Iraq Economic News and Points to Ponder Tuesday AM 10-3-23
Tlm724 Administrator Bondlady’s Corner
A Sudanese Advisor Refutes His Statement Regarding The Monetary Bloc.. What Did He Say?
Economy |09-13-2023, Baghdad Today – Baghdad Today, Wednesday (September 13, 2023), the Prime Minister’s Advisor for Investment Affairs, Muhammad al-Najjar, refuted what was attributed to him regarding the size of the Iraqi monetary mass.
Al-Najjar said in a press statement, followed by “Baghdad Today”, that “the Central Bank of Iraq is not within its jurisdiction, and that it will contact the official newspaper to delete the news attributed to it.”
The official newspaper Al-Sabah published in its issue of September 9, quoting the advisor to the Prime Minister, Muhammad Al-Najjar, as saying that “the monetary supply of the local currency has reached the barrier of 116 trillion dinars, of which within the banking system is between 30 and 40 trillion dinars.”
Data from the Central Bank of Iraq indicate that the volume of cash in banks until July 2023 amounted to 7.5 trillion Iraqi dinars, and not between 30 and 40 trillion dinars.
As for the volume of printed money until July 2023, it amounted to 99.7 trillion dinars, not 113 trillion dinars.
https://baghdadtoday.news/230934-مستشار-للسوداني-يفند-تصريحه-بشأن-الكتلة-النقدية.-ماذا-قال؟.html
Exchange Companies Under Categories (A, B)
October 02, 2023 In view of the presence of a number of headquarters of exchange companies under categories (A, B) and their branches on floors inside buildings, and for the purpose of ensuring that customers can identify their companies, it was decided to give them a period of (6) working months for the purpose of moving the headquarters of their companies to headquarters that suit the nature of their activity, and to provide the services that They require that they be in known, easily accessible locations.
https://cbi.iq/news/view/2427
Black Gold Mafias” In Iraq…Holes That Generate Billions Of Dollars In The Pockets Of Influential Parties
Local / Economy |10-09-2023, Baghdad today – Baghdad Today, Sunday (September 10, 2023), oil affairs specialist Ghanem Hassan revealed the truth about the existence of crude oil “mafias” in Iraq.
Hassan told “Baghdad Today”, “Crude oil mafias exist in the country, especially the southern governorates, and they are basically arms of powerful parties that steal oil by bypassing the main pipelines,
but they are not able to drill any well and steal crude oil because the mechanism of drilling wells is complex and requires huge resources.” It can only be provided through the Ministry of Oil and international investment companies.”
He added, “The theft of oil takes place in the remote areas through which crude oil pipelines pass and is monitored from time to time,” pointing out that
“the Ministry of Interior dismantled, months ago, the largest network in the history of Iraq for stealing and smuggling oil in which senior officers were involved,” noting that “The network revealed many secrets.”
He continued: “There are wells in northern Iraq being drilled by specialized companies, and oil is being smuggled away from the Iraqi Marketing Company (SOMO), and there are important parties involved in this act and they are monitored and known by those concerned.” He pointed out that
“Iraq’s problem is smuggling, which represents a huge waste of the country’s wealth, as it is sold for up to 40% less than its real price, and the money goes into the pockets of corrupt people, mafias, and the economic arms of certain parties.”
Black gold mafia
Observers indicate that due to the weakness of government oversight and the difference in fuel prices between the provinces of the region compared to other provinces and neighboring countries, oil smuggling operations are carried out by creating holes in the main transport pipelines by connecting high-pressure pipes to withdraw and smuggle the oil.
Prime Minister Muhammad Shiaa Al-Sudani announced on November 2, 2022,
“the dismantling of the largest oil smuggling network in Basra Governorate, at a time when the National Security Service revealed the involvement of senior officers and employees, directors in the Energy Police and a number of associates in Basra Governorate, and the confiscation of 49 tanks.”
With wheels prepared for smuggling, 93 dens and 496 tanks violating controls were found, in addition to the closure of 11 stations violating controls as well, while the smuggled quantities were estimated at 75 million barrels per month.
By calculating the minimum return on the smuggling network’s sales. If the value of one barrel is estimated at $50, the revenues generated from selling 75 million barrels would be approximately four billion dollars per month.
The revelation of the dismantling of a number of oil derivatives smuggling networks opens the door to the file of the “black gold mafia,” which has spread in the country under the auspices of a number of senior officials and police commanders, causing severe damage to the Iraqi economy and negatively impacting the livelihood of citizens.
