Central Bank sales exceed $5 billion in a month
The Central Bank of Iraq’s sales from the hard currency auction of the US dollar during November amounted to more than 5 billion dollars.
Shafaq News Agency correspondent stated that the Central Bank sold during the month of November, during the days in which it opened its auction for buying and selling the US dollar, 5 billion, 207 million, 440 thousand, and 351 dollars, at a daily rate of 289 million, 302 thousand, and 242 dollars.
Our correspondent added that foreign remittance sales during the past month amounted to 4 billion, 997 million, 90 thousand, and 351 dollars, an increase of 96% compared to cash sales, which amounted to 210 million, 350 thousand dollars.
Our correspondent indicated that these sales were distributed between transfers abroad to finance foreign trade, and cash sales to banks, while the selling price of documentary credits and international settlements for electronic cards reached 1310 dinars per dollar, while the selling price of transfers abroad and the cash selling price reached 1305 dinars per dollar.
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Economist: Budget amendment will raise the fiscal deficit
Today, Tuesday, economic expert Abdul Rahman Al-Mashhadani expected an increase in the deficit in the financial budget by the end of this year and Iraq’s inability to pay its debts to international institutions during the coming period.
Al-Mashhadani said in an interview with Al-Maalouma Agency, “Amending new paragraphs in the financial budget law will lead to raising the total budget to 250 trillion, and this is beyond the available capacity, and the planned deficit rate is 64 trillion dinars, and will rise to 30 trillion by the end of this year,” noting that “some proposals aim to gain electoral gains, considering that next year will witness the holding of general elections.”
He added that “all expectations indicate that Iraq’s debt will increase in the coming years and may reach more than 70 percent of the gross domestic product, and thus will affect the payment of salaries, as well as the payment of interest on the debt and installments owed by Iraq to international institutions,” indicating that “this matter entails major economic and political issues.”
It is noteworthy that the House of Representatives had previously hosted Prime Minister Mohammed Shia al-Sudani and his deputies, the Minister of Planning, the Minister of Foreign Affairs, and the Minister of Interior, where the amendments to the budget for next year 2025 were discussed.
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Oil Prices Slip Slightly, Hold Most of Previous Session’s Gains
Oil prices eased slightly on Tuesday but held on to the bulk of the gains recorded in the previous session, as geopolitical risks stemming from events in Syria and China’s commitment to boosting fiscal stimulus provided support.
Brent crude futures fell 13 cents, or 0.2%, to $72.01 a barrel, while U.S. West Texas Intermediate (WTI) crude futures slipped 14 cents, or 0.2%, to $68.23 a barrel.
Both benchmarks gained more than 1% on Monday.
