Iraq Economic News and Points to Ponder Tuesday Afternoon 10-31-23
Tlm724 Administrator Bondlady’s Corner
Securities Commission: 10 Investment Funds Present On The Iraqi Stock Exchange
Money and business Economy News – Baghdad The head of the Iraqi Securities Commission, Faisal Al-Haims, revealed that the increase in trading volume in the Iraqi Stock Exchange over the past year amounted to 70%.
Al-Haims said, “There are about 10 investment funds investing in the Iraq Stock Exchange, the largest of which is the Al-Furat Fund, which trades in the range of 250 to 500 million dollars, in addition to small portfolios from Singapore, Japan, and other countries,” indicating that these portfolios want to increase their investment in the Iraq Stock Exchange.
He added, “Investors need the services of the custodian,” noting that foreign investors need to change the Iraqi law, which stipulates the percentage of foreign ownership, in order to increase their ownership percentage in listed companies.
He pointed out that there are efforts to increase trading volume from 500 billion dinars annually to more than one trillion dinars. Views 47 10/31/2023 – https://economy-news.net/content.php?id=37172
An Economic Advisor Reveals The Reason For The High Demand Among Citizens To Buy Gold And Dollars
Time: 10/31/2023 10:25:23 Read: 2,262 times {Economic: Al-Furat News} The advisor to the Iraq Stock Exchange, Ali Al-Azzawi, revealed the reason for the high demand for buying and storing gold and dollars by citizens.
Al-Azzawi stated, “The past decades of tensions have given Iraqis a culture of hoarding and hoarding gold and hard currency. This is why the market in recent days seemed affected by a widespread demand for buying gold and replacing the dinar with dollars or euros. There are others who preferred to withdraw their money from banks and keep it in their homes.”
In turn, economic expert Bashir Al-Jawahiri said, “An economic crisis targeting Iraq and the countries of the region, such as Syria, Lebanon, Iran, and perhaps Egypt, looms on the horizon due to the recent events in Gaza, and the difficult economic conditions may intensify if the conflict extends to Iraq, Lebanon, and Syria, which may lead to… “To the rise in oil prices, which may be interpreted as beneficial for Iraq, but harmful, due to the sanctions on Iraq regarding the circulation of the dollar.” LINK
Middle East Conflict Raises Oil Prices
Tuesday 31, October 2023 | Economical Number of readings: 438 Baghdad / NINA / Oil prices witnessed a rise in Asian trading, today, Tuesday, after falling more than 3% in the previous session, as concerns about supplies raised by the conflict in the Middle East prevailed.
Brent crude futures for December, which expire today, Tuesday, rose 36 cents, or 0.41%, to $87.81 per barrel.
Brent crude futures for January, the most widely traded, rose 29 cents, or 0.34%, to $86.64 per barrel.
US West Texas Intermediate crude rose 34 cents, or 0.41%, to $82.65 per barrel.
Oil prices fell by more than 3% yesterday, Monday, as investor caution increased ahead of the Federal Reserve (US Central Bank) meeting tomorrow, Wednesday./End
The Ministry Of Oil Confirms That The Government Is Proceeding With Approving The Oil And Gas Law
Energy Economy News _ Baghdad The Ministry of Oil confirmed, on Tuesday, that the government is proceeding with approving the oil and gas law, while indicating that its approval is subject to consensus.
The ministry’s spokesman, Asim Jihad, said in an interview with the Iraqi News Agency, followed by “Al-Iqtisad News,” that “the ministry prepared the oil and gas law and submitted it to the government, and this law was discussed by the concerned authorities and the team formed by the regional government,” stressing that “the government “I am committed to approving this law within the current government session, and it is also within the government curriculum.”
He added, “The oil and gas law aims to manage the process of oil wealth in Iraq and achieve fair distribution, and thus achieve optimal investment of national wealth and support economic and sustainable development, as well as support the Iraqi state treasury. Therefore, the government and the ministry are continuing to approve this law.”
He explained, “The government has granted a wide space for dialogue regarding the oil and gas law, and the ministry and the government hope that it will be approved,” adding, “All points of view are respected, and we must put the national interest above all considerations.”
He pointed out, “There were several dialogues that took place between the concerned authorities, but as far as the ministry was concerned, it drafted the law and made the necessary amendments, in a way that serves the public interest. It remains for the government to submit the draft law after agreeing on it to the House of Representatives for approval.”
