Iraq Economic News and Points to Ponder Saturday Afternoon 1-27-24

Tlm724 Administrator Bondlady’s Corner

The Dollar Exceeds 152 Thousand Dinars In The Local Market

Time: 01/27/2024 Read: 858 times  {Economic: Al-Furat News} The main Kifah and Harthiya stock exchanges in Baghdad were closed today, Saturday, due to the decline of the dollar against the Iraqi dinar.  The price of the dollar reached 151,250 Iraqi dinars against 100 dollars at the close in Baghdad.

Selling prices in banking shops in local markets recorded 152,250 dinars for 100 dollars, while this morning they reached 152,500 Iraqi dinars.  LINK

The “Merchant” Card...A Practical Step To Limit The Rise Of The Dollar

Economical 01/25/2024   Baghdad: Haider Falih Al-Rubaie    The government has intensified its moves aimed at eliminating the rise in exchange rates in the parallel market, which has greatly affected the movement of buying and selling goods and materials in local markets.

Following a package of decisions that contributed to bridging the gap that occurred earlier between the official and parallel dollars, a government source revealed the day before yesterday, About issuing electronic cards to small merchants with a ceiling of $100,000 per month.

The new government step was met with economic welcome that emphasized the importance of this measure in  eliminating the significant rise in parallel exchange rates and  reducing the jumps in the green currency, in addition to  its importance in covering the prices of imported goods at the official dollar rate, thus achieving great stability in the local markets.

A government source stated to the Iraqi News Agency (INA), that “based on the directives of the Prime Minister, Muhammad Shiaa Al-Sudani, and in light of the discussions that took place between the government, the central bank and electronic payment companies for more than two months, a mechanism for issuing electronic cards to small merchants was approved, with a ceiling. It amounts to $100,000 per month to implement payment operations for import purposes, ensuring a reduction in the demand for cash dollars by real merchants.” The source added, 

 “The new mechanism is subject to five important conditions, including payment companies submitting a request to the Central Bank to obtain approval to develop this product and launch the (merchant) card, as well as specifying the uses of the cards to be for small merchants in line with the external transfer controls issued by the Central Bank for the year 2023, according to the statement.

The ceiling of these cards should not exceed (100) thousand dollars per month, with the possibility of raising the ceiling in the future in light of the results of the actual implementation.”

The source added that among the requirements for issuing this card is that  it “be used for the purposes of purchasing goods and services from known suppliers according to pre-defined white lists, and that  the company must bear its duty in accordance with basic requirements, the most important of which are the main international ban lists of the United Nations, the Office of Foreign Assets Control and the European Union.”

Pointing out that the final condition for issuing a merchant card is that  “the funds of small merchants be deposited in the branches of various Iraqi banks in Iraqi dinars.”

Immediately after the issuance of these instructions, specialists expressed their opinions regarding this step, which the  researcher specializing in economic affairs, Nabil Jabbar Al-Ali, during his interview with “Al-Sabah” saw as positive and could undermine the parallel dollar.

Al-Ali pointed out that  “the step is very correct, and will contribute to the ability of small merchants to access transfer tools away from the platform and its requirements,” stressing that this government measure will truly contribute to “ending the phenomenon of smuggling cards with simple transfer capabilities, and the  new mechanism will work to reduce the price and influence it.” clearly".

Contrary to the previous opinion, the economic expert, Manaf Al-Sayegh, confirmed that  this matter represents nothing but “measures that are not based on sound foundations of what must be dealt with to address the parallel and government exchange rate.” According to Al-Sayegh, during his talk to “Al-Sabah,”

 “The problem of solving the dollar is not achieved through measures, but rather by following monetary policies and in accordance with what is internationally accepted, and not measures that represent reactions, as he said.” Al-Sayegh also believes that these cards may not contribute significantly to addressing the rise in the parallel exchange rate, indicating that

large merchants are still suffering from difficulties in obtaining cash financing from the dollar to finance their trade due to the complexities of the Central Bank’s sales platform, in addition to similar difficulties facing travelers.

 Al-Sayegh pointed out that  the reasons for the rise in the parallel exchange rate are the heavy reliance on importing goods and services and  not manufacturing them at home, and the failure to activate industries that can meet consumer requirements.

