Gold Reserves Jump: Iraq Exceeds 150 Tons of ‘Cash Gold’

The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed today, Tuesday, a jump in Iraq’s gold reserves after it exceeded 150 tons of gold.

Saleh told {Euphrates News} that: “The cash gold in Iraq’s foreign reserves constitutes a percentage that may not exceed 10% to 11% of the total investment portfolio management of those reserves.”

He added, “This percentage is usually determined by the standard guidelines issued by the International Monetary Fund on how to manage the optimal sovereign investment portfolios according to risk management and their distribution between liquid and semi-liquid assets and official cash gold.

” Saleh explained, “The latest information indicated that our country’s balance of official cash gold may have exceeded the barrier of 150 tons of pure gold.”

Gold prices rose slightly on Tuesday, but remained hovering around the lowest level in a month, while investors await US economic data and comments from Federal Reserve officials for more clarity on the path of interest rates.

Spot gold rose 0.2% to $2,624.17 per ounce after recording its lowest level since October 10 on Monday. U.S. gold futures gained 0.5 percent to $2,630.10.

The dollar held near a four-month high as bets on President-elect Donald Trump’s policies continued to weigh. A stronger dollar makes gold less attractive to holders of other currencies.

Among other precious metals, spot silver was little changed at $30.70 an ounce. Platinum fell about 0.2 percent to $962.80, while palladium was steady at $980.34.

Alforatnews.iq

Iraq selects 11 companies to compete for Faw Grand Port operation contract

Shafaq News / The Director General of the General Company for Iraqi Ports, Farhan Al-Fartousi, revealed today, Tuesday, that a shortlist of 11 shipping companies has been drawn up to compete for the contract to operate the Grand Faw Port.

A decision on the winners is expected in January 2025, Reuters reported.

The shortlist includes prominent companies such as China Merchants Port Group, Taiwanese container shipping company Evergreen, French container and freight company CMA-CGM, Mediterranean Shipping Company (MSC), India’s Adani, International Container Terminal Services (based in the Philippines), China’s COSCO, and the UAE’s Global Shipping, Al-Fartousi said.

The port is one of the most prominent economic projects that will contribute to supporting the Iraqi economy, as it is expected to provide 150,000 job opportunities.

Last Saturday, November 8, the five berths of the first phase of the project were delivered, with 100% of them completed. These berths are part of the wider project that also includes the navigation channel, the container yard, and the submerged tunnel.

Iraqi Prime Minister Mohammed Shia al-Sudani described the port as a project of the “Iraqi people,” while the Minister of Transport stressed the importance of the port as a pillar of economic growth in Iraq and the region.

The project is expected to generate huge revenues and enhance economic diversification away from oil dependence. The port is also expected to contribute to enhancing trade between Iraq, Asia and Europe, and reflects an important transformation in Iraqi infrastructure.

The project is receiving international attention, as delegations from Turkey and other countries have visited it to see its developments. The first phase of the port is expected to open at the end of 2025, with five of the 99 berths set to begin operation.

Shafaq.com

Economist reveals reasons for continued rise in dollar price

Information / Baghdad… Economic expert Safwan Qusay confirmed today, Tuesday, that the dealings of some Iraqi traders with the sanctioned markets contributed to increasing the demand for the dollar in the informal market.

Qusay said in an interview with Al-Maalouma Agency that “controlling the dollar exchange rate is the responsibility of the Central Bank of Iraq,” noting that “the Central Bank provides the dollar at the official price to all remittances and external financial credits, provided that this request is legitimate.”

He added, “There is still room to attract legitimate requests from within the informal market to the platform or international correspondent banks directly.”

He continued, “Iraq’s consumption of goods must be determined and it is possible to know the goods that are consumed domestically but do not enter the platform in order to organize import licenses in a way that does not allow the request for dollars from the informal market.”

He pointed out that “the Ministry of Finance pledged to control the border crossings and not allow the entry of goods outside the framework of the crossings, in addition to the rest of the ministries that pledged to increase the capacity of local production in order to reduce import operations.”

He pointed out that “the exchange rate requires cooperation between the financial, monetary and production authorities in order to be able to control it in local markets,” noting that “the dealings of some Iraqi traders with the sanctioned markets contributed to increasing the demand for the dollar in the informal market.”

Almaalomah.me

Iraqi Dinar / US Dollar auction results for Monday 11-11-2024

Advertisement No. (5242)

The amount:

Total amounts of transfers abroad (transfers, credits)
273,077,713

Total cash withdrawals
19,350,000

Total total sales
292,427,713

Note that: The selling price of documentary credits and international settlements for electronic cards is ( 1310 ) dinars per dollar.

