Iraq Economic News and Points to Ponder Tuesday Afternoon 12-12-23
Tlm724 Administrator Bondlady’s Corner
Parliamentary Finance Expects A Decline In Dollar Prices In Iraq
Economy | 12/12/2023 Baghdad – Mawazine News The Parliamentary Finance Committee revealed that the government has spent only 20% of the current year’s budget, and expected to release the rest of the budget on December 20, indicating that the government’s move towards currencies other than the dollar will reduce the pressure on demand for it and thus reduce its prices.
Committee member Jamal Cougar said that the government has spent only 20% of the current year’s budget, and it is assumed that after December 20, a good portion of the budget will be spent for a period of five days until the accounts are closed, noting that with the beginning of the new year, the year’s budget schedules are sent. Next.
He pointed out that the government’s move towards currencies other than the dollar will facilitate the issue of trade, on the one hand, and push traders to deal with the platform more and reduce pressure on the dollar instead of focusing on it, stressing that it will contribute to stabilizing its official price.
https://www.mawazin.net/Details.aspx?jimare=239198
Relative Stability In Exchange Rates
Market Economy News – Baghdad Today, Tuesday, the dollar exchange rate is witnessing relative stability on Iraqi stock exchanges, as it is still above 1,570 Iraqi dinars.
The capital’s stock exchanges witnessed an exchange rate of 1,573 Iraqi dinars against the US dollar.
In the Kurdistan Region, the exchange rate of the US dollar in Erbil Governorate reached 1,574 Iraqi dinars, and the same was true in Sulaymaniyah Governorate.
Views 30 12/12/2023 – https://economy-news.net/content.php?id=38440
A Slight Increase In Oil Prices In Global Markets
Economy | 12/12/2023 Baghdad – Mawazine News Oil prices rose slightly in early trading on Tuesday, ahead of the announcement of important decisions regarding interest rate policies and inflation data, and amid doubts that production cuts by OPEC+ next year will compensate for the excess supply of crude and weak growth in demand for fuel.
By 0337 GMT, Brent crude futures for February delivery rose 0.33 percent to $76.28 per barrel, while US West Texas Intermediate crude futures for January delivery rose 28 cents, equivalent to 0.38 percent, to $71.59 per barrel.
Both contracts settled slightly higher on Monday, with Brent crude rising 19 cents to $76.03 a barrel and West Texas Intermediate crude rising nine cents to $71.32.
The US Consumer Price Index report is scheduled to be released on Tuesday, while the two-day Federal Open Market Committee monetary policy meeting will end on Wednesday.
The US Federal Reserve is widely expected to keep interest rates unchanged tomorrow, but minutes from its November meeting showed that policymakers remain concerned that inflation may be stubborn, leaving the door open for further tightening if necessary.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as the OPEC+ group, had pledged to cut 2.2 million barrels per day in the first quarter of 2024.
But investors are still skeptical that the total supply will decrease, as production growth in countries other than OPEC members to excess supply next year.
Brent crude prices fell above $80 per barrel at the beginning of December, while West Texas Intermediate crude fell from above $77 during the same time. https://www.mawazin.net/Details.aspx?jimare=239199
China Praises Iraq’s Efforts To Combat Corruption And Calls For The Speedy Conclusion Of The Memorandum Of Understanding
Economy | 12/12/2023 Mawazine News – Baghdad The Head of the Iraqi Federal Integrity Commission and the Director of the International Cooperation Directorate of the Chinese National Oversight Commission (Cai Wei) discussed mechanisms for exchanging experiences in the field of corruption prevention and efforts to combat it and signed a memorandum of understanding between the two sides in this regard.
Haider Hanoun confirmed, according to a statement from the Commission received by Mawazine News during the meeting that took place on the sidelines of the meeting of the tenth session of the Conference of the States Parties to the United Nations Convention against Corruption, which the United States is hosting in the period from (11-15) of this December, he confirmed, The importance of communication and cooperation with the Directorate of International Cooperation of the Chinese National Supervision Commission,” noting “the necessity of providing a safe environment for foreign companies operating in Iraq, especially Chinese ones.”
He praised what he called “the steadfastness of Chinese companies in the face of corrupt people, one of the reasons for which he attributed to the efforts of the Commission and the increase in the pace of the deterrent aspect through control operations.”
For his part, Director of the International Cooperation Directorate of the Chinese National Oversight Commission (Cai Wei) pointed out that “the anti-corruption process requires great efforts and the concerted efforts of everyone in order to build and progress,” noting “the remarkable development in anti-corruption efforts in Iraq, both on the The deterrent level or the level of prevention and prevention of corruption.”
He renewed his country’s support for the Republic of Iraq in this regard, and sought bilateral partnership in the areas of supporting anti-corruption efforts, calling on the presidency of the Commission to hold a special workshop in Beijing. To strengthen ties and prepare for the completion of the draft memorandum of understanding.
