Iraq Economic News and Points to Ponder Tuesday Afternoon 10-17-23

Tlm724 Administrator Bondlady’s Corner

The Most Important Of Which Is The Leakage Of The Dollar.. Al-Alaq Identifies Many Factors That Caused The Exchange Rate To Rise

Economy | 10:59 - 10/16/2023   Mawazine News – Baghdad  Central Bank Governor Ali Al-Alaq identified, today, Monday, several factors that led to a rise in the exchange rate of the dollar against the dinar in the local market, including smuggling abroad.

The media office of the Ministerial Council for the Economy stated in a statement received by Mawazine News, that “Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein chaired today, Monday, the thirty-first session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister, the Minister of Planning, the Ministers of Finance, Labor, and Social Affairs, the Secretary-General of the Council of Ministers, and the Governor The Central Bank, the Undersecretary of the Ministry of Oil, the Vice President of the National Investment Authority, the Chairman of the Securities Commission, and the Prime Minister’s advisors for economic and legal affairs.”

He added, “The Council hosted the Chairman of the Finance Committee in the Iraqi House of Representatives and a number of members of the Committee to discuss the dollar exchange rates in Iraqi markets,” pointing out that the Governor of the Central Bank provided a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq. “The Governor of the Central Bank

explained According to the statement, “The exchange rate depends primarily on imports and not on local production, and that the exchange rate in Iraq has peculiarities due to its connection to the price of oil as it is the largest source of providing hard currency,” noting that “many factors affect the exchange rate, the most important of which is the leakage of the dollar to countries.” Neighborhood and internal dealing in local markets in a currency other than the national currency, as well as the lack of complete control over the ports and smuggling.”

He added that “the level of inflation has decreased significantly and that the goods that enter officially are witnessing price stability because imports are covered by the official price.”, stressing “the opening of a special hall for private banks.” To sell dollars to travelers at Baghdad International Airport, and we raised the interest rate for amounts deposited in banks to 7.5 percent to encourage citizens to deposit their amounts in banks and to withdraw the cash mass from the banks.”

The statement continued, "After objective and serious discussions, the Deputy Prime Minister and Minister of Foreign Affairs indicated that the Council will study in detail this important issue and will follow up on the localization of salaries for all workers in the government sector and then the mixed sector until the private sector. We will study increasing the interest rate on deposits, adding that we are looking forward to building basic tools." "Future helps the Central Bank and the Ministry of Finance to assume their role in a way that suits the nature of their work."

He pointed out that "the council decided to proceed with the establishment of a project to demolish and build Ibn Sina Specialized Hospital with a capacity of 600 beds in Nineveh Governorate to serve the people of that dear governorate." https://www.mawazin.net/Details.aspx?jimare=236466

Dollar Transfers At The Iraqi Currency Auction Rise By 77% Today

Posted On 2023-10-17 By Sotaliraq  2023-10-17  External remittances increased at the Central Bank of Iraq auction, today, Tuesday, by 77% at the expense of cash sales, to reach $162 million.

Our correspondent stated that the Central Bank sold today during its auction for buying and selling the US dollar 199 million, 829 thousand and 639 dollars, which the bank covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, and at a price of 1,310 dinars per dollar for external transfers, and price fluctuations per dollar. Critically.

Our correspondent added that most of the bank’s dollar sales went to strengthening balances abroad in the form of (remittances, credits), which amounted to 162 million, 679 thousand and 639 dollars, an increase of 77%, compared to cash sales amounting to 37 million and 150 thousand dollars.

Our correspondent pointed out that the number of banks that purchased cash dollars reached 5 banks, while the number of banks that responded to requests to enhance balances abroad reached 18 banks, while the total number of exchange and brokerage companies participating in the auction was 93 companies.  LINK

Dollar Prices Are Rising Again In Baghdad

Time: 10/17/2023 11:12:45 Read: 1,937 times  {Economic: Al-Furat News} Dollar prices rose, today, Tuesday, in Baghdad markets.   The prices were as follows..The selling price was 159,750 Iraqi dinars, while the purchase amounted to 157,750 dinars per 100 dollars.   LINK

Al-Sudani And Biden Stress The Importance Of Partnership And Discuss The Humanitarian Crisis In Gaza

Prime Minister Muhammad Shiaa Al-Sudani received a phone call from the President of the United States of America, Joe Biden, during which the ongoing field developments in the Palestinian territories were discussed.

