Iraqi News Monday Afternoon 9-12-22
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The Central Bank of Iraq announces that foreign reserves have risen to the highest level since 2003
Posted On2022-09-12 By Sotaliraq The Central Bank of Iraq announced the rise in foreign reserves to the highest level since 2003, which amounted to 85 billion US dollars.
According to a statement issued by the Central Bank: Sunday (September 11, 2022), “The Central Bank of Iraq indicated that its foreign reserves amounted to more than (85) billion US dollars, which is the highest level achieved by the Central Bank since 2003.”
The bank pointed out that “the gold reserves of the Central Bank also exceeded (130.4) tons, at a value of (7) billion dollars, bringing Iraq to the thirtieth place globally and fourth in the Arab world.”
Last August, the Central Bank of Iraq announced that its cash reserves rose to $82 billion, which is the level before the ISIS war, while Iraq advanced 10 ranks in the list of the country with the most gold reserves in the world, with 130 tons.
A spokesman for the Central Bank of Iraq, Omar Essam, indicated that the bank’s cash reserves rose to 82 billion dollars, and is expected to reach 90 billion by the end of the year.
The increase comes, after the bank’s cash reserves witnessed a significant decrease, as the Ministry of Finance resorted to it at the end of 2020 due to the financial crisis caused by the Corona pandemic and the drop in oil prices, and it withdrew 12 trillion dinars in a first step, and 14 trillion in a second step.
Regarding gold reserves, the Central Bank spokesman noted that Iraq possesses 130 tons of gold, and is among the countries with the most gold reserves, explaining that Iraq has advanced ten ranks in the list of these countries, ranking 30th in the world and 4th in the Arab world. LINK
Large European Banks Announce Their Desire To Finance Renewable Energy Projects In Iraq
Money and business Economy News / Baghdad The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mikhaif, discussed, on Monday, with the Ambassador of the European Union in Iraq Villa Fariola, investment in the field of renewable energy .
A bank statement said that “the meeting, attended by the Director General of the Center for Banking Studies at the Central Bank of Iraq, witnessed a discussion of bilateral economic and banking relations, especially in the field of training . ”
“We have good relations with the countries of the European Union, and we seek to develop them ,” he said.
He pointed to “the growing reserves of the Central Bank of Iraq of gold and foreign currencies during the last two years, and their positive impact on achieving financial stability in Iraq . ”
The governor presented his “desire to enhance cooperation in the field of training for workers in the Iraqi banking sector, and to benefit from the expertise in European banking institutions . ”
For his part, the Ambassador of the European Union praised “the efforts of the Central Bank to get Iraq out of the European list of high-risk countries,” indicating “its desire to strengthen Iraqi-European relations in the economic fields . ”
The ambassador pointed to “the desire of a number of large European banks to finance investment projects, especially in the field of renewable energy, given the opportunities that Iraq possesses in this aspect,” appreciating “the position of the Central Bank of Iraq and its independence towards the political crisis, noting the wisdom and professionalism of the administration.” high” .
It is worth mentioning that the Center for Banking Studies at the Central Bank of Iraq annually holds dozens of training courses for government and private bank employees to develop the capabilities of their employees . 23 . views Added 09/12/2022 – 3:33 PM Update 09/12/2022 – 5:28 PM
Central Bank Governor: The value of the dinar is stable and we are in the process of raising Iraq from the high-risk countries
Money and business Economy News – Baghdad The Governor of the Central Bank, Mustafa Ghaleb Makheef, confirmed, on Monday, that the bank is in the process of raising Iraq from the “high-risk” countries according to the European Union classification, pointing to maintaining the stability of the value of the dinar “significantly.”
In an interview with the Journal of the Center for Banking Studies, he said, “The Central Bank has significantly contributed to maintaining the stability of the value of the dinar, bearing, for this purpose, the costs of imbalance in the cash flow of the general budget.”
He added, “We seek to work on activating indirect monetary policy tools, as well as adopting a policy of quantitative easing through the initiatives of the Central Bank, which amounted to about 18 trillion dinars.”
He went on to say, “We are in the process of removing Iraq from the high-risk countries according to the European Union’s classification.”
