More Iraqi News Friday PM 11-27-20
More Iraqi News Friday PM 11-27-20
TLM724 Administrator BondLady’s Corner
Finance intends to issue bonds worth 5 billion dollars for citizens
He noted, "The Ministry of Finance seeks to offer bonds worth 3-5 billion dollars to citizens in dinars and dollars, and we expect private and government banks to buy them, indicating that" The Exchange Rate Of The Dinar Against The Dollar Will Be Fixed When Issuing Bonds, in order to avoid any losses in the purchase of bonds By banks and citizens. "
Time: 11/27/2020 16:45:04 Read: 1,274 times {Baghdad: Al Furat News} The Minister of Finance, Ali Abdul Amir Allawi, announced, on Friday, that the ministry is seeking to offer bonds worth 3-5 billion dollars to citizens in the currencies of the dinar and the dollar. Allawi said during his attendance at a seminar of the Association of Private Banks, "The banking sector is the most important economic sector, and the state is working to support it in order to move the economy."
He added, "The current economic reform movement is the most serious and will continue to the next governments." Allawi pointed out, "The Ministry of Finance is working to strengthen the infrastructure for the advancement of all economic sectors, especially the banking sector, in order to support investment projects in Iraq, and it does not see any alternative but to strengthen the banking sector and push it forward by removing obstacles in front of it."
He noted, "The Ministry of Finance seeks to offer bonds worth 3-5 billion dollars to citizens in dinars and dollars, and we expect private and government banks to buy them, indicating that" The Exchange Rate Of The Dinar Against The Dollar Will Be Fixed When Issuing Bonds, in order to avoid any losses in the purchase of bonds By banks and citizens. "
On the white paper, he stressed, "The Finance Ministry will, through the white paper, reform the financial policy, monitor and change the economy to keep pace with the global economy." LINK
Allawi: Through The White Paper, We Will Reform The Fiscal Policy
Economie| 04:24 - 27/11/2020 Baghdad - Mawazine News The Minister of Finance, Ali Abdul Amir Allawi, confirmed, on Friday, that the Ministry of Finance, through the White Paper, will reform the financial policy, monitor and change the economy.
Allawi said during his attendance at the meeting of the Iraqi Private Banks Association, that "the banking sector is one of the most important sectors, and the state is working to support it in order to move the economy," noting that "the current economic reform movement is the most serious and will continue to the next governments."
He added that "the Ministry of Finance is working to strengthen the infrastructure for the advancement of all economic sectors, especially the banking sector, in order to support investment projects in Iraq," explaining that "the Ministry of Finance does not see any alternative but to strengthen the banking sector and push it forward by removing obstacles in front of it." .
He noted that "the Ministry of Finance seeks to offer bonds worth 3-5 billion dollars to citizens in the two currencies, the dinar and the dollar," expecting "private and government banks to buy them."
He pointed out that "the exchange rate of the dinar against the dollar will be fixed when issuing bonds in order to avoid any losses in bond purchases by banks and citizens," stressing that "the Ministry of Finance, through the White Paper, will reform the financial policy and monitor the economy, and change it to keep pace with the global economy," explaining that The political decisions that were taken in the past affected the economy. "
On the other hand, "the head of the Iraqi Private Banking Association, Wadih Al-Handal, thanked the Minister of Finance for responding to the invitation," stressing that "the white paper accurately diagnosed the economic problems, and solutions became available to all officials."
Al-Handal explained that "Iraq is now at a crossroads, and if the rapid reforms necessary to pull the country out of its crisis are not implemented, this crisis will worsen in the coming year and the years that follow," calling for "the adoption of reform policies and contribution to their implementation, whether at the level of the public or private sector."
