Today, the foreign currency markets in Iraq recorded a stable exchange rate of the US dollar against the Iraqi dinar, which is the same for the second week.
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1168.3000 |  1218.7000 | 1191.8000 | 1191.8000 | 1191.8000 | -1.0000 | 20:00 |
| USD/VND | 23174.0000 | 23176.0000 | 23164.2200 | 23155.4900 | 23155.4900 | 10.1500 | 22:49 |
| USD/CNY |  6.8474 | 6.8494 | 6.8644 | 6.8439 | 6.8644 | -0.0170 | 05:24 |
| USD/KWD | 0.3049 | 0.3059 | 0.3052 | 0.3050 | 0.3052 | -0.0002 | 04:46 |
| GBP/USD | 1.3318 | 1.3319 | 1.3366 | 1.3301 | 1.3346 | -0.0032 | 05:25 |
| USD/IRR | 42000.0000 | 42210.0000 | 43011.9000 | 43011.9000 | 43011.9000 | -43.1000 | 04:44 |
| USD/IDR | 14594.0000 | 14610.0000 | 14616.0000 | 14416.0000 | 14616.0000 | 65.0000 | 05:22 |
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Iraqi Articles:
Parliamentary Finance stresses the necessity of denying rumors and not confusing the economic situation
The Parliamentary Finance Committee stressed the need to deny rumors and not to confuse the economic situation of the country, pointing out that the government must assure everyone that it will secure salaries after Parliament voted on the borrowing law.
Committee member Jamal Ahmed told "the information", "The Al-Kazemi government should work to reassure the people about the issue of salaries, and banish the rumors that appear every month about the delay in paying salaries."
He added, "The information and the assurances of the concerned authorities indicate that salaries are insured, especially if the government obtains the necessary funds to cover the operating budget through loans."
He stressed the need not to confuse the market movement and the economic situation in the country by spreading rumors and lies about employee salaries, and the government's inability to cover them.
Overcoming investment obstacles will support the national product and improve the service reality
Experts and specialists in Iraqi economic affairs said the need to overcome obstacles to investment to create economic development in the country by supporting the national product and promoting the service reality, while stressing the importance of developing the Iraqi banking system and eliminating corruption to create an attractive environment for investment.
"The investment process in Iraq is clearly slow as a result of several factors, including widespread corruption, increased red tape and bureaucracy in the review of state departments, as well as the failure to activate the investment law and other laws in force and implement them properly, which has made Iraq an investment-repellent environment," said Nada Shaker Joudt, a member of the parliamentary committee on economy and investment, in a statement to Al-Sabah.
Investor Protection
She added that "we must work on how to make Iraq an attractive environment for investment by eliminating financial and administrative corruption, as well as activating the laws in force that protect the investor and guarantee his rights, as well as activating the single window to eliminate red tape.
And bureaucracy."
"When a foreign investor comes to Iraq, he is subjected to pressures, harassment and long red tape that makes him reluctant to invest inside Iraq," she said, adding that "most of the developed countries in the world have relied on investment in supporting their economic sectors and developing their infrastructure."
"The government has begun to take correct steps by controlling border crossings and fighting corruption in all parts of the state," she said, calling for "the need to create an appropriate and attractive investment environment."
Capital is a coward.
"Investment needs to be maintained, the rule of law, the prevention of financial and administrative corruption and the elimination of red tape," said Hazem Hadi, an economist.
"Capital is usually a "coward" meaning it needs a safe environment to protect its finances and the project on which the money will be spent," Hadi said in a statement to Al-Sabah.
Legislation
"When a foreign investor comes to Iraq, visa procedures, as well as residence, take a long time, as well as the procedures for obtaining approvals for investment leave, land and others, which take several months, while in some neighboring countries all these measures take only a few days, in order to encourage the investor to invest and work with confidence," he said.
"All the current legislation does not represent an attractive environment for investment," he said, stressing the importance of legislation that encourages investors and international companies to come to Iraq for the purpose of investing in various fields and sectors.
The banking system
"The development of the Iraqi banking system is an important and key factor in attracting investment because when the investor comes to implement a particular project, looking for discreet banks to withdraw and deposit money, while local banks continue to suffer from several problems, including bureaucracy, red tape, the subject of guarantees, etc,"he said.
"The iraqi banking system needs to be developed in order to create an attractive environment for investment," he said, stressing that investment will support the national product and improve the service and urban reality because it will build factories and productive projects, as well as infrastructure projects.
The Asian Infrastructure Investment Bank agrees to lend Turkey 70 million euros
The Asian Infrastructure Investment Bank, backed by China, said today, Monday, that it will provide a loan to Turkey of 70 million euros ($ 83.3 million) to help it tackle the epidemic project.
A bank statement said that the European Bank for Reconstruction and Development will participate in financing the project to raise the capacity of public hospital infrastructure.
And that this loan is part of a financing facility of $ 13 billion from the Asian Infrastructure Investment Bank to support the public and private sectors in facing the epidemic.
