Iraq Economic News and Points to Ponder Monday Afternoon 2-19-24

Tlm724 Administrator Bondlady’s Corner

The Stability Of The Dollar Exchange Rates In Baghdad With The Closure Of The Stock Market

Economy   Monday, February 19, 2024 Baghdad/National News Center   The prices of the US dollar stabilized against the Iraqi dinar in Baghdad, today, Monday, in 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 152,200 Iraqi dinars for 100 dollars, which are the same prices recorded in the morning.”

He added, “Selling prices in exchange shops in local markets in Baghdad stabilized, as the selling price reached 152,500 dinars for 100 dollars, while the purchase price reached 151,500 dinars for 100 dollars.”    https://nnciraq.com/251136/

Oil Prices Decline In Weak Transactions Due To A Public Holiday In America

Monday 19, February 2024 | Economical Number of readings: 298   Baghdad / NINA / Oil prices fell in early transactions, Monday, as markets absorbed comments from US Federal Reserve officials, indicating caution before a possible interest rate cut, while transactions were weak on a public holiday in the United States.

By dawn on Monday, Brent crude futures fell 58 cents, or 0.69 percent, to record $82.89 per barrel, and West Texas Intermediate crude futures fell 35 cents, or 0.44 percent, to $78.84 per barrel.

Markets are still awaiting the trend of demand from China after the country's return from the week-long Lunar New Year holiday, while transactions remained weak due to the Presidents Day holiday in the United States.

After a week of disappointing US economic data, which indicated an increase in prices and a decline in retail sales and factory production, decision-makers at the US Central Bank hinted at “slowness” in reducing interest rates.

Higher interest rates would keep the cost of purchasing oil high, which sets the stage for a downward trend in the market./End 9    https://ninanews.com/Website/News/Details?key=1108461

International Migration: We Contribute With The Iraqi Government To Implement Economic Recovery Programs

Money  and business   Economy News – Baghdad   On Monday, the International Organization for Migration mission clarified its role in Iraq, while noting its cooperation with the Iraqi government to implement economic recovery programs and support community integration.

The head of the organization’s mission in Iraq, Georgi Jikawi, said, “The mission is working with the Ministry of Migration and Displacement as a competent sectoral body to support its steps in implementing the voluntary and safe return of the displaced, starting with humanitarian aid, camp management, and voluntary and safe return,” according to the official agency.

Regarding the return of Iraqi immigrants, Jikawi explained, “The role of the International Organization for Migration begins when they return to Iraq, and it has no role while they are in Europe,” indicating that “the organization contributes, in cooperation with the Iraqi government, to implementing economic recovery programs and supporting community integration again.”

Views 72 02/19/2024 -  https://economy-news.net/content.php?id=40639

The Federation Of Chambers Of Commerce Calls On The Government To Make Way For The Private Sector

Money  and business   Economy News – Baghdad   The head of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, confirmed that Iraq's economy needs to be liberalized by the government and make way for the private sector.

Al-Zuhairi said, in his speech during the Iraqi National Trade Forum, that the Iraqi private sector is witnessing great growth and is capable of establishing large projects in various sectors, including building power plants, residential complexes, and others.

He added that the private sector needs legislation, especially since government stability will lead to the liberalization of the private sector.

He explained that 70% of private sector companies access the dollar platform at the Central Bank on a daily basis.    Views 80 02/19/2024 - https://economy-news.net/content.php?id=40627

Iraq Confirms To The World Bank Its Intention To Promote Reforms Related To Financial Policies

Local |  02/19/2024   Mawazine - Baghdad - Today, Monday, the Minister of Finance, Taif Sami Muhammad, received Winston Cole, Director of the Financial Management Project at the World Bank, and members of the delegation accompanying him. The

Ministry’s media office stated in a statement received by Mawazine News that “during the meeting, aspects of relations between Iraq and the Bank were reviewed.” International cooperation, especially in light of the existing cooperation program to complete the implementation of the economic reforms adopted by the Iraqi government.”

He added that Taif expressed “appreciation for the fruitful partnership between the two sides, stressing the Iraqi government’s keenness to continue it, and the positive climate it provides for all investors and global financial markets regarding the Iraqi economy, stressing at the same time the Iraqi government’s determination to continue promoting structural reforms related to financial and monetary policies and maximizing the role of The private sector in development.

Cole pointed out, "The World Bank looks forward to continuing the distinguished cooperation relations with Iraq and its support for its economic reforms, praising the performance of the Iraqi economy and the flexibility and steadfastness it has shown in the face of the negative repercussions resulting from global economic fluctuations, and stressing the Bank's continued strengthening of joint work with the Iraqi government to improve overall indicators."

"For the economy, deepening the participation of the private sector and completing the ongoing development work."     https://www.mawazin.net/Details.aspx?jimare=242368

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