Iraq Economic News and Points To Ponder Tuesday Afternoon 9-10-24
Economist Blames Central Bank For Dollar's Rise: Confused Decisions
Posted On 2024-09-10 By Sotaliraq Economic expert Nabil Jabbar Al-Tamimi confirmed today, Monday (September 9, 2024), that the Central Bank's confused decisions are what confused the market and contributed to the rise in the dollar exchange rate.
Al-Tamimi said, “There are confused decisions, including the decision to stop selling dollars to travelers, and the decision to stop dealing with Western Union and MoneyGram.”
He added, "This led to the activity of the black market, as these companies have dealings with traders, Asian workers, and continuous external transfers, but the decision to stop led to the rise in the price of the dollar, reaching the 150,000 dinar barrier, and it is not expected that its price will decrease during the coming period."
Earlier today, Monday (September 9, 2024), a banking source reported confusion in foreign exchange markets, while expecting their prices to rise.
The source said, "The Central Bank will issue new decisions regarding foreign currency prices and the method of trading them within Iraq."
He added, "It is likely that these decisions will lead to an increase in the dollar exchange rate in the parallel market due to the currency shortage."
The source said, "The aim of these decisions is to limit currency smuggling or its monopoly by the weak-willed."
The dollar exchange rate witnessed a new rise this afternoon in the two main stock exchanges and local markets.
Baghdad Today correspondent said that the dollar exchange rate recorded 150,500 for every 100 dollars on the two main stock exchanges.
He added that the selling price in exchange offices also rose to 152,500 per 100 dollars. LINK
Central Bank Of Iraq Sales Rise
Economy | 10/09/2024 Mawazine News – Baghdad The Central Bank of Iraq's dollar sales increased to more than $258 million in the currency auction, compared to Monday.
The bank sold $258 million, 203 thousand, and 662 dollars in its auction today, covering it at a basic exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1,310 dinars per dollar for foreign transfers, and at a rate of 1,305 dinars per dollar in cash.
He added that most of the dollar sales went to enhance balances abroad in the form of transfers and credits, which amounted to $242 million, 703 thousand, and 662 dollars, an increase of 94% over cash sales of $15 million and 500 thousand.
He pointed out that the number of banks that bought cash dollars amounted to two banks, while the number of banks that met requests to enhance balances abroad amounted to 14 banks, and the total number of exchange companies participating in the auction was 11 companies. https://www.mawazin.net/Details.aspx?jimare=254719
UN Official: We Are Proud Of Our Partnership With The Iraqi Government And Have Made Great Progress In These Files
Tuesday 10 September 2024 17:24 | Politics Number of readings: 55 Baghdad / NINA / The United Nations stressed that sustainable development cannot be achieved without addressing corruption, and expressed its pride in the partnership between the United Nations and the Iraqi government in this battle.
The Deputy Special Representative of the Secretary-General and Humanitarian Coordinator for the United Nations in Iraq, Ghulam Issa Kazai, said during the opening of the activities of the Second Arab Forum for Promoting Transparency and Good Governance, today, Tuesday, in the capital, Baghdad, that "your presence here confirms our collective determination to combat corruption, support transparency, and enhance accountability in our region."
He added, "I appreciate the efforts of the Integrity Commission in Iraq, along with the United Nations Development Program and the European Union, to participate in organizing this important event, as this forum represents an important station in Iraq's journey towards stability and sustainable development," indicating that "Iraq has made combating corruption, along with economic diversification and service delivery, a top strategic priority for the leadership of the Prime Minister and his government."
“As the UN Secretary-General said, ‘Corruption is the ultimate betrayal of public trust.’ It is essential that we build this trust and ensure equal rights and services for all,” he explained.
The UN official stressed that "the theme of this year's forum, 'Integrity: An Essential Element in a Time of Complexity and Opportunity', comes at the right time, because our region faces unprecedented challenges - wars, conflicts and violence create a cycle of corruption that is difficult to break."
He added, "The regional analysis of the Corruption Perceptions Index 2023 issued by Transparency International highlights that corruption remains a major obstacle to achieving a just and prosperous future throughout the Arab region. The UNDP Trends Report 2023 also highlights that our region is vulnerable to conflicts. Disasters and the digital divide exacerbate inequalities and complicate the fight against corruption.”
“Through the initiatives of UNDP and UNODC, we have made significant progress in judicial reforms, anti-money laundering efforts, and empowering civil society and the media to expose corruption,” he continued.
“UNDP also supported the drafting of the Right to Information Law, which was approved by the Council of Ministers and is currently being considered by Parliament. Once approved, The law will enhance citizens’ right to access information. This will enhance public transparency and have an impact on Iraq’s global position in this regard.”
“This forum is not just a celebration of Iraq’s achievements, but also a key opportunity for regional dialogue. We need to come together to develop innovative solutions that promote peace, prosperity and democratic gains while improving public services and climate resilience.
