Iraq Economic News and Points to Ponder Monday Afternoon 4-7-25
An Economic Expert Told Al Furat News: Iraq's Hoarding Of Gold Will Spare It The Risks Of Customs Duties.
Time: 2025/04/07 20:08:16 Reading: 210 times {Economic: Al Furat News} Economic expert Basem Jamil Antoine believes the US move to impose tariffs represents a financial and economic coup that will have a direct impact on the global economy, given the United States' economic and military capabilities.
In a statement to Al Furat News Agency, Antoine pointed out the direct impact of these policies on gold prices, which are considered an alternative to the dollar and the euro for hoarding.
Regarding Iraq, he stated that the Iraqi dinar faces challenges in this context, as land and real estate cannot be directly acquired due to time and tax procedures.
He pointed out that the growing global demand for gold will lead to a significant rise in its prices in the coming period, especially as countries shift towards precious metals.
Regarding Iraq, Antoine explained that the country has accumulated significant quantities of gold, placing it third or fourth in the Arab world in terms of gold reserves. LINK
Gold Prices Fall To Their Lowest Level In More Than Three Weeks
Economy | 09:16 - 04/07/2025 Mawazine News – Baghdad Prices were affected by a broad sell-off in global markets, amid growing fears of an economic recession due to escalating trade tensions between the United States and China.
Spot gold fell 0.3% to $3,027.90 per ounce, after falling more than 1% earlier in the session, its lowest level since March 13. https://www.mawazin.net/Details.aspx?jimare=260607
Iraqi Markets Traded More Than 555 Million Shares At This Value
Stock Exchange Economy News – Baghdad Iraq's stock market traded more than 555 million shares during Monday's trading session. The value of traded shares amounted to more than 741 million dinars, traded in 561 transactions. The ISX 60 index fell to -0.44% from yesterday's session, Sunday.
https://economy-news.net/content.php?id=54189
Exchange Rates Hit 149,000 Dinars Per $100 In Baghdad
Economy | 05:04 - 04/07/2025 Mawazine News – Baghdad The US dollar exchange rate against the Iraqi dinar remained volatile as trading closed on the Al-Kifah Stock Exchange.
Exchange offices recorded a selling rate of 149,000 dinars for $100, while the buying rate reached 147,000 dinars for $100.
This disparity has left most local markets in a state of stagnation for a long time, affected by the rising US currency exchange rate. https://www.mawazin.net/Details.aspx?jimare=260619
Parliamentary Finance Committee: Launching The Banking Reform Plan Is The Beginning Of Economic Reform
Banks Economy News – Baghdad Parliamentary Finance Committee Chairman Atwan al-Atwani affirmed on Monday that the launch of the banking reform plan is the beginning of reforming the Iraqi economy.
In a speech at the Iraqi Banking Sector Reform Conference, attended by an Al-Eqtisad News correspondent, Al-Atwani said, "Developing the banking sector is a fundamental pillar for developing the Iraqi economy beyond oil revenues."
The head of the Finance Committee called for "diversifying revenue sources to cover the financial deficit."
He pointed out that "the reform and development process must be accompanied by engagement with international banks to regulate foreign remittances." He stressed that "unofficial border crossings cause a waste of public money." https://economy-news.net/content.php?id=54179
The Central Bank announces a comprehensive reform project for the private banking sector
Economy | 04/07/2025 Mawazine News – Baghdad The Central Bank of Iraq (CBI) unveiled reform plans aimed at modernizing the Iraqi private banking sector and building a robust, modern, and resilient banking sector that drives economic growth and enhances financial inclusion, in partnership with Oliver Wyman Consulting.
The plans include strengthening and deepening financial inclusion in Iraq, raising the efficiency and productivity of the private banking sector, and creating a fair and healthy competitive environment in the market, while enhancing the sector's resilience and ability to withstand risks.
According to a CBI statement, this project will contribute to enhancing the protection of depositors and creditors, while financial education campaigns will help restore confidence in dealing with banks.
Payment systems will be modernized to facilitate efficient and reliable transactions for both businesses and individuals, in addition to expanding the financial infrastructure, including increasing the network of branches and ATMs.
The CBI statement indicated that a prerequisite for the success of the plans is requiring all banks to comply with a set of standards and participate actively in the sector's transformation process.
The Central Bank confirmed that the key banking standards to be implemented will set maximum ownership limits to prevent excessive control (concentration) by any single entity or related parties, in addition to ensuring the presence of competent and independent boards of directors, with suitability tests being applied to all key leadership positions.
Banks will be required to adopt sustainable and viable business models by submitting consistent detailed business plans, strategic plans, financial forecasts, organizational structure, technology implementation plans, and operational management plans.
Capital adequacy and liquidity ratios will be maintained in line with global best practices to ensure banks' resilience in the face of financial crises.
The reform process will be a multi-stage journey, during which private banks will be assessed for their compliance with the required standards at various stages of the reform process. The first evaluation cycle is expected to begin in the first quarter of 2026. https://www.mawazin.net/Details.aspx?jimare=260609
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