Prime Minister Chairs Meeting To Follow Up Efforts To Develop The Work Of Government Banks
Banks Economy News – Baghdad Prime Minister Mohammed Shia Al-Sudani chaired a meeting today, Wednesday, to follow up on efforts to develop the work of government banks.
The Prime Minister’s Media Office said in a statement received by “Al-Eqtisad News”, “Prime Minister Mohammed Shia Al-Sudani chaired a meeting to follow up on efforts to develop the work of government banks.”
He added that “the meeting was attended by representatives of Ernst & Young for auditing and financial consulting.” https://economy-news.net/content.php?id=45068
Al-Sudani Directs To Finalize Procedures For Developing Rafidain Bank’s Work
Politics | 02:22 – 10/07/2024 Baghdad – Mawazine News Prime Minister Mohammed Shia Al-Sudani chaired a special meeting on Wednesday to develop the work of government banks, in the presence of representatives of Ernst & Young for auditing and financial consulting, while directing the finalization of procedures for developing the work of Rafidain Bank.
The Prime Minister’s media office stated in a statement received by Mawazine News that “Al-Sudani was briefed on the technical and administrative procedures for the Rafidain Bank development project, which were taken during the period following the signing of the contract with the company specialized in structuring and developing work in the banking sector.”
The Prime Minister stressed “the need to continue intensive meetings between the higher committee concerned with the project, which includes the Central Bank of Iraq and government banks, and the consulting company, in order to resolve all matters related to developing the work of Rafidain Bank.”
It is noteworthy that the Rafidain Bank development plan includes a comprehensive review and evaluation of the bank’s work, and implementing structural administrative reforms, aiming to provide a package of integrated banking services to citizens and companies, relying on advanced electronic programs, modern technology in all banking transactions, optimal use of human and technical resources, and transition to automated work, which helps the bank’s ability to meet global banking requirements. https://www.mawazin.net/Details.aspx?jimare=251100
4 New Decisions From The Central Bank Of Iraq Regarding Government Banks
The Central Bank of Iraq revealed a new plan regarding government banks, including Rafidain and Rashid.
According to a document issued by the Central Bank of Iraq and received by “Al-Eqtisad News”, “the meetings that took place with the Prime Minister, in the presence of the Governor of the Central Bank and the Minister of Finance, regarding the decision of the Council of Ministers held on 1/2/2024 and the proposed idea of transforming the Industrial Bank into a public joint-stock company with the contribution of local and foreign investors, and that the second phase would include the Agricultural Cooperative Bank, we explain to you below the new plan regarding the bank and other government banks
1- Rafidain Bank is being restructured by dividing it into two banks (the old one for government accounts, and the new one as a commercial bank/public joint-stock company).
2- After that, Rashid Bank will be merged with the new Rafidain Bank.
3- The Industrial Bank will be transformed into a public joint-stock company, and then the Agricultural Cooperative Bank will be acquired.
4- At a later stage, the Real Estate Bank will be merged with the Housing Fund.
https://economy-news.net/content.php?id=45078
Oil price declines drag Gulf markets
Economy News – Follow-up Gulf stock markets closed lower on Wednesday ahead of quarterly earnings season as oil prices fell despite improved sentiment on rising bets on an imminent U.S. interest rate cut.
The US economy is “no longer overheating” as the labour market slows from its peak during the Covid-19 pandemic, Federal Reserve Chairman Jerome Powell said in remarks to Congress, suggesting that interest rate cuts are more likely.
Saudi Arabia’s index closed flat after four sessions of gains, with Aramco shares down 0.2 percent.
The Saudi Stock Exchange saw limited movement today and remained relatively stable as the market continued on its uncertain path within the price range, said Joseph Dahrieh, Managing Director at TechMill.
The financial news website “IFR” reported that the Saudi oil giant Aramco began selling bonds in three stages.
A source familiar with the matter told Reuters earlier that the company could raise at least $3 billion.
Dubai’s index rose 0.1 percent, supported by a 1.3 percent increase in Emirates Central Cooling Systems Corporation.
The Abu Dhabi index settled at the close.
Crude oil prices, a catalyst for financial markets in the Gulf region, stabilized as the Organization of the Petroleum Exporting Countries (OPEC) maintained its forecast for oil demand growth over the current and next years.
Meanwhile, U.S. crude and gasoline inventories likely fell last week.
Brent crude futures fell 11 cents, or 0.1 percent, to $84.55 a barrel, after falling 1.3 percent in the previous session.
Outside the Gulf, Egypt’s blue-chip index fell 0.6 percent as Talaat Moustafa Holding fell 1 percent.
https://economy-news.net/content.php?id=45090
The Dollar Declines Relatively In Baghdad With The Closure Of The Stock Exchange
The exchange rate of the dollar against the dinar recorded a new relative decline today, Wednesday, compared to the exchange rate this morning.
The Baghdad Stock Exchange closed at 148.900 dinars per hundred dollars, after opening at 149.100.
While the exchange rates in currency exchange offices reached 150,250 dinars for the selling price per hundred dollars, and 148,250 dinars for the purchase price.
https://www.mawazin.net/Details.aspx?jimare=251119
Find Out Today’s Dollar Auction Sales
The Central Bank’s dollar sales recorded a significant increase during today’s auction, Wednesday, as they amounted to more than $273 million, compared to yesterday, Tuesday.
The Central Bank sold in its auction today an amount of $273 million, 691 thousand, and 666, which was covered by the basic exchange rate of 1310 dinars per dollar for documentary credits and international settlements for electronic cards, and 1310 dinars per dollar for foreign transfers, while the cash exchange rate reached 1305 dinars per dollar.
The largest part of today’s dollar sales went to strengthening balances abroad in the form of transfers and credits, as they totaled $247 million, 701 thousand, and 666, representing an increase of 90% compared to cash sales, which amounted to $25 million and 990 thousand.
