Iraq Economic News and Points To Ponder Saturday Afternoon 8-3-24
Economist Expects Sanctions On Iraqi Banks To Be Eased
Posted on 2024-08-03 by sotaliraq Economic researcher Safwan Qusay believes that sanctions imposed on Iraqi banks will be reduced and made financial only.
Qusay said, “The Central Bank has contracted with an international company (K2) for the purpose of auditing banks that have restricted access to the dollar in previous periods, so that these banks can learn the mechanism for complying with international requirements.”
He added, "Everyone is keen on stopping the use of Iraqi banks for money laundering. Private Iraqi banks are not the owners of corrupt money, but there are those who acquire the Iraqi dinar illegally and are trying to use the banks for money laundering and smuggling hard currency."
Qusay continued, "As for the restricted banks, they will be rehabilitated by merging, or these sanctions will be reduced or made financial sanctions in the coming periods." LINK
Al-Sudani Launches The National Development Plan For The Next Five Years
Money and business Prime Minister Mohammed Shia Al-Sudani confirmed today, Saturday, that the five-year development plan (2024-2028) took into account improving services in all fields and directed adherence to it, noting that the plan aims to achieve infrastructure projects, clean energy, the development road, the Faw port, the road network, bridges, residential and industrial cities, modern agriculture, and others.
A statement by the Prime Minister's media office stated that "the Prime Minister launched the five-year national development plan (2024-2028), during the ceremony held today, Saturday, by the Ministry of Planning in cooperation with Iraq's development partners."
In a speech he delivered during the ceremony, Al-Sudani praised “the efforts of the Ministry of Planning, the ministries and their supporting bodies, and international partners, indicating that the five-year development plan has been approved by the Council of Ministers, in recognition by the government of the importance of the country having a development plan with achievable paths and goals,” stressing “the importance of adhering to the plan’s goals, as they are the way to change the lives of Iraqis for the better.”
Al-Sudani pointed out that "Iraq has witnessed a developmental separation since the eighties of the last century due to wars, siege and confrontation with terrorism, which caused gaps in all sectors," stressing "work to restore the wheel of development and bridge those gaps, and that the new plan is consistent with the government's goals and confronting internal or external challenges."
He explained that "the plan provided space for achieving good governance, appropriate mechanisms to combat corruption and adopt the principles of transparency, and took into account the priorities of improving services in all areas, by accelerating the implementation of projects under construction, and moving towards new development and service projects."
He continued: “We started with a series of strategic projects to develop the oil and gas sector, stop waste in it, and rely on our capabilities and projects to secure petroleum derivatives instead of importing. We moved towards projects that are consistent with the 2030 Sustainable Development Vision, including infrastructure projects, clean energy, the development road, the Faw Port, the road and bridge network, residential and industrial cities, modern agriculture, and others.”
He stated: "We emphasize the role of the Kurdistan Region of Iraq and the local governments in the provinces in achieving integration with the government program plans and working in a unified manner for the public interest of the state," noting that "the five-year development plan includes paths with economic dimensions based on the philosophy of economic diversification."
He explained that "the Iraq Development Fund aims to create an integrated investment environment in the country," adding: "We have given the private sector sovereign guarantees to establish industrial and agricultural projects, which will provide it with a wide space that is commensurate with its developmental role."
He stressed: "We are working on reforming the banking and financial sector, automating all economic and service activities, and governing government and service work. We have started automating work at border crossings and moving towards electronic payment in all market and commercial transactions."
He explained: "The five-year development plan adopts comprehensive digital transformation and the adoption of electronic systems in all aspects of life, and that sound planning requires accurate and sound data and indicators, and this is achieved by the general population and housing census that is scheduled to be conducted on November 20."
Al-Sudani stressed that: "The government is making exceptional efforts to implement the census, which has been delayed for a long time. The Ministry of Planning and the supporting agencies have completed all the necessary preparations to implement it. We hope that Iraqi families will contribute to the success of the census and provide correct data."
