Iraq Economic News and Points to Ponder Late Monday Evening  12-11-23

Tlm724 Administrator Bondlady’s Corner

Dollar Prices Stabilize In Baghdad With The Stock Market Closed

Economy  Monday, December 11, 2023 Baghdad/National News Center  The prices of the US dollar stabilized against the Iraqi dinar, today, Monday, in the markets of the capital, Baghdad, with the stock market closed.  The National News Center correspondent said, “Dollar prices stabilized with the closure of the main Kifah and Harithiya stock exchanges in Baghdad, recording 157,300 dinars against 100 dollars, while dollar prices recorded this morning 157,400 dinars against 100 dollars.”

He added, "Selling prices in exchange shops in local markets in Baghdad stabilized, as the selling price reached 157,500 dinars for 100 dollars, while the purchase price reached 156,000 dinars for 100 dollars."  https://nnciraq.com/240680/

Central Bank Sales Exceed $220 Million Today  Monday 11, December 2023 11:59 | Economical Number Of Readings: 416 

Baghdad / NINA / The Central Bank of Iraq announced, today, Monday, its total sales of foreign currency through the electronic window.

The total amounts of transfers abroad (remittances, credits) amounted to $204,502,584, while the total amount of cash sales amounted to $16,060,000, and the total amount of sales amounted to $220,562,584.

The cash sale was set at 1,305 dinars per dollar, while the sale of bond credits, international electronic card settlements, and foreign transfers was set at 1,310 dinars to the dollar. /End 11

https://ninanews.com/Website/News/Details?key=1094796

The Ministry Of Planning Announces The Imminent Formation Of The Permanent Council For Private Sector Development

The Ministry of Planning   Money  and business   Economy News – Baghdad  Today, Monday, the Ministry of Planning announced the approval of Prime Minister Muhammad Shiaa Al-Sudani for Minister Muhammad Tamim to assume the presidency of the Permanent Council for the Development of the Private Sector, confirming the imminent formation of the council.

A statement from the ministry, received by Al-Iqtisad News, stated that “Prime Minister Muhammad Shiaa Al-Sudani agreed to assume the presidency of the Permanent Council for the Development of the Private Sector, based on a request submitted by the Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, in order to give the council the role and space.” which should be occupied."

The statement explained, “The formation of the Permanent Council for Private Sector Management comes in line with the adoptions of the ministerial curriculum, which emphasizes the commitment to support the private sector, whether in the field of implementation or legislation, as a partner in reconstruction and construction,” pointing out that “the Ministry is keen to provide all kinds of support for this.” The sector, for its vital role in revitalizing and developing the Iraqi economy.”

He pointed out, "The Permanent Council for Private Sector Development will include in its membership representatives of private sector unions and associations in accordance with the objectives of the government program," indicating that "the Ministry has taken a number of measures as part of preparations to transform the Council from its temporary capacity to its permanent capacity."

He stated, “The Private Sector Development Council was formed in 2021 to be one of the main outcomes of the Private Sector Development Strategy, 2014-2030, and represents the highest structure to supervise the strategy, and provides the appropriate opportunity for the private sector to manage itself, and it will also be a platform for dialogue and interaction.” Coordination and integration between the public and private sectors.”

The statement noted, “The Council includes in its membership representatives of more than (15) entities representing unions, associations, and private sector actors, including businesswomen and youth, in addition to the participation of government agencies, namely the Ministries of Planning, Finance, Industry, Minerals, Trade, Labor, and Social Affairs, in addition to the Central Bank.”

He pointed out, "Nominations for membership in the General Authority of the Council in its permanent capacity were opened for approximately three months, and the number of applicants reached (228) candidates representing most of the private sector entities. The applicants were evaluated according to the differentiation points based on the criteria that were approved after presenting them to the private sector." (160) members will be selected for membership in the General Authority, distributed among 13 economic and investment sectors.

The statement explained that “the public authority seats are distributed among the economic and investment sectors over the (13) sectors according to the relative importance of each sector,” noting that “it is hoped to benefit from the experiences of countries whose economies have developed by relying on the private sector, as a pioneer and partner in the state’s economic decision-making.” "Including the experience of South Korea."

The statement stressed that "the Council will seek to provide an opportunity to hold periodic meetings with the Council of Ministers, in the presence of the private sector and direct dialogue to reach decisions implemented by sectoral ministries and entities not affiliated with the Ministry and the governorates, in addition to the Council and its representatives attending meetings of the Ministerial Council for the Economy that discuss topics related to the private sector."

The Ministry of Planning concluded its statement by saying, “The Prime Minister’s presidency of the Permanent Council for Private Sector Development represents an important addition to achieving more support for this sector, because of its importance in achieving the goal, advancing the process of economic development, and increasing the importance and percentage of this sector’s participation in the country’s economy.”  Views 34 12/11/2023 https://economy-news.net/content.php?id=38370

The Iraqi Stock Exchange Closed Up By 1.06%

Market  Economy News – Baghdad  The Iraqi Stock Exchange closed today, Monday, up by 1.06%.

The session traded shares of 30 companies, with the number of shares traded reaching more than 2.4 billion shares, with a value of more than 3.5 billion dinars.

Shares of Al-Mansour Bank rose by 14.8%, followed by Meat Marketing by 10%, and Al-Karkh Toy City by 3.9%.  Shares of the Economy Bank fell by 11.1%, followed by Dar Al Salam Insurance by 7.2%.

Views 30 12/11/2023 https://economy-news.net/content.php?id=38386

Oil Continues Its Gains As America Seeks To Buy Strategic Reserves

Economy |  11/12/2023  Baghdad - Mawazine News   Oil prices rose in Monday's trading for the second session in a row, thus compensating for part of the losses they suffered in the past period.

US West Texas Intermediate crude futures rose by 0.66% to $71.70 per barrel, while global Brent crude futures rose by 0.73% to $76.39 per barrel, according to Bloomberg data.

Oil contracts ended last week's trading on an upward note, as US crude contracts closed trading on Friday at $71.23 per barrel, an increase of 2.75% from the previous settlement price.

Meanwhile, Brent contracts ended trading at $75.84 per barrel, an increase of 2.4% from the previous closing price.

The rise comes as markets evaluate the call for Russia, Saudi Arabia, and members of the “OPEC+” group to join the voluntary production cuts.   https://www.mawazin.net/Details.aspx?jimare=239165

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Provoking Points To Ponder on Adversity:

You have within you, right now, everything you need to deal with whatever the world can throw at you.

Now, here are three steps you can take immediately to put these ideas into action.

First, treat every problem or difficulty as if it were a “test,” sent to see how capable and competent you are. Look for ways to grow and benefit, to “pass” the test with high marks.

Second, stay calm no matter what happens. The longer you can stay calm and relaxed, the better decisions you can make and the faster you will be out of your difficulty.

Third, ask other people who have had the same problem for their advice. Don’t try to solve it all by yourself.

And finally, no matter what it is, say to yourself, “This too, shall pass.”

Brian Tracy is the bestselling author of more than 42 books, published in 40 countries and translated into dozens of languages. Brian is a world renowned speaker and seminar leader, addressing more than 250,000 people each year throughout the US, Canada and in 40 other countries. 

About the Author
Brian is Chairman and CEO of Brian Tracy International, and President of Brian Tracy University, a private on-line University for Sales and Entrepreneurship.