Iraq Economic News and Points to Ponder Tuesday AM 12-26-23

Tlm724 Administrator Bondlady’s Corner

Merger Deadline

December 25, 2023    Based on the decision of the Board of Directors of this bank No. (191) of 2023, it was decided to give the mediation companies buying and selling foreign currencies under category (C) a period of time to merge to be classified as (A) or (B) until 3/31/2024.    https://cbi.iq/news/view/2491

Modify Controls

December 25, 2023    Amending Paragraph (T) of Article (11/Third) of the Regulations for Regulating the Work of Exchange and Brokerage Companies in the Buying and Selling of Foreign Currencies No. (1) of 2022..For more, click here    https://cbi.iq/static/uploads/up/file-170350580045338.pdf      https://cbi.iq/news/view/2492

Iraq And Turkey...The “Equal Deal” Dialogue

The first 12/26/2023    Baghdad: Huda Al-Azzawi  In light of the positive developments taking place in the exchange market in the interest of economic stability, Prime Minister Muhammad Shiaa Al-Sudani directed the formation of a joint (Iraqi-Turkish) committee to organize trade and strategic partnership between the two countries and support Iraqi merchants’ imports in dinars.

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The committee represents market forces from economic organizations between the two countries and includes, on the other hand, The Iraqi (Association of Iraqi Private Banks, the Iraqi-Turkish Business Council, the Federation of Iraqi Chambers of Commerce, and the Iraqi Contractors Union), and their counterparts from the Turkish side.

The committee meets - according to government sources circulating in the media - semi-annually and will submit its reports to the Prime Minister in a way that serves the strategic partnership between the two neighboring countries, and opens an “equal deal” dialogue through negotiation with the (Turkish Exporters Union) and the (Central Bank of Turkey) directly in coordination with (Central Bank of Iraq) because there is a high desire on the part of the Turkish party to pay in the local currency, to finance part of the four baskets supporting prices (food, medicine, construction, spare parts) that the Prime Minister proposed in his policy of defending price stability in Iraq.

Commenting on what was circulated, the Prime Minister’s Advisor for Financial and Economic Affairs, Dr. Mazhar Muhammad Salih, indicated in an interview with “Al-Sabah” that

“trade relations between Iraq and Turkey are characterized by high economic commercial attractiveness, as Iraq imports up to $14 billion from Turkey.” Annually) it is considered the second trading partner among other trading partners, including China and the United Arab Emirates.

 He noted that  "this partnership takes place through the Iraqi market, which imports from the Turkish market, and  therefore market forces move through institutions, and

this is an important and fundamental issue in regulating payments, especially since the majority of payments for this trade are undefined and take place through circuitous roads that expose Iraq and Turkey to problems." big". He pointed out that

"the Iraqi delegation that went to Istanbul reached some important observations, and the Prime Minister, through his recent directives, points to the coalescence of market forces between Iraq and Turkey in understandings that serve the commercial and investment market between the two countries.

On this basis, committees were formed from the Iraqi market forces to meet them." Market forces in Turkey help the (Central Bank) regulate payments, investment and trade between the two countries in an ongoing, long-term future plan.”

For his part, the head of the “Regional Center for Studies”, Ali Al-Sahib, said in an interview with “Al-Sabah” that

 “the Iraqi government’s directives and paths are moving at a confident pace by developing more effective methods in order to achieve the achievement that calls for optimism that Iraq has become an attractive environment for investment after it was able The Iraqi government has concluded strategic agreements with a number of countries - especially those that export consumer foodstuffs to the country on an ongoing basis - led by Turkey, whose monthly exports to Iraq exceed one billion dollars.

He stressed that  "the government's directives come through contracting with reliable, efficient and high-quality companies, and this is a positive matter that the government counts, especially after the two parties agreed to deal in the local currency and stay away from the fluctuations of the dollar in the market," and also to maintain the stability of the Iraqi market and provide materials of importance to the individual. "The Iraqi."   https://alsabaah.iq/89374-.html

Oil: Move To Contract To Purchase Large-Capacity Tankers

 Money  and business  Economy News - Baghdad  Today, Saturday, the Ministry of Oil detailed its plans to develop the maritime transport sector and expand the Iraqi oil tanker fleet, while the Iraqi Oil Tanker Company announced that it had received partnership offers from international companies.