He stressed that: "The goal of the census is developmental, through which we seek to address negatives in all areas, and we call on all state institutions to cooperate with the Ministry of Planning to ensure the success of the census project." 08/03/2024 - https://economy-news.net/content.php?id=45863
Reuters: Iraq Still Accounts For The Largest Part Of OPEC's Excess Production
Energy OPEC oil output rose in July on a rebound in Saudi supplies and small increases elsewhere, a Reuters survey showed on Friday, offsetting the impact of ongoing voluntary supply cuts from other members and the wider OPEC+ alliance.
The survey, based on shipping data and information from oil industry sources, showed that OPEC pumped 26.70 million barrels per day last month, up 100,000 bpd from June.
The increase comes despite the OPEC+ alliance, which includes OPEC and allies including Russia, maintaining most production cuts until the end of 2025 to support the market in the face of tepid demand growth, rising interest rates and increased US production.
A meeting of senior OPEC+ ministers on Thursday left oil production policy unchanged, including a plan to start unwinding a tranche of output cuts from October.
The ministers stressed that this increase could be temporarily halted or reversed if necessary.
The survey found that Saudi Arabia provided the biggest boost to supplies last month, by 70,000 barrels per day, as exports rebounded from June when they were lower than expected. Output reached 9 million barrels per day in July, close to the kingdom’s target.
The survey showed that Nigeria recorded the largest decline of 30,000 barrels per day, with exports declining on a monthly basis.
Libya and Iran, two members not required to cut output, along with Iraq, recorded slight increases. The survey found that Iranian output reached 3.22 million barrels per day, the highest since 2018, according to Reuters surveys.
Iran has boosted its exports in recent years despite continued U.S. sanctions. Iraq’s output has risen as exports have increased month-on-month, oil flow data and a tanker-tracking source showed.
The survey also said that OPEC exceeded the target assumed for the nine countries covered by the supply reduction agreements by about 240 thousand barrels per day, and that Iraq still represents the largest part of the excess production.
The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, flows data from the London Stock Exchange Group, information from firms that track flows, such as Petro-Logistics and Kpler, and information provided by sources at oil companies, OPEC and consultants. 165 views 2024/08/03 https://economy-news.net/content.php?id=45861
OIL PRICES FALL TO EIGHT-MONTH LOW
Saturday 03 August 2024 04:15 | Economic Number of readings: 231 Baghdad / NINA / Oil prices closed on Friday at their lowest levels since last January, after data showed that job growth in the United States slowed more than expected last month.
Brent crude futures fell $2.71, or 3.41 percent, to reach $76.81 a barrel at settlement. "
West Texas Intermediate crude futures fell $2.79, or 3.66 percent, to record $73.52 at settlement."
Job growth in the United States slowed more than expected in July, and the unemployment rate rose to 4.3 percent, indicating a possible recession. "
Economic data from China, the largest oil importer, showed weak manufacturing activity last month in the United States, Europe and Asia, increasing the risk of a weak global economic recovery, affecting oil consumption.
Data from the London Stock Exchange Group's oil research department showed that Asian crude oil imports fell to their lowest level in two years in June due to weak demand in China and India. "
A meeting of OPEC+ ministers yesterday, Thursday, kept the current oil production policy unchanged, including the alliance's intention to gradually roll back part of the production cuts starting next October." /End2 https://ninanews.com/Website/News/Details?key=1145245
Central Bank Sales Exceeded $1 Billion Last Week
Economy | 03:13 - 03/08/2024 Mawazine News – Baghdad The total sales of the Central Bank of Iraq of hard currency for the US dollar during the past week, which opened the auction, exceeded one billion dollars.
A source stated that the Central Bank sold during the past week and for the 5 days in which the auction was opened, one billion, 410 million, 230 thousand, and 782 dollars, at a daily rate of 282 million, 46 thousand, and 156 dollars, up from one billion, 387 million, 237 thousand, and 49 dollars recorded the previous week.
The highest sales of the dollar were on Sunday, where sales amounted to 274 million, 868 thousand, and 286 dollars, while the lowest sales were on Tuesday, where sales amounted to 262 million, 223 thousand, and 443 dollars.
He pointed out that sales of foreign transfers during the past week amounted to “one billion, 361 million, 480 thousand, and 782 dollars, an increase of 96% compared to cash sales, which amounted to 48 million, 750 thousand dollars.” https://www.mawazin.net/Details.aspx?jimare=252638
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