Iraq Economic News and Points to Ponder Friday Afternoon 3-22-24
Iraq Economic News and Points to Ponder Friday Afternoon 3-22-24
Tlm724 Administrator Bondlady’s Corner
Adviser To The Prime Minister: The Decline Of The Dollar Is An Indicator Of The Strength Of The Dinar And A Tangible Success Of Economic Policy
Time: 03/21/2024 Read: 4,381 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed the strength of the dinar against the dinar after a relative decline in the exchange rate. Saleh told {Al-Furat News} agency,
“We indicate the strength of the Iraqi dinar, expressed in the decline in the parallel market rates of exchange in favor of the official exchange rate, a tangible success in the cohesion of the country’s economic policy in its three aspects: monetary, financial, and commercial, in providing a coherent climate of stability in the general level of prices.”
And containing seasonal price fluctuations for high-demand items, specifically providing basic food commodities that have low price elasticities of demand because they are necessary commodities associated with consumption and daily living.”
He noted "the importance and speed of customs procedures, which were represented by (reducing customs tariffs and diversifying imports without quantitative limits for necessary goods) as part of the performance of the financial policy in supporting price stability and ensuring the supply of food and essential goods and production supplies at the official exchange rate and in accordance with the requirements of the national economy."
The Parliamentary Finance Committee had expected the dollar price to continue to decline as the results of the measures taken by the Central Bank of Iraq to limit the rise in the foreign currency began to appear.
The dollar exchange rate a few days ago was about 1,500 or 1,490 thousand dinars to the dollar.
Saleh Reveals The Reason For The Stability Of The Dollar In The Parallel Market And A Historical Reserve For Iraq
Time: 03/22/2024 13:48:05 Read: 3,848 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, attributed the relative stability in the dollar exchange rate in the parallel market to stability in commercial bank financing. Saleh told {Al-Furat News} agency,
"The stability of the dollar exchange rates in the parallel market is due to the stability in bank financing of foreign trade for the private sector, which has begun to rely on stable official exchange rates on a large scale and is more flexible."
He noted that "the demand for foreign currency for the purposes of financing the country's foreign trade, on the part of the private sector, is today supported by large foreign currency reserves, which are the highest in the modern economic history of Iraq, which today touch approximately 111 billion dollars."
Saleh stressed that “those high foreign currency reserves indicate the country’s annual trade efficiency of more than 16 months of import at least compared to the global standard for the trade efficiency of foreign reserves, which is set at only about three months.”
https://alforatnews.iq/news/صالح-يكشف-سبب-استقرار-الدولار-بالسوق-الموازي-واحتياطي-تاريخي-للعراق
Parliament Finance Expects Exchange Rates To Continue In Iraqi Markets
Money and business Economy News – Baghdad Today, Thursday (March 21, 2024), the Parliamentary Finance Committee expected the continued gradual decline of the dollar exchange rate in the parallel market in the coming days.
Committee member Mustafa Al-Karaawi said, in an interview followed by Al-Eqtisad News, that “the decline in the market at the dollar exchange rate is the result of the decisions and measures taken months ago to confront the dollar crisis.
We have said from the beginning that resolving the crisis requires time, until the results of those emerge.” Decisions and actions.
Al-Karawi stated, “The coming days will witness a continuous and gradual decline in the dollar exchange rate in the parallel market, and
this will push towards complete official control over the dollar, and will push prices in the market to be reduced, after they rose due to the rise of the dollar in the parallel market.”
It is noteworthy that the parallel market for the dollar has been witnessing for days in Baghdad and the rest of the governorates a noticeable decline in the exchange rate, as it recorded at 1,490 dinars after touching 1,700 dinars in the past months.
The Central Bank of Iraq sells the dollar at the official price of 1,320 dinars.
Views 138 Added 03/21/2024 - https://economy-news.net/content.php?id=41702
The White House: Biden Will Receive Al-Sudani On April 15
Time: 03/22/2024 20:08:53 Read: 1,118 times {Politics: Al-Furat News} The White House announced the date of Prime Minister Muhammad Shiaa Al-Sudani’s visit to Washington and his meeting with US President Joe Biden.
White House Press Secretary Karine Jean-Pierre said about Al-Sudani’s visit in a statement, a copy of which {Al-Furat News} received,
“On April 15, President Joe Biden will welcome Iraqi Prime Minister Muhammad Shiaa Al-Sudani to the White House to coordinate on common priorities and strengthen the strong bilateral partnership between the United States.” "And Iraq.
The leaders will reaffirm their commitment to the Strategic Framework Agreement and work to deepen their shared vision of a secure, sovereign, and prosperous Iraq fully integrated into the broader region." He added,
"President Biden and the Sudanese Prime Minister will consult on a range of issues during the visit, including our shared commitment to the enduring defeat of ISIS and the evolution of the military mission nearly ten years after the formation of the successful global coalition to defeat ISIS."
Biden and Al-Sudani, according to the statement, “will also discuss ongoing Iraqi financial reforms to promote economic development and progress toward Iraq’s energy independence and modernization.”
https://alforatnews.iq/news/البيت-الأبيض-بايدن-سيستقبل-السوداني-في-15-نيسان
Industry: The Cement Produced In Iraq Is The Best In The Region
Economy News – Baghdad On Thursday, the Ministry of Industry and Minerals counted the number of factories that have stopped working, and while it revealed a directive from Minister Khaled Battal Al-Najm to involve the private sector in reactivating them, it indicated that most cement factories are operated by the gas system instead of black oil, confirming that the current production is the best in the region.
The Ministry’s spokeswoman, Doha Al-Jubouri, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “the number of factories that have stopped working has reached 104, and the Minister of Industry, Khaled Battal Al-Najm, worked to form a committee to study their rehabilitation.”
She added, "Some of these suspended laboratories suffer from age and delayed technology, while others have expired and there is no point in rehabilitating them." She indicated, "The Ministry of Industry worked to rehabilitate some of the stopped factories, and
they were equipped with new production lines, including the Babel Tire Factory, which produces them under the name (Babylon Tires) for saloon cars, light-duty vehicles, and agricultural tires.
The Al-Qaim Cement Factory was also rehabilitated." She pointed out, “The Minister of Industry also directed that the factories that there is no point in rehabilitating them should enter into partnership with the private sector, whether it is a local, Arab, or foreign private sector, on the condition of financial suitability, sufficient experience, and specialization, and be offered for investment through conferences held by the ministry.”".
She went on to say: “The Ministry of Industry will hold a mining conference during the next month of May, and will work to put forward the stalled factories that there is no point in rehabilitating for investment, with the aim of establishing new factories with modern production lines and advanced technology.”
Regarding its cement products, it confirmed that “the Ministry produces the best types of cement in the region and is certified by the Central Agency for Standardization and Quality Control.”
She explained, “Most cement plants have switched from the black oil system to the gas system in order to preserve the environment, and the Minister of Industry directed that the rest of the cement plants switch to this approach.” Regarding the rest of the products, she indicated that
“Diyala Company produces the best types of electrical transformers that are produced for the benefit of the Ministry of Electricity, and the Ur General Company in Dhi Qar Governorate produces electrical cables,” stressing that “the Ministry of Industry has excellent products for the benefit of the private sector and state ministries.” Added 03/21/2024 - https://economy-news.net/content.php?id=41725
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