Iraqi News Tuesday AM 7-19-22

Iraqi News Tuesday AM  7-19-22

TLM724 Administrator BondLady’s Corner

The Central Bank Of Iraq Sets The Goal Of The Currency Sale Window

Economie| 06:08 - 07/18/2022 Baghdad - Mawazine News   The Central Bank of Iraq clarified, today, Monday, the purpose of its call to establish a sovereign fund, while noting that the currency sale window was found to facilitate the financing of foreign trade in the main.

The Deputy Governor of the Central Bank, Ammar Khalaf, said, "The bank's management called for the necessity of allocating a sovereign fund to take advantage of the financial abundance of the state," explaining that "the decision of the sovereign fund is dependent on the Iraqi government and the Ministry of Finance in the basic degree."  Khalaf added, "The Central Bank contributes to the management of this fund."

On the currency sale window, the deputy governor confirmed that "the currency sale window was found to facilitate the financing of foreign trade in the basic degree."

He stressed, "Exports of currency are an economy that depends primarily on imports, and it is a channel for providing foreign currency in order to provide goods and services, in addition to selling currency to citizens through banks and exchange companies."  https://www.mawazin.net/Details.aspx?jimare=199722

Al-Kazemi’s advisor: The Middle East Bank will open the door to investments in Iraq

Economie| 09:22 - 07/18/2022    Baghdad - Mawazine News   The technical advisor to the Prime Minister, Haitham Al-Jubouri, announced today, Monday, that the proposal of the Middle East Bank for Joint Investments will be an investment portfolio, while noting that the stages of approving the budget require a long time that may not be enough for the remainder of the year to complete it.

Al-Jubouri said, "The establishment of the Middle East Bank for Joint Investments is very important and may reflect positively on Iraq in the first place, because Iraq has great opportunities for investments," noting that "this bank will have branches in the countries that share their money in it, and the process of transferring money will be easy." .

He stated that "this bank will be an investment portfolio, and is a wonderful experience that exists in most countries of the world," explaining that "the Iraqi funds that will be in this bank are protected."

Regarding the submission of the budget law, al-Jubouri explained that “the stages of approving the budget need a long time, and the remainder of the year may not suffice to complete it.”

https://www.mawazin.net/Details.aspx?jimare=199747

With revenues approaching one billion dollars... Oil exports from Kurdistan fields exceed 6 million barrels in 17 days

Energy   Economy News-Baghdad  Tables obtained by "Economy News" showed that oil exports from the Kurdistan region exceeded 371 thousand barrels per day during the past 17 days, while it obtained more than 717 million dollars in revenues from selling crude to a group of countries, including Israel, led by Greece and Italy.

The total daily oil exports in Kurdistan amounted to 371,311 barrels, while the total amounted to 6,321,289 barrels.

The average price of a barrel was 113.65 dollars, while the daily revenue reached 42,200,436 dollars.

The total revenues during the mentioned period amounted to 717,407,425 dollars.

The exports to the countries were as follows:

Greece ranked first with a rate of 85,723 barrels per day, with a total of 1,457.441 barrels.

Its share of total exports was 23.09%.

Italy ranked second, with a rate of 75,566 barrels per day, and a total of 1,284,614 barrels.

Its share of total exports was 20.36%.

Croatia ranked third with a rate of 61,321 barrels per day and a total of 1,042,321 barrels.

Its percentage was 16.51%

Unknown parties ranked fourth, with a daily average of 59,192 barrels, and a total of 10.006.272.

It accounted for 16.51% of the total exports.

As for Turkey, it came in fifth place, with a daily average of 47,308 barrels, and a total of 804.244.

The percentage of Turkish imports was 12.74%.

Israel ranked last, with a daily average of 42,200 barrels, and a total of 717.406 , with imports amounting to 11.37% of total exports.

