Iraq Economic News and Points to Ponder Sunday Evening 11-26-23

Tlm724 Administrator Bondlady’s Corner

A Workshop For The Iraqi Private Banks Association And The Central Bank On “Importing Foreign Exchange From Outside Iraq”

Sunday 26, November 2023 | Economical Number of readings: 152  Baghdad / NINA / The Iraqi Private Banks Association, in cooperation with the Central Bank of Iraq, organized a workshop on “Importing Foreign Currency from Outside Iraq”, with the participation of the Investment Department of the Central Bank, and the presence of representatives of the Banking Control Department, the President of the Iraqi Private Banks Association, and the heads of the boards of directors of private banks and managers. Commissioners.

The Association’s Executive Director, Ali Tariq, spoke about the importance of the Central Bank of Iraq’s decision to import foreign exchange into the country and diversify it during the coming period, by importing the euro and other currencies, noting that “a number of banks have so far succeeded in importing foreign exchange through Erbil and Baghdad airports.”

He added, "Importing foreign currency is a major transformation in the financial sector, and will lead to the creation of a currency market within the Iraqi economy, through receiving and sending remittances in other currencies such as the yuan, rupee, dirham, euro, and others."

The workshop answered the questions of Iraqi private banks regarding the mechanism of importing foreign exchange and communicating with correspondent banks, the cost of transportation and insurance, and the method of delivering it to customers./End 5

https://ninanews.com/Website/News/Details?key=1091966

Parliamentary Finance For / Nina /: Strengthening The Balance Of Iraqi Banks In Foreign Currency Supports The Private Sector And The Local Market

Sunday 26, November 2023 | Economical Number of readings: 218  Baghdad / NINA / The Parliamentary Finance Committee stressed the importance of strengthening the Iraqi banks’ foreign currency balance to support the private sector and the local market.

The head of the committee, MP Atwan Al-Atwani, said in a statement to the National Iraqi News Agency. Nina /, “The increase in the currency exchange rate by accredited banks provides another safe path to meet the local market’s needs for foreign currency.”

He added, "The government has established paths for banking work governed by the controls of applicable laws. This will open broad horizons for the national economy and will also provide hard currency to the local market without the need for the central bank to intervene and bear responsibility."

He continued to say, “The private sector can adopt this by dealing with the electronic currency exchange platform, and dealing with trade in a way that ensures controlling the rhythm of market movement, and also part of this initiative is to support the private sector by establishing local projects that can provide foreign currency and achieve automation in the ports.” Border, tax and customs.”

At the beginning of this November, the Central Bank of Iraq agreed with the American side to facilitate procedures for external transfers, including an agreement to directly enhance the advance balance of a number of banks (ten banks) in dollars./ https://ninanews.com/Website/News/Details?Key=1091962

The Central Bank Of Iraq Sells More Than $240 Million At Auction On Sunday

Sunday 26, November 2023 | Economical Number of readings: 349  Baghdad / NINA / Today, Sunday, the Central Bank of Iraq sold more than 240 million dollars at the foreign currency auction.

A bulletin for the currency selling window stated that “the total amounts of transfers abroad (remittances, credits) amounted to $220,000,000,”

while “the total cash withdrawals amounted to $22,500,000, and the total total sales amounted to $242,500,000.” /End 11   https://ninanews.com/Website/News/Details?key=1091940

The National Bank Of Iraq Enjoys International Ratings That Enhance Investment And Give It A Promising Future

Economy News – Baghdad   The National Bank of Iraq stated on Sunday that the “positive” credit rating it obtained from the international credit rating agencies, Moody’s and Capital Intelligence, reflected the bank’s “strong financial position and creditworthiness,” which contributed to increasing the “confidence” of customers, shareholders, and investors. It enhanced his ability to “grow and prosper.”

Moody's rated the bank's long- and short-term deposits in local currency at B3, while Capital Intelligence rated the bank's short-term deposits in foreign currency at B.

The bank said in a statement received by Al-Iqtisad News: These classifications are considered the “cornerstone” of the National Bank of Iraq’s journey towards a “promising future,” especially as they confirm the soundness of the bank’s strategy, its distinguished reputation, and its advanced position within banking financial institutions at the local and regional levels.

The statement added that the National Bank of Iraq, "thanks to these classifications, has become a reliable reference for customers regarding banking services, as the increased confidence of customers enhances the volume of deposits and loan activity, which contributes to enhancing the bank's resources and its ability to better meet the needs of its customers."

According to the statement, “The bank’s credit rating is considered a strong signal to investors and donors about its ability to bear risks and achieve a sustainable return, as this support reflects confidence in correct management and financial stability, attracts new investments and enhances its capital.”

For his part, the authorized director of the National Bank of Iraq, Ayman Abu Dhaim, confirmed that “the positive credit ratings obtained by the National Bank of Iraq reflect the efforts made by the bank to enhance the soundness and strength of its financial position, including increasing its capital and improving its risk management.”

