News — Dinar Recaps Blog Page — Dinar Recaps (2024)

Iraq Economic News and Points To Ponder Thursday AM 6-13-24

Iraqis Are Resorting To “Gold Bullion” Instead Of Money, And The Banking System Is Dying

Economy | Yesterday, 11:18 |Baghdad today - Baghdad Today, Wednesday (June 12, 2024), financial affairs expert Mustafa Hantoush revealed the reason why Iraqis are resorting to purchasing gold bullion in abundance during the current period.

Hantoush said in an interview with "Baghdad Today" that "recently, the demand for buying gold bullion has increased significantly by citizens, especially those with large sums of money.

They have begun to save that money through these bullion instead of depositing their money in banks." He stated that "the reason why citizens resort to buying gold bullion to save their money is as a result of the weakness of the banking system, lack of confidence in this system, and fear for their money due to American sanctions.

This is why we see the majority of Iraqis turning towards gold bullion, especially in light of the

high prices of the yellow metal and the

stability of this price and

its lack of fluctuation like the dollar.".

From mid-December 2022 until now, the Iraqi dinar has continued to fall against the US dollar, until it reached the level of 1,610 dinars against one dollar at a time when the official price of the dollar is 1,300 dinars.

With the decline of the national currency and the rise in poverty and unemployment rates, Iraqi gold markets recorded a large demand from customers to buy the yellow metal amid warnings against buying counterfeit ones.

According to data from the specialized website “Bloomberg”,

Iraq bought 33.9 tons of gold in the year 2022, while the Turkish Consul General in Erbil Hakan Karaçay revealed that Iraq imported Turkish gold worth $1.5 billion during the year 2021.

Iraq's gold reserves witnessed a noticeable increase during the month of February 2024, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons.

This increase indicates Iraq's continued strategy to

diversify its foreign reserves and

enhance financial and monetary stability in the long term.

This step by Iraq comes at a time when the world is witnessing a rise in gold prices, as the price reached its highest level in its history last month above $2,400 per ounce.

Many simultaneous factors are strengthening the record levels of gold,

especially in light of the escalation of geopolitical tensions around the world, and

in light of the state of “uncertainty” surrounding the global economy, which supports the trend towards the precious metal as a traditional safe haven in the face of market fluctuations and dire scenarios that impose themselves on the market. the scene.

Iraq is among the countries that possess large amounts of gold reserves in the Arab region, as

it ranks fourth after the Kingdom of Saudi Arabia, Algeria, and Morocco.

https://baghdadtoday.news/251372-العراقيون-يلوذون-بـسبائك-الذهب-بدل-الأموال-والنظام-المصرفي-يحتضر.html

Iraq Raises Its Gold Possessions To More Than 145 Tons

Economy Possession of gold 2024-06-Shafaq News/ The World Gold Council announced on Thursday that Iraq has increased its gold holdings to reach more than 145 tons of global gold reserves.

According to the latest table issued by the Council for the month of June, viewed by Shafaq News Agency, the volume of Iraq’s gold possessions reached 145.7 tons, compared to 142.6 tons during the month of May.

The Council explained that Iraq dropped in rank to reach 31st place globally out of 100 countries listed in the table with the largest gold reserves, and

this amount represents 9.8% of the rest of its other reserves.

The Council indicated that the United States of America has the largest possession of gold in the world with 8,133.5 thousand tons, followed by Germany with 3,352.9 thousand tons, then Italy with 2,451.8 thousand tons, while Suriname came at the bottom of the list with 1.2 thousand tons.

It is noteworthy that the World Gold Council is based in the United Kingdom, and includes members of the largest gold mining companies in the world, and has extensive experience and deep knowledge of the factors affecting the gold market.

https://shafaq.com/ar/اقتصـاد/العراق-يرفع-حيازته-من-الذهب-ل-كثر-من-145-طنا

An Economic Expert Rules Out The Possibility Of Establishing A Sovereign Fund In Iraq... And Enumerates The Reasons

Time: 06/12/2024 15:24:35 Read: 1,638 times {Economic: Al-Furat News} An economic expert ruled out the possibility of establishing a sovereign fund in Iraq.

