Iraq Economic News and Points to Ponder Thursday Afternoon 12-28-23

Tlm724 Administrator Bondlady’s Corner

The Minister Of Finance Directs Employees Of The Accounting And Budget Departments And The Central Bank To Work On Friday And Saturday

Thursday 28, December 2023 16:37 | Economical Number of readings: 211  Baghdad / NINA / The Minister of Finance, Taif Sami, directed the continuation of the working hours of employees of the accounting and budget departments, the Central Bank of Iraq / the Information and Computer Technology Department, and the branches of the Rafidain and Al-Rasheed banks on the next Friday and Saturday.

The Minister of Finance explained in a statement, “This procedure aims to complete transfers for investment projects and include salary differences and associated transfers on current expenditures, in addition to completing and releasing financing by the Accounting Department and depositing it in the accounts of spending units of ministries, governorates, and entities not affiliated with a ministry, in the branches of the relevant banks, including Central Bank of Iraq. https://ninanews.com/Website/News/Details?key=1097971

Adviser To The Prime Minister: Loan Repayment Defaults Make Banks Vulnerable To Guardianship

Economy News – Baghdad  The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed on Thursday that the issue of faltering loan collection makes the bank vulnerable to the imposition of commandments by the Central Bank.

Saleh said in an interview with Al-Eqtisad News, “The global standard for defaulting on loans is a maximum of no more than 3% of the total loans or cash credits granted by banks.”

He added, "Our country has witnessed defaults in recovering loans from debtors, amounting in some banks to 28% of the total loans, which makes the bank vulnerable to guardianship due to the erosion of capital, especially banks that do not have sufficient hedges around capital in case of faltering bank credits granted."

Saleh stressed "the importance of creating an insurance or guarantee company to collect loans in a way that maintains the integrity of the banking system, the integrity of its operations, and the strength of its liquidity, and to avoid the risks resulting from loss due to default in collection, which causes poor quality of assets in relation to bank liabilities or liabilities and their dues."

He pointed out that "the cost of guaranteeing loans will be inversely proportional to the type of guarantees provided by the borrower. The stronger the guarantees, the lower the cost of insurance or the cost of the guarantee that the loan guarantee company will receive in fees for securing the loan, whether from the borrower itself, the bank granting the loan, or both together."

Views 38 12/28/2023 - https://economy-news.net/content.php?id=38968

Al-Sudani: The Iraqi Government Is Continuing To End The Presence Of The International Coalition

Prime Minister Muhammad Shiaa Al-Sudani said on Thursday that his government is continuing to end the presence of the international coalition in Iraq after the security forces took control following the military defeat of ISIS.

This came in a press conference held with his counterpart, Pedro Sanchez, who is making a first-of-its-kind visit to Baghdad.

Al-Sudani said during the conference that Spain is part of the coalition and we referred to this role in supporting Iraq’s efforts to confront ISIS, which we defeated, adding: We are in the process of rearranging the relationship, as in light of the presence of capable Iraqi forces, the Iraqi government is moving towards ending the presence of the coalition forces. The international organization, which includes security advisors who support the security forces in the areas of training, advice and intelligence cooperation.

He continued by saying: There have been recent attacks on Iraqi military bases and diplomatic missions, and we have confirmed the government’s official and political position regarding these attacks, which we believe are hostile acts that harm the national interest of Iraq and affect the security and stability of the country.

Al-Sudani went on to say: But on the other hand, we stressed the importance of adhering to the legal mandate granted by previous Iraqi governments for this presence, which must be within the framework of supporting the security forces in the areas of training and advice, and not go beyond carrying out military actions as they represent a violation of Iraqi sovereignty. This is unacceptable.

He continued by saying: The Iraqi government is aware, committed, and capable of carrying out its duties to preserve the security of diplomatic missions and the locations of security advisors.

For his part, the Spanish Prime Minister affirmed during the conference that his country continues its commitment to preserving the unity, sovereignty, security and stability of Iraq.

https://www.radionawa.com/all-detail.aspx?jimare=36800

The Central Bank Sells More Than $210 Million At Auction Today

Economy  Thursday, December 28, 2023 Baghdad/National News Center  Today, Thursday, the Central Bank’s sales amounted to more than $210 million during its auction to buy and sell the US dollar.

According to the bank, its total sales today amounted to 210 million and 533 thousand and 703 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 rate of 1,310 dinars per dollar for external transfers, and at a rate of 1,310 dinars per dollar in cash.

According to the table, “most of the dollar sales went to strengthen balances abroad in the form of (remittances, credits) amounting to 189 million 602 thousand and 703 dollars, while the rest amounting to 20 million 931 thousand dollars went in the form of cash sales.” https://nnciraq.com/243353/

Oil Prices Ignore Two Influential Factors And Move Upward

Energy Economy News _ Baghdad  Global oil prices rose in early Asian trading on Thursday, affected by concerns about escalating tensions in the Middle East.

Brent crude futures rose 20 cents, or 0.3 percent, to $79.85 per barrel, while US West Texas Intermediate crude futures also increased 24 cents, or 0.3 percent, to $74.35 per barrel.

Prices fell by about two percent when contracts were settled yesterday, Wednesday, with the start of the return of major shipping companies to the Red Sea.

The Danish shipping company Maersk announced that it had set dates for dozens of container ships to transit through the Suez Canal and the Red Sea in the coming weeks after calling for a temporary halt to these routes earlier this month against the backdrop of attacks launched by the Yemeni Houthi group allied with Iran.  The market showed little reaction to the rise in US crude inventories last week.

Views 51   12/28/2023 - https://economy-news.net/content.php?id=38937

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Provoking Points To Ponder on Buying and Selling

What costs nothing is worth nothing.  - Anonymous

Keep thy shop and thy shop will keep thee.  - Ben Jonson

Everyone lives by selling something.  - Robert Louis Stevenson

A fair price for oil is whatever you can get plus ten to twenty per cent.  - Anonymous

Piracy, n: commerce without its folly-swaddles - just as God made it.  - Ambrose Bierce

A study of economics usually reveals that the best time to buy anything is last year.  - Marty Allen

Famous Quotes and Authors, Famous Quotations for all Occasions-