Oil Rises After A Decline In Us Inventories, 25 APRIL

 Oil Rises After A Decline In Us Inventories

Economy | 08:39 - 04/24/2024   Mawazine News – Baghdad   Oil prices rose in early trading, today, Wednesday, continuing their gains in the previous session after industry data showed a sudden decline in US crude inventories last week, in an indicator... Demand increased and attention shifted away from hostilities in the Middle East.

Brent crude oil futures rose nine cents, equivalent to 0.1 percent, to $88.51 per barrel by 00:31 GMT. US West Texas Intermediate crude futures also increased. Ten cents, or 0.11 percent, to $83.45 per barrel. According to reports seen by Al-Naeem News.

Market sources, citing figures from the American Petroleum Institute, reported that US crude inventories fell by 3.237 million barrels in the week ending April 19. In contrast, six analysts polled expected... Reuters reported an increase of 800 thousand barrels.

Traders are awaiting official US data on oil inventories and products scheduled to be released at 10:30 am US time. United States (1430 GMT) to confirm the significant decline in inventories.

Meanwhile, expectations are growing that the UK and EU will cut. Interest rates in June, which may help support economic growth, thus increasing demand for oil.

https://www.mawazin.net/Details.aspx?jimare=246586

"RV UPDATE" BY MILITIAMAN, 25 APRIL

 Militia Man 

 They show us progress...We have never been at this stage with Iraq ever and since 2003.  I don't know any person out there and I know many that have been in this for over 20 year that have never witnessed what we're witnessing today.  You really should be profoundly happy...It's phenomenal.

Article quote:  "...we present to them [IMF] a letter signed by the governor of the central bank and their desire begins..."   Here it's starting to tell you the governor of the Central Bank has sent a letter, and the Ministry of Finance is involved, to the fund...without them saying it looks like they will accept article VIII compliance for their currency.

 Article:  "Iraq, US to form joint team to address sanctions on Iraqi banks"  Central Bank Governor Al-Alaq has worked for concessions for and on the behalf of Iraqi Banks to the UST with regard to current sanctions imposed on them.

Iraqi Dinar🔥WOW $3.91 Decided Rate Of Iraqi Dinar Today 2024🔥iraqi dinar...

Sudanese Advisor: $450 Billion Value Of Future Investment Projects In Iraq, 25 APRIL

 Sudanese Advisor: $450 Billion Value Of Future Investment Projects In Iraq

Advisor To The Prime Minister For Investment Affairs, Executive Director Of The Iraq Fund For Development, Muhammad Al-Najjar

Reconstruction and building   Economy News – Baghdad   The Prime Minister's Advisor for Investment Affairs, Muhammad Al-Najjar, revealed on Wednesday the value of the investment projects that will be implemented in Iraq during the coming period.

Al-Najjar said in a televised statement, followed by “Al-Eqtisad News,” that “the economic growth that Iraq is currently witnessing is due to a number of reasons, the most important of which is the maintenance of stable oil prices, as this contributed to achieving financial abundance, in addition to the calm and political stability, which prompted the private sector.” To pump very large sums of money into strategic projects.”

He added, "The value of the investment projects that will be implemented in Iraq is estimated at 450 billion dollars, most of which are related to infrastructure and climate change," noting that "Qatar, Saudi Arabia, and the United States are the most prominent investing countries during the coming period, as Iraq has signed several agreements with those countries. "

Al-Najjar continued, "Iraq, according to these data, will record the highest levels of economic growth in the world," noting that "the government's vision includes involving the private sector in achieving sustainable development through the implementation of various projects, especially in the areas of health and housing."

He confirmed the existence of "a package of important changes that will occur in Iraqi commercial and economic laws, as these packages were presented by the Council of Ministers to auditing bodies to be later presented to the House of Representatives."

He revealed that "the Iraq Fund for Development is in the process of launching a project (rent and own), which means owning the property for its residents, and it is a project proposed for the first time in Iraq."

Views 117   04/24/2024 - https://economy-news.net/content.php?id=42789

"RV UPDATE" BY PIMPY, 25 APRIL

 Pimpy 

 Community comment: "I believe there's an article by Dr. Shabibi stating when the new currency does come out both currencies will coexist for up to 10 years..."  Yes it was said it would coexist for 10 years.  I don't think it's going to need 10 years...

The last time they changed currency they only gave them three months.  But even if it does coexist for 10 years...and they re-denominate...just because you still have the 25,000 dinar doesn't mean you get to exchange it 25,000 times whatever the exchange rate is.  They're going to treat your 25,000 dinar just like they would the 25 dinar.  

 It might coexist but don't be fooled into thinking you get to take advantage of the fact you have 3 extra zeros because that's not going to happen..

Al Sudani when him and his delegation was here to say they were busy would be an understatement.  Did you see all the meetings?  Meeting with the president, Secretary of State, the Pentagon... The Czech Prime Minister, Homeland Security...Signing 18 memorandums of understanding...JP Morgan...Iraq was really busy when they were here.  They saw a lot of people.  This is a good sign.

Iraqi Dinar🔥Iraqi Dinar Exchange Rates Today Last 24 Hours Update 2024🔥i...

Increase In Foreign Remittance Sales At The Central Bank Auction, 25 APRIL

 Increase In Foreign Remittance Sales At The Central Bank Auction

Money  and business Economy News – Baghdad  External remittances at the Central Bank of Iraq auction increased by 95% today, Wednesday, at the expense of cash sales, to reach $266 million.

In its auction today, the Central Bank sold 279 million and 556 thousand and 200 dollars, which it covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash.

Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 266 million 256 thousand and 200 dollars, an increase of 95% over cash sales amounting to 13 million and 300 thousand dollars.

The number of banks that purchased cash dollars reached 6 banks, while the number of banks that responded to requests to enhance balances abroad reached 12 banks, and the total number of exchange and brokerage companies participating in the auction was 117 companies. 96 views   04/24/2024  PM  https://economy-news.net/content.php?id=42783