He pointed out, “The oil and gas law needs consensus to be approved, as the ministry drafted the law and met with the concerned parties. As for the consensual or political aspect, that remains with the concerned parties.” Views 34 10/31/2023 – https://economy-news.net/content.php?id=37170
A Sudanese And An Iranian Minister Discuss The Use Of The Two Countries’ National Currencies In Trade And Financial Transfers
Political | 01:32 – 10/31/2023 Baghdad – Mawazine News Prime Minister Muhammad Shiaa Al-Sudani affirmed, on Tuesday, Iraq’s readiness to open horizons for bilateral cooperation in the field of petrochemical and fertilizer industries.
The Prime Minister’s Media Office said in a statement received by Mawazine News, “Prime Minister Muhammad Shiaa Al-Sudani received, today, the Minister of Industry, Mines and Trade of the Islamic Republic of Iran, Abbas Aliabadi,” noting that “during the meeting, economic relations between the two countries were discussed.” And ways to enhance it and strengthen exchange and partnership at various levels and fields.”
He added, “The meeting witnessed discussion of the possibility of moving towards using the national currencies of the two countries in trade exchange and bilateral financial transfers, in order to have more flexibility in dealing, for the benefit of both countries.”
The Prime Minister affirmed “Iraq’s readiness to open horizons for bilateral cooperation in the field of petrochemical and fertilizer industries, because of their strong impact in promoting internal development.”
For his part, the Iranian Minister conveyed the greetings of the President of the Islamic Republic of Iran, Ebrahim Raisi, and his emphasis on the necessity of proceeding with fruitful economic integration projects, in the face of the economic challenges witnessed by the region and the world.
https://www.mawazin.net/Details.aspx?jimare=237096
Iraqi Federation Of Industries: Companies Incurred Losses Due To The Postponement Of The Baghdad International Fair
Money and business Economy News – Baghdad The advisor to the Iraqi Federation of Industries, Aqeel Al-Hashemi, announced that companies suffered losses due to the postponement of the Baghdad International Fair.
The Ministry of Commerce announced the postponement of the opening date of the Baghdad International Fair until next January, attributing the reason to responding to the requests of several countries to grant them a period of time to participate in the exhibition.
Al-Hashemi said, “I do not expect the Baghdad International Fair to be postponed due to technical reasons,” noting that the companies participating in the exhibition incurred losses due to their payments, hiring people, and others.
He added that Iraq must open its doors to the world in order to attract international companies to enter the Iraqi market. Views 83 10/31/2023 – https://economy-news.net/content.php?id=37171
Planning: Iraq’s Population Is 45 Million People
Economy News – Baghdad The Minister of Planning, Muhammad Tamim, announced that the population of Iraq is 45 million people.
Tamim said, “The statistics on the population of Iraq are estimates that are consistent with the standards of growth rates, and the population of Iraq may currently reach 45 million people.”
He added that the population of Iraq is not 43.3 million people because the Ministry of Commerce grants rations to about 42 million citizens, despite the fact that there are more than 3 million people who have not received the ration card because they receive salaries of more than 1.5 million dinars.
Views 48 10/31/2023 – https://economy-news.net/content.php?id=37173
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Provoking Points to Ponder on Exaggeration:
Some persons are exaggerators by temperament — They do not mean untruth, but their feelings are strong, and their imaginations vivid, so that their statements are largely discounted by those of calm judgment and cooler temperament — They do not realize that “we always weaken what we exaggerate” Tryon Edwards
Exaggeration is a blood relation to falsehood, and nearly as blameable –– H Ballou
Exaggeration as to rhetoric, is using a vast force to lift a feather; as to morals and character, it is using falsehood to lift one’s self out of the confidence of his fellowmen — Paget
There are some persons who would not for their lives tell a direct and willful lie, but who so exaggerate that it seems as if for their lives they could not tell the exact truth — Paget
Never speak by superlatives; for in so doing you will be likely to wound either truth or prudence — Exaggeration is neither thoughtful, wise, nor safe — It is a proof of the weakness of the understanding, or the want of discernment of him that utters it, so that even when he speaks the truth, he soon finds it is received with partial, or even utter unbelief — Hume
There is a sort of harmless liars, frequently to be met with in company, who deal much in the marvelous — Their usual intention is to please and entertain: but as men are most delighted with what they conceive to be truth, these people mistake the means of pleasing, and incur universal blame — Hume