Iraqi News Wednesday Afternoon 9-14-22
Tlm724 Administrator Bondlady’s Corner
The Dollar Depreciates Against The Iraqi Dinar
Economie| 11:02 – 09/14/2022 Baghdad – Mawazine News, the exchange rates of the US dollar fell against the Iraqi dinar, today, Wednesday, on the local stock exchange. And the selling prices were 148,250 Iraqi dinars per 100 US dollars, while the purchase prices were 147,500 Iraqi dinars per 100 US dollars. LINK
A Deputy Reveals The Collection Of 180 Signatures Submitted To Al-Halbousi To Hold A Session And Sets Its Date
Political | 05:16 – 09/14/2022 Exclusive – Mawazine News Independent MP Salah Zaini revealed, on Wednesday, the fact that he submitted a request to Parliament Speaker Muhammad al-Halbousi to hold a parliamentary session.
Zinni said in an exclusive interview with Mawazine News Agency, that the coordinating framework and a number of independents collected the signatures of about 180 deputies for the purpose of holding the parliament session, indicating that all matters and procedures were postponed until after the fortieth visit. Zinni indicated, “We, as MPs, have not yet been informed of the date of any parliamentary session.”
The Ministry Of Foreign Affairs Is Discussing With NATO The Possibility Of Expanding The Mission’s Mission In Iraq
Political | 05:47 – 09/14/2022 Baghdad – Mawazine News On Wednesday, the Ministry of Foreign Affairs announced that its Minister Fouad Hussein had discussed with NATO the possibility of expanding the mission’s tasks in Iraq.
A statement by the ministry, received by Mawazine News, stated that Foreign Minister Fouad Hussein received today the new commander of the NATO mission in Iraq, Lieutenant-General Giovanni Iannucci at the ministry’s headquarters, where the minister congratulated the mission commander for assuming his new position as commander of the mission in Iraq.
According to the statement, during the meeting, they reviewed the tasks carried out by the NATO mission in Iraq, which are training the Iraqi security forces and providing military advice, as well as discussing ways to facilitate the mission’s tasks, and the possibility of expanding its tasks to include training the Iraqi police forces.
Lieutenant-General Iannucci expressed his thanks to His Excellency the Minister and the Iraqi Ministry of Foreign Affairs for their role in facilitating the mission’s tasks, and expressed his happiness with his new work assignments in Iraq, pointing to the importance of Iraq’s security and stability for the region and for NATO, and stressed the alliance’s desire to consolidate relations with Iraq in the next stage at all levels. All, and not limited to the military and security level.
Iannucci stressed the importance of working together to fight terrorism, and the mission’s continuity with the various Iraqi authorities in order to accomplish its tasks as required. Ended
The Central Bank Directs To Facilitate The Procedures For Granting Loans For The Purchase Of Renewable Energy Systems
Economie| 06:08 – 09/14/2022 Baghdad – Mawazine News The Central Bank of Iraq directed, on Wednesday, to facilitate the procedures for granting loans to purchase renewable energy systems.
According to a statement received by Mawazine News, the Central Bank of Iraq called on licensed banks to facilitate the procedures for those wishing to obtain loans for the renewable energy initiative, and to adopt new mechanisms that grant the borrower of this initiative the right to choose the lending bank without the need to transfer the settlement of his salary, if I had another bank, and collect the installments due from the borrower through the electronic clearing system.
As for the non-national borrowers, they are borrowed from the banks participating in this initiative, in return for guarantees accepted by the lending bank. LINK
OPEC Reveals Iraq’s Oil Production During August
Economie| 10:09 – 14/09/2022 Baghdad – Mawazine News, OPEC revealed the rate of increase in Iraq’s production of crude oil, which amounted to only two thousand barrels per day in August, indicating that the production of the 13 member countries of the Organization of Petroleum Exporting Countries increased by about 618 thousand barrels per day during the month of August, to reach 29.651 million barrels. daily with increased supply support from ten countries.
According to the monthly report of the Organization of the Petroleum Exporting Countries, the largest increases came from Libya, as its oil production rose by 426,000 barrels per day, to reach 1.123 million barrels per day, followed by Saudi Arabia, which recorded an increase of 160 thousand barrels per day, and then Kuwait, with an increase of 37 thousand barrels per day.
An increase was from Iraq’s share, as its production increased by only two thousand barrels per day to reach 4.525 million barrels per day,” noting that “the increase in Iraq’s oil production rose by 60 thousand barrels per day from the same period in 2021.”
