Iraq Economic News and Points to Ponder Sunday Afternoon 10-8-23
Iraq Economic News and Points to Ponder Sunday Afternoon 10-8-23
Tlm724 Administrator Bondlady’s Corner
Minister Of Oil: The Demand For Oil Will Increase By Two Million Barrels Per Day Next Year
Time: 10/08/2023 13:46:17 Read: 949 times {Economic: Al-Furat News} Oil Minister Hayan Abdul-Ghani expected, on Sunday, an increase in demand for oil by about two million barrels per day next year, stressing that the world still needs fossil fuels.
Abdul-Ghani said during the Climate Week held by the United Nations in Riyadh, “Both fossil fuels and clean energy sources require huge investments,” adding that “Baghdad has shifted its focus towards using natural gas to generate electricity.” He added, "The world still needs fossil fuels in light of an expected increase in demand for oil next year." LINK
The Federal Parliament Is Considering Investing The Kurdistan Region’s Oil Internally
Energy Economy News _ Baghdad The Oil, Gas and Natural Resources Committee in Parliament is studying a proposal to the government to form committees to discuss investing the region’s oil internally, adding that 80,000 barrels of the region’s oil are currently invested internally.
Committee member Bassem Ngheimesh said in an interview with Al-Sabah, followed by Al-Iqtisad News, that “Prime Minister Muhammad Shiaa Al-Sudani has formed committees in order to search for investment in the region’s oil, which is estimated today at about 450,000 barrels to local refineries, with the possibility of implementing solutions.” Others, such as being sold to Jordan, Syria, or Lebanon.”
Negimesh added, “There is another proposal to offer these quantities marketed through Turkey to be compensated through the south by developing the export and work system,” indicating that “work is underway in this direction in order not to harm the budget.”
The representative of the Oil and Gas Committee continued, “Iraq is working to invest the region’s oil internally after pumping 80,000 barrels of it to local refineries,” calling on the federal government to “find clear solutions to stop oil smuggling, as it is its responsibility, by tightening control over the border crossings.” Views 138 10/08/2023 - https://economy-news.net/content.php?id=36841
An Increase In Iraq's Oil Exports To The United States
Energy Economy News _ Baghdad The US Energy Information Administration announced on Sunday that Iraq's oil exports to the United States rose and exceeded Saudi Arabia's during the past week.
The administration said in a table seen by Al-Iqtisad News, “The average US imports of crude oil during the past week from eight major countries amounted to 4.978 million barrels per day, down by 1.105 million barrels per day compared to the previous week, which amounted to 6.083 million barrels per day.”
She added, "Iraq's oil exports to America amounted to 306,000 barrels per day last week, an increase of 26,000 barrels per day from the previous week, which reached an average of 280,000 barrels per day."
She pointed out that "most of America's oil revenues during the past week came from Canada at an average of 3,291 million barrels per day, followed by Mexico with an average of 524 million barrels per day, and oil revenues from Saudi Arabia amounted to an average of 291 thousand barrels per day, and then Brazil at an average of 209 thousand barrels per day."
According to the administration, “the amount of American imports of crude oil from Colombia is at a rate of 143 thousand barrels per day, from Ecuador at a rate of 125 thousand barrels per day, and from Libya at a rate of 89 thousand barrels per day, while no quantity is imported from Russia or Nigeria.”
Views 106 10/08/2023 - https://economy-news.net/content.php?id=36845
The Rise In The Price Of The Dollar Against The Iraqi Dinar In Baghdad Markets
Time: 10/08/2023 10:35:52 Read: 6,877 times {Economic: Al-Furat News} Dollar prices rose, today, Sunday, in Baghdad markets. The prices were as follows.. The selling price was 159,250 Iraqi dinars, while the purchase amounted to 157,250 dinars per 100 dollars. LINK
The Central Bank Sells More Than $195 Million In Currency Auction
Economy News – Baghdad On Sunday, the Central Bank of Iraq’s sales in the foreign currency sales window amounted to more than 195.5 million dollars.
The Central Bank's website published its dollar sales schedule, which Al-Iqtisad News reviewed. It included the participation of 25 banks and 47 exchange companies, and foreign transfer requests covered $156 million, while cash requests amounted to more than $39 million.
The Central Bank of Iraq sells the dollar for documentary credits and international settlements for electronic cards at a price of 1,305 dinars per dollar, for every dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash.