Views 172  Added 07/19/2022 - 12:26 PM   Update 07/19/2022 - 4:48 PM

https://economy-news.net/content.php?id=28952

The Dollar Rises Against The Iraqi Dinar

Economie| 09:56 - 07/19/2022   Baghdad - Mawazine News, the dollar exchange rates rose, today, Tuesday, on the Iraqi Stock Exchange.   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 148,400 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=199771

Orisdi, The Iraqi E-Commerce Company, Gets New Investments

Money and business  Economy News-Baghdad

Orisdi , the Iraq-based e-commerce company, has collected a new six-figure investment round that included the participation of existing and new investors .

Investors

The tour witnessed the return of the current investors, including Al Sharqiya TV, Muhammad Shikli, Ammar Shuber, Nour Sabry, Karim Danesh, Omar Al-Handal from Al-Handal International Group, and Bassam Falah from INOVEST Middle East, to confirm their commitment to the company. A technology expert, Frigg has held leadership positions at Ericsson , Lumentis and Transmode and has seen success in mergers, acquisitions and IPOs .

Electronic Trade

As for Orisdi , it is a leading integrated e-commerce store in Iraq, providing buyers with a convenient shopping experience for a wide range of products, to revolutionize the Iraqi retail market, and the Orisdi platform focuses on multiple categories, including perfumes, cosmetics, hardware, electronics and others .

Integrated Store

Ahmed Al Karmali, founder and CEO of Orisdi commented: “We plan to continue focusing on our categories as an integrated e-commerce store, offering only original brands, and the company continues to be the most efficient player in e-commerce in Iraq, in terms of economic units compared to its competitors, through Continuous learning and process improvement .

Al Karmali added: “We have been able to pass a significant milestone by completing the company’s registration in the Abu Dhabi Global Markets (ADGM) , and this will provide a more attractive legal structure for regional and international investment projects, looking for exposure to the future of e-commerce in Iraq . ”

Integration opportunities

Mohsen Khair Al-Din Garika, Managing Director of Investments at Al Sharqiya Group and a member of the Iraqi Funded Investors Network, commented: I believe that we will soon see an increase in merger and acquisition opportunities in the Iraqi e-commerce market as projects like Orisdi and its competitors .

Mohamed Chikli, one of Orisdi’s early investors and returnees, added: “ We are pleased to see the increased interest and participation of regional investors in Iraq over the past 12 months, as Iraq has great potential as a technology market with a population of more than 42 million people . ”

92 . views   Added 07/19/2022 - 1:20 PM   Update 07/19/2022 - 4:45 PM

https://economy-news.net/content.php?id=28954

Oil Prices Fall As Fears Of An Economic Recession Grow

Economie| 09:10 - 07/19/2022   Baghdad - Mawazine News: Oil prices fell, on Tuesday, after they jumped more than five dollars a barrel in the previous session, with the decline in the dollar supporting the interest of buying, and thanks to expectations that the interest rate hike in the US Federal Reserve may be less than it was imagined, but the fear of Recession led to a decline in prices.

Brent crude futures for September settlement were down 44 cents at $105.83 a barrel by 04:46 GMT, and the contract rose 5.1 percent on Monday, the biggest percentage gain since April 12.

West Texas Intermediate crude futures for August delivery fell 43 cents to $102.17 a barrel. The contract rose 5.1 percent on Monday, the biggest percentage gain since May 11.

Both benchmarks posted a weekly decline of more than 5% last week.

Oil prices have fallen among supply concerns as Western sanctions over Russian crude and fuel supplies disrupt trade flows to refiners and end users and growing concerns that central bank efforts to tame rising inflation could lead to a recession that would reduce future demand for the fuel.

Two US Federal Reserve officials indicated last week that the central bank is likely to raise interest rates by only 75 basis points at its July 26-27 meeting.

The lesser rise may mean a decrease in the economic crisis that will reduce the demand for fuel. Ended 29 https://www.mawazin.net/Details.aspx?jimare=199764

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