Iraq Economic News and Points to Ponder Tuesday Afternoon 3-26-24
Iraq Economic News and Points to Ponder Tuesday Afternoon 3-26-24
Tlm724 Administrator Bondlady’s Corner
Digital Tracking Reveals The Threads.. What Happened To The Dollar Exchange Rate In Iraq?
Economy 03-25-2024 | 14,205 views Al-Sumaria News – Economy Over the past few days, Iraqi citizens have been observing the rapid decline in the dollar exchange rates until it reached the stock market at 146 thousand dinars per 100 dollars.
In a quick look conducted by "Al-Sumaria News" to find out the reason for the rapid and continuous decline in exchange rates, we found a close connection between the variables of the exchange rate figures and the variables of the central bank's sales figures.
The dollar exchange rates on stock exchanges in Iraq between March 15 and 18 were at 150,000 dinars for every 100 dollars, and began to gradually decline after March 18, below 150,000 dinars.
The exchange rate on March 18 was 149.6 dinars per dollar, and it dropped to 149.5 and then 148.8. The gradual decline also continued two days ago to 147.5, until today, March 25, the exchange rate reached 146.5 dinars per dollar.
On the other hand, by monitoring the Central Bank’s sales of dollars, it appears that sales were less than $220 million and stable at this level throughout the past weeks and months, but since March 17, that is, on the date of the start of the rapid decline in the exchange rate on March 18,
it appears that sales On March 14, the Central Bank jumped above $235 million for the first time in many months, and the rise continued on March 17, reaching more than $240 million,
and on March 18, it reached more than $242 million, and on March 19, it reached more than $245 million, and on March 20, it reached more than $242 million.
In March, it reached more than $250 million, and continued until today, March 25, with numbers hovering around $250 million.
From this, it appears that the Central Bank’s sales of the dollar increased by more than 13%, while the dollar exchange rates decreased by 3% during the past two weeks.
It seems that the Central Bank of Iraq began to cover the need for trade dollars, and merchants began to buy quantities of dollars from the parallel market, and began to head to the Central Bank’s window, especially with the facilities that were granted to gold and cigarette merchants, who represent the largest percentage of merchants evading the platform and the currency selling window. The official government resorts to buying dollars from the parallel market. LINK
Iraq And Britain Sign The First Agreement In The Field Of The Stock Market
Economy News – Baghdad The Securities Authority announced, on Tuesday, the signing of a joint cooperation agreement with the British Chartered Institute for Securities.
The Chairman of the Authority, Faisal Al-Haims, said in a statement seen by Al-Eqtisad News, “The agreement has been worked on by the Securities Authority for almost a year, and the signing of an agreement in cooperation between the Securities Authority and the British Royal Institute in licensing the capital markets is a high professional certificate recognized in all countries.” Countries of the world".
Al-Haims pointed out, "This agreement represents a qualitative shift in the work of brokers in the stock market in terms of financial mobilization for the performance of companies and their ability to add new skills, not in the Iraqi stock market, but in other markets, both regional and global."
He added, "The articles of the agreement include the possibility of organizing training courses for Iraqi cadres to benefit from the experiences of financial markets in countries around the world, and developing the professional framework by imposing the qualifications of the Chartered Institute for Securities and Investment on local Iraqi institutes specialized in the field of securities."
Views 61 03/26/2024 - https://economy-news.net/content.php?id=41888
Oil: The Gas Sector Is Witnessing Great Development
Tuesday 26, March 2024 15:06 | Economical Number of readings: 335
Baghdad / NINA / The Ministry of Oil announced that the gas sector is witnessing great development, indicating that it aims to maximize national production.
The Ministry stated in a statement: “Today, the Undersecretary for Gas Affairs, Izzat Saber, chaired a meeting to discuss the five-year plan for the gas sector, which included the companies specialized in gas affairs and the relevant departments at the Ministry’s headquarters.”
She added: "The meeting included a discussion of the five-year plans and development and investment programs for the projects of the Basra Gas Company and the South Gas Company, and the fields of licensing rounds."
According to the statement, the Undersecretary for Gas Affairs stressed “the importance of accelerating the implementation of plans for optimal investment of gas wealth within the government program that aims to maximize national production, stop burning gas, and convert it into useful energy to supply and meet the needs of the electricity sector and industries related to its consumption,” noting that “the sector Gas is witnessing great development to convert associated gas into useful energy.”
He explained, "The Ministry has previously contracted with specialized international companies to invest gas from all promising oil fields," pointing out that "these projects are under implementation to implement their plans and programs to gradually supply national production with new quantities, including the Halfaya, Nasiriyah, Gharaf, and Basra gas projects, in addition to New contracts with Total and the gas investment project in the Nahran Bin Omar field, in addition to the fifth, fifth “supplement” and sixth licensing rounds.
He expressed his hope that it would “add large quantities to national production.”/ End 7
Iraq To Purchase 50 New Trains For The Development Road’s Railways
Amr Salem March 25, 2024 A train in Iraq. Photo: Iraqi News Agency
Baghdad (IraqiNews.com) – The Iraqi Ministry of Transport revealed on Monday that the government has authorized a proposal to purchase 50 new trains from foreign manufacturers to service a 1,200-kilometer railway that is currently under construction.
The information director at the Iraqi Transport Ministry, Maytham Safi, told the Iraqi News Agency (INA) that 66 percent of the design studies for the project known as the Development Road have been finished and the path of the railway has been chosen.
The Development Road is the name given by the Iraqi government to what was known as the dry canal that connects the Al-Faw Grand Port in southern Iraq with the Turkish territories through railway networks and roads.
The Development Road includes a railway where trains will pass through 10 Iraqi governorates.
The Iraqi Prime Minister, Mohamed Shia Al-Sudani, stated earlier that the Development Road represents a global corridor to transport goods and energy.
Al-Sudni illustrated that the project includes a railway to transport goods, with a capacity of 3.5 million tons in its first phase that will be increased to 7.5 million tons in the second phase.
The Iraqi Prime Minister elaborated that the project will also include a highway for land transport and pipelines to transport energy, in addition to the Al-Faw Grand Port and the industrial city expected to be one of the largest in the Middle East.
The project will generate many job opportunities for Iraq and the countries of the region, as well as opportunities for industries and businessmen, and it will be a center attracting global trade.
Many Arab, regional, and European countries have expressed their willingness to participate in Iraq’s Development Road project, either by pumping in investments or taking part in the construction works, as it constitutes an important link between Asia and Europe.
The value of the project is estimated at $17 billion. It will connect the Al-Faw Grand Port in southern Iraq to the border with Turkey by extending a railway and road network.
The project is expected to turn the country into a transit center by shortening the travel time between Asia and Europe in an attempt to compete with Egypt’s Suez Canal.
https://www.iraqinews.com/iraq/iraq-to-purchase-50-new-trains-for-the-development-roads-railways/
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