The selling price for transfer amounts abroad is ( 1310 ) dinars per dollar.
The cash selling price is ( 1305 ) dinars per dollar.

cbi.iq/currency_auction

Experts: Faw Port is Iraq’s gateway to a global economic future

Economic circles agreed on the importance of opening five berths within the Grand Faw Port project, and considered it the first step towards correcting the paths of the Iraqi economy, as the project represents the first step in an ambitious policy to create major infrastructure in the country, serving all sectors without exception, and is an acceptable approach to diversifying the Iraqi economy and providing opportunities for a wide segment. It is hoped that the project will be completed in its three phases in 2028 with a total capacity of 91 million tons annually.

Prime Minister Mohammed Shia al-Sudani, who sponsored the ceremony of receiving the five berths of the Faw Port from the Korean implementing company, described it as “the people’s project,” and that it “gains great importance due to its connection to the development road project, which will link, starting from the Grand Faw Port, the economies of most countries in the region, and will be an outlet for achieving economic integration,” noting that Iraq remains a fundamental pillar in the global economy, and a historical part and passageway of the most important international exchange routes.

The five platforms

Al-Sudani pointed out the importance of the five docks in the Grand Faw Port, as they represent the backbone of the port project in its first phase, which will be completed next year according to the previous timetables. Huge commercial ships with large drafts have already docked on the port docks.

Real transformation

Chairman of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, described the opening of the five berths in the Grand Faw Port as a real transformation in the paths of national and global trade.

He said: Today we are facing a launch to serve the national economy, as we have actually begun to revive the Iraqi infrastructure in the ports sector, as this step represents an advancement to the global level of services provided to the national economy.

The biggest project

Al-Zuhairi added that the port’s capacity for all its phases exceeds 90 million tons annually, a number that reflects the extent of the work required in this project in particular. When the larger project, the development road and its facilities and the Grand Faw Port, are completed, there will be a need for millions of specialists, and here everyone can imagine the reality of the performance required in such locations.

He pointed out that the country is facing a new phase and new institutions, which are being created with the development of work in this site, which has become global, as it has become the focus of attention of the world’s major economies in the East and West of the world.

Starting point

Economic expert Mitham Al-Bolani confirmed that the starting point of the development path is the port of Faw, which has become a reality in economic life and the first real infrastructure for developing the national economy and has a positive impact on the global economy, especially since the development path is being implemented in an Iraqi-Turkish-Emirati-Qatari partnership, and that the Turkish side, in its first steps, concluded a quadripartite agreement with Hungary, Serbia and Bulgaria with the aim of delivering goods to the farthest parts of the world.

He stressed that the port of Faw represents an important starting point for global trade in various directions, and thus this port has great economic feasibility, especially with the existence of the development road, as the port and the road complement each other, pointing out that Iraq will be a fertile and mature investment destination for manufacturing industries at the present time at the very least and strategically in the future.

Geographical area

It is noteworthy that the member of the Parliamentary Finance Committee, Mustafa Al-Karawi, said in a statement to the Iraqi News Agency (INA): The opening of the five docks and the completion of the investment in the Faw Port will contribute to supporting the development path, in addition to the fact that it will be part of the Silk Road, indicating that Iraq is located in a geographical area that makes it a link between the major countries, China and Europe.

Global Trade

Development Consultant Amer Al-Jawahri said: The Grand Faw Port is the first real step that facilitates the reality of global trade and connects the West of the world to its East by the shortest and least time-consuming routes. It will also enhance the volume of international trade for Iraq with the countries of East Asia, where there is a large volume of trade and achieves fluidity in this aspect.

He pointed out that completing all stages of the Grand Faw Port, as a starting point for the development path, will enhance the reality of the Iraqi economy, and Iraq will be a real attraction point with great and sustainable benefit for Iraq.

Executive Body

He pointed out that Iraq, through this port, will be of new benefit to European countries and the West in general, and they will develop tendencies to invest in Iraq and its regions close to this project.

Al-Jawahiri recommended establishing the executive body for the development road project, of which the Faw Port is an important part, complementary to the new road and railway projects and other projects in more than one economic joint, which is considered a necessity for this project.

Make agreements

He pointed out the importance of concluding agreements with several countries that have a direct impact on the process of managing the integrated project, starting with the port and the development path with all its institutions.

He stressed the necessity of forming the Faw Economic Zone Authority, which will handle the issues of economic and industrial cities and the technological city, all the way to the tourist city, which is an important part of the region and of great benefit. Here, we stress the necessity of forming institutions and the authority with legislation, so that it will transcend the successive governments that have managed the country.

