Iraqi News Saturday AM 7-2-22

TLM724 Administrator BondLady’s Corner

The Minister Of Finance Announces The Submission Of A Study To Reform Government Banks

Economie| 10:43 - 02/07/2022  Baghdad - Mawazine News, Minister of Finance, Ali Abdul Amir Allawi, announced today, Saturday, the submission of a study to reform government banks.

Allawi said at the Fifth Finance and Banking Services Exhibition in Iraq, which was followed by / Mawazine News /, that "the Ministry of Finance saw an urgent need to develop the resources of the economy," noting that "it is not possible to manage things with the duplication and dominance of the public sector and Iraq is a free economy."    https://www.mawazin.net/Details.aspx?jimare=198230

Finance Minister: We Are Working On Reforming The Rasheed And Rafidain Banks To Support The Iraqi Economy

Banks   Economy News-Baghdad   Finance Minister Ali Allawi confirmed, on Saturday, that the ministry is cooperating with the Central Bank to reform the Rasheed and Rafidain banks, pointing out that 75% of deposits are in government banks.

Allawi said in a speech during the Fifth Finance and Banking Exhibition Conference in Iraq, which was attended by "Economy News", "Iraqi banks have gone through difficult circumstances now since the beginning of 2020 after oil prices fell to unprecedented levels and the impact on the economy," adding that "the banking and financial sector is the most important pillar in The economy, not just the state’s resources, and diversifying the economy is an urgent necessity.”

He explained that "there are 3 basic elements for the stability of the economy, the supreme policies of the state and the central bank, and secondly, the international situation and direct and indirect external influences in the Iraqi economy, and the third is the institutional element," noting that "the banking sector has grown in terms of deposits and loans, and the ratios between the public and private banking sectors are still the same. 75% of deposits are in government banks.

He cautioned that "reforming government banks is a vital issue and an essential part of transforming the economy from rentier to diversified," noting that "companies outside the oil sector cost the state billions of dollars."

He pointed out that "since the middle of 2020, the Central Bank began cooperating with the Ministry of Finance in reforming government banking institutions," noting that "working with experts to reform the internal system of Rafidain and Al-Rasheed banks."

The Minister of Finance indicated that "government banks have been isolated from the world for 40 years," noting that "the white paper is not a media whirlwind."

He called for "allowing the private sector to compete in the acquisition process and benefiting from deposits to create an equal competitive base," noting that "reforming the government banking sector is a priority for the Ministry of Finance."  Views 172  Added 07/02/2022 - 10:52 AM  Update 07/02/2022 - 5:39 PM https://economy-news.net/content.php?id=28729

The Central Bank: The Assets Of The Banking Sector Grew By 21% In Two Years

Money and business  Economy News-Baghdad   The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, confirmed, on Saturday, that the assets of the banking and credit sector grew significantly during the period from 2019 to 2022.

Khalaf said in a speech during the Fifth Finance and Banking Services Exhibition in Iraq, which was attended by "Al-Iqtisad News", that "the assets of the banking sector grew by 21%, as well as total credit by 25% during the period from 2019 to 2022."

He added, "Accounts doubled to more than 7 million open bank accounts, as well as electronic payment cards, which rose from 10 million to more than 14 million cards, and ATMs increased to more than 1,500 machines and points of sale to more than 7,000."

Khalaf pointed out that "increasing the level of financial inclusion requires the cooperation of all institutions," calling for "developing the payments system in the government sector is one of the effective solutions in developing the banking sector."

He pointed out that "there is strong cooperation between the Ministry of Finance and the Central Bank to reform the banking sector," noting that "the beginning of cooperation was the formation of a committee to monitor the industrial bank, and the committee achieved the organization of the bank."

He cautioned that "the banking sector has witnessed remarkable developments since 2015."

Views 169   Added 07/02/2022 - 11:06 AM   Update 07/02/2022 - 5:39 PM

https://economy-news.net/content.php?id=28730

The Stability Of The Dollar Exchange Rates In The Local Markets

Economie| 09:46 - 02/07/2022  Baghdad - Mawazine News  The dollar exchange rates witnessed, today, Saturday, stability in the Iraqi local markets.

And the selling prices of the dollar were recorded at 148,500 dinars per 100 dollars, while the purchase prices of the dollar were recorded at 147,500 dinars per 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=198225

The Central Bank: Bank Accounts Reached 7 Million Accounts In Mid-2022

Economie| 11:06 - 02/07/2022   Baghdad - Mawazine News, today, Saturday, the Central Bank revealed the number of accounts and amounts funded for banks.

The Deputy Governor of the Central Bank, Ammar Khalaf, said during the Fifth Finance and Banking Services Exhibition in Iraq, which was followed by "Mawazine News", that "there is cooperation between the Ministry of Finance and the Central Bank to reform the banking sector, and that there is fruitful cooperation during the coming years for a real reform of the banking sector."

He pointed out that "the volume of central bank financing of banks amounted to 18 trillion dinars, while bank accounts amounted to 7 million accounts until mid-2022."

He stressed that "electronic payments are one of the solutions for developing the banking system." Ended https://www.mawazin.net/Details.aspx?jimare=198231

Oil Price Hike

Economie| 11:56 - 02/07/2022   Baghdad - Mawazine News: Oil prices rose more than 2%, after supply disruptions in Libya and expected closures in Norway outweighed expectations that the economic slowdown would lead to a decline in demand.

Brent crude futures were recorded at $111.63 a barrel, up $2.60, or 2.4 percent, and West Texas Intermediate crude at the close of $108.43 a barrel, up $2.67, or 2.5 percent.

And the two crudes recorded about 70% and 77%, respectively, of trading volumes in the previous session before the July Fourth holiday in the United States.

Over the course of the week, Brent fell 1.3%, while WTI rose 0.8%, and both benchmarks ended June lower for the first time since November.

Prices rose on Friday, despite the release of industry data showing US manufacturing activity slowed more than expected last month.

However, lower supplies of crude oil and fuel supported the oil market even as stocks fell and the US dollar rose, which usually has an inverse relationship with crude oil.

Reuters calculations showed that the planned strike between Norwegian oil and gas workers on July 5 could reduce the country's total oil production by about eight percent, or about 320,000 barrels of oil equivalent per day, unless a last-minute agreement is reached on wage demands. .

The Libyan National Oil Corporation announced in a statement Thursday the state of force majeure in the ports of Sidra and Ras Lanuf and the El Feel oil field.

It said that force majeure is still in force in the ports of Brega and Zueitina.

She stated that oil production fell sharply, as daily exports ranged between 365 thousand and 409,000 barrels per day, 865,000 barrels per day lower than production rates under "normal conditions."

The OPEC + group of producers, which includes Russia, agreed on Thursday to stick to its production strategy after two days of meetings, and the group avoided discussing policy from September onwards.

https://www.mawazin.net/Details.aspx?jimare=198236

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