During the call, according to a statement by Al-Sudani’s office, the importance of mobilizing efforts and joint work to support sustainable stability in the region was emphasized, as well as efforts to strengthen the bilateral partnership relationship between Iraq and the United States of America, according to the strategic framework agreement between the two countries.

During the call, the two sides stressed the need to contain the conflict and work to prevent the expansion of the circle of war, which targets civilians and threatens regional and international peace and stability.

The Prime Minister renewed Iraq's firm and principled position regarding what is happening in Gaza, pointing out the importance of opening humanitarian corridors and delivering what the people of the Gaza Strip need, who are subjected to war and an unjust siege.

He explained that the continued aggression against Gaza arouses the anger of people in the region and the world.    https://www.radionawa.com/all-detail.aspx?jimare=35964

The Minister Of Planning Invites Spanish Companies To Invest In Various Sectors In Iraq

Tuesday 17, October 2023 | Economical Number of readings: 304  Baghdad / NINA / Today, Tuesday, Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, called on Spanish companies to invest in various sectors in Iraq.

The ministry stated in a statement, “Today, Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, received the Ambassador of the Kingdom of Spain to Iraq, Pedro Martinez, and his accompanying delegation,” and discussed with him a number of issues and files related to the development of cooperation and bilateral relations between the two countries. In the economic, investment, and commercial fields, including the possibility of Spanish companies contributing to the implementation of the development road project, supporting and developing agriculture, and entering into investments in the transportation, railways, and renewable energy sectors. Tamim praised, according to the statement, “the level of cooperation provided by the Kingdom of Spain.

” to Iraq,” calling on “Spanish companies to invest in various development sectors and the return of Spanish tourists, in light of security and political stability, and the improvement of the investment environment throughout Iraq.” For his part, the Spanish ambassador appreciated “

the volume of fruitful cooperation between the two countries,” noting “the presence There is a great desire among his country’s companies to obtain investment opportunities in Iraq.”

He stressed that “Spain is ready to actively contribute to the implementation of the development path project and support the Iraqi private sector,” pointing out that “Spain has advanced capabilities in the field of agricultural technologies, railways, as well as investment.” In the field of the energy sector.”    https://ninanews.com/Website/News/Details?key=1084239

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Points to Ponder on FEAR:

6. It’s better to die laughing than to live each moment in fear. ~Unknown

7. One is never afraid of the unknown; one is afraid of the known coming to an end. ~ Jiddu Krishnamurti

8. Don’t be afraid of your fears. They’re not there to scare you. They’re there to let you know that something is worth it. ~ C. JoyBell C.

9.  Imagine not being frightened by any feeling. Imagine knowing that nothing will destroy you. That you are beyond any feeling, and state. Bigger than. Vaster than. That there is no reason to use drugs because anything a drug could do would pale in comparison to knowing who you are. ~ Geneen Roth

10. Find what you are afraid of, face it, and then you won’t be afraid of it anymore. ~ Marilyn Manson

11. I tend to scare myself. ~ Stephen King

12. Anxiety is the dizziness of freedom. ~ Soren Keiregaard

13. People are supposed to fear the unknown, but ignorance is bliss when knowledge is so damn frightening. ~ Laurell K. Hamilton

14. I saw a little girl touch a big bug and shout, “I conquered my fear! YES!” and calmly walk away. I was inspired. ~ Nathan Fillion

15. All that ever holds somebody back, I think, is fear. For a minute I had fear. [Then] I went into the [dressing] room and shot my fear in the face… ~ Lady Gaga

16. Fear can force obedience, but it can never transform a heart. ~ Stacey Jay

17. I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain. ~ Frank Herbert