Some Iraq News Posted by Clare at KTFA 3-2-2025
KTFA:
Clare: The Central Bank invites the Ministry of Culture to receive gold artifacts deposited in its vaults
In light of Baghdad being chosen as the Arab Tourism Capital for 2025 by the Arab Tourism Organization, and in order to provide Iraqi museums with original antiquities to be a tourist destination that attracts tourists from all over the world, the Central Bank of Iraq confirms the existence of about 23 boxes containing golden and historical antiquities, such as the Nimrud antiquities, which were deposited in the vaults of the Central Bank of Iraq in previous years to preserve them.
The Central Bank called on the Ministry of Culture to receive these deposits, to enhance the contents of the Iraqi National Museum and other museums.
Central Bank of Iraq
Media Office
March 1, 2025
Clare: Central Bank: Gold reserves grow by 45.1%
3/2/2025
The Central Bank announced, today, Sunday, that gold reserves grew by 45.1% in the fourth quarter of 2024 compared to the same quarter of the previous year.
The bank's media stated in a statement received by {Al Furat News} that "gold reserves increased from 12.29 trillion dinars in the fourth quarter of 2023 to 17.83 trillion dinars in the same quarter of 2024," explaining that this growth is due to the increase in the amount of gold and global gold prices.
The statement added that "the growth of reserves has great benefits, as it enhances economic and financial stability and protects against risks, and is considered an important tool for intervening in the foreign exchange market." LINK
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Clare: Iraqi dinar hits nine-month high against US dollar
3/2/2025 ERBIL –
The Iraqi Dinar exchange rate has reached its highest level in the past nine months, with the currency strengthening against the US Dollar in both the Iraqi and Kurdistan Region markets.
On Sunday, the US Dollar was trading at 147,750 dinars, but it has since appreciated to 145,950 dinars, signaling a positive shift in the national currency's value.
This significant improvement is largely attributed to the effective measures implemented by the Central Bank of Iraq. The bank's consistent efforts in maintaining a steady supply of dollars, coupled with a decrease in demand for the US currency, have played a key role in strengthening the dinar.
Despite rumors surrounding potential sanctions on Iraqi banks, the exchange rate has remained stable, providing further confidence in the resilience of the Iraqi economy. LINK
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Clare: Dollar prices decline "gradually" in Baghdad and Erbil
3/2/2025
The markets of the Iraqi capital, Baghdad, and Erbil, the capital of the Kurdistan Region, are witnessing a gradual decline in the exchange rates of the US dollar today, Sunday.
Shafaq News Agency correspondent reported that the dollar prices decreased in Al-Kifah and Al-Harithiya stock exchanges in Baghdad, where the exchange rate at one o'clock in the afternoon recorded 147,100 dinars for every 100 dollars, after it was 147,800 dinars this morning.
In the local markets in the capital, exchange rates declined at exchange offices, with the selling price reaching 148,000 dinars for every 100 dollars, while the buying price reached 146,000 dinars.
In Erbil, the dollar recorded a similar decline, with the selling price reaching 146,400 dinars per 100 dollars, while the buying price reached 146,300 dinars. LINK
Clare: Financial and Economic Measures.. Iraqi Finance Ministry Announces Results of its Meeting with the International Monetary Fund
3/2/2025
The Iraqi Ministry of Finance announced, on Sunday, the results of its meetings with the International Monetary Fund, indicating an agreement to intensify efforts to expand cooperation with foreign correspondent banks, while the IMF stressed the importance of developing the banking sector.
The ministry stated in a statement received by Shafaq News Agency, "The Iraqi delegation concluded its meetings with the International Monetary Fund in Amman during the period from February 24 to 26, 2025, with the participation of the Minister of Finance, Taif Sami Muhammad, and the Governor of the Central Bank of Iraq. Iraq's economic performance and prospects for sustainable growth were discussed, amid appreciation for the progress made."
He explained that "the discussions, in which experts from the Ministries of Finance, Planning, Oil, Electricity and the Central Bank participated, focused on macroeconomic indicators, where a remarkable growth in non-oil GDP was recorded at 5% for 2024, driven by the expansion of the agricultural sector and increased public spending, with growth expected to continue at 3.5% in 2025.
The mission confirmed that these figures reflect an improvement in economic diversification and a reduction in dependence on oil, which enhances the stability of the national economy, in addition to reviewing actual expenditures and expected revenues for 2024 and expectations for 2025 and how to finance the deficit."
The statement added, "The meeting also discussed updating the public debt strategy with mechanisms that ensure public financial sustainability and enhance investor confidence in government bonds. The IMF also stressed the importance of developing the banking sector to support investments and attract foreign capital, which contributes to creating a more stable financial environment."
The International Monetary Fund confirmed, according to the statement, "its support for Iraq in developing financial policies by providing advisors and experts to help the Ministry of Finance manage public debt and improve the tax system in line with the requirements of economic growth."
The statement continued, "Within the framework of enhancing financial stability, it was agreed to intensify efforts to expand cooperation with foreign correspondent banks, which facilitates foreign trade financing operations, in addition to enhancing the use of the Iraqi dinar in major transactions, which enhances the strength of the national currency."
The statement concluded by saying, "The meetings emphasized the continued progress in financial and economic reforms, which reflects the Iraqi government's commitment to achieving financial sustainability that supports development and stimulates investment, in light of an ongoing strategic partnership with the International Monetary Fund."
On February 26, Iraqi Finance Minister Taif Sami discussed with the International Monetary Fund financial and banking reforms to support the Iraqi economy, during periodic meetings held in the Jordanian capital, Amman. LINK
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Clare: Kurdish delegation holds meeting in Baghdad to decide on resuming oil exports
3/2/2025
Informed sources reported on Sunday that a delegation from the Kurdistan Regional Government arrived in the capital, Baghdad, to put the final touches on the file of resuming oil exports via the Turkish Ceyhan pipeline.
A source told Shafaq News Agency, "A delegation from the Ministry of Energy and Natural Resources of the Kurdistan Regional Government is currently holding a meeting with officials at the headquarters of the Federal Ministry of Oil, to resolve matters related to resuming oil exports from the region's fields, and other issues related to the work of companies."
Another source told the agency, "This meeting was scheduled to be held next Tuesday, but developments in the file prompted the date to be brought forward," without mentioning further details.
Yesterday, Saturday, the Federal Ministry of Oil invited international oil companies under the umbrella of "APICOR" and contracted with the Kurdistan Regional Government, in addition to the Ministry of Natural Resources in the region, to attend a meeting in Baghdad next Tuesday, March 4, 2025.
Last Friday, eight international oil companies operating in the Kurdistan Region announced that they would not resume oil exports through the Turkish port of Ceyhan, despite Baghdad’s announcement of the imminent resumption of exports.
Before that, Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani announced the resumption of Kurdistan Region oil exports via the Turkish port of Ceyhan within the coming hours. LINK
