Bondlady’s Corner Saturday Evening

Iraqi News Highlights Saturday Evening 11-19-22


Tlm724 Administrator Bondlady’s Corner


Oil Records Its Second Consecutive Weekly Loss, And The Brent Price Is Down 9%


Energy   Economy News-Baghdad   Oil prices fell by 2% in the Friday session, recording its second consecutive weekly loss, due to concerns about falling demand in China and further measures to increase US interest rates.  The price of Brent crude at the settlement reached $87.62 a barrel, down $2.16, or 2.4%, while the US West Texas Intermediate crude price reached $80.08 a barrel, down $1.56, or 1.9%.  The benchmark recorded weekly losses, with Brent losing about 9% and West Texas Intermediate about 10%.


The rise in the US dollar, which makes oil more expensive for holders of other currencies, contributed to the drop in crude prices.


And the market witnessed a shift in the two ways indicating the easing of concerns about supplies.


Crude approached record highs earlier in the year as Russia’s invasion of Ukraine fueled those fears. In addition, the nearest-maturity contracts recorded a huge price premium compared to the later-term contracts, indicating the concern of dealers about the immediate availability of oil and their willingness to pay large sums to secure supplies.


But these concerns are diminishing. Eikon Refinitiv data showed that WTI is currently trading at a discount compared to the following month, for the first time since 2021.


This situation is also beneficial for those seeking to increase their oil stocks for later use, especially since stocks are still at low levels.


Brent crude remains in the opposite pattern, despite the decline in the price premium for the nearest crude contract, compared to contracts for download after 6 months, to $3 a barrel, the lowest level since April.   Views 170   Added 11/19/2022 – 11:44 AM   Updated 11/19/2022 – 5:39 PM


In The Video, Al-Sudani Talks About A Project That Will Provide Billions Of Dollars And Thousands Of Job Opportunities


Economie| 12:14 – 11/19/2022    Baghdad – Mawazine News, Prime Minister Muhammad Shia’a Al-Sudani confirmed, on Saturday, that the Council of Ministers will adopt adding financial allocations to the Shinafia refinery.


Al-Sudani said in a video statement from inside the Shinafia refinery, published by his media office, that “there is a need for allocations estimated at $675 million for the Shinafiyah refinery,” pointing out that “the Council of Ministers and the Ministerial Council for Energy will adopt adding the allocations to the original contract so that we are facing an integrated project that contributes to Securing oil derivatives for Diwaniyah and other provinces, and reducing the import of oil derivatives, which cost the country billions of dollars.


He added, “The current expansion project for the refinery is worth $125 million, and it is hoped to add hydrogenation units and complementary units to improve gasoline.”  confirmed, that ”


Learn About The Sales Of The Central Bank Of Iraq During The Week


Economie| 10:06 – 11/19/2022   Baghdad – Mawazine News


The Central Bank of Iraq’s sales of hard currency for dollars during the currency auction last week amounted to more than 700 million dollars.


And the Central Bank said, “It sold during the past week for the five days in which the auction was opened, starting from Sunday to Thursday, the amount of 735 million and 252 thousand and 435 dollars, at a daily rate of 147 million and 50 thousand and 487 dollars, up by 23.53% from the previous week, indicating that The increase came as a result of the increase in the bank’s sales during the first days of more than 170 million dollars from last week.


Our correspondent added that the highest dollar sales during the past week were on Monday, when sales amounted to 180 million and 893 thousand dollars, while the lowest sales were on Thursday, which amounted to Sales are 117 million and 140 thousand dollars.


He pointed out that most of these sales went in the form of transfers abroad to finance foreign trade, while the sale price of dollars transferred to bank accounts abroad, in addition to cash sales, amounted to 1460 dinars per dollar. Ended 29 / m 99


Our National Economy, Our Banks, And Reputational Risk


Articles  Sameer Al-Nusairi    At a time when the Central Bank and the Iraqi banking sector celebrate the 75th anniversary of the founding of the Central Bank of Iraq. This anniversary culminated this year with great achievements at the level of supporting and stimulating the national economy.


