Iraq Economic News Friday 6-14-2024
Al-Rafidain Begins Deploying ATM Machines In Its Main Branches
Economy | 12:31 – 06/14/2024 Today, Friday, Rafidain Bank announced the start of deploying ATM machines in its main branches.
His media office stated in a statement received by Mawazine News, “The bank has begun deploying ATM machines in its main branches and then institutions, commercial areas, and malls, respectively.”
He added, “This is in implementation of its strategic objectives in enhancing the spread of the bank’s services in accordance with Al-Rafidain’s strategy to enhance financial inclusion and provide the best services to its customers.” https://www.mawazin.net/Details.aspx?jimare=249686
Oil Jumps To $83 Per Barrel
Economy | 07:26 – 06/14/2024 Baghdad – Mawazine News Brent crude futures prices rose on Friday, and are heading towards recording their best weekly performance in more than four months after expectations of growth in demand for crude oil and fuel this year.
Brent crude futures rose 53 cents to $83.28 a barrel by 1356 GMT. US West Texas Intermediate crude futures also rose 41 cents to $79.03 per barrel.
The two benchmarks gained approximately 4.5 percent during the week, which will push Brent to record its highest weekly rise since the week ending February 9. US West Texas Intermediate crude is also heading towards achieving its largest weekly rise since the week ending April 5. https://www.mawazin.net/Details.aspx?jimare=249709
Basra Crude Prices Exceed The Global Decline
Money and business Economy News – Baghdad Basra heavy and medium crude prices rose today, Thursday, despite the decline in global oil prices.
Basra Heavy crude prices rose 60 cents to reach $80.28, and Basra Medium crude prices rose 60 cents to reach $83.13.
Global oil prices fell as investors digested the news that the US central bank chose not to cut interest rates in the near future. – https://economy-news.net/content.php?id=44280
Economists Call For Enhancing Non-Oil Revenues
Economical Baghdad: the mainstay of the emirate Economic affairs specialists called for the necessity of working to enhance non-oil revenues and reduce dependence on oil in a manner consistent with economic reforms.
The specialist in economic affairs, Dr. Ahmed Al-Rawi, explained to “Al-Sabah” that
“oil is affected by variables as it is one of the strategic commodities, regardless of supply and demand, and
the factors affecting oil prices can be identified, including political, economic, and factors resulting from conflicts and security disturbances.
Because of its international and strategic importance, oil is considered a causal commodity.”
For economic activity or even influencing political decisions that may lead to changing the positions of many countries towards rising prices.
Regarding public budgets, Al-Rawi believes that
“it has become necessary to take practical measures regarding reconsidering public budgets away from rentier expectations and raising all forms of unnecessary public expenditures.”
Activating non-oil revenue systems, such as the system of taxes and public fees, and revitalizing economic sectors so that the budget becomes capable of providing job opportunities for the young workforce and diversifying incomes, as well as developing oil production in proportion to spare capacity.
The expert called for achieving stability in the growth of the general budget by adopting a rate that is compatible with the annual growth rate of the gross domestic product and not making the development of the budget linked to oil revenues.
For her part, the Dean of the Faculty of Business Economics at Al-Nahrain University, Dr. Nagham Hussein, explained in a statement to “Al-Sabah” that
“not The stability of oil revenues generates complications in financial policy in the short and long term, and
they are linked to a number of fundamental issues, including the relative importance of the oil sector in the national economy.
Prices fluctuate, so the focus must first be on the long term and attention
to the fair distribution of resources and burdens.” https://alsabaah.iq/98237-.html
Provoking Thoughts and Points To Ponder On Adversity:
Without the burden of afflictions it is impossible to reach the height of grace. The gift of grace increases as the struggles increase. – Saint Rose of Lima
When the going gets tough, the tough get going. – Frank Leahy
The effects of opposition are wonderful. There are men who rise refreshed on hearing of a threat, men to whom a crises, which intimidates and paralyzes the majority, comes as graceful and beloved as a bride! – Ralph Waldo Emerson
Remember that the Devil doesn’t sleep, but seeks our ruin in a thousand different ways – Angela Merici
Down you mongrel, Death! Back into your kennel! – Edna Saint Vincent Millay
He that wrestles with us strengthens our nerves and sharpens our skills. Our antagonist is our helper. – Edmund Burke
The block of granite which was an obstacle in the path of the weak becomes a steppingstone in the path of the strong. – Thomas Carlyle
http://famousquotesandauthors.com/topics/adversity_quotes.html
