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More Iraqi News Iraqi News Monday PM 3-22-21

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The Central Bank Adds A New Feature To Iraqi Banknotes

Pratha News Agency71 2021-03-22  Today, Monday, the Central Bank of Iraq announced the addition of a feature to protect banknotes from bacteria and viruses, including the Corona virus strain.

The media office of the Central Bank of Iraq said in a statement that “the bank has added a feature to protect banknotes from bacteria and viruses, including the Corona virus strain, which will soon be put into circulation.”  The statement added, “The biological pesticide developed by international companies specialized in printing banknotes will be added in coordination with the competent authorities.”

The Central Bank Will Put Into Circulation The Banknotes Protected From The Corona Virus

Monday 22, March 2021 10:21 | Economical Views: 480  Baghdad / NINA / The Central Bank of Iraq announced the addition of the protection against bacteria and viruses, including the Corona virus strain, to the banknotes that will soon be put into circulation.

”The Central Bank said in a statement that it added the biological pesticide developed by international companies specialized in printing banknotes In coordination with the competent authorities ./ Ended 8

The President Of The Bahrain Association Of Banks Participates In A Seminar For The Association Of Iraqi Private Banks On Arab Banking And Investment Cooperation

Banks   Economy News – Baghdad  The Chairman of the Board of Directors of the Bahrain Association of Banks, Adnan Ahmed Youssef, participated in a seminar organized by the Iraqi Private Banks Association with the participation of the Governor of the Central Bank of Iraq, Mustafa Ghaleb, the Governor of the Central Bank of Jordan, Ziad Fariz, the Chairman of the Association of Banks, Wadih Al-Handal, and a number of Arab banking and economic leaders, by video call on the 21st March 2021.

The symposium dealt with many important issues such as the impact of the Corona pandemic on Arab banks, strategies for dealing with troubled assets, in addition to ways to enhance Arab banking and investment cooperation, overcoming obstacles facing inter-Arab investments and attracting foreign investments.

During the symposium, the Chairman of the Board of Directors of the Bahrain Association of Banks, Adnan Ahmed Youssef, presented a research paper in which he explained his vision of the issues on the agenda of the symposium, where he stressed that “the impact of the Corona pandemic on Arab financial and banking institutions will be profound, and it will be expected that the profitability of financial institutions and others will decrease last year.”

During this year, the quality of some financing portfolios deteriorated, especially for clients in the most affected sectors such as aviation and tourism, as well as some disruptions in corporate financing lines and the tendency of individual clients to withdraw their deposits, all of which will create temporary pressures on financial institutions.

He added, “What is comforting is the wide response of Arab central banks to these repercussions and their taking many measures that support banks in facing them, as well as the broad economic and financial packages provided by Arab governments to support the affected groups and sectors, and the consensus and determination of the worlds to return the economy to its natural course, whether at the global level.” Or at the level of each country separately, by expanding the provision of vaccines at the present time. ”

He pointed out that “of course, banks and financial institutions, and even commercial institutions in light of such situations, that is, situations of global crisis, begin to activate contingency plans to ensure business continuity at all operational and technical levels, and to continue providing services to all customers, securing financing lines and intensifying them.” Monitor clients’ portfolios and others. ”

With regard to strategies for dealing with the main challenge facing banks and financial institutions at this stage, which is the rise in bad debts due to the negative repercussions that the pandemic has generated on economies, companies and individuals, Youssef explained that “increasing bad loans is a serious risk that should not be underestimated, but facing this challenge.” It does not rest on the banks alone, but also on the supervisory authorities and the overall policies of the government.

He added, “On the first level, which are the measures and strategies that banks must take, banks must develop comprehensive strategic plans detailing how they deal with these debts in a systematic manner, including planning processes for identifying bad debts in the financing portfolio and dividing the portfolio into similar loan groups. Within the portfolio, to be able to direct efforts and to accommodate different types of business strategies to preserve value, identify recovery methods, and establish early warning systems.

As for the second level: measures and strategies that must be taken by the supervisory authorities, Youssef believes that “the supervisory authorities must provide encouragement and direct banks to review, evaluate and address the quality of their assets, especially their financing portfolios, as well as directing shareholders and management to establish specialized units with relevance. Appropriate human and technical resources within banks to supervise bad loans and seek solutions to get rid of these loans.

