Iraqi News Highlights Saturday Evening 7-22-23
Iraqi News Highlights Saturday Evening 7-22-23
Tlm724 Administrator Bondlady’s Corner
The Central Bank Confirms The Safety And Accuracy Of External Transfer Operations On The Electronic Platform In 2023
Sameer Al-Nusairi Against the backdrop of media news that some banks were denied dealing in US dollars due to their violation of international standards for foreign transfers in 2022. The Central Bank confirmed that the implementation of its instructions issued in 2023 for external transfers using the electronic platform will ensure the safety and accuracy of external transfers and achieve benefit for its dealers from dealing at the official fixed price, which is 1320 dinars.
The important thing is that dealing by entering the electronic platform will protect our banks and financial institutions from penalties later.
And that the US Federal Reserve and the US Treasury, while praising and supporting the central bank’s commitment to using the platform, had previously warned last year that it was conducting an audit of banks’ dealings with foreign transfers of the US dollar, and news came out at the time from US media sources confirming this, and indeed it turned out that the news was correct and the fourteen banks were actually included not to deal in their national currency, which is of wide international use.
Although the restricted banks from dealing constitute only 8% of their dealings, this will not affect the dealings of our other banks, and the manipulation of speculators in the black market in manipulating the exchange rate of the Iraqi dinar will not continue and will stop soon due to the central bank’s call to the government to the necessity of monitoring, auditing, and establishing a mechanism to link the imports entering Iraq and what proves the existence of a fundamental and sound external transfer corresponding to its value in order to prevent the use of the black market to obtain cash dollars, which is the only source in which manipulation of the exchange rate occurs after using the electronic platform because remittances Foreign affairs and the opening of documentary credits and cash dollars through them are at the official rate.
Therefore, I call on our banks, all exchange and money transfer companies, all financial institutions and related parties to encourage and motivate their customers, especially merchants and businessmen, to enter the electronic platform in order to ensure that they are not later deprived of dealing in US dollars because the recent sanctions of banks confirm the soundness of the Central Bank’s procedures to preserve the Iraqi banking system. In addition to the subjection of dealers to obtain dollars from the black market under Iraqi law Views 52 07/22/2023 https://economy-news.net/content.php?id=35260
Continuous Rise.. Learn About The Exchange Rate Of The Dollar Against The Dinar In The Iraqi Markets
Economy | 07/22/2023 Baghdad - Mawazine News The exchange rate of the dollar continued, on Saturday, to rise in the Iraqi markets.
The selling price of 100 dollars was recorded for 152 thousand dinars.
The purchase price was recorded at 150,000 dinars, compared to 100 dollars.
Al-Sudani: The Development Path Project Will Transform Iraq Into A Country Open To The World
political | 07/22/2023 Baghdad - Mawazine News, Prime Minister Muhammad Shia Al-Sudani affirmed today, Saturday, that the development path project will transform Iraq into a country open to the world.
The media office of the Prime Minister said in a statement, a copy of which was received by Mawazine News, that "Prime Minister Muhammad Shia' al-Sudani chaired a meeting that included a number of businessmen and investors from the Iraqi private sector."
The statement added, "The meeting discussed ways to remove obstacles that hinder the work of the private sector, and support it to contribute to the implementation of the government's plans for development and investment."
Al-Sudani referred to "the government's vision of supporting the private sector, which was embodied in a package of cabinet decisions and measures that serve this sector, stressing the government's adoption of the Iraq Fund for Development and major projects, as the development path, which represent important paths to reforming the economic situation, addressing the unilateral economy and creating the investment environment."
Al-Sudani stressed, according to the statement, that "the development path project will transform Iraq into a country open to the world, which is what made financial and economic institutions deal with the project, which does not stop at regional countries but rather links global countries and economies such as China and Europe, with its integrated projects, such as the port of Faw and the major industrial city, and the creation of large industries that cover the needs of Iraq and the region."
Al-Sudani said: "The government has launched major projects, such as manufacturing projects, petrochemicals, and fertilizers, and there are serious requests from local and regional companies to invest in gas, phosphate and sulfur, as well as integrated residential city projects, which include all economic activities.
Five cities have been announced, and we are in the process of preparing the second meal in order to prepare them for investment," stressing, "The private sector is a partner in the correct implementation of projects that address pressing service crises in all sectors."
Al-Sudani directed, according to the statement, "to hold specialized meetings between representatives of the private sector and officials in the state, to find a package of measures that contribute to facilitating the work of the private sector in Iraq." https://www.mawazin.net/Details.aspx?jimare=231849
Oil Prices Rose For The Fourth Consecutive Week
Saturday 22 July 2023 | EconomicalNumber of readings: 470 Baghdad / NINA / - Oil prices recorded an increase of more than a dollar per barrel, supported by fears of a shortage of supplies in the coming months, and the intensification of the conflict between Russia and Ukraine, which would lead to a continued decline in supplies.
Brent crude futures rose $1.24, or 1.6 percent, to $80.88 a barrel, while US West Texas Intermediate crude futures rose $1.28, or 1.7 percent, to $76.93 a barrel.
And the US Energy Information Administration said, last Wednesday, that crude oil stocks shrank amid a jump in crude exports and increased use of refineries, and economic data from China pressed on oil prices throughout the past week after the world’s second largest oil consumer announced disappointing growth in gross domestic product for the second quarter of this year, which increases the possibility of failure to achieve the government’s target for annual economic growth of 5 percent
https://ninanews.com/Website/News/Details?key=1066291
Signing An Agreement With Italy To Support The Iraqi Industrial Private Sector
Iraq The technical advisor to the Prime Minister, Muhammad Sahib Al-Darraji, signed an important agreement with the CEO of the Italian Export Credit Agency "Saschi" Alessandra Ricci, which includes a business matching initiative with the Supreme Committee for Export Credit in the Republic of Iraq to support cooperation between the two countries.
Al-Darraji said, in a statement, that "the initiative aims to enhance cooperation in a variety of industrial sectors with a social impact, which include pharmaceutical industries, glass production, food, and construction industries."
He added, "After signing, Sachi hosted a business matching meeting for 25 companies operating in Iraq, the Iraqi government delegation, the Commercial Bank and more than 40 Italian companies working in the value chain included in the agreement - infrastructure, medicine, glass production, food and housing," stressing that "the initiative is a new step forward in cooperation between Italy and Iraq.
This initiative is considered the first in the history of Iraq in which the government guarantees the private sector as a sovereign guarantee in return for importing factories that employ Iraqi workers, in implementation of the 2023 budget law." ". https://www.radionawa.com/all-detail.aspx?jimare=35154
Al-Sudani: The Private Sector Is A Partner In The Correct Implementation Of Projects That Address Service Crises
Iraq Saturday, July 22, 2023 Baghdad / The National News Center, Prime Minister Muhammad Shayaa Al-Sudani affirmed today, Saturday, that the development path project will transform Iraq into a country open to the world.
A statement from his office, received by the National News Center, stated that "Prime Minister Muhammad Shia'a al-Sudani chaired today, Saturday, a meeting that included a number of businessmen and investors from the Iraqi private sector."
And the statement continued, "The meeting discussed ways to remove obstacles that hinder the work of the private sector, and support it so that it contributes to implementing the government's plans for development and investment."
Al-Sudani referred to "the government's vision of supporting the private sector, which was embodied in a package of cabinet decisions and measures that serve this sector," stressing, "The government's adoption of the Iraq Fund for Development and major projects, as a path to development, which represent important paths to reforming the economic situation, addressing the unilateral economy and creating the investment environment."
He stressed that “the development path project will transform Iraq into a country open to the world, which is what made financial and economic institutions deal with the project, which does not stop at regional countries but rather links global countries and economies such as China and Europe, with its integrated projects, such as the port of Faw and the major industrial city, and the creation of large industries that cover the needs of Iraq and the region.”
Al-Sudani said, “The government has launched major projects, such as manufacturing projects, petrochemicals, and fertilizers, and there are serious requests from local and regional companies to invest in gas, phosphate and sulfur, as well as integrated residential city projects, which include all economic activities.
Al-Sudani directed, “to hold specialized meetings between representatives of the private sector and officials in the state; To find a package of measures that contribute to facilitating the work of the private sector in Iraq. https://nnciraq.com/217811/
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