Iraq Economic News and Points to Ponder Sunday Afternoon 2-4-24
Iraq Economic News and Points to Ponder Sunday Afternoon 2-4-24
Tlm724 Administrator Bondlady’s Corner
The Prime Minister's Advisor Details The Indicators Of The Efficiency Of Iraq's Foreign Reserves
Baghdad - INA - Nassar Al-Hajj , the financial advisor to the Prime Minister, Mazhar Muhammad Salih, detailed today, Saturday, indicators of the efficiency of foreign reserves, while stressing that
they indicate that Iraq today is better off in its financial history. Saleh said, to the Iraqi News Agency (INA), that “Iraq’s oil revenues will remain the main source of growth in the country’s foreign currency reserves, and those reserves will rise with the rise in the cycle of oil assets, all of which lead to an increase in indicators of the efficiency of foreign currency reserves, whether commercial efficiency.”
(Covering the mentioned reserves for the number of import months for Iraq, which currently exceeds 15 months compared to the global standard of three months),
or in covering the money supply, or by the fact that these foreign reserves in proportion have the ability to cover the external debt services payable.” He added, "The country's oil revenues still provide 98% of the assets of the investment portfolio for the country's foreign currency reserves, whether in monetary gold or various foreign currencies.
All indicators of the efficiency of foreign reserves mentioned above indicate that Iraq today is in the best condition in its financial history."
These reserves flourish and grow with the index of the growth rate in the current account surplus of the balance of payments to the country’s gross domestic product, which was
estimated for the year 2023 at approximately (positive 9%), and is
estimated for the year 2024, at the same similar rate,
according to data published by international credit evaluation institutions for Iraq.". He pointed out that
“there are standard investment mechanisms and guides approved globally by the monetary authority in managing the country’s foreign currency reserves, as
their tools and methods are evaluated in consultation with multilateral international financial organizations, including the International Monetary Fund and the World Bank, on a periodic basis to ensure optimal management of reserves, whether in Providing adequate returns, sufficient liquidity and low risks at the same time.” He continued:
“It takes into account avoiding all forms of risks, whether the risks of
currency exchange rate fluctuations,
interest, or liquidity risks, as well as the
legal risks in managing those reserves, which are the basis of the country’s foreign investment portfolio, and
today they represent something similar to the Iraqi dinar exchange rate stabilization fund that it defends.”
The country's monetary policy represents assets or assets corresponding to the national currency issued as (liabilities) and adequate coverage of the dinar to ensure its stability, in addition to the role of reserves in financing foreign trade for the private sector. At the conclusion of his speech, he stressed that,
“As the cycle of oil assets increases, the country’s foreign assets increase and inevitably rise in the country’s investment portfolio.” https://www.ina.iq/202425--.html
Iraq Is Among The Countries That Buy The Most Gold In 2023
Three Arab countries, including Iraq, are on the list of central banks that are purchasing the most gold in 2023, amid countries continuing to enhance their reserves of the yellow metal as a safe haven, especially with the current economic and geopolitical crises.
Recent data collected by the Energy Research Unit shows that the central banks in Libya, Iraq, and Qatar are among the top 10 buyers of gold during 2023.
According to these data, global central banks’ net purchases of gold decreased last year to 1,037.4 tons, compared to 1,081.9 tons in 2022, but it is still the second highest level in more than 55 years.
*-Libya is among the top 5.
The People’s Bank of China topped the list of central banks purchasing the most gold in 2023, with a volume of 224.88 tons, according to the report issued by the World Gold Council.
The Chinese Central Bank's gold purchases last year were the country's highest since 1977, bringing its total reserves of the yellow metal to 2,235 tons.
In second place on the list of central banks purchasing the most gold in 2023, the Polish Central Bank came with a purchasing volume of 130.03 tons, which is the highest annual rate ever for the country, bringing the total official gold reserves of the European country by 57% to 359 tons.
The Central Bank of Singapore came in third place with a purchase quantity of 76.51 tons, being the only buyer from developed markets, bringing its total reserves of the yellow metal to 230 tons.
Libya ranked fourth on the list of central banks purchasing the most gold in 2023, with the Central Bank purchasing about 30.01 tons, which is the first purchase since 1998-1999, which raised its total reserves of the yellow metal to 147 tons.
Fifthly, the Czech National Bank came with a purchasing quantity of 18.71 tons, the highest annual rate since 1993; Bringing his total reserve to 31 tons.
*Iraq and Qatar are on the list
in sixth place on the list of central banks purchasing the most gold in 2023. The Central Bank of India came in, with a volume of 16.22 tons.
The Central Bank of Iraq came in seventh place, and the Qatari Central Bank ranked eighth, with a purchase quantity of gold that reached 12.25 tons and 7.44 tons last year, respectively.
In ninth place came the Central Bank of the Philippines with a purchase amount of gold amounting to 7.1 tons, and Kyrgyzstan came in tenth with a volume of 6.95 tons.
The European Central Bank came in eleventh place on the list of central banks purchasing the most gold in 2023, with a quantity reaching 1.74 tons, followed by the Central Bank of Serbia, with a purchase volume reaching 1.04 tons.
Central banks will buy the most gold in 2023
*Demand for gold in 2023
Since 2010, global central banks have been net buyers on an annual basis, adding 7.8 thousand tons to their gold reserves during this period, with more than a quarter of this amount purchased during the past two years alone.
According to the World Gold Council report, global demand for gold - excluding the over-the-counter market - declined to 4,448 tons in 2023, compared to 4,699 tons the previous year.
In contrast, consumer demand for gold - the demand for gems - stabilized at 2,093 tons during 2023, a slight increase from 2022, which amounted to about 2,089 tons.
https://altaghier.tv/2024/02/03/العراق-ضمن-أكثر-الدول-العالمية-شراءً-ل/
The Docking Of A Newly-Made Ship, The Largest In Its Capacity, Entering Iraqi Ports For The First Time
Sunday 04, February 2024 18:07 | Economical Number of readings: 193
Basra / NINA / The Iraq Ports Company announced the docking of the newest ship, which is considered the largest in terms of its capacity, and entered the northern port of Umm Qasr for the first time.
The Director General of the Iraq Ports Company, Engineer Farhan Al-Fartusi, said that the northern port of Umm Qasr received a ship (MSC Berangere) carrying about 2,659 containers and docked at berths 14 and 15. It is the newest ship manufactured in the year 2023 and for the first time it enters Iraqi ports.
He added. The ship that docked today, Sunday, at the docks of the northern port of Umm Qasr, is the largest ship in terms of its carrying capacity that has entered Iraqi ports, with a load capacity of 15,413 TEU containers, a length of about 366 meters, a width of 51 meters, and a draft of up to 17 meters, and its carrying capacity in terms of weight reaches about 149,944. tons of payload.
It is noteworthy that the ship docked at Arab and international ports. It set off with its cargo from China, coming from the port of Dammam, to dock at the end of its journey at the northern port of Umm Qasr./End https://ninanews.com/Website/News/Details?key=1104727
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