Iraq an economic Study

result for federal reserve gold reserves
Currently, it is reputedly the largest gold repository in the world and holds approximately 7,000 tonnes (7,700 short tons) of gold bullion ($415 billion as of October 2011), more than Fort Knox. Nearly 98% of the gold at the Federal Reserve Bank of New York is owned by the central banks of 36 foreign nations.

The IMF holds around 90.5 million ounces (2,814.1 metric tons) of gold at designated depositories. Based on historical cost, the IMF's total gold holdings are valued at SDR3.2 billion (about $4.6 billion), but at current market prices, their value is about SDR82.8 billion (about $120.1 billion).Aug 1, 2016

Last Edited by mondali2 on 04/07/2019 09:57 PM

Al-Kaabi heads a meeting of parliamentary finance to discuss the budget and oil of Kurdistan

by Walter



On the member of the Presidency of the House of Representatives Hassan Karim Kaabi, on Tuesday, a meeting of the Finance Committee parliamentary, to discuss the budget and oil Kurdistan region.

"Al-Kaabi chaired a meeting of the parliamentary finance committee to discuss the budget and oil of Kurdistan, and stressed the need to coordinate with the executive authority in the follow-up of the implementation of all articles and paragraphs of the General Budget Law 2019," the statement said.

The statement added that "the meeting broke up the discussion of the draft laws within the jurisdiction of the Finance Committee, including the draft law on financial management, and addressed a set of issues most important was the oil exported from the Kurdistan Region, and rounds of oil licenses and review contracts and hosting ministers and officials within the Committee, and burning caravans at the port of Zurbatiya Wasit province "He said.

[link to economy-news.net]

Oil touches $ 72
by Walter



{International: Al Furat News} Oil prices jumped more than 1 percent in trading on Wednesday after US data showed a sharp fall in gasoline stocks overshadowed crude inventories to a 17-month high.

Brent crude <LCOc1> rose $ 1.12, or 1.5 percent, to $ 71.73 a barrel, its highest level in five months.

US benchmark WTI futures rose 68 cents, or 1.1 percent, to $ 64.66 a barrel, near their strongest level since mid-November.

The US Energy Information Administration said on Wednesday crude stocks jumped 7 million barrels last week, exceeding expectations of an increase of 2.3 million barrels. But gasoline stocks fell 7.7 million barrels, or more than three times analysts' expectations, which were a drop of 2 million barrels.

Oil prices have also been supported by US sanctions on crude exports from Iran and Venezuela and supply cuts from OPEC countries and OPEC allies, including Russia.

[link to alforatnews.com]

Trade signed a joint document with the Kurdistan region to complete the files of Iraq’s accession to the World Trade Organization
by Walter

Economic development 12 April 2019 6:27 PM 0

The Ministry of Commerce signed a joint memorandum with the Ministry of Commerce and Industry in the Kurdistan region during a workshop in Erbil on the files to be completed for Iraq's accession to the World Trade Organization (WTO), as well as the need to continue to communicate to resolve any problems that occur between the Center and the region.

The representative of the delegation of the central government, Assistant Director General of the Department of Private Sector Development Musab Osama at the opening of the workshop, that "Iraq is a federal state and Iraq's economic interest is one interest, there is no difference between Baghdad and Erbil and Basra," adding that the organization of business and standardization of views on the files of the WTO The world will have a great impact on everyone without a difference. "

The workshop, which was held in Arbil under the auspices of the Federation of Chambers of Commerce and Industry of the region in the framework of the Ministry of Commerce seeks to organize and unify the views on the files of Iraq's accession to the World Trade Organization (WTO) between the central government and the Kurdistan Regional Government.

The workshop included a full presentation on the World Trade Organization (WTO) and the files that Iraq must complete to be a WTO member followed by bilateral meetings between representatives of ministries in the Government of the Center and their counterparts in the Government of the Region.

[link to wattaennews.net]

Iraq and the World Bank are discussing supporting the government’s plans for reconstruction and economic development
by Walter

Editorial date: 2019/4/12 18:51

(Baghdad: Al-Furat News) Finance Minister Fuad Hussein intends to discuss future cooperation between Iraq and the World Bank in light of the priorities and needs of the Iraqi government.

