Iraq Economic News and Points to Ponder Thursday Evening 12-26-24
Iraq Establishes 'Investment Portfolio' To Support Stability Of National Currency
Time: 2024/12/26 Read: 1,612 times {Economic: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s first step after extinguishing its foreign debts towards establishing an investment portfolio to support the stability of the national currency.
Saleh explained to {Euphrates News} that: "Since 2004, after Iraq was able to extinguish $100 billion of its accumulated debts, which are called pre-1990 debts resulting from wars and conflicts, and with the improvement in the current account of the balance of payments, the first step taken by Iraq was to establish an investment portfolio of foreign reserves."
He added, "Or what is called the country's foreign exchange reserves that perform the function of stabilizing the value of the national currency or what is called the external value of money."
Saleh said that "these assets that support the stability of the balance of payments and the national currency {i.e. foreign reserves} are one of the aspects of the sovereign funds called {quasi-sovereign wealth fund}."
He pointed out that "they differ from traditional sovereign funds in that their assets are characterized by high liquidity or investment in liquid or semi-liquid assets and are subject to a highly accurate diversification rule in foreign currencies and highly liquid financial investment tools by virtue of their function as international reserves supporting the balance of payments and stabilizing the value of the national currency." LINK
Parliamentary Finance Committee Settles The Matter: The Dollar Exchange Rate Will Not Change
Money and business Economy News – Baghdad The Parliamentary Finance Committee revealed the numbers of employees, retirees and social welfare beneficiaries, confirming that their salaries are fully secured for next year, with no intention to change the dollar exchange rate.
Committee member, Moeen Al-Kazemi, stressed the "need to increase non-oil revenues to ease the burden on the general budget."
Al-Kadhimi stressed that "the government is working to increase revenues from non-oil sources such as taxes, customs, the Communications and Media Commission, and profitable companies in state departments, in addition to collecting water, electricity and other services."
He pointed out that "non-oil revenues could reach 30 trillion dinars in 2025, in addition to 120 trillion dinars of oil revenues, which makes the total revenues sufficient to secure the salaries of 4.2 million employees, and the salaries of 3.5 million retirees," noting that "the allocations for these salaries amounted to 65 trillion dinars in 2024, and it is expected that there will not be a significant increase during the next year."
Al-Kadhimi also explained that "the number of beneficiaries of social care will reach 5 million beneficiaries," stressing "the importance of following a sound financial policy to increase non-oil revenues and ensure financial stability, while maintaining the dollar exchange rate without change." 333 views Added 12/26/2024 - 3:33 PM https://economy-news.net/content.php?id=51320
Dollar Exchange Rates Rise In Baghdad Markets On Thursday Morning
Time: 2024/12/26 Read: 1,677 times {Economic: Al Furat News} The US dollar exchange rate rose this morning, Thursday, in Baghdad markets. The prices are as follows..
The selling price is 153,000 dinars, while the purchase price is 151,000 dinars per 100 dollars. LINK
The Iraqi Market Trades Shares Worth More Than 6 Billion Dinars In A Week
Stock Exchange Economy News – Baghdad The Iraq Stock Exchange announced that it traded shares worth more than 6 billion dinars during four trading sessions until Thursday.
The trading session was not organized yesterday, Wednesday, as it was an official holiday.
According to trading indicators, the number of shares traded during this week amounted to more than 7 billion shares, with a financial value of more than 6 billion dinars.
The ISX60 index closed the first session of the week at (1076.99) points, while the index closed at the end of the week at (1059.19) points, achieving an increase of (1.65%) over its closing at the beginning of the session.
The ISX15 index closed the first session of the week at (1179.37) points, while the index closed at the end of the week at (1159.41) points, achieving an increase of (1.69%) over its closing at the beginning of the session.
During the week, (3033) purchase and sale contracts were executed on the shares of companies listed on the market.
98 views Added 12/26/2024 - https://economy-news.net/content.php?id=51319
Gold Prices To Rise Significantly... First Predictions In 2025
Economy | 12/25/2024 Mawazine News – Baghdad American financial expert and investment advisor, Jim Willey, predicted that the year 2025 will witness geopolitical tensions that will lead to a significant rise in gold prices, expecting that an ounce of gold will reach $3,100 in 2025.
Willey wrote in a post on his account on the social networking site “X”, saying: “Gold has been a symbol of wealth and security for centuries, but today it is no longer just a shiny metal, but has become a shield against economic collapses, geopolitical chaos, and reckless financial policies of governments,” noting that there is no need to refer to history books to confirm this fact, which can be seen by simply taking a look at the current reality.
“In the past, a $20 gold coin could buy you a suite at the Plaza Hotel in New York, buy you a high-quality suit, or get you a steak dinner. Today, the same $20 bill can buy three people coffee at Starbucks. Has gold changed? No, gold is still a one-ounce piece of precious metal. What has changed is the purchasing power of paper money, which makes this story one of the most tragic lessons in economic history,” the financial expert explained.
The financial expert touched on the issue of the price of gold in 2025, saying that “historically, every major rise in gold prices has been linked to two main factors: economic instability and geopolitical tensions.
Now, both of these factors are reaching new highs, and no one would be surprised to see gold rise to $3,100 in 2025.”
“Another solid fact about gold is that it thrives in chaos and uncertainty,” Wiley believes. “If world leaders abandon war-mongering and seek lasting peace, gold prices will indeed fall. But let’s be realistic, what about peace? It’s just a nice dream.”
According to Wiley’s predictions, 2025 will see major geopolitical shifts in the world, economic turmoil and financial system disruptions. US economic policies, China’s global strategies and the BRICS experiment with gold-backed currencies will play pivotal roles in shaping gold’s trajectory, and ultimately gold will remain the stable safe haven it has always been.
The financial expert concluded his outlook for the coming year by emphasizing that the future of gold prices is uncertain, but one thing is clear: as long as governments refuse to balance their budgets and continue to engage in geopolitical brinkmanship, gold will not only remain an investment but also a lifeline of stability. Paper currencies will always falter in the face of gold’s enduring resilience, and this is one of the most unchanging truths of humanity. https://www.mawazin.net/Details.aspx?jimare=257892
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