Iraq Economic News and Points to Ponder Tuesday Afternoon 10-24-23
Tlm724 Administrator Bondlady’s Corner
An Economist Identifies The Causes Of The Ongoing Crisis In Exchange Rates
Economy | 03:54 – 10/24/2023 Mawazine News – Baghdad The financial and economic expert, Mahmoud Dagher, today, Tuesday, identified the reasons for the ongoing crisis in the exchange rates of the US dollar against the Iraqi dinar.
Dagher said in a Facebook post, viewed by Mawazine News, that “the current crisis in the exchange rate is caused by the bad Iraqi policy of accepting that ports of entry remain open to countries subject to sanctions.” He pointed out that “this policy is followed by some partisan forces participating in the political process.
The exchange rate of the US dollar against the Iraqi dinar in the parallel markets is still recording a significant increase compared to the official rate.
Despite the approval of the country’s general budget several months ago, and the Central Bank selling more than 200 million dollars per day, many questions are being asked about the reason for the continued rise in the price of the US dollar against the Iraqi dinar in the parallel markets. Exchange.
The Dollar Is Flying Fast And Recording 162 Thousand Dinars In The Markets
Time: 10/24/2023 Read: 702 times {Economic: Al-Furat News} The prices of the US dollar rose today, Tuesday, against the Iraqi dinar in Baghdad markets with the stock market closed.
With the closure of the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, dollar prices recorded 162,000 Iraqi dinars against 100 dollars, while prices this morning were 161,000 dinars against 100 dollars.
The selling prices in the exchange shops in the local markets in Baghdad also rose, as the selling price reached 163,000 dinars for 100 dollars, while the purchasing price reached 161,000 dinars for 100 dollars. LINK
Economist: The Gold Reserve Of The Central Bank In London…And This Is The Relationship Of Its Price To The Dollar
Time: 10/24/2023 13:43:25 Read: 1,248 times {Economic: Al-Furat News} An economic expert confirmed the difficulty of predicting gold prices, specifying “the relationship in gold prices and the dollar.”
Salah Nouri told Al-Furat News Agency, “It is known to economists that the dollar and gold represent a reserve for central banks, including the Central Bank of Iraq that adopts this diversification. In practical life, the relationship between the dollar and gold is an inverse relationship, as whenever there are signs of a decline in the price of the dollar in the financial markets.” He tends to invest in gold as a safe haven, and thus the global demand for gold increases and its price rises.”
He stated, “The Central Bank of Iraq owns a good amount of gold and it is stored in London, where the World Gold Council is located. The Central Bank of Iraq depends in determining the value of gold on its price on the London Stock Exchange.”
Nouri pointed out, “It is difficult to predict whether the price of gold will rise or fall because it is linked to the price of the dollar, and the latter is linked to unstable economic and political events in the world.”
Al-Sudani Receives Two Phone Calls From The US Secretary Of State And Defense
Monday 23, October 2023 | Political Number of readings: 1374 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani received two phone calls from US Secretary of State and Defense Anthony Blinken and Lloyd Austin.
A statement from the Prime Minister’s Office said that the two calls discussed the developments of the escalating events in the Gaza Strip and the worsening humanitarian situation of the Palestinian people, and emphasized the importance of coordination to ensure continuous and safe access to food supplies, water, medical care, and other assistance required to meet the humanitarian needs of the people. He explained that the two calls valued Iraq’s efforts in providing humanitarian aid
. For civilians in Gaza and stressing the need to coordinate joint efforts to ensure stability in the region and not expand the arena of conflict.
The statement indicated that US Prime Minister and Secretary of State Anthony Blinken renewed the commitment of the two countries to continue strengthening their partnership in accordance with the principles contained in the Strategic Framework Agreement concluded between Iraq and the United States. It continued that during the call with US Secretary of Defense Lloyd Austin, the presence of military advisors and crews of the international coalition to combat terrorism was discussed
. Iraq and supporting the Iraqi security forces with advice and training, and the importance of sustaining the victory over ISIS.
He pointed out that the call confirmed Iraq’s commitment to protecting military advisors and diplomatic missions operating in the country. https://ninanews.com/Website/News/Details?Key=1085663
One Of Them Is “Faltering Negotiations”.. Kurdish Leader: Two Reasons Behind The Postponement Of The Oil And Gas Law
Time: 10/24/2023 Read: 156 times {Politics: Al-Furat News} The leader of the Patriotic Union of Kurdistan, Sherzad Samad, revealed today, Tuesday, the reasons for deporting the oil and gas law.
