Iraq Economic News and Points to Ponder Tuesday Afternoon 3-12-24
Iraq Economic News and Points to Ponder Tuesday Afternoon 3-12-24
Tlm724 Administrator Bondlady’s Corner
Al-Sudani Intends To Visit Washington To Lift The Ban On Banks Prohibited From Dealing In Dollars
Economy | 03/12/2024 Mawazine News – Baghdad The head of the Iraqi Securities Commission, Faisal Al-Haimas, announced that three Iraqi banks were sanctioned by the US Treasury, and 25 banks were banned from dealing in dollars.
Al-Haims said in a televised interview followed by Mawazine News, “Dialogues with the American side in order to lift restrictions on Iraqi expenses began a month ago on a regular and intensive basis.”
He added, "The dialogues with the American side regarding lifting restrictions on Iraqi banks will reach their peak when Prime Minister Muhammad Shiaa Al-Sudani visits Washington to revive confidence in the Iraqi banking sector." https://www.mawazin.net/Details.aspx?jimare=243761
In 2023.. America “Produces The Most Oil In The World” For Years, And Iraq Ranks Fifth
Energy Economy News _ Baghdad The United States of America continues to lead the world as the largest oil producer for at least the past 10 years, as it ranked first in 2023, as in previous years, while Russia came second, Saudi Arabia third, Canada fourth, and Iraq fifth.
The US Energy Information Administration said that the United States produced more crude oil than any other country at any time, and for the past six consecutive years, the average production of crude oil in the United States, including condensates, reached 12.9 million barrels per day in 2023, breaking The previous US and world record of 12.3 million barrels per day was set in 2019.
The administration indicated that the record for crude oil production in the United States in 2023 is unlikely to be broken by any other country in the near term because no other country has reached the production capacity of 13.0 million barrels per day.
The United States, Russia, and Saudi Arabia together accounted for 40% (32.8 million barrels per day) of global oil production in 2023, and these three countries have produced more oil than any other country since 1971.
Although the first place has changed among them over the past five decades. By comparison, the next three largest producers - Canada, Iraq and China - combined produced 13.1 million barrels per day in 2023, only slightly more than was produced in the United States alone.
According to the administration's statistics, Iraq ranked fifth in the world in terms of oil production, after America, Russia, Saudi Arabia, and Canada. - https://economy-news.net/content.php?id=41389
Oil Rises Ahead Of Reports On Crude Demand Expectations
Tuesday 12, March 2024 09:11 | Economical Number of readings: 311 Baghdad / NINA / Oil prices recorded an increase in early Asian trading, Tuesday, but price movements were limited as the market awaited monthly reports from oil agencies.
Brent crude futures for May delivery rose 30 cents to $82.51 a barrel by 0413 GMT. The US crude oil contract for April rose 22 cents, or 0.28%, to $78.15 per barrel.
Prices were mostly unchanged on Monday as concerns about oil supplies related to the fighting in the Middle East subsided./End 11 https://ninanews.com/Website/News/Details?key=1112527
Al-Rafidain Connects Border Crossing Branches To The Comprehensive Banking System
Economy | 08:25 - 03/12/2024 Mawazine News – Baghdad Rafidain Bank announced today, Tuesday, linking its branches at border crossings to the comprehensive banking system.
The bank’s media office stated in a statement received by Mawazine News: “In line with the requirements for implementing the government program and in compliance with the directives of the Minister of Finance, Taif Sami, to simplify the procedures and steps for moving from paper to electronic transactions, and with direct follow-up by the Director General of Al-Rafidain Bank, the bank announces the linking of its branches in... The border crossings (Zurbatia - Safwan - Arar - Trebil) in the comprehensive banking system.
He continued, "The importance of this step comes within a series of measures that the bank will take to support the objectives of the government program and the procedures of the Ministry of Finance and the Customs Authority in automating customs work, facilitating the work of customs brokers and traders, adopting modern methods and systems, speed and transparency, and using advanced electronic programs in accordance with international standards in updating the work strategy at the ports." border and maximizing the state's non-oil resources. https://www.mawazin.net/Details.aspx?jimare=243690
Central Bank Sales Exceed $220 Million Today
Tuesday 12, March 2024 12:04 | Economical Number of readings: 344 Baghdad / NINA / The Central Bank of Iraq announced, today, Tuesday, its total sales of foreign currency through the electronic window.
The window recorded the total amounts of transfers abroad (remittances, credits) of $196,144,445, while the total amount of cash sales amounted to $24,770,000, and the total amount of sales amounted to $220,914,445.
