Iraq Economic News and Points to Ponder Tuesday Afternoon 1-30-24

Tlm724 Administrator Bondlady’s Corner

Saleh Reveals The Reason For The Limited Rise And Fluctuation Of The Dollar Exchange Rate Recently

Time: 01/30/2024 08:14:41 Read: 1,638 times  {Economic: Al-Furat News} The Prime Minister’s Advisor for Financial and Economic Affairs, Mazhar Muhammad Saleh, revealed the limited rise and fluctuation of the dollar’s ​​exchange rates recently.

Saleh said in a press statement, “The issue is related to regional security tensions, which provide colored or ambiguous information that affects the decisions of speculators in the secondary exchange market when buying and selling, which prompts them to hedge with a point or two above the current market transaction prices or trading prices in such cases.” People are used to it."

He explained that it is “behavior practiced by speculative forces to achieve emergency or estimated profits under the pretext of misfortune and fear, because the decisions of this market are based on various information as inputs that influence the decisions of those dealing in it. Therefore, these markets are considered among the most sensitive financial markets and live in their daily speculation on news, rumors, and conflicting information.” To determine prices, which is a cost that disappears when the influencer disappears.   LINK

The Central Bank Of Iraq Explains Why America Imposed Sanctions On Al-Huda Bank

On Tuesday, the Central Bank of Iraq revealed that the US Treasury had imposed sanctions on the Iraqi Al-Huda Bank, attributing the reason to its activities in 2022.

The Central Bank of Iraq stated in a statement today that the bank did not participate in the foreign currency buying and selling window during the year. 2023, stressing that it continues to provide its banking services without dealing in US dollars and is allowed to deal in other foreign currencies.

Yesterday, Monday, the US Treasury Department included the Iraqi Al-Huda Bank on the sanctions list, as it is a source of major concern regarding money laundering because it “acts as a channel for financing terrorism by Iran.”

According to the US Treasury statement, Al-Huda Bank has for years exploited its access to US dollars to support designated foreign terrorist organizations including the Iranian Revolutionary Guard, as well as Iraqi militia groups allied with Iran including Kataib Hezbollah and Asaib Ahl al-Haq.

The statement noted, “The Chairman of the Board of Directors of Al-Huda Bank is complicit in Al-Huda Bank’s illicit financial activities, including money laundering through front companies that hide the true nature of the parties involved in the illicit transactions, which ultimately enables the financing of terrorism.”   https://www.radionawa.com/all-detail.aspx?jimare=37204

The Dollar Continues To Rise Against The Dinar In The Local Market

Time: 01/30/2024 16:51:00 Read: 1,261 times  {Economic: Al-Furat News} The prices of the US dollar rose against the Iraqi dinar, today, Tuesday, in Baghdad, with the stock market closed.

With the closure of the main Kifah and Harithiya stock exchanges in Baghdad, dollar prices recorded 152,900 Iraqi dinars against 100 dollars, while they recorded 152,000 Iraqi dinars against 100 dollars in the morning.

Selling prices in banking shops in local markets reached 154,000 dinars for 100 dollars, while purchasing prices reached 152,000 dinars for 100 dollars.  LINK

Planning: Iraqi Per Capita Income Reaches 8 Million Dinars Annually And Will Increase This Year

Time: 01/30/2024 00:50:45 Read: 2,574 times   {Economic: Al-Furat News} The Ministry of Planning confirmed that the average per capita income for the past year 2023 amounted to approximately 7-8 million dinars, and that there is a discrepancy in income rates for many segments of society, expecting that “the average per capita income for the current year 2024 will witness a noticeable improvement.”

In a picture confirming an improvement in the national economy, the Ministry of Planning stated, “The measures of the government and the Central Bank of Iraq contributed to the decline and stability of inflation indicators and a decline in their rates during the last two years, as the inflation rate was (6 percent) in the year 2021, and it decreased in the year 2022 to (5 percent) Then in the year 2023, the inflation rate was 4.4, meaning less than 4 and a half percent.”

The ministry’s official spokesman, Abdul Zahra Al-Hindawi, said, “The average per capita income is extracted and calculated by dividing the volume of revenues or resources that the country obtains by the number of population.

Thus, we are talking about a rate or average annual income per capita that ranges between 7 to 8 million dinars per capita during the past year.” 2023, pointing out that this improvement in the level of per capita income came as a result of improved oil sales and increased prices, and thus the country achieved good financial revenues.”