The finance minister arrived in Washington today and discussed with World Bank Group President David Malabas the role of the bank in supporting the Iraqi government's plans for human development, sustained economic growth, reconstruction of a post-Saddam Iraq, as well as an exchange of ideas, a statement from the Ministry of Finance said. And views on the development and revitalization of the public and private economic sector and poverty reduction.

According to the statement, the Deputy Prime Minister and the ministerial delegation, which includes the Minister of Health and a number of Directors General, will hold a series of meetings with the directors of the Bank and the Member States, according to the Ministry of Finance.

The World Bank has 189 member states, including Iraq, which it joined in 1945.

[link to alforatnews.com]

Mr. Brando thinks the WTO thing is the key to what we want.

Iraq receives all the approvals of the heads of parliaments of neighboring countries to attend the Baghdad summit next Saturday

by Walter




Iraq receives all the approvals of the heads of parliaments of neighboring countries to attend the Baghdad summit next Saturday
(Baghdad: Al-Furat News) Iraq receives all the approvals of the heads of parliaments of neighboring countries to attend the Baghdad summit next Saturday, the twentieth of April.
A source from the Office of the President of the House of Representatives Mohamed Halbusi told the {Euphrates News} that "under the slogan of" Iraq .. stability and development}
will be held in Baghdad on April 20 at the parliaments of neighboring countries {1 + 6}, at the invitation of Halbusi.
The source promised this summit "a precedent in Baghdad, where will be shared by [Saudi Arabia, Iran, Syria, Turkey, Jordan and Kuwait]."
"All delegations will arrive in Baghdad on April 19," he said
[link to alforatnews.com]

Trillion dinars value of deposits in commercial banks
by Walter



Banks

Economy News Baghdad

The private director of the Association of Iraqi Private Banks, Ali Tariq, said the increase of government and private deposits in commercial banks operating inside Iraq to 76.89 trillion dinars during the year 2018.
Tariq said, "Government and private deposits in commercial banks rose 9.84 trillion dinars in 2018 because of the bank's procedures The Iraqi Central Bank in support of the Iraqi banking sector, both government and private, in addition to Iraq rid of the financial crisis that hit in 2014 because of the fall in oil prices and security improvement after the elimination of the organization calling, "noting that" deposits in 2017 amounted to 67.05 trillion dinars What rose in 2018, to 76.89 trillion dinars. "
He added that "private sector deposits in commercial banks amounted to 27.36 trillion dinars, while government deposits amounted to 22.27 trillion dinars in addition to deposits of the public sector sector amounting to 27.26 trillion dinars."
He stressed that "the relationship between the citizen and the banking sector is witnessing a significant improvement after the actions of the Central Bank of Iraq, such as the settlement of salaries of employees in the public and private sectors and facilitate the procedures of bank cards and others," adding that "Another factor is the integration of Iraq in the global economy, which depends mainly on transactions With the banking sector in addition to the increasing geographical spread of banks through the increase in the number of branches after the awareness programs, as well as increasing the proportion of financial coverage through the provision of electronic payment tools and their impact in attracting the mass of cash.
He pointed out that "the coming years will witness an increase in deposits after the launch of deposit insurance company by the Central Bank of Iraq."

[link to economy-news.net]

The President of the Republic receives British Minister of State for International Trade
by Walter

Baghdad / News

President of the Republic Barham Salih received at the Peace Palace in Baghdad on Monday British Secretary of State for International Trade Liam Fox and his accompanying delegation.

During the meeting, the two sides reviewed the relations between Iraq and Britain, especially in trade and economic fields, and the need to expand them to serve the interests of the two countries and achieve the aspirations of the two friendly peoples.

The president praised the British support for Iraq in its fight against terrorism, stressing "the strengthening of bilateral relations and the exploitation of investment opportunities and the contribution of international companies in the reconstruction of liberated cities."

In turn, "the British minister renewed his country's support for Iraq in various fields," noting "the United Kingdom seeks to promote economic and trade cooperation between the two countries."

