Iraq Economic News and Points To Ponder Sunday AM 10-20-24
Among Them Are Exchange Rates.. The Most Prominent Advantages Of Increasing Iraq’s Share In The International Monetary Fund
Money and business Economy News – Baghdad The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, confirmed today, Saturday, that increasing Iraq's share of the international monetary fund is a step to confront economic challenges and stabilize the dinar, while he pointed out that it is a tool against exchange rate fluctuations and inflation problems and to enhance investors' confidence in the Iraqi economy.
Saleh told the official agency, which was followed by "Al-Eqtisad News", that "Iraq maintains a reserve of gold within its foreign reserves, and it is part of the official reserves of the Central Bank of Iraq, as monetary gold is a means of supporting the value of the Iraqi dinar and achieving the desired economic stability."
“When inflation rises and the value of foreign currencies falls, the price of gold usually rises, so gold is a hedge against inflation or currency devaluation. It is also a type of long-term investment and contributes to diversifying the country’s sovereign investment portfolio, because it is originally stable compared to currency volatility,” he added.
He continued: "Our country holds about 150 tons of gold, which constitutes a percentage of the country's foreign currency reserves. This reserve is managed in accordance with the guidelines issued by multilateral international financial organizations. It represents a hedging tool and a safe and appropriate haven, as it is an important part of the national currency cover."
He pointed out that "the monetary authority in our country has sought in recent years to increase its gold reserves, in order to confront economic challenges and ensure the stability of the Iraqi dinar."
He explained that "gold remains a protection tool against fluctuations in exchange rates and inflation problems, and it also contributes to enhancing investor confidence in the Iraqi economy."
Earlier, the Council of Ministers approved increasing Iraq's share in the International Monetary Fund by the equivalent of (831,900,000) SDR, or the equivalent of (1.45025127) trillion dinars, according to the exchange rate on October 8, 2024, provided that the amount of the increase is included in the allocations for the year 2025, and that the proposed increase will lead to an increase in Iraq's share in the International Monetary Fund by 50% of the previous share, and to an increase in Iraq's voting power. 133 views 10/19/2024 - https://economy-news.net/content.php?id=48887
The Dollar Opens The Beginning Of The Week Higher Against The Dinar In Baghdad
19/10/2024 Mawazine News – Economy The US dollar exchange rate rose in Baghdad markets on Saturday morning.
The dollar price rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 153,300 dinars per 100 dollars, while it recorded 153,000 dinars per 100 dollars last Thursday.
The selling prices in exchange shops in the local markets in Baghdad recorded an increase, as the selling price reached 154,250 dinars, while the purchase price reached 152,250 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=256066
Al-Sudani: We Will Reach A Production Stage Exceeding 80% In Three Years
Local | 03:05 - 10/19/2024 Mawazine News – Baghdad Prime Minister Mohammed Shia al-Sudani announced today, Saturday, the production of 25% of Iraq's need for antibiotics, stressing that a pharmaceutical production stage exceeding 80% will be reached within three years.
His office stated, in a statement received by "Mawazine News", that "al-Sudani opened, today, two factories for antibiotics (cephalosporins) and immunosuppressive drugs, which are private sector projects, within the program to localize pharmaceutical industries in Iraq, which the government has adopted as a priority in its program."
Al-Sudani was briefed on "the stages of work in the factory, which has adopted the most advanced global technological origins, represented by the Italian company (EMA), which specializes in pharmaceutical industries, and met with the working cadres from various scientific specialties, in addition to reviewing the stages of implementing a new factory for cancer treatment drugs at a cost of (60) million dollars, which is planned to be completed in the coming months."
He pointed out that "this factory was established in light of the government's decisions taken since the beginning of its work," stressing that "the goal of localizing the pharmaceutical industry was among the priorities of the work, and was accompanied by providing facilities to private sector drug producers, in the field of issuing loans and sovereign guarantees to establish pharmaceutical projects.
" Al-Sudani noted that "the products of this factory of antibiotics will cover about (25%) of the country's need, which is important to achieve self-sufficiency," stressing "work to achieve drug security, as it is not permissible to accept that local pharmaceutical products cover 10% of the original drug market, which is worth more than (3) billion dollars."
He explained that "contracts for establishing pharmaceutical projects have increased under the current government by more than 60%, which is a positive indicator for reaching a production stage exceeding 80% during the next three years, especially for life-saving drugs and cancer patients' drugs, which are expensive and difficult to secure on a permanent basis," stressing "work to establish the pharmaceutical industrial city."