And revitalizing the economic cycle and securing allocations that exceeded 18 trillion dinars to finance small, medium, housing, investment and renewable energy projects. The World Bank, the International Monetary Fund and international organizations commended the developments in


In the Iraqi economy and expectations of an increase in the growth rate in the gross domestic product this year to 9.3% and the arrival of foreign cash reserves to the limits of 90 billion dollars and 130 tons of gold due to the rational procedures in the applications of monetary policy and safe investments, which had a major role in achieving the above achievements. Unfortunately we noticed


Some yellow and non-competent means of communication and media, and personalities with special interests these days, are spreading rumors and fabricated news that are not based on reliable and official sources that harm our banks. And the official body that must be approved is the Central Bank of Iraq exclusively. to the applicable law.


And he is concerned with the implementation of international sanctions imposed on some banks that violate internationally approved standards, as happened a few days ago by stopping the dealings of only four banks in foreign currencies with circulars issued by the Central Bank.


We must not forget that our country is now going through complex crises and great challenges facing the new government, which requires everyone to cooperate with it in order to achieve its governmental approach to achieving economic reform.


And the effects of the global economic and financial crisis and its negative repercussions on our economy in the coming months, as expected.


The rumors and fabricated news currently circulating from some social networks and some satellite channels whose orientations are well known and intended to deliberately offend the national economy and national economic institutions that have clear success experiences and work with national Iraqi cadres, and that these parties are driven by special interests and projections.


They target our national economy and its institutions that have achieved clear achievements. During the economic and security shocks that Iraq went through after mid-2014 until the present time, it contributed to achieving economic resilience and supported our national economy. Their posts and press and media reports have preoccupied us these days by targeting our banks


And involving it in organizational, administrative and technical problems and exploiting leaks to amplify fabricated information that has not been audited and verified. Its aim is to blackmail and cover up the achievements made during the years of crisis. So why target?


The reason, as I see it, is that the Central Bank insists that all banks for which it is responsible for supervision and control and related financial institutions do their daily work, internally and externally, to adhere to the instructions, controls and regulations in accordance with its objectives contained in its law, which maintain economic stability in the country.


Although I respect the other opinion issued by non-specialists or those who specialize in the economy and monetary policy in particular, but I may disagree with the opinion that tries to harm the reputation of the Iraqi banking sector


And the reflection of reputational risks on our international banking dealings. Therefore, I call on the media to look, even for once, at preserving the reputation of the Iraqi economy internally and externally, because it is illogical for us to allow the targeting of our economic institutions that are directly responsible for achieving steadfastness and economic stability.


Because directing accusations against our banking sector is an insult to Iraq’s economic reputation internationally without scrutiny and investigation of the leaked information.



These authorities know before others, through evidence, facts, and business results, that banks are the first basic link in the economy, and without a sound banking sector, it is not possible to build a sound economic sector.


To implement the controls and instructions issued by the Central Bank, to give due diligence to all internal and external banking operations, and to operate openly under the spotlight of the internal and external supervisory authorities, in order to preserve the reputation of our national economy and the achievements of the Central Bank during the past twenty years.


Views 181   Added 11/19/2022 – 11:38 AM  Updated 11/19/2022 – 5:42 PM


The Government’s Financial Advisor To NINA: Al-Sudani’s Decisions Regarding Corruption Will Reflect Positively On The Country’s Economy


Saturday 19, November 2022 12:52 | Economical Number of readings: 280


Baghdad / NINA / – The financial advisor to the government, Mazhar Muhammad Salih, affirmed: “The decisions and steps of Prime Minister Muhammad Shia’a Al-Sudani, to combat corruption, are correct decisions that will reflect positively on the country’s economy.”


Muhammad Salih said in a statement to the National Iraqi News Agency ( NINA ): “This government will have among its priorities (no development without combating corruption), and the issue of development and economic progress is linked to dismantling corruption, which is deliberately sabotaging the future of the country’s economy.”


He added: “The government program, which was approved by the House of Representatives and has become an applicable document, is a first priority for the Prime Minister, who will establish a logistical support council for combating corruption, to accelerate and advance economic development as soon as possible.”/ Ended 8  LINK

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