Iraq Economic News and Points to Ponder Thursday Afternoon 11-28-24
Al-Sudani: We Have Contact With Trump's Team And They Want To Develop Relations With Us
Thursday 28 November 2024 11:08 | PoliticsNumber of readings: 358
Baghdad / NINA / Prime Minister Mohammed Shia al-Sudani stressed: "Iraq's relations with the United States are institutional according to the strategic framework agreement."
Al-Sudani said in an interview with the Spanish newspaper El Mundo: "We have communication with Trump's team and they want to develop relations with us."
Regarding Iraq's relations with Spain, he explained: "We are facing a distinguished stage in relations with Spain and there is a mutual desire to develop and advance them in all fields," adding: "Spain is part of the international coalition that helped us eliminate the terrorist ISIS, and based on our request, the mission of the international coalition will end within two years due to the lack of justification for its existence."
He said: "There are Spanish companies in Iraq, especially in the railway and transportation sector, and we are keen to have more companies for their efficiency and experience in implementing projects. We will sign several memoranda of understanding with Spain and there is a financial ceiling of 200 million euros to one billion euros to cover projects implemented by the Iraqi and Spanish private sectors."
He pointed out that a railway project worth 250 million dollars was referred to a Spanish company, and negotiations are underway with another Spanish company on a high-speed train project between the governorates of Najaf and Karbala.
Regarding the situation in Iraq, Al-Sudani said: "The capabilities of our security services have reached an advanced stage and there is political stability that has been reflected in the general situation of the country."
Regarding the ceasefire in Lebanon, the Prime Minister described the agreement as an important event, expressing his hope that it will include the Gaza Strip to reflect on the stability of the region.
He continued: "Our laws stipulate non-recognition of the Zionist entity, and the Palestinians are the owners of the land and the cause, and they are the ones who decide the formula for the solution to their cause." / End 2 https://ninanews.com/Website/News/Details?Key=1171569
Gold Falls On Dollar Strength
Thursday 28 November 2024 08:49 | Economic Number of readings: 214 Baghdad / NINA / Gold prices fell on Thursday, pressured by the rise of the dollar, amid anticipation of economic data indicating that the Federal Reserve (the US central bank) may follow a more cautious approach to interest rate cuts.
Spot gold fell 0.3 percent to $ 2627.60 per ounce, and US gold futures fell 0.5 percent to $ 2627.00.
The dollar index rose 0.1 percent, reducing the attractiveness of gold for holders of other currencies.
As for other precious metals, silver fell about one percent to $ 29.78 per ounce, platinum 0.1 percent to $ 928.05, while palladium stabilized at $ 972.75. https://ninanews.com/Website/News/Details?key=1171543
Oil Falls After US Gasoline Stocks Rise
Energy Economy News – Baghdad Oil prices fell slightly in Asian trading on Thursday after a surprise jump in U.S. gasoline stocks ahead of the Thanksgiving holiday raised concerns about demand in the world's biggest fuel consumer.
Brent crude futures were down 4 cents, or 0.1 percent, at $72.79 a barrel by 02:20 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 1 cent at $68.71 a barrel.
Trading is expected to be light due to a holiday in the United States.
The U.S. Energy Information Administration said Wednesday that gasoline stocks in the country rose by 3.3 million barrels in the week ending Nov. 22, contrary to expectations for a slight draw in fuel stocks ahead of the holiday season.
Oil analysts had expected U.S. gasoline stocks to fall by 46,000 barrels last week, according to a Reuters poll ahead of the EIA report.
OPEC+ members are discussing a further delay to a planned oil output increase that was due to start in January, two sources from the producer group told Reuters on Tuesday. The group is due to meet on Sunday to decide policy for the first months of 2025. https://economy-news.net/content.php?id=50314
Government Communication: All Institutions Are Required To Introduce Electronic Payment By July 2025
Electronic payment device at gas stations Money and business Economy News – Baghdad The Government Communication Team confirmed on Thursday that the number of institutions using electronic payment has increased to 780 and the number of payment cards has increased to 20 million, noting that the government’s plan stresses the obligation of all institutions to introduce electronic payment by July 2025.
