Iraq Economic News and Points to Ponder Wednesday Evening 11-22-23

November 22, 2023 DINARRECAPS8

Tlm724 Administrator Bondlady’s Corner

Parliamentary Committee: The American Ambassador Supports Her Country’s Decisions Against Iraq

The Foreign Relations Committee in the House of Representatives said on Tuesday that US Ambassador Alina Romanowski did not play any positive role in supporting and strengthening the Iraqi dinar and resolving the dollar crisis that Iraq is witnessing due to American decisions.

Committee member Representative Amer Al-Fayez said in a press interview, “The American ambassador supports her country’s decisions against Iraq regarding the dollar crisis, and she did not play a positive role in supporting the Iraqi dinar.”

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He added, "The American embassy in Baghdad submits reports to the American administration with various information, whether at the economic, political, or even security levels, and as a result of those reports, Washington takes some decisions, but we do not know anything about the American reports that are sent from Baghdad to Washington, except that it is... Certainly there are many unreal issues.”

https://www.radionawa.com/all-detail.aspx?jimare=36370

Economist: The Impact Of Introducing New Trade To The Electronic Platform Is Limited Unless The Borders And Customs System Are Controlled

Money and business Economy News – Baghdad Economist Nabil Al-Marsoumi said, “The process of introducing the trade in cigarettes, gold, or mobile phones into the operations of the electronic platform could have a limited impact unless the borders and the customs system in general are controlled. Therefore, the concerned authorities must work in accordance with a unified customs and tax system and set a central tariff for goods.” Imported goods, and complete control over the border crossings.”

Al-Marsoumi added, “Many merchants of gold, cigarettes, and other goods do not prefer to enter the electronic platform if they are actually included, because it will require them to enter the goods through official ports, and entering some types of goods, such as cigarettes, through official ports exposes them to paying customs duties of up to 100 %, as well as for gold, so the process of involving them in the dollar selling platform may have very limited results unless the import system is activated in general.”

The economic expert explained, “The banking reform process in Iraq, and the economic reform in general, must be accompanied by unified legislation so that such decisions and instructions can have a positive impact in reducing the exchange rate of the dollar against the dinar, which means that such measures do not touch the essence of the issue and their impact will be limited.” On the parallel market and on the dollar exchange rate.” Views 33 11/22/2023 https://economy-news.net/content.php?id=37754

The Iraqi Stock Exchange Closed Up By 0.05%

Market Economy News – Baghdad The Iraqi Stock Exchange closed today, Wednesday, down by 0.05%.

The session traded shares of 30 companies, with the number of shares traded reaching more than one billion shares, with a value of more than 538 million dinars.

Sumer Bank shares rose by 14.2%, followed by Al-Amin Insurance by 13.2%, and Al-Khazir Construction by 9.3%. Shares of the Islamic Bank fell by 12.5%, and the United Bank by 11.11%.

Views 29 11/22/2023 - https://economy-news.net/content.php?id=37767

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Petroleum Products Will Adopt Electronic Payment Systems At All Stations Early Next Year

Local | 11/22/2023 Baghdad - Mawazine News Today, Wednesday, the Ministry of Oil announced the adoption of electronic payment systems in all stations, starting from the beginning of next year.

A statement from the Ministry received by Mawazine News stated, “Based on the directives of the Council of Ministers in its session No. 23620 of 2023, held on 10/31/2023, related to activating the electronic payment service, adopting modern automation systems, and ending cash dealing. Accordingly, and in line with government directives, the Ministry decided to Petroleum Products Distribution Company, adopting electronic payment systems in all stations and suspending cash dealing as of January 1, 2024.”

The statement added, "Citizens must cooperate with the company to distribute petroleum products by adopting modern mechanisms and means in the distribution sector to serve the public interest, by acquiring approved electronic payment cards so that everyone can refuel according to the new mechanisms, and benefit from the services provided in the distribution sector."

https://www.mawazin.net/Details.aspx?jimare=238355

Petroleum Products Will Adopt Electronic Payment Systems At All Stations Early Next Year

Local 11/22/2023 Baghdad - Mawazine News Today, Wednesday, the Ministry of Oil announced the adoption of electronic payment systems in all stations, starting from the beginning of next year.

A Slight Rise In Oil Prices Before US Inventory Data

Economy | 11/22/2023 Baghdad - Mawazine News Oil prices changed slightly in Asian trading on Wednesday, as a potential large buildup in US crude inventories offset gains resulting from potential supply cuts from the OPEC+ alliance of producing countries.

Brent crude futures rose 11 cents, or 0.1 percent, to $82.56 per barrel by 00:04 GMT, while US West Texas Intermediate crude futures increased 14 cents, or 0.2 percent, to $77.91.

Both benchmarks fell for four consecutive weeks, and investors remained cautious ahead of the OPEC+ meeting scheduled for Sunday, at which the producer group will discuss further supply cuts due to slowing global economic growth.

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Sources reported yesterday, Tuesday, citing figures from the American Petroleum Institute, that US crude inventories rose by about 9.1 million barrels in the week ending November 17.

Gasoline stocks fell by about 1.79 million barrels, while distillate stocks fell by about 3.5 million barrels.

US government data on inventories is scheduled to be released on Wednesday.

https://www.mawazin.net/Details.aspx?jimare=238318

To read more current and reliable Iraqi news please visit BondLady’s Corner:

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Provoking Points to Ponder on Feelings – Sincerity - Slander

Feeling in the young precedes philosophy, and often acts with a better and more certain aim -- Carleton

Sincerity is to speak as we think - to do as we pretend and profess - to perform what we promise - and really to be what we would seem and appear to be -- Tilloston

Sincerity is the face of the soul as dissimulation is the mask -- S. Dubay

Sincerity - a deep - genuine heart felt sincerity is a trait of true and noble manhood --Sterne

Inward sincerity will of course influence the outward deportment; where the one is wanting, there is great reason to suspect the absence of the other -- Sterne

Sincerity is the indispensable ground of all conscientiousness and by consequence of all heartfelt religion -- Kant

The shortest and surest way to live with honor in the world is to be in reality what we would appear to be ; all human virtues increase and strengthen themselves by the practice and experience of them -- Socrates

Believe nothing against another , but on good authority; one report what may hurt another, unless it be a greater hurt to some other to conceal it -- Penn

The worthiest people are the most injured by slander, as it is the best fruit which the birds have been peeking at -- Swift

Slander is the revenge of the coward, and dissimulation his defense -- Johnson

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