Al-Sayegh believes it is necessary to stop financing many imports, especially luxury ones, which cause Iraq to lose huge sums of money annually, revive industry and agriculture in the country, and   strictly prevent the import of locally produced goods.  https://alsabaah.iq/91069-.html

Tomorrow, Baghdad Will Host The First Oil And Gas Conference In The Arab World

Friday 26, January 2024 18:36 | Economical Number of readings: 183  Baghdad / NINA / The Union of Arab Engineers, in cooperation with the Iraqi Engineers Syndicate, will organize tomorrow the first conference on oil and gas in the Arab world and its future prospects under the slogan (Hydrocarbon wealth is a guarantee for a smooth transition towards renewable energy).

Engineer Ali Faraj, head of the oil department at the Iraqi Engineers Syndicate, said that the conference will discuss several Research and studies on the reality and future of Arab oil, the optimal exploitation of energy sources in the Arab world, the impact of shale fuel on the Iraqi economy, the role of renewable energy in the coming years, the rationalization of fossil energy using renewable energies, as well as the manufacture of crude oil in the world with the aim of maximizing its value.

The conference will be attended by experts . Arabs in the field of oil and gas, members of the Iraqi Engineers Syndicate specialized in the field of chemistry and oil, and a number of officials from the Ministry of Oil./End   https://ninanews.com/Website/News/Details?key=1103258

Oil Stabilizes At Its Highest Levels In 8 Weeks

Saturday 27, January 2024 08:45 | Economical Number of readings: 397

Baghdad / NINA / Oil prices rose for the second week in a row, and stabilized at their highest levels in about two months, as positive American economic growth and indications of Chinese stimulus boosted demand expectations, while concerns about supplies in the Middle East boosted demand expectations.

Brent crude futures rose $1.12, equivalent to 1.4%, with the settlement price set at $83.55 per barrel, the highest closing level since November 30.

West Texas Intermediate crude rose 65 cents, equivalent to 0.8%, to $78.01, which is also the highest closing level since November.

Both crude oils achieved weekly gains of more than 6%, recording their largest weekly increase since the week ending October 13 after the start of the war in Gaza. https://ninanews.com/Website/News/Details?key=1103285

Private Sector Council: A Real Approach From The Government To Support The Expansion Of Projects

Projects   Economy News – Baghdad  The Private Sector Development Council confirmed on Friday that it will be an essential support for the government in achieving development and construction, indicating that there is a real intention from the government to support the expansion of projects.

The expert in the Private Sector Development Council, Rahma Shaker Al-Kubaisi, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “there is a state trend towards the private sector and truly supporting it to move towards expansion of projects as is found in developed countries.”

She added, "The private sector throughout Iraq must have a real effective role," stating, "The first founding meeting of the permanent Private Sector Development Council will be the gateway for investors and businessmen and businesswomen."

She added, "Women have come to represent many competent authorities, and therefore their presence within the private sector is important," noting that "ideas allow women to participate in the private sector more than in the government sector." 01/26/2024  https://economy-news.net/content.php?id=39841

 To read more current and reliable Iraqi news please visit BondLady’s Corner: https://www.bondladyscorner.com/

Top 100 Inspirational Quotes  Compiled By Kevin Kruse 

 Inspirational quotes and motivational quotes have the power to get us through a bad week, and can even  give us the courage to pursue our life’s dreams.  In my book, 4 Keys to Happiness and Fulfillment at Work, By Kevin Kruse, I share surprising research into the true triggers of workplace motivation.

 So in the spirit of self motivation, here are 100 inspirational quotes.

37. Go confidently in the direction of your dreams.  Live the life you have imagined. – Henry David Thoreau

 38. When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left and could say, I used everything you gave me. – Erma Bombeck

 39. Few things can help an individual more than to place responsibility on him, and to let him know that you trust him.  – Booker T. Washington

 40. Certain things catch your eye, but pursue only those that capture the heart. – Ancient Indian Proverb

 41. Believe you can and you’re halfway there. –Theodore Roosevelt

http://www.forbes.com/sites/kevinkruse/2013/05/28/inspirational-quotes/