Salah Nouri, the former director of the Financial Supervision Bureau, told Al-Furat News Agency, “Sovereign funds are established to achieve mostly strategic development goals.”

He stated that "most of the sources of financing for sovereign funds for countries that possess natural resources are from the surpluses of these sources (oil and gas) or foreign exchange surpluses." He pointed out that

"the management of sovereign funds is independent and highly experienced in successful investment and developing fund returns." Nouri continued,

“From the above, I think Iraq is not prepared, as there are no surpluses from natural resources (oil and gas) for these funds.

Rather, revenues from the sale of oil are depleted in the general budget in addition to resorting to borrowing (external and internal).

On the contrary, Iraq is likely facing a financial sustainability deficit.” Borrowing results and benefits.

https://alforatnews.iq/news/خبير-اقتصادي-يستبعد-إمكانية-انشاء-صندوق-سيادي-في-العراق-ويعدد-الأسباب

An Economic Expert "Indicates" A Record Increase In The Volume Of Electronic Payments (POS)

Economy | Yesterday, 17:55 |Baghdad today – Baghdad Today, Wednesday (June 12, 2024), economic expert Manar Al-Obaidi indicated a record increase in the volume of electronic payments (POS) for the month of April 2024.

Al-Obaidi said in an explanation on his Facebook platform, followed by “Baghdad Today”, that

“electronic payments with local cards have reached a record level, the first to be recorded in Iraq, with the value of payments reaching 1.5 trillion Iraqi dinars, an increase of 77% annually. Monthly rate of 10%. He added,

https://baghdadtoday.news/uploads/posts/2024-06/1718202977_2.jpg

"Thus, the value of electronic payments for the four months of the year amounted to 5 trillion Iraqi dinars, while the total electronic payments for the year 2023 were approximately 9.6 trillion Iraqi dinars, and the total electronic payments for the year 2022 were 8.2 trillion Iraqi dinars," pointing out that

"it is expected to exceed Electronic payments this year exceed 30 trillion Iraqi dinars.” Al-Obaidi stressed,

“This increase is due to the policies that were taken, especially in the field of government transactions, which imposed exclusively electronic payment, and the increase in societal culture.”

https://baghdadtoday.news/251403-خبير-اقتصادي-يؤشر-ارتفاعا-قياسيا-بحجم-المدفوعات-الالكترونية-(pos).html

To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

Necessity is often the spur to genius. -Honore de Balzac

Necessity is the mother of "taking chances." -Mark Twain

Necessity makes even the timid brave. -Sallust

People wish to be settled; only as far as they are unsettled is there any hope for them. -Ralph Waldo Emerson

Difficulties are meant to rouse, not discourage. The human spirit is to grow strong by conflict. -William Ellery Channing

Adversity causes some men to break, others to break records. -William A. Ward

I think there is this about the great troubles - they teach us the art of cheerfulness; whereas the small ones cultivate the industry of discontent. -Mary Adams

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

TNT:

CandyKisses: Kurdistan Region announces the holiday of Eid

Shafaq News / The Kurdistan Regional Government announced, on Wednesday, the suspension of official working hours, in all governorates of the region, for a week, on the occasion of Eid al-Adha.

“Official working hours in the Kurdistan Region will be suspended from next Sunday, which marks the first day of Eid al-Adha, and until Sunday next week,” government spokesman Pishua Huramani said at a press conference, attended by Shafaq News.

Tishwash: The acting Iranian Foreign Minister arrives in Baghdad

Acting Iranian Foreign Minister Ali Bagheri arrived Thursday morning in the capital, Baghdad, at the head of a delegation on a two-day visit, to hold talks with senior Iraqi officials.

In light of the strategic relations between Iran and Iraq, the visit will focus on expanding relations between the two countries in all fields.