Starting point

Economic expert Dr. Salwan Al-Nouri said: Iraq is distinguished by its geographical location, and this is something known to everyone without exception. We are at the point closest to the West and East of the world, and the country could be a starting point towards the two global poles, and this will happen sooner or later, and we have to work and start from this fact, and here we must know how to work and what is required during the next stage and we have entered the circle of real international interest, and we now have a port that concerns the economies of the world.

Re-export

Al-Nouri stressed the need to move towards legislating the re-export law in a manner that is consistent with the importance of Iraq in the arena of international trade and the international economy, as this law allows Iraq to be a real starting point for developing the national economy, noting that this law allows companies to bring imports to Iraq and work on exporting them to various countries of the world again after dealing with them or dividing them, and in this matter there is a great benefit for the country.

Alsabaah.iq

An Iraqi city in the heart of America.. What do you know about Little Baghdad?

In the state of California, near the Mexican border, a city called “El Cajon” in San Diego County, hosts one of the largest Iraqi communities outside the country.

This small city, thousands of Iraqis have immigrated to since the 1980s, has become a center of stability for Iraqis wishing to go to America. The Iraqi footprint is very clear there, as Iraqi shops fill the city streets, which has made the city a destination for Iraqis from other states.

In this regard, an Iraqi resident of the city who works in a jewelry store said: “El Cajon is considered a completely Iraqi city, you can live here even without learning English.”

On the city’s main street, Main Street, Iraqi shops stand out, and the Arabic language decorates the shop windows, as if you were in the heart of Baghdad, not California .

Several years ago, the Los Angeles Times dubbed the city “Little Baghdad,” due to the high number of Iraqi immigrants to the city .

The Iraqi presence was very clear, even the famous Freedom Monument located in the heart of Baghdad was designed in a cut-out way, in one of the city’s streets, thanks to an Iraqi merchant who wanted to add an Iraqi touch to the city, so they obtained the necessary permits and built the monument. Also, one of the side streets bears the name “Baghdad”, after an official request was submitted to the municipality by the name, by a number of residents of the Iraqi community .

“Even the American population has learned from our customs and has become very keen on Iraqi food ,” said the owner of the Iraqi restaurant “Happy Time” in the city.

Muhannad Al-Hallaq stressed that El Cajon might be “the best place to live for Iraqis, outside Iraq, because of the gathering and the friendly Iraqi atmosphere .”

Iraqis have spread out in many places around the world, such as Britain and Europe, but their presence in the San Diego area may be the most visible from a visual standpoint, especially since the city’s weather is very similar to the hot Iraqi weather, and its desert areas mixed with greenery resemble Baghdad in some glimpses, which has made it worthy of the title “Little Baghdad.”

Shafaq.com

Private banks’ capital in Iraq increased by 7.3%

The Central Bank of Iraq announced, on Monday, that the capital of private banks increased by 7.3%.

The bank said in a report seen by Shafaq News Agency that it recorded an increase in the total capital of private banks operating in Iraq during the first quarter of this year, by 7.3% to reach 19.2 trillion dinars, compared to 19.7 trillion dinars for the same period last year.

He pointed out that the capital of private banks operating in Iraq increased by 6%, while the capital of government banks increased by 11.1%.

He added that the contribution of private banks’ capital amounted to 73.2%, while the contribution of government banks’ capital amounted to 26.2%.

The bank explained that deposits in the first quarter of the current year increased by 1.2% to reach 123.7 trillion dinars compared to 122.2 trillion for the same period of the previous year, with current deposits increasing by 3.1% as a result of the increase in current expenditures from wages and salaries of employees in the public sector, while savings deposits decreased by 3%, and fixed deposits decreased by 10%.

Shafaq.com

Parliamentary Finance Committee reveals a move to question the Governor of the Central Bank of Iraq: We are working to change him

Member of the Parliamentary Finance Committee, Mohammed Nouri, revealed on Sunday that there is a move within the committee and the House of Representatives to question the Governor of the Central Bank of Iraq, Ali Al-Alaq, due to the lack of control over the stability of the dollar price and the dominance of private banks over the currency selling window.

Nouri told Shafaq News Agency, “There is a move within the Parliamentary Finance Committee and the House of Representatives to question the Governor of the Central Bank, Ali Al-Alaq, due to the existence of many files, most notably the bank’s lack of control over the stability of the dollar exchange rate in the market.”

He pointed out that “the other reason, which is considered one of the reasons for questioning the governor of the Central Bank, is the dominance of some private banks owned by foreign nationalities over the window for buying and selling currency and foreign transfers.”

Nouri explained that “there are other works that we are doing through official letters and correspondence to change the governor of the Central Bank because he has exceeded the legal age and continues in the position while he should be referred to retirement.”