He continued, “Work is currently underway with a number of sober international banks to create the necessary ground for banking cooperation with Iraqi banks that have outstanding performance and have a credit rating from accredited rating agencies.” Views 44 Added 09/12/2022 – 5:08 PM Update 09/12/2022 – 5:32 PM LINK
Gold Prices And The Dollar Exchange In The Iraqi Market
Economie| 10:08 – 12/09/2022 Baghdad – Mawazine News The dollar exchange rates witnessed, today, Monday, stability in the Iraqi Stock Exchange.
And the selling prices of the dollar were recorded at 147,900 dinars per 100 dollars, while the purchase prices of the dollar were recorded at 147,800 dinars per 100 dollars. While gold prices fell, in the local markets.
The price of a 21-carat gold weight, the most widely traded among the public, reached 351 thousand and 895 dinars, excluding the fees of the craftsman.
The price of a gold weight of 24 carat amounted to 402 thousand and 155 dinars, excluding goldsmithing fees. Ended 29/N33 LINK
Central Bank Governor: We Seek To Develop Banking Relations With European Union Countries
Economie| 01:53 – 12/09/2022 Baghdad – Mawazine News Central Bank Governor Mustafa Ghaleb Mikheeb confirmed, on Monday, seeking to develop relations with the European Union countries, while the European Union Ambassador to Iraq Villa Variola expressed the desire of a number of large European banks to finance investment projects.
And according to a statement by the Central Bank, received by Mawazine News, “The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, received, today, Monday, the Ambassador of the European Union to Iraq, Villa Fariola, and during the meeting, they discussed bilateral economic and banking relations, especially in the field of training.”
And Makheif stressed, according to the statement, “the existence of good relations with the countries of the European Union, and seeking to develop them,” noting “the growth of the Central Bank of Iraq’s reserves of gold and foreign currencies during the past two years, and their positive impact on achieving financial stability in Iraq.”
He expressed his desire to enhance cooperation in the field of training for workers in the Iraqi banking sector, and to benefit from the expertise of European banking institutions.
For his part, Variola praised “the efforts of the Central Bank to get Iraq out of the European list of high-risk countries,” indicating “its desire to strengthen Iraqi-European relations in the economic fields.”
He pointed to “the desire of a number of large European banks to finance investment projects, especially in the field of renewable energy, given the opportunities that Iraq possesses in this aspect.” Ended 29/N33 LINK
The Decline In Oil Prices And Brent Crude Recorded $ 91.56 A Barrel
Economie| 08:49 – 12/09/2022 Follow-up – Mawazine News: Oil prices fell on Monday, with expectations of global fuel demand being overshadowed by COVID-19 restrictions in China and the possibility of further interest rate increases in the United States and Europe.
Brent crude futures fell $1.28, or 1.4 percent, to $91.56 a barrel by 03:30 GMT, after settling up 4.1 percent on Friday. US West Texas Intermediate crude fell $1.34 to $85.45 a barrel, or 1.5 percent, after rising 3.9 percent in the previous session. Ended 29/N33 LINK
Oil Minister: Iraq Aims To Increase Its Production And Export Capabilities In The Coming Years
Economie| 02:01 – 12/09/2022 Baghdad – Mawazine News, Oil Minister Ihsan Abdul-Jabbar Ismail confirmed today, Monday, that Iraq exports its full quota within the OPEC agreement.
A statement by the ministry, received by Mawazine News, stated that “Oil Minister Ihsan Abdul-Jabbar Ismail chaired the monthly crude oil pricing meeting,” noting that “the meeting was held in the presence of the ministry’s undersecretaries, the Director General of the Oil Marketing Company SOMO, and the directors of each of the Financial Supervision, Economic Department.
Studies department, technical department, contracts and licenses, and concerned bodies and departments in the Oil Marketing Company.
The minister affirmed, according to the statement, “Iraq’s commitment to exporting its full quota established in accordance with the OPEC agreement and determinants, and working with the members of the organization and its allies from outside OPEC to achieve balance in global markets.”
He continued, “Iraq aims to increase its production and export capabilities in the coming years, by enhancing investments in the oil and energy sector,” noting “the importance of investments in sustaining and strengthening Iraq’s position among the producing countries, and maintaining its influential position in the energy market.”
He stressed “Iraq’s commitment to support global investments in the oil and energy sector, and to fulfill its financial and contractual obligations,” noting that “the ministry is intensifying its efforts to expand the volume of global investments for free and associated gas, and that its plans aim to achieve this in cooperation with sober international companies.” Ended 29/N33 LINK
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