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Iraq Economic News and Points to Ponder Tuesday AM 2-27-24

The Minister of Commerce discusses in Abu Dhabi with the World Trade Organization the completion of procedures for Iraq to join the organization

Tuesday 27, February 2024 | Economical Number of readings: 168  Baghdad / NINA / The Minister of Commerce, Atheer Al-Ghurairi, met in Abu Dhabi with Assistant Director-General of the World Trade Organization, Zunk Shank Shank, and discussed with him the completion of Iraq’s procedures to complete the required files, support reforms and legislation to be consistent with the market system, and strengthen the country’s economic capabilities to complete the requirements of the next stage of the accession process.

The Minister stressed in a statement, “the keenness of the working group on accession to continue by strengthening cooperation with the organization’s accession department and the head of the working group, Saudi Ambassador Saqr al-Muqbel, whose recent visit to Iraq provided great support for the efforts and steps taken by the national committee concerned with accession, which he chaired, to complete all requirements in a way that achieves Iraq’s integration into the multilateral trading system.

During the meeting, the minister stressed “the hope that the efforts of the organization’s working group will focus on supporting the accession of important countries, including Iraq.”

Al-Ghurairi continued, “The Iraqi government, within its government program and the measures it took to raise the level of draft laws and support the role of the private sector, recorded international signals of its endeavor and eagerness to return to the economic system due to its geographical and economic importance in the region.”

For his part, the Assistant Director General of the organization confirmed, “The organization is looking forward to and following the steps for Iraq’s accession carefully, given that Iraq is one of the important and powerful economies that is still outside the organization, and that Iraq’s presence within the organization’s membership will be a great added value to the organization and to the global economy.”

He praised the advanced stages accomplished by the Ministry of Commerce in terms of completing and submitting the technical files on goods and services in trade, which will speed up the holding of the third round of negotiations, wishing for the continuity and continuity of momentum and work to complete the requirements for accession, amend the required laws and legislation, and complete the technical files within their specified timing, as the team will present We support him to complete his journey to join and we celebrate him in the next ministerial meeting of the organization.”/End H

Parliamentary Finance Calls On The World Bank To Develop The Iraqi Banking System

Economy News _ Baghdad  Today, Tuesday, the Chairman of the Parliamentary Finance Committee, Atwan Al-Atwani, called on the International Monetary Fund and the World Bank to provide the necessary support to Iraq in the areas of exchanging experiences and training national cadres, to develop the Iraqi banking system.

The media office of the Presidency of Parliament said in a statement received by Al-Iqtisad News, “The Chairman of the Finance Committee, Atwan Al-Atwani, participated via closed circuit television in the deliberative meeting of the International Monetary Fund regarding the financial and economic situation in Iraq.”

The office added, “Al-Atwani provided a briefing on the financial and economic situation and the items and programs included in the tripartite budget law for the years (2023-2025) that are consistent with the government program to advance various sectors, activate the private sector, encourage investment, and support investors, in order to achieve sustainable development.”

According to the statement, Al-Atwani stressed that “approving the tripartite budget gave the government great flexibility in terms of contracting, implementing projects, and attracting foreign companies to implement major projects,” pointing out that “the Finance Committee, through monitoring spending and financing and implementing plans and programs, seeks integration between the legislative and executive authorities.” Because we want this government to succeed, especially since it is taking steady steps towards achieving the people’s aspirations.”

The Chairman of the Committee indicated that “the National Service Government is serious about moving the wheel of economy and development and has ambitious programs to advance various productive sectors and maximize non-oil revenues, to leave the state of excessive dependence on oil in forming the general budget.”

Al-Atwani called on the International Monetary Fund and the World Bank to “provide the necessary support to Iraq in the areas of exchanging experiences and training national cadres, to develop our banking system, especially as we are moving towards activating the digital financial dealing system and automating taxes, customs, and other service sectors that generate financial revenues for the state.”

