Friday, February 28, 2025
Iraqi-Swiss Agreement To Prevent Double Taxation And Enhance Economic Cooperation, 1 MARCH
Iraqi-Swiss Agreement To Prevent Double Taxation And Enhance Economic Cooperation
The Ministry of Finance announced today, Thursday, the signing of an agreement with Switzerland aimed at preventing double taxation and evasion of income and capital taxes, in order to enhance economic cooperation between the two countries.
The ministry stated in a statement that Iraq and the Swiss Confederation initialed the agreement on Wednesday, February 26, where the Iraqi side in the negotiations was headed by Mohammed Hamza Mustafa, Director General of the Legal Department and Acting Director General of the General Tax Authority, with the participation of a number of officials, financial and legal experts, and a representative of the Iraqi Fund for External Development.
The ministry stressed that the agreement aims to create an attractive investment environment by reducing the tax burdens on Swiss companies and investors, which contributes to strengthening trade and economic relations between the two countries. It also indicated that the Swiss Confederation is one of the advanced countries in the field of tax collection, and cooperation with it would attract Swiss capital, which represents one of the most important investments in the Middle East region, to support the development process in Iraq. https://www.radionawa.com/all-detail.aspx?jimare=41277
Crude Oil Prices Stabilize
Time: 2025/02/27 08:12:42 Read: 1,665 times {Economic: Al Furat News} Oil prices stabilized near their lowest closing level this year, amid US President Donald Trump’s threats to impose tariffs and a range of supply-related issues.
WTI crude traded below $69 a barrel after losing nearly 3% in the previous two sessions, while Brent crude held above $72.
Trump said the planned tariffs on Mexico and Canada “are not going to stop,” but did not specify when they would be implemented. He also indicated that imposing tariffs on the European Union was still under consideration.
Record monthly losses
Oil looks set for its biggest monthly loss since September as rising trade tensions between the United States and its trading partners weigh on the economic outlook.
That concern has overshadowed the potential impact of tightening sanctions on Iran, which Trafigura Group identified as the biggest upside risk to prices, as well as the possibility that the OPEC+ alliance will delay restoring shut-in production again.
Supply issues: From Venezuela to Iraq
On the supply front, Trump said he plans to revoke Chevron Corp.’s license to operate in Venezuela, threatening the country’s economic recovery.
In the Middle East, Iraq announced that it had reached an agreement with the Kurdistan Region to resume crude oil exports, but did not specify a time frame for implementation. LINK
Gold Prices Decline Slightly As The Dollar And US Bond Yields Rise
Thursday 27 February 2025 11:45 | Economic Number of readings: 196 Baghdad / NINA / Gold prices fell on Thursday, under pressure from the rise in the dollar and US Treasury yields, while investors are awaiting an important report on inflation to assess the path of the Federal Reserve's monetary policy.
Spot gold prices fell by 0.1 percent to $2912.94 per ounce, while US gold futures fell by 0.1 percent to $2927.20.
In contrast, the dollar index rose by 0.2 percent, moving away from its lowest levels in 11 weeks, and US 10-year Treasury yields recovered from their previous losses.
As for other metals, silver stabilized at $31.84 per ounce, while platinum fell by 0.1 percent to $964.95, and palladium fell by 0.1 percent to $926.03 https://ninanews.com/Website/News/Details?key=1189078
TIDBIT FROM BRUCE, 29 FEB
Bruce
...we had at least two very strong sources that were telling us that don’t worry, this is going to be the week that we receive our notifications.
And even though we only have two days left, Friday and Saturday this week, I think it’s quite possible that we still will get notified and set an appointment this week.. .
I know...that one of our Redemption Center staff members is working tomorrow morning [Friday] at Wells Fargo Bank and then goes after lunch into the Redemption Center...Friday... it looks good for us to get notified and set our appointments for exchanges that would start on Saturday, the 1st of March...that is quite possible.
Within hours... the region's oil will be re-exported through SOMO, 1 MARCH
Within hours... the region's oil will be re-exported through SOMO
The Ministry of Oil announced today, Friday, that the coming hours will witness the re-export of Kurdistan Region oil through the State Oil Marketing Company (SOMO).
