Iraq Economic News and Points to Ponder Friday AM 1-17-25
Stability Of The Dollar Exchange Rate Against The Dinar In Baghdad Markets
Stock ExchangeEconomy News – Baghdad The US dollar exchange rate stabilized this morning, Thursday, in Baghdad markets.
The dollar prices witnessed stability with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 151,000 dinars for every 100 dollars, which are the same prices recorded yesterday morning, Wednesday.
Selling prices in exchange shops in local markets in Baghdad recorded stability, as the selling price reached 152,000 dinars, while the purchase price reached 150,000 dinars for every 100 dollars. https://economy-news.net/content.php?id=52016
Central Bank: Closing the electronic platform will not affect the movement of remittances at all
economy | 09:47 - 01/16/2025 Mawazine News – Baghdad The Central Bank of Iraq confirmed that closing the platform will not affect the movement of remittances at all, while noting that transfers through this platform until 12/23/2024 are less than 7 percent of total sales.
A source explained to the official newspaper, which was followed by (Mawazine News), that "the aim of this step is to control financial operations and work within the international scope in the process of foreign transfers and adopt the method of correspondent banks, which contributes to enhancing the stability of the financial sector in light of the current circumstances.
" The Central Bank also indicated that "strengthening the balances of Iraqi banks that have correspondent banks abroad will continue as is," explaining that this does not mean stopping "currency selling" operations, but rather a change in their mechanisms within a method followed all over the world. ‘
He added that the mechanism for strengthening bank balances has changed, as it is now done through the accounts of Iraqi banks with correspondent banks directly, instead of the accounts that were done through the Central Bank, and that this new mechanism is dedicated to meeting the needs of imports and foreign trade of goods, commodities and services, which contributes to supporting the financial and economic stability of Iraq. https://www.mawazin.net/Details.aspx?jimare=258658
Oil Prices Rise, Brent Crude At $82.37 Per Barrel
economy | 10:33 - 01/16/2025 Mawazine News - Baghdad Oil prices rose for a second day on Thursday after a larger-than-expected drop in U.S. crude inventories added to supply concerns stemming from U.S. sanctions on Russian energy trade.
Brent crude futures rose 30 cents, or 0.4%, to $82.33 a barrel by 0120 GMT, after rising 2.6% in the previous session to their highest since July 26. U.S. West Texas Intermediate (WTI) crude futures rose 32 cents, or 0.4%, to $80.36 a barrel, after rising 3.3% on Wednesday to their highest since July 19, according to Reuters.
Prices rose after the U.S. Energy Information Administration reported on Wednesday that domestic crude oil inventories fell for a seventh straight week, the longest streak of declines since July 2021.
Global crude supply is expected to tighten in the coming months as new U.S. sanctions on Russian oil producers and tankers have prompted Moscow’s major customers to seek alternative sources of crude, while freight rates have also risen.
The International Energy Agency said in its monthly oil market report on Wednesday that the latest round of sanctions could significantly disrupt Russian oil supplies And distribute it. https://www.mawazin.net/Details.aspx?jimare=258660
Instead Of "Granting It Exclusively To Foreign Banks", A Proposal To Offer The Dollar On "Trading Platforms"
Buratha News Agency1252025-01-16 Economic experts and specialists considered that the Central Bank's attempt to avoid responsibility for the currency auction and sale came through delegating this task to foreign banks instead of it, indicating that the bank should open the door to competition and put the dollar into circulation instead of sending it exclusively to some foreign banks.
Financial and banking researcher Mustafa Hantoush said on Thursday that the Central Bank seeks to avoid responsibility for the currency auction and foreign trade by authorizing foreign banks that have accounts in correspondent banks with the approval of their branches or foreign owners, according to the government newspaper Al-Sabah.
He pointed out that if the Central Bank wanted to reduce the gap in the dollar, it must open the door to competition between banks and rely on a basket of currencies to expand the options available in the market, calling for amending the criteria for evaluating local banks and raising their financial capabilities, which would contribute to achieving stability and increasing competitiveness, and thus stabilizing the dollar price.
Hantoush suggested the possibility of transferring the dollar to trading platforms in the stock market, to be sold to those entitled to it through direct transactions instead of sending the dollar exclusively to banks, stressing the need to organize these operations by switching to the "Forex" market, and implementing mechanisms that ensure that funds are not transferred until the goods arrive with the banks' guarantee.
He explained that these measures would increase tax revenues and limit illegal trade, which would contribute to strengthening the national economy. https://burathanews.com/arabic/economic/455175
The Prime Minister Confirms That The Government Has Many Projects That The European Bank Can Contribute To Financing
Thursday 16 January 2025 14:43 | Economic Number of readings: 276 Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani stressed that the government has many projects that the bank can contribute to financing.
His media office said in a statement, "Prime Minister Mohammed Shia Al-Sudani received today, Thursday, at his residence in London, a delegation from the European Bank for Reconstruction and Development (EBRD), headed by the bank's president, Odile Renaud-Basso.
Al-Sudani expressed his appreciation for the bank's members' approval of Iraq's accession to it in October of last year, stressing the importance of the partnership with the bank, especially since it includes cooperation in many sectors that the government has placed among the priorities of its government program.
The statement added, "During the meeting, they discussed the mechanisms for implementing the agreement signed with the bank, which was previously voted on by the House of Representatives, and the role of the bank in developing the Iraqi private sector, in addition to discussing opportunities for cooperation in renewable energy projects, including solar and wind energy, to reduce carbon emissions and increase energy efficiency.
The Prime Minister stressed that the government has many projects that the bank can contribute to financing, including vital infrastructure projects such as roads, bridges and public transportation, especially in areas affected by the conflict, and technical assistance from the bank to strengthen and develop the banking sector in Iraq, noting the importance of the bank president visiting Iraq to explore potential cooperation opportunities.
The statement continued, "During the meeting, it was proposed to establish a joint working group to determine the priorities of the projects in which the European Bank for Reconstruction and Development will participate in Iraq. https://ninanews.com/Website/News/Details?key=1180402
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