Iraqi News Early Tuesday AM 10-12-21
Iraqi News Early Tuesday AM 10-12-21
TLM724 Administrator BondLady’s Corner
A New Rise In The World Oil Price
Monday 11 October 2021 17:26 | Economic Number of readings: 107 Baghdad / NINA / - Oil prices rose more than 2% today, Monday, to continue their gains in light of an energy crisis ravaging global economies, amid a recovery in economic activity and restrictions on supplies from major producers.
According to Reuters: Brent crude rose $2.17, or 2.6 percent, to settle at $84.56 a barrel, the highest price since October 2018. As for US crude, it rose $2.67, or 3.4 percent, to $82.02 a barrel, its highest since Late 2014./ https://ninanews.com/Website/News/Details?key=932538
World Bank: Iraq's GDP Growth By 0.9% On An Annual Basis
Economie| 09:21 - 10/11/2021 Follow-up - Mawazine News, the World Bank announced, on Monday, that the gross domestic product in Iraq grew by 0.9% on an annual basis in the first half of 2021, expecting an improvement in the debt-to-GDP ratio.
The bank said in a report seen by / Mawazine News /, that "economic growth in Iraq is gradually recovering after the downturn associated with the epidemic last year, due in part to the rise in non-oil activity," expecting that "improving global oil market conditions will enhance growth." In the medium term, the transfer of fiscal and external balances into surpluses from 2021, and the recent rise in debt will be reflected.”
He added, "Iraq's GDP grew in the first half of 2021, by 0.9% on an annual basis, and the non-oil economy grew by more than 21% in the first half of 2021 (on an annual basis) due to the strong performance in the service sectors," noting This recovery has outpaced a slowdown in the oil sector, with a 10% drop in the first half of 2121, as Iraq adjusted to its OPEC+ quota early in the year.
He pointed out that "the prospects for the Iraqi economy have improved with the recovery in the global oil markets, but the spread of new COVID-19 variables and the challenges of climate change are major headwinds," expecting the economy to gradually recover against the backdrop of high oil prices and OPEC + production quotas that are scheduled to be phased out gradually. In 2022, oil GDP will therefore be the main driver of growth in the medium term.
The bank expected that “Iraq’s non-oil GDP will recover but remain below 3% on average in 2021-2023 due to the impact of the new COVID-19 Delta variable along with water and electricity shortages affecting agriculture and industries. The fiscal balance should remain in surplus over the medium term, leading to a steady improvement in the debt-to-GDP ratio. https://www.mawazin.net/Details.aspx?jimare=170682
The Central Bank's Sales Of Hard Currency Declined
Economie| 02:29 - 10/11/2021 Baghdad - Mawazine News: The Central Bank of Iraq's sales of hard currency recorded, on Monday, a remarkable decline, reaching 189 million dollars.
And the Central Bank auction for buying and selling foreign currencies witnessed a decrease in its sales by 10.85% to reach 189 million, and 495 thousand US dollars covered by the bank at a base exchange rate of 1460 dinars per dollar.
The purchases amounting to 173 million and 375 thousand dollars went to strengthening balances abroad in the form of remittances and credits, while the remaining amount of 16 million and 120 thousand dollars went in cash.
32 banks met requests to enhance balances abroad, 11 banks to meet cash requests, in addition to the participation of 5 exchange companies, and 96 mediation companies. Ended 29/A 4
https://www.mawazin.net/Details.aspx?jimare=170726
The Decline In The Exchange Rates Of The Dollar In The Local Markets
Economie| 10:25 - 11/10/2021 Baghdad - Mawazine News, the dollar exchange rates fell, on Monday, in the main stock exchange and local markets in the capital, Baghdad.
The dollar exchange rate fell on the Central Kifah Stock Exchange in Baghdad, today, recording 148,200 dinars, for each $100 bill.
The prices of buying and selling the dollar also decreased, in exchange companies and local markets in Baghdad, where the selling price reached 148,750 dinars, for each denomination of 100 dollars, while the purchase prices amounted to 147,750 dinars, for each paper denominations of 100 dollars. Ended 29/A 4
https://www.mawazin.net/Details.aspx?jimare=170693
Danger Surrounds Depositors' Money In Arab Countries
Arab economy September 29, 2021 Depositors in several countries became increasingly concerned about the lack of sufficient measures to protect their money (Al-Araby Al-Jadeed)
Depositors’ fears in Arab countries escalated from wasting their money and governments putting their hands on it, amid stifling economic and financial crises the region is going through, and at a time when the authorities put their hand on the deposits of the Lebanese, the concern of depositors in countries such as Yemen, Syria and Iraq increased in light of the lack of sufficient measures to protect their money.
Although countries resort to strict laws, funds and companies to protect customers' savings, observers have described it as insufficient with increased risks.