We also need to The diverse experiences and views of governments, the private sector, civil society, women’s and youth groups, the media and academia to move forward effectively.”/End5 https://ninanews.com/Website/News/Details?key=1152996
Dollar Price Today
Economy | 10:45 - 10/09/2024 Mawazine News – Baghdad Mawazine News publishes today, Tuesday, the exchange rates of the dollar against the Iraqi dinar in exchange shops in local markets. The prices are as follows: Selling prices 151,000 dinars per 100 dollars. Buy 149000 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=254696
77 Trillion Dinars Is The Size Of Iraqi Revenues During This Period
Money and business Economy News – Baghdad The Ministry of Finance revealed on Tuesday that the size of Iraqi revenues in the federal budget during 7 months exceeded 77 trillion dinars, confirming that the oil contribution to the budget remains around 89%.
Al-Eqtisad News followed the data and tables issued by the Ministry of Finance last August for the accounts of January, February, March, April, May, June and July of the current fiscal year, which showed that oil still constitutes the main resource for Iraq’s general budget, reaching 89%, indicating that the rentier economy is the basis for the country’s general budget.
The financial tables indicated that the total revenues for seven months of the current year amounted to 77 trillion, 475 billion, 502 million, 239 thousand, and 546 dinars, indicating that the total advances amounted to 15 trillion, 664 billion, 477 million, 820 thousand, and 559 dinars.
According to the financial tables, oil revenues amounted to 69 trillion, 55 billion, 827 million, and 984 thousand dinars, which constitutes 89% of the general budget, while non-oil revenues amounted to 8 trillion, 317 billion, 883 million, and 512 thousand dinars.
For his part, economic expert Mohammed Al-Hasani said in an interview with Shafaq News Agency, "The economic problem in Iraq is due to the failure of the regimes that ruled Iraq to achieve the mission of moving towards a developmental economy by investing the oil wealth in diversifying the economy, creating productive employment opportunities, raising the level of human development, and ridding it of rentierism."
Al-Hasani stressed the necessity of "activating a set of laws that encourage the local and foreign private sector to enter the Iraqi market, including customs tariff laws, consumer protection, anti-monopoly laws, and others."
In March 2021, the Prime Minister's advisor for financial affairs, Mazhar Muhammad Salih, confirmed in an interview with Shafaq News Agency that the reasons for the economy remaining rentier are due to the wars and the imposition of an economic blockade on Iraq during the past era and the political conflicts we are witnessing today, which led to the dispersion of economic resources.
The continued reliance of the Iraqi state on oil as the sole source of the general budget puts Iraq at risk from global crises that occur from time to time due to the impact of oil on them, which makes the country turn every time to cover the deficit through borrowing from abroad or domestically, which thus indicates the inability to manage the state’s funds effectively, and the inability to find alternative financing solutions. 71 views 2024/09/10 https://economy-news.net/content.php?id=47432
Stability Of Oil Prices In Global Markets
Tuesday 10 September 2024 09:10 | Economic Number of readings: 189 Baghdad / NINA / Oil prices stabilized in early trading on Tuesday, as investors assessed supply disruptions due to tropical storm Francine and the possibility of imposing further production cuts to confront continued weak Chinese demand.
By 0004 GMT, Brent crude futures rose 16 cents, or 0.22%, to $72 a barrel, while West Texas Intermediate crude futures rose 12 cents, or 0.17%, to $68.83 a barrel, according to Reuters data.
Both benchmarks rose about 1% at settlement on Monday.
The US Coast Guard ordered all operations in Brownsville and other small ports in Texas to close on Monday evening as the tropical storm approaches and is expected to intensify significantly over the next two days and turn into a hurricane, according to the National Hurricane Center.
In light of this, Exxon Mobil, Shell and Chevron also decided to shut down oil and gas production operations in their offshore platforms as a precaution and necessity. / End 11 https://ninanews.com/Website/News/Details?key=1152925
Rafidain Bank Identifies Three Advantages Of Electronic Payment Systems
Economy | 10/09/2024 Mawazine News – Baghdad Rafidain Bank identified three advantages of electronic payment systems on Tuesday, while pointing out the nature of the services provided by these systems.
The Director General of Rafidain Bank, Ali Karim, said: "Digital payment systems are characterized by many points and advantages. In addition to keeping pace with the rapid development taking place in the world, they also provide many services that were not previously available in regular systems."
He added that "the three most prominent advantages of electronic payment systems are (flexibility and speed), which provide users with greater opportunities to achieve their desires represented in paying or collecting bills and dues, selling, buying and shopping."
He continued: "Digital payment systems are also characterized by (remote management), as they give the opportunity to government institutions, companies and owners of digital commercial projects to work in several sectors, and from different places, and at the same time, all these operations and tasks are organized through different means of connection, and thus the work is completed in one go."
He pointed out that "the third advantage of electronic payment systems is (rapid spread), through the high efficiency of connection and networking, which allows tasks to be completed in one go, and the completion of buying and selling operations at high speed, and thus companies and projects that rely on the electronic payment system in Iraq can reach." https://www.mawazin.net/Details.aspx?jimare=254700
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