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Tishwash: Central Bank Governor goes to the street … a field tour of exchange companies

Central Bank Governor Mustafa Ghaleb conducted a field tour in the capital, Baghdad, on Tuesday, to follow up on the work of private companies specialized in buying and selling currencies, and their dealings with citizens.  

A bank statement, which “people” received a copy of (November 3, 2020), stated that “The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mkhaif, conducted a field visit this Tuesday morning that included a number of companies mediating the sale and purchase of foreign currencies on the Karkh and Rasafa sides in Baghdad, It was accompanied by a committee specialized in auditing companies from the banking supervision department at the central bank.

He added, “The governor was informed of the workflow of these companies and their dealings with the beneficiaries of the citizens, as well as listened to the notes and suggestions of the owners of the companies, and promised to study them by the bank and activate their outputs, which would positively affect the work of the Iraqi financial and economic sector.”

The statement indicated that “this visit was made in order to gain direct access to the actual reality of the work of these companies in order to develop the services provided by them.”  link

Tishwash:  Oil prices continue to rise ahead of the US elections

Oil prices continued to rise on US election day amid a recovery in financial markets on Tuesday, but fears of a spike in coronavirus cases around the world limited further gains.

European countries are witnessing the spread of Corona virus with the entry of the winter season into them, which led most countries to ban some sectors, especially restaurants and entertainment.

Brent crude futures were up 70 cents, or 1.8%, at $ 39.67 a barrel at 09:15 GMT, while U.S. West Texas Intermediate (WTI) futures rose 78 cents, or 2.1%, to $ 37.59 a barrel. Both benchmarks met nearly 3% on Monday.

Standard prices, which fell sharply over the past week, saw a brief respite on Monday after the Russian oil minister held talks with local oil companies about a possible extension of oil production restrictions to the first quarter of 2021.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, called OPEC +, cut oil production from May to support prices and cut the cut to 7.7 million barrels per day in August. They are set to ease the cuts by 2 million bpd in January.

One of the reasons for OPEC + concerns is the rise in production from Libya, which is on track to reach one million barrels per day in the coming weeks, from only 100,000 barrels per day in early September

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