The statement indicated that, “Today, the National Bank of Iraq tops the list of banks operating in the Iraqi banking market, in terms of total assets that approached 2.8 billion dollars, supported by a growth in customer deposits of about 91%, while the bank has a growing customer base that today has reached about 200,000 customers being served.” Through more than 1,000 employees, 27 branches and 200 ATMs.”   Views 47 11/26/2023 - https://economy-news.net/content.php?id=37830

The Government Is Seeking To Attract Investments To Develop The Gas Sector In The Country

Reconstruction and Building    Economy News – Baghdad  As part of its approach, the government seeks to attract investments to develop the gas sector in the country, while the Halfaya Gas Company intends to develop the Bin Omar gas field, which will contribute to reducing carbon emissions by more than 8 million tons annually.

The head of the Raban Al-Safina Group, Saadi Sayhoud, said, “The government has presented the gas file among the priorities of its program, as it actively seeks to attract investments to develop the gas sector in the country, which confirms its commitment to benefiting from the gas sector in enhancing energy security and economic growth, and reducing burning.” associated gas and reducing carbon emissions.”

He added, "In light of this strategic vision, the Council of Ministers approved a historic step in this field by approving the signing of the South Gas Company, affiliated with the Ministry of Oil, with the Halfaya Gas Company, which is part of the Raban al-Safina Group and a leading Iraqi developer in the energy, oil and gas sector, on a contract to implement a development project." Bin Omar gas field according to the principle of build, own, operate and transfer ownership, or what is known as BOOT, for a period of 15 years after the date of commercial operation.

Sayhud stated, “This strategic field in Basra Governorate will contribute to enhancing and meeting energy needs and environmental sustainability, by processing more than 300 million standard cubic feet of dry gas per day, and reducing carbon emissions by more than 8 million tons annually.

 It is distinguished by its comprehensiveness, as it includes Building and operating facilities for collecting and compressing the associated gas produced in the Bin Omar field, central gas processing facilities, connecting pipelines, and marine export facilities that will be used to export petroleum products to global markets, such as liquefied petroleum gas and oil condensates, which will contribute to enhancing the revenues of the Ministry of Oil.

He explained, "The project represents a role model for successful partnerships between the public and private sectors in Iraq and represents an important step in the company's strategy aimed at actively contributing to the development of the oil and gas sector."

Sayhoud stressed, “The company’s full commitment to providing the highest standards of quality and efficiency, and this commitment includes creating strategic partnerships with leading American and European companies in the engineering and technology sectors, in addition to the commitment of the Halfaya Gas Company to contribute to societal qualitative development by creating thousands of new jobs in the labor market and transferring skills and expertise.” Specialization from international companies to local cadres. Views 36 11/26/2023 - https://economy-news.net/content.php?id=37836

Finance Announces The Offering Of The Second Reconstruction Bonds Next Tuesday

Economy |  11/26/2023   Mawazine News – Baghdad  The Ministry of Finance announced today, Sunday, the offering of the second reconstruction bonds next Tuesday, while clarifying their details.

The Ministry stated in a statement received by Mawazine News, “In continuation of the government program related to achieving financial stability and enhancing the capabilities of economic and investment activities, and in view of the success of the first issuance of Emaar bonds, the Ministry of Finance intends to offer the second issuance of bonds and make them available for circulation to citizens as of Tuesday, October 28.” The second is 2023 and for a period of 30 days.”

She noted, “Details of the bonds offered: The second issuance of bonds with a value of one and a half trillion Iraqi dinars, tradable on the Iraqi Stock Exchange, is available in the form of two denominations: the first at a price of (500,000) five hundred thousand dinars, with an annual interest rate of 6% for two years, and the second at a price of 1,000,000 one million.” Dinar, with an annual interest rate of 8% for four years.

She added, "Purchasing and trading of the bonds offered are exempt from taxes, according to what is stated in the General Federal Budget Law No. 13 of 2023."

She explained that “the mechanism for applying to buy a bond: People wishing to buy bonds can submit a direct request to one of the approved banks, bringing with them the original identification documents. The buyer will be given a receipt by the bank for the amount he paid to buy the bond. The buyer keeps the receipt until the bond is prepared.” The buyer brings the aforementioned receipt to the bank to receive the bond after preparing it.”   https://www.mawazin.net/Details.aspx?jimare=238549

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Provoking Points to Ponder on The Value of Challenge 

Challenge is life's way of making sure that you truly desire the things you achieve. Challenge is an excellent tool for keeping you focused on the things that really matter to you.

Imagine for a moment what it would be like to live in a world with no challenge. In such a world, you could obtain anything  and everything with no need for effort, discipline or commitment. 
Does that sound like a great setup, with your every wish fulfilled  the moment you think of it? 

Well, it might be nice for 20 minutes or so, but it would soon grow extremely tiresome. For such a world  would literally overwhelm you with meaningless triviality. 

Sure, every wish would be instantly granted, but it would all be painfully empty.

The value of achievement is in the achieving, in the overcoming  of the challenges, in the person you become as a result of going  through the process. 

To have the reward without the effort is to have no reward at all,  nothing but an empty and meaningless token.

Challenge is difficult, often painful, always demanding, and as such, challenge is what makes true value, beauty and fulfillment  possible. Challenge can be tough, yet indeed it brings about the 
richness and fullness of life.

Ralph Marston