Iraq Economic News and Points to Ponder Monday Afternoon 12-16-24
The Central Bank Of Iraq Warns Against Fake Trading Companies Claiming Official Licensing
Economy | 12/16/2024 Mawazine News –The Central Bank of Iraq warned, on Monday, of the existence of fictitious companies claiming to be licensed to provide electronic trading services in stocks, metals and cryptocurrencies.
The bank explained in a statement received by "Mawazine News" that it does not grant any licenses to trading companies in these fields**, indicating that all legal measures are taken against these fictitious companies that promote their activities in a misleading manner.
The statement added that some pages on social media sites circulate the names of fictitious companies that exploit the name of the Central Bank, claiming that they are licensed Iraqi trading companies.
It stressed that these companies promote investment in digital currencies, stocks, gold and oil through fake videos and posts, and claim that they provide profits that are withdrawn through electronic wallets or directly, with reference to allegations of the existence of branches in Kirkuk, Mosul, Erbil and Sulaymaniyah.
The Central Bank stressed the importance of reporting to the competent authorities by the victims of these companies, calling on the public to verify the names of licensed financial institutions published on the bank's official website before conducting any transfer or investment operations. https://www.mawazin.net/Details.aspx?jimare=257528
Oil Prices Stabilize, Brent At $74
Time: 2024/12/16 08:02:53 Read: 1,287 times {Economic: Al Furat News} Oil prices stabilized at the beginning of the first trading session this week, after recording weekly gains, with the United States indicating its intention to impose stricter sanctions on Russian crude, and the authorities in China pledging to support the country's economy.
Brent crude was trading above $74 a barrel after rising about 5% last week, while West Texas Intermediate was trading near $71.
The United States and its allies may consider lowering the $60 per barrel price cap on Russian oil to further limit its access to funding for the war in Ukraine, U.S. Treasury Secretary Janet Yellen said in an interview with Reuters.
Crude has been trading in a tight range since mid-October, as expectations of ample supply next year and a gloomy outlook from China overshadowed geopolitical tensions. LINK
Gold Prices Stabilize In Baghdad And Erbil
Monday 16 December 2024 12:31 | Economic Number of readings: 122 Baghdad / NINA / The prices of "foreign and Iraqi" gold stabilized today, Monday, in the local markets in the capital, Baghdad, and Erbil.
The selling prices of gold in the wholesale markets on Al-Nahr Street in Baghdad, this morning, were recorded at 562 thousand dinars per mithqal of 21 karat Gulf, Turkish and European gold, and the purchase price was 558 thousand dinars, while the selling price of one mithqal of 21 karat Iraqi gold was recorded at 532 thousand dinars, and the purchase price was 528 thousand.
As for the prices of gold in goldsmiths' shops, the selling price of a mithqal of 21 karat Gulf gold ranged between 565 thousand and 575 thousand dinars, while the selling price of a mithqal of Iraqi gold ranged between 535 thousand and 545 thousand dinars.
In Erbil, the selling price of 24-karat gold was recorded at 645 thousand dinars, 21-karat gold at 564 thousand dinars, and 18-karat gold at 485 thousand dinars. / End 11 https://ninanews.com/Website/News/Details?key=1174963
Dollar Exchange Rate Rises In Baghdad With Stock Exchange Closing
Economy | 12/16/2024 Mawazine News - The US dollar rose against the Iraqi dinar in Baghdad markets on Monday, while it fell slightly in Erbil, the capital of the Kurdistan Region, with the closing of the stock exchange.
The dollar also rose with the closing of the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, to record 151,000 dinars per 100 dollars, while this morning it recorded 150,500 dinars per 100 dollars.
Selling prices rose in exchange shops in local markets in Baghdad, where the selling price reached 152,000 dinars per 100 dollars, while the purchase price reached 150,000 dinars per 100 dollars.
In Erbil, the dollar recorded a slight decrease, where the selling price reached 150,300 dinars per 100 dollars, and the purchase price reached 150,200 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=257536
Rafidain Bank: Collecting More Than 5 Trillion Dinars... Electronically
Monday 16 December 2024 10:20 | Economic Number of readings: 166 Baghdad / NINA / Rafidain Bank announced the collection of more than 5 trillion dinars from 1124 departments that activated electronic collection. / End 9
Our Economy And Banks In 2025
Samir Al-Nusairi In the midst of the challenges and repercussions of the political and security events that our country and the countries of the geographical region are currently going through, the methodology of economic and banking reform enters a new phase in 2025 in cooperation and coordination between the government and the Central Bank, with insistence on continuing to implement the strategy of transitioning the economy and banking sector to recovery and development and achieving good growth rates according to the expectations of the World Bank and the International Monetary Fund in the coming year.
One of the most important steps to reform our national economy is the transformations.
The major task of structuring and developing government and private banks and concluding agreements with solid international consulting and auditing companies to accomplish these tasks in 2025.
According to standard indicators that are relied upon to assess the strength of the economy and the soundness of the banking sector, the most prominent of which is the sufficiency of foreign cash reserves, which exceeded $100 billion, with a sufficiency of 140% to cover imports and the exported local currency, and the decline in the inflation rate to 3.7% after reaching its highest rates at the end of 2022, and the decline in external debt to a level not exceeding $19 billion.
Emphasizing that the objectives of the Central Bank's monetary policy, as stated in its applicable law, are to achieve economic growth and stability, and that one of its main objectives is to achieve stability in the financial and monetary system, reduce inflation rates, and stabilize the prices of goods and services in the extremely complex economic, security, and political conditions that Iraq suffered from in 2023 and 2024.
The government is making clear efforts to revolutionize the active economic sectors, namely agriculture, industry, tourism, customs and tax services fees, and to increase their share of the general budget revenues to 20%.
Which led the Central Bank to take many measures in cooperation with the government to regulate foreign trade, control foreign transfers, regularity in the global financial and banking system, compliance with international standards, digital transformation in the banking sector, and work on preparing and launching its new strategy for banking reform and classification in all its basic links at the level of internal and external banking transactions, the most prominent of which is securing the US dollar for major and registered traders and for every trader, regardless of his classification, at the official price.
This confirms, without a doubt, that the Central Bank’s strategy and measures during the years 2023 and 2024 achieved one of the basic objectives of monetary policy, which is to reduce the inflation rate and maintain the general level of prices of goods and services.
It must be noted that one of the most prominent indicators of the strength and recovery of our economy is what the International Monetary Fund recently expected, that the expected economic growth rate in 2025 will be 5.3%, while it contracted by 2.2% in 2022. The expected rate is higher than the growth rates in Morocco, Kuwait, Bahrain, Oman, Algeria, Jordan and Qatar. It is an indicator.
On the strength of our economy, which is an inevitable result of the economic and financial reform programs implemented by the government and the Central Bank since 2023. 136 views 12/16/2024 - https://economy-news.net/content.php?id=50936
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