Iraq Economic News and Points to Ponder Friday Evening 2-23-24
Iraq Economic News and Points to Ponder Friday Evening 2-23-24
Tlm724 Administrator Bondlady’s Corner
The Central Bank Denies That There Is A Problem With The Liquidity Of The Iraqi Dinar
Economy | 02/23/2024 Mawazine News – Baghdad Today, Friday, Central Bank Governor Ali Al-Alaq denied the existence of a problem with the liquidity of the Iraqi dinar, while indicating the imminent launch of the new mechanism for travelers to obtain the dollar.
Al-Alaq said in a statement, “What is being raised and rumored about the existence of a problem with the liquidity of the Iraqi dinar is untrue, and that the Central Bank is continuing the process of responding to requests related to liquidity, as well as the Ministry of Finance.”
He pointed out, "The Central Bank is developing the mechanism for passengers to obtain dollars smoothly at Iraqi airports, some of which have completed the system with the presence of relevant exchange companies and banks distributing dollars."
Al-Alaq pointed out, “The new mechanism will go into effect soon, and the traveler will obtain the dollar by registering through the platform and receiving it at the airport to ensure that the dollar reaches the real traveler.” https://www.mawazin.net/Details.aspx?jimare=242605
The Central Bank Promises To Develop A New Mechanism For Delivering Dollars At Airports
Friday 23, February 2024 | EconomicalNumber of readings: 109 Baghdad / NINA / The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced the development of a new mechanism for delivering the dollar at Iraqi airports to ensure that the dollar reaches real travelers.
Al-Alaq said in a press interview, “The new mechanism includes registration through an electronic platform and receipt at the airport by the traveler, indicating that the system and the presence of the relevant exchange companies have been completed in some airports, and the mechanism will be launched very soon.”
The Governor of the Central Bank confirmed that “there is no problem with the availability of the Iraqi dinar or liquidity, and that the Central Bank has not stopped for a moment in responding to requests related to liquidity and what is related to the Ministry of Finance.”
He pointed out that “the Central Bank pays great attention to electronic payment and electronic collection, and that it cooperates with the Prime Minister, government institutions and the private sector to enhance this field,” considering that “the launch was very successful and the size of the numbers reflects this.”/ End 9 https://ninanews.com/Website/News/Details?key=1109309
Prime Minister: We Are Close To Securing The Country’s Full Needs For Derivatives No Later Than The Middle Of Next Year
Energy Economy News – Baghdad Prime Minister Muhammad Shiaa Al-Sudani confirmed on Friday that he is close to securing all of the country’s needs for derivatives no later than the middle of next year.
The Prime Minister's Media Office stated, in a statement, seen by Al-Iqtisad News, that "Prime Minister Muhammad Shiaa Al-Sudani visited the Al-Shamal Refinery in Baiji, which was rehabilitated after a hiatus that lasted more than 10 years."
The Prime Minister pointed out that "many Iraqis were waiting for this important achievement after the destruction that befell the refinery," recalling "the martyrs and wounded who defended this land and liberated the refinery from the terrorist ISIS gangs, so that a new era would begin whose heroes were the engineers and workers of the Northern Refineries Company who... They took on the challenge of rebuilding this important vital refinery.”
He stressed that "many doubted the return of the refinery materials that were made in cooperation with the Kurdistan Regional Government of Iraq," noting that "with this achievement, we are close to securing the country's entire needs for derivatives, no later than the middle of next year, which will save us billions of dollars that will be invested in In other service and economic aspects, by stopping the import of petroleum derivatives, we will thus achieve the goals of reform.”
Al-Sudani stated, “This government, during its 15 months of existence, has placed the oil and gas sector at the top of its priorities, according to well-thought-out programs and plans to invest this wealth, in a way that achieves the best returns,” stressing, “continuing to prepare a plan for investment projects inside and outside Iraq, in a new policy.” We adopt it by investing oil in the petrochemical and manufacturing industries to obtain the greatest return.”
