Bondlady’s Corner

  In Bondlady’s Corner

Iraq Economic News and Points to Ponder Late Sunday Evening 2-11-24

Tlm724 Administrator Bondlady’s Corner

Experts: The Dollar Crisis Will Only Be Solved Through The Private Banking Sector And Moving The Wheel Of Industry

Economy | 02/11/2024   Mawazine News – Baghdad  Economic affairs specialists have identified a number of factors that would control the exchange rate of the parallel dollar, stressing that granting the private industrial sector financial and administrative facilities could lead to moving the wheel of production and reducing imports that are financed with the parallel dollar from the black market, stressing The importance of doubling loans that would establish a production base capable of meeting the local market’s requirements for goods and materials.

Economic calls have increased remarkably, demanding that loans and credit facilities granted by banks to the private sector be directed towards activating and increasing production processes, indicating that these facilities exceeded 50 trillion dinars last year 2023, but they did not contribute to increasing gross domestic product rates, stressing at the time He stressed the importance of building more bridges of trust between investors, businessmen and companies with government and private banks with the aim of facilitating the granting of loans directed towards increasing local production.

The specialists’ calls come at a time when the government has intensified its efforts to eliminate the rise in exchange rates in the parallel market, which has greatly affected the movement of buying and selling goods and materials in the local markets.

Following a package of decisions that contributed to closing the gap that occurred earlier between the official and the parallel dollar, A government source revealed earlier that electronic cards were issued to small merchants with a ceiling of $100,000 per month.

The new government step was met with economic welcome, which emphasized the importance of this measure in eliminating the significant rise in parallel exchange rates and reducing the jumps in the green currency, in addition to its importance in covering the prices of imported goods at the official dollar rate, thus achieving great stability in the local markets.

Economist Manaf Al-Sayegh believes that “a large part of the solution lies in establishing a large production base capable of meeting the requirements of local markets and blocking the path to import operations that require huge sums of money from the dollar,” pointing out the necessity of “developing a strategic plan that begins in the form of stages that include the advancement “The high quality of the industrial and agricultural sectors, which constitute the backbone of the national economy.”

Al-Sayegh also urged “the importance of the strategy including real steps to reform the banking and financial system in the country, and adapting it in a way that can be parallel to what developed countries have achieved in banking transactions, as well as moving towards reforms related to the trade balance, which can stimulate the movement of local production and exports.” National economy, thus significantly reducing the demand for the parallel dollar, pointing out that creating a balance between exports and imports is an important step to revitalize the national economy and enable it to achieve growth in all its sectors, thus diversifying sources and significantly reducing dependence on the oil sector.

In turn, the economic expert, Nabil Al-Marsoumi, explained that the decline of the dollar index against the Iraqi dinar is on its way to decline, pointing to the seriousness of the monetary authority in diversifying currency reserves, as well as expanding the circle of payments from other currencies, not to mention simplifying and concise access to the electronic platform. .

Al-Marsoumi stressed “the importance of resolving problems related to trade with neighboring countries, by finding other ways to trade with those countries in order to find a close price between the official and the parallel dollar.”

The Governor of the Central Bank had confirmed that “the indicator of the success of any country’s monetary policy is controlling the general level of prices and reducing inflation,” explaining that “inflation has now decreased significantly compared to the beginning of 2023, which indicates that foreign trade is covered by the price.” And that foreign financing operations are taking place smoothly, and all importers and traders can obtain the dollar at the official rate and control it.”

Al-Alaq pointed out that “the Central Bank’s adherence to the rules and principles of external transfer in accordance with the conditions and requirements it set and its insistence on implementing them has prompted many hesitant merchants to enter the platform for selling foreign currency, especially since its use is easy and safe and it provides them with the dollar at the official rate.”

Al-Alaq pointed out that “the Central Bank confirms the possibility of meeting all requests for the dollar, whether personal, commercial, or any kind, as long as they are valid and legitimate.”

