Iraq Economic News and Points to Ponder Late Wednesday Afternoon 1-15-25
Government Confirms That The Iraqi Economic Path Is Moving In The Right Development Direction
01/15/2025 Mawazine News – Economy The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Salih, confirmed on Wednesday that the economic path in Iraq is moving correctly towards development for the coming years, noting that economic growth in 2024 is an incentive to expand economic activities in the country.
Salih said in a statement to the official agency, "There is a principle in economics called the economic accelerator, which means that the growth in non-oil GDP, which reached 6% in 2024, will be positively reflected in the strength of national investment in 2025."
He added that "the Iraqi economy will witness a high investment boom in 2025 thanks to the economic accelerator factor in the investment field, in addition to the high positive growth effects of national income in 2024.
" Salih pointed out that "business companies and investors are affected by the results of the basic idea behind the economic accelerator, which indicates that any increase in demand for goods and services as a result of the growth of national income in 2024 can lead to an increase in investment in capital such as machinery, equipment and labor in 2025."
He continued, “Businesses and companies need to expand their production capacity to meet the growing demand for goods and services, which will lead to a positive accumulation in the national economy’s production capacity in 2025,” stressing that this can be expected positively, especially if accompanied by a good agricultural season and a wet year in the coming months.
In conclusion, the Prime Minister’s Advisor indicated that “Iraq’s economic path is moving in the right development direction for the coming years, thanks to the ongoing cooperation between the private and public sectors.” https://www.mawazin.net/Details.aspx?jimare=258626
Parliamentary Finance: Banking Reform Enhances Iraq's Global Financial Standing
2025/01/14 reading :297Times {Economic: Al Furat News} Member of the Parliamentary Finance Committee, Jamal Kocher, confirmed today, Monday, that the restructuring of Rafidain and Rashid Banks is a decisive step to improve Iraq's financial situation and enhance its position in the global financial system.
Kocher told Al Furat News Agency: “Restructuring the banks is very important and has many positives, as these banks have not been reviewed for many years. These measures will contribute to consolidating the national economy and addressing some of the errors that may exist in the current financial system.”
He added: "Reforming banks will lead to their development in line with the conditions of the US Federal Reserve and the SWIFT system, in addition to many international requirements that will contribute to improving the performance of the Iraqi financial sector at the global level."
It is noteworthy that Prime Minister Mohammed Shia Al-Sudani reviewed the plan for the restructuring project of Rafidain and Rashid Banks, and the technical and administrative procedures related to the project, which include a comprehensive review and structural administrative reforms with the aim of providing integrated banking services to citizens and companies.
He explained that the completion rate of the project to restructure Rafidain Bank has reached its final stages, stressing that it will enter into force within the next few days, within the framework of a plan that has been studied and implemented according to the established standards and specifications. LINK
Dollar Prices Stabilize In Baghdad And Rise In Erbil With The Closing Of The Stock Exchange
01/15/2025 Mawazine News – Economy The US dollar prices recorded stability in the markets of the Iraqi capital, Baghdad, while they witnessed an increase in Erbil, the capital of the Kurdistan Region, with the closing of the stock exchanges on Wednesday evening.
The dollar prices also stabilized with the closing of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, where the exchange rate reached 151,000 dinars for every 100 US dollars, which is the same price recorded this morning.
The selling prices in the local markets in Baghdad also stabilized, where the selling price reached 152,000 dinars for every 100 dollars, while the purchase price reached 150,000 dinars for every 100 dollars.
In Erbil, the dollar prices witnessed an increase, where the selling price reached 151,000 dinars for every 100 dollars, while the purchase price reached 150,900 dinars for every 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=258633
Prime Minister: Iraq Is Moving Towards Developing Its Oil Industry And Expanding The Production And Export Of Derivatives
Energy Economy News – Baghdad Prime Minister Mohammed Shia al-Sudani confirmed on Wednesday that Iraq is moving towards developing its oil industry and expanding the production and export of oil derivatives.
