Iraqi News Tuesday AM 8-24-21
Iraqi News Tuesday AM 8-24-21
TLM724 Administrator BondLady’s Corner
The President Of The Republic, Barham Salih, During His Meeting With The Chairman Of The Board Of Directors Of The Development Bank, Ziad Khalaf, Stresses The Support Of The Private Banking Sector
Banks Economy News – Baghdad The President of the Republic, Barham Salih, affirmed his support for the private banking sector, when he received the Chairman of the Board of Directors of the International Development Bank, Dr. Ziad Khalaf.
The bank said in a press statement, received by "Al-Iqtisad News", "The President of the Republic, Dr. Barham Salih, received at the Peace Palace yesterday, Monday, the Chairman of the Board of Directors of the International Development Bank, Dr. Ziad Khalaf Abed, praising his continuous efforts to achieve advanced levels of banking work and keep pace with all global developments. in banking technology.
According to the statement, Dr. Khalaf briefed the President of the Republic on the nature of the business, activities and financial technology that the bank has reached, the significant growth in the infrastructure and the strategic vision of the bank, which will contribute to increasing the participation of private banks in the reconstruction of Iraq and activating strategic partnerships with economic sectors in general.
At the conclusion of the meeting, the President of the Republic affirmed his support for the private banking sector in general, his keenness to achieve tangible progress in the reality of the Iraqi economy and his support to keep pace with Arab and global financial developments to advance a better future and work to activate the various vital economic sectors.
Views 202 Date Added 08/24/2021 https://economy-news.net/content.php?id=26087
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad "Economy News" publishes the exchange rates of the dollar against the Iraqi dinar in the local markets on Tuesday.
The selling price of the dollar 148,000 per 100 dollars The purchase price of the dollar 147,000 per 100 dollars
Views 88 Date Added 08/24/2021 https://economy-news.net/content.php?id=26089
Iraq Announces The Participation Of Foreign Expertise In The Development Of The E-Governance Project
Local | 02:45 - 08/24/2021 Baghdad - Mawazine News, Secretary-General of the Council of Ministers, Hamid Naim Al-Ghazi, revealed, on Tuesday, the participation of foreign expertise in the development of the e-governance project.
And his media office said in a statement that Mawazine News received a copy of it, that "a number of developed countries in the fields of technology and communications offered their services to contribute to the development of the program supervised by the General Secretariat of the Council of Ministers, by providing advice and support through experts in this field."
He added that "the program is receiving wide attention from the Iraqi government, as it is one of the vital and strategic projects, and that the General Secretariat of the Council of Ministers is continuing in coordination with the relevant authorities, in order to achieve an integrated program that contributes to overcoming obstacles in front of citizens, in completing their transactions within the various state institutions." ".
He added, "The meeting discussed the needs of the National Data Center, and the need to provide them in coordination with the relevant authorities, and to enhance it with the national expertise and competencies of the specialists, as well as intensifying efforts to develop the skills of workers on the program." Ended 29/A43 https://www.mawazin.net/Details.aspx?jimare=164895
Bank Finance
Tuesday 24 August 2021 113 Abdul-Zahra Muhammad Al-Hindawi The banking sector represents an important and basic financing platform to support the economy and development in any country, provided that a safe environment is available that gives this sector stable and safe conditions for investment, according to the common rule, {the capital is cowardly or smart}.
But the question that comes to mind, when we are talking about financing platforms, should be huge and influential, is: Is the Iraqi banking sector able to upgrade this platform, and contribute to financing sectoral projects, whether it is through a net investment method, or in partnership with the sector General?.
The answer to this pivotal question requires looking at the picture, from all angles and sides, and to begin with, some still describe the Iraqi banking system as backward! Although there has been an improvement,
albeit relatively, in some performance indicators during the past years, by indicating an increase in the percentage of public deposits with banks, which led to an increase in cash flow, and this would expand the credit base, which would avoid the banking sector being exposed to Long-term financial crisis perspective.
