Iraq Economic News and Points to Ponder Wednesday Afternoon 9-27-23
Tlm724 Administrator Bondlady’s Corner
Within 72 Hours.” Al-Shammari Reveals Procedures And Proposals Regarding The Dollar
Time: 09/26/2023 22:22:00 Read: 6,123 times {Economic: Al-Furat News} The political advisor to the Prime Minister, Fadi Al-Shammari, revealed proposals that the government will present regarding the dollar within the next 72 hours.
Al-Shammari said in a television interview this evening, followed by {Al-Furat News}: “The dollar file is a complex file and needs time to regulate the exchange rate, but government measures are moving in the right direction.”
He added, “The Central Bank of Iraq is embarking on a set of measures to control small traders and their commercial exchange, as they constitute 40% of market traders.”
Al-Shammari noted that, “Within 72 hours, papers and proposals will be presented regarding the dollar after an extensive meeting of the Prime Minister with Iraqi financial institutions.”
He continued, “There is a serious discussion between the government and the Central Bank with the Iranian side to search for alternatives to trade in the dollar,” denying “the presence of American pressure or punitive attempts against Iraq because of the dollar.”
He noted, “There are commitments to standards in the exit and sale of the dollar, and this requires time and the market to adapt to them.”
He revealed that “Turkish President Recep Tayyip Erdogan’s scheduled visit to Iraq is linked to completing the development road project procedures.” LINK
Oil Prices Rose To More Than $94 Per Barrel
Wednesday 27, September 2023 09:46 | Economical Number of readings: 345 Baghdad / NINA / Oil prices rose in early trading, today, Wednesday, as markets focused on the scarcity of supplies ahead of the winter and the “soft landing” of the US economy.
Industry data issued Tuesday showed that US crude oil inventories rose last week by about 1.6 million barrels, compared to analysts’ expectations of a decline of approximately 300,000 barrels.
However, markets continued to be concerned about US crude inventories at the main storage hub in Cushing, Oklahoma, falling below minimum operating levels.
Further cuts in Cushing, the delivery point for US crude futures, could impose new upward pressure on oil markets because they will increase supply scarcity resulting from the supply cuts undertaken by the Organization of the Petroleum Exporting Countries and its allies, OPEC+.
US government data on oil inventories is expected to be released at 10:30 am (1430 GMT).
Meanwhile, Federal Reserve Chairman Neel Kashkari said in Minneapolis yesterday, Tuesday, that a “soft landing” for the world’s largest economy is the most likely possibility.
But he also stressed that there was a 40 percent chance that interest rates would be needed “meaningfully” to overcome inflation. Higher interest rates increase borrowing costs, which may slow economic growth and reduce demand for oil.
By 0015 GMT, Brent crude futures rose 33 cents, or 0.4 percent, to $94.29 per barrel, while US West Texas Intermediate crude futures rose 31 cents, or 0.3 percent, to $90.70.
https://ninanews.com/Website/News/Details?key=1079971
The Dollar Is Rising Again In Local Markets
Economy Wednesday, September 27, 2023 10:58 AM Baghdad/National News Center Today, Wednesday, dollar prices recorded an increase in the markets of the capital, Baghdad.
Selling prices in exchange shops in local markets in Baghdad reached 157,250 dinars per 100 dollars, while purchasing prices reached 155,250 dinars per 100 dollars. https://nnciraq.com/228819/
(UNAMI) Expresses Its Shock At The Al-Hamdaniya Wedding Hall Fire Incident
Noah: The United Nations Mission in Iraq (UNAMI) expressed its shock at the fire incident that broke out in a wedding hall in Al-Hamdaniya, and described it as a “tremendous tragedy.”
The mission stated in a blog post: “We feel shock and pain due to the huge loss of life and injuries in the fire that occurred in Al-Hamdaniya in Nineveh… a tremendous tragedy. Our sincere condolences to the families who lost their loved ones… and we wish the injured a speedy recovery.”
https://www.radionawa.com/all-detail.aspx?jimare=35838
Sudanese To A Romanian Delegation: The Development Road Is A Vital Project Linking Asia To Europe Through Iraq
Reconstruction and building Economy News – Baghdad Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani received the Chairman of the Foreign Policy Committee of the Romanian Senate, Titus Cor Latsian, and his accompanying delegation.
A statement from Al-Sudani’s office stated, “During the meeting, the head of the delegation delivered a letter to the Prime Minister from his Romanian counterpart, including an official invitation to visit the Romanian capital, Bucharest.”
The meeting also witnessed, “discussing bilateral relations between the two countries, consolidating cooperation in various economic and cultural fields, as well as emphasizing the importance of resuming the work of the bilateral committee between Iraq and Romania, in a way that achieves the interests of the two friendly countries and the benefit of their people.”
Al-Sudani pointed out “the depth of the historical relations between Iraq and Romania, and the importance of developing them,” stressing “the possibility of Romanian companies participating in major and strategic investment projects and opportunities in Iraq, including the development road, which represents a vital project linking Asia to Europe through Iraq, in addition to cooperation in other sectors.” many”.
For his part, Latsian stressed “his country’s keenness to develop relations with Iraq and enhance cooperation in the fields of agriculture, industry, cybersecurity and automation, as well as in the field of reforming the banking system, and Romania’s aspiration to launch a constructive dialogue between the two countries.” Views 82 09/27/2023 – https://economy-news.net/content.php?id=36650
Al-Sudani Directs To Declare General Mourning Throughout Iraq For Three Days For The Victims Of Al-Hamdaniya
Time: 09/27/2023 10:45:04 Read: 2,132 times {Politics: Al-Furat News} Prime Minister Muhammad Shiaa al-Sudani directed the declaration of general mourning throughout Iraq for a period of three days, in order to offer condolences to the victims who fell in the Hamdaniyah (Baghdida) fire accident, in the Nineveh Plain region
The Governor of Nineveh, Najm al-Jubouri, announced seven days of mourning in the governorate and a minute of silence in the governorate’s departments tomorrow for the souls of the victims.
It is noteworthy that a fire broke out yesterday evening, Tuesday, in an event hall during a wedding ceremony in the Hamdaniya district, east of the city of Mosul, killing at least 100 people and injuring 150 others, according to the Health Department in Nineveh Governorate, while the Security Media Cell said this morning that the number of victims reached 93 deaths. And more than 100 infected.
The Civil Defense Directorate said that the wedding hall was covered with highly flammable Ecobond panels, in violation of safety instructions, and lacked alarm and extinguishing systems, indicating that “the fire led to the collapse of parts of the hall as a result of the use of highly flammable, low-cost building materials that collapse within minutes when the fire breaks out.” LINK
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