[link to translate.googleusercontent.com (secure)]

Iraq assures the International Monetary Fund (IMF) that it is adopting a new policy to diversify its sources of income
by Walter

money and business

Economy News _ Baghdad

The Prime Minister for Economic Affairs and Finance Minister Fouad Hussein on Monday, the government adopted a new policy in the revitalization of the economy and diversification of sources of income.
"The latter met on the sidelines of the World Bank meetings in Washington with the Deputy Managing Director of the International Monetary Fund (IMF), Mitsuhiro Furosawa, and invited him to visit Iraq and open a fund office to promote joint cooperation," a statement from Fouad Hussein's office said.
"The finance minister explained the latest developments on the political and economic fronts in Iraq and the government's efforts through its ambitious program to restore stability and reconstruction of the liberated areas of terrorist organizations and the government's adoption of a new policy to stimulate the economy and diversify sources of income," he added.
The statement said that "the meeting was also attended by the governor of the Central Bank of Iraq Ali Alalak."

[link to economy-news.net]

The start of the four-way meeting in Amman at the level of foreign ministers with the participation of Iraq
by Walter


money and business

Economy News _ Baghdad

The Iraqi Foreign Ministry announced on Sunday the start of the four-nation meeting, which includes the countries of Iraq, Cyprus, Greece and Jordan in Amman at the level of foreign ministers.
"The four-way meeting started in Amman at the level of foreign ministers with the participation of Iraq," ministry spokesman Ahmed al-Sahaf said in a statement received by the economy.
"The most important topics of the meeting are the development of economic relations and integration in various fields," he added.

[link to economy-news.net]

The central bank reveals a jump in its reserve of the dollar
Posted by Walter
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Date of release:: 2019/4/16 9:17



The director of payments in the Central Bank of Iraq, Suha Abdul Karim, confirmed that the bank has succeeded in controlling the level of inflation and maintaining prices, maintaining the purchasing power of the national currency, controlling the exchange rate and closing the gap between the official price and the market price.

“Foreign exchange reserves increased from $ 40 billion to $ 62 billion, diversifying the currency basket to support the balance of payments and facing economic crises,” Abdul Karim told a press briefing. “The Ministry of Finance has coordinated with the Ministry of Finance to manage the public debt to support the budget and finance the deficit during the financial crisis that has passed. In Iraq because of the drop in oil prices, the issuance of national bonds in the international financial market worth $ 2 billion, as well as the provision of new products to invest liquidity of commercial banks and investment and support profitability.

She pointed out that “the last period saw the issuance of bonds for the receivables of contractors after being audited by the Ministry of Planning and the Federal Financial Control Bureau, as well as the issuance of bonds to farmers on behalf of the Ministry of Finance and this move reflects a shift in a broader vision of government public debt management by the financial authority and monetary authority “He said.

“The standardization of the sukuk security standards to increase confidence in exchange and encourage traders to deal with electronic payments instead of cash, and electronic payment companies in order to support electronic operations and the issuance of license cards payment to banks, as well as linking banks and sites of the Central Bank of Iraq with data centers bank by cable To enhance the infrastructure of the banking sector, and increase the security of information and networks on the speed of data transmission of large sizes.

In addition to enhancing the principle of financial coverage of banking services for the largest segment of the population, “the project of localization of salaries for all employees of the public sector through the transfer of salaries to bank accounts of employees, as well as easy receipt and withdrawal of salaries through available payment channels, bank branches, ATMs – Point of sale, and enjoy the many advantages of bank accounts.

[link to alforatnews.com]

still waiting for IQD to go International, thanks everyone

Iraq and America discuss preparations for a meeting of the Stabilization Support Group in Baghdad next Thursday
by Walter


Editorial Date: 2019/4/14 19:07
Iraq and America discuss preparations for a meeting of the Stabilization Support Group in Baghdad next Thursday
(Baghdad: Al-Furat News) President of the US Department Ambassador Ambassador Sondos Omar Ali discussed with US Charge d'Affaires, Ambassador Joe Hood, preparations for the meeting of the Stabilization Support Group in Iraq on Thursday.
A statement issued by the Ministry of Foreign Affairs, received by the agency {Euphrates News} a copy of it, "During the meeting, which was held at the ministry, on Sunday, discussed a number of issues of common interest between the two countries, including progress in efforts to activate the strategic framework agreement between Iraq and the United States of America "He said.
"The issue of facilitating the granting of entry features between the two countries and means of enhancing trade relations between the two sides and preparations for the meeting of the Stabilization Support Group in Iraq, which will be held for the first time in Baghdad on 17/4/2019, was also discussed."
[link to alforatnews.com]

