Iraq Economic News and Points To Ponder Tuesday Evening 8-20-24
MP Mustafa Sand: The Government Failed To Control The Dollar File
Buratha News Agency 2024-08-20 Member of the Parliamentary Finance Committee, Mustafa Sand, considered that the government and the Central Bank failed to control the exchange rate of the dollar against the Iraqi dinar.
Sand said in a press statement that "the government did not succeed in controlling the dollar exchange rate due to the policies of the US Federal Reserve, noting that the Iraqi side's discussions with the American side did not achieve any positive results except for a protocol meeting with Biden that did not exceed 20 minutes only." He pointed out that "there is American guardianship to bring in the Jordan National Bank and its acquisition of hard currency."
Foreign Remittance Sales At The Central Bank Of Iraq Auction Increased By Nearly 100%
Time: 2024/08/20 Reading: 741 times {Economic: Al Furat News} Foreign remittance sales rose in the Central Bank auction on Tuesday by 99% over cash sales, reaching more than $264 million.
The bank sold in its auction today 268 million, 304 thousand and 25 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, at a rate of 1310 dinars per dollar for foreign transfers, and at a rate of 1305 dinars per dollar in cash.
Most of the dollar sales went to boost balances abroad in the form of transfers and credits, which amounted to $264,954,025, up 99% from cash sales of $3,350,000.
The number of banks that purchased cash dollars was one bank, while the number of banks that met requests to enhance balances abroad was 15 banks, and the total number of exchange companies participating in the auction was 6 companies. LINK
Government Advisor: Al-Alaq's Upcoming Visit To New York Will Support The Protection And Stability Of The Banking System
Economy |08/19/2024 Government Advisor: Al-Alaq's upcoming visit to New York will support the protection and stability of the banking system https://www.mawazin.net/Details.aspx?jimare=253602
Reuters: BP's Deal With Iraq Will Be Based On Profit-Sharing Model
Energy Economy News – Baghdad An agreement with BP to develop oil and gas fields in Kirkuk will be based on a profit-sharing model, and a final deal is expected by the end of this year, two oil ministry officials told Reuters.
Iraq and BP signed a preliminary agreement this month to develop four oil and gas fields in the Kirkuk region of northern Iraq, an area where BP estimates about nine billion barrels of oil could be extracted.
The two officials said the ministry and BP, which is returning to the region after an absence of about five years, are expected to sign an agreement, the terms of which will not be disclosed, this week under which Iraq will hand over a data package for the four Kirkuk fields and their facilities.
The two officials spoke on condition of anonymity because they were not authorized to speak to the press. BP has not yet responded to a request for comment.
BP withdrew from the area in late 2019 after a service contract signed in 2013 expired without reaching an agreement to expand the field. 08/20/2024 https://economy-news.net/content.php?id=46541
Oil Falls To $77.54 Per Barrel
economy | 07:32 - 08/20/2024 Mawazine News – Baghdad Oil prices fell on Tuesday (August 20, 2024) after Israel accepted a proposal to narrow differences holding up a Gaza ceasefire, helping ease concerns about supply disruptions in the Middle East.
Brent crude futures fell 12 cents, or $2.02, or 0.15 percent, to $77.54.
U.S. West Texas Intermediate (WTI) crude futures for the front month, which expire on Tuesday, were at $74.23 a barrel, down 14 cents, or 0.2 percent.
The more actively traded second-month contract was down 15 cents, or 0.2 percent, at $73.52.
Brent fell about 2.5 percent on Monday, while WTI fell 3 percent.
U.S. Secretary of State Antony Blinken said on Tuesday that Israeli Prime Minister Benjamin Netanyahu had accepted a “rough proposal” from Washington to address differences holding up a Gaza ceasefire, and urged Hamas to accept it as well.
But there is little sign of the war abating or of fears of its spread easing, with Hamas announcing a resumption of suicide bombings inside Israel after many years, claiming responsibility for an explosion in Tel Aviv on Sunday night, and medics saying Israeli military strikes killed at least 30 Palestinians in the Gaza Strip on Monday.
Supply concerns have also been eased by a rise in output from Libya’s Sharara oilfield to around 85,000 barrels per day (bpd) in a move to supply the Zawiya oil refinery, two engineers working at the field told Reuters on Monday.
Libya’s National Oil Corporation declared force majeure on oil exports from the field on August 7 after a blockade by protesters slashed output from the field, which normally stands at 300,000 bpd.
On the demand side, concerns about China’s economic troubles have also weighed on oil prices. After a bleak second quarter, the world’s second-largest economy lost further momentum in July as new home prices fell at the fastest pace in nine years, industrial output slowed, export and investment growth declined and unemployment rose.
Meanwhile, investors are also awaiting a signal on the Federal Reserve’s plans for its next interest rate decision.
The bank will cut rates by 25 basis points at each of its three remaining meetings in 2024, a bigger cut than expected last month. Fed
Chairman Jerome Powell will speak at Jackson Hole on Friday and investors assume he will make a case for a rate cut.
Lower interest rates lower borrowing costs and could boost oil demand in the world’s biggest oil consumer. https://www.mawazin.net/Details.aspx?jimare=253604
Start Of The Trial Operation Of The Investment Iron And Steel Plant In Basra With A Capacity Of 350 Thousand Tons Annually
Tuesday 20 August 2024 | Economic Number of readings: 117 Basra / NINA / The Chairman of the Basra Investment Commission, Eng. Alaa Abdul Hussein Salman, announced the start of the experimental operation of a new investment iron and steel factory with a production capacity of 350 thousand tons annually, which will contribute to meeting the needs of the governorate and neighboring governorates for iron.
He said in a statement, "The cost of establishing the project in its first phase amounted to $ 54 million on an area of 160 acres. The equipment was imported from Italy and America to include six furnaces and a rolling unit.
He pointed out that the Ukrainian-Russian crisis has greatly affected the import of iron to Iraq, highlighting the importance of the project in reducing dependence on imports.
In turn, Engineer Yasser Al-Abdeli, Director of the Factory, explained that the construction of the project began in 2021, with the attraction of companies with a global reputation in the iron and steel industry, adding that the factory will produce reinforcing steel in sizes ranging from 10 mm to 32 mm, with plans to add new production lines for screws and nails in the future.
Basra Governorate has recently witnessed the opening of a group of factories that are expected to contribute to achieving economic stability, providing new job opportunities and supporting economic development in the region. https://ninanews.com/Website/News/Details?key=1148803
For current and reliable Iraqi news please visit: https://www.bondladyscorner.com/