TNT Tuesday Morning

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Tishwash:  Amer Al-Jawahiry: The country needs an economic renaissance through investing in major projects and with an international partnership

 

The consultant in economic development and investment, Amer Al-Jawahiri, stressed the country’s need for a major economic renaissance.

 

He told the National Iraqi News Agency ( NINA ) that the country’s economy cannot be advanced without major investment projects that generate money in order to gradually reduce dependence on oil as the only resource for the annual budget.

 

Al-Jawahiry added that the first signs of this renaissance are the establishment of major joint investment projects with the countries of the region and other countries, in addition to activating the agreements concluded, especially with China.

 

He explained: Among the major projects is the Nibras Petrochemical Project, in partnership with the global Shell company, which must be activated by setting a specific time period for its completion. link

 

 

Tishwash:  The director of Al-Rafidain Bank undertakes his duties and directs the automation of banking operations

 

Today, Tuesday, the Director General of Al-Rafidain Bank, Ali Karim Hussein, assumed his duties in managing the bank.

 

The bank’s media office said in a statement, “The new general manager held an extensive meeting with department managers, welcomed the attendees, and listened to a detailed explanation of the nature and tasks of each department’s work.”

 

He stressed “the necessity of everyone’s cooperation, overcoming obstacles and problems, providing services to customers, facilitating the completion and completion of their transactions as quickly as possible, and simplifying procedures away from routine,” directing “to redouble efforts and work to advance and develop banking work, keep pace with modern technology, and automate banking operations     link

 

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Tishwash:  Central Bank: The property of the ‘bankrupt’ Tigris and Euphrates Bank will be distributed to depositors

 

A member of Parliament, Nermin Maarouf, confirmed that the ownership of the Tigris and Euphrates Bank will be distributed to depositors and institutions that own sums of money in the bank.

 

Representative Maarouf said in a statement, which “NAS” received a copy of (November 21, 2022), that “in order to follow up on the rights of citizens and institutions that have bank accounts with banks operating in the Kurdistan Region that are bankrupt, such as the Bank of the Tigris and Euphrates. I wrote to the Central Bank asking for clarification regarding its procedures.” with these banks.

 

And she added, “In response, the Central Bank clarified in writing 9/3/29374 on 11/16/2022 that after registering the requests of all account holders and depositors with the bank and later, the money they earn from selling the bank’s property will be distributed to account holders and bank accounts under Article 92.” of Banking Law No. 94 of 2004.   link

 

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Tishwash:  Adopting a new exchange rate in Lebanon, starting from February

 

The Governor of the Central Bank of Lebanon, Riad Salameh, said that the bank will adopt an exchange rate of 15,000 pounds to the dollar, starting from the first of February, as part of a process to unify the multiple exchange rate system in the country.

 

Salameh said in a statement, “We entered the stage of unifying exchange rates, and this started with the customs dollar that the Ministry of Finance decides on, along with other fees and taxes.”

 

Regarding the reality of exchange rates starting in February, he explained that “we will have two rates, the 15,000 and the exchange rate. Unifying the exchange rate cannot be achieved in one fell swoop, so this will be the first stage until the exchange becomes the one that determines the price.”

 

And whether this measure would lead to a raise or a decrease in the exchange rate, he said, “The market is then the one that determines according to supply and demand, but the Banque du Liban will be on the lookout.”

 

He revealed, “In light of the recent statistics at the Banque du Liban, it was found that there will be a growth in the Lebanese economy in the year 2022 by about 2 percent. The import movement increased, and we witnessed an economic movement last summer. The problem is in the public sector, which creates a burden on the economy.”

 

It is noteworthy that the official exchange rate currently applied by the Central Bank is 1,500 pounds to the dollar, a rate that has become completely non-existent since the internal financial collapse in 2019, which led to the currency losing more than 95% of its value.

 

The exchange rate in the parallel market is about 39,000 pounds per dollar  link

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