“Tidbits From TNT” Friday 12-27-2024
TNT:
Tishwash: Iraq establishes 'investment portfolio' to support stability of national currency
The economic advisor to the Prime Minister, Mazhar Muhammad Salih, revealed Iraq’s first step after extinguishing its foreign debts towards establishing an investment portfolio to support the stability of the national currency.
Saleh explained to {Euphrates News} that: "Since 2004, after Iraq was able to extinguish $100 billion of its accumulated debts, known as pre-1990 debts resulting from wars and conflicts, and with the improvement in the current account of the balance of payments, the first step taken by Iraq was to establish an investment portfolio of foreign reserves."
He added, "Or what is called the country's foreign exchange reserves that perform the function of stabilizing the value of the national currency or what is called the external value of money."
Saleh said that "these assets that support the stability of the balance of payments and the national currency {i.e. foreign reserves} are one of the aspects of the sovereign funds called {quasi-sovereign wealth fund}."
He pointed out that "they differ from traditional sovereign funds in that their assets are characterized by high liquidity or investment in liquid or semi-liquid assets and are subject to a highly accurate diversification rule in foreign currencies and highly liquid financial investment tools by virtue of their function as international reserves supporting the balance of payments and stabilizing the value of the national currency." link
Tishwash: Call to re-evaluate the cost of oil production in Kurdistan under the supervision of an international auditing firm
The economic expert, Safwan Qusay, called for a re-evaluation of the cost of oil production in Kurdistan under the supervision of an international auditing company.
Safwan told {Euphrates News} that: "The House of Representatives is supposed to, with the arrival of the budget schedules from the government to the parliament presidency, assign the Finance Committee to study them in order to approve them faster to avoid the agreement in 2025."
He added, "There is an urgent need to restore the cost of producing a barrel of oil from the Kurdistan Region's fields and raise this number under the supervision of an international auditing company to $16 or something commensurate with this cost, and for the region to pledge to deliver more than 400,000 barrels to SOMO."
Safwan pointed out that "amending the article related to exporting Kurdistan oil includes increasing the cost by $6 at the level of all oil fields in Iraq, and this rate can be reduced in some governorates to $2, and the transfer can be enhanced for the purpose of financing $16 from the Ministry of Finance to the region."
"There is a desire in China next year to double the total production, meaning we expect an increase in Iraqi oil consumption, which may give importance to increasing the value, thus the possibility of canceling the voluntary cuts by OPEC and returning the pumping of Iraqi oil to its normal production rates of 4 million and 500 thousand barrels of oil per day," he added.
Regarding the industrial city project in Basra, Safwan explained, "After completing the population census, we have a clear map of the deficit in housing units of no less than two million and 500 thousand housing units that are supposed to be built, and the demand for iron will increase with the presence of service projects and the necessity of establishing a train system."
He stressed "the need to develop the iron and steel industry in Iraq to move to the steel industry and create an economic partnership with companies that depend on iron and steel, whether in the housing sector or cars and other iron products," considering economic diversification "an important step taken by the government to rehabilitate the private sector, which suffers greatly."
Regarding the fluctuations in the dollar price and its impact on citizens, Safwan said, “The Central Bank of Iraq still has ambitions to modernize the banking systems and involve the largest possible number of banks in the process of financing foreign trade by reclassifying them and linking them to a system of international correspondents; but these efforts alone will not be able to control the exchange rate. We need to invest in technology at the border crossings.” link
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Tishwash: The International Development Bank announced, today, Thursday, the introduction of an electronic payment mechanism for entertainment services.
The International Development Bank announced, today, Thursday, the introduction of an electronic payment mechanism for entertainment services.
The bank's management said in a statement received by the Iraqi News Agency (INA): "The bank has entered into a strategic partnership with the 1001 application, which represents a new step towards achieving a shared vision in enhancing support for youth by providing an entertainment service and an integrated social experience through the use of electronic payment tools and bank cards."
It added, "This came with direct support and utmost importance from the Chairman of the Board of Directors of the International Development Bank, Ziad Khalaf; In order to encourage the use of legal digital content within Iraq, which contains a comprehensive store for the Iraqi public. This contract also contributes to enhancing digital entertainment and participation among youth in supporting sports culture and using payment via electronic cards.
" It stated, "Through this partnership, we seek to provide direct access to the digital, diverse and comprehensive content of the T0D/1001/bein sport/OSN+/lalega/Spanish League libraries, the English Premier League, the European Champions League, the German League, Formula 1, the NBA Basketball League and tennis tournaments," explaining that "this partnership represents a true reflection of our shared values in enhancing quality, providing the best and keenness to achieve excellence in everything we offer. link
Mot: What to appear
Mot: . Ever Wonder How Santa Pays fer da Toys!!!!!
