KTFA:

Samson:  The G20 considers measures to support a rapid and sustainable economic recovery

13th October, 2020

The official Saudi Press Agency reported early Tuesday that G20 finance ministers and central bank governors will hold a virtual meeting on Wednesday under the Saudi presidency to discuss how to support a rapid and sustainable global economic recovery

The meeting will also discuss updates to the G20 action plan to support the global economy during the Coronavirus pandemic and the progress made in the G20 initiative to suspend debt service payments and propose an extension until 2021   LINK

Samson:  Fiscal Committee: The White Reform Paper Arrives in Parliament

13th October, 2020

The Parliamentary Finance Committee announced, on Tuesday, the arrival of the government's White Paper on Reform to Parliament.

The official Al-Sabah newspaper quoted the Finance Committee as saying that "the government's white paper for reform has reached the parliament."   LINK

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Samson:  The third announcement circulated by the Central Bank of Iraq to all Iraqi banks around the Arab Week for Financial Inclusion

12th October, 2020

 The third announcement circulated by the Central Bank of Iraq to all Iraqi banks around the Arab Week for Financial Inclusion.

Progress in financial inclusiveness indicators accelerated using electronic payment tools inside Iraq as it facilitates the electronic transfer of funds, which saves time and effort for everyone, and reduces the exchange of banknotes that are considered a transmission of infectious diseases and viruses..

and The Central Bank of Iraq has adopted an electronic payment strategy by cooperating with the public and private sectors to improve financial inclusiveness, which is one of the indicators of growth of the country's economy through improving and accelerating financial and economic services.

The year 2020 carried out a progressive model in the region to meet the needs of bankers by developing the Iraqi monetary policy infrastructure, led by the Central Bank of Iraq.     LINK

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StephenMac63:  Using Tehran experience in banking? Let's see, they lopped 4 zeros, under sanctions, they have no friends, banned from SWIFT, ....and iran is a consultant?  lol

Samson:  Iraqi Central: We will use Tehran's experience in finance and banking

12th October, 2020

The governor of the Central Bank of Iraq announced, on Monday, that banking issues with Iran will soon be resolved, indicating that Baghdad is seeking to use Tehran's experience in financing and banking.

In a statement received by Shafaq News Agency, the Iraqi Central Bank said that the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhaif, received today  his Iranian counterpart, Abdel Nasser Hemmati, who is visiting Iraq with a banking and economic delegation.

The Central Iraqi statement added that the meeting, which was also attended by the Director General of the Iraqi Trade Bank (TBI) from the Iraqi side , framed cooperation in the banking sector between the two sides and ways of solutions and treatments for financial dues for the Iranian side within the limits of the frameworks for that.

For its part, Iranian media reported that the governor of the Central Bank of Iraq and his Iranian counterpart stressed the solution of banking issues between the two countries. "We are trying to continue banking cooperation with the Islamic Republic of Iran, and we will use Tehran's experience in financing and banking," Mustafa Ghaleb Mukhaif said, adding that all our efforts are to continue cooperation between the two countries and the existing problems in the field of financial and monetary claims by Iran will be solved."

The governor of the Central Bank of Iraq added that "there are some mechanisms that can be used to help enhance banking and monetary cooperation between the two countries and solve the existing problems."

For his part, the governor of the Central Bank of Iran expressed his hope that, in cooperation with his Iraqi counterpart, the complex banking issues between the two countries would be resolved. "I hope that the banking and financial problems between the two countries will be resolved in light of the determination and will of the Iraqi authorities," said Abdel Nasser Hemmati. "Relations between the Islamic Republic of Iran and Iraq are very important and effective, and Tehran attaches great importance to developing cooperation with Baghdad."

The Governor of the Central Bank of Iran arrived in Baghdad this morning at the head of a delegation to meet and consult with Iraqi officials, including Prime Minister Mustafa Al-Kazemi.  LINK

Samson:  Oil prices rise after losses due to the return of supplies

13th October, 2020

Oil prices rose on Tuesday, after suffering losses of nearly three percent in the previous session, with the resumption of supplies in Norway and the Gulf of Mexico in the United States and Libya, while the International Energy Agency expected a decrease in global energy demand by five percent this year

US West Texas Intermediate crude futures rose four cents to $ 39.47 a barrel, and Brent crude futures rose four cents as well, to $ 41.76 a barrel

Oil prices are under pressure due to fears of a return of supplies, while the increase in Covid-19 cases in the American Midwest and Europe raises concerns about the growth in fuel demand, which represents a challenge to OPEC and its allies in what is known as OPEC +

With the return of workers to drilling rigs in the Gulf of Mexico in the United States after Hurricane Delta, as well as the return of workers in Norway to the rigs after the end of the strike, all eyes are on Libya, a member of OPEC, after the status of force majeure in the El Sharara field was lifted

On Monday, Libya's total production reached 355,000 barrels per day. The field was producing 300 thousand barrels per day before the blockade that was imposed on it

OPEC + cut supplies to support prices amid the Corona pandemic and cut supplies by 7.7 million barrels per day until December. The group's market watch committee meets next Monday   LINK