Iraq Economic News and Points to Ponder Wednesday Afternoon 12-27-23
Tlm724 Administrator Bondlady’s Corner
Adviser To Sudanese: Work Is Underway To Diversify Foreign Currencies In Iraq’s Trade With The World
Time: 12/27/2023 12:50:20 Read: 1,222 times {Economic: Al-Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed the success of government measures and the Central Bank of Iraq in managing the demand for the dollar and contributing to reducing the exchange rate in the parallel market recently.
Saleh told {Al-Furat News} agency, “The government’s measures were combined in coordination with the Central Bank in managing the demand for foreign currency in a smooth and flexible manner through the regular banking channels, which made the electronic compliance platform meet today 95% of the actual demand for foreign currency at an exchange rate of 1320.” Dinar for every dollar.
He pointed out that “the monetary policy has allowed the use of various foreign currencies to finance foreign trade for the private sector and through banking channels such as the UAE dirham and the Turkish lira, in addition to the euro, the Chinese yuan, and others.”
Saleh revealed that “work is underway to diversify sources of foreign currencies according to areas of trade with the world and in an easy manner.”
It is noteworthy that the local markets have been witnessing a noticeable decline in the dollar exchange rate for days, as it fell for the first time in months to below 1,500 dinars per dollar.
Prime Minister Hisham Al-Rikabi’s media advisor said last Sunday that “the battle with the dollar is almost over,” referring to government measures to limit the rise of the currency in the parallel market and bring it close to the official rate at the Central Bank of 1,320 dinars to the dollar. LINK
The Iraqi Central Bank Imposes Fines On Banks And Exchange Companies
Economy Wednesday, December 27, 2023 Baghdad/National News Center Today, Wednesday, the Central Bank of Iraq announced that it had imposed fines on banks and exchange companies that exceeded 127 billion Iraqi dinars during the past 11 months.
According to the bank, “the fines imposed on banks and financial companies during the past 11 months, starting last January and ending last November, amounted to 127 billion and 337 million and 645 thousand and 628 dinars.”
He stated that “the fines also included 386 administrative penalties for these banks and non-banking institutions, distributed between warnings, warnings, and grace periods.”
According to the bank, “last April witnessed the highest rate of fines for banks and non-financial institutions, amounting to 17 billion, 440 million, 383 thousand and 447 dinars, with administrative penalties amounting to 17 penalties, while last November witnessed the lowest rate of fines, amounting to 8 billion, 337.” One million 645 thousand and 628 dinars with 8 administrative penalties.”
The bank did not reveal the names of the banks on which fines and administrative penalties were imposed. https://nnciraq.com/243210/
Oil Prices Fall As Shipping Companies Return To The Red Sea
Wednesday 27, December 2023 09:09 | Economical Number of readings: 2336 Baghdad / NINA / Oil prices fell in early Asian trading on Wednesday, paring strong gains achieved in the previous session as major shipping companies began returning to the Red Sea despite the ongoing attacks and escalating tensions in the Middle East.
Brent crude futures fell 18 cents, or 0.22 percent, to $80.89 per barrel, and US West Texas Intermediate crude futures fell 22 cents, or 0.29 percent, to $75.35 per barrel.
On Tuesday, prices rose more than 2% to their highest levels this month, continuing the upward momentum last week that saw prices rise more than 3%, partly due to hopes for US interest rate cuts that may boost economic growth and boost demand.
However, the possibility of a prolonged Israeli military campaign in Gaza and the spillover of the conflict into attacks on ships in the Red Sea remain major drivers of market sentiment.
Israeli Chief of Staff Herzi Halevy on Tuesday told reporters that the war in Gaza would continue “for several months,” while the Houthis claimed responsibility for a missile attack on a container ship in the Red Sea.
Despite the attack, major shipping companies such as Maersk (MAERSKb.CO) and France’s CMA CGM have resumed transit through the Red Sea after deploying a multinational task force to the region.
German company Hapag-Lloyd (HLAG.DE) is expected to make a decision on resuming shipments on Wednesday.
Markets remain supported by speculation that the US Federal Reserve will start cutting interest rates in 2024, after data on Friday showed that by some key measures – such as the personal consumption expenditures (PCE) price index – inflation is now at or below the central bank’s target. 2%.
Lower interest rates reduce borrowing costs, which can stimulate economic growth and increase demand for oil.
Inventory reports from the American Petroleum Institute Industrial Group and the Energy Information Administration, the statistical arm of the US Department of Energy, are expected to be released on Wednesday and Thursday, respectively, a day later than usual for both reports due to the Christmas holiday./End 9 https://ninanews.com/Website/News/Details?key=1097673
Central Bank Sales Exceed $200 Million Today
Wednesday 27, December 2023 15:22 | Economical Number of readings: 1517 Baghdad / NINA / The Central Bank of Iraq announced, today, Wednesday, its total sales of foreign currency through the electronic window.
The window recorded the total amounts of transfers abroad (remittances, credits) of $164,975,854, while the total amount of cash sales amounted to $35,190,000, and the total amount of sales amounted to $200,165,854.
The cash sale price was set at 1,305 dinars per dollar, while bond credits, international electronic card settlements, and foreign transfers were set at 1,310 dinars per dollar. /End 11
https://ninanews.com/Website/News/Details?key=1097765
The Iraqi Stock Exchange Closed Up By 2.29%
Market Economy News – Baghdad The Iraqi Stock Exchange closed today, Wednesday, up by 2.29%.
The session traded shares of 41 companies, with the number of shares traded reaching more than 11.2 billion shares, with a value of more than 12 billion dinars.
Elaf Islamic Bank shares rose by 10%, followed by Baghdad Al-Ghaziyeh by 7.7%, and Ishtar Hotels by 7.3%. Al-Amin Real Estate shares fell by 8.4%, followed by Sumer Bank by 7.6%.
Views 80 12/27/2023 – https://economy-news.net/content.php?id=38917
Establishing A Platform For Trading Shares Of Companies Not Listed On The Iraqi Stock Exchange
Market Economy News – Baghdad Informed sources revealed the establishment of the Securities Commission, a platform for trading shares of companies not listed on the Iraq Stock Exchange.
The sources told Al-Eqtisad News that the Securities Commission has established a platform for trading shares of joint-stock companies not listed on the Iraq Stock Exchange, which suffer from a deficiency in one of the listing conditions.
The sources confirmed that the beginning of next year will witness the work of this platform, which is one of the conditions for registering companies, pointing out that the Ministry of Commerce will refuse to register any company unless the shareholder register is deposited in the deposit center.
Views 169 12/27/2023 – https://economy-news.net/content.php?id=38918
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Provoking Points To Ponder on Power:
Power is the ultimate aphrodisiac. – Henry Kissinger
Liberal – a power worshipper without power. – George Orwell
Power is like a woman you want to stay in bed with forever. – Patrick Anderson
The illegal we do immediately, the unconstitutional takes a little longer. – Henry Kissinger
Power tends to connect; absolute power connects absolutely. – Peter Newman
Macho does not prove mucho. – Zsa Zsa Gabor
Give me a lever long enough And a prop strong enough, I can single-handed move the world. – Archimedes
Iron hand in a velvet glove. – Charles V
Famous Quotes and Authors, Famous Quotations for all Occasions–