Bagheri's talks in Iraq will address the common interests between the two brotherly peoples, confronting security challenges and threats, as well as the security of the region, and consultation on regional and international issues.

The visit comes while the late Iranian President Ayatollah Ebrahim Raisi was scheduled to pay a three-day visit to Iraq on May 28. link

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Tishwash: Iraq raises its gold possessions to more than 145 tons

The World Gold Council announced on Thursday that Iraq has increased its gold holdings to reach more than 145 tons of global gold reserves.

According to the latest table issued by the Council for the month of June, viewed by Shafaq News Agency, the volume of Iraq’s gold possessions reached 145.7 tons, compared to 142.6 tons during the month of May.

The Council explained that Iraq dropped in rank to reach 31st place globally out of 100 countries listed in the table with the largest gold reserves, and this amount represents 9.8% of the rest of its other reserves.

The Council indicated that the United States of America has the largest possession of gold in the world with 8,133.5 thousand tons, followed by Germany with 3,352.9 thousand tons, then Italy with 2,451.8 thousand tons, while Suriname came at the bottom of the list with 1.2 thousand tons.

It is noteworthy that the World Gold Council is based in the United Kingdom, and includes members of the largest gold mining companies in the world, and has extensive experience and deep knowledge of the factors affecting the gold market. link

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Tishwash: Iraq seeks to attract foreign investment by amending its laws

The Iraqi Parliamentary Investment Committee aims to amend some investment laws during the next legislative term, with the aim of attracting foreign investments and capital.

According to committee member, Dhia al-Hindi, representatives of the World Bank Group working in investment and private projects were hosted to discuss some paragraphs of laws on investment, which are considered in opposition to sustainable development in Iraq, including the investment law and the company law.

Al-Hindi explained that representatives of the World Bank cited the experiences of the Kingdom of Saudi Arabia and the United Arab Emirates, where the foreign investor in those countries has the right to own and manage the company by 100%, while his share in Iraq is limited to only 49%.

Al-Hindi called for amending some paragraphs of the law to create an attractive environment for investors and capital, noting that amending laws is within the jurisdiction of Parliament, while the laws governing the economic process remain “socialist.”

Al-Hindi stressed that the committee is continuing to amend the commercial arbitration and investment laws, and approve the industrial investment and mineral investment law.

Al-Hindi stated that the committee will address the government regarding amending some paragraphs of the investment law to be subjected to study in the State Shura Council, and then sent to Parliament.

These efforts come within the framework of Iraq's efforts to strengthen its economy and attract foreign investments, especially in light of the economic crises it is experiencing.

It is expected that the amendments to the laws will contribute to improving the investment environment in Iraq and attract more foreign investments and capital, which will contribute to the development of the Iraqi economy and create new job opportunities link

IQD Update-Iraqi Dinar-2024 Budget Gazzette-Dollar Decline-WTO Working Group July 18th on Accession-

MilitiaMan and Crew: 6-13-2024

The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=U6780415nbI

Iraq Economic News and Points To Ponder Wednesday Afternoon 6-12-24

The Dollar Continues To Rise In Local Markets

Economy | 10:27 - 12/06/2024 Baghdad - Mawazine News The exchange rates of the dollar against the dinar continued to rise today, Wednesday, on the main stock exchange in the capital, Baghdad.

The price of the dollar on the Al-Kifah and Al-Harithiya stock exchanges recorded 147,250 dinars for every 100 dollars.

While prices in banking shops in local markets in Baghdad also recorded an increase, as the selling price reached 148,250 dinars, while the purchasing price reached 146,250 dinars for every 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=249571

Global Oil Prices Record A New High

Economy | 09:14 - 06/12/2024 Oil prices rose on Wednesday, amid optimistic views on global demand from the US Energy Information Administration and OPEC, supported by industrial data that showed US crude oil inventories falling more than expected last week.

