Iraq Economic News Wednesday 2-21-2024
Tlm724 Administrator Bondlady’s Corner
An Economist Reveals The Reason For US Sanctions On Iraqi Banks
Economy | 12:29 – 02/21/2024 Mawazine News – Baghdad Economist Safwan Qusay attributed the reasons for the US sanctions on Iraqi banks to a lack of data.
Safwan said in a televised interview, followed by Mawazine News, that “the availability of data and clarification of where the Iraqi dinar comes from will restore confidence in the financial banking system,” calling for “the necessity of the private sector and government units turning to electronic dealing.”
He pointed out that “the conversion process needs time, in light of the lack of a safe environment for the transfer of the Iraqi dinar between the seller and the consumer.”
He stressed that “paper transactions encourage corruption, as the corrupt cannot be granted a commission through an electronic card,” pointing out that “paper transactions contribute to the possibility of manipulating the value of the sold commodity.”
Safwan revealed during his speech: “International investment is currently looking to enter forcefully into the Iraqi market,” adding that “the reasons for the American sanctions on Iraqi banks are due to the lack of data.” https://www.mawazin.net/Details.aspx?jimare=242496
Al-Sudani Makes Comments On US Sanctions: We Will Not Abandon The Private Banking Sector
Economy News – Baghdad The Prime Minister, Muhammad Shiaa Al-Sudani, confirmed that there were observations about the US Treasury sanctions on Iraqi banks, while indicating that the government would continue to support the private banking sector.
Al-Sudani said, in a press conference, followed by “Al-Eqtisad News”, that “the government has made important strides in making Iraq’s trade clear despite the challenges that appear from time to time,” adding: “Today, all of our trade passes through the electronic platform and through the audit of the K. Tu), that is, there are documented financial transfers.”
He added, “The decisions issued by the US Treasury regarding Iraqi banks, on which we have more than one observation, are decisions related to observations on the performance of banks in previous governments, not the current government.”
The Prime Minister stressed, “During the current period, financial transactions and transfers of Iraqi trade pass through a clear electronic platform in front of financial institutions, which is why this process has gained reliability.”
Al-Sudani explained, “The government continues to support the private banking sector, and it cannot be abandoned. We are working to address all observations in its performance, and improve it so that it can be a partner with us for the desired development process in the country.”
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Central Bank: Compliance And Governance Are Important In Bank Management
Economy 02/21/2024 Mawazine News – Baghdad The Central Bank of Iraq recognized the importance of compliance and governance elements in bank management in general, while the General Council of Islamic Banks and Financial Institutions expected greater growth for banks in the coming years.
In a statement reported by Al-Sabah newspaper, seen by Mawazine News, Deputy Governor of the Central Bank, Ammar Hamad Khalaf, stressed the importance of the issues of compliance and government, pointing out that relying on them leads to good management of financial institutions and they are elements of their success.
He added that the banks have launched a governance guide that focuses on the issue of bank leaders and employees, choosing the best, and providing full support and training courses for the human resources of banks, especially Islamic ones, pointing out that the compliance element is important for the performance of banks, and the higher it is, the greater the risk is guaranteed to be reduced and the financial institutions to be sound.
He pointed out that the Central Bank works on these two important terms and pays great attention to them to ensure the safety and development of financial institutions, especially Islamic ones.
For his part, the Secretary-General of the General Council of Islamic Banks and Financial Institutions, Abdelilah Belatiq, pointed out in an interview with “Al-Sabah” that governance and compliance are the basis of good management of institutions in general, in addition to that they add great importance to banks, because their mission, including Islamic ones, is the fuel.
The engine of the economy, noting that they develop important ideas for risk management because they work on public deposits and financing the economy, and their importance lies in the economy and financial stability.
He explained that these two elements help mitigate risks and help in greater financial stability, stressing that Iraq, through discussions with the Central Bank, has shown its great interest in the terms governance and compliance and theoretical mechanisms and their application on the ground in banks and the qualification of staff with the aim of helping them exploit the opportunities presented by these challenges.
