Iraqi News Monday Evening 7-4-22
TLM724 Administrator BondLady’s Corner
A Parliamentary Bloc Moves To Lower The Dollar Exchange Rate
Political | 02:34 – 04/07/2022 Special – Mawazine News, today, Monday, Jawad Al-Ghazali, a member of the State of Law coalition, revealed a move by his bloc to reduce the dollar exchange rate.
Al-Ghazali told “Mawazine News”, “The lawmakers have collected their signatures regarding reconsidering or modifying the dollar exchange rate to its previous era.”
He explained, “This step (comes) due to the rise in commodity prices in the markets and the harm of citizens, and this step will be towards a gradual reduction of the exchange rate, not completely, so that it will be dealt with smoothly without losses.” Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=198473
Recession Fears Plunge Global Oil Prices
Economie| 08:38 – 04/07/2022 Follow-up – Mawazine News: Oil prices fell, on Monday, as fears of a global recession affected the market, even as supply shortages persisted amid lower OPEC production, unrest in Libya and sanctions imposed on Russia.
Brent crude futures for September were down 21 cents, or 0.19%, at $111.42 a barrel at 04:30 GMT, after jumping 2.4% on Friday.
US West Texas Intermediate (WTI) crude futures for August delivery were down 22 cents, or 0.21%, at $108.20 a barrel, after rising 2.5% on Friday. Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=198432
Dollar Exchange Rates Are Stable In Local Markets
Economie| 09:33 – 04/07/2022 Baghdad – Mawazine News , the dollar exchange rates stabilized, today, Monday, in the local markets. Selling price: 148,300 dinars per $100, buying price: 148,250 dinars per $100.
https://www.mawazin.net/Details.aspx?jimare=198440
The results of the foreign currency sale window Tuesday 5/7/2022
Announcement No. (4680) Sale date – Tuesday 7/5/2022 the details the amount
Total sale for the purposes of strengthening balances abroad (remittances, credits) 218,016,064
Total cash sale 47,450,000 total total sales 265,466,064
Note that: The selling price of the amounts transferred to bank accounts abroad is ( 1460 ) dinars per dollar.
The cash sale price is ( 1460 ) dinars per dollar. » The Central Bank of Iraq’s foreign currency sales schedule, Tuesday 5/7/2022 https://cbi.iq/currency_auction
UN: Changing The Dollar Exchange Continues To Confuse The Situation Of Iraqis
Posted On2022-07-04 By Sotaliraq Translation: Hamed Ahmed The representative of the World Food Program in Iraq revealed that the United Nations organization is working with the central government and the Kurdistan Regional Government to introduce the latest technological and informational means to deal with the climate change situation, manage water resources and ensure food security in the country.
Ali Reda Al-Quraishi, the representative of the organization, said in statements to K24 website on the sidelines of the information technology exhibition held in the capital of the Kurdistan region, Erbil, and translated (Al-Mada), that “Iraq faces many challenges, and technology is a typical solution to many of these challenges.”
Al-Quraishi added, “Advanced technology creates links between different components between the private sector, the academic and educational sector represented by universities and civil society, in order to be able to find solutions to these challenges facing the country,” noting that “the World Food Program has been working in Iraq since 1986.”
He pointed out that “the Erbil Information Technology Exhibition is a unique conference of its kind in Iraq, where the latest innovations and technological equipment are presented,” stressing that “companies that promote this technology are a good opportunity to communicate with the relevant innovative parties.”
Al-Quraishi added, “We have been continuing our work in Iraq for a long period of time. The World Food Program has found a distinguished place for it in the space of technological innovation, especially in the digital field within the humanitarian services sector.”
He stressed, “The World Food Program is now working to bring the latest technological innovations to Iraq and apply them in projects related to agriculture, environment and water resources,” expressing his hope that “we will start this project in the Kurdistan region as well.” Al-Quraishi said, “The organization is now working on implementing the EMPACT program for the Research and Peacebuilding Administration in Iraq to provide English language learning skills and digital training for the displaced and the affected segments to enable them to learn new skills in the field of information technology.”
In addition, Al-Quraishi pointed out that “Iraq is the fifth most affected country by the adverse consequences of climate change, as shown by the increase in dust storms and the lack of rainfall.”