By 0400 GMT, Brent crude futures rose 37 cents, or 0.45 percent, to $82.29 per barrel, while US West Texas Intermediate crude futures rose 46 cents, or 0.6 percent, to $78.36.

The Energy Information Administration raised its forecast for global oil demand growth in 2024 to 1.10 million barrels per day from a previous estimate of 900,000 barrels per day, while the Organization of the Petroleum Exporting Countries (OPEC) maintained its 2024 forecast for relatively strong growth in global oil demand, citing With expectations. For travel and tourism in the second half.

Prices fell more than 2 percent last week after OPEC and its allies said they would phase out production cuts starting in October.

Meanwhile, US crude oil inventories fell by 2.428 million barrels in the week ending June 7, according to market sources citing American Petroleum Institute figures. The decline was larger than expected by analysts polled by Reuters.

The data from the Energy Information Administration, the statistical arm of the US government, is scheduled to be released at 10:30 a.m. EST (1430 GMT) on Wednesday.

Investors are also looking forward to the US CPI report, which will be released before the bell on Wednesday, and the US central bank's policy announcement, scheduled for later the same day. https://www.mawazin.net/Details.aspx?jimare=249564

Iraq Signs An Agreement With "IFC" To Develop The Stock Market

Money and business Economy News – Baghdad On Wednesday, the Securities Commission announced the signing of an agreement with the International Finance Corporation to develop the securities market, indicating that this agreement will bring investments and achieve sustainable development.

The head of the authority, Faisal Al-Haims, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “the authority signed an agreement to develop the work of the Iraq Stock Exchange after discussions with the International Finance Corporation IFC,” indicating that “the agreement is advisory related to corporate governance and best practices.” Required by companies listed on the Iraq Stock Exchange.

He added, "This contract will be reflected on the Iraqi stock market at the international level, bringing investments and achieving sustainable development according to the plan of Prime Minister Muhammad Shiaa Al-Sudani."

He pointed out that "the project is the first cooperation between the Securities Commission and the International Finance Corporation," stressing that "there are other projects with them in the future."

For her part, Amira Ajaj, responsible for corporate governance and environmental and social standards programs in the Middle East region of the International Finance Corporation, affiliated with the World Bank, expressed her “pleasure with the signing of the agreement in a way that guarantees the authority the use of international expertise from the International Finance Corporation (IFC), affiliated with the World Bank.”

She continued, "The agreement will establish regulatory frameworks for practicing governance for environmental and social standards, which will reflect positively on the listed companies in terms of improved performance and sustainability, and will put Iraq on the path to further development and progress." Views 46 06/12/2024 - https://economy-news.net/content.php?id=44261

Iraq Confirms To The United Nations Fund The Success Of The Experimental Population Census Activities

Money and business Economy News – Baghdad Deputy Prime Minister and Minister of Planning, Muhammad Ali Tamim, announced today, Wednesday, the success of the pilot census activities in Iraq, while the United Nations Population Fund confirmed its full readiness to provide all types of support to ensure the success of the general population census.

A statement from the Ministry of Planning, received by Al-Iqtisad News, stated that “Deputy Prime Minister - Minister of Planning Muhammad Ali Tamim received the Regional Director of the United Nations Population Fund, Laila Bakri, and her accompanying delegation, which included the Fund’s resident representative in Iraq, Nestor Ohanji, and a number of... Specialists and experts.”

He pointed out, "During the meeting, prospects for joint cooperation between the two sides were discussed, especially with regard to population issues, confronting climate change, and economic diversification."

The statement added, "The Minister reviewed the ongoing preparations and procedures to implement the general population and housing census, which is scheduled to be conducted next November."

The Minister of Planning confirmed, "The success of the pilot census activities, which will end tomorrow, Thursday," praising "the level of support provided by the United Nations Population Fund for the census activities."

