Iraq Economic News and Points to Ponder Saturday Evening 11-11-23
Tlm724 Administrator Bondlady’s Corner
Revealing The Details Of The Central Bank’s Meeting With The American Side Regarding The Dollar
Economy | 11/11/2023 Baghdad – Mawazine News A government source revealed, today, Saturday, that the Central Bank of Iraq agreed with the American side to enhance the advance balance of five Iraqi banks in dollars.
The source said, according to the official agency, “In the past few days, intensive meetings took place in Abu Dhabi between a delegation from the Central Bank of Iraq and the American side responsible for foreign transfer operations to cover imports, and the negotiations culminated in a number of decisions and mechanisms that contribute to facilitating the special procedures.” Foreign transfers related to imports through the foreign currency sales window.
He added, “It was agreed to enhance the advance balance of five Iraqi banks in their accounts in dollars with Jordanian banks and transfers via (JP Morgan),” noting that “the problems related to the rejected transfers were resolved, and it was agreed that the rejection of transfers should be based on strong reasons.”
He continued: “There were also other meetings that brought together one of the Emirati banks, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks (UAE Dirham pilot),” indicating that “things are going well in this aspect, as all the technical details related to it have been resolved.” In this regard, it is expected that the mechanism for enhancing balances in the UAE dirham will begin within the next few days.”
He stressed that “there are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with UBAF Bank to finance trade with the European Union,” noting “an increase in the number of banks whose balances in Chinese yuan are being enhanced through the Singapore Development Bank.”
He added, “Accounts have been opened for 6 Iraqi banks in this bank, and during the coming period 7 more banks will be added to finance Iraqi trade and imports from China, as these imports are estimated at about 12 billion dollars annually.”
The source concluded, saying: “Bank accounts have also begun to be opened in the Indian rupee for a number of Iraqi banks at the same correspondent, the Singapore Development Bank (New Delhi branch), and operations to strengthen the balance of two Iraqi banks have actually taken place as a first stage, and it is expected that this mechanism will contribute to financing Iraq’s imports from India.” Especially medicines and foodstuffs, which are estimated at about 3 billion dollars. Ended 29/h
https://www.mawazin.net/Details.aspx?jimare=237578
Stability Of Dollar Prices In Baghdad Markets
Time: 11/11/2023 11:54:28 Read: 2,938 times {Economic: Al-Furat News} Dollar prices stabilized, today, Saturday, in Baghdad markets. The prices were as follows..
The selling price was 165,750 Iraqi dinars, while the purchase amounted to 163,750 dinars per 100 dollars. LINK
Oil Prices Rise As Iraq Confirms Its Commitment To Production Levels Set By The OPEC+ Alliance
Saturday 11, November 2023 09:47 | Economical Number of readings: 380 Baghdad / NINA / Oil prices rose by about 2% in today’s dawn trading session, with Iraq confirming its commitment to the production levels set by the “OPEC+” alliance, before a meeting that the alliance will hold in two weeks.
Brent crude futures rose $1.42, or 1.8%, to settle at $81.43 per barrel, and US West Texas Intermediate crude rose $1.43, or 1.9%, to $77.17 at settlement.
Prices recorded a weekly decline of 4%, causing the two crude oils to suffer a third weekly loss in a row for the first time since May.
“Concerns about demand have replaced fear of production disruptions due to the conflict in the Middle East,” Commerzbank analysts said.
Weak Chinese economic data this week increased concerns about faltering demand. Moreover, refineries in China, the largest buyer of crude oil, ordered fewer supplies from Saudi Arabia for the month of December.
The OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, will meet on November 26.
The Ministry of Oil said: “Baghdad is committed to the OPEC+ agreement regarding determining production levels.”/ End 9 https://ninanews.com/Website/News/Details?key=1089185
Al-Sudani: There Is No Alternative Other Than The Private Sector And The Government’s Policy Towards Reducing Imports
Time: 11/11/2023 Read: 780 times Speech by Prime Minister Muhammad Shiaa Al-Sudani during his inauguration of an integrated poultry project in the Holy Governorate of Karbala:
We congratulate our people, the people of the Holy Karbala Governorate, for the opening of this strategic investment project, the integrated poultry project
The project represents a true success story in the field of agricultural investments
On behalf of the Iraqi government, I express my great thanks and gratitude to the investor and the company implementing this project for the idea, planning and implementation they provided in an integrated and vital project that falls within the framework of achieving and ensuring food security for the country.
Our visit today and our attendance at the opening of this project is a sign of support for the implementing investor in particular, and it is a message of support in general to the Iraqi private sector, in which we have placed great trust, from the first day of this government’s life.
The agricultural sector represents a fundamental focus in the government program, and we have begun a series of procedures and decisions, whether by forming support committees, increasing the capital of the Agricultural Bank, or supporting the private sector to implement projects, whether in the plant or animal sectors.
We have made important strides in securing the ration card items and what is related to flour by securing the wheat crop, as we have sufficient storage to secure this important food item due to the successful agricultural and marketing plan for last season.
This project is an important addition to securing food supplies of chicken and eggs in the Iraqi market
The advantage of this project is that it was implemented in a record period, starting in 2022, on an area of 250 thousand dunums
When the executive official in the governorate is supportive and supportive of the private sector, the investor implements
This concerted effort between the private sector, the governorate and the ministry is what produced this important project for us that contributes to achieving food security
Today we are facing a practical step in ensuring food security by producing three billion eggs annually and three hundred and forty thousand tons of chicken meat annually out of the production needed by the local market. We are on the right track towards achieving self-sufficiency.
There is no alternative but the private sector. We do not have the ability as a country to absorb all employees in government employment, and the Iraqi private sector is capable and able to implement these important projects that contribute to achieving food security and ending imports.
With the Social Security Law, we want it to apply to all workers, which is to guarantee their families and their future
The government’s policy is towards reducing imports, and this is done through the presence of productive projects that cover the needs of the market
We affirm our absolute support for these projects and for all businessmen and investors wishing to implement projects. They will find from this government direct support and continuous support in the various stages of implementation, starting from laying the foundation stone and ending with the opening of the project. LINK
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Provoking Points to Ponder on FEAR for Living the Bold Life by Tess Marshall:
- It’s better to die laughing than to live each moment in fear. ~Unknown
7. One is never afraid of the unknown; one is afraid of the known coming to an end. ~ Jiddu Krishnamurti
8. Don’t be afraid of your fears. They’re not there to scare you. They’re there to let you know that something is worth it. ~ C. JoyBell C.
9. Imagine not being frightened by any feeling. Imagine knowing that nothing will destroy you. That you are beyond any feeling, and state. Bigger than. Vaster than. That there is no reason to use drugs because anything a drug could do would pale in comparison to knowing who you are. ~ Geneen Roth
10. Find what you are afraid of, face it, and then you won’t be afraid of it anymore. ~ Marilyn Manson
11. I tend to scare myself. ~ Stephen King
12. Anxiety is the dizziness of freedom. ~ Soren Keiregaard