Iraqi News Highlights Tuesday Afternoon 6-6-23

Tlm724 Administrator Bondlady’s Corner

In Numbers.. Iraqi Central Sales Of Dollars

Economy | 02:27 - 06/06/2023   Baghdad - Mawazine News  The Central Bank's sales of foreign currency witnessed, on Tuesday, a decrease in today's trading, recording 207 million dollars.

According to the schedule of the currency sale window, the Central Bank sold during its auction today 207,331,654 dollars, which the bank covered at an exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar in cash.

Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits), amounting to 144,221,654 million dollars, while the rest, amounting to 63,110,000 million dollars, went in the form of cash sales.     https://www.mawazin.net/Details.aspx?jimare=228551

The Stability Of The Dollar Exchange Rates In The Local Markets

Economy   Tuesday, June 6, 2023 Baghdad / National News Center  Today, Tuesday, the prices of the US dollar against the Iraqi dinar witnessed stability in the local markets.

As it recorded “selling prices of 148,000 dinars per 100 dollars, while the purchase prices recorded 147,000 dinars per 100 dollars.”    https://nnciraq.com/209541/

US Ambassador: 'Corrupt' Entities Are Behind The Rise In Dollar Prices

Iraq   Tuesday, June 6, 2023   Baghdad / National News Center   Today, Tuesday, the US ambassador to Iraq, Alina Romanowski, accused entities she described as "corrupt" of being behind the rise in the exchange rate of the dollar against the dinar in the parallel market.

The ambassador responded to a question and a journalist regarding the crisis of the high exchange rate and its return to the fore. You have already indicated that the United States has nothing to do with this file. Can you elaborate more in this regard, about the causes of the crisis and what are your observations on the financial situation of Iraq?

The ambassador said, "I would not describe this issue as a crisis. I made it clear that we do not control the exchange rate, and not that the United States has nothing to do with this file. It is better to describe this issue as the side effect of an economy that is moving away from transactions based on cash circulation."

Romanowski renewed the United States' support for the efforts of the Iraqi government and the Central Bank of Iraq to combat corruption and money laundering. The restrictions imposed on these activities resulted in positive developments in the Iraqi banking sector, to include increased use by businessmen from banks and financial institutions, which helped reduce the difference between the official and unofficial exchange rates.

And she continued, “Some corrupt companies and entities were previously using forged documents and collecting requests to transfer funds abroad for fictitious purposes. Now that this activity is restricted, companies wishing to access the official dollar rate to finance imports will need to obtain bank accounts and a proper license from the Ministry of Commerce.”

And it indicated that “corrupt entities that hoard dollars for currency speculation, and companies that continue to import goods without a license through cash or informal channels, are putting pressure on the parallel exchange rate. Instead, we encourage everyone to deal within the formal banking sector and reduce the demand for money markets.”    https://nnciraq.com/209621/

The Central Bank: Directed To Build A National Lending Strategy That Will Come Into Effect In Early 2024

Economy | 11:51 - 05/06/2023   Baghdad - Mawazine News  The Central Bank of Iraq announced today, Monday, a direction to build a national strategy for lending that will come into effect at the beginning of next year 2024, and while confirming that the Riyada Bank will be a base for launching and financing small and medium enterprises, he indicated that his total initiatives amounted to more than 12 billion dollars. .

Governor Ali Al-Alaq said in a speech during a conference held by the German Agency for International Cooperation (GIZ) on the needs and priorities of actual financing for small and medium enterprises in Iraq, that “based on the role of the Central Bank of Iraq in achieving economic stability and contributing to growth and prosperity and creating job opportunities through unconventional monetary policy.”

Which has been started since 2015, and it is one of the policies pursued by some central banks in the world in order to advance economic growth. The model that aims to achieve a balance between economic development, social inclusion and environmental protection.

Al-Alaq added, "The initiatives of the Central Bank of Iraq, which are distributed between the initiative to develop small and medium projects, housing loans, renewable energy and other economic projects in the agricultural, industrial and services fields, which total more than $ 12 billion, accounted for 30 percent of the total credit in the private sector."

He explained, "The Central Bank is moving towards building a national strategy for lending, and it has reached advanced stages in terms of design, and it is expected that it will enter into force in early 2024, and aims to facilitate bank borrowing in its various forms in light of a diagnosis through weaknesses and challenges as well as opportunities and points." The force available to end this formulation is realistic."

He stressed, "The Central Bank will continue to support small and medium enterprises, which are the backbone of economic projects, revitalize the private sector, and reduce unemployment and poverty."

And he continued, "The experience of the Central Bank during the initiative to finance small and medium enterprises in the past years indicated that financing alone is not sufficient, but rather sectors, skills, and training must be strengthened and an environment suitable for the launch of projects must be created, and this is what we see from international organizations that have long experience in this field." including the German Cooperation Organization.

He pointed out, "The launch of the Al-Riyadah Bank project during the past days and work to achieve it through Iraqi banks, which will be a basis for launching and financing small and medium enterprises."

And he added, "Monetary policy tools contribute to overcoming financial crises," calling on government and private banks to "strengthen their efforts in this regard."

And the price of the relationship, "the organized efforts that try to enhance the cooperation of projects that serve development."      https://www.mawazin.net/Details.aspx?jimare=228435

Iraqi-Japanese Talks To Complete The Signing Of Agreements Related To The Oil Industries

Energy    Economy News – Baghdad   Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein stressed the need for Japanese companies to participate in the reconstruction of infrastructure.

A statement by the Ministry of Foreign Affairs said, "The Foreign Minister received the Assistant Foreign Minister of Japan, Kansuke Nagaoka, in his office in the Ministry's building in Baghdad," pointing out that "the two sides discussed bilateral relations between the two countries, and ways to enhance them to serve the interests of the two peoples."

Hussein expressed "Baghdad's aspiration for a greater role for Tokyo in various fields," stressing "the need for Japanese companies to participate in the reconstruction of infrastructure, and to provide Iraq with scientific expertise that contributes to the construction process."

The Minister of Foreign Affairs called for "encouraging investment companies to expand economic activity due to their great expertise in this field," pointing to "opening more prospects for joint cooperation and increasing the volume of trade exchange between the two countries."

Hussein stressed "the importance of the talks being held by the two sides to complete the signing of a number of agreements related to the oil industries and areas of water management and purification."

Views 67   Added 06/06/2023 - https://economy-news.net/content.php?id=34604

Global Oil Prices Fell

Tuesday 06, June 2023 09:08 | Economical Number of readings: 389  Baghdad / NINA / - Oil prices fell today, Tuesday, to give up most of the gains achieved in the last session, after Saudi Arabia and the "OPEC +" countries announced an increase in production cuts.

Brent crude futures fell 28 cents, or 0.37%, to $76.43 a barrel by 04:20 GMT. US West Texas Intermediate crude lost 34 cents, or 0.47%, to $71.81 a barrel.

And Brent rose by $ 2.6 yesterday, Monday, while US crude increased by $ 3.3, a few hours after Saudi Arabia announced that it intends to reduce its production by one million barrels per day to 9 million barrels per day in July, according to Reuters.

This voluntary cut, the largest cut decided by Saudi Arabia in years, comes in addition to a broader agreement by the “OPEC +” alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, to limit supply in an effort to support crude prices.

The "OPEC +" alliance pumps about 40% of global crude oil production. / End 7

https://ninanews.com/Website/News/Details?key=1057926

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