The Prime Minister's Media Office said in a statement, seen by Al-Eqtisad News, that "Prime Minister Mohammed Shia al-Sudani received at his residence in the capital, London, a group of senior editors-in-chief of Arab newspapers, opinion writers, and Arab and foreign journalists," indicating that "al-Sudani spoke about his official visit to the United Kingdom and his meetings with King Charles III and British Prime Minister Keir Starmer, and about the importance and size of the security, economic, and development agreements concluded during the visit."
Al-Sudani confirmed, according to the statement, that "the bilateral agreement will be presented to the House of Representatives for the purpose of ratification," pointing to "the state of stability and prosperity that Iraq is experiencing despite the political fluctuations witnessed by the region, and the government's success in keeping Iraq out of regional conflicts, while remaining steadfast in its principled position regarding the aggression on Gaza and Lebanon."
He also touched on "the Iraqi government's approach, its political vision for the internal Iraqi situation, and its steps to preserve security and stability in Iraq and the region," stressing "Iraq's standing by the Syrian people in the face of crises and challenges."
He pointed to "the government's steps in the field of economic integration," indicating "proceeding with the electrical connection with neighboring countries, and establishing related stations, in addition to cooperation in the fields of real estate development, and building new cities, within a development renaissance planned by the government program and included strategic projects, and creating a transition in the infrastructure on which sustainable development depends."
He referred to "the signing of the contract between Iraq and British Petroleum, which is the largest in the region," stressing "Iraq's move to develop its oil industry, expand the production and export of oil derivatives, invest in Kirkuk fields, and reach full investment in associated gas."
In turn, the talk of Arab and foreign media professionals focused on “the situation in the region, the paths of Iraq’s diplomatic relations with influential countries in the region and the world, positions on regional crises, the economic relations that Iraq seeks and the steps of economic integration to confront challenges, and Iraq’s move towards strategic relations with major economically advanced countries, including Britain and other European countries.” https://economy-news.net/content.php?id=51990
Parliamentary Agreement With Finance Ministry Officials To Support And Maximize Revenues
Wednesday 15 January 2025 | Economic Number of readings: 260 Baghdad / NINA / The Parliamentary Finance Committee agreed with the officials of the Ministry of Finance to follow up on the results of the work of the departments and joints of their ministry on a regular basis.
The committee held a joint meeting with the officials of the Customs and Tax Authority, Director General of the Customs Authority Hassan Hamoud Hassani, Director General of the Tax Authority Muhammad Hamza Mustafa, Assistant Director of the Authority Abdul Sattar Hashem, Director of the Companies Department Haider Rashid Hamid, Director of the Commercial Business Department Muhammad Ali Jaber, Director of the Planning Department Muhammad Qasim Muhammad, Director of the Adults Department Nagham Abbas Reda, and Director of the Real Estate and Plots Department Shaza Hashem Hanoun, to discuss the total revenues for the year ending 2024 and the plan to maximize revenues in 2025.
The head of the committee, MP Atwan Al-Atwani, said that "this meeting is the third this week, after a meeting with the Minister of Finance and the general managers on maximizing revenues." https://ninanews.com/Website/News/Details?key=1180252
Gold Prices Rise In Conjunction With The Dollar In Baghdad
Stock Exchange Economy News – Baghdad The prices of "foreign and Iraqi" gold rose in the local markets in the capital, Baghdad, today, Wednesday (January 15, 2025).
Gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, this morning recorded a selling price for one mithqal of 21 karat Gulf, Turkish and European gold of 568 thousand dinars, and a purchase price of 564 thousand dinars.
The selling price of one mithqal of 21-karat Iraqi gold reached 538 thousand dinars, and the purchase price was 534 thousand.
As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranges between 565,000 and 575,000 dinars, while the selling price of a mithqal of Iraqi gold ranges between 535,000 and 545,000 dinars. https://economy-news.net/content.php?id=51976
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