Iraq Economic News and Points to Ponder Wednesday Afternoon 10-18-23
Iraq Economic News and Points to Ponder Wednesday Afternoon 10-18-23
Tlm724 Administrator Bondlady’s Corner
The Central Bank Denies “Information” Issuing A New Category Of Local Currency
October 16 14:18 Information / Baghdad.. The Central Bank of Iraq denied, today, Monday, that the bank has any intention to issue a new currency or a small or large denomination during the current period.
A member of the Board of Directors of the Central Bank of Iraq, Ahmed Barihi, said in a statement to “Al-Ma’louma” that “talk about issuing a new currency by the Central Bank of Iraq is not true at the present time.” Berihi added, “If a new denomination of currency is issued, whether small or large, it will not affect the exchange rate of the dollar against the dinar, but rather it will only serve and facilitate transactions in the simple market.”
A member of the Board of Directors of the Central Bank of Iraq pointed out that
"the Iraqi currency is stable and the existing denominations are sufficient."
A member of the Parliamentary Finance Committee, Representative Nermin Maarouf, announced in press statements that
the committee will discuss with the Governor of the Central Bank the feasibility and motives behind taking the decision to issue the 20,000 dinars denomination, the
financial value of this denomination and other details related to its expected issuance. Ended / 25 AD
The Governor Of The Central Bank Opens New Outlets For Selling Dollars At Baghdad Airport
Economy News _ Baghdad Today, Wednesday, the Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, opened new outlets to sell foreign currency (the dollar) to travelers at Baghdad International Airport.
A statement by the bank’s media office, seen by Al-Iqtisad News, stated that “the governor of the Central Bank was briefed on the mechanism for providing services that exchange companies will provide 24 hours a day to their customers,” stressing “the speed of completing transactions by government banks and exchange companies that sell dollars to travelers in Baghdad International Airport is limited to a specific time.
The governor stressed that “the step of opening new outlets at the airport will have positive effects, especially since it takes a short time for the traveler to obtain his share of the dollar,” noting that the work of exchange companies at the airport will be monitored by the Central Bank of Iraq and the Civil Aviation Authority, as well as branches. Open banks that provide services to customers, including selling foreign currency to travelers.
During his visit to Baghdad International Airport, Al-Alaq discussed with the head of the Civil Aviation Authority, Imad Abdul Razzaq Al-Asadi, the strengthening of bilateral cooperation and the ongoing measures to open new outlets at all Iraqi airports.
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Dollar Prices Rise In Baghdad With The Stock Market Closed
Economy Wednesday, October 18, 2023 Baghdad/National News Center The prices of the US dollar rose against the Iraqi dinar, today, Wednesday, in the markets of the capital, Baghdad, with the stock market closed.
The correspondent of the National News Center said, “Dollar prices rose with the closure of the main Kifah and Harithiya stock exchanges in Baghdad, recording 159,900 dinars against 100 dollars, while dollar prices this morning recorded 159,400 dinars against 100 dollars.”
He added, “Selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 160,500 dinars for 100 dollars, while the purchase price reached 159,000 dinars for 100 dollars.” https://nnciraq.com/232560/
Parliamentary Finance Hosts The Ministers Of Finance Of The Center And The Region
Economy | 10/18/2023 Baghdad - Mawazine News The Parliamentary Finance Committee hosted, today, Wednesday, the federal and regional finance ministers.
The Media Department of the House of Representatives stated in a statement, a copy of which Mawazine News received, that “the Finance Committee hosted the Federal and Regional Ministers of Finance.” She added, "The hosting came to discuss the region's revenues and implement budget instructions." https://www.mawazin.net/Details.aspx?jimare=236547
The Minister Of Communications Announces The Launch Of The Smart Savings Card Project
Money and business Economy News _ Baghdad Today, Wednesday, the Minister of Communications, Hiyam Al-Yasiri, announced the launch of the smart savings card project, stressing the importance of this project in the field of combating corruption.
Al-Yasiri said in her speech during the launch of the smart savings card project, followed by Al-Iqtisad News, that “mail in Iraq has practically died, and the Iraqi people have forgotten that there is such a thing as mail, as it has become memories of the past.”
