Iraq Economic News and Points to Ponder Monday Evening 2-10-25
Iraq Is Ranked One In Global Gold Reserves
Economics Breaking 2025-02-08 Shafaq News/ The World Gold Council announced, on Sunday, that Iraq is providing one rank in the ranking of the countries most retaining gold in the world.
According to the last schedule published by the Council in the month of February, and it was seen by the Shafaq News Agency, Iraq ranked 28 out of 100 countries listed in the table, after it was ranked 31 globally, to be ranked fourth in the Arab world after Saudi Arabia, Lebanon and Algeria.
According to the table, Iraq raised its possession of gold to 162.7 tons, representing 12.7% of its total reserves.
The council pointed out that "the United States of America tops the list of the largest gold-holder in the world, with 8.133 thousand tons, followed by Germany with 3.351 thousand tons, then Italy with 2.452 thousand tons, while Trinidad and Tobago, the list with 1.9 thousand tons."
It is noteworthy that the World Gold Council, which is based in the United Kingdom, has extensive experience and deep knowledge of the factors affecting market changes, and its members include the largest and most advanced gold mining companies in the world. https://shafaq.com/ar/اقتصـاد/العراق-يتقدم-مرتبة-واحدة-في-احتياطي-الذهب-العالمي
The Ministerial Council For Economy Discusses Maximizing Revenues And Confronting Economic And Financial Crises
Economy | 10/02/2025 Mawazine News – Economy The Ministerial Council for the Economy discussed, on Monday, ways to maximize revenues and confront economic and financial crises, and took a set of important decisions regarding the import of cars and agricultural projects.
The Council stated in a statement received by "Mawazine News" that Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein chaired the fourth session of the Ministerial Council for the Economy, which was held in the presence of a number of ministers and advisors.
The statement indicated that the Council discussed maximizing revenues to confront the economic challenges resulting from political and economic changes in the region and the world, with a focus on estimates of state real estate for the purposes of sale or rent, and following up on the collection of revenues for various state departments, in addition to emphasizing the Cabinet's decision to use electronic collection.
The Council also decided to authorize Salah al-Din Governorate to directly implement projects that were previously studied, in a manner that does not conflict with the budget law and applicable instructions.
A decision was also taken to complete the work of the committee specializing in studying the import of cars, with the addition of representatives from the General Traffic Directorate, the Ministry of Trade, the Ministry of Construction and Housing, and the Ministry of Environment.
Regarding the agricultural sector, the Council affirmed the commitment of all parties to the approved agricultural plan, and recommended mobilizing all ministries to allocate the available warehouses of the General Company for Grain Trade to store wheat received from farmers. It was also decided to allocate lands in the governorates to establish silos to store marketed wheat.
In the field of industry, the Council decided to include chicken, cuts and processed products in the agricultural calendar, while requesting the Ministry of Agriculture to provide accurate data on the cut chicken industry and the extent to which it covers the needs of the local market. https://www.mawazin.net/Details.aspx?jimare=259488
British Ambassador To Nina: Baghdad And London Will Implement Major Projects And Our Companies Are Ready To Invest In Iraq
Monday 10 February 2025 | Economic Number of readings: 70 Baghdad / NINA / The British Ambassador to Iraq, Stephen Hitchcock, confirmed that British companies are very willing to invest in the Iraqi market.
Hitchcock said in a statement to the National Iraqi News Agency ( NINA ) that "diversifying the Iraqi economy and sources of national income has become necessary to face the challenges of the decline in global oil and gas prices, and to enhance the revenue cycle that Iraq relies on within the year 2040."
“During Prime Minister Mohammed Shia al-Sudani’s recent visit to London, agreements were signed for major projects worth £12 billion, which do not include BP investments,” he added.
“This is a major advance in the readiness and willingness of British companies to work in Iraq, and the Gulf states are also well prepared to invest in Iraq,” he said, noting that “one of the agreements signed by the governments of Iraq and Britain relates to a British energy technology company linking the Iraqi national grid with the Saudi electricity grid.”
He explained that “BP, a private company not affiliated with the government, has decided to invest again and expand its operations in Iraq, and this is evidence that British companies in general are more willing to invest in the Iraqi market, which reflects investors’ confidence in the country’s future.”/End 5 https://ninanews.com/Website/News/Details?Key=1184876
Ministry Of Finance: Federal Budget Revenues Exceed 135 Trillion Dinars In 11 Months
The Ministry of Finance announced today, Monday, that the volume of revenues in the federal budget for the fiscal year 2024 exceeded 135 trillion dinars during the period from January to November.
Data issued by the ministry showed that total revenues amounted to 135 trillion, 322 billion, 716 million, 694 thousand, and 603 dinars, while the value of advances amounted to 17 trillion, 352 billion, 387 million, 556 thousand, and 226 dinars.
The tables showed that oil revenues accounted for 88% of total revenues, amounting to 119 trillion, 33 billion, 253 million, and 845 thousand dinars, which confirms the continued reliance of the general budget on the rentier economy, while non-oil revenues amounted to 16 trillion, 289 billion, 462 million, and 848 thousand dinars, representing 12% of the general budget.
https://www.radionawa.com/all-detail.aspx?jimare=41164
Government Advisor: Financial Concerns Unfounded
Time: 2025/02/10 17:46:39 Reading: 645 times {Local: Al Furat News} The Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed that the financial concerns raised from time to time about the economic situation in Iraq are "baseless."
Saleh told {Al-Furat News} that "Iraqi diplomacy is one of the most successful in protecting the country's supreme interests, according to the government program's adoptions and national constants, whether with the United States or others."
He added, "There is a high degree of consistency in managing the country's financial affairs in a stable manner within the framework of the general economic policy, which is a positive thing that is always indicated by the ability and flexibility to confront economic challenges with high rationality during the past years."
Saleh pointed out that "the country enjoys good financial flows from oil revenues and others, supported by efficient foreign reserves and promising economic activity in the real sector and partnership with the private sector witnessed by the country, especially in the sectors of renewable energy construction, fossil oil, electricity, gas, infrastructure, reconstruction and housing in an unprecedented manner."
Despite the statements of government officials reassuring the financial situation in Iraq, there are some concerns that are raised from time to time due to fluctuations in oil prices.
The Iraqi economy depends heavily on oil exports, which makes it vulnerable to fluctuations in global oil prices. Any drop in oil prices could significantly impact government revenues and lead to a budget deficit.
While there are some financial concerns, the economic situation in Iraq appears stable at the moment, thanks to good oil revenues and foreign reserves at the Central Bank of Iraq. LINK
Dollar Prices Fall In Baghdad And Erbil With Closing
10/02/2025 Mawazine News – Economy The US dollar fell against the Iraqi dinar on Monday in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.
The dollar fell with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 150.200 dinars per 100 dollars, while the prices were 150.250 dinars per 100 dollars this morning.
The selling prices in exchange shops in the local markets in Baghdad were also stable, where the selling price reached 151.250 dinars per 100 dollars, while the purchase price reached 149.250 dinars per 100 dollars.
In Erbil, the dollar also fell, where the selling price reached 1,500.00 dinars per 100 dollars, and the purchase price was 149.900 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=259483
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