Views 137 10/08/2023 - https://economy-news.net/content.php?id=36849
The Euro Is The Key To Resolving The Dollar Crisis In Iraq
Evan Shaker Aldobardani The euro is ranked second in the world after the US dollar, as it is considered one of the strong currencies in international trade. The euro is also the second most traded currency in the world after the US dollar, and the British pound is ranked fourth. The Central Bank of Iraq is supposed to take the first step by diversifying its financial assets, and increasing the share of the euro, in addition to the pound sterling, at the expense of the US dollar, as the Central Bank of Iraq’s foreign currency reserves are estimated at approximately 113 billion dollars.
The Central Bank of Iraq keeping a portion of its reserves in euros will not have any negative impact on the value of the Iraqi dinar, but it will preserve its value. An example of this is the Kuwaiti dinar, which is denominated against a basket of foreign currencies such as the dollar, euro, and pound sterling.
The Central Bank of Iraq could have pumped the euro currency into the currency sale window auction, after the strict measures imposed by the US Federal Reserve Bank and the US Department of the Treasury on the Central Bank of Iraq by selling the US dollar currency, with the aim of preventing the smuggling of the dollar into Iran,
and therefore The goal of selling the euro in the currency selling window is to avoid the restrictions imposed on the Central Bank of Iraq by the US Treasury, and also to reduce the demand for the US dollar with the aim of reducing the gap between the official rate and the exchange rate in the parallel market.
The Central Bank of Iraq was supposed to establish its own platform, as this platform specializes in selling the euro and the pound sterling, and it can also be sold to citizens in cash, just as the euro is a global currency that the Iraqi merchant can deal with normally and smoothly in any country. It excluded Iran, so some foreign imports could be covered through euros instead of dollars.
Although I am against the idea of giving each citizen 3,000 US dollars to travel and smuggling hard currency out of the country, but at the same time, if the Central Bank of Iraq continues this policy, I suggest giving citizens the euro as well to travel outside the country in order to reduce the demand for the dollar. American. Hoarded money: Iraqi economy. The euro is an investment currency:
The euro is considered an investment currency because it generally moves in an upward direction in the long term, and it rose from the end of last year from levels of 0.96 cents to 1.12 US dollars two months ago, meaning an increase of approximately more than 15%, and the euro currency is currently in the process of A deep correction, as it fell to a level of approximately 1.04 US dollars several days ago, and now it is reeling at the levels of 1.05 US dollars, and perhaps the rise will resume or the correction will be completed to levels close to the parity point with the dollar, and this in itself is an appropriate opportunity for the Central Bank of Iraq to buy a currency.
The euro is worth at least 10 billion euros, and I personally saved part of my money in the euro currency, and it is expected that the euro currency will target levels of 1.15 US dollars and more during the first quarter of next year.
In the event that the Central Bank of Iraq sold part of the currency sale window auction in the euro currency, a month worth two billion euros, that is, selling 100. Let us assume that the Central Bank of Iraq pumped the euro currency into the markets when it was at a price of 0.96 cents at the end of last year, at a time when the dollar crisis began in Iraq.
As a result, the gap between the official price and the exchange rate in the parallel market was greatly reduced, and at the same time, citizens who bought the euro currency at the time achieved profits of an estimated 15%.
Also, at the same time, the Central Bank of Iraq could have invested in the euro currency if it had kept part of its reserves of the euro currency, assuming 10 billion euros and sold it when it reached 1.12 dollars. Also, it would have achieved profits of an estimated 15%, that is, about 1 billion and 500. The question here is: Is the Central Bank of Iraq capable? To convert part of his assets from the US dollar to the euro currency? Or will he be a prisoner of the directions of the US Treasury and the policy of the US Federal Reserve?
Views 93 10/08/2023 - https://economy-news.net/content.php?id=36851
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Points to Ponder on Hope
The future is lighted for us with the radiant colours of hope. Strife and sorrow shall disappear. Peace and love shall reign supreme -- John Fiske
All the Saints of God are there to protect me, to sustain me and to carry me. And your prayers, my dear friends, your indulgence, your love, your faith and your hope accompany me. -- Pope Benedict XVI
People crushed by laws, have no hope but to evade power. If the laws are their enemies, they will be enemies to the law; and those who have must to hope and nothing to lose will always be dangerous.
Edmund Burke
People who say that life is not worthwhile are really saying that they themselves have no personal goals which are worthwhile. Get yourself a goal worth working for. Better still, get yourself a project. Always have something ahead of you to 'look forward to' - to work for and hope for. -- Maxwell Maltz
Beware how you take away hope from another human being. -- Oliver Wendell Holmes
Hope arouses, as nothing else can arouse, a passion for the possible. -- William Sloane Coffin Jr
In prosperity prepare for a change; in adversity hope for one. -- James Burgh
For he who has health has hope; and he who has hope, has everything. -- Owen Arthur
Hope is like the sun, which, as we journey toward it, casts the shadow of our burden behind us.-- Samuel Smiles