Last Edited by wayQwyrd on 04/16/2019 09:18 AM

Prime Minister of Iraq to visit two European countries
by Walter


Iraqi Prime Minister Adel Abdul-Mahdi announced Tuesday that two European countries will soon be in Iraq.

Abdul Mahdi said at the weekly press conference that he would visit France and Germany before Ramadan.

"We are facing a major shift in our relations with Saudi Arabia," he said, adding that he would visit Riyadh on Wednesday.

Abdul Mahdi is due to head a delegation of ministers and his visit to Saudi Arabia will sign 13 cooperation agreements, as recently agreed between the two countries.



[link to www.shafaaq.com]

So, they're going to pass the law, tomorrow, that was predicted, about a month ago, would raise the value of the dinar.


Parliament read several laws in its meeting tomorrow
History of edits:: 2019/4/16 11:50
{Baghdad: Euphrates News} will hold the House of Representatives, on Wednesday, its regular.
The agenda of the meeting includes the "vote on the draft law of financial administration, the first reading of the draft law of the board of Media and Communications, the first reading of the draft law of the Iraqi Naval Postgraduate of the Authority."
It also includes " the first reading of the draft accession of the Republic of Iraq to the Asian Investment Bank infrastructure agreement, and the discussion of the draft report and the Industrial Estates Act, and the discussion of the draft report and the First Amendment to the Law on the board of Integrity No. 30 of 2011".
The meeting is scheduled to begin at one o'clock after Alzar.anthy
[link to alforatnews.com]






Article from 3-20:

Parliamentary Finance intends to develop mechanisms to maintain the stability of the dinar exchange rate

20-03-2019 08:06 AM
Baghdad

The member of the Finance Committee of Parliament Abdul Hadi al-Saadawi, on Wednesday, the intention of his committee to develop mechanisms to change the financial funds to raise the dinar exchange rate and maintain the stability of inflation.

"The committee will move during the current legislative term to change the fiscal and monetary policy in the country in general," Saadawi said in a statement exclusive to the newspaper / Al-Sabah and the official / Al-Madar said that "the committee is meeting with officials of the Central Bank to discuss this change during Next stage '.

He added that 'the financial Parliament is keen to enact the law of financial administration as it gives a complete road map of the financial policy in the country in terms of management of money and cash in the state', indicating that 'the change will raise the exchange rate of the Iraqi dinar against foreign currencies while maintaining the stability of inflation in the country '.



"The Commission is determined to make these changes during the next phase and not to follow the traditional methods are not appropriate at the moment."



[link to www.almadarnews.org]



Kaperoni:
This implies that the parliament finance committee is saying that they will enact economic changes enough so it will impact monetary policy. In other words, what they will do will have an effect on the CBI (changing monetary policy). This is great news since we have been waiting on parliament for months to activate the private sector. Which is what Alaq was asking for over last weekend!. Fingers crossed!



Last Edited by Revbo™ on 05/18/2019 07:53 PM

So Rev, what do you think it all means?

this thing ever gonna result in anything?

Wish I could say. I barely pay attention to it anymore, but I’m in an email group that regularly sends me news articles. Most of the time, I just delete them, but every now and then, a headline piques my interest as this did today. If the person quoted four weeks ago is right, this law will result in an increased value.

Soooo
About 6am tomorrow is their 1pm

Yup

[link to www.timeanddate.com (secure)]

Yeah, there will be news on the parliament session all over Dinar Vets by the time we wake up.

Vote postponed to May 2.

The Council postponed the vote on the draft Financial Management Law submitted by the Finance Committee to the meeting on the second of May to complete the discussion of the draft and the maturation of its articles before its legislation.