As for attracting foreign and Arab investments, he stated that “Arab countries’ shares of foreign direct investments still represent a small percentage of the volume of foreign direct investments in the world, as this percentage is less than 1% for all Arab countries. ”

I bought that “attracting foreign investment is not an easy process, and it needs coordinated national efforts, legislation, incentives and a safe investment environment. Therefore, Arab countries, in addition to the well-known measures related to improving the investment environment and climate, should first work to launch the free movement of capital in foreign currencies.”

Second, giving freedom to establish companies either in local currencies or in foreign currency or both, and when capital is increased for existing companies, the freedom is given in that in order to avoid losses of currency depreciation, which they suffer in many Arab countries.

He continued: “Third, allowing companies to increase their capital by issuing sukuk in local or foreign currency. Fourth, not to take sudden measures affecting these investments, such as imposing additional fees or expenses. Fifth, seeking to stabilize the movement of local currencies against foreign currencies. Red tape and costly government procedures when establishing a new business. ”

Number of observations 151 Date of addendum 3/22/2021

Dollar Exchange Rates In The Local Market Today

Market  Economy News _ Baghdad   “Economy News” publishes the exchange rates of the dollar in local markets on Monday (March 22, 2021).   Baghdad – Al-Kifah Stock Exchange   145,650

The price is in the exchange  145,000   146,000

Number of observations 87 Date of addendum 3/22/2021

Al-Jabri Announces The Date For The Approval Of A Very Important Law And The Transfer Of The Oil And Gas Law To The Next Session

Time: 03/21/2021 18:07:42 Read: 8,255 times  {Economy: Al Furat News} A member of the Parliamentary Oil and Energy Committee for the Alliance of Iraqis, Sattar Al-Jabri, announced on Sunday the date for the vote on the Iraqi National Oil Company law after its second reading by the House of Representatives.

Al-Jabri said {to Euphrates News} that “the Iraqi National Oil Company law that has been read {first and second} will be submitted for a vote after the approval of the federal budget law for 2021,” describing it as “very important.”

He added, “As for the oil and gas law, the committee sent a letter to the oil ministers, asking him to speed up sending it to the Council of Ministers for the purpose of voting on it, then transferring it to the House of Representatives for preparation, maturation and passing it after the first and second reading.

Al-Jabri also referred to “the importance of the law prepared since 2007 in regulating oil revenues and revenues, which represents approximately 90% of the budget, and that in order to achieve justice in the distribution of wealth, this law, which has been delayed for years, must be approved.”

While he stressed, “the committee’s keenness to complete this law and follow it up by the Ministry of Oil,” noting that “the law has many disagreements and differences and needs a long time to complete it,” suggesting that it will be transferred to the next parliamentary session.

The Speaker of Parliament, Muhammad al-Halbousi, confirmed the existence of stalled laws that the council will proceed to legislate, such as the oil and gas law, which is one of the laws stipulated in the constitution, which will address the mechanism of dealing between Baghdad and Erbil and between Baghdad and the rest of the oil-producing provinces, and the law will be one of the council’s next priorities.

For its part, the Ministry of Oil stressed on the 25th of last February the importance of expediting the passage of the Federal Oil and Gas Law, noting that the law will work to regulate the management of oil and gas wealth in Iraq.

It is noteworthy that the Oil Ministry’s sudden announcement of the draft oil and gas law coincides with marathon negotiations between Baghdad and the Kurdistan region regarding the latter’s share in the 2021 budget and the mechanism for managing his oil file.   LINK

British Oil Company Petrofac Gets A Contract Worth $ 80 Million In Iraq

Energy  Economy News _ Baghdad  The British oil company Petrofac announced that it had secured a contract worth 80 million dollars with the Basra Oil Company for a period of one year.

“The facility, which Petrofac will continue to manage, is one of the largest facilities in the Gulf and deals with about 55% of Iraq’s crude oil exports,” the company’s website reported in a press release reviewed by Al-Iqtisad News.

For his part, Senior Vice President, Middle East Operations, Steve Weber, said, “This contract strengthens our long-term partnership with clients. Since our engagement began in 2012, we have supported this facility to export more than 4 billion barrels of oil. Our teams in Iraq have an impeccable safety record and use of innovative solutions at the core of our delivery model. We look forward to supporting our customers to maintain best-in-class operation of these important Iraqi national assets. ”

It is noteworthy that Petrofac has been providing its services in Iraq since 2010, as it participates in a group of green projects and infrastructure in the country with a value of more than one billion US dollars, while in 2012 it was awarded a project to expand the export of Iraqi crude oil at the Al-Faw terminal in southern Iraq.

Number of observations 96 Date of addendum 3/22/2021

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