The Prime Minister said, during a speech he delivered at the opening of the refinery, according to the statement: “We stand with reverence and respect for the martyrs and wounded who defended this land and liberated the refinery from ISIS gangs,” adding: “We visited this refinery in May 2023, to see its reality and look at the equipment.” The recovered machines came at the initiative of citizen Baran Ahmed Younis and with the cooperation of the Kurdistan Regional Government of Iraq.
He pointed out that "Iraq, with its production of more than 4 million barrels per day, is still importing oil derivatives, a policy that has been in place for decades," adding: "With this achievement, we are close to securing the country's entire needs for derivatives, no later than the middle of the year." Next, the champions may surprise us before this date.”
He stressed that "billions of dollars will be saved and allocated to other service and economic aspects by stopping the import of oil derivatives, and this is the real reform," pointing out that "the will and determination of the heroes in the Northern Refineries Company and the supporting national companies achieved this national achievement in 7 months, and it is assumed that The time limit may take 3-4 years.”
He stressed that "Iraq does not accept the impossible, and creates solutions regardless of the difficulties, and it is the strength that we are betting on to face all challenges," noting that "the government has placed the oil and gas sector at the top of its priorities, according to well-studied programs and plans that highlight the importance of investing this wealth, in a way that achieves the best possible results." Returns.”
He continued: "We went to projects implemented for the first time, such as investing in associated gas, and today international companies are working, and the national effort is in more than one site and field, to end gas burning within a time frame of 3-5 years," adding: "We are preparing the plan for investment projects inside and outside Iraq." “In a new policy we are adopting to invest oil in the petrochemical and manufacturing industries to obtain the greatest return.”
He continued his speech: “Our government is moving forward, with full confidence and determination, to provide service to the people in accordance with the government program, and with the support and assistance of members of the House of Representatives,” appreciating “the role of the Energy Committee in Parliament, and its Chairman, who had a major role in recovering the refinery’s materials.”
The Prime Minister also appreciated, according to the statement, “the important role of the members of the House of Representatives from Salah al-Din Governorate for their assistance and support in reviving this refinery,” concluding by saying: “The Baiji refinery returns to be a clear witness to the will, resolve, and persistence of the Iraqi people. 02/23/2024 - https://economy-news.net/content.php?id=40796
Oil Prices Are Declining Globally After A Decline In Demand
Economy | 02/23/2024 Mawazine News – Baghdad Oil prices fell in Asian trading, today, Friday, as investors monitor signs of weak supplies with continued concerns about declining demand.
According to press reports, Brent crude prices witnessed a decline to about $83 per barrel after a 1.6% rise in the previous two sessions, while West Texas Intermediate crude was trading at about $78 per barrel, according to Bloomberg data analysis.
Oil spreads show signs of a stronger market, while US crude inventories expanded less than expected last week.
Although US crude inventories rose less than expected, they remain high for the fourth week in a row. Stocks in the Cushing Center in Oklahoma, which is considered a delivery point for US crude contracts, extended for the second week, but remain below seasonal averages, according to observers
https://www.mawazin.net/Details.aspx?jimare=242594
Weekly Trading Indicators For The Iraqi Stock Exchange
Thursday 22, February 2024 22:06 | Economical Number of readings: 705 Baghdad / NINA / The Iraq Stock Exchange organized five trading sessions today, Thursday, during the third week of February 2024.
A statement from the stock market stated, “During the third week of February 2024, five trading sessions took place from Sunday, 02/18/2024, to Thursday, 02/22/2024. During this week, the following indicators were achieved:
1- reached The number of shares traded during this week was more than (16) billion shares.
2- The value of shares traded this week amounted to more than (16) billion dinars.
3- The market trading index closed for the first session of the week at (910.92) points, while the At the end of the week, the index reached (917.42) points, achieving an increase of (0.71%) over its close at the beginning of the session.
4- During this week (3378) buy and sell contracts for shares of companies listed in the market were executed./End 8 https://ninanews.com/Website/News/Details?key=1109203
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