He pointed out that "the Association of Private Banks praises the reforms related to the banking sector included in the white paper," praising "the procedures of the Central Bank of Iraq that continuously contribute to supporting the private banking sector."
https://www.mawazin.net/Details.aspx?jimare=131983
Headed By The Minister Of Finance, The Association Of Private Banks Organizes A Meeting For The Banking Sector
Banks Economy News _ Baghdad The Iraqi Private Banks Association, in the presence of the Deputy Prime Minister for Economic Affairs, Minister of Finance, Dr. Ali Abdul Amir Allawi, held a meeting that includes all banks operating in Iraq to discuss the mechanisms for developing the banking sector according to the white paper.
The Minister of Finance, Ali Abdul Amir Allawi, said during the meeting, I thank the Iraqi Private Banks Association for this invitation, because the banking sector is the most important economic sector, and the state is working to support it in order to move the economy, stressing that the current economic reform movement is the most serious and will continue to governments Coming.
He added that the Ministry of Finance is working to strengthen the infrastructure for the advancement of all economic sectors, especially the banking sector, in order to support investment projects in Iraq, explaining that the Ministry of Finance does not see any alternative but to strengthen the banking sector and push it forward by removing obstacles in front of it.
He noted that the Ministry of Finance is seeking to offer bonds worth 3-5 billion dollars to citizens in the two currencies, the dinar and the dollar, and we expect private and government banks to buy them.
He pointed out that the exchange rate of the dinar against the dollar will be fixed when bonds are issued, in order to avoid any losses in bond purchases by banks and citizens.
He stressed that the Ministry of Finance, through the White Paper, will reform the financial policy, monitor the economy, and change it to keep pace with the global economy, explaining that the political decisions that were taken in the past have affected the economy.
On the other hand, the head of the Iraqi Private Banking Association, Wadih Al-Handal, thanked the Minister of Finance for meeting the invitation, stressing that the white paper accurately diagnosed economic problems, and solutions became available to all officials.
Al-Handal noted that Iraq is now at a crossroads, and if the rapid reforms necessary to lift the country out of its crisis are not implemented, this crisis will worsen in the coming year and the years that follow, calling for the adoption of reform policies and contributing to their implementation, whether at the level of the public or private sector.
He pointed out that the Association of Private Banks praises the reforms related to the banking sector included in the white paper, praising the procedures of the Central Bank of Iraq that contribute continuously to support the private banking sector. Number of observations 84 Date of addendum 11/27/2020 https://economy-news.net/content.php?id=22898
Headed By The Minister Of Finance, The Association Of Private Banks Organizes A Meeting For The Banking Sector
15:51 - 11/27/2020 The information / Baghdad ..The Iraqi Private Banks Association, in the presence of the Deputy Prime Minister for Economic Affairs, Minister of Finance, Dr. Ali Abdul Amir Allawi, held a meeting that includes all banks operating in Iraq to discuss the mechanisms for developing the banking sector according to the white paper.
The Minister of Finance, Ali Abdul Amir Allawi, said during the meeting, I thank the Iraqi Private Banks Association for this invitation, because the banking sector is the most important economic sector, and the state is working to support it in order to move the economy, stressing that the current economic reform movement is the most serious and will continue to governments Coming.
He added that the Ministry of Finance is working to strengthen the infrastructure for the advancement of all economic sectors, especially the banking sector, in order to support investment projects in Iraq , explaining that the Ministry of Finance does not see any alternative but to strengthen the banking sector and push it forward by removing obstacles in front of it.
He noted that the Ministry of Finance is seeking to offer bonds worth 3-5 billion dollars to citizens in the two currencies, the dinar and the dollar, and we expect private and government banks to buy them.
He pointed out that the exchange rate of the dinar against the dollar will be fixed when bonds are issued, in order to avoid any losses in bond purchases by banks and citizens.
He stressed that the Ministry of Finance, through the White Paper, will reform the financial policy, monitor the economy, and change it to keep pace with the global economy, explaining that the political decisions that were taken in the past have affected the economy.
