Iraq Economic News and Points to Ponder Monday Evening 1-1-24

Tlm724 Administrator Bondlady’s Corner

Expectations that the decline in dollar prices will bring benefits to the Iraqi individual

Time: 01/01/2024 Read: 1,963 times {Economic: Al-Furat News} The economic expert, Bask Jamil Antoine, expected that the decline in the dollar exchange rates would benefit the Iraqi individual.

Antoine said {to Al-Furat News} that: “The decline in the dollar exchange rates can bring benefits to the economic reality of the individual in the event that a balanced society exists.”

He stressed "the necessity of monitoring the pockets of speculators and merchants who do not reduce prices, even if the dollar exchange rate declines."

Antoine explained, "The dollar directly affects imported goods. As for goods produced locally, we do not expect their impact to be significant."

In order to reduce the price of the dollar in the local market, the Central Bank of Iraq specified, yesterday, Sunday, the entities covered by receiving their external transfers in cash in the dollar currency, starting from January 2, 2024.

This included external transfers to diplomatic missions, all international organizations and agencies operating in Iraq, and non-governmental civil society organizations registered in the General Secretariat of the Council of Ministers in the event that the foreign donor party stipulated that the amounts of incoming external transfers be paid in the dollar currency inside Iraq.

It also included government contracts in effect in the US dollar currency, and ongoing contracts for grants, loans, and foreign agreements,” noting that “40 percent of the remittances received by Iraqi exporters result from their exports abroad.”

The selling prices in the exchange shops in the local markets in Baghdad today, Monday, were 153,250 dinars, while the purchase price was 151,250 dinars for every 100 dollars.  LINK

Dollar Prices Closed Slightly Higher In Baghdad And Stable In Erbil

Market  Economy News – Baghdad  The prices of the US dollar rose against the Iraqi dinar in Baghdad, on Monday, while it stabilized in Erbil.

Dollar prices rose slightly with the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 152,350 Iraqi dinars against 100 dollars, while this morning it recorded 152,250 Iraqi dinars against 100 dollars.

Selling prices in banking shops in local markets in Baghdad stabilized, as the selling price reached 153,250 dinars for 100 dollars, while the purchase price reached 151,250 dinars for 100 dollars.

In Erbil, the dollar recorded stability, as the selling price reached 152,300 dinars for every 100 dollars, and the purchasing price was 152,200 dinars for every 100 dollars.

Views 47   01/01/2024 - https://economy-news.net/content.php?id=39061

Al-Rafidain Identifies 7 Advantages Of Electronic Payment

Monday 01, January 2024 09:31 | Economical Number of readings: 584  Baghdad / NINA / Al-Rafidain Bank, today, Monday, identified 7 advantages of the electronic payment system in Iraq.

The bank stated, in a statement, that electronic payment represents:

1- The shift from dealing in manual cash to electronic cash.

2- Moving from a cash society to a cashless society and leaving cash payment to electronic card payment.

3- Collecting and collecting funds electronically.

4- Using POS devices in financial and commercial transactions.

5- Proceeding with plans for financial inclusion and digitization in banking transactions.

6- Establishing a culture of bank financial accounts instead of using direct cash.

7- Adopting an electronic card is safer than carrying cash and moving around in markets and other places./End 9    https://ninanews.com/Website/News/Details?key=1098520

Central Bank Sales Exceed $221 Million Today 

Sunday 31 December 2023 13:31 | Economical Number of readings: 484  Baghdad / NINA / The Central Bank of Iraq announced, today, Sunday, its total sales of foreign currency through the electronic window.

The window recorded the total amounts of transfers abroad (remittances, credits) of $201,511,693, while the total amount of cash sales amounted to $19,840,000, and the total amount of sales amounted to $221,351,693.

The cash sale price was 1,305 dinars per dollar, while the bond credits, international settlements for the electronic card, and foreign transfers were 1,310 dinars per dollar. /End 11 

https://ninanews.com/Website/News/Details?key=1098366

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 Provoking Points To Ponder on Ability and Achievement

The winds and waves are always on the side of the ablest navigators. - Edward Gibbon

How many 'coming men' has one known? Where on earth do they all go to?  - Arthur Wing Pinero

He is the best sailor who can steer within fewest points of the wind, and exact a motive power out of the greatest obstacles.  - Henry David Thoreau

They are able who think they are able.  - Virgil

The biggest things are always the easiest to do because there is no competition. - William Van Home

What we do upon some great occasion will probably depend on what we already are: and what we are will be the result of previous years of self-discipline.  - H. P. Liddon

It's pretty hard to be efficient without being obnoxious.  - Kin Hubbard

Nothing great is created suddenly, any more than a bunch of grapes or a fig. If you tell me that you desire a fig, I answer you that there must be time. Let it first blossom, then bear fruit, then ripen. - Epictetus

Out of the strain of the Doing, Into the peace of the Done.  - Julia Louise Woodruff

It's them that takes advantage that gets advantage i' this world.  - George Eliot

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