And he added, “The World Food Program supports the Iraqi government’s goal of reaching the stage of total food sufficiency by 2030, as included in the sustainable development memorandum.”
Al-Quraishi stressed that “the World Food Organization is helping Iraq with programs on food security, climate change and smart agriculture.” And he indicated, “The traditional methods of agriculture that are practiced today in several regions of the world consume large amounts of water.”
Al-Quraishi also said, “We must look into smart, modern methods of agriculture that use less water in the midst of the climate change we are experiencing.” With regard to supporting the affected segments of the population, including displaced people and returnees, the World Food Program indicated in a new statement that it “received a contribution of $6.4 million from the Government of Japan to deliver aid to more than 255,000 displaced people unable to return to their homes, as well as emergency support for 12 A thousand people are in a state of vulnerability and suffer from food insecurity.”
Al-Quraishi said that as the country transitions from emergency response to development and resilience building, there is assistance to support families in dire need of assistance so that they can return safely to their homes and rebuild their livelihoods, along with emergency transitional support for communities in need.
According to an analysis conducted by the World Food Program in December 2021, “the food security situation in Iraq is still unstable, despite the emergency improvement in the financial situation resulting from the rise in oil prices, due to the devaluation of the currency against the dollar.”
The report stated that “the food ration distribution system has become more fluid recently with the addition of other items to the food basket as of the last quarter of 2021, and this has helped improve the food security situation in Iraq.”
Iraq is suffering from the repercussions of the war in Ukraine, in addition to an unprecedented wave of drought, which has caused desertification of a large part of the agricultural area in the country. LINK
Experts Expect Monthly Oil Revenues To Reach $12 Billion
Posted On2022-07-04 By Sotaliraq Baghdad/ Firas Adnan Experts expected that monthly oil revenues would reach $12 billion, stressing that Iraq’s net revenues would be twice as much during the current year as what was achieved in previous years. To fund the needs of the Emergency Support Law for Food Security and Development, which was voted on by the House of Representatives before entering into a legislative recess last month.
Economist Nabil Jabbar Al-Ali said that “Iraq’s monthly oil revenues amounted to 11 billion dollars, and it is expected to rise to more than 12 billion dollars.”
Al-Ali added, “These revenues are considered historic, which have not been achieved throughout the life of the state of Iraq since the twenties of the last century until this day, and they are exceptionally high financial returns.”
He pointed out that “expected revenues during this year could increase by 100% over previous years,” explaining that “what was achieved during the first half of this year is $62 billion, which are at the same rates as revenues for a full year in the past.” .
And Al-Ali said, “Iraq is facing a very large financial abundance due to the record rise in oil prices, which reached exceptional rates, accompanied by large production compared to previous years, as the daily production is more than 3.5 million barrels per day.”
He stressed, “The question that constantly arises is what is the benefit of Iraq from this financial abundance,” expressing regret that “these funds, in the absence of proper economic planning, have not changed anything about the economic indicators associated with citizens.”
Al-Ali explained that “this increase did not raise the income levels of citizens and was not reflected in the form of development and service projects that the street would benefit from during the coming periods.”
He stressed, “The money went in advance towards the Emergency Support Law for Food Security and Development, as the budget of this law represents the surplus of oil imports.”
Al-Ali went on to say, “This situation brings us to the conclusion that Iraq no longer has surplus funds or abundance that it can use in the future.”
“The chapters of this law did not include any support for Iraqi factories or the development or development of projects, but issues related to securing the ration card, purchasing wheat, barley, fertilizer, special budgets for the development of regions, petrodollars, and payment of Iranian gas dues.
Iraq is devoid of successful and sound economic thinking, in the light of which there are strategies, so what is the justification for allocating a financial surplus on doors that can be addressed through the current laws in force.
The extent of poverty will continue at the same rates, was it not more than that, and unemployment will remain at the same rates or more than that.”
For his part, the other expert, Safwan Qusay, said that “the price of a barrel of oil has now reached more than $120, and revenues have doubled than they were in the past.”
Qusay added, “The permitted amount of spending in the absence of a budget is 7.5 trillion dinars, meaning there is an abundance of money that can be used in investment projects.”
