Iraq Economic News and Points to Ponder Friday Afternoon 2-2-24
Iraq Economic News and Points to Ponder Friday Afternoon 2-2-24
Tlm724 Administrator Bondlady’s Corner
Electronic Payment In Iraq...A Project Bigger Than The Abolition Of Cash And The Dollar, With A Hidden Goal
Time: 02/01/2024 Read: 1,937 times {Economic: Al-Furat News} The economic expert, Safwan Qusay, revealed the government’s hidden goal in implementing the electronic payment project throughout Iraq and its advantages.
Qusay said {to Al-Furat News} that: “The policy of the American Central and Federal Banks was that everyone knew that the currency auction was contributing to the smuggling of the dollar to various countries and that it was intended for Iraqis only.”
He added, "But the policy of complying with international requirements and controlling the movement of the dollar was implemented after the success of the electronic platform in enhancing bank balances, as well as expanding the circle of financial inclusion by investigating the source of the Iraqi dinar. Currently, all employees of state departments and retirees are included with credit cards."
Qusay added, "We also have a formal private sector and federal ministries that have begun to spread the culture of electronic payment to track the movement of the dinar. The more we introduce the dinar system within the regulatory department, the more we prevent the corrupt from changing the gender of the dinar, whether in the real estate market, gold, or other markets."
He concluded by saying, "The whole issue is related to combating corruption through investment in technology, and one of these means is electronic payment."
In its session the day before yesterday, Tuesday, the Council of Ministers approved the following regarding commissions for electronic payment operations:
1. (The recipient bears electronic payment commissions from the private and public sectors, and the payer does not bear any electronic payment commissions), and the government compensates a percentage (50%) of the commissions. The electronic payment paid by the holder (the merchant, the employer, and all private sector entities), provided that it is used to pay the holder’s obligations to the state exclusively through electronic payment, such as renewing licenses, paying taxes, customs, fees, municipal fees, electricity fees, and everything owed to the state, and it cannot be recovered in cash at any time. In any case.
2. Determine all electronic payment commissions (at a percentage determined by the Central Bank of Iraq), with a maximum commission limit that stops at a commission amount (the value of which is determined by the Central Bank of Iraq for both the public and private sectors) and what exceeds that without commissions, and a minimum that is exempt from commissions as well ( Exempting small transactions in the public and private sectors from commissions up to a ceiling determined by the Central Bank of Iraq.
3. The contracts signed based on what was stated in the decisions of the Council of Ministers related to electronic payment, especially the decisions of the Council of Ministers (23044 and 23620 of 2023) between state institutions and electronic payment companies, will continue to be effective until December 31, 2024, and the contracting institution may submit a reasoned request to the Central Bank of Iraq in If she wishes not to extend the approval process.
4. The decision will be re-evaluated in light of the results of the application before the end of this year 2024.
5. This decision will be implemented starting March 1, 2024.
In light of this, the Prime Minister’s financial and economic advisor, Mazhar Muhammad Saleh, believes that the decision recently issued by the Council of Ministers regarding electronic payment facilities and exempting the “citizen payer” from commissions for these operations is tantamount to creating a stimulating, sound and simplified environment for citizens to effectively use electronic payment methods. .
Saleh said, in a press statement, that “the Council of Ministers’ decision regularized the contractual relations between the government and the citizen if it is an electronic collection, and between the citizen and the merchant if it is via an electronic payment card that takes place within market transactions.”
He stated, “According to the decision, the citizen does not bear any costs as a result of using electronic payment, while there is encouragement for the merchant that the state compensates an essential aspect of the costs of electronic payment in the form of high cash allowances that are used for tax settlements or to pay the various costs incurred, provided that the settlements are made from Exclusively through electronic payments.
He pointed out, "In all cases, the Cabinet's decision regarding regulating fees for electronic payment services constitutes a stimulating environment that pushes towards the effective use of electronic payment cards, whether credit, debit, or prepaid, in a simple and convenient way." LINK
Iraq Achieves More Than $8 Billion In Financial Revenues From Selling Oil For The Month Of January
Energy Economy News _ Baghdad Today, Friday, the Ministry of Oil announced the total exports and revenues achieved last January from the sale of crude oil, which exceeded $8 billion.
The ministry stated in a statement today, “According to preliminary statistics issued by the Iraqi Oil Marketing Company “SOMO,” the total amount of crude oil exports reached (103) million (508) thousand and (438) barrels, with revenues amounting to (Cool billion and ( 25) million and (616) thousand dollars.