The Director General of the Iraqi Oil Tanker Company, Ali Qais Abdul Jabbar, said, “The company, in cooperation with the Ministry of Oil, developed a plan to build tankers and expand the fleet of oil tankers.

The first tanker, the Sumer Tanker, was received 3 months ago, and after two weeks the tanker will arrive.” He confirmed) with a capacity of about 31 thousand tons, or approximately 200 thousand barrels,” pointing out that

“there is a plan in place to build two modern tankers with international specifications, and approval for that will be obtained soon.”

Abdul-Jabbar added, “The Minister of Oil stressed the need for the Oil Tanker Company to own a group of modern giant tankers to transport Iraqi crude oil, and

there is a new cooperation between the Oil Tanker Company and the Oil Marketing Company to purchase tankers and enter into partnership with them, in addition to 3 international companies moving forward.” Offers to the tanker company for partnership, and

it is also in the process of studying and analyzing the results and capabilities of similar businesses.” He explained,

"By owning a tanker fleet of at least two crude oil tankers in each project, and ensuring the return of the Iraqi crude oil fleet, self-reliance is achieved without the need for partnerships, and the Oil Tanker Company returns to practicing its main activity of transporting Iraqi crude oil to buyers from various countries of the world." "

 He continued: “As a matter of government support, yesterday, the Baghdad Tanker was launched based on the directives of the Prime Minister, the Minister of Oil, and the Undersecretary for Distribution Affairs.

It was equipped with gas oil in the amount of 10 million liters of gas oil to deliver it to our people in Gaza, to support hospitals and dismantle The siege as a result of the brutal aggression.”

 He pointed out, "It was confirmed that these quantities would be transported by the national carrier, as the Baghdad tanker belonging to our company was equipped with crews, supplies, and fuel, and set off for the Port of Suez in Egypt to deliver these shipments," stressing that "the company will be a national carrier representing Iraq in various countries of the world.".

 For his part, the spokesman for the Ministry of Oil, Asim Jihad, said,  “The Ministry of Oil is keen to develop the maritime transport sector as it constitutes one of the important joints in the process of marketing Iraqi oil and one of the important pillars of the movement of transporting crude oil and fuel to global markets.”

Jihad added, "The Ministry plans, by working on several axes, to develop this sector and to contract to build a number of tankers with different transport capacities with reputable international companies to strengthen the Iraqi fleet and stimulate the expansion of the process of transporting crude oil and products and the commercial activity of Iraqi oil tankers."

He pointed out that "the last period witnessed the entry of a number of new tankers into the Iraqi fleet,

but the ministry's ambitions are greater than that, and are represented by contracting for large-capacity tankers, and also restoring the Iraqi fleet to its previous state, even better, and to be among the modern tankers transporting Iraqi oil to global markets."

And also investing in the presence of the Iraqi Oil Tanker Company for commercial work that aims to enhance financial and economic resources to support the federal treasury and expand the company’s activity to be an international company that accomplishes its tasks in the process of marketing Iraqi oil and the commercial process with regard to the energy and oil sector in general,” stressing that “the ministry’s plans We will continue to advance the company’s work and develop and expand its work.”   Views 75    12/23/2023 - https://economy-news.net/content.php?id=38750     

Ministry Of Transport: Iraqi Ports Are An Alternative To Global Transport Lines After The Red Sea Tensions

 Money  and business  The Iraqi Ministry of Transport announced on Sunday that, coinciding with many major international transport companies changing their routes due to the security tension in the Red Sea and the Bab al-Mandab Strait, the alternative to international transport lines to deliver goods from east to west is Iraqi ports.

