Iraq is the second Arab country and the ninth in the world in terms of natural resources
Iraq ranked ninth globally and second in the Arab world as the country with the most natural resources, according to the Canadian Visual Capitalist index, which specializes in various economic statistics, and the German company Statista, which specializes in market and consumer data.
Natural resources are the backbone of the economy of many countries, as these riches of minerals, oil and gas constitute an important pillar for enhancing revenues and supporting local industry, in addition to attracting foreign investments and creating wide-ranging job opportunities.
Resources usually play a role in determining a country’s position in the global economy, as they can represent a source of political and economic power for a country if they are exploited sustainably to provide a return to the country.
Russia tops the list of countries with the largest natural resource holdings in the world, led by its large reserves of oil, coal, natural gas and rare earth minerals, while the United States ranked second in coal, timber, natural gas, copper and gold.
While Saudi Arabia came third globally and first in the Arab world as the country with the largest natural resources of oil and natural gas, Iraq came ninth globally and second in the Arab world in oil and phosphate.
Despite the huge resources these countries possess, wealth management remains a crucial factor in achieving sustainability and real development in the future.
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CBI: Opening external channels with foreign currencies to eliminate the black market
Governor of the Central Bank, Ali Al-Alaq, confirmed today, Thursday, that opening channels in foreign and Arab currencies achieves stability in the exchange rate and gradually eliminates the black market.
The media advisor of the Trade Bank of Iraq (TBI), Aqeel Al-Shuwaili, said in a statement received by the Iraqi News Agency (INA): “The governor of the Central Bank visited the Trade Bank of Iraq and appreciated the bank’s efforts to expand its customer base of importing merchants and the procedures to facilitate their transactions in a way that contributes to achieving stability in the exchange market.”
The governor of the Central Bank stressed – according to the statement – the need to make efforts to achieve fluidity and provide the best banking services to the bank’s customers.
The governor pointed out that “the Central Bank’s continued opening of multiple external channels in foreign and Arab currencies achieves continuous stability in the exchange rate and gradually eliminates the black market.”
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CBI denies audio recording attributed to Al-Alaq
A responsible source at the Central Bank denied today, Thursday, an audio recording attributed to the Governor of the Central Bank, Ali Al-Alaq.
The source told the Iraqi News Agency (INA) that “there is no truth to the recording attributed to the Governor of the Central Bank, Ali Al-Alaq, in which he spoke about smuggling $250 million daily through remittances and the rise in the dollar price.”.
He added that “the Central Bank has achieved a major accomplishment in putting the external transfer and cash sale of the dollar and other currencies on a transparent path that is consistent with international standards and practices and has received wide international acclaim.”.
He continued that “the measures taken achieve stability in the exchange rate and that covering imports at the official price achieves what we are witnessing in terms of general price stability and reducing inflation.”
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80 companies participated in the Iraq International Building and Construction Exhibition
Baghdad Governor Abdul Mutalib Al-Alawi opened the Iraq International Exhibition for Construction, Building and Infrastructure today, Thursday, pointing out that most of the participating companies are from the private sector, which is the main partner in the construction, reconstruction and development process.
Baghdad Governor Abdul Mutalib Al-Alawi told the Iraqi News Agency (INA) during the opening of the Iraq International Exhibition for Construction, Building and Infrastructure: “Today we opened this exhibition, which contains materials involved in the field of construction and reconstruction taking place in Iraq in general and especially in the capital, Baghdad.”
He added, “The products of these companies on display are made with the latest technologies and we are in dire need of them as Iraq is witnessing a major urban renaissance, in addition to the market’s need for such products,” noting that “most of the companies participating today are from the private sector, which is the main partner in the process of construction, reconstruction and development in general.”
He explained that “these companies come to Baghdad and display their products, and they will have a share in the Iraqi market and contribute to development in all governorates.”
For his part, the Assistant Director General of the Private Sector Development Department at the Ministry of Trade, Mohammed Hanoun, confirmed to the Iraqi News Agency (INA), that “Iraq is witnessing a major urban renaissance that requires international, Arab and Iraqi companies to participate in the process of construction, rehabilitation and reconstruction, as well as strengthening partnerships between the Iraqi and international private sectors and giving a realistic picture of what Iraq is witnessing in terms of reconstruction and building.”
He pointed out that “international companies provide many construction materials that will, in turn, contribute to the construction process that Iraq is witnessing, noting that “this exhibition, in its third edition, is the largest in terms of the participating companies and the quality of the materials on display.”
He added, “We aspire to achieve a partnership between the Iraqi and international private sectors, and for state institutions to benefit from this exhibition in a way that enhances development, construction, reconstruction and investment in Iraq.”
