Iraqi News Highlights Wednesday Evening 10-12-22
Iraqi News Highlights Wednesday Evening 10-12-22
Tlm724 Administrator Bondlady’s Corner
The Former President Of "SOMO": The Government Wants To Continue Depositing Iraqi Oil Revenues In The US Reserve Bank
September 21 15:37 Information / Baghdad.. The oil expert, former head of the Oil Marketing Company (SOMO), Falah Al-Amiri, confirmed that the money from the sale of Iraqi oil has been deposited in American banks since the nineties of the last century.
Al-Amiri said in an interview followed by "The Information" that "Iraq would have been able to produce 8 million barrels per day now, had it not been for the Iraq-Iran war,"
noting that "Iraq's oil reserves are concentrated in central Iraq, and very few of them are located in the border areas, and the quantities of crude in it range from one billion to one and a half billion barrels.
He added, "Agreeing to sell Iraqi oil to companies is the exclusive authority of the Minister of Oil, not SOMO,"
noting that "all the money from the sale of oil goes to the US Reserve Bank since 1996, and
the government demanded after 2003 that this mechanism remain to preserve funds from the risks of lawsuits."".
He explained that "the Kirkuk-Ceyhan export line accommodates more than one million barrels per day, while it is planned to accommodate one million and 600 thousand barrels per day, and it has been suspended from 2014 until now, due to the security situation," noting that
"Iraq now exports Kirkuk oil through Kurdish pipelines. And then to Jihan."
https://almaalomah.me/news/economy/الرئيس-السابق-لـسومو:-الحكومة-تريد-الاستمرار-بايداع-عائدات-ا
Government Advisor Reveals The Value Of Iraq's International Bonds
September 6 21:58 Information / Baghdad.. The financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed, on Tuesday, the value of Iraq's total international bonds in global markets and the revenues generated.
Saleh said, to the official agency and followed by / the information /, that
"the international bonds issued by Iraq are divided into two parts, the
first relates to the bond called (Iraq 2028), which represents the foreign private sector dues for its debts owed by Iraq and called debts before 1990, which It was discounted by 80% under the Paris Club agreement for the year 2004, and the
remaining receivables, i.e. 20%, were replaced by European bonds that are due to be amortized once in 2028 and are currently traded in buying and selling in the European secondary capital markets, with a total value of 2.7 billion dollars and carrying an annual interest of 5.8%.
He added, "The annual interest to the holders is paid according to regular semi-annual schedules, and the management of these bonds is handled by the major international banks in the London market of the undertakers."
He pointed out that "the second section was issued in the year 2016 and they consisted of two bonds of the first Iraq with a value of (one billion dollars), and with the guarantee of the United States government and it is called (Tigris), and with an interest paid annually of about 2.4%, and the principal of the bond (Tigris) is paid once in the next year.".
And Saleh continued, "The proceeds of the aforementioned bond go to the benefit of financing the deficit in the general budget during the war on ISIS terrorist gangs,"
noting that "the second bond was issued with a value of (one billion dollars also) in the year 2016 and was called (the Euphrates) and with the guarantee of the government of the Republic of Iraq and with an interest that exceeded 6.7 % annually.
He pointed out that "the amount went to directly finance the deficit in the general budget in the circumstances of the war on terrorism, and it will be paid once in the next year as well,"
noting that "the lowest category of bonds is worth 200 thousand dollars, and the bond categories increase in multiples, and the interest is paid semi-annually." To bond holders through major international banks (obligors) until the value of the bond is amortized once in the next year.
Salih stressed that "the total value of Iraq's international bonds currently circulating in European markets is about $4.7 billion, and these bonds are subject to Iraq's current credit rating of B, which is part of the country's external public debt to be paid."
https://almaalomah.me/news/economy/مستشار-الحكومة-يكشف-قيمة-السندات-الدولية-للعراق
The Central Bank: Changing The Exchange Rate Is In Agreement With The Next Government
Today 18:38 Information / Baghdad.. The Central Bank of Iraq announced, on Wednesday, that any efforts to change the dollar exchange rate will be in agreement with the next government.
And the bank's advisor, Ihsan Shamran al-Yasiri, said in a statement to the Iraqi News Agency, which was seen by "the information", that
"the Central Bank of Iraq is an independent body, and
the exchange rate adjustment is done in agreement with the government, and
there are no efforts now to change it."
Al-Yasiri added, "The pressures exerted to change the exchange rate are populist, and
if the change takes place, it will destroy the economy and stability, because financial and economic transactions and investors built their projects on the new price, and
it is incorrect to seek to change the exchange rate."
He continued, "Changing the exchange rate raised the competitiveness of the local product, and
although there are some disadvantages to the consumer, the change process enabled the government to pay the employees' salaries after the state budget was empty.
https://almaalomah.me/news/economy/البنك-المركزي:-تغيير-سعر-الصرف-يكون-بالاتفاق-مع-الحكومة-المق
Central Bank Governor: New Cooperation Between Iraqi And International Banks
The Governor of the Central Bank, Mustafa Mokhif, announced receiving requests from international banks to open prospects for cooperation with Iraqi banks, which have a credit rating from accredited rating agencies.
1 week ago Makheif (October 4, 2022), said that
"work is currently underway with a number of sober international banks to prepare the ground for the crisis for banking cooperation with Iraqi banks that have outstanding performance and have a credit rating from accredited rating agencies."
He added, "The requirements and proposals for this subject, which were submitted by some international banks, are currently being studied for the purpose of opening accounts for Iraqi banks and opening new horizons for international cooperation."
He pointed out that “the issuance of a decision by the Board of Directors of the Central Bank to grant the Iraqi Deposit Insurance Company, the final license with a capital of 100 billion dinars, to practice the work of guaranteeing deposits, taking into account the Central Bank of Iraq Law No. 56 of 2004, Banking Law No. 94 of 2004 and the amended Companies Law No. 21 For the year 1997, to be subject to the control and supervision of this bank, and the members of the company’s board of directors were selected and the authorized manager was appointed, the company’s site was chosen to complete the procedures and start doing its business.” https://altaghier.tv/2022/10/04/محافظ-البنك-المركزي-تعاون-جديد-بين-مصا/
Parliament directs the formation of a fact-finding committee against the National Investment Authority
political| 04:50 - 12/10/2022 Baghdad - Mawazine News The First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, directed, on Wednesday, the formation of a parliamentary fact-finding committee against the Investment Authority and to submit a detailed report to be read in the parliament session next week.
In a statement received by Mawazine News, Al-Mandalawi's office stated that "During his presidency, today, Wednesday (12-October 2022), Al-Mandlawi directed an expanded meeting of the Parliamentary Integrity Committee, during which he hosted the head of the National Investment Authority, Suha Al-Najjar, to form a parliamentary fact-finding committee from The committees (integrity, investment and development) have the right to the authority, to determine the mechanism for granting it licenses, the investing companies, the beneficiaries, the achievement percentages, and the steps taken against those who were granted leave and did not invest since receiving Al-Najjar” until today, provided that the report is submitted next week and read in the parliament session to take a decision regarding the results.
According to the statement, Al-Mandalawi stressed that "the corruption in the Investment Authority is unparalleled, and that the country's interest requires us to block the way for investments to reach the hands of the corrupt, as it will not be reflected in the life of the poor citizen." Ended
https://www.mawazin.net/Details.aspx?jimare=208051
To read more current and reliable Iraqi news please visit BondLady’s Corner: