Friday, March 1, 2024
For The Third Month... Basra Crude Oil Continues To Soar And Achieves Weekly Gains, 1 APRIL
For The Third Month... Basra Crude Oil Continues To Soar And Achieves Weekly Gains
Economy | 03/30/2024 Mawazine Yunuz – Baghdad Basra crude achieved weekly gains, with global oil prices recording gains for the third month in a row.
Basra Heavy crude closed, in its last session on Friday, at an increase of 97 cents to reach $83.47, recording weekly gains of $2.07, equivalent to 3.18%.
Basra Intermediate crude also closed in its last session at an increase of 97 cents, reaching $86.30, and also recorded weekly gains of $2, or the equivalent of 2.37%.
Global oil prices witnessed strong increases during recent weekly market transactions, with prices heading for gains for the third month in a row. https://www.mawazin.net/Details.aspx?jimare=244858
Central Bank announces the increase in the volume of foreign reserves from 140 to 148 trillion dinars, 1 MARCH
Mawazine News – Baghdad
The central bank announced that it was able to reduce inflation levels in the country, increase foreign reserves and the volume of deposits in banks and expand electronic payment tools, at a time when the House Finance Committee has made proposals to develop the banking system.
Deputy Governor of the Central Bank Ammar Khalaf said during the opening of the exhibition and the eighth annual conference on finance and banking services, that “the country faced during the past year a series of challenges, but the Central Bank addressed them with high responsibility, as it was able through various monetary policy tools and the right decisions to achieve its goals set in its law, as well as achieve the general level of prices, by reducing the inflation rate, as the inflation rate reached 7.5 percent at the beginning of 2023 and fell at the end to 4 percent.”
Khalaf pointed out that “last year witnessed a clear growth in most of the monetary changes, including the increase in the volume of deposits in the banking sector from 129 trillion dinars during 2022 to 131 trillion dinars in 2023, as well as an increase in private sector deposits in the banking system from 54 trillion dinars to 55 trillion dinars, as well as the increase in the volume of credit in the banking sector from 60 trillion to 69 trillion during 2023, in addition to the rise in dependence in the private sector from 35 to 40 trillion dinars, with the increase in the volume of foreign reserves from 140 to 148 trillion dinars.”
https://www.mawazin.net/Details.aspx?jimare=242943
Thursday, February 29, 2024
"RV UPDATE" BY PIMPY, 1 MARCH
Pimpy
Question: "How is the development road project going to be funded at 1310?"
The development road project is not the world's largest project. It's not even in the top 20. But it is a very expensive project...Pay close attention... Article quote "This year's budget is Iraq's largest at 198.9 trillion Iraqi dinars, about $153 billion based on the exchange rate.
The 2024 and 2025 budgets will be the same unless the cabinet requests any changes and parliament approves them." This budget has already calculated...What did it say in the article? 'With the current exchange rate. And what is the current exchange rate? 1310 dinars per dollar.
There's no doubt this [Development Road Project] is going to turn Iraq into a transit center . There's going to be a lot of traffic going through there. [But] Article quote: "Iraq has postponed the launch of its $7 billion development road project to early 2025..." Hello, remember, don't count your chickens before they hatch. We are talking about Iraq. This happens quite often.
Community Comment: "Thanks for the let down once more that Iraq will never RV." I never said it would never RV. Never. In fact I'm the one that said it's going to go up in increments.
Question: "There have been some references...regarding some Iraqi banks in the US, have you heard about any of thee banks on US soil?" Here you go: You have the Iraq National Bank that's in New York. Rasheed Bank that's in New York. North Bank that's Dearborn Michigan, The Bank of Baghdad is in New York City, TBI Bank which is in Washington DC. These are the Iraqi banks that are currently in the US...Community Comment: "Once the 3 zeros are deleted, establishing IQD's REER, then the rate will go up in increments." That's not what you want. You do not want them to delete the zeros before the rate goes up. If they delete the three zeros off your currency then your 25,000 dinar becomes a 25 dinar and then they raise the rate? That's not going to help you. We'll see what happens.
If you're going to exchange your Iraqi dinar, let's just say for the sake of this particular example...3 to 1, congratulations you now got millions of dollars. So you go and you swap your currency and they're saying, 'Hey, you got $3 million in your account.' Yah! You can't say to them I want $3 million dollars because the bank doesn't carry money like that no more. They might say...we are going to allow you to carry out $5,000 for today cash but we're going to have to set an appointment with you to come pick up the rest of the cash...If they have to order currency for you, they're going to charge you a fee because they have to pay a fee...Iraq has completed requirements to join WTO: Minister, 1 MARCH
Iraq has completed requirements to join WTO: Minister
ABU DHABI, 27th February, 2024 (WAM) — Atheer Daoud Al Ghurairi, Minister of Commerce of Iraq, has confirmed that Iraq has completed the requirements to join the World Trade Organisation (WTO) after completing economic reforms and improving the business environment.
In statements to the Emirates News Agency (WAM) on the sidelines of his participation the 13th Ministerial Conference of the WTO, Al Ghurairi pointed out that the trade in goods and services files have been finalised according to the set schedules for integration into the global trade system.
Al Ghurairi said that the interest of the Iraqi government in joining the WTO after Iraq submitted a request to join in 2004, in the belief that it is important to be part of the multilateral world trade system and for Iraq to return to an influential position in the global economy. He pointed out that there will be a meeting at the level of Arab countries to learn about their experiences before joining the organisation and ways to benefit from its advantages.
The Iraqi Minister of Commerce stressed the importance of the events of the conference held in Abu Dhabi, which is witnessing a successful organisation by the UAE. He stated the conference sends an important message to all countries of the world about the importance of joining this organisation, in addition to its role in discussing the future of the global trade movement according to current challenges.
Al Ghurairi mentioned Iraq’s plans to enhance economic and trade ties globally, aiming to establish new avenues for cooperation in these sectors.
https://www.bignewsnetwork.com/news/274139292/iraq-has-completed-requirements-to-join-wto-minister
"1 IQD = 1 IQD" BY HARLEQUINC3, 1 MARCH
Harlequinc3
Over the years, there's been many articles about the old currency retaining its 'nominal value' -- the denomination remains the same, a 25,000 dinar note remains 25,000 one dinars. And the new 25 denomination remains 25 one dinars.
1 dinar = 1 dinar. Denomination value just means 'name' not exchange rate. The confusion arises from people thinking 'value' means exchange rate, when it's just talking about the nominal value -- the 'named' value of the dinar, which in this example is a '25,000 dinar' note -- that's its name, not its exchange rate.
To an Iraqi, an exchange rate of pounds sterling to dinar is meaningless. 1 dinar is just 1 dinar. But what does that 1 dinar buy? That's what matters to an Iraqi...IMO, the latest article is explaining, the named value of both notes don't change (it doesn't affect the 'nominal value.')
It answers the question about a lop of the old dinar, explaining you will exchange 25,000 old dinar for 25,000 new dinar (electronically) at a 1:1 value -- the named value remains the same. Of course, for people outside Iraq they will be exchanging 25,000 dinar for their home country's national currency of 25,000 dinar at an approved exchange rate.
Draft amendment to first budget law is discussed at a meeting of the Financial Committee, 26 nov
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Frank26 [Bank story] This time we didn't go down, we just called [the bank]... We said we want to see if we can exchange some cu...
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Bank appointment for Currency EXCHANGE Instructions/Checklist Bank Name_________________________________________ Bank 800#____________...
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Walkingstick All these meetings that the CBI had with all these agencies that were helping them with their monetary reform are done. Al...