She added, "Since the 1920s, post and savings were among the first formations of the current Ministry of Communications, and there were savings books, but when we took over the ministry, I found a number of complex files containing a lot of corruption and unfairness to the rights of state contracts."
She stated, “The post office was in limbo, but with the efforts of the cadres of the General Postal and Savings Company, led by the company’s general manager, Zainab Abdel-Saheb, and with daily follow-up by us and with the support of the Ministry’s opinion committee, these efforts bore fruit, and we are on the verge of the first year of the government’s life.”
Current services,” noting that there are a large number of achievements in the postal and savings sector, including the launch of the smart savings card project, with the participation of our Iraqi companies that have made efforts to support this product.
He explained, "This project is important in the field of combating corruption, as since I took over the ministry until now, I have witnessed many cases of embezzlement, forgery, and corruption in the savings file, due to paper dealing," stressing that "this step will significantly reduce corruption operations, due to dealing with corruption." "electronic".
She continued, "This project is one of the building blocks of the electronic government, which was adopted by the current government, and an important step in the digital transformation in Iraq."
Views 81 Added 10/18/2023 - 3:09 PM https://economy-news.net/content.php?id=37024
Brent Crude Jumps To $92.44 A Barrel
Energy Economy News – Baghdad Brent crude prices reached $93 per barrel, on Wednesday, with the increasing risk of escalation of the conflict in the Middle East, threatening to disrupt supplies from the region, and with Iran calling for the imposition of an “oil embargo” on the Israeli entity.
By 1056 GMT, Brent crude futures increased $2.54, or 2.8 percent, to $92.44 per barrel. US West Texas Intermediate crude futures also rose $2.54, or 2.9 percent, to $89.2 per barrel.
The two crude oil prices rose by more than $3 to touch their highest levels in two weeks earlier in the session.
The markets took into account the increasing risks after the Israeli bombing that targeted the Baptist Hospital in Gaza yesterday, Tuesday, and led to hundreds of casualties.
Then Jordan canceled a summit it was scheduled to host with US President Joe Biden and Egyptian President Abdel Fattah El-Sisi and Palestinian President Mahmoud Abbas. Biden arrived in Israel on Wednesday.
John Evans of oil brokerage BVM told Reuters: “This shift in diplomatic data once again raises fears of the spread of the conflict and thus a jump in oil prices.”
Oil prices also received support from a decline in US crude inventories by about 4.4 million barrels in the week ending October 13, according to market sources, citing figures from the American Petroleum Institute yesterday, Tuesday.
This was a sharp decline compared to analysts' expectations of a decline of only 300,000 barrels. Official data is scheduled to be issued later on Wednesday.
On the demand side, official data showed on Wednesday that the Chinese economy grew faster than expected in the third quarter, indicating that the recent recovery may be enough for Beijing to achieve its growth goal for the full year.
Meanwhile, US retail sales rose more than expected in September, boosting expectations that the US Federal Reserve will raise interest rates again by the end of the year. Raising interest rates to reduce inflation could slow economic growth and reduce demand for oil.
Views 41 Added 10/18/2023 - 3:14 PM https://economy-news.net/content.php?id=37025
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Points To Ponder on FEAR:
36. Fear is the main source of superstition, and one of the main sources of cruelty. To conquer fear is the beginning of wisdom. ~ Bertrand Russell
37. Fear isn’t so difficult to understand. After all, weren’t we all frightened as children? Nothing has changed since Little Red Riding Hood faced the big bad wolf. ~ Alfred Hitchcock
38. The cave you fear to enter holds the treasure you seek. ~ Joseph Campbell
39. Fear is a manipulative emotion that can trick us into living a boring life. ~ Donald Miller
40. It’s all right to be afraid. You just don’t let it stop you from doing your job. ~ Jim Butcher
42. It frightens me, the awful truth, of how sweet life can be. ~ Bob Dylan
43. Power is of two kinds. One is obtained by the fear of punishment and the other by acts of love. Power based on love is a thousand times more effective and permanent then the one derived from fear of punishment. ~ Mahatma Gandhi
44. Power does not corrupt. Fear corrupts… perhaps the fear of a loss of power. ~ John Steinbec
45. A kind of light spread out from her. And everything changed color. And the world opened out. And a day was good to awaken to. And there were no limits to anything. And the people of the world were good and handsome. And I was not afraid any more. ~ John Steinbeck