Iraq Economic News and Points to Ponder Monday Afternoon 2-17-25
Government Advisor: Historic Decision To Protect Iraqi Gold And Revive The Craft With A New Generation
Time: 2025/02/17 11:31:22 Read: 1,905 times {Economic: Al Furat News} The financial and economic advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the recent decision regarding the management and sustainability of the national wealth of gold and precious metals is one of the most important steps that will contribute to protecting the national economy and ensuring its stability.
Saleh told Al Furat News Agency that "this step comes as part of a broader strategy to make gold a safe and stable reserve for citizens and the local economy."
He explained that "the decision aims to preserve a rare and historical resource that is in line with the price and monetary systems in the economic community, and it also seeks to create an attractive industrial climate within Iraq instead of this wealth leaking into external industrial workshops, which led to a decline in quality and quality control, in addition to the depletion of national resources."
He noted that the absence of the goldsmith craft locally and its dispersion due to various circumstances and its transfer to neighboring countries has led to destabilizing dealings with this vital resource, which exposed the family and the economy to great risks,"
stressing that "the decision will revive this craft by supporting a new generation of national craftsmen, which will enhance the local market for gold and reduce dependence on foreign markets in manufacturing and remanufacturing."
Saleh stressed that "this step will lead to strengthening the position of gold as one of the basic resources within the national economy, especially after long years of leaks resulting from wars and conflicts.
He explained that the government has given this issue great attention, as the decision came to be in line with the social and economic customs and traditions of families and individuals who have relied on gold as a store of value for thousands of years.
The Industrial Coordination Council had approved in its meeting yesterday, Sunday, the localization of the precious metals industry, including gold and jewelry, in addition to cosmetic products, with instructions to provide all necessary facilities for those wishing to establish their own factories.
It was decided to monitor the quantities of gold exported abroad, through controls that determine the quantities remanufactured, and to submit documents to the Central Bank that secure the value of the exported quantity, and to return the quantity after its manufacture is completed to the country, under the supervision of the Central Bank. LINK
Rafidain Bank Launches National Bonds Worth Two Trillion Dinars
Economy | 09:33 - 02/17/2025 Mawazine News – Baghdad Rafidain Bank announced today, Monday, the launch of national bonds (first issue) in the amount of two trillion dinars.
A statement by the bank received by (Mawazine News) indicated "the launch of national bonds (first issue) in the amount of (2) trillion dinars for the period from February 10 to March 10, 2025.
The bonds are distributed into two categories:
- A bond of 500,000 dinars (five hundred thousand dinars) with an annual interest of 6% paid every six months for a period of two years
for a period of four years
- The bond is sold to banks as well as to the public (natural and legal persons)
- The person (natural or legal) wishing to purchase submits a direct request to the bank, bringing with him the original identification documents https://www.mawazin.net/Details.aspx?jimare=259640
Oil Prices Fall Again As Hopes For Peace In Ukraine Rise
Monday 17 February 2025 08:26 | Economic Number of readings: 198
Baghdad / NINA / Oil prices fell for the fourth consecutive day during early Monday trading, due to expectations that a peace agreement between Russia and Ukraine may ease sanctions that disrupt supply flows and due to concerns that global tariff wars will slow economic growth and weaken energy demand.
Brent crude futures fell 20 cents, or 0.2 percent, to $74.59 a barrel, by this morning. Brent crude had suffered losses of 3.1 percent in the past four sessions after US President Donald Trump and officials from his administration announced that they had begun discussions with Russia to end the war in Ukraine.
West Texas Intermediate crude futures fell 23 cents, or 0.3 percent, to $70.51 a barrel.
US crude fell 3.8 percent in the past four sessions, and fell earlier in Monday's session to $70.12 a barrel, its lowest level since December 30, according to Reuters data.
Trump said on Sunday he believed he could meet with Russian President Vladimir Putin “very soon” to discuss ending the war in Ukraine.
His comments come as the United States and Russia prepare to hold preliminary talks in Saudi Arabia in the coming days.
“Markets are down on the prospect of a ceasefire between Russia and Ukraine and the possibility of sanctions on Moscow being eased,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.
“Concerns about an economic slowdown caused by tariff wars, due to Trump’s actions, are also weighing on prices.”
He expected West Texas Intermediate crude to trade between $66 and $76 for a while as further declines in oil prices could curb U.S. oil production.
U.S. and European Union sanctions on Russian oil exports have limited shipments and disrupted seaborne oil supply flows. Lifting sanctions if a peace deal is reached would boost global energy supplies. /End https://ninanews.com/Website/News/Details?key=1187091
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