afternoon 4-9-25
Economist: The Stability Of The Dollar Exchange Rate In Iraq Does Not Reflect A Real Decline
Time: 2025/04/09 16:00:56 Read: 1,410 times {Economic: Al Furat News} Economic expert, Duraid Al-Anzi, confirmed today, Wednesday, that the stability of the dollar exchange rate in Iraq is tending towards a decline, noting that these changes do not reflect a real decline in value.
Al-Anzi added to Al-Furat News Agency that "the dollar in Iraq will not be affected by any international changes at the present time, and that the main factor behind this fluctuation is the lack of interference by black market traders in manipulating the dollar price."
He explained that "supply and demand in the market have become equal, and that any decline in prices is temporary and does not reflect an actual decline in the value of the dollar." He emphasized that market balance depends primarily on central bank sales. LINK
Preparations For The Arab Summit In Baghdad Are Complete, And Guterres Confirms Participation.
April 9, 2025
Baghdad - Qusay Munther The Council of Ministers voted on the requirements for holding the Arab Summit in Baghdad next month and providing procedures for the legislative elections. A statement received by Al-Zaman yesterday said, "The Council of Ministers, headed by Mohammed Shia Al-Sudani, voted on the requirements for holding the Arab Summit, which will be hosted by Baghdad next month, and on the requirements for holding the legislative elections. It also approved the recommendations of the technical committee for the map of Iraqi maritime fields."
The statement noted that "the Council approved proceeding with a rapid plan to invest in the Akkas gas field through national efforts by the Middle Oil Company, with the American company Schlumberger implementing the first phase, so that the field will produce 100 million standard cubic feet of gas per day within a year."
It continued, "The Council voted to authorize the Undersecretary of the Ministry of Foreign Affairs for Bilateral Affairs to negotiate and sign a draft memorandum of understanding on mutual visa exemption for holders of diplomatic, service and special passports between the Ministries of Foreign Affairs of Iraq and Mauritania, provided that signing the memorandum does not entail a request for any additional financial allocations for the ministry.
It also stated that any amendment, annex or agreement resulting from the aforementioned memorandum shall be presented to the General Secretariat of the Council of Ministers for an opinion before signing it." In a related development, Iraq's representative to the United Nations in New York, Abbas Kazim Obaid, confirmed that UN Secretary-General António Guterres has accepted Iraq's official invitation to participate in the upcoming Arab Summit.
A statement received by Al-Zaman yesterday said that “Obeid met Guterres at the organization’s headquarters and presented the official letter addressed by the President of the Republic, Abdul Latif Jamal Rashid, to the Secretary-General, which includes his invitation to attend and participate in the upcoming Arab Summit scheduled to be held in Baghdad on May 17.”
Obeid conveyed “the greetings of the President of the Republic, the Prime Ministers, and the Minister of Foreign Affairs to the Secretary-General,” stressing “their keenness on his attendance, as his participation adds value to the summit’s discussions.”
The statement noted that “the most prominent issues on the United Nations agenda were discussed in light of regional and international geopolitical changes, in addition to the priorities and concerns of the Group of 77 and China, currently chaired by Iraq, especially in the areas of development financing, climate change, and sustainable development.”
Obeid stressed “the group’s keenness to strengthen the partnership with the United Nations and its specialized agencies, to achieve common goals in accordance with the principle of collective responsibility.”
He pointed out that “the meeting addressed prospects for cooperation between Iraq and the United Nations in the post-conflict phase of the United Nations Assistance Mission for Iraq (UNAMI), appreciating the efforts made by the mission over the past two decades.”
He went on to say, “The measures and the facilities provided by the relevant Iraqi government institutions to responsibly end the mission’s tasks by the end of this year).
For his part, Guterres expressed his appreciation for the invitation to attend the Arab Summit in Baghdad, affirming his participation in its work. He pointed out that the end of the UNAMI mission’s tasks is an indicator of the great progress and successes achieved by Iraq in various fields. The Council held a session on Tuesday in which it took a series of decisions (details p. 2).
Meanwhile, the Independent High Electoral Commission confirmed its readiness to hold the elections on the scheduled date. Commission spokeswoman Jumana al-Ghalay said in a statement received by Al-Zaman yesterday that “the Independent High Electoral Commission is ready to hold the elections on the scheduled date.”
