Iraq Economic News and Points to Ponder Late Wednesday Evening 2-7-24
Iraq Economic News and Points to Ponder Late Wednesday Evening 2-7-24
Tlm724 Administrator Bondlady’s Corner
Iraq Calls On The US Treasury To Reconsider The Sanctions Imposed On Private Banks
Economy | 10:19 - 02/07/2024 Mawazine News – Baghdad The Iraqi Ministry of Foreign Affairs called on the US Treasury to reconsider the decision to impose sanctions on some private banks.
The Ministry of Foreign Affairs stated in a statement received by Mawazine News, “The Deputy Prime Minister and Minister of Foreign Affairs received a phone call yesterday evening from US Secretary of State Anthony Blinken, as part of following up on the most prominent developments and regional and international issues of common interest.”
The statement added, "The Minister of Foreign Affairs touched on the sanctions imposed by the US Treasury on seven Iraqi banks recently, which were preceded by sanctions on fourteen Iraqi banks, as the reasons behind the imposition of such sanctions were not stated, and whether Washington's imposition of these sanctions was a “Because of the lack of discipline of these banks in implementing instructions and banking compliance rules, or for other political reasons, especially since the US Treasury Department is in constant communication with the Central Bank of Iraq.”
He pointed out that "those banks have an important and major role in financing ration card expenses and providing food baskets to Iraqi families with limited income," officially calling for "a reconsideration of the US Treasury's decision on the issue."
He pointed out "Iraq's keenness to build partnerships and cooperation with friendly countries and to work jointly towards confronting economic and security challenges in a way that supports the consolidation of stability in the region." https://www.mawazin.net/Details.aspx?jimare=241716
Bank Of Jordan: Iraq Includes A Strategic Market That Has The Elements Of Successful Investment
Wednesday 07, February 2024 15:41 | Economical Number of readings: 465 Baghdad / NINA / The Bank of Jordan Group confirmed its keenness to be present in the Iraqi market and reach joint investments between Iraq and Jordan.
The group’s general manager, Saleh Hammad, said in press statements today, Wednesday, that “joint investments need financial products and services that meet all the requirements of the various segments of businessmen, investors, and companies.”
He added, "The value that any external institution will add to Iraq is the new technology that it can introduce on the basis of providing financial services," noting that "Iraq includes a strategic investment market that has the elements of successful investment."
The Bank of Jordan was the diamond sponsor of the activities of the Jordanian-Iraqi Economic Integration Forum held in Baghdad late last month (1/29-30/20234). This event is considered an opportunity to strengthen and develop economic and trade relations between Jordan and Iraq through exchanging experiences and building strategic partnerships that enhance Cooperation between the two countries.
The Bank of Jordan’s sponsorship of the Jordanian-Iraqi Economic Integration Forum comes after the inauguration of the first branch of the Bank of Jordan in Iraq, as part of the Bank of Jordan’s comprehensive strategic plan to expand its business in the Arab region, and create development projects aimed at maximizing the benefit from the capabilities available between the two countries, in addition to achieving the best levels of Integration and partnership in all economic, investment and trade fields.
The activities of the Jordanian-Iraqi Economic Integration Forum, in the presence of a number of ministers, officials, representatives of official and governmental bodies from Jordan and Iraq, and businessmen from various sectors, included a variety of sessions and discussions that focused on various economic sectors and opportunities available to companies and investors in Jordan and Iraq. And discuss topics of trade and investment, infrastructure development, innovation and technology, education and vocational training, and financial and banking issues./End
Oil Rises As Fears Of Excess Supply Ease
Economy | - 02/07/2024 Mawazine News – Baghdad Oil prices rose today, Wednesday, in light of expectations that US oil production growth will remain largely stable until 2025, which eases fears of excess supply.
Brent crude futures increased 38 cents, or 0.5%, to $78.97 per barrel by 00:13 GMT, while US West Texas Intermediate crude increased 41 cents, or 0.6%, to $73.72. Both crude oil prices rose slightly on Monday.
Yesterday, Tuesday, the US Energy Information Administration said in its short-term energy forecasts: “US domestic production will not exceed the record recorded in December 2023, which is more than 13.3 million barrels per day, until February 2025,” according to Reuters. It
also reduced The EIA also forecasts domestic oil production growth in 2024 of 120,000 bpd to 170,000 bpd, which is down sharply from last year's production increase of 1.02 million bpd.
https://www.mawazin.net/Details.aspx?jimare=241721
Washington Renews Its Support For The Iraqi Government In The Field Of Economic Cooperation
Economy | 10:06 - 02/07/2024 Mawazine News – Baghdad The United States of America renewed its keenness to continue joint work and communication between the two sides, and to support the Iraqi government in various fields, especially in the field of economic cooperation.