It is noteworthy that the United Nations Convention against Corruption and the decisions emerging from the meetings of the States Parties to it recommend that States Parties, when necessary and in a manner consistent with the Convention, conclude bilateral agreements among themselves related to cooperation in the field of preventing and detecting corruption crimes and prosecuting natural or legal persons who have committed them, and to cooperate in Close cooperation between them, in accordance with their internal legal and administrative systems, to enhance the effectiveness of law enforcement measures. Ended / 25 https://www.mawazin.net/Details.aspx?jimare=239211
The Iraqi Stock Exchange Closes Up By 3.95%
Market Economy News – Baghdad The Iraqi Stock Exchange closed today, Tuesday, up by 3.95%.
The session traded shares of 30 companies, with the number of shares traded reaching more than 19.6 billion shares, with a value of more than 11.1 billion dinars.
Ready-made clothing shares rose by 12.6%, followed by Assyria Bank by 10%, and Meat Marketing by 8.1%. Al-Amin Insurance shares fell by 8.3%, and Tourism Investments shares fell by 4.3%.
Views 41 12/12/2023 – https://economy-news.net/content.php?id=38435
Iraq Demands The Formation Of An International Court To Recover The Stolen Funds
Iraq Tuesday, December 12, 2023 Baghdad/National News Center The head of the Integrity Commission, Haider Hanoun, called today, Tuesday, for the formation of an international court to recover Iraqi funds.
A statement by the Integrity Commission received by the National News Center stated, “Hanoun participated in the Conference of States Parties at its tenth session and during his speech he called for the formation of an international court to recover looted funds and assets smuggled from Iraq.”
American Development Pumps $50 Million To Support Small And Medium-Sized Companies Through The National Bank Of Iraq
Economy News _ Baghdad The National Bank of Iraq announced obtaining a loan from the American Foundation (DFC) worth $50 million to support small and medium-sized companies in Iraq, pointing out the need to increase the competitive capabilities of this segment and develop their businesses.
The bank said in a statement seen by Al-Iqtisad News that it had obtained a loan worth 50 million US dollars from the American Development and Finance Corporation (DFC), explaining that the entire loan is allocated to the bank’s clients from small and medium companies at a low cost, in exchange for the bank’s commitment to contribute by adding 35 million. Dollars in facilities over the next five years to the loan portfolio of small and medium-sized companies.
He stated that this loan will enable the bank to continue its regular support for this vital sector by increasing financing and working capital, which in turn will boost commercial activity, preserve jobs, and ensure more economic stability, especially since small and medium-sized companies are a major driver of economic growth and provide job opportunities. New, contribute to economic and social development, and stimulate sustainable economic growth, which will have a significant impact on the revenues of small and medium-sized companies and their operations in Iraq.”
He added, “The past few years have witnessed increasing international recognition of small and medium enterprises (SMEs) because of the crucial and important roles they play in creating new job opportunities, and their significant contribution to achieving economic development and reducing the crises of poverty and unemployment, in addition to their complementary roles in supporting larger companies.” “It is considered the main source of the work of these companies.”
According to a report prepared by the World Bank, small and medium-sized companies in Iraq represent about 90% of the total companies operating in the country, provide about 70% of job opportunities, and contribute about 25% of the gross domestic product, and at a time when the private sector provides… About 60% of jobs in Iraq, small and medium-sized companies are responsible for most of them.
However, small and medium-sized companies in Iraq face many challenges, including a lack of liquidity, according to the bank’s statement.
The bank affirmed its commitment to “supporting small and medium-sized companies by launching programs dedicated to supporting this segment of customers with the aim of increasing their competitive capabilities and developing their business.”
It should be noted that the National Bank of Iraq today tops the list of banks operating in the Iraqi banking market, in terms of total assets that approached $2.8 billion, supported by a growth in customer deposits of about 91%, while the bank has a growing customer base that today has reached about 200 thousand customers who are served by With more than 1,000 employees, 27 branches and 200 ATMs. Views 65 12/12/2023 – 8:55 AM https://economy-news.net/content.php?id=38410
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Provoking Points To Ponder From Inspirational Movie Quotes
25 Inspirational Movie Quotes That Will Teach You The Most Valuable Life Lessons By Anna Chui
Movies’ one of the most influential sources of inspiration for me. When my life goes rough, motivational movies remind me to be stronger.
Here are 25 inspirational movie quotes which will teach you the most valuable life lessons.
- Be determined. Instead of intending to just try, do it.
Do, or do not. There is no “try”. – Yoda, from Star Wars
- Learn to let go and be clear of where you really want to head for.
Love cannot be found where it doesn’t exist, nor can it be hidden where it truly does. – David Schwimmer, from Kissing a Fool
- Your past experiences are valuable lessons to you now, learn from them.
Oh yes, the past can hurt. But you can either run from it, or learn from it. – Rafiki, from The Lion King
- Just be yourself because you’re unique and you’ll shine.
Why are you trying so hard to fit in when you were born to stand out? – from What a Girl Wants
- Life’s too short to miss out anything, try to take it slowly.
Life moves pretty fast. If you don’t stop and look around once in a while, you could miss it. – Ferris, from Ferris Bueller’s Day Off
Continued ………. More to Come
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