It is also mentioned that the bank previously approved loans totaling $ 500 million to a development bank in Turkey through this facility.
Brent crude futures for November delivery rose to $ 46.38 a barrel earlier, the highest level since March, and were at $ 46.27 a barrel by 0656 GMT, up 46 cents, or 1 percent. US West Texas Intermediate crude reached $ 43.25 a barrel, up 28 cents, or 0.7 percent.
Brent is set to end August with a price increase for the fifth straight month while West Texas Intermediate crude heads for a fourth month, after hitting a five-month high of $ 43.78 on August 26 when Hurricane Laura hit US soil.
The Abu Dhabi National Oil Company (ADNOC) told its customers on Monday that it would cut October supplies 30 percent, up from a five percent cut in September, in compliance with the UAE government's directives to meet its commitments to the latest OPEC + deal.
Energy companies are continuing their efforts to resume operations at the offshore platforms in the Gulf of Mexico in the United States, and refineries had stopped operations before the storm.
Analysts say oil prices were supported by the weak US dollar and a survey on Monday showed a sudden rise in service sector activity in China even as fuel demand faces difficulties to recover in light of the Coronavirus pandemic and at a time when supplies remain ample. Analysts are warning of obstacles to the advance in crude prices.
Data from Refinitiv and Fortex show that China's crude imports will decline in September for the first time in five months, as record quantities of oil are stored inside and outside the world's largest oil importer.
CBI Update: Just a note:They have been having auctions and the ISX has been trading regularly the sites just don't update in time to put the information in this report, unless it is
here.
here.
The currency auction total sales amount $ 253,535,884.
including $ 37,500,000. no cash today Friday
ISX Update: Shares Traded: not updated for todayValue Traded: not updated for today
8-30-2020 Newshound Guru Pimpy People ask me this all the time - Pimpy the [Iraq] economy's going to get...big, should we turn in all of our currencies at once? I can't tell you what to do with your investments but some of you out there have enough where you could turn in a third, maybe half and live wealthy the rest of your life and maybe you'll think about holding on to the currency to see if it does continue to go up in value which I anticipated to do. Because Iraq is starting from the ground up. They're literally rebuilding...the entire country. The infrastructure is being redone...we need the power grids redone. What I'm saying is this, they're staring over from scratch. So if their currency once it's revalued has a certain value then you might want to hold onto some of yours and see what happens later down the line...
8-30-2020 Newshound Guru Jeff I already showed you this article a few days ago "3 reasons that prevented American investment in the past" ...This is like a slam dunk. It confirms everything I've showed you and told you...they're telling you what your delays are. Right here, right in front of your face. These are the delays before Iraq can go international. They're blatantly telling you. The politics have to be completed [Kurdish agreement and a few laws] and the economic reforms. But you guys know the economic reforms can only come when the rate changes... just looking at these plain facts IMO I'm looking for the rate to probably change most likely in late September...
8-30-2020 Intel Guru Footforward Article: "Iraq: Assets frozen of 9 officials including Al-Maliki's son-in-law" Quote: "The Central Bank of Iraq has decided to freeze the assets of nine former and current officials, including the son-in-law of former Prime Minister Nouri Al-Maliki..." this is a good sign...Not a coincidence this happens two days after Trump says our troops are leaving.
8-30-2020 Newshound Guru Pimpy ...Again more international relationships being developed with Iraq. I love this...both British and Dutch Prime Ministers are coming over to meet in Iraq...this is great...additional agreements and memorandums are expected to be signed. This means more trade deals. This means a stronger economy. This is great...more people going back to work...more people paying taxes. A stronger economy leads to a stronger currency...
8-30-2020 Newshound Guru Jeff Iraq is what's called on the OFAC list. That's why most major banks [Are not dealing with it]...Citibank is and has been selling Iraq's currency...most major banks today do not sell Iraq's currency. Wells Fargo, Chase, B of A do not sell Iraq's currency and the reason why is Iraq is on the OFAC list. The OFAC list it's not so much sanctions per se it's more of a list of countries thought...to support terrorism. So because Iraq is on that list the major banks do not want to sell currencies of countries that are know to support terrorism. By their choice they do not sell and exchange Iraq's currency. But again Citibank does...
8-30-2020 Intel Guru Frank26 Article: "Economist: The government must use the exchange rate of the dollar to overcome the financial crisis" ...they need to be 1 to 1. Quote: "the increase in the exchange rate in government banks contributes to eliminating the current crisis and maximizes state resources, at a time when IRAQ needs to make a boom in the banking sector."
8-30-2020 Newshound Guru Jeff comment: "Personally I think if it happens it will be when nobody expects. Possibly over the weekend, in order to maintain low speculation." ...it actually has to happen for Iraq on a Sunday morning which is exactly when Kuwait did it. They did it on March 24th of '91...It has to happen at the very beginning of Iraq's business banking week and Iraq's first business banking day of their week is their Sunday. Also it has to happen at a point in time when all financial markets are closed around the world to minimize/reduce and control market volatility...
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