Iraq Economic News and Points to Ponder Thursday Afternoon 10-26-23

Tlm724 Administrator Bondlady’s Corner

Member Of Parliamentary Energy: There Is An Intense Movement To Approve The Oil And Gas Law, And It Will Not Be Transferred To The Next Session

Time: 10/25/2023 15:03:01 Read: 1,196 times   {Political: Al-Furat News} The representative of the Parliamentary Oil and Gas Committee, Zainab Al-Moussawi, revealed an intense parliamentary movement to bridge the gap between Baghdad and Erbil to approve the draft oil and gas law.

Al-Moussawi told {Al-Furat News} agency, “There is great support for approving the law within the coordination framework as it is the problem of the Iraqi government, and it seems that the political parties that do not benefit from the approval of the law are hinting here and there to postpone the law to the next session, and this will not happen because the law has passed for many years since the year 2005 until now.”

She stressed, "The law has now been approved to regulate natural resources, including oil and gas, in Iraq, and also to solve the region's problem by placing production and management of the fields under federal control, and exports through the National Oil Company {SOMO}."

Earlier, the Prime Minister, Muhammad Shia al-Sudani, agreed with the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, to resolve the differences and outstanding issues, including the 2023 financial budget files and the oil and gas law, but the law is still a matter of controversy after talk of preparation. A new version of it was issued due to disagreement over its passage in light of the differences in political opinions.

The oil and gas law, which has been stalled in the Iraqi parliament since its first session, in 2005, is one of the most prominent points on which an initial agreement was reached between the governments of Baghdad and the Kurdistan region.

On February 15 of last year 2022, the Federal Supreme Court issued a ruling that the regional government’s oil and gas law of 2007, which regulates the oil industry and its extraction in the region, was unconstitutional. This ruling came after the regional government concluded contracts with foreign oil companies, and the Kurdistan Regional Government rejected the court’s decision. Federal, giving up its control over oil exports.   LINK

Oil Falls Amid Rising US Inventories And Escalation In Gaza

Economy | 10/26/2023  Baghdad - Mawazine News   Oil prices witnessed a slight change in early Thursday trading, as the market tries to balance various factors while monitoring the tensions in the Middle East, while absorbing an increase in US crude inventories.

Brent crude futures fell three cents to $90.10 per barrel by 0100 GMT, and US West Texas Intermediate crude futures fell three cents to $85.36 per barrel.

Oil prices rose about 2 percent at settlement on Wednesday, driven by continuing concerns about the conflict in the Middle East.

But prices lacked a clear direction at the beginning of Thursday's session, as investors viewed the rise in US crude inventories as an indication of weak withdrawals and demand.

The US Energy Information Administration said on Wednesday that crude inventories in the United States increased by 1.4 million barrels last week to 421.1 million barrels, exceeding an increase of 240,000 barrels expected by analysts in a Reuters poll.

Analysts at Citi explained Thursday that “markets remain volatile with the ebb and flow of tensions in the Middle East, but important fundamentals are seasonally weaker than expected, with demand for products in the United States surprisingly weak.”

Investors are expected to continue monitoring developments in the Middle East amid fears that any escalation could lead to disruption in oil markets and supplies.

At the same time, macroeconomic concerns continued to weigh on the outlook for oil demand as business activity data in the euro zone witnessed a surprising decline this month.

https://www.mawazin.net/Details.aspx?jimare=236894

A Slight Decline In Dollar Prices In Baghdad With The Stock Market Closing

Economy   Thursday, October 26, 2023 Baghdad/National News Center  The prices of the US dollar fell against the Iraqi dinar, today, Thursday, in the markets of the capital, Baghdad, with the stock market closed.

The correspondent of the National News Center said, “Dollar prices fell with the closure of the main Kifah and Harthiya stock exchanges in Baghdad, recording 161,200 dinars against 100 dollars, while dollar prices this morning recorded 161,500 dinars against 100 dollars.”

He added, “Selling prices in banking shops in local markets in Baghdad decreased, as the selling price reached 162,000 dinars for 100 dollars, while the purchase price reached 161,000 dinars for 100 dollars.”    https://nnciraq.com/233855/

The Central Bank Warns Against Dealing With Entities “Unlicensed” By It

Thursday 26 October 2023  Economical Number of readings: 392  Baghdad / NINA / The Central Bank of Iraq warned against dealing with “unlicensed” entities that issue electronic payment cards, in order to avoid falling into fraud and financial fraud.

The bank stated in a statement that: “It has recently been observed that some unlicensed entities are issuing and promoting electronic payment cards.”

The bank warned against dealing with these entities to avoid fraud and financial fraud, stressing the importance of verifying their licenses before using their cards and applications in order to benefit from their services, and relying on the official websites and channels of licensed companies and banks.

The Central Bank of Iraq noted that it is possible to identify electronic payment service providers licensed by the Central Bank of Iraq through its official website (www.cbi.iq)./End

https://ninanews.com/Website/News/Details?key=1086140

Central Bank Governor: The Necessity Of Developing Appropriate Marketing Plans To Support Digital Financial Inclusion In Iraq

Political | 02:05 - 10/26/2023   Baghdad - Mawazine News  Today, Thursday, Central Bank Governor Ali Al-Alaq urged citizens to use bank cards instead of cash, while stressing the need to develop appropriate marketing plans to support digital financial inclusion in Iraq.

The Central Bank said in a statement, a copy of which Mawazine News received, that “Central Bank Governor Ali Mohsen Al-Alaq chaired a meeting that included representatives of this bank and a number of electronic payment companies operating in Iraq, in which they discussed ways to follow up on the project to spread point-of-sale (POS) devices.” and digital transformation.”

He added, "The meeting reviewed the most important challenges facing the process of spreading point-of-sale (POS) devices and the importance of expanding the geographical area to cover all parts of the country, as well as solving the problems facing the use of bank cards and settling their amounts through the national exchange inside and outside Iraq."

Al-Alaq stressed that "the spread of point-of-sale devices has positive effects on the Iraqi street," urging "citizens to use bank cards instead of cash."

He stressed "the need for it to be a priority for all electronic payment companies and banks," stressing "the necessity of developing appropriate marketing plans to support digital financial inclusion in Iraq." Ended 29/H    https://www.mawazin.net/Details.aspx?jimare=236913

To read more current and reliable Iraqi news please visit BondLady’s Corner:

https://www.bondladyscorner.com/

Provoking Points To Ponder:

"I can forgive, but I cannot forget" is only another way of saying, "I will not forgive" -- Forgiveness ought to be like a cancelled note -- torn in two - burned  up - so that it can never be shown against one -- Henry Ward Beecher

Friendship -- True friendship is like sound health, the value of it is seldom known until it is lost - Charles Caleb Colton

Reality -- It is good to have an end to journey toward; but it is the journey that matters in the end --Ursula K Leguin

Destiny is not a matter of chance, it is a matter of choice - It is not a thing to be waited for, it is a thing to be achieved -- William Jennings Bryan

Purpose -- I am the master of my fate; I am the captain of my soul -- William E Henley

Knowing -- Where there is the tree of knowledge, there is always paradise; so say the most ancient and the most modern serpents -- Friedrich Nietzche

Compassion --Fear grows out of the things we think; it lives in our minds, Compassion grows out of the things we are, and lives in our hearts -- Barbara Garrison

What we anticipate seldom occurs -- what we least expect generally happens -- Benjamin Disraell