These concerns were accompanied by Kuwait’s search for legislation under which the government’s protection of depositors would be lifted https://www.alaraby.co.uk/economy/الخطر-يحيط-بأموال-المودعين-في-دول-عربية
Between Supporters And Opponents.. The Central Bank Of Iraq Prohibits The Circulation Of Bitcoin
Many Iraqis invest in cryptocurrencies via global platforms (Getty Images)
10/11/2021 The digital bitcoin is shining and hovering near its highest levels since the beginning of last May, at about 55 thousand dollars, and it seems that the sharp rise wave has reached all alternative digital currencies now.
But the Central Bank of Iraq said - on its official website - that dealing with virtual digital currencies (Bitcoin) involves several risks, especially with regard to electronic piracy and fraud.
The Central Bank supports issuing a circular not to use it, and to subject its dealers to the provisions of the Money Laundering Law No. 39 of 2015 and the relevant laws in this regard.
Bitcoin - according to the Central Bank - is a virtual electronic currency that trades online only, without a physical presence, and is used for online purchases, supports payment using Bitcoin cards, or may be converted to traditional currencies in some cases.
The Central Bank of Iraq The Central Bank of Iraq supports the issuance of the circular not to use Bitcoin and to subject its dealers to the provisions of the Money Laundering Law (Al-Jazeera)
The Foundation Of The Digital Dinar
Cryptocurrency specialist Evan Doberdani opposes the Central Bank of Iraq's decision; Because he did not put an alternative to encrypted digital dealing, since many Iraqis invest and trade in encrypted digital currencies, with an estimated amount of millions of dollars through global platforms - according to him - which have crossed governments and borders as a result of modern technology and economic globalization.
Al-Doberdani added to Al-Jazeera Net that the countries with major economies such as the United States, China and the European Union began studying the issuance of their digital currencies soon by central banks.
For this, Al-Dobardani calls on the Central Bank of Iraq to plan to issue a digital currency called the “digital dinar” and not an encrypted digital currency, in order to get rid of the paper money bureaucracy, as well as to reduce currency counterfeiting instead of going to punish those trading the digital currency with the crime of money laundering.
Al-Dobardani defines digital currencies as currencies issued by the state through central banks, and they have a different security system than the encrypted digital currencies, which are known as “non-state currencies”, issued by companies and individuals, and they are not ready to be obtained except through the mining process through which they are entered. New currencies are in circulation, via sophisticated computers that solve very complex mathematical problems.
Support
The specialist in combating banking money laundering, Abdul Rahman Al-Sheikhly, supports the decision of the Central Bank of Iraq, and tells Al-Jazeera Net that digital transactions depend entirely on a sophisticated electronic system that is subject to the highest cybersecurity standards, at a time when the Iraqi banking system needs a continuous technological update, for this decision was the prevention of Well, according to Sheikhly.
In Iraq, there are more than 80 governmental and private banks (commercial and Islamic), in addition to branches of foreign banks that have a fairly good electronic system, according to Al-Sheikhly,
but he says that the largest cash flow, which reaches 80%, is limited to the two government banks, “Al-Rafidain and Al-Rasheed” that deal so far.
With paper records in documenting their banking transactions, then how can it deal with digital currencies whose value has moved within a few months - if not weeks - between 15-50 thousand dollars for one digital currency.
Al-Sheikhly identifies ways of successful dealing in Iraq with the digital currency by setting up a mechanism to link it with one of the basics of money such as gold, oil, or any other strategic material so that it can compete with other virtual currencies that will appear.
Paper money has become one of the most rapid ways to spread the Covid-19 virus (Al-Jazeera)
Iraqi Banking
With the aim of avoiding the banking sector in particular and the Iraqi economy in general, the negative effects of money laundering and terrorist financing crimes; The Central Bank of Iraq - according to the specialist in Iraqi banking, Dr. Rajaa Al-Bandar - has sought to take many deterrent measures and implement the relevant laws to combat money laundering crimes that threaten financial stability in Iraq.
Al-Bandar adds to Al-Jazeera Net that the Central Bank of Iraq and the Office for Combating Money Laundering and Terrorism Financing in Iraq, which enjoys complete independence of work, have made great progress in improving and addressing deficiencies, and fulfilling all of its obligations towards the directions of the International Financial Action Task Force (FATF), which was officially announced in 2018. Iraq is from the follow-up area, also according to the report of the International Financial Action Task Force for the Middle East (MENA FATF).
With regard to the banking sector - as part of the requirements of the International Financial Action Organization, which includes in addition to the banking sector non-banking financial institutions and non-financial businesses and professions - the level of banks is good compared to the rest of the sectors, especially banks that have external participation.
The banking specialist revealed a weakness in some Iraqi banks in terms of non-compliance with international rules and standards, which need development and follow-up due to continuous updating of requirements and development in international standards, but this will not affect the work of the Iraqi banking sector.
While Al-Sheikhly says that the Central Bank of Iraq has lost an important and large part of its influence in drawing monetary policy during the past few period, after changing its executive management after handing over its affairs to the Ministry of Finance, which made it a prisoner of its policies drawn up by former Finance Minister Ali Allawi, as he put it. Source: Al Jazeera
https://www.aljazeera.net/ebusiness/2021/10/11/بين-معارض-و-مؤيد-البنك-المركزي-العراقي
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