He pointed out that “achieving the required development is through supporting the private sector and being the leader, but the state can establish a system of modern methods in order to support the economic sector in general.”
Qusay spoke about «the importance of accelerating the electrical connection in order to establish industrial cities, and to complete the construction of the Al-Faw port as the window to transfer the Iraqi economy from a local to a global one».
He stated, “The law of emergency support for food security focused on supporting farmers’ entitlements,” calling for “the restructuring of the Iraqi economy in all sectors, because we are facing a clear defect.”
Qusay added, “The current oil revenues are a turning point in the Iraqi economy, and we have to transform the abundance into infrastructure in order to support the economic sectors.”
He noted that “70 dollars of the price of a barrel of oil is able to cover salaries and workers’ compensation, and what is above can be reversed on the sovereign fund, whose leadership is supposed to be from the Reconstruction Council.”
And Qusay demanded, to «manage this fund with a mentality of strategic investment, Iraq needs to deal with plans that have continuous effects and not in a way to solve temporary crises».
He pointed out, “The vision exists, but we need independent people who do not follow corruption systems and do not dictate their own projects. They are able today to deal with the current financial surplus and turn it into strategic projects.”
Qusay concluded, “The Iraqi economy must look at its regional surroundings and the plans that seek to develop, especially with efforts to link Europe with Asia through Iraq.”
Iraq has not succeeded this year in approving the budget, at a time when oil prices are witnessing a noticeable rise, due to the current war between Russia and Ukraine and calls to invest this increase to serve the economic sector in the country and the search for alternatives for revenues. LINK
In The Infographic.. How Much Is The Size Of Deposits In The Iraqi Banking Sector?
Economie| 11:11 – 04/07/2022 Baghdad – Mawazine News The Association of Iraqi Private Banks announced, on Monday, the increase in the volume of deposits in the banking sector to 98.12 trillion dinars until the end of the year 2021.
The Executive Director of the Association, Ali Tariq, said in a statement received by “Mawazine News”, that “the total assets in the banking sector rose By 15.87% during the year 2021, to become 150.4 trillion dinars.
He added, “Deposits in the banking sector increased by 12.65%, as it became during the year 2021 more than 98.1 trillion dinars, while in the year 2020 it was 87.19 trillion dinars,” explaining that “the total credit (loans) amounted to more than 53.5 trillion dinars during the year 2021. After it was 51.1 trillion dinars in 2020, it was worth 51.1 trillion dinars.
He pointed out that “the capital of banks amounted to 150.4 trillion dinars during the year 2021, after the banks increased their capital in line with the development in banking services,” noting that “the pledge credit amounted during the year 2021 to more than 27.2 trillion dinars.”
Tariq noted that “the increase in banking indicators indicates the high confidence between the citizen and the banking sector, due to the strategy of the Central Bank, which worked to develop the sector and increase and diversify services.” Ended 29/N33 https://www.mawazin.net/Details.aspx?jimare=198451
Al-Kazemi: We Are Confident In The Promising Economic Future Of Iraq, Led By The Younger Generations
Political | 03:41 – 04/07/2022 Baghdad – Mawazine News Prime Minister Mustafa Al-Kadhimi received, on Monday, the Special Representative of the World Bank in Iraq, Ramzi Noman, on the occasion of the end of his work.
A statement by the Prime Minister’s Office, a copy of which was received by Mawazine News, stated that the meeting witnessed a review of the challenges facing the countries of the region in the fields of energy production and climate change.
Al-Kazemi appreciated the role played by the World Bank in supporting the reform directions implemented by the government, especially when the consultations are consistent with the Iraqi conditions and understand the Iraqi economic specificity, noting that the government is determined to proceed with reforms; In order to provide better livelihoods for the Iraqi people.
The Prime Minister stressed that the reform efforts adopted by the government have begun to bear tangible results through the economic indicators published by international organizations, and renewed his confidence in the promising economic future of Iraq, which will be led by the younger generations.