Therefore, this description of the banking system may have a percentage of profit, but in one way or another, the contribution of the banking sector in financing large projects is still not realized, and part of this absence may be attributed to underdevelopment, or due to the nature of the Iraqi investment environment,
which It also still suffers from a structural defect in many of its joints, and therefore the banking sector may fear risks if it wants to contribute to the investment process, and these risks may be credit, or they may be related to interest rates, or the lack of financial liquidity, because the sheets The finances of many banks, especially private sector banks, are unable to cover the costs of large investment projects,
which need billions of dollars, and for this reason, we find that most banks went towards a policy of granting small loans ranging between 10 million and 100 million dinars, and in Mostly, the paths of these small loans are directed towards the consumer requirements of the borrower, and thus they are not countedproductive loans,
that is, they do not have any developmental impact on the land, and I think that such a complex can be resolved, through banking merger, between more than one bank, to form a large cash portfolio, which can provide the required capital, to finance projects, as well as work on Creating a credit activity that stimulates growth,
by moving strongly towards financing above-average projects, working to open more branches for local and foreign banks, motivating people to move towards deposits to move frozen balances, providing support to private sector banks, and encouraging them to engage strongly in the investment process,
In light of the great need in all sectors of development, for all kinds above-average projects, working to open more branches for local and foreign banks, motivating people to move towards deposits to move frozen balances, providing support to private sector banks, and encouraging them to engage strongly in the investment process, in light of a great need in all development sectors, for all types above-average projects,
working to open more branches for local and foreign banks, motivating people to move towards deposits to move frozen balances, providing support to private sector banks, and encouraging them to engage strongly in the investment process, in light of a great need in all development sectors, for all types investments. LINK
Oil Prices Continue To Gain
Economie| 08:29 - 24/08/2021 BAGHDAD - Mawazine News: Oil prices rose, on Tuesday, with investors' hopes that the rise in fuel demand would follow a possible step in the vaccination against the Corona virus in the United States.
Brent crude futures rose 16 cents, or 0.23%, to $68.53 a barrel by 05:01 GMT, while US West Texas Intermediate crude futures rose 14 cents, or 0.21%, to $65.78 a barrel.
The two benchmarks jumped more than 5% on Monday, supported by a weak US dollar, after they suffered their biggest week of losses in more than nine months last week.
The US Food and Drug Administration (FDA), which last December authorized a dual-dose Pfizer/BioNtech vaccine for emergency use, has given full approval for use in people 16 years of age or older. Health officials hope the measure will convince unvaccinated Americans that the vaccine is safe and effective.
Crude oil production by Indian refiners also rebounded in July to its highest level in three months with the recovery in fuel demand, which supported prices.
https://www.mawazin.net/Details.aspx?jimare=164855
What Does It Mean For Iraq To Raise Its Balance From Buying US Treasury Bonds?
Political | 11:39 - 24/08/2021 Baghdad - Mawazine News The US Treasury Department stated that Iraq raised its holdings of US bonds to 2.21 billion dollars during the month of June, bringing the total to more than 21 billion dollars, after it was nearly 17 billion dollars in December of last year 2020.
Adviser to the Prime Minister for Financial and Economic Affairs, Mazhar Muhammad Salih, said, "Raising Iraq's balance of purchasing US Treasury bonds by 23.98% to reach $21.187 billion is something expected, especially since Iraq is among the dollar region because of the nature of oil exports and their pricing in dollars,
in addition to the largest Commercial transactions in Iraq are within the dollar area, whether in Asia or in the regional environment, at a rate of 80 to 85% of Iraq’s foreign transactions in dollars,” noting that “Iraq’s possession of the dollar is normal, noting that the US dollar constitutes about two-thirds of the official reserves of countries, and there are about 60% Of the global loans granted in dollars, about 84% of global trade is repaid in dollars.
He stressed that "the dollar has global dominance as well as dominance over Iraq's banking payments, and because Iraq is a dollar area, it always keeps bonds because other transactions may cause losses, so the proportion of reserves in the dollar is kept in the external centralization with the United States until it is invested as a predominant investment - that is Short term - from three months to six months, and it can be transferred during this period without losses and returns for managing these bonds.
And the government advisor added, “The process of investing and managing reserves in Iraq and in foreign currency is either by placing them within a fixed deposit that has interest or current accounts, if there is a withdrawal or part of it, by diversifying it, such as investing in American bonds and their returns,” and he explained that American bonds are classified as (A3). ) meaning that it does not accept loss and is 100% guaranteed, and this is universally recognized and many oil countries deal with it.” Ended 29/A43
https://www.mawazin.net/Details.aspx?jimare=164871
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