On the other hand, the head of the Iraqi Private Banking Association, Wadih Al-Handal, thanked the Minister of Finance for meeting the invitation, stressing that the white paper accurately diagnosed economic problems, and solutions became available to all officials.
Al-Handal noted that Iraq is now at a crossroads, and if the rapid reforms necessary to lift the country out of its crisis are not implemented, this crisis will worsen in the coming year and the years that follow, calling for the adoption of reform policies and contributing to their implementation, whether at the level of the public or private sector.
He pointed out that the Association of Private Banks praises the reforms related to the banking sector included in the white paper, praising the procedures of the Central Bank of Iraq that continuously contribute to supporting the private banking sector. https://www.almaalomah.com/2020/11/27/507328/
Mazhar Muhammad Salih: The Government Has Several Means To Fill The Fiscal Deficit
Friday 27, November 2020 09:36 | Economical Views: 498 Baghdad / NINA / Economic expert Mazhar Muhammad Salih affirmed that: The government possesses several means to fill the financial deficit through internal financial markets in particular.
He told the Iraqi National News Agency ( NINA ) that: One of the means of closing the financial deficit is internal borrowing from the public directly with sovereign debt bonds that carry interest or a lucrative return.
Saleh added that: The public is the one who owns cash surpluses, especially cash or liquid hoardings, which are currently high, and they represent 83% of the monetary issuance of Iraq.
He explained that: The other internal source is the banks' deduction of the bonds and government transfers that they have accumulated as rights, which they possess after the government has loaned to fill the deficit.
Saleh added that: I do not mind that, provided that it does not lead to price inflation if it continues.
Two weeks ago, Parliament voted on the Financing the Fiscal Deficit / Borrowing Law, which has ended 3
https://ninanews.com/Website/News/Details?key=872863
Economist: Increasing Dollar Outlets Is A Depleting Mechanism That Encourages Consumerism And Speculation
Friday 27, November 2020 11:55 | Economical Views: 298 Baghdad / NINA / Economic specialist Maytham Al-Aibi confirmed that: Increasing the dollar sales outlets is a depleting mechanism for it and encouraging consumerism and speculation.
He told the Iraqi National News Agency / NINA / that: The decision to sell the dollar through the Rafidain Bank came as a measure by him, after he stopped working on buying and selling dollars a while ago.
Al-Aibi added that: This procedure comes mainly as part of the bank's non-traditional activities through which it seeks to achieve profits in addition to its traditional banking activities.
He explained that: This decision can expand the outlets for selling the dollar, but it does not necessarily mean increasing the amount sold by the Central Bank of dollars, which is subject to the auction mechanism.
Al-Aibi pointed out that: This procedure will be an opportunity for the dollar to reach the banking system, according to certain conditions.
He continued: In any case, the Central Bank allows the sale of dollars through government banks, a mechanism around which a lot of controversy revolves, as it provides an opportunity to balance supply and demand for foreign currency, while at the same time it is a dollar-depleting mechanism that encourages consumerism and speculation. https://ninanews.com/Website/News/Details?Key=872886
Allawi To «Economy News»: We Are Working On The Independence Of Government Bank Departments
Finance Minister Ali Abdul Amir Allawi Banks Economy News – Baghdad The Minister of Finance, Ali Allawi, revealed the existence of a proposal to make government bank departments independent of the government, in order to develop their work.
Allawi said to "Al-Iqtisad News" that in the 2021 budget there will be a tendency to separate government bank departments from the Ministry of Finance and become independent departments, in order to develop their work.
He added that the TBI bank model would be similar to, and more sophisticated, in managing other government banks, explaining that the Ministry of Finance is responsible for the work of government banks, while the Central Bank is responsible for the work of private banks. Number of observations 206, date of addendum 11/27/2020 https://economy-news.net/content.php?id=22894
An Oil Expert Praises The New Somo Auction To Sell Iraqi Oil
Hamza Al-Jawahry Energy Economy News – Baghdad The oil expert, Hamza Al-Jawahry, praised the recent move of the oil marketing company "SOMO" by launching an auction to sell 48 million barrels within 5 years.