A statement by the Iraqi Ministry of Foreign Affairs, received by Mawazine News, stated, “The Deputy Prime Minister and Minister of Foreign Affairs received a phone call yesterday evening from US Secretary of State Anthony Blinken, as part of following up on the most prominent developments and regional and international issues of common interest.”
He added, "During the call, the attacks launched by the United States of America on military and civilian sites in the Akashat and Al-Qaim regions were discussed, which targeted Iraqi security forces and resulted in the martyrdom of a number of security forces and Iraqi civilians."
The Deputy Prime Minister and Minister of Foreign Affairs affirmed "the Iraqi government's rejection of such attacks and the need to stop them and for Iraq not to be an arena for settling scores between rival countries," stressing the need to return to the dialogue and negotiation table within the framework of the meetings of the Supreme Military Committee.
The two sides also stressed the importance of working to strengthen the partnership. The strategy between the two countries and continued coordination and consultation during the coming period to pursue joint action paths in order to confront the growing challenges in the region.”
Hussein touched on “the sanctions that were imposed by the US Treasury on seven Iraqi banks recently, which were preceded by sanctions on fourteen Iraqi banks, as the reasons behind the imposition of such sanctions were not explained, and whether Washington’s imposition of these sanctions came due to the lack of discipline of these sanctions.”
Banks in implementing instructions and banking compliance rules, or for other political reasons, especially since the US Treasury Department is in constant communication with the Central Bank of Iraq.”
He pointed out that "those banks have an important and major role in financing ration card expenses and providing food baskets to Iraqi families with limited income.
The minister officially requested that the US Treasury’s decision on the matter be reconsidered, and he pointed to Iraq’s keenness to build partnerships and cooperation with friendly countries and work Joint efforts to confront economic and security challenges in a way that supports the consolidation of stability in the region.”
For his part, the Minister of Foreign Affairs stressed his keenness to “continue joint work and communication between the two sides, and to support the Iraqi government in various fields, especially in the field of economic cooperation.” https://www.mawazin.net/Details.aspx?jimare=241715
The Minister Of Finance Stresses The Necessity Of Working According To Electronic Governance Methods
Economy | 01:00 - 02/07/2024 Mawazine News - Baghdad, Minister of Finance, Taif Sami Muhammad, stressed today, Wednesday, the necessity of working according to electronic governance methods and adopting automation.
A statement from the Ministry received by Mawazine News stated, “In the presence of the Minister of Finance, Taif Sami Muhammad, and under the supervision of the Director General of the Accounting Department, Jamil Thajib Yousef, the Director of the Treasury Audit Department, and the Director of Treasury Affairs, the Accounting Department in the Ministry of Finance opened, today, the new office of the Baghdad Governorate Treasury at its headquarters.”
The Ministry, which is concerned with completing compensation transactions for the families of martyrs and those affected by military operations and military errors in accordance with government decisions, in addition to the tasks of disbursing operational salaries and calculating real estate registration revenues and the financial affairs of districts and districts.
During the opening ceremony, the Minister of Finance stressed “the necessity of working according to electronic governance methods, adopting automation in compensation processes, and following modern and simplified means in completing citizens’ transactions,” noting that “the opening of the new office will contribute to addressing the cases of momentum facing auditors and completing their transactions within time limits.” short". https://www.mawazin.net/Details.aspx?jimare=241725
During Today's Auction... The Iraqi Central Bank's Sales Exceeded $200 Million
Money and business Economy News – Baghdad External remittances rose at the Central Bank’s auction today, Wednesday, to reach $187 million compared to last Monday.
During its auction for buying and selling the US dollar, the Central Bank sold 203 million and 721 thousand and 6 dollars, which the bank covered at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,310 dinars per dollar in cash.
Most of the bank's dollar sales went to strengthening balances abroad in the form of (transfers, credits), which amounted to 187 million 551 thousand and 6 dollars, an increase of 91%, compared to cash sales amounting to 16 million 170 thousand dollars.
The number of banks that purchased cash dollars reached 5 banks, while the number of banks that responded to requests to enhance balances abroad reached 15 banks, while the total number of exchange and brokerage companies participating in the auction was 87 companies.
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