Iraq Economic News 6-4-2024
Currency Auction: Central Bank Sales Exceeded $278 Million Today
Economy | 04/06/2024 Baghdad – Mawazine News Tuesday, the Central Bank of Iraq sold more than 278 million dollars through an auction for selling American currency.
The total internal cash withdrawals amounted to $23,320,000, while the total amounts of transfers abroad, which include remittances and credits, amounted to $255,513,388, while the total sale amounted to $278,833,388.
Most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 255 million 513 thousand and 388 dollars, an increase of 91% over cash sales amounting to 23 million and 320 thousand dollars.
The Dollar Continues To Rise In Local Markets
Economy | 04/06/2024 Baghdad – Mawazine News Tuesday, the exchange rate of the dollar against the dinar recorded a new high for the second day in a row on the main stock exchange in the capital, Baghdad.
The price of the dollar on the Al-Kifah and Al-Harithiya stock exchanges recorded 145,850 thousand dinars for every 100 dollars.
Prices stabilized in banking shops in local markets in Baghdad, with the selling price reaching 146,750 dinars, while the purchasing price reached 144,750 dinars for every 100 dollars.”
https://www.mawazin.net/Details.aspx?jimare=249129
Central Oil: The Prime Minister Stressed The Optimal Investment Of Energy And Fuel In Iraq
Energy Economy News _ Baghdad The Central Oil Company confirmed today, Tuesday, that exploratory blocks need time to study, evaluate, and learn their properties, while pointing to Prime Minister Muhammad Shiaa Al-Sudani’s emphasis on the optimal investment of energy and fuel in Iraq.
The company’s general manager, Muhammad Yassin Hassan, said in an interview with the Iraqi News Agency, followed by Al-Iqtisad News, that “Middle Oil is the largest exploratory and extractive area and area in oil companies, and the distribution was qualitative, as the fields and patches were distributed to all governorates, which contributes to Producing oil or gas in more than one governorate, thus increasing the spread or distribution of employment in Iraq, and reducing unemployment in the governorates.”
Hassan added, “The choices were for the gas to be close to the power stations, to achieve what the Prime Minister stressed about optimal investment of energy and fuel in Iraq.”
He pointed out that “most of the patches currently offered are exploratory patches, and therefore require a long time and studying and evaluating the reservoirs to discover the reservoirs and know their properties, whether they are oil or gas.”
He explained that “in establishments and fields operating in the natural gradient, there is a decline in production after a period of time following the peak, and therefore the discovery of fields near them is an important event that contributes to the sustainability of production in the governorates, and therefore the ministry must initiate referrals early to sustain production.”
He pointed out that “the government’s plan on the part of the Ministry of Oil is to deal with the government program accurately and professionally by distributing production and extraction in all governorates in order to distribute social benefits and reduce unemployment.”
– https://economy-news.net/content.php?id=44010
Iraq Exports More Than 7 Million Barrels Of Crude Oil And Its Derivatives To America In A Month
Energy Economy News _ Baghdad The US Energy Information Administration announced on Tuesday that Iraq exported more than 7 million barrels of crude oil and its derivatives to the United States during the month of March of this year.
An administration table, seen by Al-Iqtisad News, showed that Iraq’s exports of oil and its derivatives in the month of March amounted to 7.75 million barrels, an increase of 2.395 million barrels from what they recorded in February, when they reached 4.680 million barrels.
The US Energy Information Administration stated that OPEC’s exports of crude oil and its products to America during February amounted to 38 million and 69 thousand barrels, with Saudi Arabia having the highest rate of exports to America, reaching 11 million and 559 thousand barrels during the same time period.
Iraqi oil exports to the United States have increased significantly over recent years, with export numbers in some months reaching record levels, partly due to Iraq’s ability to increase its oil production, in addition to rising global demand for oil.
Oil trade relations between Iraq and the United States play an important role in strengthening economic relations between the two countries. They also contribute to enhancing the stability of the global oil market and providing energy to the American and global economies. – https://economy-news.net/content.php?id=44001
Al-Sudani: Ending UNAMI’s Work Does Not Mean Breaking With The United Nations And Specialized International Agencies
Tuesday 04, June 2024 | Political Number of readings: 136 Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed that the UN Security Council’s decision to set a date for ending the work of the UNAMI mission in Iraq at the end of the year 2025 does not mean a break with the United Nations and specialized international agencies.
The Prime Minister said in his speech during the Council of Ministers session today: “The Security Council’s recent decision to end the work of the UNAMI mission came at the request of the government, and it represents international recognition of the progress made on the Iraqi scene in all fields.”
He added: “International organizations have reached a positive performance assessment of Iraq that supports stability,” pointing out that “ending UNAMI’s work does not mean a break with the United Nations and specialized international agencies.”
The Prime Minister pointed out in his speech: “Iraq is the cornerstone of any stability process in the region.”/End 7 https://ninanews.com/Website/News/Details?Key=1130595
Announcing the establishment of the Iraqi-French Business Council on the sidelines of the Iraqi-French Economic Forum
Tuesday 04, June 2024 | Economical Number of readings: 354 Baghdad / NINA / The Department of Foreign Economic Relations in the Ministry of Commerce announced the establishment of the Iraqi-French Business Council on the sidelines of the Iraqi-French Economic Forum late last May.
A statement by the Ministry’s media office said: “The activities of the forum were organized by the Embassy of the Republic of Iraq in Paris in cooperation and coordination with the Commercial Mission in Paris, the French Ministry of Foreign Affairs, and the French Employers Association MEDEF for the period from the twenty-ninth to the thirty-first of last May.”
The statement continued: “The forum was attended by Governmental bodies and the Iraqi private sector, and on the French side, the Minister Delegate for Foreign Trade, Attraction, Francophonie, and French people abroad, in addition to other official figures, with the participation of Iraqi and French companies from the public and private sectors, and a large number of researchers, interested parties, and media professionals.
The statement indicated: “The launch of the work of this economic forum comes within the efforts of the Iraqi government and the Ministry of Commerce to implement the Iraqi-French strategic agreement signed between the two countries last year in order to develop trade and economic relations between the two friendly countries.
The statement stressed:” The commercial attaché played a pivotal and prominent role. In coordination with French banks, owners of companies, factories, investors, industrialists, and parties influencing French commercial and economic decisions, by bridging viewpoints to open broader commercial cooperation horizons by inviting them to participate in the forum. /End 3
https://ninanews.com/Website/News/Details?key=1130529
Provoking Thoughts and Points to Ponder on Wealth
The first wealth is health. – Ralph Waldo Emerson
The smell of profit is clean and sweet, whatever the source. – Juvenal
There are few sorrows, however poignant, in which a good income is of no avail. – Logan Pearsall Smith
The human race has had long experience and a fine tradition in surviving adversity. But we now face a task for which we have little experience, the task of surviving prosperity. – Alan Gregg
Riches enlarge, rather than satisfy appetites.- Thomas Fuller
Australia is so kind that, just tickle her with a hoe, and she laughs with a harvest. – Douglas Jerrold
It is better to live rich than to die rich. – Samuel Johnson
We can have democracy in this country or we can have great wealth concentrated in the hands of a few, but we can’t have both. – Louis D. Brandeis
I am opposed to millionaires, but it would be dangerous to offer me the position. – Mark Twain
Sleep, riches and health to be truly enjoyed must be interrupted. – Jean Paul Richter
The wealth of a nation consists not in its mass of material things, but in its system. The natural resources of South America are not inferior to those of the United States, but the wealth of the two regions is vastly different. The land of India is far richer than that of Japan, but the comparative wealth of the two nations is reversed. – George Brockway
