Iraq Economic News And Points To Ponder Friday AM 12-20-24
The Central Bank Of Iraq Challenges The Dollar With New Currencies!
December 19, 2024 Last updated: December 19, 2024 Independent/- In a new step that reflects its approach to strengthening Iraq’s role in the global economy, the Central Bank of Iraq announced the expansion of external transfer channels for local banks to include new currencies.
According to the statement issued today, the Jordanian dinar and the Saudi riyal were added to the list of permitted currencies, in addition to allowing the use of the euro to finance trade with Türkiye after it was limited to European Union countries.
This step comes in addition to currencies previously used, such as the US dollar, UAE dirham, Chinese yuan, and Indian rupee.
The Central Bank stressed that this expansion aims to provide broader options for local banks and enable them to meet the needs of foreign trade at official transfer rates.
The objectives of the step and its economic consequences
According to the statement, this step aims to achieve streamlined financial transfers and the involvement of a larger number of Iraqi banks in external transfer operations.
It also seeks to enhance economic cooperation between Iraq and other countries, which contributes to diversifying economic and trade channels and strengthening relations with international partners.
The Central Bank explained that the smooth transition that took place during 2024 from using the electronic platform to approved correspondent banks contributed significantly to improving banking operations.
This move was widely praised as a fundamental shift in line with international standards.
Expanding the economic horizon
This announcement comes as the Central Bank seeks to expand the horizons of economic cooperation between Iraq, neighboring countries and the world.
The addition of new currencies reflects a deep understanding of the market needs and Iraq's dealings with various countries.
These expansions would support Iraq's ability to
enhance the role of its banking sector in international trade, and
increase global confidence in the Iraqi banking system.
Towards a modern banking system
Thanks to this step, the Central Bank of Iraq continues its efforts to develop the local banking system in line with modern banking practices.
It is expected that these expansions will
contribute to improving the efficiency of commercial operations and
reducing dependence on traditional currencies,
enhancing Iraq's economic diversification.
Through these measures, the Central Bank of Iraq demonstrated its commitment to developing the financial system to meet local and international needs, thus contributing to enhancing the stability of the Iraqi economy and achieving sustainable growth. https://mustaqila.com/البنك-المركزي-العراقي-يتحدى-الدولار-ب/
Oil: The Proportion Of Associated Gas Investment Increased To 70%
Economy The Ministry of Oil announced today, Thursday, that the percentage of associated gas investment has increased to 70%. A statement from the ministry - received by the Iraqi News Agency (INA) - stated that “in implementation of the government program and the directives of the Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani, the Undersecretary for Gas Affairs, Izzat Saber Ismail, chaired the leadership meeting for gas projects, in the presence of the general directors of the relevant oil companies and departments.”
During the meeting, the agent pointed out the achievements that have been achieved in the associated gas investment sector, which will reach 70% by the end of this year. The agent stressed,
“The government and the ministry, through the directives of Deputy Prime Minister for Energy Affairs and Oil Minister Hayan Abdul Ghani, are keen to raise gas investment rates in a way that contributes to providing fuel for electric power generation plants and supporting the national economy.”
The agent added, “The Ministry has also achieved an achievement in the field of production, storage, and export of liquid gas, as well as increasing gas supply outlets for vehicles, due to the high numbers to which gas systems have been added,” noting,
“The number of technical workshops has also increased to raise the level of services provided to citizens.”".
The statement continued, "During the meeting, the projects implemented by the Ministry to raise associated gas investment rates were reviewed, as well as projects implemented to develop gas fields, to support the energy and industry sector in the country." https://www.ina.iq/224007--70.html
Economist Warns Of Impact On Iraq's Budget And Projects Due To Reduction In Oil Exports
Time: 2024/12/20 13:54:38 Read: 1,313 times {Economic: Al Furat News} An economic expert warned that Iraq’s budget and investment projects would be affected by the reduction in its oil exports.