For her part, Bakri expressed “the Fund’s readiness to provide all possible types of support to ensure the success of the population census, given the importance of this project in formulating policies and long-term development plans.” 06/12/2024 - https://economy-news.net/content.php?id=44255

Learn About The Central Bank's Sales Of The Dollar

Economy | 02:15 - 06/12/2024 Baghdad - Mawazine News The Central Bank’s sales amounted to more than 280 million dollars today, Wednesday, during the currency auction.

In its auction today, the bank sold 280 million, 112 thousand, and 118 dollars, which it covered at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards.

Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 256 million, 202 thousand, and 188 dollars, an increase of 91% over cash sales of 23 million, 910 thousand dollars. https://www.mawazin.net/Details.aspx?jimare=249591

To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/

Provoking Thoughts and Points To Ponder On Adversity:

Necessity is often the spur to genius. -Honore de Balzac

Necessity is the mother of "taking chances." -Mark Twain

Necessity makes even the timid brave. -Sallust

People wish to be settled; only as far as they are unsettled is there any hope for them. -Ralph Waldo Emerson

Difficulties are meant to rouse, not discourage. The human spirit is to grow strong by conflict. -William Ellery Channing

Adversity causes some men to break, others to break records. -William A. Ward

I think there is this about the great troubles - they teach us the art of cheerfulness; whereas the small ones cultivate the industry of discontent. -Mary Adams

http://famousquotesandauthors.com/topics/adversity_quotes.html

http://famousquotesandauthors.com/quotes_by_topic.html

Goldilocks' Comments and Global Economic News Wednesday Afternoon 6-12-24

Good evening Dinar Recaps,

BRICS: BRICS calls for enhanced use of local currencies in trade between member countries -The Economic Times

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Joint Statement of the BRICS Ministers of Foreign Affairs/International Relations, Nizhny Novgorod, Russian Federation, 10 June 2024 - The Ministry of Foreign Affairs of the Russian Federation |Ministry of ForeignAffairs

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How will Europe's elections impact digital euro legislation? -Ledger Insights - blockchain for enterprise

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Russia intends to perform its first cross-border payments using thedigital rublein the second half of 2025. Central bank digital currency (CBDC) transactions with China or Belarus are on the cards. That’s according to Anatoly Aksakov, who chairs the Financial Markets Committee of Russia’s State Duma. |LedgerInsights

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Panel perspectives: Navigating the new waves of supply chain finance |TradeFinanceGlobal

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Project Cedar, Explained (Wholesale Central Bank Digital Currency Prototype).How the 7 trillion dollar a day Forex Market will move its money. |Youtube

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We are moving from a World Reserve Asset transaction to Central Bank Digital Ledger Technological (blockchain) transactions.

© Goldilocks

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🚨BREAKING: BRICS Says 59 Nations Plan to Join, New Financial System, Dedollarization Priorities |Youtube

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A Distributed Systems Reading List |Ferd CA

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Putin Says BRICS Developing Independent Payment System Free From Political Pressure –Featured Bitcoin News

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Ripple Completes Acquisition of Standard Custody & Trust Company –News Bytes Bitcoin News

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Saudi Arabia's petro-dollar exit: A global finance paradigm shift | The Business Standard

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Russia’s Moscow Exchange to stop trading in dollars after latest US sanctions |ARA TV

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FOMC Press Conference June 12, 2024 |Youtube

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TNT:

Tishwash: Kuwait connects its “Fiber” network to Iraq

Tishwash: Iraqis resort to “gold bullion” instead of money, and the banking system is dying

Today, Wednesday (June 12, 2024), financial affairs expert Mustafa Hantoush revealed the reason why Iraqis are resorting to purchasing gold bullion in abundance during the current period.

Hantoush said in an interview with "Baghdad Today" that "recently, the demand for buying gold bullion has increased significantly by citizens, especially those with large sums of money. They have begun to save that money through these bullion instead of depositing their money in banks."

He stated that "the reason why citizens resort to buying gold bullion to save their money is as a result of the weakness of the banking system, lack of confidence in this system, and fear for their money due to American sanctions. This is why we see the majority of Iraqis turning towards gold bullion, especially in light of the high prices of the yellow metal and the stability of this price and its lack of fluctuation like the dollar." .

