Iraq Economic News and Points to Ponder Monday Afternoon 10-9-23

Tlm724 Administrator Bondlady’s Corner

The Minister Of Foreign Affairs Chairs The Thirtieth Session Of The Ministerial Council For The Economy

Monday 09, October 2023 13:14 | Economical Number of readings: 329 Baghdad / NINA / Today, Monday, Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, chaired the thirtieth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Industry, Trade, Labor, and Social Affairs, the Secretary General of the Council of Ministers, the Governor of the Central Bank, the Chairman of the National Investment Authority, and the President’s Advisor. Council of Ministers for Legal Affairs.

The Council discussed the items on its agenda and took appropriate decisions regarding them. The Undersecretary of the Ministry of Agriculture and Advisor to the Prime Minister hosted two members of the special committee to study the methods of support provided to the agricultural sector and the possibility of their sustainability in light of the water and financial situation and benefit from global experiences and modern methods of irrigation, agricultural mechanization and support of strategic agricultural crops.

The Council also discussed the recommendations of the committee formed to support private banks in order to advance the work of these banks to be an important part of the Iraqi economy.

The Governor of the Central Bank indicated that the bank is putting the final touches to the lending strategy, and is continuing to implement decisions related to electronic payment.

Given the importance of the wastewater treatment unit project to preserve the environment, reduce pollution, and contribute to increasing the life of production machines and protecting them from damage, the Council decided to change the method of implementing this project to contribute to accelerating its completion./End  https://ninanews.com/Website/News/Details?key=1082530

Central Bank Governor: We Are Putting The Final Touches To The Lending Strategy

Money  and business  Economy News – Baghdad  Central Bank Governor Ali Al-Alaq confirmed today, Monday, the final touches to the lending strategy.

The Ministry of Foreign Affairs stated in a statement received by “Al-Iqtisad News” that “Deputy Prime Minister and Foreign Minister Fouad Hussein chaired today the thirtieth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Finance, Industry, Trade, Labor and Social Affairs, the Secretary-General of the Council of Ministers and the Governor The Central Bank, Chairman of the National Investment Authority, and Advisor to the Prime Minister for Legal Affairs.”

She added, “The Council discussed the items on its agenda and took appropriate decisions regarding them. The Council also hosted the Undersecretary of the Ministry of Agriculture and the Prime Minister’s Advisor, two members of the special committee to study the methods of support provided to the agricultural sector and the possibility of their sustainability in light of the water and financial situation, and to benefit from global experiences and modern methods of irrigation, agricultural mechanization, and support.” Strategic agricultural crops.

She continued, "The Council also discussed the recommendations of the committee formed to support private banks in order to advance the work of these banks to be an important part of the Iraqi economy."

The Governor of the Central Bank indicated, according to the statement, that “the bank is putting the final touches to the lending strategy, and is continuing to implement decisions related to electronic payment.”

The Ministry confirmed, “Given the importance of the wastewater treatment unit project to preserve the environment, reduce pollution, and contribute to increasing the life of production machines and protecting them from damage, the Council decided to change the method of implementing this project to contribute to accelerating its completion.”

Views 26  10/09/2023 - 2:12 PM   https://economy-news.net/content.php?id=36879

 The Iraq Stock Exchange ends trading today with a decrease of 0.42%
Market  Economy News – Baghdad  The Iraqi Stock Exchange closed, down by 0.42% during Monday’s session, affected by the decline in the performance of the banking sector.

Investors traded 599.2 million shares, worth 1.34 billion dinars, through 707 transactions.
The performance of the banking sector declined, as investors traded the shares of 9 banks, of which 7 declined, as a result of the rise in the exchange rates of the dollar against the dinar, as the Economy Bank was the most declining by 8.3%, followed by the Gulf by 5%, and Iraqi Investment by 4.55%.

Baghdad Soft Drinks Company shares rose by 0.56% after announcing the company’s results during the past 9 months, which achieved profits of 97 billion dinars.
Views 55  10/09/2023 -  https://economy-news.net/content.php?id=36880

Oil Prices Jump In Light Of The Tension In The Middle East

Economy | 08:40 - 09/10/2023  Baghdad - Mawazine News   Oil prices rose by more than 3% in Monday trading, due to the tension taking place in the Middle East, which raised fears of possible disruptions in supplies from the oil-rich region.

By 07:50 Moscow time, US West Texas Intermediate crude futures rose 3.70% to $85.85 per barrel.

While global Brent crude futures rose by 3.42% to $87.47 per barrel, according to Bloomberg data.

https://www.mawazin.net/Details.aspx?jimare=236092

The Central Bank Sells More Than $201 Million In The Currency Auction

Economy News – Baghdad   On Monday, the Central Bank of Iraq’s sales in the foreign currency sales window amounted to more than 201 million dollars.

The Central Bank’s website published its dollar sales schedule, which Al-Iqtisad News reviewed. It included the participation of 26 banks and 56 exchange companies, and foreign transfer requests covered $168.6 million, while cash requests amounted to more than $32 million.

The Central Bank of Iraq sells the dollar for documentary credits and international settlements for electronic cards at a price of 1,305 dinars per dollar, for every dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash.

Views 133 10/09/2023 - https://economy-news.net/content.php?id=36870

The Dollar Exchange Rate Exceeds 160 Thousand Iraqi Dinars

Dollar prices rose in local markets in Baghdad, where the selling price reached 160,250 Iraqi dinars, while the purchasing price reached 158,250 dinars per 100 dollars.

In Erbil, the dollar exchange rates for selling reached 159,000 dinars for 100 dollars, and the purchasing price was 158,900 dinars for 100 dollars.

For more than 7 months, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system “SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel (black) markets.

The Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the price of buying the dollar from the Ministry of Finance reached 1,300 dinars per dollar and selling it at (1,310) dinars per dollar to banks through the electronic platform, and it is sold for (1,320) dinars per dollar. Dollars from banks and non-banking financial institutions to the final beneficiary

https://www.radionawa.com/all-detail.aspx?jimare=35897

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Points to Ponder on Character:

Men best show their character in trifles, where they are not on their guard - it is in insignificant matters, and in the simplest habits, that we often see the boundless egotism which pays no regard to the feelings of others, and denies nothing to itself -- Arthur Schopenhauer

We want the spirit of America to be efficient: we want American character to be efficient; we want American character to display itself in what I may, perhaps, be allowed to call spiritual efficiency -- clear disinterested thinking and fearless action along the right lines of thought -- Woodrow Wilson

When the late J P Morgan was asked what he considered the best bank collateral, he replied, "Character"

A man may be outwardly successful all his life long, and die hollow and worthless as a puff-ball; and he may be externally defeated all his life long, and die in the royalty of a kingdom established within him -- A man's true estate of power and riches, is to be in himself; not in his dwelling, or position, or external relations, but in his own essential character -- that is the realm in which he is to live, if he is to live as a Christian man -- H W Beecher

A good character is, in all cases, the fruit of personal exertion -- it is not inherited from parents; it is not created by external advantages; it is no necessary appendage of birth, wealth, talents, or station; but it is the result of one's own endeavors -- the fruit and reward of good principles manifested in a course of virtuous and honorable action -- J Hawes