Iraq Economic News and Points to Ponder Wednesday Afternoon 1-28-25
Expert Warns Against Changing The Exchange Rate: A Bigger Mistake Than The Last Adjustment
Time: 2025/01/29 18:06:33 Read: 1,620 times {Economic: Al Furat News} Economic expert, Abdul Rahman Al Mashhadani, warned against changing the official exchange rate and returning it to 145 thousand dinars for every 100 dollars.
Al-Mashhadani told {Euphrates News}: "There is talk about the idea of changing the official exchange rate and returning it to 145,000 dinars per 100 dollars," warning that "this measure will be a bigger mistake than the last amendment."
He stressed that "the dollar exchange rates in the parallel market have stabilized for a long time at the threshold of 151,000 dinars per 100 dollars," noting that "this difference has nothing to do with the 2025 budget schedules, as it will not differ much from the 2024 budget."
Al-Mashhadani pointed to "a desire to stabilize the price of a barrel of oil at $60 with a move to reduce investment expenditures, due to the large and ongoing financial deficit in the budget," adding that "the gap between the dollar in the parallel market and the official rate will remain as it is."
He explained that "the dollar exchange rates will not stabilize due to a gap in demand, as Iranian goods constitute a large part of the market, and imports continue at a rate ranging between $25 and $35 million per month, with these funds being financed from the parallel market instead of Central Bank transfers."
The economic expert concluded by stressing that "the exchange rate between the parallel and official market will remain the same unless trade is regulated and included in the Central Bank's transfers." LINK
Exchange Rates Recorded 151,500 Dinars Per 100 Dollars In Baghdad
Politics | 01/29/2025 Mawazine News – Economy The US dollar rose against the Iraqi dinar on Wednesday in the markets of Baghdad and Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.
The dollar also rose with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 150,100 dinars per 100 dollars, while the prices were 149,900 dinars per 100 dollars this morning.
The selling prices stabilized in exchange shops in the local markets in Baghdad, where the selling price reached 151,000 dinars per 100 dollars, while the purchase price reached 149,000 dinars per 100 dollars. In Erbil, the dollar also rose, where the selling price reached 150,200 dinars per 100 dollars, and the purchase price was 150,100 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=259167
Minister Of Finance: Iraq Provides An Attractive Investment Environment Based On Advanced Infrastructure
Wednesday 29 January 2025 20:13 | Economic Number of readings: 31 Baghdad / NINA / Minister of Finance Taif Sami confirmed: "Iraq provides an attractive investment environment based on advanced infrastructure."
A statement by the Ministry of Finance media stated: "Minister Taif Sami received, today, Wednesday, the Ambassador of the Czech Republic to Iraq, Jan Schneidaov. During the meeting, they discussed joint cooperation in the economic and investment fields."
The Minister confirmed, according to the statement: "Iraq provides an attractive investment environment based on advanced infrastructure," referring to the opportunities available to foreign investors, especially in the banking, energy, and manufacturing sectors.
She stressed the Iraqi government's commitment to enhancing cooperation with the Czech Republic in the fields of finance and reconstruction, and benefiting from Czech expertise in developing the financial and banking sector.
For his part, Ambassador Jan Schneidaov expressed his country's desire to strengthen the economic partnership with Iraq, stressing the readiness of Czech companies to invest in the Iraqi market, especially in the fields of technology and industry.
He also pointed out the importance of expanding trade exchange between the two countries and strengthening financial cooperation channels. / https://ninanews.com/Website/News/Details?key=1182748
Globally.. A Slight Decline In Gold Prices
Time: 2025/01/29 Read: 870 times {Economic: Al Furat News} Gold prices fell slightly on Wednesday, as investors await the results of the US Federal Reserve meeting, which is scheduled to end later today.
Spot gold prices fell by about 0.03% to $2,762.24 per ounce.
Gold prices fell more than 1% on Monday, their biggest drop since Dec. 18, hit by the launch of China’s low-cost artificial intelligence-powered DeepSec app. A sharp decline in global stock markets in the previous session also led to risk aversion in other assets. LINK
Oil Prices Recover From Lows To $77.49 Per Barrel
Economy | 09:15 - 01/29/2025 Mawazine News – Baghdad Oil prices steadied on Wednesday, recovering from multi-week lows, after the White House confirmed U.S. President Donald Trump's plans to impose tariffs on Canadian and Mexican imports this week.
Concerns about weak demand linked to weak economic data from China and high temperatures elsewhere capped gains. Brent crude futures fell 2 cents to $77.49 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 3 cents to settle at $73.80. In his speech broadcast from Washington, D.C., Trump called for lower oil prices and lower interest rates globally.
The White House said Trump still plans to impose 25 percent tariffs on Canada and Mexico on Saturday while considering new tariffs on China. In Libya, local protesters blocked crude oil loadings on Tuesday at the Es Sider and Ras Lanuf ports, putting about 450,000 barrels per day (bpd) of exports at risk.
But fears of supply disruptions eased after Libya’s National Oil Corporation said export activity was running normally after talks with protesters. China, the world’s biggest importer of crude oil, reported an unexpected contraction in manufacturing activity in January on Monday, putting pressure on oil prices.
Chinese demand for crude is also expected to be affected by recent U.S. sanctions on Russian oil trade. In the United States, weather forecasts are calling for above-average temperatures this week, which is also affecting demand for gasoline Heating after bitter cold weather sent natural gas and diesel prices higher in previous sessions. https://www.mawazin.net/Details.aspx?jimare=259142
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