From mid-December 2022 until now, the Iraqi dinar has continued to fall against the US dollar, until it reached the level of 1,610 dinars against one dollar at a time when the official price of the dollar is 1,300 dinars.

With the decline of the national currency and the rise in poverty and unemployment rates, Iraqi gold markets recorded a large demand from customers to buy the yellow metal amid warnings against buying counterfeit ones.

According to data from the specialized website “Bloomberg”,Iraq bought 33.9 tons of gold in the year 2022, while the Turkish Consul General in Erbil Hakan Karaçay revealed that Iraq imported Turkish gold worth $1.5 billion during the year 2021.

Iraq's gold reserves witnessed a noticeable increase during the month of February 2024, as International Monetary Fund data showed that Iraq had increased its possession of the precious metal by 3,079 tons, bringing the total to 145,661 tons.

This increase indicates Iraq's continued strategy to diversify its foreign reserves and enhance financial and monetary stability in the long term.

This step by Iraq comes at a time when the world is witnessing a rise in gold prices, as the price reached its highest level in its history last month above $2,400 per ounce.

Many simultaneous factors are strengthening the record levels of gold, especially in light of the escalation of geopolitical tensions around the world, and in light of the state of “uncertainty” surrounding the global economy, which supports the trend towards the precious metal as a traditional safe haven in the face of market fluctuations and dire scenarios that impose themselves on the market. the scene.

Iraq is among the countries that possess large amounts of gold reserves in the Arab region, as it ranks fourth after the Kingdom of Saudi Arabia, Algeria, and Morocco link

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Tishwash: Beijing: Iraq is the third largest Arab trading partner with China

Today, Wednesday, the representative of the Chinese Embassy, ​​the Commercial Counselor of the People's Republic of China in Iraq, Xu Chun, revealed cooperation between the Ministry of Higher Education and Huawei to build the Information Technology Academy, while noting that Iraq is China's third largest trading partner among Arab countries.

During the conference on smart education, in cooperation with Huawei Technology, and attended by the Iraqi News Agency (INA) correspondent, Chun expressed his "happiness to attend the smart education event organized by the Ministry of Higher Education and Scientific Research in Iraq in cooperation with Huawei."

He added, "With the continuous development of information technology and its in-depth application, the demand for digital transformation in Iraq has increased. Since the end of last year, the Iraqi government has given great importance to accelerating the digital transformation process, and there have been a series of developments in the field of electronic passports and other government services."

He continued, "We are pleased to see cooperation between Huawei, the Ministry of Higher Education and Scientific Research, and local universities to build the ICT Academy, which aims to provide online lessons, provide a global exchange and competition platform for teachers and students, encourage students to obtain Huawei's professional and technical certificate, and develop talents." Innovation and technology applied to society and the ICT industry chain.”

He explained, "President of the People's Republic of China, Xi Jinping, stressed in his speech during the opening session of the tenth session of the ministerial meeting of the China-Arab Cooperation Forum, deepening cooperation, following up on the work of the past, paving the way for the future, and accelerating the pace of building the Chinese-Arab community for a common future."

He continued, "The digital age represents the key to accelerating the improvement of the digital infrastructure on a large scale, enhancing the infrastructure of networks, computing and applications in a coordinated manner and linking them with data for continuous economic and social development," expressing his "aspiration for more cooperation with Chinese companies." "To exchange experiences and cooperate with the Iraqi government and companies and actively participate in the digital transformation process in Iraq, in order to continue to advance the strategic partnership relations between China and Iraq to a higher level."

For his part, CEO of Huawei Iraq, William Yang, said: “We are keen to employ our global capabilities and expertise to develop and hone the skills of local talent and provide a full range of education digitization solutions designed for Iraq.”