Salah Nouri told Al Furat News Agency: "Iraq is greatly affected by the reduction of its share of oil exports in a complex manner."
gHe explained that "the licensing rounds continue to produce according to the contract despite the reduction in exports and receive their dues from production costs with profit."
Nouri pointed out that "the financing of the federal general budget is affected as a result of the decrease in oil export revenues, whether the current or investment budget, and the completion of some investment projects may be halted." LINK
Gold Heads For Weekly Losses After Fed Decision
Time: 2024/12/20 08:54:34 Read: 1,846 times {Economic: Al Furat News} Gold is heading towards a weekly decline today, Friday, after the Federal Reserve’s decision to slow the pace of interest rate cuts during 2025, while the market’s focus shifted to the US personal consumption spending data scheduled to be released later today.
Spot silver is also on track for its worst weekly performance since late 2023.
By 0326 GMT, spot gold was at $2,596.89 an ounce.
The precious metal lost about two percent over the week.
US gold futures rose 0.1 percent to $2,611.30 an ounce.
Gold is holding steady as investors "wait for Trump to resume office next year, and the Fed will hold one meeting after another, looking at the data and seeing what Trump's trade policy will include," said Soni Kumari, a commodities strategist at Australian bank ANZ, according to Reuters.
Investors are now awaiting the core personal consumption expenditures index, the Fed's preferred inflation gauge, for further clues about the US economic outlook.
The US Federal Reserve cut interest rates by 25 basis points, and the bank's signal of an expected slowdown in interest rate cuts pushed gold to its lowest level since November 18 LINK
Central Bank: Iraq Expands Foreign Transfers In New Currencies Other Than The Dollar
The Central Bank of Iraq announced on Thursday the expansion of foreign transfer channels for local banks to include new currencies other than the dollar, namely: the Jordanian dinar and the Saudi riyal.
The bank also decided to allow Iraqi banks to finance trade with Turkey in euros after it was previously limited to using them with European Union countries, in addition to transfers available in US dollars, Emirati dirhams, Chinese yuan and Indian rupees.
The bank explained in a statement today that "this step comes within its efforts to expand foreign trade financing options in various currencies and channels, and the bank has begun taking the necessary measures to meet banks' requests in these currencies."
The statement also indicated that "this expansion in foreign transfer channels provides transfer operations at the official price, and aims to streamline transfers and involve a greater number of banks in foreign transfer operations, and expand the horizons of economic cooperation between Iraq and other countries, especially in light of the bank's efforts to find other channels to meet the volume of demand for various foreign currencies according to Iraq's dealings with those countries."
The bank confirmed that "a smooth transition took place during 2024 from the electronic platform to directly approved correspondent banks, and thus the Central Bank achieved a fundamental transformation in line with international banking practices, and this transition is widely praised." https://www.radionawa.com/all-detail.aspx?jimare=40666
The Central Bank Of Iraq Decides To Add The Saudi Riyal And The Jordanian Dinar
Banks Economy News – Baghdad The Central Bank of Iraq announced the expansion of external transfer channels for local banks to include new currencies: the Jordanian dinar and the Saudi riyal, and allowing Iraqi banks to finance trade with Turkey in euros after it was previously limited to using it with European Union countries.
The Central Bank's media office stated in a statement received by "Al-Eqtisad News" that "this step comes within its efforts to expand foreign trade financing options in various currencies and channels, and the bank has begun taking the necessary measures to meet banks' requests in these currencies."
The Central Bank pointed out that "this expansion in the external transfer channels provides transfer operations at the official price, and aims to streamline the transfer and involve a greater number of banks in external transfer operations, and expand the horizons of economic cooperation between Iraq and other countries, especially in light of the bank's efforts to find other channels to meet the volume of demand for various foreign currencies according to Iraq's dealings with those countries.
It is worth noting that a smooth transition took place during 2024 from the electronic platform to directly approved correspondent banks, thus the Central Bank achieved a fundamental transformation in line with international banking practices, and this transition is widely praised. 250 views 12/19/2024 - 11:07 AM https://economy-news.net/content.php?id=51058
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