Banks  Economy News – Baghdad  The Central Bank of Iraq denied, on Thursday, the issuance of a letter attributed to it regarding the dollar sale process.  The bank said in a statement received by “Al-Eqtisad News” that “the attached letter regarding the dollar sale process is forged and false.”

It added that “the dollar sale process through the outlets designated for this purpose at airports is proceeding smoothly,” calling for “exercising caution and relying on news affecting the national economy from its official sources.”

The President Of The Republic Affirms Iraq’s Keenness To Enhance Economic And Investment Cooperation With Its Brothers And Friends

Economic Number of readings: 339  Baghdad/ NINA / President of the Republic Abdul Latif Jamal Rashid affirmed, today, Thursday, Iraq’s keenness to enhance economic and investment cooperation with its brothers and friends.

A statement by the Presidency of the Republic’s media stated: “President of the Republic Abdul Latif Jamal Rashid received, today, Thursday, at the Baghdad Palace, the Secretary-General of the Council of Arab Economic Unity, Ambassador Mohammadi Ahmed Al-Ni and his accompanying delegation.”

During the meeting, according to the statement, efforts to develop and support Arab economic work were reviewed, as well as ways to confront economic challenges in coordination and cooperation with the relevant Iraqi governmental institutions.

The President of the Republic stressed Iraq’s keenness to enhance economic and investment cooperation with its brothers and friends, and to provide the appropriate environment to contribute to major strategic development projects, explaining: “Iraq stands today on the threshold of a new phase of security stability and economic development, and it looks forward to fruitful cooperation and a real economic partnership.”

For his part, the guest delegation expressed its thanks and appreciation to the President of the Republic and his future vision for improving the reality of joint economic work, expressing its hope for Iraq’s support for the work of the Council in order to achieve the higher goals that serve common interests.

Banking Association Advisor: International Payments And Banking Technologies Conference A Platform To Support Digital Transformation In Iraq

Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed on Thursday that the International Payments and Banking Technologies Conference, which will be held under the patronage of Eng. Mohammed Shia Al-Sudani, Prime Minister, on September 14 and 15, in joint cooperation between the Prime Minister’s Office, the Central Bank, and the Iraqi Private Banks Association, and with the attendance of governors of banks and specialized international companies, will support and accelerate the transition to digital government and the transition from a cash economy to a digital economy.

The conference discusses 16 topics focusing on the role of the government, the Central Bank and the Association of Banks in developing payments within Iraq, using technology to improve financial inclusion, developing information technology, establishing digital banks, using artificial intelligence in banking services, using modern technologies in loans, compliance, risk management, combating money laundering and terrorist financing, and combating banking fraud.

The results of the government role and the efforts made by the Central Bank, banks, electronic payment companies and supporting companies that have been achieved since the issuance of the decisions will also be presented.

The Council of Ministers issued it in 2023 to activate, stimulate and support digital transformation, and the results recorded a qualitative leap in the volume of transactions in electronic payment operations and the use of modern banking technologies.

Al-Nusairi said, in an interview with “Al-Eqtisad News”, that “the Central Bank of Iraq and the Association of Banks are working side by side in implementing the government program in the twelfth axis (financial and banking reform) and the direction of the Prime Minister to support electronic payment, and what has been achieved so far confirms the rapid steps and joint cooperation to move to bridge the technical gap between Iraq and the countries of the world in this field.

In 2023, the amounts processed through the national switchboard witnessed a significant increase, which reflects the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular.”

Al-Nusairi added, “These upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024, and government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023.”

He pointed out that “payment operations at fuel stations in Baghdad alone increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July of 2023 and (4.5) billion dinars in December 2023.”

He stressed: “A significant increase in the number of POS points of sale to reach more than (50) thousand points of sale this year, compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them are in government institutions after they were zero before the launch of the campaign in June 2023.”

Globally.. Oil Prices Are Stable

Baghdad  Oil prices steadied in Asian trade on Thursday as concerns about weaker demand offset gains in the previous session that were spurred by Hurricane Frances’ impact on output in the United States, the world’s biggest crude producer. Brent crude futures for November were up 24 cents, or 0.34 percent, at $70.86 a barrel. U.S. crude futures for October were up 20 cents, or 0.30 percent, at $67.52 a barrel by 0044 GMT.

Crude oil futures rose more than 2 percent in the previous session as offshore platforms in the U.S. Gulf of Mexico were shut down and refining operations were disrupted by Hurricane Francine, Reuters reported. But as the hurricane neared its end after making landfall, the oil market’s attention turned back to falling demand.

The Energy Information Administration said on Tuesday that U.S. crude inventories rose last week as crude imports grew and exports fell. The data also showed that gasoline demand fell to its lowest level since May at the same time as distillate demand fell, with refinery utilization also falling. The United States is the world’s largest oil consumer.

Earlier in the week, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth in 2024 and also trimmed its forecast for next year, the second downward revision in a row.

Iraq Exports 5 Million Barrels Of Oil To America

Economy  The US Energy Information Administration announced on Thursday that Iraq’s oil exports to America amounted to more than 5 million barrels during last August.

The administration said in a table that “Iraq exported 5.741 million barrels of crude oil to America during last August, at an average of 185 thousand barrels per day, down from July, when Iraqi oil exports to America amounted to 6.967 million barrels.”

It added that “the average oil exports from Iraq to America amounted to 194 thousand barrels per day during the first week of August, while those exports were 166 thousand barrels per day in the second week, and an average of 153 thousand barrels per day was exported in the third week,” noting that “the exports in the fourth week averaged 201 thousand barrels per day.”

The  US Energy Information Administration stated that “Iraq came in fifth place in its exports to America during last month after Canada, which came in first place as the largest oil exporting country to America, followed by Mexico, Saudi Arabia and Brazil.

Stability Of The Dollar Exchange Rate In Iraq

  Mawazine News publishes today, Thursday, the exchange rates of the dollar against the Iraqi dinar in local markets.   The prices are as follows:
– Selling 150,500 dinars for every 100 dollars. – Buying 148,500 dinars for every 100 dollars.