Belatiq added that the annual surveys on the challenges facing Islamic banks, which the Council evaluates, showed that they have opportunities for greater growth, so an appropriate infrastructure must be created for their growth and mechanisms must be established to manage liquidity, legal challenges, governance and compliance, calling for the establishment of a legal framework, technical environment and infrastructure to help banks finance the economy. Real and promoting sustainable development in the country. https://www.mawazin.net/Details.aspx?jimare=242484
After Her Meeting With Sudanese…The American Ambassador: Together We Can Guarantee Iraq’s Security, Stability And Sovereignty
Wednesday 21, February 2024 17:14 | Political Number of readings: 371 Baghdad / NINA / The US Ambassador to Iraq, Elena Romanowski, revealed the details of her meeting with Prime Minister Muhammad Shiaa Al-Sudani.
Romanowski said in a blog post on the “X” website: “I discussed the progress made in the work of the Supreme Military Committee and ways to enhance economic cooperation with Prime Minister Muhammad Shiaa Al-Sudani.”
She added: “I look forward to continuing discussions about the international coalition transition process and expanding the partnership.” Comprehensive American-Iraqi.”
She concluded her post by saying: “Together we can ensure Iraq’s security, stability, and sovereignty.”/End 8 https://ninanews.com/Website/News/Details?key=1108987
Al-Sudani Discusses With The US Ambassador The Files Of His Upcoming Visit To Washington
Time: 02/21/2024 Read: 1,846 times {Politics: Al-Furat News} Today, Wednesday, Prime Minister Muhammad Shiaa Al-Sudani discussed with the US Ambassador to Iraq, Alina Romanowski, the relations between the two countries, ways to strengthen them, and confirmation of the continuation of the bilateral dialogue rounds and the joint supreme military committee, concerned with organizing the end of the tasks of the international coalition in Iraq.
The meeting also discussed, according to a statement from the Prime Minister’s Office, a copy of which {Al-Furat News} received, “the files that will be presented during the upcoming visit of the Prime Minister to Washington, the cooperation mechanism within the strategic framework agreement between Iraq and the United States, and the committees formed in this regard.” LINK
Oil Prices Are Rising Again Globally.. Brent Touches The $83 Threshold
Money and business Economy News – Baghdad Oil prices regained some of their gains in early Asian trading, today, Wednesday (February 21, 2024), with investors balancing fears of major producers reducing production and attacks on cargo ships in the Red Sea with weak expectations for a reduction in US interest rates.
Brent crude futures rose 34 cents, or 0.4 percent, to $82.68 per barrel by 0341 GMT, while US West Texas Intermediate crude futures rose 29 cents, or 0.38 percent, to $77.33.
Brent contracts fell 1.5 percent and West Texas Intermediate contracts fell 1.4 percent in Tuesday’s session settlement.
Washington once again used its veto on Tuesday against a draft resolution in the UN Security Council on the war between Israel and Hamas, blocking the demand for an immediate ceasefire on humanitarian grounds. Instead, the United States is seeking to push the Security Council to adopt a resolution linking the ceasefire to the release of Israeli hostages held by Hamas.
Yemen’s Houthi attacks on ships in the Red Sea and Bab al-Mandab Strait have continued to raise concerns about shipping flows through the vital waterway. Drone and missile attacks have hit at least four ships since Friday.
Meanwhile, Russia said yesterday that it intends to meet its quota for the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, in February despite a decline in oil refining. It had pledged to reduce production by 500,000 barrels per day as part of the OPEC+ cuts package.
The Russian Energy Minister said on Tuesday that the production of refineries in Russia has decreased by seven percent since the beginning of the year, after the facilities were damaged by Ukrainian drone attacks.
Concerns that the Federal Reserve (the US central bank) will take longer to lower interest rates than expected have affected oil demand expectations.
US inflation data last week led to a decline in expectations of an imminent start to the monetary easing cycle in the United States, as economists polled by Reuters now expect a reduction in borrowing costs in June.
A preliminary poll conducted by Reuters on Tuesday showed that US crude inventories rose last week, while distillate and gasoline inventories fell.
Analysts polled by Reuters estimated that crude inventories rose by about 4.3 million barrels in the week ending February 16.
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