Iraq Economic News and Points to Ponder Tuesday Afternoon 11-28-23

Tlm724 Administrator Bondlady’s Corner

Overthrowing A Network That Manipulated Dollar Exchange Rates In Baghdad

Economy News – Baghdad  The General Directorate of Intelligence and Security announced, on Tuesday, the overthrow of a network that manipulated the dollar exchange rates in Baghdad .

The directorate stated in a statement, seen by Al-Iqtisad News, that “it is part of a series of specific duties carried out by the General Directorate of Intelligence and Security at the Ministry of Defense, and after the availability of accurate information about a group of smuggling gangs and speculators at the price of the dollar, through their carrying out remittance operations and buying and selling the dollar, contrary to instructions.

” The Central Bank of Iraq, the detachments of the Baghdad Intelligence and Security Directorate, affiliated with the same directorate, boycotted the information, and after obtaining judicial approvals, they were able to raid one of the banking companies in the Karrada area in Baghdad. ”

She added, "The operation resulted in the arrest of five accused speculators in the dollar exchange rate, in addition to carrying out remittance operations contrary to official instructions," noting that "they were handed over to the legally competent authorities. "

Views 44 11/28/2023 - https://economy-news.net/content.php?id=37928

Dollar Prices Stabilize In Baghdad With The Stock Market Closed

Economy  Tuesday, November 28, 2023   Baghdad/National News Center   The prices of the US dollar stabilized against the Iraqi dinar, today, Tuesday, in the markets of the capital, Baghdad, with the stock market closed.

The National News Center correspondent said, “Dollar prices stabilized with the closure of the main Kifah and Harthiya stock exchanges in Baghdad, recording 157,600 dinars against 100 dollars, while dollar prices recorded this morning 157,500 dinars against 100 dollars.”

He added, “Selling prices in exchange shops in local markets in Baghdad stabilized, as the selling price reached 158,000 dinars for 100 dollars, while the purchase price reached 157,000 dinars for 100 dollars.”   https://nnciraq.com/238847/

Finance Announces The Launch Of The Second Issue Of Reconstruction Bonds Worth More Than One Trillion Dinars

Tuesday 28, November 2023 | Economical Number of readings: 487

Baghdad / NINA / The Ministry of Finance announced on Tuesday that it intends to make the second issue of reconstruction bonds available.

The ministry stated in a statement, “Given the strong demand for trading national bonds (reconstruction bonds) and the complete subscription of the first issue amount, the ministry, represented by the Public Debt Department and in cooperation with the Central Bank of Iraq, intends to make the second issue of reconstruction bonds available at a value of 1.5 trillion dinars.” Iraqi) and with the same mechanism previous to the first issue.

She added, "This measure comes in implementation of the paragraphs of the government program related to enhancing the development and investment aspects represented by the reconstruction and construction movement that our dear country is witnessing, in addition to developing financial and monetary policies and providing opportunities for citizens to contribute to the overall economic activity through investment in bonds," noting that "these bonds are issued with a guarantee."

 The Ministry of Finance, and it is possible to purchase the bond by submitting an application to one of the official banks approved and registered with the Central Bank.”

The Ministry called on "investors and citizens to take advantage of the offer and take the initiative to benefit from this investment opportunity," noting that "the size of this issuance will be limited."

She explained that “the second issuance of bonds worth one and a half trillion dinars is negotiable on the Iraqi Stock Exchange, and is available in two denominations: - The first at a price of

(500,000) dinars, with an annual interest of 6% for two years.

- The second at a price of 1,000,000 dinars, with an annual interest of 8 % for four years.

She pointed out that “purchasing and trading the bonds offered are exempt from taxes according to what is stated in the General Federal Budget Law No. 13 of 2023.”/End 11

https://ninanews.com/Website/News/Details?key=1092285

Zidane And Romanowski Discuss Joint Efforts To Achieve Security Stability In Iraq

Iraq  Tuesday, November 28, 2023 Baghdad/National News Center,  President of the Supreme Judicial Council, Judge Faiq Zaidan, discussed today, Tuesday, with the US Ambassador to Baghdad, Elena Romanowski, joint efforts to achieve security stability in Iraq.

A statement from his office received by the National News Center stated, “The President of the Supreme Judicial Council, Judge Faiq Zaidan, received today, Tuesday, the United States Ambassador to Iraq, Elena Romanowski.”

The statement continued, "The two sides discussed joint efforts to achieve security stability in Iraq and the role of the judiciary in imposing the rule of law."   https://nnciraq.com/238857/

The Iraqi Stock Exchange Closed Up By 0.01%

Market  Economy News – Baghdad  The Iraqi Stock Exchange closed today, Tuesday, up by 0.01%.

The session traded shares of 25 companies, with the number of shares traded reaching more than 307.9 million shares, with a value of more than 434.4 million dinars.

Al-Kindi Company for Vaccine Production shares rose by 6.45%, followed by Mosul Bank by 5%, and Al-Mansour Bank by 1.98%.  Shares of Al Taif Islamic Bank fell by 14.8%, followed by Gulf Insurance by 14.2%.  Views 29   Added 11/28/2023 - https://economy-news.net/content.php?id=37922

Oil Prices Rise, Ending A Series Of Losses

Energy  Economy News – Baghdad  Oil prices rose in early trading on Tuesday, ending a series of losses that lasted several sessions before a crucial OPEC+ meeting, and markets widely expect to see production cuts increased and extended amid fears that supply will continue to exceed demand.

Brent crude futures rose, by 0152 GMT, by 45 cents, equivalent to 0.6 percent, to $80.43 per barrel, on its way to ending a four-day losing streak. As for US West Texas Intermediate crude futures, they rose 43 cents, or 0.6 percent, to $75.28 per barrel, after declining for three consecutive sessions.

OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will hold an online ministerial meeting on November 30 to discuss production targets for 2024.

Four OPEC+ sources told Reuters on Friday that the group was close to reaching a compromise on production quotas, which could help reach consensus on increasing cuts.

The coalition moved last week to postpone the meeting with the aim of resolving differences over production targets for African producers, which led to a decline in oil prices.

Views 33 11/28/2023 https://economy-news.net/content.php?id=37906

Sudanese Advisor: Reforming The Economy Begins With The Government Banking Sector

Economy |11/28/2023  Mawazine News – Baghdad  The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed today, Tuesday, that the economic policy in Iraq is moving towards implementing the principle of monetary sovereignty, and while he pointed out that the informal exchange market represents only 10% of trading, he stressed that it cannot be controlled The currency of a country other than the dinar with pricing within the country; Because monetary duality has harmed the economy, he pointed out at the same time that there is a tendency to diversify currencies for travel purposes and not be limited to the dollar.

Saleh told the official agency, “Economic policy in general and monetary policy in particular are moving towards a new principle called (monetary sovereignty), which considers the Iraqi dinar the only refuge for exchange, pricing, and coverage of internal transactions.”

He added, "It is not permissible for the currency of another country whose monetary policy is subject to pricing and trade exchange operations within the Iraqi economy, and the principle of monetary sovereignty starts from this level."

He continued, "The problem in Iraq is the existence of two exchange markets: the first is the regular one in which exchange takes place through the central bank's platforms, which prices the exchange rate at 1,320 dinars to the dollar as a stable and official price and defends monetary policy."

He explained, "The second market is irregular, representing 10% of the trading rate. It is an uncontrolled market controlled by speculators and adds noise to the Iraqi economy as a whole."

He pointed out, "There are two things: The first is commodity diversification, which the government has begun through baskets that support livelihoods, including the food basket that has achieved stability in the prices of materials, as well as the medicine basket, a construction basket, and another basket for reserve materials that the Ministry of Commerce will launch soon. These are financed at the official exchange rate and help... Stabilize prices and counteract the noise introduced by the informal market.”

He stressed that "dealing in the dollar (dollarization) and its pricing of the internal economic movement is what is most harmful to the economy, but there is no harm in covering external transactions exclusively and through official platforms."

Saleh pointed out, “On this basis, government policy and the policy of the Central Bank moved towards not relying on one country’s currency in foreign transactions and diversifying those currencies such as the Emirati dirham, the Turkish lira, the Chinese yuan, the British pound, and the euro, in addition to the dollar. This diversification reduces the dollarization of the economy and gives it great independence.” .

He stressed, "This diversification can be generalized at the level of selling foreign cash currencies for travel purposes and according to the currency of the country to which one is traveling. This will greatly reduce the demand for the dollar as a single currency in transactions, and the monetary and commodity diversification adds independence to the Iraqi economy."

Regarding Iraq’s steps to provide these currencies, Saleh said, “The monetary authority in Iraq is independent, and there is a wide consultation circle between it and the government, and this is happening for the first time to open banking arrangements with central banks in countries that have a commercial partnership with Iraq, such as the Emirates, Saudi Arabia, Turkey, and China, and it is possible to cooperate with these countries.”

Directly in their national currencies to achieve ease of conversion and exchange to finance trade and the movement of goods, supported by a stable exchange rate of 1,320 dinars, which allows for achieving stability and monetary sovereignty.”

He pointed out, "The demand for foreign currency is linked to the demand for goods and foreign transactions. It is dangerous to use the dollar to cover internal transactions, and monetary double-dealing has harmed Iraq. This must end, and it does not mean not providing foreign currency to citizens for the purposes of financing foreign trade or for the purposes of travel and tourism.

Therefore, there are steps." This is a major regulatory change aimed at achieving diversification through agreement with several countries with which transactions are conducted.”

He stressed, "The state has large commercial arms, and whenever it finds that there are needs affected by secondary market noise, the commercial apparatus intervenes to expand its dealings, supported by a stable exchange rate, as well as in cooperation with Iraqi merchants."

Regarding the government’s steps to strengthen the banking system, the Prime Minister’s advisor said, “There is a large team headed by the Prime Minister that directly supervises the reform of the banking system, and the largest system is the government system, whose assets dominate 85% of the assets of the banking system in Iraq, so the reform begins with government banks.

” We are working on this seriously, and during the next 6 months the results of this reform will appear, and there will also be work in parallel to reform the private banking system, and there is a strong movement and cooperation in this direction with the associations of private and Islamic banks.”

He stressed, "The Prime Minister's philosophy confirms that economic reform cannot be achieved without reforming the banking system, and therefore the priority begins with reforming the financial system."   https://www.mawazin.net/Details.aspx?jimare=238673

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Provoking Points to Ponder From Seat of The Soul By Gary Zukav

Intuition is perception beyond the physical senses that is meant to assist you -- It is that sensory system which operates without data from the five senses

What is behind our eyes holds more power that what is in front of them 

The decisions that you make and the actions that you take upon the Earth are the means by which you evolve

An angry personality will respond to the difficulties of it life with anger, and thereby bring into being the necessity of experiencing the results of anger --

A person who is angry, and yet reveres life, however -- will respond very differently to the difficulties of his or her life than a person who is angry and has no reverence for Life

Each personality draws to itself personalities with consciousness of like frequency, or like weakness -- therefore -- the world of an angry person is filled with angry people -- the world of a greedy person is filled with greedy people -- and a loving person lives in a world of loving people

Until you become aware of the effects of your anger -- you continue to be an angry person

Knowledge is power -- and for each level of knowledge -- you are held responsible for how you use it

Continued……. More to Follow