More Iraqi News Wednesday Evening 7-27-22
More Iraqi News Wednesday Evening 7-27-22
TLM724 Administrator BondLady’s Corner
“Economically And Parliamentarian” .. The Law: The Exchange Rate Of The Dollar Will See The Light In The Next Stage
Economic Last Update 07/27/2022 | 3:21 PM information/special. State of Law Representative Jassem al-Moussawi confirmed today, Wednesday, that the chances of the coordination framework within the parliament have become very strong, and this qualifies him to change the exchange rate of the Iraqi dinar against the US dollar, while stressing that the improvement in the economic situation will prompt the return of the dollar to its old price. Al-Moussawi said in an interview with the "Information" agency,
"One of the main demands adopted by the State of Law coalition is to restore the dollar exchange rate, especially after the improvement of the economic situation," noting that
"the Iraqi government's interaction with the development of investment, the development of agriculture, and the opening of wide economic outlets, They all require a change in the exchange rate.”
He added, "The coordinating framework has become the largest parliamentary bloc, and
its fortunes have increased significantly within the parliament and its impact is very strong, and
this is what enables it to change the exchange rate, especially as it is the main requirement for the framework during the next stage." The representative of the state of law explained that
"the cash reserve of the currency rose to more than 70 billion dollars and may rise to 90 or more, and
this could change the exchange rate of the dinar against the dollar with the existing economic improvement."
The representative of the National Approach Alliance, Hassan al-Asadi, had confirmed, earlier, the possibility of reducing the dollar exchange rate in the new general budget, stressing that
there is a parliamentary movement to return the dollar exchange rate to what it was previously.
https://almaalomah.me/2022/07/27/610826/
An Expert Explains The Reason For The Absence Of The Iraqi Oil Company From The Stock Exchange.. “It Has No Value.”
Economic Last Update 07/25/2022 | 8:02 PM information/special. The professor of economics at the University of Basra, Nabil Al-Marsoumi, explained, on Monday, the reason behind not offering the name of the Iraqi National Oil Company, attributing the reason to not offering the company's shares on the international stock exchange.
Al-Marsoumi said in an interview with the "Information" agency, that
"the Iraqi National Oil Company has not offered its shares on the stock exchange; Because it is not a joint stock company, but rather owned by the state.”
He added, "There is no value for the Iraqi Oil Company's shares on international stock exchanges."
Although the Iraqi National Oil Company was established in 1961, and owns the second OPEC oil reserves and the fifth reserves in the world, it has no market value and is not listed on the world’s stock exchanges and it is not known how much the share is worth. https://almaalomah.me/2022/07/25/610517/
Al-Kazemi: The Electrical Connection With Neighboring Countries Will Be Reflected In The Provision Of Energy At Cheap Prices
Economy Prime Minister Mustafa Al-Kazemi Opening of an electric station 2022-07-27 03:42
Shafaq News/ Prime Minister Mustafa Al-Kazemi considered today, Wednesday, that the electrical connection with neighboring countries will have a significant impact in providing energy to Iraqis at reasonable and cheap prices, while
indicating that his government succeeded in turning challenges into "opportunities for success."
Al-Kazemi said in a speech during the laying of the foundation stone for the Anbar Installed Power Plant project in the Al-Furat district of Anbar Governorate, followed by Shafak News Agency,
"I thank all the cadres of the Ministry of Electricity, whether in the production sector or in other supporting sectors, and
I especially mention the cadres working on this site, and under These weather conditions and high temperatures, all thanks and gratitude for these national efforts.”
Addressing the station's employees, Al-Kazemi added that
"their performance of duty is appreciated and respected by citizens, and
it enhances people's confidence in the government,
and confirms that it is working to develop services and dedicate its efforts to provide a decent life for all Iraqis."
Al-Kazemi continued, "We succeeded in the process of electrical interconnection with neighboring countries,
which will have a significant impact in providing energy to our people at reasonable and cheap prices,
as well as benefiting from Iraq being a corridor for the countries of the world through this electrical connection." In this context, Al-Kazemi noted,
"Iraq may be too late in catching up with this process and integrating with neighboring countries,
but in the end we reached this connection, which will be reflected in the coming years on Iraq's capabilities to produce electrical energy." In his speech, Al-Kazemi indicated that
"entering a new phase and taking a decision to change the name of the ministry from (electricity) to (electricity and alternative energy)," noting that
"we worked to support the ministry with everything it needed, and we provided conditions with a young leadership that gave them the opportunity and they began to innovate in providing services and developing the electricity sector. And the Prime Minister stated,
“We have taken it upon ourselves from the first moment of this government to work in all difficult circumstances, and to turn challenges into opportunities for success.
