Iraq Economic News and Points To Ponder Wednesday Evening 7-3-24
World Bank: Iraq Maintained Its Status Within The Upper Middle-Income Category
Wednesday 03 July 2024 | Economic Number of readings: 204 Baghdad / NINA / The World Bank Group announced today, Wednesday, that Iraq has maintained its level within the upper segment of middle-income countries.
According to the bank's report for July of the current year 2024, "Iraq has maintained its level within this segment since 2012."
The bank added that it classifies the world's economies into four income groups: low-income countries, lower-middle-income countries, upper-middle-income countries, and high-income countries, based on the per capita share of gross national income. The measures of gross national income are expressed in US dollars. It pointed out that "all the countries of the Arabian Gulf fall within the upper high-income segment. The bank indicated that "this year, three countries - Bulgaria and Belarus - moved from the upper-middle-income category to the high-income category."
Algeria, Iran, Mongolia, and Ukraine moved this year from the lower-middle-income category to the upper-middle-income category. / https://ninanews.com/Website/News/Details?key=1139505
Securities Commission: The Government Has Successfully Completed The Sale Of Financial Bonds
Market Economy News – Baghdad The Securities Commission confirmed on Wednesday that the government had successfully completed the sale of financial bonds, while indicating that many foreign investors had purchased those bonds.
The head of the authority, Faisal Al-Haimus, said: “The government has successfully completed the sale of financial bonds,” indicating that “all financial bonds that were sold were subscribed to, and this reflects the strength and stability of the State of Iraq.”
He pointed out that "there are many foreign investors who bought financial bonds, and this reflects the stability of the Iraqi state."
Government bonds are a type of debt-based investment where you lend money to a government in exchange for an agreed-upon interest rate. Governments use them to raise money that can be spent on infrastructure or new projects, and investors can use them to earn set returns that are paid at regular intervals.172 views 07/03/2024 - https://economy-news.net/content.php?id=44856
Today.. The Central Bank Sells Only About 15 Million Dollars Domestically
Economy | - 03/07/2024 Baghdad - Mawazine News The Central Bank of Iraq revealed, on Wednesday, its sales of US dollars to banks inside Iraq.
The bank's data showed that the total internal cash withdrawals amounted to $14,775,300, covered by a basic exchange rate of 1310 dinars per dollar.
Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to $260 million, 135 thousand, and 797 dollars, an increase of 94% over cash sales of $14 million, 775 thousand, and 300 dollars. https://www.mawazin.net/Details.aspx?jimare=250701
Al-Hakim: Iraq's Oil Rentier Economy Is A "Major Challenge"
Wednesday 03 July 2024 Politics Number of readings: 193 Baghdad / NINA / The head of the National State Forces Alliance, Ammar al-Hakim, considered the rentier oil economy in Iraq a "major challenge."
Al-Hakim said during his hosting at the Baghdad Forum for Young Leaders, which was held by the Ishtar Foundation, that "the rentier economy is a major challenge and oil prices will not last long, especially if the influences that led to the rise in prices are removed."
He added: "To help break the rentier economy equation and move to the five-point agriculture, industry, tourism, investment and technology, and that all these titles are capable of opening a window of work for young people and transforming them into an effective and productive segment."
He pointed out that "Al-Sudani succeeded in his performance, which was positively reflected on the forces supporting and enabling him, and that the focus was on popular satisfaction with the government, while there is another popular satisfaction with the political forces, as evidenced by the results of the recent elections," indicating: "
Al-Sudani's success in his previous tasks is what prompted the Coordination Framework to empower him in the prime minister's office and assign him to manage the government."
Al-Hakim pointed out that "youth are a vital pillar in our Iraqi reality, given their numbers and proportions in society, which requires care and empowerment for them, taking into account requirements, developments, technology, information technology, and the like."
He continued: "Youth face major intellectual and social challenges, the first of which is drugs," calling for empowerment that is commensurate with the capabilities of youth, trust in Iraqi youth, and attention to their successful experiences." / https://ninanews.com/Website/News/Details?key=1139566
Oil Prices Fall To $85 Per Barrel
Economy | 03/07/2024 Baghdad – Mawazine News Oil prices rose in early Asian trading on Wednesday after industry data showed a larger-than-expected draw in U.S. crude inventories, boosting hopes for strong fuel demand during the summer driving season in the world’s top oil consumer.
Brent crude futures rose 16 cents, or 0.2 percent, to $85.60 a barrel by 00:33 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 14 cents, or 0.2 percent, to $82.95 a barrel.
Crude prices closed lower on Tuesday as concerns faded that Hurricane Beryl could disrupt production in the Gulf of Mexico.
U.S. crude inventories fell by 9.163 million barrels in the week to June 28, according to market sources citing figures from the American Petroleum Institute on Tuesday. However, gasoline stocks rose by 2.468 million barrels, and distillates fell by 740,000 barrels.
Gasoline demand in the United States is expected to rise as the summer travel season picks up with the Independence Day holiday this week.
OPEC oil output rose in June for a second straight month, a Reuters survey showed on Tuesday, as higher supplies from Nigeria and Iran offset voluntary supply cuts by other members and the broader OPEC+ alliance. https://www.mawazin.net/Details.aspx?jimare=250677
A List Of Dollar Prices In The Markets Now
Economy | 03/07/2024 Baghdad - Mawazine News The exchange rates of the US dollar against the Iraqi dinar in the markets witnessed a slight increase on Wednesday evening. The list is as follows:
Baghdad Selling prices: 148,500 Buying prices: 147,000
Erbil Selling prices: 148,000 Buying prices: 146,500
Basra Selling prices: 147,000 Buying prices: 146,000
https://www.mawazin.net/Details.aspx?jimare=250714
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Provoking Thoughts and Points To Ponder On Adversity:
By becoming more unhappy, we sometimes learn how to be less so. - Madame Swetchine
Every experience, however bitter, has its lesson, and to focus one's attention on the lesson helps one overcome the bitterness. - Edward Howard Griggs
A good scare is worth more to a man than good advice. - Edgar Watson Howe
It is from the level of calamities ... that we learn impressive and useful lessons. - William Makepeace Thackeray
When I have listened to my mistakes, I have grown. - Hugh Prather
We only think when we are confronted with a problem. - John Dewey
http://famousquotesandauthors.com/topics/adversity_quotes.html