The Joint Meeting Between Baghdad And Washington To Discuss The Future Of The Alliance Ended Without Announcing The Details

Political | 08:26 – 02/11/2024  Mawazine News – Baghdad  Political sources reported, today, Monday, the end of the political security meeting between America and Iraq within the Green Zone to discuss the foreign presence in Iraq.

According to sources told Al-Mawazine News, “The meeting in which the Ministry of Foreign Affairs, joint operations commanders from Iraq, the American embassy, and representatives of the international coalition participated, ended a short while ago.”

She added, “The official statement about the details of the meeting may not be announced in detail due to the embarrassment of the government’s political position regarding the foreign presence.”

She pointed out that “amending the Sufi Agreement (SFA), known as the Framework, was the most prominent thing that was proposed, as well as the details of the military presence of the international coalition and military cooperation.”

The Iraqi Embassy In Washington Signs An Agreement For Communication And Lobbying In Light Of Regional Tensions

Iraq  Sunday, February 11, 2024 3:38 PM   Follow-up/National News Center   The American newspaper “Politico” reported in a report published today, Sunday, that the Iraqi embassy in Washington had signed an agreement with the “Squire Patton Boggs” legal consulting and law firm to provide assistance in lobby activities inside the United States, and to enhance its efforts, the embassy also renewed its contract with another company.

According to the report, this comes in the context of escalating tensions in the Middle East as a result of the conflict between Israel and Hamas, in addition to the recent American military campaign in response to an attack that killed 3 American soldiers.

The report confirmed that the agreement between the Iraqi embassy and “Squire Patton Boggs” company extends for a year, with an estimated value of about 800 thousand dollars, with the aim of providing political advice and strengthening bilateral political and commercial relations between the two countries.

The report indicated that this agreement was signed before the American drone raid in Baghdad, which resulted in the killing of the leader of the Iraqi Hezbollah Brigades, Abu Baqir al-Saadi. The newspaper indicated that this raid sparked condemnation from Iraqi leaders, which may lead to increased pressure to expel the US-led coalition forces.

In another context, the Iraqi embassy hired another lawyer, Michael Sarafa, from the Butzel Long Law Firm in Michigan, to help Iraq establish relations with Iraqi-American communities in Michigan and Illinois, in addition to strengthening communication with the Iraqi-American business community and members of Congress.

Iraq’s Oil Exports To America Fell To Zero

Energy  Economy News _ Baghdad  The US Energy Information Administration announced on Sunday that Iraq did not export any quantity of oil to America during the past week.

The administration said in a table seen by Al-Iqtisad News, “The average US imports of crude oil during the past week from 7 major countries amounted to 5.459 million barrels per day, an increase of 519 thousand barrels per day compared to the previous week, which amounted to 4.940 million barrels per day.”

She added, “America did not import crude oil from Iraq during the past week after it imported an amount of 205 thousand barrels per day during the previous week.”

The administration indicated that “most of America’s oil revenues during the past week came from Canada at an average of 3.539 million barrels per day, followed by Mexico with an average of 661 thousand barrels per day, and oil revenues from Colombia amounted to an average of 415 thousand barrels per day, and then Saudi Arabia at an average of 353 thousand barrels per day.” .

According to the table, “the amount of American imports of crude oil, from Brazil, was at a rate of 338 thousand barrels per day, from Nigeria at a rate of 81 thousand barrels per day, and from Ecuador at a rate of 72 thousand barrels per day.”

While it did not import any quantity from Libya or Russia.

Views 95 02/11/2024 –


To read more current and reliable Iraqi news please visit BondLady’s Corner:


Points To Ponder on Anxiety about the Future

We are terrified by the idea of being terrified.- Friedrich Nietzsche

That fear of missing out on things makes you miss out on everything.- Etty Hillesum

He who fears being conquered is sure of defeat.  – Napoleon Bonaparte

What we fear comes to pass more speedily than what we hope.- Publilius Syrus

The greatest mistake you can make is to be continually fearing you will make one.- Elbert Hubbard

The mere apprehension of a coming evil has put many into a situation of the utmost danger.  – Lucan