191 views  02/27/2024 –

There Is An Increase In The Dollar Exchange Rates In Iraqi Markets

Economy  02-27-2024 | 4,854 views  Alsumaria News – Economy  Alsumaria News publishes the exchange rates of the dollar against the Iraqi dinar in Iraqi local markets for Tuesday, February 27, 2024.

Dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 151,300 Iraqi dinars for 100 dollars, while selling prices in exchange shops in local markets in Baghdad rose, as the selling price reached 152,250 Iraqi dinars, while purchasing prices reached 150,250 dinars for every 100 dollars.

On February 7, the Council of Ministers announced its approval of amending the dollar exchange rate to 1,320 dinars per dollar.

For about a year, and specifically since the Central Bank began operating the electronic platform and the international financial transfer system “SWIFT,” the dollar exchange rates in Iraq have not witnessed stability despite the attempts of the government and the Central Bank to control the exchange rate in the parallel markets.   LINK

The Reality Of Imposing New US Sanctions On Private Iraqi Banks

Economy News – Baghdad  An informed source denied reports of new sanctions being imposed on some private banks.

The source, who preferred to remain anonymous, told Al-Eqtisad News that there is no truth to the reports that the US Treasury has recently imposed sanctions on some private banks.

He stressed that a number of banks were prohibited from dealing in the dollar currency, which the Central Bank announced months ago.  225 views   02/27/2024 –

Parliament Agrees With The European Union To Open Various Factories In Iraq

Reconstruction and building   Economy News – Baghdad  Today, Tuesday, the Parliamentary Investment and Development Committee announced its agreement with the European Union Ambassador Thomas Seiler to introduce European companies to the market and open various factories, while the ambassador confirmed that the Reconstruction and Development Bank will soon work in Iraq.

The head of the committee, Hassan Al-Khafaji, said in a press conference held in the House of Representatives with the participation of the European Union ambassador, that “the committee hosted the European Union ambassador to discuss a number of files related to new legislation,” noting that “it was agreed to cooperate and work together to combat corruption, introduce European companies into the Iraqi local market, and exchange experiences.”

“Economic and commercial, opening new European factories in Iraq and refining the capabilities of Iraqi competencies in various fields.”

He continued: “We asked the European side to open a permanent office and headquarters inside Iraq, since it has no headquarters except inside the British Embassy,” explaining, “We asked to open banking branches in Iraq that finance industrial and investment projects while providing full support from the government and the House of Representatives in the fields of reconstruction and investment.” And loans.”

He stated, “There are currently joint projects in Baghdad, Babylon, and Holy Karbala, where the European Union is interested in infrastructure,” pointing out, “We have requested funding for many projects, especially with Iraq’s accession to the International Arbitration Organization and the vote on the partnership law between the private and public sectors, which allows companies “For foreigners to enter and work in Iraq and participate with the private sector for reconstruction and building a new Iraq.”

He stressed that “it was agreed on unified action to bring in solid companies similar to companies operating in the Middle East and international companies that contributed to building Iraq’s factories during the eighties and seventies.”

For his part, the European Union Ambassador to Iraq, Thomas Seiler, said during the conference: “We held a meeting with the Parliamentary Investment and Development Committee in our capacity as the European Union delegation, as one of the outcomes we came up with is that the European Union must make more efforts for European companies to invest in Iraq, and we must “Work together to provide the conditions that enable Europe to invest more in Iraq,” explaining that “the legislative necessities were discussed in order to achieve economic stability in Iraq as well as investment stability, and these are steps that must be taken by Parliament.”

He stated that “there are many laws that support this aspect, including the investment law, the partnership law between the public sector and the private sector, and other laws,” explaining that “this is part of the government’s approach to combat corruption and support investment and the economy.”

He stated: “Today we discussed many issues and many details, and this is part of Europe’s interest in the stability of Iraq, as we see that Iraq can play an important central role in the region politically and economically,” pointing to “the necessity of developing the European Union’s investment programs, especially the financial and banking institutions, which are the Bank.”

