The economic expert, Basem Jamil Antoine, considered the continued fluctuation of the dollar price in Iraq to be “null and void.”

Antoine {Euphrates News} said: “The continued difference between the parallel price of the dollar and the official price is considered an “invalid” process and there is no justification for the rise in exchange rates, especially since the amounts of dollars coming to the Central Bank from oil sales exceed 300 million dollars daily.”

He added, “There are no special requests as the market has been affected by supply and demand and monetary inflation and the reduction in the amount of salaries and the treatment of this must be serious and accurate.”

Antoine added, “Especially since salaries go to basic needs and it is not possible to reduce salary revenues, which are considered limited.” The dollar exchange rates stabilized today, Sunday, in Baghdad markets. The prices came as follows:

The selling price is 150,000 Iraqi dinars.

The purchase price is 148,000 Iraqi dinars for 100 US dollars.   LINK

Continuous decline in the exchange rate of the US dollar in Baghdad

  The US dollar exchange rate witnessed a decline in the markets of the capital, Baghdad, today, Sunday, with the opening of the country’s main stock exchange.

The dollar price decreased slightly with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149,000 dinars per 100 dollars, while yesterday, Saturday, it recorded 149,150 per 100 dollars.

As for the selling prices in the exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 150,000 dinars, while the purchase price reached 148,000 dinars for every 100 dollars.   https://www.mawazin.net/Details.aspx?jimare=251643

The Central Bank Of Iraq Imposes Huge Fines On Banks During The First Quarter Of The Year

  The Central Bank of Iraq announced today, Sunday, the imposition of financial fines exceeding 43 billion Iraqi dinars on banks and non-banking institutions (exchange companies) during the past three months.

According to a report issued by the Central Bank, the value of fines imposed between the beginning of April and the end of June amounted to 43 billion, 465 million, 532 thousand, and 931 dinars.

The report indicated that May witnessed the highest value of fines, amounting to 34 billion, 2 million, 141 thousand, and 100 dinars, with the imposition of 42 administrative penalties, while June recorded the lowest value of fines, amounting to 2 billion, 829 million, 157 thousand, and 288 dinars, with 30 administrative penalties. The report did not reveal the names of the banks and institutions included in the fines and penalties.

For its part, the Investors Association in the Iraq Stock Exchange criticized the Central Bank’s decision, warning of its negative impact on the profitability of investors in the shares of these banks. https://www.mawazin.net/Details.aspx?jimare=251621n

Iraqi Participation In UNCTAD Meetings On World Trade

Economy | 07/20/2024  Baghdad – Mawazine News  The Ministry of Trade announced today, Saturday, its participation in the technical meetings of the United Nations Conference on Trade and Development (UNCTAD) in Istanbul, regarding the accession of Arab countries to the World Trade Organization.

The ministry stated in a statement that it “participated today in the technical meetings organized by UNCTAD in Istanbul, which will last for two days, to discuss the experiences of Arab countries in joining the World Trade Organization.”

The Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, said, according to the statement, that “the meetings discussed the outcomes of the thirteenth ministerial conference of the World Trade Organization, the process of Arab countries’ accession to the organization, and how Iraq can benefit from these experiences in its process of joining.

The statement added, “The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed.”

Al-Hashemi stressed, according to the statement: “Iraq’s participation in these technical meetings enhances the experience of the Iraqi negotiating team and pushes it to move forward, and in an accelerated manner, towards achieving full accession to the World Trade Organization, as the exchange of knowledge and experiences gained from these meetings will have a significant positive impact on improving Iraq’s negotiating capabilities and achieving its economic goals.”

The statement indicated: “This participation is part of the ongoing efforts made by the Ministry of Trade to strengthen Iraq’s international economic relations and take advantage of available opportunities to enhance economic and commercial development in the country.” https://www.mawazin.net/Details.aspx?jimare=251576

Iraq Sells More Than $274 Million In Today’s Trading

Banks  Economy News – Baghdad  The Central Bank of Iraq announced today, Sunday, its sales of hard currency, which amounted to more than 274 million dollars in today’s transactions, according to the official price of 1310.

The bank’s data showed that the total internal cash withdrawals amounted to $6,800,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $268,183,903, while the total sales amounted to $274,983,903. – https://economy-news.net/content.php?id=45419

The Stock Market Starts Its Week With Losses

Market  Economy News – Baghdad   The stock market index fell in the first session of the week, falling by 0.51%.   The session also witnessed the trading of 839.2 million shares, worth 1.3 billion dinars.

The shares of 10 traded companies rose, while the shares of 10 companies fell.

https://economy-news.net/content.php?id=45433

Iraq’s Oil Exports To US Rise In A week

Energy  Economy News – Baghdad  The US Energy Information Administration announced today, Sunday, that Iraq’s oil exports to America increased during the past week.

The administration said in a table seen by “Al-Eqtisad News” that “the average US imports of crude oil during the past week from eight major countries amounted to 6.044 million barrels per day, an increase of 409 thousand barrels per day from the previous week, which amounted to 5.635 million barrels per day.”

She added that “Iraq’s oil exports to America reached 220 thousand barrels per day last week, an increase of three thousand barrels per day from the previous week, which reached 217 thousand barrels per day.”

The administration indicated that “the largest oil revenues for America during the past week came from Canada at a rate of 4.418 million barrels per day, followed by Mexico at an average of 388 thousand barrels per day, followed by Saudi Arabia at an average of 394 thousand barrels per day, from Brazil at 331 thousand barrels per day, and from Nigeria at an average of 164 thousand barrels per day.”

According to the table, “the amount of US imports of crude oil from Colombia was at a rate of 79 thousand barrels per day, and from Ecuador at a rate of 50 thousand barrels per day.”