Some "International News" Posted by Samson Wednesday PM 7-6-2022

KTFA:

Samson:  Egypt introduces the first plastic ten-pound coin

6th July, 2022

The Central Bank of Egypt launched the ten-pound plastic denomination (polymer), which was produced using the latest banknote production lines applied in the world at the new printing house in the New Administrative Capital, with an emphasis on not canceling any of the previous issues of the same denomination and continuing to work with and circulate.

The new coin is adorned with the Al-Fattah Al-Alim Mosque as one of the features of the Islamic architectural styles in the new administrative capital, as well as the Pharaonic civilization represented by the statue of Hatshepsut, which reflects the identity of the ancient Egyptian state, linking the new currency ancient Egyptian history with the modern era.

Plastic money is characterized by flexibility and strength, less thickness, and a longevity of about three times that of the current cotton paper category, in addition to being waterproof, less affected by dust, environmentally friendly and recyclable, and more resistant to pollution compared to The denominations of paper money in circulation, in addition to the difficulty of counterfeiting and counterfeiting them.

The bank said in a statement, Tuesday, that the introduction of the new currency comes within the framework of implementing the clean monetary policy and raising the quality rates of banknotes circulating in the Egyptian market, in addition to reducing the cost of printing banknotes, especially the most traded categories, in the long run due to the long life of the paper.  LINK

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Samson:  Lavrov: Vietnamese companies continue to do business in Russia despite sanctions

6th July, 2022

Russian Foreign Minister Sergey Lavrov said that joint Vietnamese and Russian-Vietnamese companies will continue their activities in Russia and world markets despite Western sanctions.

The statement came at a press conference held by the Russian minister in the Vietnamese capital, Hanoi, after talks with Vietnamese Foreign Minister Boy Thanh Son.

He said, "The Vietnamese business sector clearly sees its interest, and wants to benefit from the further development of economic and investment relations with Russia. We have a very close and structured cooperation in the energy sector. 

There are companies involved in the production and delivery of hydrocarbons to global markets, and today we talked about the fact that these companies will continue their work.”  LINK

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Samson:  India is the largest importer of Iraqi oil during June

6th July, 2022

India topped the list of countries buying Iraqi oil last June, with a share of more than 35% of total exports

According to tankertrackers, the total exports during June amounted to more than 101 million barrels, with revenues exceeding $11 billion

India ranked first with its total imports of Iraqi oil with 36.33 million barrels, or 35.9%, with a daily average of more than one million barrels

China came after India, as it imported 23.56 percent of the total exports, at a daily rate of more than 769,000 barrels, as its oil purchases amounted to 23.8 million barrels

While America bought 11.77 million barrels from Iraq, representing 11.63% of the total June exports of Iraqi oil  LINK

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Samson:  Oil suddenly falls towards the $90...the lowest in 3 months

6th July, 2022

A new wave of losses erupted in the oil market, pushing the spot prices of the benchmark Brent and NYMEX crude to their lowest levels in 3 months, specifically from the beginning of last April

The prices of the benchmark Brent crude fell during these moments of trading today, Wednesday, to levels near 98 dollars per barrel, equivalent to losses in the range of 4 dollars per barrel

While the price of Nymex crude tumbled more than 4%, or the equivalent of $ 5 per barrel, down to levels near $ 95, which is the lowest since the beginning of last April

By the end of trading on Tuesday, the benchmark Brent crude price recorded a decline of 7.9%, or the equivalent of $8.86, at $102.77 a barrel, and the price of US Nymex crude fell by 8.2%, or $8.93, to record $99.50 a barrel  LINK

Samson:  Deputy: National Banks Are Led By Corruption Mafias, And The Central Bank Must Intervene

6th July, 2022

The representative of the Al-Fateh Alliance, Aziz Sharif Al-Mayahi, called, on Wednesday, the Central Bank of Iraq to reconsider the classification of Iraqi private banks and hold them accountable that did not provide any investment or economic benefits to Iraq, referring to some private banks that have turned into shops to issue letters of guarantee and take high and large commissions in addition to depletion of hard currency and smuggling it with false invoices.

Al-Mayahi said in a statement received by "The Information", "There are many private banks led by a number of corruption mafias, which, unfortunately, have turned into shops for issuing letters of guarantee and taking high and large commissions that burden contractors, in addition to draining hard currency and smuggling it abroad and paying forged invoices to The central bank and market speculation have not negatively affected the economic situation and harmed the Iraqi private sector and established its wealth at the expense of Iraq and its people without presenting any investment or economic plans or projects that would benefit Iraq or reduce the suffering of the poor classes.

Al-Mayahi added, “The Central Bank had previously worked on grading private banks according to what they presented, but unfortunately we did not find any of those private banks that were granted advanced degrees any benefit to the country, and they did not have any positive role during the successive economic crises that the country was ravaged, and despite this, its wealth is still growing from the country’s bounties without any account or supervision.”

He stressed "the importance of returning the central bank to all its accounts in dealing with private banks and setting stricter controls in checking invoices sent from those banks, given that the volume of exports does not equal the volume of hard currency leaving the country to sort out the lagging ones after giving them a time limit to rearrange their plans and in the event that the continued reluctance should work to withdraw licenses from them and oblige them to pay fines for the extent of the damage they caused to the Iraqi economy and the private sector.”   LINK