Al-Hindawi pointed out that the per capita income of 7 to 8 million dinars does not include the entire population, as the individual does not receive the same income or equally, but there is certainly a discrepancy between one group and another and between one segment and another, according to many factors, and that there are segments whose average annual income may be 3. Millions or five million dinars. There are segments whose annual income is 10 million dinars, or perhaps their annual income is 20 million dinars annually.

He pointed out that "the discrepancy in these numbers comes as a result of the nature of the work and the academic achievement certificate of the individual, who may also work in more than one job. As a result, his annual income increases or decreases according to these factors," indicating that "the improvement in income rates is also related to the level of services that the individual obtains from... Water, electricity, sanitation, transportation methods and other requirements.”   LINK

The Stock Market Closed Up By 1.07%

Economy News – Baghdad  The Iraqi Stock Exchange closed up by 1.07%, today, Tuesday, after the great support it received from banking and real estate stocks.

The stock exchange traded 1.1 billion shares worth 1.3 billion dinars through concluding 664 deals on the shares of 44 companies.  Views 60   01/30/2024  https://economy-news.net/content.php?id=39962

Fears Of Supply Shortages Are Pushing Oil Prices Higher

Economy | 08:57 - 01/30/2024   Mawazine News – Baghdad  Oil prices rose in early trading on Tuesday, with continued supply concerns due to escalating geopolitical tensions in the Middle East.

Brent crude futures rose 25 cents, or 0.3%, to $82.65 per barrel, and US West Texas Intermediate crude rose 31 cents, or 0.4%, to $77.09 per barrel.

Both contracts fell more than a dollar yesterday, Monday, as the worsening real estate crisis fueled concerns about Chinese demand, after a Hong Kong court ordered the liquidation of the giant China Evergrande Real Estate Group.   https://www.mawazin.net/Details.aspx?jimare=241300

Al-Sudani Renews His Call For Tunisian Companies To Invest In Iraq

Reconstruction and building  Economy News – Baghdad   Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani called on Tunisian companies to participate in projects, investment opportunities, and infrastructure construction in Iraq, while stressing the importance of economic integration and the success of the upcoming Iraqi-Tunisian committee meetings in Baghdad.

The Prime Minister's Media Office stated, in a statement received by Al-Eqtisad News, that "Al-Sudani received the Ambassador of the Republic of Tunisia to Iraq, Shukri Al-Latif, where, during the meeting, they discussed the horizon of joint cooperation between the two brotherly countries, and ways to strengthen relations at various levels and fields, in a way that would benefit "In the interest of the Iraqi and Tunisian peoples."

Ambassador Shukri Latif conveyed the greetings of Tunisian Prime Minister Ahmed Saleh Al-Hashani to Al-Sudani, his appreciation for Iraq’s positions, and the sincere desire to expand the strategic partnership and strengthen friendship between the two countries, which Tunisian President Kais Saied espouses, according to the statement.

He also conveyed to Al-Sudani a written message from Al-Hashani, which included sending an official invitation to the Prime Minister to visit Tunisia, in order to discuss ways to diversify areas of cooperation, raise them to the highest levels, and confirm the trend towards constructive joint action.

The Prime Minister expressed his "appreciation for the invitation and responding to it as soon as possible," stressing "the importance of mutual support in international forums and Tunisia's position on the Palestinian issue."

Al-Sudani also renewed his "invitation to Tunisian companies to participate in projects, investment opportunities, and infrastructure construction in Iraq, and the importance of economic integration and the success of the upcoming Iraqi-Tunisian committee meetings in Baghdad."

Views 62 01/30/2024 - https://economy-news.net/content.php?id=39961

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Top 100 Inspirational Quotes  Compiled By Kevin Kruse 

 Inspirational quotes and motivational quotes have the power to get us through a bad week, and can even  give us the courage to pursue our life’s dreams.  In my book, 4 Keys to Happiness and Fulfillment at Work, By Kevin Kruse, I share surprising research into the true triggers of workplace motivation.

 So in the spirit of self motivation, here are 100 inspirational quotes.

66. I didn’t fail the test. I just found 100 ways to do it wrong. – Benjamin Franklin

 67. In order to succeed, your desire for success should be greater than your fear of failure. – Bill Cosby

 68. A person who never made a mistake never tried anything new. – Albert Einstein

69. The person who says it cannot be done should not interrupt the person who is doing it. – Chinese Proverb

70. There are no traffic jams along the extra mile. – Roger Staubach

71. It is never too late to be what you might have been. – George Eliot

72. You become what you believe. – Oprah Winfrey

http://www.forbes.com/sites/kevinkruse/2013/05/28/inspirational-quotes/