Iraqi News Saturday AM 10-16-21
Iraqi News Saturday AM 10-16-21
TLM724 Administrator BondLady’s Corner
The Institute Of International Finance: Iraq Needs A Price Of 64 Dollars Per Barrel Of Oil To Achieve Financial Balance
Saturday 16 October 2021 10:25 | EconomicNumber of readings: 385 Baghdad / NINA / - The Institute of International Finance expected that Iraq needs a price of 64 dollars per barrel of oil during the next year to achieve financial balance.
The institute stated in a report that "all oil-producing countries will witness a decrease in the oil price to achieve parity or financial balance in the budgets of the oil-exporting countries, and without a significant deficit," noting that this is due to "the rise in oil and gas production in these countries in exchange for limited government spending cuts." .
According to the report, the break-even price of oil in Iraq - the second largest oil producer in OPEC - will be at $62 a barrel in 2022, down from $63 a barrel this year.
In other oil and gas producing countries, Qatar’s budget will witness a financial break-even point at $44 a barrel next year, down from $52 a barrel in 2021.
Bahrain, which is described as the smallest oil producer in the Gulf - will also witness a financial break-even , at $76 a barrel during 2022, compared to $82 a barrel in 2021. In contrast, the financial breakeven point in the budget of Saudi Arabia - the largest oil exporter in the world - will drop to $67 per barrel in 2022, compared to $75 per barrel in 2021./ End 8 https://ninanews.com/Website/News/Details?key=933478
For One Day.. The Iraq Stock Exchange Announces The Suspension Of Its Activity
Economie| 02:48 - 10/16/2021 Baghdad - Mawazine News The Iraq Stock Exchange announced, on Saturday, the suspension of its activity for one day only.
The market said in a statement received by "Mawazine News", a copy of it, that "based on the decision of the Council of Ministers to declare next Monday an official holiday on the occasion of the anniversary of the Prophet's birthday, trading sessions will not be organized for that day."
The market added that "the activity will be practiced after the official holiday and starting next Tuesday, according to its official timings."
It is noteworthy that the Iraqi Stock Exchange organizes five trading sessions a week from Sunday to Thursday, and includes 103 Iraqi joint stock companies representing the sectors of banking, telecommunications, industry, agriculture, insurance, financial investment, tourism and hotels. Ended
https://www.mawazin.net/Details.aspx?jimare=171340
A Slight Decrease In The Exchange Rates Of The Dollar In The Local Markets
Economie| 10:48 - 10/16/2021 Baghdad - Mawazine News The dollar exchange rates recorded, on Saturday, a slight decline in the main stock exchange and local markets in the capital, Baghdad.
The dollar exchange rate fell on the Central Kifah Stock Exchange in Baghdad, today, recording 148,250 dinars, for each $100 bill.
The exchange rates of the dollar have stabilized in exchange companies and local markets in Baghdad, where the selling price reached 148,750 dinars, for each denomination of 100 dollars, while the purchase prices amounted to 147,750 dinars, for each paper denominations of 100 dollars. Ended 29/A 4
https://www.mawazin.net/Details.aspx?jimare=171303
Finance Approves A Package Of Measures To Restructure Rafidain Bank
Economie| 09:08 - 10/15/2021 BAGHDAD - Mawazine News The Ministry of Finance has approved a package of reform measures related to the restructuring of Rafidain Bank, according to the white paper.
The ministry stated in a statement, "The reform package consists of several axes, including creating a new internal system for the bank that complies with the governance guide issued by the Central Bank of Iraq, in which the management of the board is independent from the bank's management, strengthening the independence of its work, and supporting efforts to complete the application of the comprehensive banking system, in addition to Strengthening and regulating the bank’s relationship with banking service providers.
She added, "The package of measures included reconsidering the bank's policies and procedures and making them more in line with the developments of the modern banking system in order to ensure the provision of the best and quality services by adopting a technical system to facilitate banking operations and carry out banking activities of economic feasibility in various sectors in a manner that serves economic activity and guarantees the rights of depositors and stakeholders." The ministry also supports the possibility of transferring the data of the bank’s customers whose salaries are domiciled with the bank and those who received advances and loans from the service provider to the comprehensive banking system.
And she continued, "With regard to human resources, it was emphasized, according to the reform package, the necessity of contracting with experts and specialists in the banking and financial sector to enhance the aspect of expertise aimed at raising the level of high-quality banking services, and in line with the advanced performance of the banking sector worldwide."
And she indicated, "The restructuring procedures come within the framework of reforms designed to make the government banking sector compatible with the standards of governance of the Central Bank of Iraq." https://www.mawazin.net/Details.aspx?jimare=171258
The Ministry Of Finance Announced The Restructuring Of Rafidain Bank, According To The White Paper.