"Deputy Prime Minister for Energy Affairs and Minister of Oil, Eng. Hayan Abdul-Ghani Al-Sawad, is visiting Khor Al-Zubair port to see the gas pipeline connection operations," she said in a statement.
The minister confirmed, according to the statement, that “Iraq will announce in the coming hours the commencement of the region’s oil export operations through the State Oil Marketing Company (SOMO) via the Turkish port of Ceyhan at an initial rate of 185,000 barrels, gradually increasing to reach the capacity specified in the general federal budget.” link
AJ : 🛢️🚢Currency Exchange Rate for Major Oil-Producing Countries in the Middle East!, 1 MARCH
AJ
Currency Exchange Rate for Major Oil-Producing Countries in the Middle East:
Saudi Arabia (Saudi Riyal, SAR): Pegged to the U.S. dollar (USD) at a fixed rate of 1 SAR ≈ $0.27 USD, maintained by the Saudi Arabian Monetary Authority (SAMA) since 1986 for oil trade stability and petrodollar alignment.
Iraq (Iraqi Dinar, IQD): Pegged to the U.S. dollar (USD) at a fixed rate of 1 IQD ≈ $0.00076 USD, controlled by the Central Bank of Iraq (CBI) for economic stability, with a parallel market rate differing due to restrictions.
Iran (Iranian Rial, IRR): Managed (not freely floating), with an official rate set by the Central Bank of Iran (CBI) at 1 IRR ≈ $0.00000238 USD (or 420,000 IRR/USD), but heavily influenced by sanctions and a paralle market rate of 1 IRR ≈ $0.00000154–$0.00000167 USD (600,000–650,000 IRR/USD), not pegged to any single currency but tightly controlled.
Kuwait (Kuwaiti Dinar, KWD): Managed float (not freely floating), tied to a basket of major currencies (including USD, EUR, GBP), with limited flexibility maintained by the Central Bank of Kuwait (CBK) to ensure stability as 1 KWD ≈ $3.24 USD.
United Arab Emirates (UAE Dirham, AED): Pegged to the U.S. dollar (USD) at a fixed rate of 1 AED ≈ $0.27 USD, set by the Central Bank of the UAE since 1997 for oil trade and GCC alignment.
Qatar (Qatari Riyal, QAR): Pegged to the U.S. dollar (USD) at a fixed rate of 1 QAR ≈ $0.27 USD, maintained by the Qatar Central Bank for oil and gas trade stability.
Oman (Omani Rial, OMR): Pegged to the U.S. dollar (USD) at a fixed rate of 1 OMR ≈ $2.60 USD, set by the Central Bank of Oman since 1986 for oil export stability.
Bahrain (Bahraini Dinar, BHD): Pegged to the U.S. dollar (USD) at a fixed rate of 1 BHD ≈ $2.65 USD, maintained by the Central Bank of Bahrain for oil trade and GCC alignment.
Top 5 Freely Floating Currencies (Ranked by Strength vs. USD):
British Pound Sterling (GBP) – United Kingdom: Freely floating since the 1970s, primarily market-driven by the Bank of England with rare interventions for extreme volatility, trading at approximately 1 GBP ≈ $1.26 USD.
Swiss Franc (CHF) – Switzerland: Freely floating since 2000, with occasional interventions by the Swiss National Bank (e.g., 2011–2015), trading at approximately 1 CHF ≈ $1.09 USD.
Australian Dollar (AUD) – Australia: Freely floating since 1983, managed by the Reserve Bank of Australia with minimal intervention, trading at approximately 1 AUD ≈ $0.65 USD.
Canadian Dollar (CAD) – Canada: Freely floating since 1970, managed by the Bank of Canada with occasional interventions, trading at approximately 1 CAD ≈ $0.74 USD.
Japanese Yen (JPY) – Japan: Freely floating since the 1970s, with rare interventions by the Bank of Japan, trading at approximately 1 JPY ≈ $0.00669 USD.
Notes:
For pegged currencies, the fixed rates ensure stability for oil trade, while freely floating currencies reflect market forces but can face volatility.
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Iraqi Dinar 2026: Stability, War Risks & Could Kurdistan Trigger a Revaluation? #iqd #iqdupdate
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