Al-Jawahiri said, in his speech to "Al-Eqtisad News", that "Sumo's recent step is very good, in marketing Iraqi oil, because Iraq will receive many requests to buy this quantity, especially from the refineries in East Asia that are designed on the basis of the quality of Iraqi oil," explaining that "Some refineries do not have much storage capacity, so they rent that out and thus pay money, while through this auction they can buy this quantity in the future without storing it."
And Al-Jawahiri said that a certain company bought oil in this auction, at $ 40, and when the oil is loaded, if the price is $ 60, it will pay an additional $ 20 to Iraq, and if it is at $ 30, Iraq will pay $ 10 in the form of oil.
The oil expert expected that large companies would submit their bids to buy Iraqi oil in this auction, especially in light of the global production surplus.
Al-Jawahiri also expected some companies to demand a specific discount, but Iraq will choose the best offers.
The oil marketing company "SOMO", SOMO, announced last Wednesday, a new strategy for selling Iraqi oil with the start of the third phase of the OPEC Plus agreement at the beginning of next year, which includes selling 4 million barrels per month.
Sumo said in a press release received by "Al-Eqtisad News", that it will offer a specific amount that does not exceed 5% of the total quantities available for export of Iraqi crude oil at 4 million barrels per month and for a year through an auction starting from 7/1/2021 and ending on 30 / 6/2022.
She added that the winning company in the bid will be required to pay its full financial value in advance within (30) days from the date of signing the contract according to an initial estimated price per barrel equal to (the monthly or annual rate of Brent oil for the period preceding the date of signing the contract) deposited in the Central Bank of Iraq account with the bank The US Federal Reserve), adding that the final price of these shipments is equal to the official price announced by the Oil Marketing Company for the month of loading and according to the destination of the shipment, in addition to the price difference provided by the competing companies.
Number of observations: 141 date added 11/27/2020 https://economy-news.net/content.php?id=22895
Samsung Strengthens Its Presence In The Iraqi Market
Economie| 08:56 - 11/27/2020 Follow-up - Mawazine News Company strengthened "Samsung Electronics" its presence in the Iraqi market, following the conclusion of a partnership deal with the American University in Baghdad, as part of the business services provided by the company.
This partnership will contribute to enhancing the presence of "Samsung" products in the Iraqi market, and will focus on the commitment of the South Korean company to support the educational sector.
The company will provide various modern products in the Iraqi market, such as video wall screens from "Samsung" for control rooms, strong wall display screens with thin and distinct edges, external display screens for campus bus stations, and 85-inch FLIP interactive digital screens, which are easy. Use for an interactive and sharing experience as well as TV screens.
In order to interact closely and smoothly with consumers in Iraq and display its latest products, the International Electronics Company communicates through its official Facebook, Twitter and Instagram pages, in addition to its official website.
It is noteworthy that "Samsung" is at the forefront of its leadership in the manufacture of TVs in the region and the world for 14 years until today, in addition to its advancement to the fifth position on the Interbrand Index as the best brands in the world for the year 2020.
The "Samsung" Electronics Co., Ltd. is a global leader that inspires it. In shaping future milestones through innovative revolutionary ideas and technologies.
https://www.mawazin.net/Details.aspx?jimare=131933
The Foreign Minister Discusses With Russia Economic, Scientific And Technical Cooperation
Time: 11/27/2020 12:02:24 Read: 975 times {Baghdad: Al Furat News} Foreign Minister Fuad Hussein discussed with the Deputy Prime Minister, head of the Russian side in the Iraqi-Russian Joint Committee, Yuri Parisov.
The ministry spokesman said: The meeting discussed joint bilateral relations in the fields of economic, scientific and technical cooperation. LINK
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