Iraqi News and Highlights Tuesday Evening 7-7-20

Iraqi News and Highlights Tuesday Evening 7-7-20

TLM 724 Administrator BondLady’s Corner

Low dollar exchange rate against the Iraqi dinar

Economie| 11:21 - 07/07/2020  Baghdad - Mawazine News

The dollar exchange rates fell on the Kifah Stock Exchange and local markets, Tuesday, (July 7, 2020).

The prices of the Kifah Stock Exchange - Baghdad were 122,600 dinars per 100 dollars.

Buying and selling prices in banking shops:

The selling price of the dollar = 123,000 dinars per 100 dollars.

The purchase price of the dollar = 122.000 dinars per 100 dollars. End 29

https://www.mawazin.net/Details.aspx?jimare=108768

Moody's: a double blow to Gulf banks' profits due to oil and Corona

Economie| 08:48 - 07/07/2020  Follow-up - Mawazine News

Moody's Investors Service said that the profits of banks operating in the Gulf Cooperation Council countries will be affected by the double strike of low oil prices and the Corona pandemic, as well as the economic downturn during 2020.

In a research note, the agency added - that the decline in bank profits is mainly due to higher coverage provisions Loan losses, and lower interest income.

According to the memorandum, Gulf banks, rated by Moody's, achieved net revenues of $ 34.5 billion in 2019, giving them the ability to absorb losses.

Moody's continued, "The region's banks have sufficient capital to enhance their solvency to cope with the consequences of the pandemic."

The memo pointed out that the economies of the Gulf countries will shrink, which weakens the main sources of income for banks: interest on loans, fees and commissions, while the fees for provisions for loan losses will rise sharply.

Poor growth

The agency expected the real non-oil GDP to shrink in the Gulf Cooperation Council countries by between 3.5% and 5% in 2020.

She indicated that the weak growth will be reflected in the decline in loan applications and the desire of banks to lend, which leads to achieving an average loan contraction rate of between 0 and 0. 5% and 5%, at the same time, lower interest rates and increased customer default will decrease the bank's interest income, while financing expenses will increase moderately.

I also expected that the capital will decrease slightly, but it will remain sufficient in light of the low asset base and low dividends.

The Gulf economies were affected by the outbreak of the Corona virus, and the governments of the region monitored massive incentive packages of tens of billions to address the major repercussions of the virus outbreak.    https://www.mawazin.net/Details.aspx?jimare=108741

in numbers ... {The expenditures versus oil imports} Parliamentary finance reveals the budget deficit

Time: 7/07/2020 13:07:31  Reading: 3,003 times

 {Baghdad: Al Furat News} Member of the Parliamentary Finance Committee Muhammad al-Darraji revealed a budget deficit by calculating monthly expenditures against imports of oil sales within three months.

Daraji stressed "the importance of being in contact with the people so that they are familiar with the financial and economic situation as shown below:

First: We need an average of seven trillion and three hundred billion dollars a month (very ruling banks), and we divide them as follows:

1 - Five trillion and twenty six billion 5.26 dinars ((salaries + social protection).

2- Seven hundred 700 billion dinars each month, as an average of expenses for oil companies ((licensing round))

3- Seventy 70 billion dinars each month, the cost of oil extraction for national companies

4- Four hundred 400 billion dinars ((ration and wheat))

5 - Five hundred and thirty-six 536 billion dinars The cost of paying debts payable

Second / monthly oil income We will take a rate for the past three months (and we do not have any other resource mentioned to increase financial revenue.) As follows:

1- April 2020 revenue ((1.4 billion dollars))

2- May 2020 revenue (($ 2.1 billion))

3_ June 2020 revenue (($ 2.8 billion))

So the sum of the three months is ((6.3 billion dollars)), that is, roughly seven and a half, 7.5 trillion dinars.

He added: "So the ruler's expenses for a period of three months equals twenty one trillion nine hundred (21.9) billion dinars, compared to imports for the same period equal to seven and a half 7.5 trillion dinars, meaning that the deficit for three months is 14.4 trillion, or the monthly average of the deficit is four trillion And eight hundred billion (4.8 trillion) dinars. "

He continued: "Therefore, internal borrowing of 15 trillion dinars will guarantee salaries and expenses only 3 months if the rate of revenues remains the same and without rationalizing spending.

Therefore, the government must submit an urgent plan to reform the economic situation as quickly as possible because it cannot resort again to borrowing because the public debt exceeded Economically allowed ceiling. " is over   LINK

 The central bank signs a memorandum of cooperation with the Securities Commission

Economie| 11:48 - 07/07/2020  Baghdad - Mawazine News

The Central Bank of Iraq signed, on Tuesday, a memorandum of cooperation with the Securities Commission.

A statement of the bank, Mawazine News, received a copy of it, "The Central Bank signed a memorandum of cooperation with the Securities Commission."

He added, "The memo included the possibility of exchanging the information available and available at the Central Bank and the Securities Commission, in addition to coordination in the field of legislation and regulatory and regulatory standards for bodies subject to the control of both parties." Ended 29 / p.

https://www.mawazin.net/Details.aspx?jimare=108775

The central bank signs a memorandum of cooperation with the Securities Commission

Banks  The Economy News – Baghdad  The Central Bank announced, on Tuesday, that it signed a joint cooperation memorandum with the Securities Commission.

The central media office said in a statement received by "Al-Iqtisad News", that "the Central Bank of Iraq signed a memorandum of cooperation with the Securities Commission on Tuesday morning."

The statement added: "As the memorandum included the possibility of exchanging the information available and available at the Central Bank and the Securities Commission."

The statement indicated that the memo also includes "coordination in the field of legislation and regulatory and regulatory standards for entities subject to the supervision of both parties."

http://economy-news.net/content.php?id=20948

Communications: shock operations continue until the internet capacity is eliminated

money and business  The Economy News – Baghdad  On Tuesday, the Ministry of Communications confirmed the continuation of the shock operations until the final smuggling of Internet capacities.

"The shock process is continuing, the most recent of which was to stop the illegal passage of capacities in the Nineveh governorate in the Zammar and Tama regions," according to the official director of communications and informatics at the ministry, Basem Al-Asadi.

He added: "The elimination of the smuggling of capacities will contribute greatly to increasing the quality of the internet in the future, and will constitute a qualitative shift by moving to the 4G service."

The Ministry of Communications announced, earlier, to stop the waste of 7 billion dinars during the shock process in the provinces of Diyala and Nineveh, while it revealed a project expected to improve Internet service in the country.  http://economy-news.net/content.php?id=20944

High price of OPEC oil basket

Tuesday 07, July 2020 11:07 | EconomicalViews: 71

Baghdad / Nina / OPEC announced today, Tuesday, the increase in the daily OPEC basket price by 61 cents a barrel.

The organization said in a statement that: the price of the OPEC basket increased by 61 cents to reach 43.54 dollars a barrel.

The organization added, "The price has risen from the previous day, which amounted to $ 42.93, according to the accounts of the OPEC Secretariat.

The reference basket of the Organization of Petroleum Exporting Countries (OPEC) consists of the following: the mixture of the desert (Algeria), Girasole (Angola) and Orient (Ecuador)," Zafiro (Equatorial Guinea), Rabi Lite (Gabon), Iran Iran), Basra Lite (Iraq), Kuwait Export (Kuwait), S. Cedar (Libya), Bonnie Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia) ), Morban (United Arab Emirates) and Miri (Venezuela) .

https://ninanews.com/Website/News/Details?key=842465

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