Iraqi Economic News and Points to Ponder Sunday AM 9-10-23

The Central Bank Decides To Collect Cash Deposits In Iraqi Dinars

Al-Hayat News:  Today, the Central Bank of Iraq took “two urgent decisions” to strengthen the Iraqi dinar’s ability to trade in foreign currencies within the country.

The Central Bank media stated in a statement received by Al-Hayat News that, “All cash insurances will be collected in the dinar currency exclusively for internal credits, bank guarantees, and letters of guarantee issued for the benefit of the beneficiary entities (governmental and private), even if they are in the dollar currency and at the official exchange rate.”

He added, “It was decided that payment of the amounts of letters of guarantee upon confiscation will be made exclusively in the Iraqi dinar currency and at the official exchange rate.”

According to the statement, the Iraqi Central Bank called on “all licensed banks to take the necessary measures in accordance with what was stated above.”

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His Strongest Companies Are Babel Hotel And Pepsi

The Iraqi stock market.. is the last place to trade the “penny” and its “black” market deceives the price of the dollar

 2023-09-09 | Baghdad 964   Economists said that the Iraqi Stock Exchange relies on the shares of leading companies such as Babel Hotel and Pepsi, while most of the other listed institutions have their shares sold at a low price, less than a dinar, so that the value is recorded in “fils,” a currency that has been no longer in circulation for many years. .    https://964media.com/212909/

To End The Dispute Between The Region And Baghdad, Parliament Is Determined To Legislate The Oil And Gas Law In Its Current Session

Time: 09/10/2023 Read: 598 times  {Politics: Al-Furat News} Member of the House of Representatives, Zainab Al-Khazraji, confirmed the House of Representatives’ intention to approve the oil and gas law during the current session to end all existing disputes between Baghdad and the region.

Al-Khazraji said in a statement received by {Al-Furat News}, “Approving the oil and gas law will end all existing disputes between Baghdad and the region that have been pending for years.”

She added, "Among the important laws that the House of Representatives intends to approve is the oil and gas law, which has been suspended since 2005," indicating that "its approval will contribute to preserving the fair distribution of wealth throughout Iraq."  LINK

An Economist Showing The Extent To Which Budget Expenditures Can Be Covered After OPEC Decisions

Information / Baghdad...The economic expert, Safwan Qusay, explained on Sunday the extent of the possibility of covering budget expenses with OPEC’s decisions to reduce oil exports by 211 thousand barrels per day.

Qusay told Al-Maalouma, “The oil fields of Kirkuk and the region are distinguished by the fact that their prices are at the same level as the prices of Brent oil, and Iraq can bear the burden of losing its increased exports from the fields of the south because the price difference tends towards exports from the fields of Kirkuk and the region, so everyone is seeking to restore the export line.” To the Turkish port of Ceyhan.

He added, "Despite Iraq's compliance with OPEC's decision to reduce exports by 211,000 barrels per day, the total impact is $3 billion annually," pointing out that "increasing the oil price to $74 means that it will cover the approved cuts on Iraqi oil, while Prices are rising to more than $80 per barrel.

He stated, "Iraq needs the price of a barrel of oil to be at the threshold of $74 per barrel, in order to cover budget expenses."

He pointed out that "actual revenues cover the actual need in the budget and even more than it, despite OPEC's decision to reduce exports." Ended 25 n

Iraq Announces An Increase In Its Oil Reserves To Approximately 6 Billion Barrels

2023-09-10 Shafaq News/ The Iraqi Oil Minister, Hayyan Abdul Ghani, stressed on Sunday the need for the country to stop importing gas by investing in projects in this field, revealing that Iraq’s oil reserves have risen to 6 billion barrels.

This came in a speech he delivered during the launch of the activities of the first Iraqi conference and exhibition for oil projects and licensing rounds in the field of oil and gas, which lasts for 3 days in the capital, Baghdad.

Abdul Ghani said in his speech, which was attended by a Shafaq News Agency correspondent, that in order to dedicate the pioneering role of the Ministry of Oil in providing the necessary and basic resources to finance the Iraqi state budget, and supporting these resources with strategic projects that double the financial return and provide various opportunities in all sectors, this vital ministry went to Sponsoring and supporting exhibitions and conferences that are in the interest of the Iraqi economy, and these exhibitions promote the economic projects necessary to support the national economy and provide large financial resources to support the Iraqi state budget directly and indirectly and provide areas for developing the local industry in the field of oil and petrochemicals, refineries and other necessary projects.

He added, "This ministry has sought to create opportunities to develop the national economy and invest in all the natural resources available in Iraq, and the ministry has undertaken to distribute production from all governorates of Iraq because these resources have a direct impact on the economic and cultural reality of all cities in Iraq."

Abdul-Ghani also pointed out, “Wherever there is oil and gas, the local economy will develop, and the Ministry hopes that specialized international companies will participate in these promising rounds and contribute to gas investment projects and maximize your production to reach self-sufficiency for this vital material and export the surplus abroad.”

He noted that the Ministry of Oil will support all companies in order to make the tours successful by facilitating the necessary procedures for the work of these companies in the governorates of Iraq concerned with these fields and exploratory patches.

The Minister of Oil went on to say, "We in Iraq have made great strides to enhance areas of investment in the oil sector through the rounds of petroleum licensing, starting from the first round to the fifth round, whose contracts were signed at the beginning of the formation of this government."

He revealed an increase in the national reserve of oil and gas by six billion barrels of oil, and gas reserves by 32 billion standard cubic feet of gas, adding: We can proudly display the progress made by the Ministry of Oil during the year of this government’s life, as a contract was signed to develop a field.

Erido Oil Company with a production capacity of 250 thousand barrels per day, and the completion and operation of the strategic Karbala refinery with a capacity of 140 thousand barrels per day, and it is now in the final stages of final trial operation as this refinery operates according to the international specifications “Euro Five”, and it is considered one of the environmentally friendly refineries.  LINK

Points to Ponder From Albert Einstein

The intellect has little to do on the road to discovery -- There comes a leap in Consciousness, call it intuition or what you will -- and the solution comes to you and you don't know how or why ~~ Albert Einstein

“Imagination is more important than knowledge - For while knowledge defines all we currently know and understand, imagination leads us to all we might yet discover and create.” - Albert Einstein

"Great spirits have always found violent opposition from mediocre minds. The latter cannot understand it when a man does not thoughtlessly submit to hereditary prejudices but honestly and courageously uses his intelligence"  Albert Einstein