A source in the Coordination Framework revealed the details of the meeting held last Monday between the coalition’s leaders, which discussed the upcoming parliamentary elections and political alliances.
The source said yesterday that “the meeting of the framework forces lasted for hours and focused on holding the elections on the scheduled date, but the State of Law Coalition, headed by Nouri al-Maliki, stuck to its demand to change the election law, and the framework forces were divided between supporters and opponents.” LINK
Private Banks Continue To Monopolize Foreign Remittances, Without Providing Any Tangible Banking Services!
Buratha News Agency1392025-04-09 Many economic experts believe that foreign and local banks with foreign management, such as the Jordanian-run National Bank of Iraq, monopolize bank transfers in Iraq and deprive local banks of these services, without providing any tangible banking services to Iraqis. The Iraqi banking system is collapsing because most Iraqi banks are subject to US sanctions.
This has prompted foreign and local banks with foreign management to monopolize bank transfers in Iraq and deprive local banks of these services, without providing any tangible banking services.
This was done with the approval of the Central Bank of Iraq, despite the fact that these banks, including the Jordan National Bank, lacked any competitive advantage. However, they were guaranteed by the Americans and had accounts opened for them at Citibank and JPMorgan Chase in the United States, solely because they were owned by foreign investors affiliated with banks in Jordan and the Gulf.
While the National Bank and other similar banks do not operate on the principle of providing distinguished banking services to Iraqis, they operate under the guarantee of foreign banks in their countries.
At the same time, these banks generate astronomical profits of up to 300 billion dinars annually, and profits could reach billions if sales are combined with side commissions.
As a result, many see a need to amend the Central Bank's policies, support the Iraqi banking system, strengthen its standards, and enhance its ability to process remittances and engage in banking operations.
In numbers, and compared to other countries in the region, it does not give more than 14 percent to foreign banks, while Iraq provides 100 percent to these banks. Contrary to the Companies Law, which sets the interest rate at 49 percent, the Central Bank relied on Article 107 of the Banking Law, which allowed the Central Bank's Board of Directors to give a percentage without specifying more or less. https://burathanews.com/arabic/economic/458627
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The Foreign Minister Stresses The Importance Of Strengthening Iraqi-American Economic Cooperation.
Foreign Minister Fuad Hussein. "Internet" Money and Business Economy News - Baghdad
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein stressed on Wednesday the importance of strengthening economic cooperation between Iraq and the United States.
He noted that Iraqi diplomatic missions abroad are making every effort to support investors and provide the necessary facilities to overcome the challenges they face.
The Ministry of Foreign Affairs said in a statement, seen by Al-Eqtisad News, that "Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, participated in the interactive dialogue session held by the Iraq-US Business Council in the capital, Baghdad."
According to the statement, the Foreign Minister pointed to "the strength of trade relations between Iraq and the United States of America," stressing "the importance of strengthening economic cooperation between the two sides.
" Hussein stressed "the pivotal role played by the Iraq-US Business Council, as well as the institutional relationship with the American Chamber of Commerce."
The statement added that "the Foreign Minister highlighted the most prominent challenges facing the development of trade relations between the two countries, particularly with regard to the infrastructure for investment development in Iraq."
It continued, "The Minister listened to the interventions of the attendees on the most prominent challenges facing investors, especially Americans, and stressed the importance of joint cooperation to overcome obstacles."
The Minister indicated that "one effective way in this framework is to benefit from the efforts of Iraqi diplomatic missions abroad, which are making efforts to support and assist investors and provide the necessary facilities to overcome the challenges that hinder their work." https://economy-news.net/content.php?id=54288
Dollar In Iraq: 148,500 Dinars Per Note
economy | 09/04/2025 Mawazine News – Baghdad The US dollar exchange rate witnessed a slight decline in the currency markets in the capital, Baghdad.
The dollar price decreased on the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 147,650 dinars for every $100, compared to yesterday's price of 147,800 dinars on Tuesday.
Exchange rates at money exchange shops in the local markets in Baghdad also witnessed a decline, with the selling price reaching 148,500 dinars for every $100, while the buying price reached 146,500 dinars.
https://www.mawazin.net/Details.aspx?jimare=260671
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