Iraqi News Highlights Friday Afternoon 8-25-23
Tlm724 Administrator Bondlady’s Corner
About 80 Billion Dinars, “Fines” Imposed By The Iraqi Central Bank On Banks And Exchange Companies
Posted On2023-08-25 By Sotaliraq The Central Bank of Iraq announced that the fines imposed on banks and non-banking institutions (exchange companies) amounted to about 80 billion Iraqi dinars during the past seven months. And a table for the bank showed that the fines imposed on banks and financial companies during the past seven months, starting from January 2023, and until the end of last July amounted to 79 billion and 777 million and 817 thousand and 397 dinars, indicating that “the fines also included 318 administrative penalties for these banks and institutions.” Non-banking distributed between warning, warning and respite.
And the table indicated that “the month of April witnessed the highest fines on banks and non-financial institutions, as these fines reached 17 billion and 440 million and 383 thousand and 447 dinars, with administrative penalties amounting to 17 penalties, while the month of June witnessed the lowest fines, amounting to 8 billion and 353 million and 387 thousand and 476.” dinars with administrative penalties amounting to 50 penalties.
The table did not show the names of the banks on which fines and administrative penalties were imposed.
The Association of Investors in the Iraq Stock Exchange had criticized early last June, the Central Bank of Iraq to increase fines on banks, noting that it will affect the profitability of investors in the shares of these banks. LINK
Iraq Falls One Place Among The Largest Holders Of US Bonds
Posted On2023-08-25 By Sotaliraq The US Treasury announced, on Thursday, that Iraq is one of the largest foreign holders of US bonds.
And the treasury said in the latest table that “Iraq fell one place despite raising its holdings of bonds for the month of June by $300 million, to reach the 37th rank among the countries with the largest possession of US Treasury bonds of 38 countries listed in the table of countries,” indicating that “a country (Peru) raised its holdings of bonds to rank 36 instead of Iraq.”
And she added, “Iraq’s possession of these bonds amounted to $33 billion for the month of June, up by 0.92% from last May, which Iraq’s possession of bonds amounted to $32.7 billion, but it increased by 3.12% from June of 2022.”
The treasury also indicated that “Iraq was the fourth largest Arab country after Saudi Arabia, the Emirates and Kuwait, while Japan came at the top of the countries with the largest possession of these bonds with 1.105 trillion dollars, followed by China second with 835 billion dollars, the United Kingdom third with 672 billion dollars, and Belgium fourth with 332.” One billion dollars, and Luxembourg fifth with 331 billion dollars. LINK
Sudanese Seeks To Secure Fuel Needs And Reduce The Import Bill
Iraq Friday, August 25, 2023 Baghdad / National News Center Today, Friday, the Oil, Gas and Natural Resources Committee announced huge investments in the oil refining sector during the coming period, and while confirming its support for plans to increase production to 8 million barrels of oil per day by 2027, it indicated that Prime Minister Muhammad Shia’a al-Sudani seeks to secure fuel needs. and reduce the import bill.
Committee member Zainab Juma al-Moussawi said, “The committee supports plans that aim to increase Iraqi oil production to 8 million barrels per day by 2027, in addition to achieving self-sufficiency in natural gas, to meet the country’s needs that force us to import gas to operate power plants and industrial facilities.” , stressing “the need to develop plans for the oil industry in the country.”
Al-Moussawi added, “The committee also relies on developing the oil sector by relying on national companies with the support of foreign companies because oil represents the lifeblood of the Iraqi economy, and the development of the oil sector will result in providing the necessary financial resources to invest in building real human and material capital that leads to production creation and development.”
the rest of the economic sectors and enough to compensate society for the loss of the depleted natural resource by achieving comprehensive economic and social development.
And she continued: “We are expecting huge investments to enter during the coming period in the oil refining sector in Iraq, and there are efforts by the government of Prime Minister Muhammad Shia al-Sudani to secure the country’s fuel needs and reduce the import bill.”
He pointed out that “the refineries will be offered for investment by the Ministry of Oil after completing papers and information on the refinery portfolios that will be announced in the northern, central and southern governorates,” stressing that “the Parliamentary Oil and Gas Committee supports the ambitious plans of the Ministry of Oil to increase refining capacities in the country.” https://nnciraq.com/223325/
Iraq Confirms Its Keenness To Provide Indicators Of A Safe Environment For Investment
The head of the National Commission for Investment, Haider Muhammad Makiya, affirmed Iraq’s keenness to provide indicators of a safe environment for investment.
And the authority stated in a statement, “Makiya received the Ambassador of the State of Kuwait to Iraq, Tariq Abdullah Al-Faraj, and they discussed developing investment and economic relations between Baghdad and Kuwait.”
Makiya said, according to the statement, that “Iraq is keen to provide indicators of a safe environment for investment with standards of sustainability in investment projects, which are a vital tributary to the state budget,” noting that “the commission implements a policy of openness in dealing with companies and foreign and local investors and granting investment licenses in accordance with the investment law.” No. (13) for the year 2006 as amended.
For his part, the Kuwaiti ambassador expressed his thanks to the Chairman of the National Investment Authority for his interest in expanding transactions with international investment companies, including Kuwaiti ones. https://www.radionawa.com/all-detail.aspx?jimare=35529
Oil Prices Close Higher
Friday 25 August 2023 07:11 | Economical Number of readings: 319
Baghdad / NINA / – Oil prices closed slightly higher, on Thursday, after falling by a dollar per barrel in early trading due to demand concerns and the strength of the dollar, but later recovered after a report on a decrease in diesel stocks in Europe.
Brent crude rose 15 cents, or 0.2 percent, to $83.36 a barrel, and West Texas Intermediate crude rose 16 cents, or 0.2 percent, to $79.05 a barrel. Prices were
low during most of the session, before rising in the last half hour of trading./ End2
https://ninanews.com/Website/News/Details?key=1073126
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