For his part, Ramzi Numan expressed his appreciation for the efforts of the Iraqi government in the field of economic reform, and its ability to implement it despite difficult challenges, and also praised the Iraqi efforts in the field of achieving regional economic integration in partnership with the rest of the countries in the region, which ultimately serves the Iraqi interest. https://www.mawazin.net/Details.aspx?jimare=198479
Association Of Private Banks: 98.12 Trillion Dinars, The Volume Of Deposits At The End Of The Year 2021
Money and business Economy News-Baghdad The Association of Iraqi Private Banks announced that the volume of deposits in the banking sector will rise to 98.12 trillion dinars until the end of the year 2021.
The Executive Director of the Association, Ali Tariq, said that the total assets in the banking sector increased by 15.87% during the year 2021, to become 150.4 trillion dinars.
He added that deposits in the banking sector increased by 12.65%, as it became during the year 2021 more than 98.1 trillion dinars, while in the year 2020 it was 87.19 trillion dinars, explaining that the total credit “loans” amounted to more than 53.5 trillion dinars during the year 2021 after it was in The year 2020 is worth 51.1 trillion dinars.
The statement indicated that the capital of the banks amounted to 150.4 trillion dinars during the year 2021, after the banks increased their capital in line with the development in banking services, pointing out that the pledge credit amounted during the year 2021 to more than 27.2 trillion dinars.
Tariq noted that the increase in banking indicators indicates a high level of trust between the citizen and the banking sector, due to the strategy of the Central Bank, which worked to develop the sector and increase and diversify services. 79 . views Added 07/04/2022 – 11:15 AM Update 07/04/2022 – 5:11 PM
https://economy-news.net/content.php?id=28765
The National Bank Of Iraq Signs An Unfunded Facility Agreement With The Arab Trade Finance Program
Banks Economy News-Baghdad
As part of its efforts to promote exports and imports of the industrial and service sectors in the Iraqi market, the National Bank of Iraq and the Arab Trade Finance Program recently signed an unfunded facility agreement .
The agreement was signed by Abdul Rahman bin Abdullah Al-Hamidi, CEO and Chairman of the Board of Directors of the Arab Trade Finance Program, and Board Member/CEO of the National Bank of Iraq Ayman Abu Dhaim .
Under the agreement, the Arab Trade Financing Program granted the National Bank of Iraq a line of credit to be used in financing Arab trade and to guarantee qualified commercial deals .
The Arab Trade Finance Program provides funded and unfunded credit facilities through the conclusion of risk-sharing partnership agreements with international financial institutions, in order to participate in the risks of the national agencies’ payment of their obligations, and also through the direct issuance of guarantees or irrevocable payment pledges to ensure that national agencies pay their obligations. arising from entering into commercial operations subject to the principles and uniform international norms .
The CEO of the National Bank of Iraq, Ayman Abu Dhaim, expressed his pride in this cooperation with the Arab Trade Financing Program, which will support the plans of the National Bank of Iraq in providing the best services to its corporate clients in various commercial and industrial sectors, by supporting the financing of exports and imports of these sectors, in a way that contributes to the development of trade in Iraq. .
Abu Dhaim pointed to the bank’s achievements in the Iraqi market, where it was able to effectively contribute to the Iraqi economy and consolidate its distinguished position at the heart of the banking sector, which is the locomotive of development and the main pillar of various vital sectors, by providing banking products and services with high added value to its customers. From individuals and companies, and its investment in its infrastructure, it has witnessed over these years a remarkable increase in the number of its branches, which today amounted to 19 branches and 112 ATMs spread in various Iraqi governorates .
It should be noted that the Arab Trade Finance Program is a joint Arab financial institution that was established in 1989 in the city of Abu Dhabi – United Arab Emirates. The program aims to develop Arab trade and enhance the productive and competitive capacity of the Arab exporter .
The program works to provide a package of services to the Arab trader that will contribute to enhancing his productivity and competitiveness. At the forefront of these services is the provision of the necessary financing for Arab trade activities through its approved national agencies at a competitive cost and easy terms. The program services include various tools and mechanisms that include financing through credit lines. , financing in accordance with Islamic Sharia, risk sharing with various financial institutions, document discounting service, guarantee services, in addition to a number of other unfunded credit facilities. 34 . views Added 07/04/2022 – 1:19 PM Update 07/04/2022 – 4:40 PM
https://economy-news.net/content.php?id=28767
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