The Director General of the General Company for Iraqi Ports, Farhan Al-Fartusi, said in a statement received by Al-Iqtisad News,

“According to the directives of the Minister of Transport, Razzaq Muhaibas Al-Saadawi, the Iraqi ports of Umm Qasr must be prepared for any real or international need, to receive increasing numbers of containers, after the security tension in the Red Sea and the suspension of Many of the largest international transport companies have their routes, especially those transporting goods from Europe to the Arabian Gulf and East Asia and vice versa.

 Al-Fartousi explained that   “Iraq, due to its distinctive location linking the East and the West, is currently considered one of the easiest and safest transport routes, as we expect that there will be a large movement of container handling in the port of Umm Qasr during the coming period,” stressing that “Iraqi ports are prepared for such an increase in traffic.” Processes".

He added,  "Iraqi ports have actually become an important transit site for transporting goods from Europe through the Turkish port of Mersin and from there to Iraq all the way to the Gulf and East Asia, and vice versa for Chinese goods towards Europe."

The Director General of the General Company for Iraqi Ports continued,

"This matter clearly shows the importance of the two projects of the Grand Al-Faw Port and the development road that Iraq is implementing, as they have become an international requirement and even an urgent necessity so that the navigation and maritime transport routes in the world are safe."

It is noteworthy that the French International Maritime Line Company (CMA) recently took a decision similar to the decision of (Maersk Line) to stop commercial ships on the sea line that pass through the Red Sea, as this generated a significant increase in the transport of goods through alternative methods, namely land or sea.  140 views  12/24/2023 - https://economy-news.net/content.php?id=38793

Iraqi Ports Are Preparing To Receive Ships From Countries Around The World

 Money  and business  Economy News – Baghdad  The Ministry of Transport has made the necessary preparations to open Iraqi ports to international ships and ships loaded with containers and goods, coinciding with many international transport companies changing their routes, due to the security tension in the Red Sea and the Bab al-Mandab Strait.

Director of the Ministry’s Media Office, Maitham Al-Safi, said that the Minister of Transport, Razzaq Muhaibas Al-Saadawi, directed that the ports of Umm Qasr be prepared to receive increasing numbers of containers coming from various countries of the world, due to the security tension in the Red Sea and the suspension of many large international transport companies on their routes, especially Those that transport goods from Europe to the Arabian Gulf and East Asia and vice versa, pointing out that

Iraq, because of its distinctive location linking the East and the West, is currently considered one of the easiest and safest transportation methods.

At the same time, it is expected that there will be a large movement of container handling in the ports during the period. Coming. Al-Safi stated that

the Iraqi ports have completed all their preparations for the expected increase in these operations, as they have become an important “transit” site for transporting goods from Europe through the Turkish port of Mersin and from there to Iraq all the way to the Gulf and East Asia and vice versa, noting that

this matter clearly shows the importance of the two major Al-Faw port projects. And the path of development that Iraq is implementing, as they have become an international demand and an urgent necessity so that the navigation and maritime transport routes in the world are safe.

 Views 60      12/25/2023 - https://economy-news.net/content.php?id=38819

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

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Provoking Points To Ponder on Power:

He who despises his own life is soon master of another's.  - English proverb

A good indignation brings out all one's powers.  - Ralph Waldo Emerson

Horsepower was a wonderful thing when only horses had it.  - Anonymous

It is not power that corrupts but fear. The fear of losing power corrupts those who wield it, and fear of the scourge of power corrupts those who are subject to it.  - Aung San Suu Kyi

Man's responsibility increases as that of the gods decreases.  - Andre Gide

Many a man's strength is in opposition, and when he faileth, he groweth out of use.  - Francis Bacon

Never doubt that a small group of committed citizens can change the world. Indeed, it is the only thing that ever has.  - Margaret Mead

Not hammer strokes, but dance of the water sings the pebbles into perfection.  - Rabindranath Tagore

People exercise an unconscious selection in being influenced.  - T. S. Eliot

Power in America today is control of the means of communication.  - Theodore White

Famous Quotes and Authors, Famous Quotations for all Occasions