The European Union for Reconstruction and Development, which we expect will soon come to work in Iraq, as well as the European Investment Bank, which is concerned with providing loans and expertise to support infrastructure projects, but we have committed ourselves to working in this aspect for the benefit of the Iraqi citizen, and we will cooperate with local authorities to achieve this.”

Views 51 02/27/2024

Al-Nahrain Islamic Bank Announces The Granting Of POS Devices To State Institutions And The Private Sector For Free

Time: 02/27/2024 18:08:37 Read: 546 times

{Economic: Al-Furat News} Al-Nahrain Islamic Bank (a government bank), in cooperation with the smart card company, announced the granting of electronic payment devices (pos) to state institutions and the private sector for free to facilitate banking transactions for citizens electronically.

In a statement, which {Al-Furat News} received a copy of, the bank called on those wishing to obtain (Pos) devices to: “review the bank’s management in Bab al-Muadham, the Jihad neighborhood branch in Baghdad, the Salam branch in Najaf al-Ashraf, and the al-Farahidi branch in Basra.” He added, “that he will work on training.” The technical personnel who will work to activate these devices and provide technical and logistical support to complete this work.”

He added, “This comes in line with the government program and the directives of Prime Minister Muhammad Shiaa Al-Sudani and Minister of Finance Taif Sami and in support of the decisions of the Central Bank of Iraq to move to electronic payment POS and limit cash transactions, which in turn will contribute significantly to enhancing government resources and collecting them in a reliable, safe and transparent environment.” .   LINK

Oil Stabilizes Amid Prospects For A Ceasefire In Gaza

Arab and international  Economy News – follow up   Oil prices were largely stable, Tuesday, as investors evaluated the prospects of reaching a truce in Gaza, against the current situation in the Middle East.

By 09:23 GMT, Brent crude futures fell ten cents, or 0.12 percent, to $82.43 per barrel.

US West Texas Intermediate crude futures fell seven cents, or 0.09 percent, to $77.51.

Attacks launched by the Houthi group in the Red Sea led to an increase in shipping prices and periods.

The US Central Command said on Monday that the Houthis fired a missile that likely targeted the oil tanker (Turm Thor), which flies the American flag, in the Gulf of Aden on February 24, but did not hit it.

In reference to stopping the escalation in Gaza, US President Biden said on Tuesday that Israel has agreed to stop military actions in Gaza during the month of Ramadan, while Hamas is studying a draft proposal for a truce that includes a temporary cessation of fighting and the exchange of detainees and hostages.

Oil prices also received support from indicators of improving demand in China, the world’s largest crude consumer.

On Tuesday, the Russian authorities also announced a six-month ban on gasoline exports, starting on March 1, to maintain price stability in light of increasing consumer and farmer demand, as well as to provide the opportunity to maintain refineries in the world’s second largest oil exporter.

The two crude oil prices rose more than one percent at settlement yesterday, Monday, after falling between two and three percent over the past week, with markets increasing expectations that interest rate cuts will take longer in the future.

The weekly US crude inventory data from the American Petroleum Institute is scheduled to be released at 21:30 GMT.

On the other hand, all eyes are on the OPEC+ alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and other allies, with a planned decision approaching in March on whether to extend voluntary production cuts to support prices.

Views 27  02/27/2024 – 5:58 PM


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Provoking Points To Ponder on Deception :

Hood an ass with reverend purple. So you can hide his two ambitious ears, and he shall pass for a cathedral doctor.  – Ben Jonson

Proportion is almost impossible to human beings. There is no one who does not exaggerate.  – Ralph Waldo Emerson

Everything that deceives may be said to enchant.  – Plato

We are never deceived; we deceive ourselves.  – Goethe

All charming people have something to conceal, usually their total dependence on the appreciation of others.  – Cyril Connolly