The head of the government communication team, Ammar Munim, said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "there are about 780 institutions that have been converted to electronic payment, and the number of electronic cards has increased from 14 million cards to 20 million cards, in addition to the amounts that were traded during the campaign reaching one and a half trillion dinars."
He added, "We have a set of measures that have allowed for an increase in the number of electronic cards and the number of ATMs, and the conversion of institutions to electronic payment. The culture among citizens has been strengthened to use cards to transfer their money inside and outside Iraq electronically without any difficulty."
He added, "The national campaign to support the electronic payment process encouraged citizens through simplified procedures from the government, and it is an educational campaign."
He stressed that "the government has taken important measures through which it has directed all institutions to develop a plan to move to electronic payment by the end of this year and for all institutions to enter the electronic payment process by the beginning of July of next year 2025." 58 views Added 11/28/2024 - 5:53 PM https://economy-news.net/content.php?id=50346
Central Bank Sales Rise To More Than $288 Million In Currency Auction Today
Thursday 28 November 2024 14:54 | Economic Number of readings: 104
Baghdad / NINA / The Central Bank of Iraq's dollar sales increased to more than $ 288 million in the currency auction, compared to yesterday, Wednesday.
The bank sold $ 288 million, 258 thousand and 12 in its auction today, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.
Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to $ 275 million, 158 thousand and 12, up 95% from cash sales of $ 13 million and 100 thousand.
The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 11 banks, and the total number of exchange companies participating in the auction was 15 companies. https://ninanews.com/Website/News/Details?key=1171609
Sudanese Advisor: The Government Has Taken Decisions That Grant Privileges To Investors
Political | 03:51 - 11/28/2024 Mawazine News - Baghdad - The Prime Minister's Advisor for Industry and Private Sector Development, Hamoudi Al-Lami, announced that the government has taken decisions to grant privileges to investors, while indicating that the facilities include granting tax exemptions.
Al-Lami said in a speech at the Greek-Arab Economic Forum in Athens, that "Iraq, after the formation of the current government two years ago headed by Prime Minister Mohammed Shia Al-Sudani, had one of its priorities to support the industrial sector, and the government has begun to implement this promise it made," noting that "the government has taken decisions, including activating Investment Law No. 13 of 2006, and additional amendments were made to it to grant more privileges to investors."
He explained that "the government has taken decisions, including forming committees to grant incentives and privileges to investors and guarantees for investment," noting that "foreign investors have the right to lease industrial lands for a period of 50 years, renewable."
Al-Lami explained that "Iraq has great opportunities for investment, especially after the security stability, and the Arab brothers played a major role in activating various sectors in Iraq and they are now spread across all Iraqi governorates," stressing that "Iraq is now witnessing a renaissance in activating sectors, and there are investment opportunities that were presented two months ago and will be followed by other opportunities that will be announced soon."
He continued: "Iraq has a great wealth of minerals that exceeds its importance, oil, as oil is now suffering from some disturbances due to the political situation, the issue of the environment and carbon emissions," explaining that "Iraq has begun to invest in the great wealth of minerals as it has 10 billion tons of phosphate rocks that are used in the phosphate and phosphate fertilizer industry, which has become a great need due to the increasing demand for food that requires agriculture, which in turn needs fertilizers."
He added that "any production of the phosphate industry is accompanied by uranium production, and the investor can use the uranium to produce energy or sell it to power plants," noting that "the National Investment Law started with simple and specific investments in the construction sector and has now shifted to investing in the industrial sectors (chemical and petrochemical)."
Al-Lami stated that "the investor obtains full tax exemptions for importing production line equipment and raw materials." https://www.mawazin.net/Details.aspx?jimare=256998
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