Iraq Economic News and Points to Ponder Late Wednesday Evening 5-8-24
Iraq Economic News and Points to Ponder Late Wednesday Evening 5-8-24
The US Dollar Is Rising Again, And The Iraqi Dinar Is Crying Out For Help
Economy | 05/08/2024 Mawazine News – Baghdad The exchange rates of the US dollar witnessed an increase today, Wednesday, in the capital, Baghdad, and Erbil, the capital of the Kurdistan Region, with the closure.
Dollar prices rose with the closure of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 145,750 dinars, as prices had recorded 145,500 dinars for every 100 dollars this morning.
Regarding the selling prices in the exchange shops in the local markets in Baghdad, they increased, as the selling price reached 146,750 dinars, while the purchasing price reached 144,750 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=247594
Holding Meetings Of The Third Session Of The Trade And Investment Framework Agreement Between Iraq And The United States
The Ministry of Commerce announced the holding of the meetings of the third session of the Trade and Investment Framework Agreement between Iraq and the United States of America in Washington, D.C., after a break of more than nine years. It was chaired by the Economic Agent on the Iraqi side, Ghassan Farhan Hamid, and on the American side by the Commercial Representation Office.
The economic agent confirmed, according to the ministry’s statement, that the meeting discussed many topics, the most important of which were the agricultural sector, standardization and quality control, the financial system, customs, company registration, intellectual property rights, Iraq’s accession to the World Trade Organization, the health sector, and government contracts.
He added, during the meetings, it was confirmed that the Iraqi government is open to all parties and that economic reform and diversification of the economy are considered among the priorities that are being worked on, and that Iraq is ready to discuss any proposal that leads to strengthening relations between the two countries.
For its part, the American side expressed its great interest in the issues raised and its appreciation for the reform measures undertaken by the Iraqi government.
https://www.radionawa.com/all-detail.aspx?jimare=38195
Finance Confirms The Iraqi Government's Desire To Benefit From The Expertise Of French Companies
Money and business Economy News – Baghdad Today, Wednesday, Finance Minister Taif Sami confirmed the Iraqi government’s desire to benefit from the expertise of French companies.
A statement from the ministry received by “Al-Eqtisad News” stated, “Minister of Finance, Taif Sami, received the French Ambassador to Baghdad, Patrick Durel, and the Director of the French Development Agency, Serge Senris, and at the beginning of the meeting, the Minister congratulated the Ambassador on the occasion of assuming his new duties.”
He added, "Areas of cooperation were discussed between Iraq and the agency, especially with regard to the financial sector, investment and technical support. Comprehensive economic and development relations and ways to strengthen them were also discussed."
The Minister of Finance praised the level of fruitful cooperation with the French Development Agency in many areas that are the top priorities of sustainable development plans, especially in the field of contributing to infrastructure reconstruction projects, technical assistance, and technical support.
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Al-Sudani Chairs The Seventh Meeting Of The Supreme Committee For Reconstruction And Investment
Economy | 05/08/2024 Mawazine News – Baghdad Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani chaired the seventh meeting of the Supreme Committee for Reconstruction and Investment.
The Prime Minister's Media Office said in a statement received by Mozaine News, "Prime Minister Muhammad Shiaa Al-Sudani chaired the seventh meeting of the Supreme Committee for Reconstruction and Investment." https://www.mawazin.net/Details.aspx?jimare=247578
Oil Declines As US Inventories Increase
Wednesday 08, May 2024 08:13 | Economical Number of readings: 175 Baghdad / NINA / Oil prices fell in early Asian trading on Wednesday, at a time when sector data showed a rise in crude and fuel inventories in the United States, indicating a possible weakness in demand, and caution prevailed in supply expectations before a meeting of the OPEC + bloc next month.
Brent crude futures fell 30 cents, or 0.36 percent, to $82.86 per barrel by 0348 GMT, and US West Texas Intermediate crude futures fell 25 cents, or 0.32 percent, to $78.13 per barrel.
The two crude oil prices witnessed a limited decline in the last session due to indications of a decline in supply scarcity and weak global demand for oil after an International Energy Agency forecast report issued on Tuesday.
US crude inventories increased by 509,000 barrels in the week ending May 3, according to market sources citing American Petroleum Institute figures. She added that gasoline and distillate stocks also rose.
Official government data on crude and fuel inventories in the United States is scheduled to be released at 1430 GMT. Analysts polled by Reuters expected US crude inventories to decline by about 1.1 million barrels last week.
Cautious expectations about supply cuts from the Organization of the Petroleum Exporting Countries and its allies in the OPEC+ bloc before a policy meeting on June 1 also weighed on the markets.
Analysts from ING said, “Oil prices have been subjected to additional pressure due to the increasing commotion surrounding OPEC+ production policy, and expectations are that member states will extend the additional voluntary reduction in supplies beyond the second quarter of this year.”
Hopes of reaching a ceasefire in the Gaza Strip also put additional pressure on oil prices in the previous few sessions./End 9 https://ninanews.com/Website/News/Details?key=1125308
The Central Bank Sells More Than $275 Million At Auction Today
Economy | 05/08/2024 Mawazine News – Baghdad The Central Bank of Iraq announced, on Wednesday, its sales of hard currency, amounting to more than 275 million dollars in today’s transactions, according to the official rate of 1310.
The bank’s data showed that the total internal cash withdrawals amounted to 13,480,000 dollars, while the total amounts of transfers Abroad, which includes transfers and credits, amounted to $262,059,423, while the total sale amounted to $275,539,423. https://www.mawazin.net/Details.aspx?jimare=247569
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Provoking Thoughts and Points to Ponder on Wealth
I have no complex about wealth. I have worked hard for my money, producing things people need. I believe that the able industrial leader who creates wealth and employment is more worthy of historical notice than politicians or soldiers. - Paul Getty
I was born into it and there was nothing I could do about it. It was there, like air or food, or any other element. The only question with wealth is what you do with it. - John D. Rockefeller
I wish to become rich, so that I can instruct the people and glorify honest poverty a little, like those kind-hearted, fat, benevolent people do. - Mark Twain
Ordinary riches can be stolen, real riches cannot. In your soul are infinitely precious things that cannot be taken from you. - Oscar Wilde
'Let us not get so busy or live so fast that we can't listen to the music of the meadow or the symphony that glorifies the forest. Some things in the world are far more important than wealth; one of them is the ability to enjoy simple things. - Dale Carnegie
The rich man is not one who is in possession of much, but one who gives much. - Saint John Chrysostom