The Ministry of Oil announced today, Monday, achieving self-sufficiency in gas oil and kerosene. The Undersecretary of the Ministry of Oil for Refining Affairs, Hamid Younis, said in a statement:

 “The ministry is keen to achieve self-sufficiency in petroleum products of all kinds in support of the national economy,” stressing that “this comes in implementation of the decisions of the government program, and the directives of the Deputy Prime Minister for Energy Affairs and Minister of Oil.”

He added, “The ministry has achieved self-sufficiency in the production of gas oil (kerosene) and kerosene, and stopped importing them.

The ministry was also able to reduce the quantities of imported gasoline to low levels, compared to the quantities that were being imported, and thus the amounts of money that were spent on import were reduced.”

He explained that “the ministry is working to achieve self-sufficiency in gasoline production through the projects being implemented in the refining sector, which will be completed in the coming months.”

He pointed out that “the achievements in the field of increasing production capacities in the refining and refining sector were achieved through the implementation of projects within a short period,” noting that “the ministry is determined to increase the capacities of petroleum products to support and develop the economy.”

Oil Prices Rise Slightly

   Oil prices rose slightly in early trade on Monday, supported by concerns that conflict in the Middle East could hit supplies from a key producing region and expectations that last week’s U.S. interest rate cut will support demand.

Brent crude futures for November delivery were up 20 cents, or 0.3 percent, at $74.69 a barrel by 0045 GMT. U.S. West Texas Intermediate (WTI) crude futures for November delivery rose 22 cents, or 0.3 percent, to $71.22.

Both benchmarks had risen in the previous session, supported by lower U.S. interest rates and lower U.S. supplies in the wake of Hurricane Frances. On Wednesday, the Federal Reserve cut interest rates by half a percentage point, a bigger drop in borrowing costs than many had expected.

Rate cuts typically boost economic activity and energy demand, but analysts and market participants are concerned that the central bank could see a slowdown in the labor market.

Central Bank Sells Over $254 Million In Auction Today

 The Central Bank of Iraq announced today, Monday, its sales of hard currency, which amounted to more than $254 million in today’s transactions, according to the official price of 1310.

The bank’s data showed that the total internal cash withdrawals amounted to $12,250,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $242,320,185, while the total sales amounted to $254,570,185.

International Praise For The Central Bank Of Iraq: A Model For Developing Strategies That Serve The Development Of The Banking Sector

The Regional Director for the Kingdom of Saudi Arabia, Lebanon and Iraq at the International Finance Corporation (IFC), Fawaz Al-Balbeisi, confirmed today, Monday, that Iraq is one of the first countries to adopt a comprehensive approach to governance and environmental and social accountability, noting that the Central Bank of Iraq is a model for developing strategies that serve the development of the banking sector.

Al-Balbeisi said in a speech during the launch ceremony of the Financial Sustainability Map Project and the Environmental, Social and Corporate Governance Guide for Banks, that “Iraq has provided humanity with justice and law, and it is not surprising that it is one of the first countries to adopt a comprehensive approach to environmental and social governance and accountability,”

 indicating that “this new achievement comes as a result of the strategic partnership between the International Finance Corporation and the Central Bank of Iraq in cooperation with the Kingdom of the Netherlands and our joint efforts to develop an advanced Iraqi banking sector that contributes to Iraq’s sustainable future.”

He added that “the achievements that we celebrate today are a very important step for the Iraqi banking sector towards establishing sound practices of environmental, social and corporate governance standards that are consistent with international standards and rules, where they are not just a reference framework for celebration, but rather a systematic approach achieved by the banking sector,”

noting that “environmental and governance standards have changed the environment and governance of the institution, and are a standard for professional excellence and have become a basic requirement for managing and reducing risks and thus financial sustainability and business prosperity.”

He continued: “Today, this event gains great importance in light of Iraq’s confrontation with the challenges led by climate change, which requires approximately $233 billion until 2040 to respond to the development gaps necessary to move towards sustainable economic paths.”

He continued, “Environmental, social and corporate governance responsibility is not only a statement of transparency, accountability and fairness, but also essential components of responsible investment strategies committed to sustainable practices and ethical standards in all financing and investment decisions.

The Iraqi banking sector represents the provision of the necessary financing to meet its nationally defined goals in Iraq, and all of this highlights the importance of the role of the Central Bank, led by Ali Al-Alaq, in achieving this goal.”

He pointed out that “with the development of the banking, financial and operational sector’s capabilities over the past years, this achievement is complementary to other initiatives led by the Central Bank, the latest of which was the launch of the national strategy last May.”

He pointed out that “the Central Bank is a model in developing strategies that serve the development of the banking sector in a way that reflects positively on the external view of the banking system and makes it a tributary that enhances sustainable development in Iraq,” expressing his “thanks to the government of the Kingdom of the Netherlands for their support in reaching this achievement and to the Central Bank team and the International Finance Corporation whose tireless work enabled us to reach this achievement.”

Iraq Announces Roadmap For Financial Sustainability Of Banking Sector

 The Governor of the Central Bank, Ali Al-Alaq, announced today, Monday, a roadmap for the financial sustainability of the Iraqi banking sector, while indicating that this map is part of the efforts to upgrade the banking sector.

Al-Alaq said in a speech during the launch ceremony of the Financial Sustainability Map Project and the Environmental, Social and Governance Standards Guide for Banks:

“Today, we are addressing an important and fundamental aspect in developing the banking sector in Iraq, as the term environmental, social and governance standards has witnessed turbulent growth since its first launch in 2005,”

indicating that “the environmental aspects and the response related to climate change are major factors driving the development of environmental, social and governance standards, in addition to the growing importance of other basic elements, especially social ones.”

He added, “If these standards are important for any economic entity or company, regardless of its activity, mission and products, then their importance to the financial sector is a matter of utmost importance, given the significant impact that social and environmental changes have on the reality of this sector and what is required to manage it according to regulatory, supervisory and technical rules that avert risks to ensure the rights of shareholders and stakeholders within a framework of transparency and disclosure,

and above all, contribute to achieving financial stability, the repercussions of crises are reflected in the economic and social environment and general stability, just as the environmental and social repercussions are reflected in stability.”

 He stated, “We are pleased to announce a roadmap for financial sustainability.”

For the banking sector in Iraq for the years 2023 to 2029 and social and institutional standards,” noting that “this project is part of the ongoing efforts made by the Central Bank of Iraq to advance the banking sector based on international best practices as well as keeping pace with developments in the banking industry.” He stated that “with this announcement, the Central Bank of Iraq is the first in the region to implement this guide.”

 Al-Alaq praised “the role played by international experts in the International Finance Corporation, affiliated with the World Bank Group, and their effective contribution in preparing the roadmap for financial sustainability for the banking sector in Iraq,” appreciating “the effective and ongoing partnership and fruitful cooperation with the institution.”

He thanked “the fruitful and distinguished efforts of the Central Bank’s work team as well as the support provided by the Kingdom of the Netherlands in this framework to push towards helping Iraq implement these important and necessary programs.”