The statistics indicated that the total quantities of crude oil exported for the month of January from the oil fields in central and southern Iraq amounted to (102) million and (25) thousand barrels, while the quantities exported to Jordan amounted to (464) thousand and (306) barrels. While exports from Qayyarah were one million (19) thousand and (132) barrels, according to a statement from the Ministry of Oil.
The ministry said that the average daily quantities exported amounted to (3) million (338) thousand (982) barrels per day.
The ministry continued in its statement by saying: The average price of one barrel reached $77,536.
Views 46 02/02/2024 https://economy-news.net/content.php?id=40075
Bloomberg: Iraq Reduced Its Oil Production By 130,000 Barrels Per Day
Energy Economy News _ Baghdad OPEC reduced oil production last month as the group and its allies make new efforts to support prices and prevent a global surplus.
Production of the Organization of the Petroleum Exporting Countries declined by 490,000 barrels per day last month, reaching 26.57 million barrels per day, according to a survey conducted by Bloomberg.
About half of the reduction came from Iraq and Kuwait. However, the group's implementation of its new production cuts was not in line with the target set by the coalition.
About a quarter of the decline came as a result of unrest in Libya, which is not part of the planned cuts, and total production remains several hundred thousand barrels per day above the collective ceiling, with Iraq and the UAE producing more than their quotas.
OPEC and its allies, led by Saudi Arabia, pledged to make additional production cuts during the current quarter - in addition to the cuts made last year - as global oil demand growth slows and competitive supplies, led by the United States, continue to rise.
Oil markets remain fragile, with prices holding near $80 a barrel in the London market even as conflict rages in the Middle East and shipping in the Red Sea comes under attack. Prices are lower than they were when Hamas launched its attack on Israel on October 7.
The survey shows that Kuwait and Algeria implemented the required cuts, reducing production by 110,000 barrels per day and 50,000 barrels per day, respectively.
Iraq made great progress, reducing its production by 130,000 barrels per day to pump about 4.2 million barrels per day. This led the country, which is under great financial pressure to boost revenues, to produce about 200,000 barrels per day above the agreed-upon ceiling.
Libya's production decreased by 120,000 barrels per day to about one million barrels per day, after the largest oil field was closed due to protests that extended for several weeks.
The implementation of the new cuts by the broader OPEC+ alliance - which includes countries such as Russia and Kazakhstan - was ambiguous. Views 51 02/02/2024 - https://economy-news.net/content.php?id=40073
Oil Prices Are Heading Towards Their Largest Weekly Loss In 3 Months
Energy Economy News _ Baghdad Oil prices are headed for their biggest weekly loss since early November as negotiations progress to reach an agreement to stop the war between Israel and Hamas in what could be a decisive step towards ending the conflict.
WTI rose above $74 a barrel on Friday, but remained down nearly 5% for the week. Brent was also on track for a weekly decline.
People familiar with the matter said that talks on a ceasefire are still in their early stages, and a breakthrough is not expected in the coming days.
Oil capped its monthly advance in January, following attacks on commercial ships in the Red Sea, but strong supply and concerns about demand from key consumers kept prices from rising significantly. The OPEC+ alliance indicated yesterday, Thursday, that it will adhere to production cuts this quarter.
OPEC reduced its daily oil production by 490,000 barrels last month, as the producer group and its allies embarked on a new effort to prevent a global glut and rising prices, according to a Bloomberg survey.
Views 39 02/02/2024 - https://economy-news.net/content.php?id=40072
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Top 100 Inspirational Quotes Compiled By Kevin Kruse
Inspirational quotes and motivational quotes have the power to get us through a bad week, and can even give us the courage to pursue our life’s dreams. In my book, 4 Keys to Happiness and Fulfillment at Work, By Kevin Kruse, I share surprising research into the true triggers of workplace motivation.
So in the spirit of self motivation, here are 100 inspirational quotes.
97. Change your thoughts and you change your world. – Norman Vincent Peale
98. Either write something worth reading or do something worth writing. –Benjamin Franklin
99. Nothing is impossible, the word itself says, “I’m possible!” – Audrey Hepburn
100. The only way to do great work is to love what you do. – Steve Jobs
101. If you can dream it, you can achieve it. – Zig Ziglar
http://www.forbes.com/sites/kevinkruse/2013/05/28/inspirational-quotes/