Cephalosporins are life-saving antibiotics, and they will be produced in all their pharmaceutical forms up to the fourth generation, which include suspensions with a capacity of (12) million vials annually, capsules with a capacity of (450) million capsules annually, tablets with a capacity of (600) million tablets annually, and intramuscular and intravenous injections (vials) with a capacity of (40) million injections annually. https://www.mawazin.net/Details.aspx?jimare=256064
Oil Posts 7% Weekly Loss.. Brent At $73
Energy Economy News - Follow-up Oil futures fell on Friday, posting a weekly loss of more than 7% after data showed China's economic growth slowed and as investors weighed mixed forecasts for the Middle East.
Brent crude futures fell $1.39, or 1.87%, to settle at $73.06 a barrel, while U.S. West Texas Intermediate crude fell $1.45, or 2.05%, to $69.22 a barrel.
Brent fell more than 7% this week, while WTI lost about 7%, their biggest weekly declines since Sept. 2, after the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency cut their forecasts for global oil demand in 2024 and 2025.
The economy in China, the world's largest oil importer, grew in the third quarter at the slowest pace since early 2023, but data on consumption and industrial production beat expectations in September.
“China is important to the equation in terms of demand, so that is having a big impact on prices here today,” said John Kilduff, a partner at Again Capital in New York.
China's refinery output also fell for the sixth straight month as weak fuel consumption and lower refining margins weighed on Processing operations.
“We can’t ignore the impact of electric vehicles in China,” said Neil Atkinson, an independent energy analyst based in Paris and former head of the International Energy Agency’s oil division.
"There are many factors at play here, the economic weakness in China, but also the move towards electrification of the transport sector," he added.
Electric vehicle sales in China jumped 42% in August to a record high of more than 1 million vehicles.
China's central bank has rolled out two financing plans that will initially inject 800 billion yuan ($112.38 billion) into the stock market through newly launched monetary policy tools.
“Chinese data is showing tentative signs of improvement, but recent briefings on additional economic stimulus have left market participants feeling frustrated,” said Rishi Rajanala, partner at Aegis Hedging.
US President Joe Biden said yesterday that there is an opportunity to deal with Israel and Iran in a way that could potentially end their conflict in the Middle East for a while.
When Biden visited Berlin, he told reporters he had an understanding of how and when Israel would respond to the Iranian missile attack, something investors are still anxiously awaiting, Alex Hudis, an analyst at brokerage StoneX, said in a note.
The Lebanese Hezbollah group announced yesterday, Friday, the transition to a new and escalating phase in the confrontation with the Israeli forces after the killing of Yahya Sinwar, head of the political bureau of the Palestinian Islamic Resistance Movement (Hamas).
This dashed earlier hopes today that Sinwar's death would hasten an end to an escalating war in the Middle East.
The US Energy Information Administration said that crude production in the United States reached a record level at the end of last week, as production rose by 100,000 barrels per day in the week ending October 11 to record 13.5 million barrels per day, after recording the previous peak of 13.4 million barrels per day two months ago.
Oil prices received support after data from the US Energy Information Administration showed that US crude oil, gasoline and distillate inventories fell last week.
U.S. retail sales rose slightly more than expected in September, and investors still see a 92 percent chance the Federal Reserve will cut interest rates in November. 92 views 10/19/2024 - https://economy-news.net/content.php?id=48884
Within A Week..More Than One Billion Dollars In Sales From The Central Bank Of Iraq
Saturday 19 October 2024 14:28 | Economic Number of readings: 69 Baghdad/ NINA / The total sales of the Central Bank of Iraq of hard currency during the days in which the auction was opened last week exceeded one billion dollars.
The Central Bank sold during the past week and for the 5 days in which the auction was opened one billion, 317 million, 374 thousand, and 259 dollars, at a daily average of 263 million, 474 thousand, and 852 dollars, higher than the previous week, which amounted to one billion, 309 million, 74 thousand, and 838 dollars.
The highest dollar sales were on Sunday, where sales amounted to 270 million, 808 thousand, and 434 dollars, while the lowest sales were on Wednesday, where sales amounted to 253 million, 497 thousand, and 545 dollars.
Foreign remittance sales during the past week amounted to "one billion, 279 million, 724 thousand, and 259 dollars, an increase of 97% compared to cash sales, which amounted to 37 million, 650 thousand dollars. / End https://ninanews.com/Website/News/Details?key=1163065
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