On Monday, August 19, a member of the Parliamentary Finance Committee, Mustafa Al-Karawi, revealed that a request had been submitted to the Presidency of the Council of Representatives to set a date to question the Governor of the Central Bank of Iraq regarding several files, most notably the exchange rate of the dollar against the local currency.

Al-Karawi told Shafaq News Agency, “Members of the Parliamentary Finance Committee had previously submitted a request to the Speaker of the House of Representatives to question the Governor of the Central Bank, Ali Al-Alaq.”

He added, “The interrogation relates to several files, the most important of which are the dollar exchange rate, its sale to travelers, the currency buying and selling window, financial transfers abroad, cash financing, US sanctions, and negotiations with the US Federal Reserve.”

It is noteworthy that the Supreme Judicial Council in Iraq, on August 19, supported the State Council’s findings regarding the referral of the Central Bank Governor, Ali Al-Alaq, to ​​retirement after reaching the legal age.

The Supreme Judicial Council said in an official document received by Shafaq News Agency that the same subject was studied by the Studies Committee in the Presidency of the Judicial Supervision Authority, and the same opinion of the State Council was reached in the two aforementioned decisions.

The House of Representatives had sent a letter to the Supreme Judicial Council inquiring about the judiciary’s opinion on the permissibility of the bank governor continuing in service after reaching the legal retirement age.

The State Council has decided the official position on whether or not the Central Bank Governor, Ali Al-Alaq, will continue in his position, confirming that he has exceeded the legal retirement age.

It was stated in correspondence between the State Council and Parliament that in response to the House of Representatives’ request to clarify the opinion of the State Council regarding the permissibility of the Governor of the Central Bank continuing in service after reaching the legal retirement age.

He pointed out that the legislator has explicitly stipulated that retirement upon reaching the legal age is an inevitable retirement by law unless exempted by a special provision, and since there is no special provision exempting the Governor of the Central Bank from the provisions of inevitable retirement upon reaching the legal age.

The State Council confirmed that the legal principle states: “Heads of independent bodies are subject to the legal age for retirement.”

Shafaq.com

During a month.. 88 billion shares worth 84 billion dinars were traded in Iraq

The Iraq Stock Exchange announced, on Sunday, the trading of 88 billion shares, with a financial value of more than 84 billion dinars, during last October.

The market stated, in a report seen by Shafaq News Agency, that “the market organized 22 trading sessions, and the number of companies whose shares were traded during October reached 81 joint-stock companies, out of 110 companies listed on the market.”

He added, “The number of traded shares reached 88 billion, 232 million, and 25 thousand shares, with a financial value of 84 billion, 455 million, and 79 thousand dinars, through the implementation of 22,160 transactions.

The market indicated that “the ISX60 index closed at 1,044 points, recording a 12% increase from its closing in the previous session.”

It is noteworthy that the Iraq Stock Exchange organizes five trading sessions weekly from Sunday to Thursday, and 110 Iraqi joint-stock companies are listed in it, representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism and hotels.

Shafaq.com

Economic calls for Iraq to withdraw from OPEC.. What are the reasons?

Economic expert Nabil Al-Marsoumi revealed today, Saturday, that the continuation of…Iraq In OPEC it will cause him severe financial difficulties and gap Huge deficit starting with the 2025 budget.

Al-Marsoumi said in a tweet that I followed: Sumerian News in Iraq During the next three years it needs to export 5 million barrels per day to achieve oil revenues of 109 billion dinars annually at a price of $60 per barrel to cover the growing public spending, and this will not be achieved except by withdrawing from OPEC, as it did previously. Qatar Angola and the abandonment of the production quota system followed by the organization.

He added that OPEC is no longer as effective as it was in the seventies. The century The past, and its role is currently limited to bearing the burden of adapting supply to demand to provide rescue packages for high-cost oils such as shale and sand oil at the expense of OPEC losing its market shares to other producers.

The economic expert indicated that the withdrawal option allows Iraq to develop an oil strategy to achieve an increase in oil production to the level of 6 million barrels per day and oblige foreign companies to achieve this strategic goal by dividing it into achievable annual numbers or targets and completing the production and export infrastructure in order to increase oil exports and acquire more market shares because the coming conflict in market Oil will focus on getting more oil shares in The market Global oil, especially since oil prices will hardly fall sustainably below $60 due to the high cost of extracting American shale oil to $52 per barrel.

Otherwise, it will remain Iraq Captive to the Saudi and Russian oil policies, which hold large production shares of 11 million barrels each, compared to 4.650 million barrels per day for Iraq, of which it produces Iraq Currently 3.9 million barrels per day due to its commitment to OPEC Plus restrictions, according to Al-Marsoumi, who confirmed that the continuation Iraq In OPEC it will cause him severe financial difficulties and gap Huge deficit starting with the 2025 budget.

Alsumaria.tv