The cash sale price was set at 1,305 dinars per dollar, while bond credits, international settlements for the electronic card, and foreign transfers were set at 1,310 dinars per dollar. /End 11
https://ninanews.com/Website/News/Details?key=1112559
Stability Of Exchange Rates On Local Stock Exchanges...This List
Money and business Economy News – Baghdad The dollar exchange rates stabilized on Iraqi stock exchanges during Tuesday’s trading.
The exchange rates on the Al-Kifah and Al-Harithiya stock exchanges reached 150,400 dinars for every 100 dollars, while in Basra they fell slightly to reach 150,350 dinars.
In the governorates of the Kurdistan region, exchange rates reached 150.450 per hundred dollars.
110 views 03/12/2024 - 10:57 AM https://economy-news.net/content.php?id=41394
"Al-Eqtisad News" Publishes The Decisions Of Today's Cabinet Session
The Council Of Ministers Headed By Sudanese Economy News – Baghdad On Tuesday, the Council of Ministers took several decisions during a regular session headed by Muhammad Shiaa Al-Sudani.
The Sudanese media office said in a statement, seen by Al-Iqtisad News, that the latter “chaired, today, the eleventh regular session of the Council of Ministers, during which the general conditions in the country were discussed, and the service and economic files were reviewed, in addition to deliberating on the topics listed on the agenda.” business and take the necessary decisions thereon.”
The following are the session’s decisions as stated in the statement:
The Council of Ministers agreed to continue granting the Prime Minister the authority to grant exceptions to the instructions for implementing government contracts (2 of 2014), and the controls attached to them, according to his discretionary authority, and the decision will be implemented starting from the date of the formation of this government.
In continuation of the infrastructure projects and the results of the Prime Minister’s recent visit to Basra Governorate, the following was decided:
1- Authorizing the Governor of Basra to negotiate and sign the framework agreement with the coalition of companies implementing the seawater desalination project in the governorate; So that the consortium of companies can complete plans and designs and conduct preliminary surveys for the project, provided that this does not entail financial obligations for the governorate.
2- Presenting the results of the negotiations to the Council of Ministers to take the appropriate decision.
3- Transferring the contractual obligations for the consultancy work for the project mentioned in Paragraph 1 above, with the consultant (ILF- Consultant), from the Ministry of Construction and Housing, to Basra Governorate; So that the consulting company can complete its contractual duties regarding the project, and authorize the Governor of Basra to add the legal consulting component if required, in coordination between it and the Ministry of Planning.
As part of the government's efforts to develop the service reality of the capital, the Council of Ministers approved granting the mayor of Baghdad the authority to directly implement and divide up single work for projects to develop shops and streets, as an exception to the budget implementation instructions.
With the aim of organizing the supply of gas oil and fuel oil products to the Lebanese Republic, the Council of Ministers approved the proposals of the Ministry of Oil in this regard, as follows:
1. The Ministry of Oil shall provide the Ministry of Finance and the Central Bank of Iraq with monthly estimates of the exported quantities, in accordance with the decisions of the Council of Ministers, as revenue for the benefit of the public treasury, to settle financial dues with the Lebanese Republic.
2. Deducting production costs for the benefit of the companies of the Ministry of Oil, for the quantities in question, from the Ministry of Finance’s share of the proceeds from the sale of exported petroleum products, and informing the aforementioned Ministry of this; To carry out the settlement, by describing these costs as debts owed by the Ministry of Finance for the benefit of the oil companies, and by conducting clearing in accordance with the provisions of the Civil Law (40 of 1951) amended from the share of the state treasury.
In the field of supporting and strengthening the Iraqi market for livestock and sheep, the recommendation of the Ministerial Council for the Economy (24082 Q) was approved, which included reducing the amount of customs duties on live animals imported for slaughter or breeding purposes (calves, sheep, and cows) by (50%) of the current duties, to become ( 2%) with regard to (calves, sheep and cows) imported for slaughter purposes, and it becomes (5%) with regard to (calves, sheep and cows) imported for breeding purposes, provided that it is reviewed after one year, and this decision is implemented starting from the date of its issuance.
The Council of Ministers agreed to provide academic seats in the Police College for friendly countries, based on the principle of mutual respect and common interests, at a rate of (10) students, based on the amended Police College Law No. (37) of 2000, and the Ministry of Interior shall bear the costs of housing, food, and equipment.
