Iraq Economic News and Points to Ponder Thursday Afternoon 3-28-24
Iraq Economic News and Points to Ponder Thursday Afternoon 3-28-24
Tlm724 Administrator Bondlady’s Corner
Parliamentary Expectations That The Dollar Exchange Rate Will Reach 140 Thousand Dinars
Economy | 03/28/2024 Mawazine News – Baghdad MP Mudar Al-Karawi confirmed today, Thursday, that the parallel market decreased by 10% within 3 months in Iraq.
Al-Karawi told Mawazine News, “The efforts of the Central Bank and the actions of the Ministry of Finance reduced the influence of the parallel market and led to a reduction in the exchange rate by 10% within 3 months.”
He added, "The exchange rate reaching 140,000 dinars per $100 is very likely in the coming weeks."
He pointed out that "reducing smuggling, automating procedures, and controlling the movement of money and payments are all reasons that contributed to creating financial stability and pushing the parallel market to decline, albeit very slowly."
Fluctuations in the exchange rates of the US dollar in Iraq have raised fears that the dinar may suffer a new shock in the coming days.
In building the financial budget, Iraq depends on the revenues generated from the sale of crude oil by up to 96%, as the volume of Iraq’s oil production currently amounts to more than 4 million barrels per day according to OPEC Plus specifications, and its export capacity reaches more than 3 million barrels per day. https://www.mawazin.net/Details.aspx?jimare=244777
The Stock Exchange Announces The Launch Of Trading On “Emaar Bonds”
Iraq Stock Exchange Market Economy News – Baghdad The Iraq Stock Exchange (the Stock Exchange) announced, on Thursday, the launch of trading on the third issuance of “Emaar bonds” at the deposit center.
The stock exchange said in a document received by Al-Eqtisad News, “Based on the decision of the Securities Commission and the decision of the Board of Governors to list and deposit the trading of Emaar bonds (the third issue), and on the occasion of the completion of technical procedures in the market, deposits of the third issue (Emaar bonds) will begin at the deposit center.” By owners of bonds of all categories as of Thursday 3/28/2024.”
The stock exchange added, “The bonds will be launched for trading starting from the Sunday session, 4/21/2024, on the bond platforms.”
The stock exchange pointed out that “two-year bonds of (500) thousand dinars mature on 12/30/2025, with an annual interest rate of (6%), paid every six months.”
She added that "four-year bonds of one million dinars mature on 12/30/2027 with an annual interest rate of 8% paid every six months."
The stock exchange confirmed that "trading is according to the bond category on the bond platform, and the rate of change is 5% up and down from (the price calculated for the bond on that day during the issuance period) according to the table received from the Central Bank of Iraq."
She stated that “the minimum commission for the brokerage company is 1,000 dinars, and the commission rate is 0.003 of the value of the bond when trading,” noting that “the bond trading session lasts from 10 a.m. until 12 noon.”126 views - https://economy-news.net/content.php?id=41960
Oil Prices Fell For The Second Day With An Increase In US Inventories
Economy | 10:27 - 03/28/2024 Mawazine News – Baghdad Oil prices fell for the second day in a row after a report on a rise in crude inventories in the United States, the world's largest oil consumer, and indications that major producers are unlikely to change production policy at a technical meeting scheduled for next week.
Brent crude futures for May fell 74 cents, or 0.9%, to $85.51 a barrel by 04.20 GMT. The May contract is scheduled to expire on Thursday, and the most actively traded June contract fell 68 cents, or 0.8%, to $84.95.
US West Texas Intermediate crude futures for May delivery fell by 64 cents, or 0.8%, to reach $80.98.
Oil prices fell this week after rising to their highest levels since October last week, and remained about 3% higher than the average closing price in the first week of March.
John Rong Yip, a market strategy analyst at IG in Singapore, said, “The sharp rise in US crude inventories and expectations about the possibility that the OPEC+ alliance will not change production policy next week led to a further decline in oil prices in today’s session.”
https://www.mawazin.net/Details.aspx?jimare=244743
Decrease In The Dollar Exchange Rate On The Baghdad Stock Exchange
Economy Thursday, March 28, 2024 Baghdad/National News Center Today, Thursday, the dollar exchange rates recorded a decline against the Iraqi dinar on the Baghdad Stock Exchange.
Dollar prices fell with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 147,350 Iraqi dinars for every 100 dollars, while yesterday, Wednesday, they recorded 148,200 Iraqi dinars for every 100 dollars.
Selling prices in exchange shops in local markets in Baghdad reached 148,250 dinars, while purchasing prices reached 146,250 dinars for every 100 dollars. https://nnciraq.com/251748/
Iraq Begins Building Two New Tankers To Transport Petroleum Products
Reconstruction and building Economy News – Baghdad The Iraqi Oil Tanker Company (National Carrier) announced today, Thursday, that the rate of transportation of oil products produced in Iraqi refineries has increased to 65% after the two tankers, Akkad and Sumer, entered work.
While it confirmed the imminent announcement of the construction of two new tankers to transport the products, it revealed a plan to enter into real partnerships. With major companies to own giant tankers.
The company's general manager, Ali Qais, told the official agency, followed by "Al-Eqtisad News", that "the Iraqi Oil Tanker Company previously owned 29 tankers of different sizes, but as a result of the wars and conflicts that the country went through, this fleet was completely destroyed, and Iraq began to sell oil in bulk and not... And that is why the Oil Tanker Company sought after 2003 to restore its position.”
Qais added, “The company owns 4 tankers, which are oil product tankers only (Tigris, Euphrates, Shatt al-Arab, and Baghdad) with a capacity of 13 thousand tons. In 2019, it signed a contract to build two tankers according to international specifications, namely (AKD and Sumer) to transport oil products.”
He continued: “We are now in the process of negotiating with international companies to enter into major partnerships for the purpose of owning tankers, as well as restoring the activity of transporting Iraqi crude oil, as the rate of transport of petroleum products produced in refineries reached 65% after the entry of the two tankers (AKKD and SUMMER),” stressing: “
We are now in the process of announcing the construction of two new tankers to transport products, and we will try to reach 100% of product transport.”
Regarding the percentage of exported quantities of crude oil, Qais explained, “The exported quantities of crude oil are sold through the oil marketing company, that is, the purchasing companies are the ones that transport the oil because we sell it subtracted and not in the form of a liquid. However, the Minister of Oil stressed the necessity of restarting the activity of transporting Iraqi crude oil.” By Iraqi tankers.
He pointed out that "the company's future plan is to build two tankers for oil products and enter into real partnerships with major companies for the purpose of owning giant tankers to transport Iraqi crude oil." 222 views 03/28/2024 - https://economy-news.net/content.php?id=41956
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Provoking Points To Ponder On Failures and Mistakes
Imagine a congress of eminent celebrities such as More, Bacon, Grotius, Pascal, Cromwell, Bossuet, Montesquieu, Jefferson, Napoleon, Pitt, etc. They would be an Encyclopedia of Errors. - Lord Acton
Flops are a part of life's menu, and Eve never been a girl to miss out on any of the courses.- Rosalind Russell
Every man's got to figure to get beat sometime.- Joe Louis
Who thinks it just to be judged by a single error?- Beryl Markham
Man errs as long as he struggles.- Johann von Goethe
Mistakes are part of the dues one pays for a full life.- Sophia Loren
Mistakes are the usual bridge between inexperience and wisdom.- Phyllis Therous
http://famousquotesandauthors.com/topics/failures_and_mistakes_quotes.html