Iraq Economic News and Points to Ponder Late Thursday Evening 4-11-24
Iraq Economic News and Points to Ponder Late Thursday Evening 4-11-24
Tlm724 Administrator Bondlady’s Corner
A Government Advisor Announces The Start Of Implementing The Reform Plan In Government And Private Banks
Economy News – Baghdad Adviser to the Prime Minister for Economic and Financial Affairs, Mazhar Muhammad Saleh, confirmed on Thursday that Prime Minister Muhammad Shiaa Al-Sudani is interested in reforming the course of the private and government banking system, while indicating the start of implementing the reform plan for government banks.
Saleh said, in a statement reported by the official news agency and seen by Al-Iqtisad News, that “the banking market has a great division. For example, the capital of private banks, or their share of capital from the government, is about 78 percent, while the capital of government banks is 22 percent.”
He continued, "While government banks account for 85 percent of activities and assets, while private banking activity is 15 percent, so there are large disparities between private and government banks."
He explained, “Private banks have almost coexisted on government allocations, whether through the window or by opening letters of guarantee for projects, meaning that any vibration exposes private banks to serious problems, so approximately 29 banks have been deprived of dealing in foreign currency.”
Saleh added, “Prime Minister Muhammad Shiaa Al-Sudani is very interested in reforming the course of the private and governmental banking system,” stressing that “there is a reform plan for government banks, and there is a foreign company that evaluates the banking work, its capital, and its functions until they are parallel to the work of international banks.”
He stated, "Private banks are facing a dilemma, especially after being deprived of trading in foreign currencies, even though they have coexisted with this issue. Therefore, the government is trying to create an internal environment that is supportive of them, and they need to correct their situations first."
He went on to say: “The Prime Minister is correctly supportive of private banks, on the condition that these banks improve their course of work,” stressing that “there is a reform plan to correct the course of private banks that will be implemented soon.”
A government source revealed, the day before yesterday, Tuesday, that Prime Minister Muhammad Shiaa Al-Sudani issued a set of measures and steps to revitalize the private banking sector, while directing a study of the possibility of strengthening the needs of private bank branches abroad in foreign currency.
The source said, “As part of the Iraqi government’s efforts to formulate a strategy that stimulates the activity of the private banking sector during the next stage, allowing it to engage more in efforts to diversify the economy and strengthen its foundations, Prime Minister Muhammad Shiaa Al-Sudani directed the adoption of a number of measures and steps in this regard, including: -
1 - The Ministerial Council for the Economy studies a proposal to increase deposits of government institutions and the central government with private banks, enabling them to provide more banking operations and contribute to the development of various vital sectors and increase their ability to provide various financing services inside and outside Iraq.
2- Support by the Iraqi government and the Central Bank of Iraq for banks Iraqi private banks through foreign institutions and banks, taking into account the credit rating of each bank.
3- Studying the possibility of enhancing the needs of private bank branches abroad in foreign currency for the purposes of financing foreign trade - the private sector and in accordance with the applicable contexts.
4- The Board of Directors of the Central Bank of Iraq determining Contribution of foreign capital to Iraqi banks and assessment of the reality of the situation in a way that benefits the Iraqi economy and in accordance with what is stated in Banking Law No. 94 of 2004.
5- Participation of representatives of the private banking sector when discussing relevant issues in all state institutions, including meetings of the Board of Directors of the Central Bank of Iraq .
6- Studying the reactivation of the financing initiative presented by the Central Bank of Iraq and in accordance with the contexts proposed by the Central Bank in this regard.
7- The Competition and Monopoly Affairs Council shall take the necessary measures under Law No. 14 of 2010 to prevent monopoly in banking services, provided that the Council shall submit reports to the Central Bank of Iraq and in coordination with it periodically and in accordance with the aforementioned law. Views 174 04/11/2024 https://economy-news.net/content.php?id=42374
Oil Prices Rise Against The Backdrop Of Expectations Of Worsening Conditions In The Middle East
Thursday 11, April 2024 Economical Number of readings: 284 Baghdad / NINA / Oil prices witnessed a new rise, today, Thursday, with investors preparing for worsening conditions in the Middle East that may include Iran, the third largest oil producer in OPEC.
By 03:25 GMT, Brent crude futures rose 30 cents, or 0.3 percent, to $90.78 per barrel, while US West Texas Intermediate crude futures rose 25 cents, or 0.3 percent, to $86.46 per barrel.
Both contracts rose more than 1% in the previous session after three sons of a Hamas leader were assassinated in an Israeli air strike in Gaza, raising fears that ceasefire talks between the two sides would falter.
“Prices remain sensitive to geopolitical developments in the Middle East, with market participants pricing in the risk of supply disruption if tensions persist for a longer period,” said Yip Jun Rong, market strategist.
“This helps offset some risk-off sentiment overnight, as markets recalibrate their interest rate expectations to cut interest rates in June and keep interest rates higher for longer into September,” Yip added, referring to US interest rates. / End https://ninanews.com/Website/News/Details?key=1120486
Dollar Exchange Rates In Baghdad
Economy Thursday, April 11, 2024 Baghdad/National News Center The exchange rate of the US dollar in Baghdad stabilized today, Thursday, the second day of Eid al-Fitr, at 148 thousand Iraqi dinars per dollar on the Al-Kifah Stock Exchange.
Purchase price: The purchase price of the dollar on the Al-Kifah Stock Exchange reached 147 thousand and 800 Iraqi dinars.
Selling price: The selling price of the dollar on the Al-Kifah Stock Exchange reached 148 thousand and 300 Iraqi dinars. https://nnciraq.com/252827/
To read more current and reliable Iraqi news please visit : https://www.bondladyscorner.com/
Provoking Points To Ponder On Failures and Mistakes
There is a way to look at the past. Don't hide from it. It will not catch you if you don't repeat it.- Pearl Bailey
Forget your mistakes, but remember what they taught you.- Dorothy Galyean
Supposing you have tried and failed again and again. You may have a fresh start any moment you choose, for this thing that we call "failure" is not the falling down, but the staying down.- Mary Pickford
Failure is a disappointment but not defeat.- Jeanne Robertson
Memories are the key not to the past, but to the future.- Corrie ten Boom
Failure is delay, but not defeat. It is a temporary detour, not a dead-end street.- William A. Ward
http://famousquotesandauthors.com/topics/failures_and_mistakes_quotes.html