Iraq Economic News and Points To Ponder Wednesday AM 7-31-24
Experts: The Stability Of The Dollar Depends On The Creation Of A “New Platform” With Iran And Syria
Economical 07/31/2024 Baghdad: Ahmed Al-Janabi Financial and economic specialists believe that the stability of the dollar exchange rate depends on creating a new platform for trade with Syria and Iran, and dealing with countries banned from the dollar in another currency. Euro or Chinese yuan.
Yesterday, the exchange rate in the parallel market recorded 149 thousand dinars for 100 dollars, although the official price in the Central Bank is 132 thousand dinars for every 100 dollars. Economic affairs researcher Mustafa Al-Faraj said in a statement to Al-Sabah that “the parallel market for the dollar is facing great pressure.”
By merchants and travelers to Iran, Syria, and other countries banned from the dollar,” noting that “this increases the demand for the dollar and thus prices rise.”
He pointed out that “the solution to this problem lies in finding a new platform with those countries and dealing with them in a currency other than the dollar, such as the euro and the yuan, with the importance of finding an appropriate formula for the US Treasury that removes sanctions from our banking sector.”
Al-Faraj explained that “Iraq lacks economic diversification and depends entirely on oil, which has weakened other economic sectors,” explaining that supporting the productive sector can limit the depletion of hard currency imports.
For his part, the official spokesman for the currency market in Sulaymaniyah, Jabbar, explained Curran said, “The rise in the dollar this time is not linked to a political or economic crisis or external factors, but rather it is linked to the actions of the Central Bank of Iraq, and it is possible that the bank will control this.” Height".
He called on the Central Bank to “take sufficient measures that can reduce the scarcity of the dollar in local markets.”
In addition, economic affairs researcher Alaa Al-Fahd expected a gradual decline in the dollar exchange rate in the coming days, explaining that
this rise is common with the implementation of any new policy by the Central Bank of Iraq, as speculators try to exploit this in order to increase their gains. He added,
"The Central Bank of Iraq has discussions and procedures with the US Federal Bank in order to control the exchange rate in the parallel market, and we hope that these discussions will produce positive results." https://alsabaah.iq/100272-.html
At An American Request, The Iraqi Central Bank Is Moving To Merge Banks Prohibited From Dealing In Dollars
Economy breaking US Department of the Treasury Central Bank of Iraq US sanctions Iraqi banks 2024-07-30 Twilight News/ Informed sources revealed, on Tuesday, the existence of a new American request to the Central Bank The Iraqi bank includes merging banks banned from dealing in dollars in the currency auction. She said Sources told Shafaq News Agency,
“The US Treasury and the Federal Reserve A request from the Central Bank of Iraq to merge and close banks restricted from using the dollar Some distressed banks.
She added Sources said, “The Central Bank of Iraq is required today to take rapid measures to merge And closing troubled banks in order to return to banking, which reflects positively on The exchange rate, and for this reason the
Central Bank contracted with an international company to present a plan for the sector Banking, which will include merging banks and closing some of them.” And revealed Informed sources said,
“This company, on the recommendation of the Americans, is similar to the work of K2 Company, without revealing its name or disclosure more details". https://shafaq.com/ar/اقتصـاد/بطلب-مريكي-المركزي-العراقي-يتجه-لدمج-المصارف-الممنوعة-من-التعامل-بالدولار
Nassif: The Banking Sector Is Being Punished For Mistakes Made In Previous Years
Member of Parliament Alia Nassif commented on Tuesday after granting a license to the Arab Jordanian Bank and the Emirates Federation to work in Iraq, stressing that this method is killing Iraqi banks.
Nassif said in a tweet on the (x) platform, this method is killing Iraqi banks. A license was granted to the Arab Jordanian Bank and the Emirates Federation to work in Iraq and they will start their work at the beginning of next September, along with the National Bank.
The license will also be granted to two banks (Kuwaiti and Qatari), while many Iraqi banks continue to stop and more of them are stopped due to the management of the Central Bank of Iraq, which did not address the problem during the past period.
She added: Paying them money without results. The banking sector is being punished for mistakes for previous years in which it was under the supervision of the same current management of the Central Bank, so why was this management not punished for failing to fulfill its duty to supervise the work of those banks?! https://www.radionawa.com/all-detail.aspx?jimare=39029
Iraq’s Reserves Of Liquefied Gas Rise To More Than 133,000 Tons
Amr Salem July 30, 2024 An employee turns a valve at the Nahr Bin Omar natural gas field, north of the southern Iraqi port of Basra. Photo: AFP
Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil revealed on Tuesday that its output of liquefied gas had increased to over 7,000 tons and that its reserves had reached over 133,000 tons.
The Oil Ministry’s Undersecretary for Gas Affairs, Izzat Saber, mentioned in a statement that the daily production rate of liquefied gas in Iraq reached 7,370 tons.
The Iraqi Prime Minister and the Oil Minister both support the gas industry, Saber said, adding that
the government’s gas utilization projects are the reason behind the increase in liquefied gas output.
The Director of Iraq’s Gas Filling and Services Company, Anmar Ali Hussein, said that the company succeeded in meeting the needs of citizens and service sectors in the capital, Baghdad, and the rest of the Iraqi governorates.
Compared to the daily rate of gas consumption in Iraq, which is 5,700 tons, there is a surplus in the quantity of gas generated nationwide, according to Hussein.
According to the government plans, Hussein said, there will be several initiatives in the upcoming stage that will aid in the expansion and development of the gas industry.
https://www.iraqinews.com/iraq/iraqs-reserves-of-liquefied-gas-rise-to-more-than-133000-tons/
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