Iraq Economic News and Points to Ponder Tuesday Afternoon 10-10-23

Tlm724 Administrator Bondlady’s Corner

US State Department: We Did Not Issue Sanctions On Iraqi Banks, But Rather They Were Decisions To Strengthen The Banking System

Political |  10/10/2023  Baghdad - Mawazine News  The US State Department affirmed Washington's support for the efforts of Prime Minister Muhammad Shiaa Al-Sudani in combating corruption and improving the financial sector, while noting that his upcoming visit to Washington represents a good opportunity to strengthen bilateral relations and enhance comprehensive partnership in all sectors.

US Deputy Assistant Secretary of State for Iraq and Iran Affairs, Victoria Taylor, said: "The visit I am making is my first time to Iraq, and I am pleased to be here to strengthen relations between the two countries."

She added, "Iraqi relations with the United States of America are strategic and long-term, and we support the war waged by Iraqi Prime Minister Muhammad Shia al-Sudani against corruption, which is a very good goal and a common priority."

She continued, "Washington supports the Prime Minister's effort to improve the financial sector and make it transparent, which was supported by the dialogue conducted by the US Treasury Department with the Central Bank of Iraq to strengthen the banking and financial sector and improve the Iraqi economic reality, which will benefit Iraq by developing its international relations and attracting investments."

She pointed out that "what was issued by the United States on some banks were not sanctions in the literal sense, but rather were decisions that provided ways and means to strengthen the Iraqi banking system in order to maintain transparency in transactions in general and find good ways for the presence of the dollar in the markets."

She pointed out that "the United States is working with Iraq in various security, economic and environmental sectors, and there was a meeting of the Iraqi-American Coordination Committee that focused on the economic and security files during the visit of high-ranking Iraqi delegations to the United States," stressing that "we are awaiting the visit of Prime Minister Muhammad Shia al-Sudani to discuss "To more opportunities for joint cooperation between the United States and Iraq."

https://www.mawazin.net/Details.aspx?jimare=236161

Oil Prices Are Declining Globally In Light Of The Continued Escalation In Palestine

Tuesday 10, October 2023 09:18 | Economical Number of readings: 331

Baghdad / NINA / Oil prices fell today, Tuesday, after rising more than 4% in the previous session, in light of the continued escalation in Gaza.

Brent crude fell 18 cents, or 0.2%, to $87.97 per barrel, while US West Texas Intermediate crude fell 16 cents, or 0.2%, to $86.22 per barrel.

The two benchmark crude oils gained more than $3.50 on Monday, due to news of the conflict, after falling sharply in volatile trading last week. https://ninanews.com/Website/News/Details?key=1082680

The Central Bank Sells More Than $199 Million In Currency Auction

Economy News – Baghdad   On Tuesday, the Central Bank of Iraq’s sales in the foreign currency sales window amounted to more than 199 million dollars.

The Central Bank’s website published its dollar sales schedule, which Al-Iqtisad News reviewed. It included the participation of 30 banks and 115 exchange companies, and foreign transfer requests covered $172.5 million, while cash requests amounted to more than $26.5 million.

The Central Bank of Iraq sells the dollar for documentary credits and international settlements for electronic cards at a price of 1,305 dinars per dollar, for every dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash.

Views 75 10/10/2023 - https://economy-news.net/content.php?id=36900

The Rise In The Dollar Exchange Rate In Local Markets

Economy |  10/10/2023   Baghdad - Mawazine News   The dollar exchange rate rose in local markets.   The selling price was $100, compared to 163,200 dinars.   The purchase price was 161 thousand dinars.

https://www.mawazin.net/Details.aspx?jimare=236160

North Gas Company: We Have Four Contracts To Export 540 Thousand Tons Of Sulfur

Economy Yesterday, 15:50  Baghdad - IA - Hassan Al-Fawaz  Today, Monday, the North Gas Company revealed the volume of its gas production and the amount of electrical energy generated from it, while indicating that there are four contracts to export 540 thousand tons of sulfur.

The company’s general manager, Ahmed Abdel Majeed, told the Iraqi News Agency (INA):

“The company produces gas, as we receive feed gas or raw gas from the North Oil Company, and it enters production processes, turning into several products, including

dry gas,  liquid gas, and  sulfur.” And  natural gasoline. He added,

"The production capacity of dry gas at the present time is approximately (325-330) megawatts to feed power stations, thus generating the equivalent of (1100-1200) megawatts in the northern region," noting that  "the company is working to feed Millet power stations." Abdullah, Kirkuk, Debs, Mosul, and Qayyarah.”

He explained,  "The North Gas Company has a plan to establish a third production line, in addition to a project to manufacture, equip and install a steam boiler with a capacity of 160 tons per hour, to generate high-pressure steam and rehabilitate the fire water system." He continued,

"The North Oil Company has future plans, as they have currently begun rehabilitating the compressors and gas drying units, to improve the specifications of the gas fed to the North Gas Company," adding,

"When the project is completed, our quantities of feed gas will increase, and thus the quantities of dry gas will increase." Product for power stations. He explained,

“The boilers used in the North Gas Company are gigantic, producing high-pressure steam at around 400 degrees Celsius, and the pressure is 410 kilograms per square centimeter,” noting that

“the benefit of high-pressure steam is to operate gas compressors.” He stated,

"The company's compressors are designed to operate on high-pressure steam, so one of our projects is to purchase a boiler for continuous production, operational flexibility, and to increase production." He stated,

“The company pumps dry gas to the electricity stations affiliated with the Ministry of Electricity, and liquid gas is pumped to the gas filling company to fill it in bottles and sell it to citizens (cooking gas), in addition to producing sulfur, which is included in the tenders for export.” He pointed out that

"there are four contracts to export 540 thousand tons of sulfur," noting that

"concluding contracts is the responsibility of the SOMO company, but the company must prepare." He added,

"The company is working on selling gasoline to investment companies, which is used in production processes for manufacturing pentane and hexane solvents."

https://www.ina.iq/195129--540-.html

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Points to Ponder on Riches and Wealth:

To have what we want is riches, but to be able to do without is power. -- G. Macdonald

There are two things needed in these days; first, for rich men to find out how poor men live; and second, for poor men to know how rich men work. -- E. Atkinson

He is richest who is content with the least, for content is the wealth of nature. -- Socrates

If a rich man is proud of his wealth, he should not be praised until it is known how he employs it. -- Socrates

No man can tell whether he is rich or poor by turning to his ledger.  It is the heart that makes a man rich. He is rich according to what he is, not according to what he has. -- H W Beecher

The use we make of our fortune determines as to its sufficiency.  A little is enough if used wisely, and too much if expended foolishly. -- Boovee

Worldly riches are like nuts; many clothes are torn in getting them, many a tooth broken in cracking them, but never a belly filled with eating them. -- Venning

Riches do not delight us so much with their possession, as torment us with their loss. -- Gregory