As the report indicates, the largest drop came from Nigeria, where shipments decreased by 65 thousand barrels per day, bringing its production to 1.100 million barrels per day, followed by Equatorial Guinea by 9 thousand barrels per day, and then the Congo by one thousand barrels per day.
Oil Prices Are Falling Due To The Increase In US Interest Rates
Economie| 08:57 – 09/14/2022 Mawazine News – Oil prices fell slightly on Wednesday, on fears of another interest rate hike by the US Federal Reserve next week after consumer prices rose unexpectedly in August, outstripping support from OPEC’s strong forecast for oil demand growth.
Brent crude futures fell 38 cents, or 0.4 percent, to $92.79 a barrel by 04:07 GMT. US West Texas Intermediate crude was at $87.02 a barrel, down 29 cents, or 0.3%.
Pressure on prices was the hotter-than-expected US inflation report on Tuesday that dashed hopes that the Federal Reserve may reduce interest rate policy tightening in the coming months.
The dollar jumped near a 24-year high against the yen on Wednesday. Oil is generally priced in US dollars, so a strong dollar makes the commodity more expensive for holders of other currencies.
On the supply front, US crude stocks rose by about six million barrels for the week ending September 9, according to market sources citing figures from the American Petroleum Institute on Wednesday.
In the framework of supporting oil prices, the Organization of the Petroleum Exporting Countries (OPEC), on Tuesday, reiterated its forecasts for the growth of global oil demand in 2022 and 2023, citing signs that major economies were better than expected despite headwinds such as high inflation.
And OPEC said in a monthly report that the demand for oil will increase by 3.1 million barrels per day in 2022 and 2.7 million barrels per day in 2023, leaving its forecasts unchanged from last month.
https://www.mawazin.net/Details.aspx?jimare=205414
The Central Bank Reveals 4 Priorities Adopted By Its Policy In Iraq
Money and business Economy News-Baghdad Today, Wednesday, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhif, outlined his main priorities and main tasks adopted by the bank, while separating a set of files, including international cooperation with major banks, the work of the Deposit Insurance Company, the performance of the banking sector, and the development of the payments system .
Makheif said, during an interview with an economic magazine affiliated with the Central Bank, that “everyone knows that the Iraqi economy has been accompanied during the last period by many shocks, such as the drop in oil prices and the war on ISIS terrorist, as well as the state of political instability, so the Central Bank of Iraq contributed to maintaining stability.” The value of the Iraqi dinar significantly bears the costs of imbalance in the cash flow of the general budget .”
He added: “In addition, we have set our sights on moving from the process of unilateral targeting (maintaining an acceptable level of inflation) to the case of bilateral targeting represented in maintaining monetary stability and promoting growth, and for this we seek to work on activating indirect monetary policy tools, as well as On the adoption of a policy of quantitative easing through the initiatives of the Central Bank, which amounted to about 18 trillion dinars, which represents a case of planned financial guidance in harmony with market economies in creating a partnership between the banking sector (conventional and Islamic) and the real sector (public and private), as strategic projects will be presented Financing it through the banking system and under the supervision of the Central Bank .
He continued his speech by saying, “One of the most important priorities of this bank, in addition to its main tasks, is to adopt the following : –
Adopting an efficient policy that stems from the fact that general price stability is a prerequisite for achieving sustainable growth, a pivotal element in the overall economy, and a major factor in providing a suitable environment for investment and protecting the purchasing power of the national currency .
Contribute to achieving sustainable development and providing job opportunities, especially since the Bank is a member of the Sustainable Development Committee 2020 .
Strengthening the relationship and effective coordination between the monetary policy represented by the Central Bank of Iraq and the financial policy represented by the Iraqi government (the Ministry of Finance) in order to achieve the overall goals for the next stage .
Implementing an effective precautionary control policy by analyzing and evaluating potential risks in the banking sector .
He continued: “As is the case in all countries of the world, the banking system faced financial and health crises, which in turn led to a stagnation in economic activity at a lower level than expected, but it is acceptable in light of the multiple challenges experienced by the banking sector .”
And he indicated, “The measures of the Central Bank contributed to prompting some banks to take courageous steps to strengthen the confidence of depositors and society in them, while the activities of other banks were negatively affected by these circumstances, as we expect that our urgent reform efforts will bear fruit soon, and it is useful to say, that the Central Bank’s initiative to support Bank liquidity and the provision of funds to those in need of citizens and companies has enhanced the performance of the banking sector and made it more involved in moving the economic wheel .”