In the same vein, the Council agreed to issue the first amendment to the Staff College System No. (2) of 2020, which was reviewed by the State Council, based on the provisions of the Constitution, and the provisions of the Defense University for Military Studies Law No. (4) of 2016, with the article first amended, to be: (Holding a bachelor’s degree from one of the Iraqi military colleges, or the Iraqi police college, after preparatory study, or its equivalent in recognized foreign colleges).
In order to expedite the treatment of problems related to the education sector, the Council of Ministers agreed to authorize the Opinion Authority, in the Ministry of Higher Education and Scientific Research, the authority to make exceptions from instructions related to the work of the aforementioned ministry. To address necessary and critical cases that require urgent treatment, based on the provisions of the Opinion Commission Law (9 of 2011).
In the process of supporting the House of Representatives elections for the Kurdistan Region of Iraq, the Council of Ministers agreed that the Independent High Electoral Commission would continue to disburse the region’s elections process, within the estimates of 2024, according to the details confirmed in Council of Ministers Resolution (23722) for the year 2023.
The Council of Ministers approved the draft law on the first amendment to the Notary Law No. 33 of 1998, which was reviewed by the Council of State and referred to the House of Representatives, based on the provisions of the Constitution, taking into account the observations of the Legal Department in the General Secretariat of the Council of Ministers, including the amendment of Article ( 16) of the law, to read as follows:
(First): The Arabic and Kurdish languages shall be official languages for submitting and documenting bonds
(Second): The notary public may authenticate documents written in a foreign language, after reviewing their content by an oath-sworn translator.
In the context of completing the lagging projects, the Council of Ministers decided the following:
Firstly/
1- Increasing the cost of the project (Increasing Export Capacity), to become (5,532,106,037,842) dinars.
2- Cabinet directive regarding the violation described in the Ministry of Planning’s letter dated February 28, 2024.
Second: Increasing the total cost of the project (completion of suspended canals and field facilities for an area of 21.5 thousand dunums/supporting the agricultural sector, so that the contract can be completed, to become 27,070,428.00 dinars.
Third: Increasing the total cost of the project (students’ apartments No. 3), to become (10,990,603,852) dinars.
The Council of Ministers discussed other topics on the agenda and took the following decisions:
First / Approval of the sale by the Ministry of Industry and Minerals (130) of machinery and equipment to the Ministry of Construction, Housing, Municipalities and Public Works, at an amount of 50% of the total cost, stated in the letter of the General Company for the Automotive and Equipment Manufacturing Company, dated February 19, 2024, amounting to (17,872,097,588) dinars. The team will receive the machinery and equipment ready to work, according to the request it submitted to the aforementioned company, regarding determining the specialization of each mechanism, and as an exception to the instructions for implementing government contracts (2 of 2014).
Second: Approval to reopen the Embassy of the Democratic Socialist Republic of Sri Lanka in the Republic of Iraq, based on the provisions of the Vienna Convention on Diplomatic Relations in 1961, and the provisions of the Foreign Service Law (45 of 2008), noting that Iraq has resident representation at the embassy level in the Sri Lankan capital in Colombo.
Third: Approval of the recommendation of the Ministerial Council for the Economy (24080 Q), which recommends what was confirmed by the Ministry of Finance, on January 16, 2024, and March 5, 2024, regarding contributing to the optional and general increase in the International Bank for Reconstruction and Development.
Fourth: Approving the recommendation of the Ministerial Council for Energy (24016 i) of 2024, regarding the agreement to employ associated gas to generate electric power, with the addition of authorizing the Minister of Electricity to sign a similar agreement with Siemens.
Fifth: Authorizing the head of the Iraqi Civil Aviation Authority to contract with international experts.
Sixth: Amending Cabinet Resolution (23062 of 2023), according to the following:
Merging Al-Farouk General Construction Contracting Company with Saad General Company, so that its name becomes: (Al-Farouk General Contracting Company).
Views 26 03/12/2024 https://economy-news.net/content.php?id=41421
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Provoking Points to Ponder on Decisions
There is no more miserable human being than one in whom nothing is habitual but indecision. - William James
In not making the decision, you've made one. Not doing something is the same as doing it. - Ivan Bloch
There is a time when we must firmly choose the course we will follow, or the relentless drift of events will make the decision for us. - Herbert B. Prochnow
You can only predict things after they've happened. - Eugene Ionesco
It is the mark of a good action that it appears inevitable, in retrospect. - Robert Louis Stevenson
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