Iraq Economic News and Points to Ponder Monday Evening 1-6-25
Continuous And Strong Decline Of The Dollar In The Iraqi Markets Against The Dinar
Economy | 05:35 - 06/01/2025 Mawazine News – Baghdad The US dollar exchange rate against the Iraqi dinar fell on Monday in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.
The dollar exchange rate also fell with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 151,000 dinars per 100 dollars, while this morning it recorded 151,350 dinars per 100 dollars.
Selling prices fell in exchange shops in local markets in Baghdad, where the selling price reached 152,000 dinars per 100 dollars, while the purchase price reached 150,000 dinars per 100 dollars.
In Erbil, the dollar also fell, where the selling price reached 151,800 dinars per 100 dollars, and the purchase price reached 150,700 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=258268
Economist: Iraq Needs To Revitalize The Private Sector To Create Jobs And Absorb Graduates
Time: 2025/01/06 15:13:26 Read: 1,079 times {Economic: Al Furat News} Economic expert Basem Jamil Antoine stressed the necessity of working to create a productive society, pointing out that government departments in Iraq suffer from the presence of “disguised and hidden unemployment,” which can be overcome by activating the private sector.
Antoine explained in his interview with {Euphrates News} that “this activation will contribute to absorbing the number of graduates that reaches 250 thousand young men and women annually from universities and institutes.”
He added, "By creating job opportunities for graduates, we have guided them in the right direction and created a continuous technical cadre in the community, which will save us from leaking currency out of the country."
He pointed out that "diversifying sources of income in the country is necessary, and puts us on the right foundations to achieve sustainable economic growth."
In the context of the five-year plan that included job creation, Antoine stressed the need to “implement and follow up on the plans and not just write them,” stressing that “the House of Representatives bears responsibility for that.”
He added, "Job opportunities must focus on actual creation, not just on construction and residential complexes that generate nothing. Rather, a sound economic structure must be created that generates new economic generations." LINK
Gold Prices Fall In Baghdad And Stabilize In Erbil
Monday 06 , January 2025 11:24 | Economic Number of readings: 125 Baghdad / NINA / Gold prices (foreign and Iraqi) decreased in Baghdad markets on Monday, while they stabilized in Erbil.
The selling prices of gold in the wholesale markets on Al-Naher Street in Baghdad this morning for one Mithqal of 21 karat Gulf, Turkish and European gold was recorded at 556 thousand dinars, while the purchase price was 552 thousand dinars.
The selling price of one Mithqal of 21 karat Iraqi gold was recorded at 526 thousand dinars, while the purchase price was 522 thousand dinars.
In goldsmiths' shops, the selling price of one Mithqal of 21 karat Gulf gold ranged between 560 and 570 thousand dinars, while the selling price of one Mithqal of Iraqi gold ranged between 530 and 540 thousand dinars.
In Erbil, gold witnessed stability, as the selling price of a 24-carat mithqal reached 648 thousand dinars, a 21-carat mithqal reached 567 thousand dinars, and an 18-carat mithqal reached 485 thousand dinars. / End 11 https://ninanews.com/Website/News/Details?key=1178545
Oil Prices Rise To More Than 76.. The Highest Level Since Mid-October
Energy Economy News – Baghdad Oil prices rose to their highest since October on Monday as investors awaited the impact of cold weather in the northern hemisphere and Beijing's economic stimulus measures on global fuel demand.
Brent crude futures were up 15 cents, or 0.2%, at $76.66 a barrel by 0125 GMT, having settled at their highest since Oct. 14 on Friday. West Texas Intermediate (WTI) crude futures were up 22 cents, or 0.3%, at $74.18 a barrel after closing at their highest since Oct. 11 on Friday.
Beijing is ramping up fiscal stimulus to revive the struggling economy, announcing on Friday that it will sharply increase financing from long-term treasury bonds in 2025 to spur business investment and consumer-boosting initiatives.
On the supply side, Goldman Sachs expects Iran's production and exports to decline by the second quarter as a result of expected political changes and tougher sanctions from the administration of US President-elect Donald Trump.
The OPEC member's production could fall by 300,000 barrels per day to 3.25 million barrels per day by the second quarter, he said.
The number of rigs drilling for oil in the United States, an indicator of future production, fell by one to 482 last week, a weekly report from energy services firm Baker Hughes showed on Friday. https://economy-news.net/content.php?id=51650
Sound Productive Government Economic Thinking Methodology
Dr. Aqil Jabr Ali Al-Muhammadawi / Researcher in Finance and Development Affairs The stability of oil prices in global markets for the past three weeks should be taken advantage of and a new economic renaissance strategy should be worked on through a systematic and studied transition according to a modern financial model by employing the surplus oil prices that exceed the budget price (or what is called the equilibrium price) to an approach of employing effective investment in the Iraqi Sovereign Fund and building new and legal financial buffers and vessels to strengthen and consolidate the financial system and sustain development in Iraq
and move the wheel of the economy and economic diversification and diversify the revenues of the federal budget and double the investment and development funds and create new incentives for growth and sustainable development in order to target increasing productivity and rebuilding the industrial, agricultural and tourism base and ensuring the achievement of financial savings according to new financial and economic models that support the economic renaissance strategy in Iraq. 01/06/2025 - https://economy-news.net/content.php?id=51655
British Platform Includes The Central Bank Tower And Al-Faw Port In The List Of Giant Projects In The World For The Year 2025
economy | 01:24 - 06/01/2025 Mawazine News - Follow-up The British platform “The B1M”, specialized in the construction sector, ranked the Central Bank Tower project in Baghdad and the Grand Faw Port in Basra among the list of the most prominent mega projects in the world for the year 2025.
The platform’s report stated that “the Central Bank Tower project ranked eleventh, while the Grand Faw Port ranked tenth.”
This classification reflects Iraq’s remarkable progress in the field of architecture and infrastructure on the international scene.
The “The B1M” platform is one of the most prominent channels specialized in covering major construction projects, technological innovations, and modern trends, such as sustainability and smart cities, providing in-depth analyses of the ongoing transformations in the global infrastructure sector. https://www.mawazin.net/Details.aspx?jimare=258253
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