Iraq Economic News and Points to Ponder Friday Morning 4-25-25
The Central Bank Of Iraq Clarifies: There Is No Truth To The Claim That The Dollar Quota For Travelers Has Been Raised To 5,000.
Banks Economy News – Baghdad The Central Bank of Iraq denied on Friday that it had raised the dollar quota for travelers.
The Central Bank told the official news agency, as reported by Al-Eqtisad News, that "the circulating letter attributed to the Central Bank is fake and there is no truth to the claim that the traveler's dollar quota has been raised to 5,000." He added, "The traveler's share is only $3,000, and he receives it at the airport on the day of travel." https://economy-news.net/content.php?id=54820
Prime Minister's Advisor: Government Bonds Are A Better Investment Option Than Gold
Buratha News Agency1862025-04-25 The Prime Minister's advisor, Mazhar Mohammed Saleh, confirmed on Friday that sovereign government bonds are available for investment through banking institutions, calling for diversifying investment portfolios by investing in government bonds instead of gold, as "local gold is one of the wealth havens most affected by external or international factors and their shocks, as it is a commodity imported from gold vaults outside the country,
as the global price of gold exceeded the $3,200 per ounce barrier in April 2025, affected by geopolitical tensions, especially between the United States and China, or the so-called trade war issue represented by the escalation of the mutual tariff war between various countries of the world and its direct and indirect effects on inflation trends and expectations in the global economy."
He added, "This coincided with indicators of the oil asset cycle, the downward trend in global oil prices, and the increasing demand for the yellow metal by central banks and investors seeking a safe haven for wealth around the world, as gold is undoubtedly the best store of value.
" He noted that "the price of gold, which has witnessed a significant and continuous rise, despite its fluctuations towards the decline, has maintained its high price. For example, the price of one ounce on April 17, 2025, reached approximately $3,321.89, after previously reaching a new record high of $3,357.40 per ounce."
Saleh explained that "the opening of the local gold market to the global market and the impact of the global price of gold on our country's supply has become an immediate reflexive issue. Until the local gold market stabilizes again,
it may take a real period of time to adapt again." He pointed out that "the short-term jumps in gold prices cast a shadow over the tendencies of individuals in our country and the behavior of some to hedge by investing in the yellow metal."
He continued: "Demand for gold in Iraq is a traditional means of preserving value, which leads to its purchase as a normal hedge, especially for those with cash surpluses, with the aim of profiting from the external price factors affecting the fluctuations in the international economy, and the impact of this on the level of global prices, and the repercussions of this on thinking about re-diversifying the wealth portfolios of some of them, or according to their beliefs and traditions in investing, preserving the value of their personal financial wealth, or speculating."
Saleh pointed out that "if the goal of importing is a safe investment, it is preferable to monitor global and local markets to make informed decisions, and to proceed with the proper diversification of their investment portfolios and not rely entirely on a single investment vehicle to preserve value, since gold is also subject to decline.
It is also preferable to consider other national investment options to diversify their investment portfolios, especially investing in interest-bearing sovereign government bonds currently offered to investors through the Iraqi banking system." https://burathanews.com/arabic/economic/459247
An Economist Warns Of The Repercussions Of Not Approving The Budget And Its Impact On The Markets.
Time: 2025/04/25 14:05:46 Read: 1,065 times {Economic: Al Furat News} Economic expert Bassem Jamil Antoine warned of the serious repercussions of the country's failure to pass its general budget yet, stressing that this has led to a clear contraction in Iraqi markets.
In a statement to Al Furat News Agency, Antoine described the current situation as a "major catastrophe," noting that the country's financial crisis is huge, with the budget deficit reaching nearly 64 trillion dinars due to what he described as a "speculative deficit."
The economic expert explained that the recent increase in customs duties has significantly impacted citizens' spending behavior, pointing out that these factors have pushed many to adopt a policy of saving and thrift, which has increased the state of deflation in the markets.
Antoine stressed the need to expedite the approval of the budget and address the causes that led to this deficit, warning against the continuation of the current situation and its negative impact on the national economy and the lives of citizens. LINK
Foreign Minister Arrives In Washington
Friday, April 25, 2025 05:12 | Politics Number of reads: 461 Baghdad / NINA / Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein arrived in the US capital, Washington, on an official visit.
A statement by the Ministry of Foreign Affairs stated that "the Minister of Foreign Affairs arrived in the US capital, Washington, on an official visit during which he will hold a series of bilateral meetings with a number of senior officials in the US administration." The statement
added that "this visit comes within the framework of strengthening bilateral relations between the Republic of Iraq and the United States of America, and discussing ways to develop joint cooperation in the political, security and economic fields, as well as discussing regional and international issues of common interest."
The statement continued, "During his visit, the Minister is scheduled to meet a number of officials in the US State Department, most notably Marco Rubio, US Secretary of State, in addition to holding meetings with prominent political and economic figures." /End https://ninanews.com/Website/News/Details?Key=1200022
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