Iraq Economic News and Points to Ponder Tuesday Evening 1-2-24
Iraq Economic News and Points to Ponder Tuesday Evening 1-2-24
Tlm724 Administrator Bondlady’s Corner
Parliamentary Finance Reveals The Reasons For The “Fluctuation” Of Dollar Prices At The End Of The Year
Economy |12-31-2023, | Baghdad today – Baghdad Today, Sunday (December 31, 2023), member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, revealed the reasons for the recent fluctuation in the exchange rates of the dollar against the Iraqi dinar in local markets.
Al-Kadhimi said in a statement exclusively to “Baghdad Today” that “the exchange rates of the dollar against the Iraqi dinar on the black market have their reasons, including speculators,” noting that “there are unreal prices raised by stock exchange owners on social media for the purpose of benefiting.”
The member of the Finance Committee pointed out that “part of the dollar’s decline is the small withdrawal by traders coinciding with the end of the year 2023.” He added, "The Central Bank of Iraq provides 150-200 million dollars daily at the official exchange rate of 1,320 Iraqi dinars."
Today, Sunday (December 31, 2023), the exchange rates of the dollar against the dinar recorded a slight increase in the local markets in the capital, Baghdad.
The "Baghdad Today" correspondent said, "Selling prices in money exchange shops in the local markets in the capital, Baghdad, amounted to 153,000 dinars for every 100 dollars."
He added, "The purchase price amounted to 151,000 dinars per 100 dollars."
For more than a year, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system “SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel markets.
The exchange rate in the parallel markets is still recording a significant increase compared to the official rate, which amounts to 1,320 dinars per dollar.
https://baghdadtoday.news/239014-المالية-النيابية-تكشف-أسباب-تذبذب-أسعار-الدولار-في-نهاية-العام.html
Advisor To The Association Of Private Banks: Serious Steps To Confront The Dollar Crisis
December 26, 2023Last updated: December 26, 2023 Independent/- Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed that the Iraqi government and the Central Bank are working in harmony to address the dollar crisis, and that there are serious steps that have been taken or are being taken in this direction.
Al-Nusairi said in press statements, followed by Al-Mustaqila on Tuesday, that the Central Bank began digital transformation in the banking sector since 2016, by developing electronic payment systems and electronic banks.
It also took a new strategy for economic action that includes steps to enhance local production and reduce dependence on imports.
Al-Nusairi added that the Iraqi government worked hard to reconsider monetary policies and diagnose the defect, and that there is great optimism for the continued decline in the price of the dollar in Iraq, as it is expected to reach 140 (sic) dinars in the first quarter of next year.
Al-Nusairi pointed out that
Iraq has begun to take the right steps to enter the global financial system, as
an agreement was signed with the International Monetary Fund, the
Baghdad Stock Exchange was established, and
work is underway to establish a regulatory body for financial markets. Al-Nusairi explained that
there is “chaos” in foreign trade in Iraq, as unnecessary goods and services are being imported, which increases the pressure of the dollar on the Iraqi economy, and called for the necessity of organizing and controlling foreign trade.
Informed sources have confirmed that the US Ambassador in Baghdad, Alina Romanowski, with the support of a specialized team from the US Treasury Department, has exerted great and continuous pressure on the Central Bank of Iraq and the Ministry of Finance in order to adhere to international standards in the field of transferring and exchanging money with the world.
The statements of the advisor to the Iraqi Private Banks Association indicate that there are serious steps that have been taken or are being taken in Iraq to address the dollar crisis, as
the Central Bank and the government are working in harmony in this direction.
These steps include
digital transformation in the banking sector,
enhancing local production,
reducing dependence on imports,
entering the global financial system, and
regulating foreign trade.
If Iraq succeeds in implementing these steps, it is expected that the severity of the dollar crisis in the country will decline and return to acceptable levels.
But there are still some challenges that Iraq must overcome, such as controlling foreign trade and reducing corruption. https://mustaqila.com/مستشار-رابطة-المصارف-الخاصة-خطوات-جاد/
Iraq Will Achieve More Than 900 Billion Dinars In Port Revenues In 2023
Economy News – Baghdad The General Company for Iraqi Ports announced, on Tuesday, that it will achieve more than 985 billion dinars during 2023.
The company's director, Farhan Al-Fartusi, said in a press conference followed by Al-Iqtisad News, "Iraqi ports achieved more than 985 billion dinars during 2023, an increase of 100% over the year 2020."
Al-Fartousi added, "This achievement was achieved due to the strong management of the ports, the determination of its staff, the projects that were developed and opened, and the prepared plans that eliminated a large part of the red tape and the fight against corruption."
Al-Fartusi pointed out that "his company will move towards electronic management, and the year 2024 will be the year of digitization in Iraq's ports," noting that "the completion rates in the five Al-Faw port projects are high and we are on the cusp of the operating stage."
Views 39 01/02/2024 - https://economy-news.net/content.php?id=39095
Oil Is Rising Again Due To The Situation In The Red Sea
Tuesday 02, January 2024 09:05 | Economical Number of readings: 430 Baghdad / NINA / Oil prices jumped by more than 1%, in early Asian trading on Tuesday due to the situation in the Red Sea.
By 0319 GMT, Brent crude rose $1.37, or 1.8%, to $78.40 per barrel.
US West Texas Intermediate crude recorded $72.79 per barrel, an increase of $1.14, or 1.6%.
Leon Li, an analyst at CMC Markets in Shanghai, said, “The price of oil may be affected by the worsening situation in the Red Sea at the weekend and the peak demand season during the Chinese New Year” in early February, noting that the expected demand during the holidays raises expectations for a price recovery in January. /End 11 https://ninanews.com/Website/News/Details?key=1098651
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Provoking Points To Ponder on Ability and Achievement:
For a man to achieve all that is demanded of him he must regard himself as greater than he is. - Goethe
He that leaveth nothing to Chance will do few things ill, but he will do very few things. - George, Lord Halifax
When spider webs unite, they can tie up a lion. - Ethiopian proverb
Everyone must row with the oars he has. - English proverb
Every calling is great when greatly pursued. - Oliver Wendell Holmes
Any jackass can kick down a barn, but it takes a good carpenter to build one. - Sam Rayburn
God gives the nuts, but he does not crack them. - German proverb
Let me tell you the secret that has led me to my goal. My strength lies solely in my tenacity. - Louis Pasteur
What one has to do usually can be done. - Eleanor Roosevelt
The world is all gates, all opportunities, strings of tension waiting to be struck. - Ralph Waldo Emerson