Iraq Economic News and Points To Ponder Monday Afternoon 7-15-24
Iraq Resumes Negotiations To Join WTO
WTO Money and business Economy News – Baghdad Minister of Trade and head of the Iraqi team concerned with joining the World Trade Organization, Athir Dawood Al-Ghariri, announced on Monday the resumption of negotiations to join the World Trade Organization, after a hiatus that lasted more than 16 years.
A statement by the ministry, seen by "Al-Eqtisad News", quoted the Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, as saying that "the Iraqi negotiating teams have begun their preparatory meetings at the headquarters of the World Trade Organization in Geneva, in preparation for the third meeting of the working group on Iraq's accession." Al-
Hashemi added that "the first preparatory meeting was held at the organization's headquarters with the Director of the Accession Department and the organization's experts in goods, services and intellectual property, headed by the Director General of the Department of Economic Relations and the membership of negotiators representing the Iraqi ministries and the Kurdistan Region; to discuss the most important files and documents submitted by Iraq in the previous stage."
He pointed out that "the third official meeting of the working group, which will be headed by the Minister of Trade representing Iraq, will witness a review of the files and documents completed by the National Committee concerned with accession."
He continued, "This is the first time that the Iraqi negotiating team has reached this level of experience in the field of negotiation, which reflects the development of their capabilities and efficiency in dealing with complex issues related to WTO membership."
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Global Oil Prices Decline
Economy | 07/15/2024 Follow-up - Mawazine News Oil prices fell for a second day in a row on Monday, as the dollar rose amid political uncertainty in the United States following an attack on US presidential candidate Donald Trump, while investors monitored the progress of talks on a ceasefire in Gaza.
Brent crude futures fell 55 cents, or 0.7 percent, to $84.48 a barrel by 01:09 GMT, after closing down 37 cents on Friday. US West Texas Intermediate crude fell 56 cents, or 0.7 percent, to $81.65 a barrel.
US stocks rose on Monday, while US bond futures fell, as investors bet that the attack on Trump would make his victory in the upcoming presidential election more likely.
In the Middle East, talks to end the conflict in Gaza between Israel and Hamas stalled on Saturday after three days, and uncertainty surrounding the volatile situation kept the geopolitical value of oil high.
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Iraq Advances One Place In The World's Gold ReservesMarket Economy News – Baghdad The World Gold Council announced today, Monday, that Iraq has advanced one place in the list of countries with the largest reserves of the precious metal in the world.
According to the latest table published by the Council in July, which was reviewed by Al-Eqtisad News, it advanced to 30th place out of 100 countries listed in the table with the largest gold reserves, after it was ranked 31st globally, and fourth in the Arab world after Saudi Arabia, Lebanon and Libya.
According to the table, Iraq maintained its gold holdings unchanged, reaching 1,457 tons, which represents 10% of its other reserves.
The Council pointed out that "the United States of America tops the list of countries with the largest gold holdings in the world, with 8,133.5 thousand tons, followed by Germany with 3,351.5 thousand tons, then Italy with 2,814 thousand tons, while Suriname came in last with 1.2 thousand tons."
The World Gold Council is headquartered in the United Kingdom, has extensive experience and deep knowledge of the factors that cause market change, and its members consist of the largest and most advanced gold mining companies in the world.
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Central Bank Of Iraq Sells $270 Million In Auction Today
Time: 2024/07/15 15:42:39 Reading: 598 times
{Economic: Al Furat News} The Central Bank of Iraq’s dollar sales on Monday amounted to more than 270 million in a currency auction.
The bank sold in its auction today 270 million, 626 thousand and 37 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at the same price per dollar for foreign transfers, and at a price of 1305 dinars per dollar in cash.
Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $252 million, 324 thousand and 37, an increase of 93% over cash sales of $18 million, 302 thousand.
The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 14 banks, and the total number of exchange and brokerage companies participating in the auction was 6 companies. LINK
Stock Market Index Down 0.4%
Market Economy News – Baghdad The stock market index fell by 0.4% on Monday.
The number of traded shares reached 746.1 million shares, with a value of 809.1 million dinars.
During the session, 577 transactions were executed on the shares of 30 companies.
The shares of 5 companies also rose, including United Bank and Agricultural Products.
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Dollar Closes Lower In Baghdad
Economy | 05:25 - 07/15/2024 Baghdad – Mawazine News The US dollar prices fell against the Iraqi dinar, today, Monday, in Baghdad markets with the closing of the stock exchange.
Our correspondent said that the dollar prices fell with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 148,900 dinars for $100, while this morning it recorded 149,150 dinars for $100.
He pointed out that the selling prices in exchange shops in local markets in Baghdad fell to 149,750 dinars for $100, while the purchase price reached 147,750 dinars for $100.
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