Iraq Economic News and Points to Ponder Tuesday Evening 11-19-24
The Future Of International Trade Transactions In US Dollars In Iraq
Samir Al-Nusairi The US dollar is the first global currency for foreign trade transactions between countries of the world. It constitutes 80% of the volume of international financial transactions and represents about 60% of international reserve currencies.
The dollar is the only currency that accommodates large financial transactions in the oil and energy sector and global oil trades amounting to 100 million barrels in addition to other commodities. Other currencies constitute about (20%-25%).
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The dollar plays a fundamental role in the control of the American economy over the global economy in various fields, and many countries tried to get rid of the dominance of the US dollar in previous periods, but they could not.
Therefore, the BRICS group was established, and its member states, namely China, Brazil, India and South Africa, are trying to limit the dominance of the dollar in international commercial and banking transactions, and the number of countries in it has now become about 9 countries.
After several countries joined, including Arab countries such as Egypt, the Kingdom of Saudi Arabia, and the United Arab Emirates, in addition to Ethiopia and Iran in 2024, and its main goals are to limit the dominance of the dollar in global trade, cooperation between the tax and customs authorities of the group’s countries, and to reach the creation of a new currency for use among the group’s countries.
Iraq, with the aim of reorganizing foreign trade financing, began concluding agreements with central banks with which Iraq has extensive trade exchange, in agreement with solid correspondent banks in China, India, the Emirates and Turkey, to deal in Chinese yuan, Indian rupee, Emirati dirham and Turkish lira, to achieve two goals:
the first is to enable our banks to agree with correspondent banks in these countries and other countries to deal directly with them after canceling the electronic platform, and
the second is to introduce new foreign currencies for commercial and banking transactions other than the US dollar, to enable banks that do not have US correspondent banks to continue their foreign transfers with those alternative countries according to special agreements with their central banks.
This can help control the reduction in the widespread local demand for the US dollar, create a state of balance in the money market, and maintain the purchasing power of the local currency, the Iraqi dinar. This method is now in effect, in addition to the existence of dealings in the US dollar as well. https://economy-news.net/content.php?id=50000
Foreign Minister And US Ambassador Stress Need To Continue Cooperation And Strengthen Partnership
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein and US Ambassador Alina Romansky stressed the need to continue cooperation and strengthen partnership to serve common interests.
A statement from the Ministry of Foreign Affairs stated that "Deputy Prime Minister Fuad Hussein received the US Ambassador to Iraq Alina Romansky."
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The statement added that "the meeting discussed the results of the US elections and the expected new administration in Washington, in addition to reviewing the results of the Arab-Islamic Summit and the Climate Summit. The two sides also touched on the tense situation in the regional environment and current challenges."
It continued, "The two parties discussed the course of bilateral relations between the two countries during the current administration, and future expectations for these relations, while stressing the need to continue good cooperation between the two countries and strengthen the partnership to serve common interests." https://www.radionawa.com/all-detail.aspx?jimare=40311
Gold Prices Rise In The Capital Baghdad
Money and business Economy News – Baghdad Gold prices witnessed a rise in the wholesale markets on Al-Nahr Street in Baghdad, where the selling price of one mithqal of 21 karat Gulf, Turkish and European gold was recorded at 545 thousand dinars, while the purchase price reached 541 thousand dinars.
The selling price of one mithqal of 21-karat Iraqi gold was recorded at 515 thousand dinars, and the purchase price was 511 thousand dinars.
As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranged between 545,000 and 555,000 dinars, while the selling price of a mithqal of Iraqi gold ranged between 515,000 and 525,000 dinars. https://economy-news.net/content.php?id=49997
Oil Prices Fall Amid Production Shutdowns, War Fears
Energy Economy News – Baghdad Oil prices fell on Tuesday after rising the previous day due to a production shutdown at Norway's Johan Sverdrup oilfield, but investors remained cautious amid concerns about a possible escalation in the war between Russia and Ukraine.
Brent crude futures for January delivery were down 7 cents, or 0.1 percent, at $73.37 a barrel by 0119 GMT, while U.S. West Texas Intermediate (WTI) crude futures for December delivery were at $69.23 a barrel, down 7 cents, or 0.1 percent. The more active January contract for WTI was down 4 cents, or 0.1 percent, at $69.21.
“Investors remained cautious in assessing the direction of the war between Russia and Ukraine after the escalation we saw over the weekend,” said Toshitaka Tazawa, an analyst at Fujitomi Securities.
Meanwhile, supply concerns persisted due to production problems at some oil fields.
Equinor said on Monday that production from its Johan Sverdrup oilfield, the largest in western Europe, had been halted due to an onshore power outage. A company spokesman said work was underway to restart production, but it was not immediately clear when it would resume. https://economy-news.net/content.php?id=49987
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Trade: The General Population Census Will Be A Starting Point For Important Economic Transformations
Tuesday 19 November 2024 19:10 | Economic Number of readings: 45 Baghdad / NINA / The Ministry of Trade confirmed that the general population census is an important step in directing investments, which accelerate development steps in all regions of Iraq.
A statement by the ministry quoted the official spokesman for the ministry, Mohammed Hanoun, as saying: "The government's approach through conducting the general population census, despite the difficulties it faced, is aimed at attracting international efforts to the national labor market in a way that revives the economy, and gives those in charge of the economic file a clear vision of the economic reality by creating a database that represents a starting point for economic policies that aim to address the imbalance in the economic structure."
Hanoun pointed out that "the general population census step will accurately reflect the reality of human wealth and the percentage of young people, as they represent an important economic force that can be employed in the sectors of knowledge, investment, and various aspects of the economy that have the elements of advancement and development."
The official spokesman for the Ministry of Commerce confirmed that "the general population census is a statistical procedure that represents a database on the numbers of Iraqis and the nature of their work," noting that "it is the first of its kind in decades, as the last census was conducted in 1987."
He continued, "It is a developmental work, the aim of which is to direct the country's resources in the right direction, and it is a procedure that serves the country economically and socially, by addressing poverty and unemployment, identifying needy families, the number of workers and unemployed, and improving the economic situation in general. It is a "message of reassurance to citizens and the country alike, meaning that the country is now safe from saboteurs and terrorist acts, and in a position that allows it to carry out this major and important procedure.
" Hanoun confirmed that "the census will determine the actual number of residents inside the country, and those residing outside the country in cooperation with the Ministry of Foreign Affairs later, and non-Iraqis working and residing will be counted, which will contribute to limiting their numbers and knowing their living conditions."
He pointed out that "the census is the most important source of economic and social data for all countries of the world," indicating that "knowing the results of the census enables the formulation of general policies and the development of strategies related to investment, housing, education, health, and capital investment related to road and communications networks, and the development of public services and development programs, accompanied by enabling countries to distribute Budgets between administrative regions according to development needs.
He continued: "The census helps enable the private sector and investors to drive development, raise the level of urban planning, and support decision-makers in making decisions."
He explained: "The economic view of the population is limited to two aspects: The first is that the population is a consumer force that exerts pressure on the available economic resources, and that these pressures increase in intensity the more limited and unilateral the resources are." / End8
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