He continued: “Through the foregoing, the Financial Action Task Force (FATF) removed Iraq from the monitoring and follow-up list for the modernization phase every two years, and we are now in the process of removing Iraq from the high-risk countries according to the classification of the European Union .”
And he added: “In addition, the Bank has started implementing Financial Reporting Standard No. 9 since 2017, and it has imposed on banks to apply international standards since 2019, including Standard No. 9, and with regard to financial inclusion, we have taken important steps in achieving this goal by forming a committee To prepare the national strategy for financial inclusion in cooperation with relevant international and local institutions .
Concerning keeping pace with the application of international standards, Makheif said, “The Bank keeps pace with all international standards in the field of compliance, and evaluates banks in the field of compliance and anti-money laundering on a semi-annual basis through their reports, procedures, training courses, and international certificates granted to them in this field .”
He explained, “The compliance and anti-money laundering officials are appointed under conditions determined by the Central Bank of Iraq related to banking experience and certificates, and they are not dismissed except after obtaining the approval of this bank, and their departments are independent and linked to the bank’s board of directors directly in accordance with the governance guide issued by this bank .”
He continued: “This bank has entered into a number of agreements with major commercial banks to open new horizons for international banking cooperation, to maintain existing relations and open new channels of communication with international commercial banks with high credit ratings characterized by low risks and the ability to achieve the objectives of the Central Bank of Iraq from By contributing to managing foreign reserves investments and facilitating external transfers and oil credits, as well as developing the capabilities of the cadres of this bank .”
On the other hand, work is currently underway with a number of sober international banks to create the necessary ground for banking cooperation with Iraqi banks that have outstanding performance and have a credit rating from accredited rating agencies. Opening accounts for Iraqi banks and opening new horizons for international cooperation .
He continued: “As for the field of custodianship of securities, the Central Bank has contributed to facilitating banks’ access to major securities custodians by opening an account for the Central Bank of Iraq with the most important custodian institutions in the world, allowing these banks to keep or pledge their securities by opening accounts A subsidiary of the main account of the Central Bank of Iraq .
Regarding the Deposit Insurance Company, he said: “The board of directors of this bank issued a decision to grant the Iraqi Deposit Insurance Company the final license with a capital of 100 billion dinars to practice working with deposit insurance, taking into account the Law of the Central Bank of Iraq No. 56 of 2004 and the Banking Law No. 94 of 2004 and the amended Companies Law No. 21 of 1997 and Deposit Insurance Law No. 3 of 2016 provided that it is subject to the control and supervision of this bank.
The members of the company’s board of directors were selected and the authorized manager was appointed, and the company’s website was also chosen to complete the procedures and start doing its business .
And the governor continued: “Here, it must be noted that the company is still in the first stage in terms of implementing its objectives and it needs media support, especially at this stage in order to communicate its objectives and the purpose of its establishment to the public, in order to enhance the citizen’s confidence in the banking sector, and all of this needs more Combined time and effort .
On the other hand, the governor said, “Within the framework of the Central Bank of Iraq’s efforts to develop its infrastructure, a future vision is being developed for the development of the payments system by operating systems compatible with international best practices with the aim of enhancing financial inclusion and electronic automation through several procedures we are working on as projects for the Payments Department in The Central Bank of Iraq, namely :
A – Activating electronic collection for billing entities .
B – A project to automate the work of ministries and government institutions .
C – The project of establishing a Fast Payment system.
D – The project of digitizing e-learning in Iraq .
E – Implementation of the electronic know your customer (K-KYC) project, which provides a unified database to facilitate the process of identifying the customer .
F- The application of digital financial services .
g- Developing the Real-Time Gross Settlement System (RTGS) to work in line with a unified database to facilitate the process of identifying the customer .
H – The participation of the Iraqi banking system in the regional clearing system and the inter-Arab payments clearing and settlement system .
I – Preparing the national strategy for financial inclusion and delivering electronic payment services to all segments of society .
J – Contracting with consulting companies to draw up a payment strategy and develop the structure of payment systems .
k- Contracting with external audit companies to audit the work of electronic payment service providers in terms of financial and technical terms and their compliance with international standards and the instructions of this bank . 43 . views Added 09/14/2022 – 6:00 PM Update 09/14/2022 – 7:09 PM
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