Famous Bank: The Middle East Is Going Through A Golden Age
October 2 18:30 Information/follow up.. JP Morgan’s European head, Viswas Raghavan, said the Middle East is enjoying a “golden age” as global tensions drive money and talent to the region.
Speaking in an interview with Bloomberg TV, Raghavan said that there has been a jump in deal making and capital market opportunities in many countries in the past few quarters.
He added that most of the Middle East oil countries are in a very good position, whether to attract money managers and hedge funds, or also to their local economies, which have become dominant.
This is a golden age for Middle Eastern companies and the Middle East in general.
“I think it’s here to stay.”
Raghavan, who is CEO of JP Morgan in Europe, the Middle East and Africa, said that the global outlook for investment banking shows “some green shoots”, especially in the technology space, although the number of opportunities is not yet a flood.”
He added that it is expected Total banking fees across the industry will reach $65 billion this year, compared to a typical year of about $80 billion. End/25S
https://almaalomah.me/news/42383/economy/بنك-شهير:-الشرق-الأوسط-يمر-بعصر-ذهبي
The Center For Banking Studies Organizes A Training Course In Erbil
October 02, 2023 The Center for Banking Studies at the Central Bank of Iraq, in cooperation with the ISACA International Organization,
organized a training course held in Erbil that addressed (COBIT 19 Information Technology Governance Framework). The course included :
explanation of the first steps in the field of information technology and its general framework, in addition to
how to gain basic knowledge to build the necessary skills, with regard to development and operations practices, and to
learn about the context, benefits, and main reasons for using COBIT as an information and technology governance framework.
Central Bank of Iraq information Office 2 – October – 2023 https://cbi.iq/news/view/2429
A Training Course To Develop The Skills Of Erbil Branch Employees
October 02, 2023 The Center for Banking Studies at the Central Bank of Iraq organized an educational course for a number of employees of the Erbil branch.
The course included:
an introduction to the Central Bank of Iraq, monetary policy,
the relationship with other policies and banks, the code of conduct,
work mechanisms and main activities, as well as institutional loyalty and the strategic plan of the Central Bank of Iraq.
The course dealt with the
Central Bank of Iraq law, banking laws, the law of discipline for employees of state departments, the
tax compliance law, compliance, and combating money laundering and the financing of terrorism.
Central Bank of Iraq information Office 2 – October – 2023 https://cbi.iq/news/view/2428
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Points to Ponder on Endurance and Perseverance:
The divine insanity of noble minds – that never falters nor abates – but labors – endures – and waits – till all that it foresees it finds – or what it cannot find – creates — Longfellow
The palm tree grows best beneath a ponderous weight – and even so the character of man — The petty pangs of small daily cares have often bent the character of men – but great misfortunes seldom — Kossuth
There is nothing in the world so much admired as a man who knows how to bear unhappiness with courage — Seneca
Our strength often increases in proportion to the obstacles imposed upon it — It is thus we enter upon the most perilous plans after having had the shame of failing in more simple ones — Rapin
The difference between perseverance and obstinacy is — that one often comes from a strong will and the other from a strong won’t — H W Beecher
Much rain wears the marble –Shakespeare
See first that the design is wise and just — that ascertained — pursue it resolutely – do not for one repulse forego the purpose that you resolved to effect — Shakespeare
By bravely enduring – an evil which cannot be avoided is overcome — Old Proverb
Every man who observes vigilantly and resolves steadfastly – grows unconsciously into genius — Bulwer
No road is too long to the man who advances deliberately and without undue haste – and no honors are too distant for the man who prepares himself for them with patience — Bruyere
The virtue lies in the struggle not in the prize — Milnes
Perseverance and audacity generally wins — Mad. Deluzy
There is no royal road to anything — One thing at a time – and all things in succession — That which grows slowly endures — J G Holland
There are two ways of attaining an important end — force and perseverance — Force fails to the lot only of the privileged few – but austere and sustained perseverance can be practiced by the most insignificant — Its silent power grows irresistible with time — Mad. Swetchine
The conditions of conquest are always easy — We have but to toil awhile – endure a while – believe always and never turn back — Simms
I hold a doctrine – to which I owe not much – indeed – but all the little I ever had – namely – that with ordinary talent and extraordinary perseverance – all things are attainable — T F Buxton
The nerve that never relaxes – the eye that never blenches – the thought that never wanders — these are the masters of victory — Burke
