Iraq Economic News and Points to Ponder Thursday Evening 12-7-23

Tlm724 Administrator Bondlady’s Corner

The Dollar Exceeds 158 Thousand Dinars At The End Of The Week

Time: 12/07/2023 Read: 1,170 times   {Economic: Al-Furat News} The main stock market in Baghdad was closed this evening, Thursday, due to the decline in the price of the dollar against the Iraqi dinar.

Selling prices in exchange shops in local markets in Baghdad recorded 158,250 Iraqi dinars for 100 dollars, while purchasing prices reached 156,250 dinars for 100 dollars.

The selling price this morning was 158,500 Iraqi dinars, and the buying price was 156,500 dinars for every 100 dollars.   LINK

Government Source: New Shipments Of Dollar Supplies Arrive In Iraq

Economy | 02:42 - 07/12/2023   Baghdad - Mawazine News   A government source revealed, today, Thursday, the arrival of shipments of dollars to the Trade Bank of Iraq.

The source said: “Shipments of millions of dollars arrived through the Trade Bank of Iraq (TBI), as part of the bank’s plan to supply dollars.”

He added, "This came to meet customers' requests," noting that "other shipments are scheduled to arrive during the next few days."   https://www.mawazin.net/Details.aspx?jimare=239072

Federation of Arab Stock Exchanges: The Iraqi Stock Exchange accounted for 61% of November trading

Market   Economy News – Baghdad   On Thursday, the Arab Federation of Stock Exchanges issued its report for last November.

The report, which Al-Iqtisad News reviewed, showed that “the Iraqi Stock Exchange acquired 61% of the total trading volume (number of shares traded) for the month of November in the Arab world compared to the previous month.”

The Egyptian Stock Exchange also achieved, according to the report, the best performance for the third month in a row in the EGX30 price index with a rate of 9.7%, followed by the Iraq Stock Exchange for the ISX60 price index with a rate of 9%. In the month of November compared to the previous month.

The Iraq Stock Exchange ranked sixth in the Arab world in terms of the number of listed joint-stock companies.  70 views  12/07/2023 - https://economy-news.net/content.php?id=38293

Iraq And 4 Arab Countries Possess More Than One Million Tons Of Global Gold Reserves

Gold bullion in Munich. "Reuters"money and business   Economy News – Baghdad   The World Gold Council announced on Thursday that Iraq and four Arab countries possess more than one million tons of global gold reserves.

The Council said in its latest schedule for the month of December 2023, viewed by Shafaq News Agency, that “Iraq, Algeria, Egypt, Lebanon, and Saudi Arabia have reached one million and 28 thousand and 4 tons of precious metal.”

He added, "Iraq maintained its ranking of 30th globally out of the 100 countries listed in the table with the largest gold reserves, as it has not purchased gold since May, bringing its gold possessions to 132.7 tons, which represents 7.7% of the rest of its other reserves."

He pointed out that "the United States of America sits on the throne of the rest of the countries with the largest possession of gold in the world at 8,133.5 thousand tons, followed by Germany with 3,352.6 thousand tons, then Italy came with 2,451.8 thousand tons, while Suriname ranked 99th with 1.5 thousand tons." tons, followed by Papua Guinea with the same amount at 1.5 thousand tons.”

The Council stated, “Iraq announced on June 27, 2022, the purchase of new quantities of gold amounting to approximately (34) tons, an increase of 35% over what was in its possession, while it announced in the month of May that it had purchased 2.3 tons of gold.”

It is noteworthy that the World Gold Council is based in the United Kingdom and has extensive experience and deep knowledge of the factors causing market change, and its members consist of the largest and most advanced gold mining companies in the world.

Views 73  12/07/2023 - https://economy-news.net/content.php?id=38274

German "Siemens" Signs A Contract To Establish 5 Stations To Strengthen The Iraqi Electrical Network

The Ministry of Electricity announced that it had awarded the German energy company Siemens a contract to establish five high-voltage substations.

The ministry said in a statement, “The signing of the contract comes to keep pace with the increasing demand for electrical energy transmission in Iraq and to secure the electricity needs of more than 2.5 million homes.”

This announcement, according to the statement, comes in conjunction with the Iraqi government’s efforts to strengthen the national electrical energy infrastructure and deliver electricity to all governorates of Iraq.

The Ministry also said that this contract represents the second phase of the “Energy Agenda in Iraq - Phase II” agreement projects that was signed in Berlin at the beginning of this year between the Iraqi Ministry of Electricity and Siemens Energy.

Under the contract, these five stations with a capacity of 400 kilovolts will be established in various cities of Iraq, in the capital, Baghdad, Diyala, Najaf, Karbala, and Basra, where each will have a capacity of 1,500 megawatts, and work on establishing these stations will begin at the beginning of 2024.

The majority of the project will be financed. By the export credit agency Allianz Trade Trust, formerly known as Euler Hermes, in cooperation with the Iraqi Ministry of Finance.

The statement quoted the Minister of Electricity, Ziad Ali Fadel, as saying, “Energy is considered one of the most important foundations for the growth and prosperity of countries, and we are proud to continue our strong partnership with Siemens Energy to achieve the objectives of the projects of the “Energy Agenda in Iraq - Phase Two” agreement, as we are confident that this The project will enhance the capacity of the national electricity grid and transmit it to various parts of the country. It will also support various national sectors and contribute to their growth.”

According to the statement, Siemens Energy will build the substations, including engineering consulting, construction and building operations. The contract includes the production, processing and delivery of the latest high-voltage products such as gas-insulated electrical equipment for the main voltage levels of 400 kV and 132 kV as well as super-power transformers for power transmission, each with a capacity of 250 MW.    https://www.radionawa.com/all-detail.aspx?jimare=36526

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Provoking Points To Ponder on Dreaming and Believing:

Go confidently in the direction of your dreams! Live the life you've imagined - As you simplify your life, the laws of the universe will be simpler; solitude will not be solitude, poverty will not be poverty, nor weakness weakness - Henry David Thoreau 

The most powerful thing you can do to change the world, is to change your own beliefs about the nature of life, people, reality, to something more positive.... and to begin to act accordingly - Shakti Gawain- Creative Visualisation 

Ask and it shall be given you; seek - and ye shall find; knock - and it shall be opened unto you -- For every one that asketh - receiveth; and he that seeketh - findeth; and to him that knocketh - it shall be opened - Matthew 7: 7,8