Iraq Economic News and Points to Ponder Saturday Afternoon 3-29-25
AT THE OPENING, THE EXCHANGE RATE RECORDED 148,500 DINARS FOR EVERY $100 IN BAGHDAD
Economy | 03/29/2025 Mawazine News – Baghdad The dollar exchange rate rose on the Al-Kifah and Al-Harithiya stock exchanges, reaching 147,400 Iraqi dinars for every $100.
The selling price at exchange shops in local markets in Baghdad was 148,500 Iraqi dinars for every $100, while the buying price was 146,500 dinars for every $100. https://www.mawazin.net/Details.aspx?jimare=260378
Gold Prices Record A Significant Increase In Baghdad
Economy | 01:23 - 03/29/2025 Mawazine News – Baghdad Gold prices witnessed a rise in the wholesale markets on Al-Nahr Street in the capital, Baghdad, where the selling price of one mithqal of 21-karat Gulf, Turkish and European gold was recorded at 643,000 dinars, and the purchase price reached 639,000 dinars.
The selling price of one mithqal of 21-karat Iraqi gold was recorded at 613,000 dinars, and the purchase price reached 609,000 dinars.
In goldsmiths’ shops, the selling price of one mithqal of 21-karat Gulf gold ranged between 645,000 and 655,000 dinars, while the selling price of one mithqal of Iraqi gold ranged between 615,000 and 625,000 dinars. https://www.mawazin.net/Details.aspx?jimare=260381
Iraqi Ambassador To Washington: A Delegation Representing More Than 50 American Companies Will Visit Iraq
Local | 03/29/2025 Mawazine News – Baghdad The Iraqi Ambassador to Washington, Nizar Al-Khairallah, confirmed today, Saturday, that a delegation representing more than 50 American companies will visit Iraq.
The Iraqi Embassy in Washington said in a post on the (x) platform, followed by Mawazine News: “Ambassador Al-Khairallah met with Steve Lutes, Vice President of the American Chamber of Commerce and President of the US-Iraq Business Council, along with his deputies.”
The ambassador stated that “the meeting focused on discussing logistical arrangements for the upcoming visit of a delegation of American businessmen to Iraq, which will include representatives of more than 50 American companies specialized in the fields of energy, healthcare, education, transportation, and other vital sectors.” https://www.mawazin.net/Details.aspx?jimare=260383
The National Bank Of Iraq Raises Its Capital To More Than Half A Trillion Dinars After Recording An "Exceptional Year."
Banks Economy News – Baghdad The General Assembly of the National Bank of Iraq (NBI) approved, in its annual meeting, the Board of Directors' recommendation to increase the bank's capital from 400 billion dinars to 520 billion dinars, representing 30% of the capital, and distribute the increase as free shares to shareholders, in addition to a 20% cash dividend worth 80 billion dinars.
The bank said in a statement, "The bank's General Assembly, in a meeting attended by a number of board members, approved the board's report for the fiscal year, the final accounts for 2024, and the expansion plan for the current year, which includes the opening of six new branches in various Iraqi governorates. The General Assembly also approved increasing the number of board members to nine and elected a new board of directors."
Bassem Khalil Al-Salem, Chairman of the National Bank of Iraq's Board of Directors, said, "Last year was exceptional on all fronts, particularly in achieving qualitative accomplishments that reflect the bank's strength and resilience in the face of economic challenges, and in strengthening its presence as a leading financial institution in the Iraqi banking sector thanks to a clear strategic vision, prudent management, and a committed team."
Al-Salem emphasized that "these results were driven by flexible monetary policies and effective banking procedures by the Central Bank of Iraq, which responded quickly to economic and political changes, helped contain the impact of these changes on the Iraqi economy, and maintained exchange rate stability, which strengthened the role of the banking sector and protected the rights of depositors and shareholders."
Al-Salem said, "Last year witnessed an outstanding financial performance, as the bank achieved net profits after tax of 252 billion Iraqi dinars, compared to 190 billion Iraqi dinars in 2023. Net interest income also rose to 166 billion Iraqi dinars, compared to 100 billion Iraqi dinars, a growth rate of 66%."
He pointed out that total income will rise to 452 billion dinars in 2024, compared to 343.1 billion dinars in 2023, representing a growth rate of 31.7%. This reflects the effectiveness of the bank's strategy, which focuses on core banking services such as banking loans for individuals, large, medium, and small companies, and trade finance services for major companies.
Al-Salem expressed his gratitude to the Central Bank of Iraq, represented by the Governor and the Bank's staff, for their continued support of the Iraqi banking sector and their cooperation, which has contributed to the sector's development and provided an environment conducive to growth and development.
For his part, the Managing Director of the National Bank of Iraq, Ayman Abu Dahim, said, "Customer deposits increased to 3.5 trillion dinars in 2024, compared to 2.9 trillion dinars in 2023, a growth rate of 90%. Direct credit facilities also increased to 1.3 trillion dinars, compared to 951 billion dinars for the two years of comparison, a growth rate of 18%."
He explained that "this growth was the result of an expansion in loans granted to employees whose salaries are domiciled with the bank, as well as to small, medium, and large enterprises," stressing that "the growth in various financial indicators contributed to increasing the bank's assets to 5.1 trillion dinars from 3.9 trillion dinars, a growth rate of 29%."
Abu Dahim said, "For the first time in the bank's history, its assets are approaching this mark (5.1 trillion dinars), which reflects the growth in the volume of banking business, the increase in our market share, and our growing ability to serve our customers. Accordingly, the bank becomes the largest among Iraqi private banks in terms of asset size."
On the expansion front, Abu Dahim said, "We have added 104 new ATMs, bringing our network to 294, while the number of branches in Iraq has reached 33. We are also planning to open six new branches in early 2025, in addition to our branch in Saudi Arabia, which provides valuable services to Saudi and Iraqi companies."
He emphasized the bank's commitment to a comprehensive strategy focused on sustainability and digital transformation to serve customers. The bank has worked to keep pace with the latest technological developments and enhance information security and the efficiency of banking services, including installing the T24 banking system from the Swiss company Temenos and launching a new anti-money laundering management system (AML Sirion).
Regarding the bank's plans for 2025, Abu Dahim said, "We will continue to expand our branch network to reach 44 branches, in addition to increasing our ATM network to reach 400 ATMs, with a focus on developing and marketing electronic banking services, increasing the bank's share in trade financing for large companies, expanding the salary localization project and financing small and medium-sized enterprises, and expanding the attraction of deposits from individuals, companies, and official government institutions." https://economy-news.net/content.php?id=53904
A New Iraqi Position On The US Veto On Iranian Gas Imports
Energy Economy News – Baghdad Electricity Minister Ziyad Ali Fadhil warned that US sanctions could affect Iraq's gas imports from Iran.
Fadel said in press statements that "the US sanctions included the first phase related to Iraq's import of electricity from Iran, and the picture regarding gas is not yet clear." He indicated that "the power lines covered by the sanctions supply Iraq with 800 megawatts that feed Diyala, parts of Maysan, and Basra."
He stressed that "Iraq will suffer a hot summer if US sanctions include Iraq's import of gas from Iran," noting that "Iraq is working through the Ministry of Foreign Affairs to present proposals aimed at overcoming the problems that the sanctions may cause."
He pointed out that "Iraq has been dependent on gas since the ministry signed contracts to build gas stations in 2014," noting that "the inability of domestic gas to meet the needs of the stations prompted Iraq to conclude contracts to import gas from Iran."
He explained that "a large number of central stations, especially in Baghdad, depend on imported Iranian gas." https://economy-news.net/content.php?id=53901
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