Iraq Economic News and Points To Ponder Wednesday Afternoon 6-12-24
Iraq Economic News and Points To Ponder Wednesday Afternoon 6-12-24
The Dollar Continues To Rise In Local Markets
Economy | 10:27 - 12/06/2024 Baghdad - Mawazine News The exchange rates of the dollar against the dinar continued to rise today, Wednesday, on the main stock exchange in the capital, Baghdad.
The price of the dollar on the Al-Kifah and Al-Harithiya stock exchanges recorded 147,250 dinars for every 100 dollars.
While prices in banking shops in local markets in Baghdad also recorded an increase, as the selling price reached 148,250 dinars, while the purchasing price reached 146,250 dinars for every 100 dollars.
Global Oil Prices Record A New High
Economy | 09:14 - 06/12/2024 Oil prices rose on Wednesday, amid optimistic views on global demand from the US Energy Information Administration and OPEC, supported by industrial data that showed US crude oil inventories falling more than expected last week.
By 0400 GMT, Brent crude futures rose 37 cents, or 0.45 percent, to $82.29 per barrel, while US West Texas Intermediate crude futures rose 46 cents, or 0.6 percent, to $78.36.
The Energy Information Administration raised its forecast for global oil demand growth in 2024 to 1.10 million barrels per day from a previous estimate of 900,000 barrels per day, while the Organization of the Petroleum Exporting Countries (OPEC) maintained its 2024 forecast for relatively strong growth in global oil demand, citing With expectations. For travel and tourism in the second half.
Prices fell more than 2 percent last week after OPEC and its allies said they would phase out production cuts starting in October.
Meanwhile, US crude oil inventories fell by 2.428 million barrels in the week ending June 7, according to market sources citing American Petroleum Institute figures. The decline was larger than expected by analysts polled by Reuters.
The data from the Energy Information Administration, the statistical arm of the US government, is scheduled to be released at 10:30 a.m. EST (1430 GMT) on Wednesday.
Investors are also looking forward to the US CPI report, which will be released before the bell on Wednesday, and the US central bank's policy announcement, scheduled for later the same day. https://www.mawazin.net/Details.aspx?jimare=249564
Iraq Signs An Agreement With "IFC" To Develop The Stock Market
Money and business Economy News – Baghdad On Wednesday, the Securities Commission announced the signing of an agreement with the International Finance Corporation to develop the securities market, indicating that this agreement will bring investments and achieve sustainable development.
The head of the authority, Faisal Al-Haims, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “the authority signed an agreement to develop the work of the Iraq Stock Exchange after discussions with the International Finance Corporation IFC,” indicating that “the agreement is advisory related to corporate governance and best practices.” Required by companies listed on the Iraq Stock Exchange.
He added, "This contract will be reflected on the Iraqi stock market at the international level, bringing investments and achieving sustainable development according to the plan of Prime Minister Muhammad Shiaa Al-Sudani."
He pointed out that "the project is the first cooperation between the Securities Commission and the International Finance Corporation," stressing that "there are other projects with them in the future."
For her part, Amira Ajaj, responsible for corporate governance and environmental and social standards programs in the Middle East region of the International Finance Corporation, affiliated with the World Bank, expressed her “pleasure with the signing of the agreement in a way that guarantees the authority the use of international expertise from the International Finance Corporation (IFC), affiliated with the World Bank.”
She continued, "The agreement will establish regulatory frameworks for practicing governance for environmental and social standards, which will reflect positively on the listed companies in terms of improved performance and sustainability, and will put Iraq on the path to further development and progress." Views 46 06/12/2024 - https://economy-news.net/content.php?id=44261
Iraq Confirms To The United Nations Fund The Success Of The Experimental Population Census Activities
Money and business Economy News – Baghdad Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, announced today, Wednesday, the success of the pilot census activities in Iraq, while the United Nations Population Fund confirmed its full readiness to provide all types of support to ensure the success of the general population census.
A statement from the Ministry of Planning, received by Al-Iqtisad News, stated that “Deputy Prime Minister - Minister of Planning Muhammad Ali Tamim received the Regional Director of the United Nations Population Fund, Laila Bakri, and her accompanying delegation, which included the Fund’s resident representative in Iraq, Nestor Ohanji, and a number of... Specialists and experts.”
He pointed out, "During the meeting, prospects for joint cooperation between the two sides were discussed, especially with regard to population issues, confronting climate change, and economic diversification."
The statement added, "The Minister reviewed the ongoing preparations and procedures to implement the general population and housing census, which is scheduled to be conducted next November."
The Minister of Planning confirmed, "The success of the pilot census activities, which will end tomorrow, Thursday," praising "the level of support provided by the United Nations Population Fund for the census activities."
For her part, Bakri expressed “the Fund’s readiness to provide all possible types of support to ensure the success of the population census, given the importance of this project in formulating policies and long-term development plans.” 06/12/2024 - https://economy-news.net/content.php?id=44255
Learn About The Central Bank's Sales Of The Dollar
Economy | 02:15 - 06/12/2024 Baghdad - Mawazine News The Central Bank’s sales amounted to more than 280 million dollars today, Wednesday, during the currency auction.
In its auction today, the bank sold 280 million, 112 thousand, and 118 dollars, which it covered at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards.
Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 256 million, 202 thousand, and 188 dollars, an increase of 91% over cash sales of 23 million, 910 thousand dollars. https://www.mawazin.net/Details.aspx?jimare=249591
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Provoking Thoughts and Points To Ponder On Adversity:
Necessity is often the spur to genius. - Honore de Balzac
Necessity is the mother of "taking chances." - Mark Twain
Necessity makes even the timid brave. - Sallust
People wish to be settled; only as far as they are unsettled is there any hope for them. - Ralph Waldo Emerson
Difficulties are meant to rouse, not discourage. The human spirit is to grow strong by conflict. - William Ellery Channing
Adversity causes some men to break, others to break records. - William A. Ward
I think there is this about the great troubles - they teach us the art of cheerfulness; whereas the small ones cultivate the industry of discontent. - Mary Adams
http://famousquotesandauthors.com/topics/adversity_quotes.html