Iraq Economic News and Points to Ponder Saturday Afternoon 1-4-25
In Support Of Mr. Al-Hakim’s Proposal.. Advisor To Al-Sudani: Iraq Strengthens Its Sustainable Economic Partnerships
Time: 2025/01/03 Reading: 962 times {Economic: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, announced that the current Iraqi government seeks to strengthen sustainable economic partnerships with major countries.
Saleh told {Euphrates News}: "Iraq has left behind the legacy of isolation and regional and international conflicts since 2003, and our country is currently experiencing a very high level of stability with the international economic community and building economic relations that achieve common interests, led by openness to an international strategic investment environment based on the path of development, which is led by central infrastructure in improving transportation, energy and port networks."
He added, "In addition to establishing free industrial and economic zones to attract real foreign direct investment with high added value."
Saleh continued, "Also, continuing the strength of traditional trade tributaries, especially in crude oil trade and traditional trade, will remain important factors in building our country's interests with the world, by dealing with Iraq's international partners, led by major friendly countries, namely India, Turkey, China, Korea, the United States, Japan, and sister and friendly countries such as the Emirates, Saudi Arabia, Iran and the rest of the neighboring countries."
The head of the National State Forces Alliance, Mr. Ammar al-Hakim, stressed during his speech at the mass gathering in Najaf on the anniversary of the martyrdom of the Martyr of the Mihrab, Grand Ayatollah Sayyid Muhammad Baqir al-Hakim {may his secret be sanctified} that combating corruption, establishing security, and building a balanced economy are our gateway to building a strong state, while calling for striving through Iraq to establish long-term economic ties and common interests that our peoples and the peoples of our Arab and Islamic region enjoy.
Mr. Ammar al-Hakim also stressed the importance of focusing on reconstruction projects, economic development, and increasing investments in the country. LINK
Government Advisor: Monetary Stabilization Mechanism Will Maintain Financial Stability In The Country
Economy | 11:04 - 01/03/2025 Mawazine News – Baghdad The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, confirmed today, Friday, that the Central Bank has adopted the monetary reinforcement mechanism to feed the national banks’ requests for foreign currency, indicating that the monetary reinforcement mechanism will maintain financial stability in the country.
Saleh told the official agency that "the function of the Central Bank will continue to move in two directions: the first is to meet the needs of national banks for foreign currency with their correspondents, which confirms that the new monetary reinforcement mechanism will work to provide monetary stability on the part of the monetary authority in the two issues of continuing the monetary sterilization policy that is concerned with controlling the levels of local liquidity by exchanging foreign currency for the dinar,"
noting that "the new monetary reinforcement mechanism will maintain a fixed exchange rate of 1,320 dinars for every 100 dollars, which will enable the Central Bank to achieve stability in the external value of the Iraqi dinar by controlling the growth in the money supply within the operational objectives of monetary policy through what is called the monetary transmission mechanism to achieve intermediate or real long-term objectives in achieving stability in the general price level or reducing the growth in inflation rates, and this comes in conjunction with the stability of the exchange rate and the growth of the money supply to achieve stability in the general price level."
Saleh added that "the second trend is to provide foreign currency to correspondents of national banks in order to facilitate the stability of the real supply of basic goods and services flowing into the domestic market with high fluidity, and to make compliance control of foreign currency transactions on two levels: national through the Anti-Money Laundering and Terrorist Funds Office, and external through the role of correspondent banks that undertake the task of auditing compliance issues."
https://www.mawazin.net/Details.aspx?jimare=258164
Gold Is Heading For Weekly Gains By More Than 1%
Friday 03, January 2025 10:21 | Economic Number of readings: 184 Baghdad / NINA / Gold prices witnessed a slight rise in early trading on Friday, after gains of 1 percent in the previous session, supported by demand for safe havens, while the focus is on the Federal Reserve's decisions on future interest rates as well as the trade tariffs proposed by US President-elect Donald Trump.
Spot gold rose 0.1 percent to $2,660.25 per ounce by 0018 GMT, hovering around its lowest level in more than two weeks, which it recorded on Thursday.
Gold has risen about 1.5 percent during the week so far. U.S. gold futures gained 0.2 percent to $2,673.90 an ounce.
Gold has emerged as one of the best performing assets in 2024, rising more than 27 percent in its biggest annual gain since 2010.
Among other precious metals, spot silver fell 0.1 percent to $29.54 an ounce, platinum was flat at $923.09, and palladium fell 0.2 percent to $909.74. /End8 https://ninanews.com/Website/News/Details?key=1178037
Iraqi Oil Continues To Maintain Gains
Economy | 03/01/2025 Mawazine News - Follow-up Iraqi oil recorded stability today, Friday, at a rise above 73 in global markets during the second day of trading of the year.
According to economic data, Basra Heavy crude recorded $70.19 per barrel, while the average recorded $73.29 per barrel, with a change rate of -0.16, respectively, for March 2025 delivery.
The data also showed an increase in global crude prices, as British Brent crude recorded $76.08, while US West Texas Intermediate crude recorded $73.32 per barrel, with a change rate of +0.15 and +0.18, respectively. https://www.mawazin.net/Details.aspx?jimare=258163
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