In the Iraqi economy, and according to International Monetary Fund estimates, the Iraqi economy is witnessing remarkable growth and stability in a world experiencing economic crises, and we will continue to work and provide all services to our people. Al-Kazemi explained,
"Even in the complex political conditions that we are currently living in, we worked very hard not to reflect this political crisis on the lives of citizens and to provide services to them. Obstacles and challenges to the government's work.
Today, Wednesday, Prime Minister Mustafa Al-Kazemi laid the foundation stone for the Anbar power plant project, which is installed in the Euphrates district of the governorate.
The total capacity of the Anbar installed plant is 1,642 megawatts at a cost of one billion dollars, and the project will take a period of 3 years. https://shafaq.com/ar/اقتصـاد/الكاظمي-الربط-الكهربا-ي-مع-دول-الجوار-سينعكس-على-توفير-الطاقة-ب-سعار-رخيصة
“Live On The Remnants Of The Socialist Legacy.” An Energy Expert Calls For The Restructuring Of The National Oil Company
Economic 2022/07/26 | 7:15 PM information/special. Energy expert Ahmed Sabah confirmed today, Tuesday, that the Iraqi National Oil Company lives on the remnants of the socialist heritage, while
calling for the restructuring of the company, after the lack of vision and improvisation, especially after 2014. Sabah told Al-Maalouma that
"the extractive oil sector represented by the National Oil Company, since its establishment as an alternative to the Iraq Petrolium Company IPC, was a state-owned socialist structure, and
this was the reality in the sixties, seventies and eighties, when it expanded and became managing all production operations and Oil marketing for all of Iraq.
As for the nineties and up to 2003, it was “affected by sanctions and international isolation,
while in the period between 2003-2008 it witnessed security instability as part of the state institutions,
the period between 2008-2014 which witnessed licensing rounds, the state’s policy was focused on increasing production and therefore Revenues due to high oil prices and the country’s need for funds after years of isolation and ruin.” According to the expert. He cautioned that
“the lack of vision and improvisation, especially after 2014, and the political instability that accompanied the war against ISIS, led to the failure to develop institutional performance, as an oil and gas law was not passed, and a unified national oil company was not established to manage all fields and supervise operating companies.”“. He pointed out that
“the development of the oil extractive industry requires the approval of the oil and gas law and the parliament’s support for the Iraqi National Oil Company INOC, which must be structured on a global basis, similar to Saudi Aramco.. Sabah pointed out that
"Iraq considers the oil-extractive sector the backbone of its economy, and
therefore it fears any offering of its shares, as this sector is subject to old laws that are considered a remnant of the socialist heritage and the central state." https://almaalomah.me2022/07/26/610691/
The Governor Of The Central Bank Of Iraq Meets His French Counterpart In Paris
July 22, 2022 The Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mikheib, met the Governor of the French Central Bank, Mr. Francois Villeroy de Gallo, in Paris.
The two sides discussed the development of banking relations between the two countries.
His Excellency the Governor indicated that he discussed with His Excellency Mr. de Gallo, global economic developments, and emphasized the development of banking and economic relations between the two countries, and that
France would be the starting point of the Iraqi banking sector towards Europe, stressing that
this sector is making progress at various levels, such as banking services and other indicators that It is constantly rising.
They also discussed the file of combating money laundering and terrorist financing and developing human resources working in the banking sector with international institutions.
For his part, the Governor of the French Central Bank praised Iraq's efforts in developing combating money laundering and financing terrorism and developing banking relations between the two countries, stressing that
the French banking sector is open to its Iraqi counterpart, especially with regard to facilitating transfers and banking relations.
On the other hand, His Excellency the Governor met with a number of French banks and companies, urging them to cooperate with Iraqi institutions and invest inside Iraq, stressing that
the Iraqi banking sector is able to meet the requirements of French companies and facilitate their tasks, with the desire of the Central Bank of Iraq for France to be a starting point for the banking sector towards Europe to establish a network of distinguished banking relationships.
It is reported that the Governor of the Central Bank of Iraq is currently visiting France at the head of a large Iraqi banking delegation. Information Office Central Bank of Iraq Friday 7/22/2022
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