Samad told {Al-Furat News} that: “The reason behind postponing the oil and gas law for another period of time is due to faltering negotiations and the existence of differences on the content of the project, especially since the Democratic Party has reservations about the budget.”
Samad noted, “Negotiations are still ongoing between the region and the center regarding the budget, as it will be the nucleus of the draft oil and gas law.”
The leader of the Kurdistan Democratic Party, Wafa Muhammad Karim, via Al-Furat News, suggested that the oil and gas law file be postponed until after the local elections due to previous problems between Baghdad and the region, but the oil-producing provinces have entered the crisis line.
It is noteworthy that since the first session of the House of Representatives, in 2005, the draft oil and gas law has been locked up, as disagreements prevent its approval in its final form.
After 18 years, he announced, in late last August, the formation of a committee to develop “a draft of the oil and gas law and present it to the government and the House of Representatives.”
The committee that was formed between Baghdad and Kurdistan to draft a draft law for oil and gas includes “the Minister of Oil, the Minister of Natural Resources in the region, the Director General of SOMO Company, and the advanced staff in the Ministry of Oil, as well as the oil-producing governorates such as Basra, Dhi Qar, Maysan, and Kirkuk.”
The Prime Minister, Muhammad Shiaa Al-Sudani, said in early August that “the draft oil and gas law is one of the basic and important laws that represents a factor of strength and unity for Iraq, and it has been stuck for years, at a time when the country today is in dire need of its legislation and to benefit from this natural wealth.” In all fields and sectors, in addition to the contribution of the legislation to solving many outstanding problems.”
Meanwhile, the financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed in a press statement that accelerating the approval of the federal oil and gas project law in the House of Representatives as quickly as possible will establish a stable national road map for investment and production of the country’s primary sovereign resource, which is oil and gas.
Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury’s resources. LINK
Plasschaert: Iraq Is A Founding Member Of The United Nations And Has Long Contributed To Its Work
Tuesday 24, October 2023 11:15 | Political Number of readings: 593 Baghdad / NINA / The Representative of the Secretary-General of the United Nations in Iraq, Jeanine Hennis-Plasschaert, confirmed: “Iraq is a founding member of the United Nations and has long contributed to its work.”
Plasschaert said in a statement on the occasion of United Nations Day: “This day, which is celebrated annually on October 24, reminds us all of the importance of peace and working together for the good of humanity.”
She added: “In the ongoing catastrophic conflicts, coupled with divisions, whether within or across borders, the United Nations maintains its unique role, as it works with various actors to end violence and resolve conflicts, while working – sometimes in the most difficult circumstances – to mitigate their negative effects on vulnerable civilians, including This is done by providing life-saving humanitarian assistance.”
She pointed out that: “In Iraq and other places, the United Nations serves people from all sectors of society, and works with national institutions and civil society to achieve the aspirations of everyone.”
She pointed out: “Iraq is a founding member of the United Nations and has long contributed to its work, and we have collective work to do: promoting peace, justice, and sustainable development.”/
https://ninanews.com/Website/News/Details?Key=1085695
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Points To Ponder on GIVING:
You try to give away what you want yourself. Lois McMaster Bujold, “Memory”, 1996
If we have the opportunity to be generous with our hearts, ourselves, we have no idea of the depth and breadth of love’s reach. Margaret Cho, weblog, 03-09-04
If you want to see what children can do, you must stop giving them things. Norman Douglas
What a child doesn’t receive he can seldom later give. P. D. James, Time to Be in Earnest
Gifts allow us to demonstrate exactly how little we know about a person. And nothing pisses a person off more than being shoved into the wrong pigeonhole. Pam Davis, House M.D., It’s A Wonderful Lie, 2008
A gift in season is a double favor to the needy. Publilius Syrus (~100 BC), Moral Sayings, 100 B.C.
He doubly benefits the needy who gives quickly. Publilius Syrus (~100 BC), Maxims
The spirit in which a thing is given determines that in which the debt is acknowledged; it’s the intention, not the face-value of the gift, that’s weighed. Seneca (5 BC – 65 AD), Letters to Lucilius, 100 A.D.
We make a living by what we get, we make a life by what we give Sir Winston Churchill (1874 – 1965)
Purchase not friends by gifts; when thou ceasest to give, such will cease to love. Thomas Fuller (1608 – 1661)
Rich gifts wax poor when givers prove unkind. William Shakespeare (1564 – 1616), Hamlet, 1600