[link to ar.parliament.iq]

of course

About as predictable as the sunrise.

and then there is Ramadan. . .

[link to www.islamicfinder.org (secure)]


Ramadan 2019 will begin on Monday, 6th May 2019 (according to Saudi Arabia) and end on Tuesday, 4th June 2019. Eid al Fitr 2019 will be on Wednesday, 5th June 2019. This is the tentative date as the actual date is contingent on the sighting of the moon of Ramadan 2019, the 9th month in the Islamic calendar (Hijri 1440). The length of the Month varies between 29 and 30 days depending on the sighting of the Shawwal Moon which leads to the awaited festival of Eid ul Fitr on the 1st of Shawwal.

FWIW,,,Heard from West Texas, this morning, China deal is done. Fingers crossed. Let's get this party started. guess we will sea! Remember FWIW!

What does that mean?

Foreign Exchange Market: Why You Should Invest in Iraqi Dinar
Published on April 18, 2019
Investing in foreign currency is discussed in the news and is one of the major investment options around the world. People invest in foreign currencies intending to hold a particular currency and sell it when it appreciates. It is a trend that has been there for a longer period and only mastered by those individuals who have excellent skills and knowledge in the forex exchange.
Before investing in this industry, you need to understand the value of currencies as compared to other currencies. This means that you should know how the Japanese yen compares to the South African dollar. That’s the only way you will be able to leverage the market fluctuations and make profits. One of the basic principal about foreign currency trade is that you must know which currency is higher than the other before you trade. For example, if the dinar value is very high in the morning, you would expect it to depreciate in the evening.
What’s the Secret?
Currency fluctuations happen to all major currencies, which means that you have to keep monitoring how currencies are changing in value. The secret is buying low, holding, and selling when the value appreciates. Sometimes you may be forced to cut your losses and move to another investment if the currency you are holding is not promising.
Top Five Currencies to Invest
You will always come across information in news articles on the best currencies to invest. However, not everything that is written in these articles is factual. Most of the information is based on history and trends but not what is currently happening in the forex market. However, there are some financial and business articles such as Financial Times and Yahoo Finance which will always present a fair assessment of the foreign exchange market.
Nevertheless, some top currencies dominate the world at any given time. You should focus your attention on investing in these currencies and you will be guaranteed of profits within a short period, sometimes even in a single day. Some of these currencies have been discussed below.
1. The U.S. Dollar
This is the most traded currency in the world, and you will never lack it in the market. For a longer period, the U.S dollar has been used as an intermediary in triangular transactions. What makes it suitable is the fact that it is accepted across the world and some countries put the U.S. dollar in their reserve banks.
2. The European Pound (Euro)
Despite being relatively new, the Euro has already established itself as the second traded currency on the planet. Most of the incentives in trading with this currency come from the fact that it is the official currency in Europe and many people are using it.
3. The Japanese Yen
Japanese yen is highly traded because it is, informally, the Asian currency. If you want to gauge the economy of countries such as Thailand, Singapore, and South Korea, you have to evaluate the performance of Japanese yen in comparison to other currencies around the world.
4. The British Pound
The British pound, mostly referred to as Sterling Pound, is a fairly traded currency owing to its relative value to other currencies around the world. It is also a very liquid currency, which means that it can return its value and profits within a day.
5. The Canadian Dollar
The Canadian dollar is a very useful currency as it is very consistent with the value of the commodity market involving minerals, precious metals, and crude oil. Traders use the Canadian dollar to speculate on the fluctuations in the commodity market.
Other Upcoming Currencies
There are other currencies, such as Iraqi dinar, which is making significant impacts in the money market. For a longer period, this currency has been performing poorly, and there has been no liquidity due to the political instability in Iraq. However, everything has changed, and the current value of Iraqi Dinar stands at 0.00084 when compared to the U.S Dollar which is a significant improvement.
With the current political and economic stability, the value of Iraqi dinar has been improving consistently. If you are interested in investing in an upcoming currency, you need to select Iraqi dinar. It is an investment opportunity that you cannot ignore. In the next few years, Iraqi dinar is expected to become one of the major currencies in the Middle East.

[link to www.apnnews.com (secure)]