Banks Economy News – Baghdad The Ministry of Finance said in a press statement received by " Al-Iqtisad News", "The Ministry of Finance approved a package of reform measures related to the restructuring of Rafidain Bank in accordance with the adoptions of the white paper , consisting of several axes, including: Creating a new internal system for the bank that complies with the governance guide issued by the Central Bank of Iraq In which the board’s management is independent of the bank’s management, consolidating the independence of its work, and supporting efforts to complete the application of the comprehensive banking system, in addition to strengthening and regulating the bank’s relationship with banking service providers .
She added, " The package of measures included reconsidering the bank's policies and procedures and making them more in line with the developments of the modern banking system in order to ensure the provision of the best and quality services through the adoption of a technical system to facilitate banking operations and carry out banking activities of economic feasibility in various sectors in a manner that serves economic activity and guarantees the rights of depositors and stakeholders . "
The ministry also confirmed the possibility of transferring the data of the bank's national clients, their salaries with the bank, and those who received advances and loans from the service provider to the comprehensive banking system .
The ministry noted that with regard to human resources, it was emphasized, according to the reform package, the necessity of contracting with experts and specialists in the banking and financial sector to enhance the aspect of expertise aimed at raising the level of high-quality banking services, in line with the advanced performance of the banking sector worldwide .
And it indicated that the structuring procedures come within the framework of the reforms designed to make the government banking sector compatible with the standards of governance of the Central Bank of Iraq .
On October 13, Al-Eqtisadiah News published a story about the restructuring of Al-Rafidain Bank.
The source, who preferred not to be named, told "Economy News", "The Ministry of Finance is currently working on restructuring the Rafidain Bank, which is represented by several measures, including the separation of the bank's board of directors from the Ministry of Finance and the introduction of a technical system instead of the current system used."
He added that the reforms also include the selection of a new manager for the Rafidain Bank, noting that the next phase, which will start after two years, may be a merger of the bank's branches.
Views 531 Date Added 10/15/2021 https://economy-news.net/content.php?id=26604
Replace Damaged Coins With New Ones
Saturday 16 October 2021 219 Baghdad: Mustafa Al-Hashemi Paper currencies are exposed to damage quickly, especially those of small denominations, due to their frequent circulation and use by children in direct transactions between different shops and markets, in light of the weak education by the Central Bank to replace damaged currencies in the bank, which created an outlet for the weak-minded of Taking a percentage of the money in exchange for replacing the damaged ones with new ones, sometimes up to 50% of its value.
Citizen Ammar Basem says that “the shops and markets spread throughout Iraq do not accept dealing with damaged cash denominations, and they try as much as possible to get rid of them by returning them to the citizen or refusing to take them from him, even though it is a valid and non-false currency.”
Bassem added to “Al-Sabah” that the children who destroy the most small denomination paper currency are children, sometimes they put it in their mouths or tear it up, intentionally or unintentionally, especially if it is damaged from the ground up.
Ali al-Bahadli (the owner of markets) says, unknowingly, large numbers of small cash denominations (1000), (500) and (250) dinars accumulate in me, because I left my young son to run the shop during my absence, so the people take advantage of walking their damaged coins on my son, Which compels me to incur an unnecessary loss.”
Al-Bahadli added to Al-Sabah, “A person comes to me from time to time, who collects damaged currencies from the shops and directly replaces them with new ones, in return for a commission that sometimes reaches half its value.”
And he indicated that "this loss should be borne by me because of the culture of inadmissibility of citizens in trading, even though they are currencies officially issued by the Central Bank and are not counterfeit."
In this regard, the expert in economic affairs, Dr. Hussein Al-Khaqani, explained that “the Central Bank is the only authority that is able to issue and print currency notes according to the law.”
Al-Khaqani commented on the condition of the damaged banknotes and the reason for their non-acceptance or rejection by the public, saying: “The reason is due to the refusal of a number of banks to receive such currencies from merchants and shop owners. General refusal to deal with damaged currencies.
And Al-Khaqani stated that “the central bank should urge all banks to accept dealing in these currencies as they are official and not counterfeit, in addition to the fact that banks have the ability to sort out and isolate the damaged ones, and that their acceptance by banks means acceptance of trading in them among the public.”
He pointed out that "the ideal solution to this problem is to impose (credit card) or (Visa and MasterCard) cards on shops, markets, filling stations and all parties that deal with cash, as it was imposed on retirees and employees." He stated that "the real application of banking automation realistically reduces the size of the cash block, and thus encourages the public to trade digital currencies when buying or selling, thus reducing their financial losses in small units." LINK
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