He continued, "The partnership with the Ministry of Higher Education will provide Iraqi students with access to the latest technologies and recognized certificates in this field, instilling and strengthening a culture of innovation and entrepreneurship, as well as promoting the establishment of an effective smart campus by strengthening the basic education network and simplifying cloud platforms." And implementing smart classroom applications.

He added, "Given our confidence in the excellence of Iraqi talent at the regional and global levels, we are convinced that this cooperation will have a positive and sustainable transformative impact on the information and communications technology sector in Iraq, leading to bridging the digital gap, creating more job opportunities, and driving economic and social growth in Iraq." "The country."

He pointed out that “the Huawei ICT Competition, which is held annually, focuses on developing scientific and technological talent by highlighting realistic practices and needs in the technology sector, as well as urging participants to design innovative solutions that contribute to creating social and commercial value using modern technologies.”

The “Seeds for the Future” program also provides young talents with training courses and participation in international competitions that enhance the presence of intercultural exchange and the transfer of knowledge and experiences,” pointing out that “the programs include activities for graduates that focus on adopting the use of digital technology, in a way that enhances entrepreneurship and supports paths of development and growth.” Various sectors and industries.

He stressed, "Huawei, as a leading global company in providing infrastructure and smart devices for information and communications technology, is committed to putting its capabilities and expertise to develop the information and communications technology sector in the countries in which it operates, and its business strategy aims to harness technology to advance social and economic sustainability in the long term." link

Iraq Economic News and Points To Ponder Wednesday AM 6-12-24

Expert: Dealing In The Dollar Remains And Speculation In Prices Is Temporary

Time: 06/11/2024 20:21:14 Read: 1,911 times {Economic: Al-Furat News} The economic expert, Bassem Jamil Antoine, considered the issue of price speculation “temporary,” while he believes that dealing in the dollar will remain in Iraq.

Antoine told {Al-Furat News} that:

“The dollar will not be cut off from the local markets because the rate of entry of the dollar into Iraq daily is no less than 3 million from the sale of oil.” He added, "Speculation in prices is temporary and short-lived because the government was able to maintain prices through the regularity of the food basket, and there is not much demand for the dollar.

The pumping continues, demands are met, and speculation operations have been controlled."

Antoine pointed out, "It is possible that there will be a slight increase during the Eid al-Adha period; unless the banks continue to take their share of it and pump it to the markets, we will be able to control it in general."

Today, Tuesday, selling prices in the field of banking in the local markets in Baghdad reached 148,750 Iraqi dinars for 100 dollars, while purchasing prices reached 146,750 dinars for 100 dollars.

https://alforatnews.iq/news/خبير-التعامل-بالدولار-باقي-والمضاربات-بالأسعار-وقتية

Unusual”... A Government Advisor Proposes The Idea Of ​​Establishing A Sovereign Wealth Fund

Time: 06/11/2024 21:11:57 Read: 2,717 times {Economic: Al-Furat News} The economic and financial advisor to the Prime Minister, Mazhar Muhammad Saleh, proposed an “unusual” idea to establish a sovereign wealth fund.

Saleh said {to Al-Furat News} that:

“The SWF sovereign wealth funds, which Kuwait started with the Generations Fund since the 1950s, were followed by surplus countries exporting raw materials in general and oil in particular, on the basis of diversifying the investment of those financial surpluses in financial and real investment opportunities in major economies.”

Outside their countries through a fund called the Sovereign Wealth Fund (SWF) whose function is to manage the investment of surpluses in financial and real assets outside their countries, and

the reason is due to an issue called “weak absorption capacity.” He explained,

"That is, the weakness of the ability to transfer those surplus savings from revenues from exporting natural resources into investments within the state itself due to many internal structural factors

(because the surplus saving resources resulting from a surplus in the current accounts of its balance of payments exceed its available capabilities to spend or spend on internal development projects or investment."

Those revenues from exports are immediately invested in operations within the economy, noting that

those surpluses are capital assets that can be reinvested and generate value-added chains that multiply the national income of their countries many times over.