Iraq Economic News and Points to Ponder Tuesday Evening 1-28-25

Government Advisor Reveals Iraq's Gold Reserves And Hedging Against "Ill-Considered Races" To Buy It

Time: 2025/01/27 19:17:28 Read: 1,410 times   {Economic: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s gold reserves, which are estimated at about 152 tons.

Saleh told {Euphrates News} that: "The gold reserve is undoubtedly an important part of Iraq's foreign exchange reserves, as it contributes to enhancing financial stability and confidence in the national currency. According to the announced data, gold reserves have reached about 152 tons."

e added, "The approximate value of it in the country's foreign investment portfolio is about $14 billion, which constitutes about 13% of the total diversification of that portfolio, which is distributed in standard proportions among other foreign currencies."

Saleh promised that gold is "a safe haven for the balance of the aforementioned investment portfolio, especially when the exchange rates of some currencies or the fluctuation of interest on investing in those currencies are exposed to uncalculated risks in the short term as a result of decline or fluctuation."

He pointed out that "central banks often follow standard guidelines, including our country, in diversifying their investment portfolios in foreign currency, which adopts many criteria, including the density of commercial areas with which they deal in global trade and investment."

Saleh added, "Our country is monitoring this diversification with great precision and with accurate advisory coverage, and it is not necessary to enter into ill-considered races in the yellow metal markets," indicating that "gold often carries its management costs, whether insurance or storage fees in global gold vaults, according to highly accurate mechanisms."

He stressed that "its importance lies in the possibility of issuing bonds when needed, called gold bonds guaranteed by gold," noting that "there are currently buying sprees in the world due to the change in the US administration and the rise in its prices."

According to the statement of Al-Sudani's advisor, "the state of uncertainty surrounding the new US administration has led to a rise in gold prices globally, as gold is a safe haven for investors in times of instability," noting that "despite this, strengthening gold reserves depends on the decisions of the monetary authority and its strategies in maintaining economic stability, and taking the necessary measures at the appropriate time."   LINK

Oil: Iraq's Production Will Reach 7 Million Barrels Per Day And These Are Our New Projects To Enhance Self-Sufficiency

Tuesday 28 January 2025 17:48 | EconomicNumber of readings: 152   Baghdad / NINA / The Ministry of Oil revealed that Iraq's oil production will touch 7 million barrels per day during the next five years, while confirming the completion of new refining projects in the Basra and North refineries, with a total capacity of 220 thousand barrels per day to enhance self-sufficiency in oil derivatives.

Undersecretary of the Ministry of Oil Ali Maaraj said, during his participation in a dialogue session within the activities of the Iraq Energy Conference, which kicked off today, Tuesday, in the capital, Baghdad, that "the ministry seeks to increase production capacity, which will touch 7 million barrels of oil per day during the next five years, as well as address the burning of associated gas and reach zero filler during the same period, and stop importing oil derivatives soon."

He added, "For the first time, Iraq is witnessing the implementation of integrated projects in the oil sector, including oil extraction, refining, and petrochemical industries, as well as electricity generation and transformation industries such as fertilizers. These projects include the "Basra Integrated Project, the Total Project, and other projects in Nasiriyah and Qayyarah."

He explained that "the Ministry of Oil referred" the fifth licensing round, which had been suspended for more than four years, followed by the sixth licensing round and the fifth round supplement, "as well as referring the development of the Artawi oil field, which includes integrated projects including oil extraction, gas processing, seawater desalination, and energy generation through solar stations."

Regarding gas flaring cessation projects, the Undersecretary of the Ministry confirmed that significant progress has been made in the field of treating associated gas, after launching new processing units with a total capacity of 600 million standard cubic feet in the governorates of Basra, Maysan, and Dhi Qar, "noting the suspension of the import of white oil derivatives and gas oil, while working to stop the import of gasoline soon.

The Undersecretary of the Ministry of Oil reiterated the ministry's commitment to preserving the environment and reducing carbon emissions through clean and renewable energy projects, including modernizing refineries and establishing modern facilities according to "Euro 5" and "Euro 4" standards, which contributes to improving the quality of products and reducing pollution.

He continued by saying that "the Ministry of Oil supplies the Ministry of Electricity with all types of derivatives, at a rate of 10,000 liters of gas oil per day," noting that "Iraqi refineries produce 30,000 cubic meters of gas oil, and some products are exported to support the state budget."

He added that "the Ministry of Oil has self-sufficiency in white oil and factories to improve gasoline," indicating that "the production of national refineries currently covers the local need for white oil, black oil and gas oil." / End 5  https://ninanews.com/Website/News/Details?key=1182519

Central Bank Governor Announces Imminent Launch Of Major Initiative To Finance Industrial Projects

Local | 03:43 - 01/28/2025   Mawazine News – Baghdad   The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Tuesday, the imminent launch of an initiative to finance industrial projects, while indicating that financial stability is no less important than political and security stability.

The Governor of the Central Bank, Ali Al-Alaq, said in a dialogue session during the Iraq Energy Conference: "The initiatives undertaken by the Central Bank represent tools to move the wheel of development and enhance economic stimulus, and they are unconventional policies aimed at supporting the overall economy."

He added that "the Central Bank is one of the global banking institutions that adopt unconventional monetary policies," noting that "the size of the accumulations in the aspects of backwardness in the infrastructure is a major challenge."

He explained that "the Central Bank is concerned with achieving economic stability, especially since energy factors are directly linked to the economic situation through supporting factories, companies, and others."

He pointed out that "the Central Bank intervenes in supporting and financing various projects, including renewable energy projects, whether through direct or indirect support."

He pointed to "the importance of monetary and financial stability," indicating that "it is no less important than political and security stability."

He added that "the Central Bank has launched multiple initiatives to finance real estate and small and medium enterprises, where projects worth 13 trillion dinars have been financed since 2016 until now, which has contributed to the sustainability of the economy, in addition to allocating 1 trillion dinars to encourage citizens and companies to purchase solar energy units."

He added that "there are ongoing arrangements to finance industrial projects in coordination with the Trade Bank of Iraq and the Industrial Bank," indicating that "the liquidity available at the Trade Bank of Iraq will be used to support these projects, in addition to the funds of the Industrial Bank, with the aim of launching a major initiative to finance industrial projects, which is expected to see the light soon."

He stressed that "the Council of Ministers has approved enhancing cooperation between government banks with a financial surplus to finance industrial projects through the Industrial Bank, as it is the competent authority in this field," stressing "the imminent launch of this major initiative." https://www.mawazin.net/Details.aspx?jimare=259115

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Previous
Previous

FRANK26….1-28-25….BANK STORIES

Next
Next

Seeds of Wisdom RV and Economic Updates Tuesday Evening 1-28-25