"Tidbits From TNT" Sunday 12-18-2022

Dec 18

TNT:

Tishwash: The National Bank of Iraq gets an advanced rating in Moody's at B3 and Caa1

Moody's credit rating agency announced the long- and short-term deposits rating of the National Bank of Iraq - affiliated to the Capital Bank Group - in local currency for the first time at B3, and the long- and short-term deposits rating in foreign currency at Caa1, driven by the decision to raise the modified basic credit assessment of the bank (Baseline Credit Assessment) to caa2 from B3.

The agency also raised the long- and short-term counterparty risk ratings to B3, with a stable outlook for all ratings on long-term deposits.

And taking into account the classification of long-term deposits in the local currency of the National Bank of Iraq, the basic credit rating is at Caa2 and two degrees of rise, which reflects the possibility of obtaining a high level of support from the parent company (Capital Bank of Jordan), which was rated B1 with a stable outlook and low support. From the Iraqi government, according to Moody's expectations.

Commenting on this rating, Daoud Al-Ghoul, CEO of Capital Bank Group, said: "This global rating reflects the strong financial position of the National Bank of Iraq, and will support its directions for growth and prosperity by opening new horizons for cooperation with regional and international financial institutions."

He added, "The classification will enhance the group's competitive position in the regional markets in which it operates, foremost of which is the Saudi market, in which the National Bank of Iraq recently opened its first branch," stressing that "the group will continue to support the bank to raise its classification to higher levels in the near future."

For his part, the Managing Director of the National Bank of Iraq, Ayman Abu Dahim, confirmed, saying: “We are very pleased that the National Bank of Iraq obtained for the first time a credit rating by Moody’s Investors Services, as this reflects a very positive outcome in light of the current circumstances, and we are We are certain that this rating will rise in the future as we continue to implement strategies and plans to expand our business, which will lead to an improvement in the financial strength of the Bank and a decrease in the level of surrounding risks.”

It should be noted that the National Bank of Iraq is a private joint stock company registered and established in Iraq since 1995, and provides banking and financial services through 23 branches in Iraq. The registered and paid-up capital is 270 billion Iraqi dinars, equivalent to about 185 million US dollars.

Capital Bank of Jordan is the largest shareholder in the National Bank of Iraq with a majority stake of 61.85%. In March 2021, Capital Bank Group completed the acquisition of all the assets, operations and branches of Bank Audi in Jordan and Iraq link

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CharlieOK: At around 20:40 on the call, Tony discusses his opinion that the GCR can happen first prior to the Iraq RV.

Mountain Mole: CharlieOK does that mean that the kingpin has been removed temporarily, perhaps delayed. It’s been stated that the Dinar had to go first but then secret meetings have been going on. Shift and transitioning is in the air

CharlieOK: Mountain Mole: I would defer that to Tony; but I think most of us have been thinking (and been told) that it has looked like lately, Iraq seems to be wanting to play the float first, prior to the GCR. Tony thinks it can happen either way. Like he has said for quite a long time, alot of people are going to make alot of money if they wait to gcr until after Iraq goes,

CharlieOK: I think Tony has stressed Iraq' s role more in the role of being the kingpin/spring board for all the other currencies to then revalue, and it all goes at the same tiime. That was the concept of the Iraqi oil contract scenario with the US, which apparently would be a springboard for everything else to go,

SueMC: Charlie I think he said that the raise in rate could happen first and then, when the RV happens, the GCR will happen.

Dutchie: 10 days, the new rate will be revealed in 10 days, according to some that was today or tomorrow and others Monday, but, this is Iraq

PaperChaser: Here is someone from the streets of Iraq : “Iraq dinar currency RV, news update IQD “Sounds like good news to me. https://www.youtube.com/watch?v=tb_xyCxuhds

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CandyKisses: The government works to provide wealth-optimal investment through economic reforms, says PM Al-Sudani

Baghdad-INA

Prime Minister, Mohammad Shia'a Al-Sudani, confirmed on Saturday, that the government is working to provide everything that achieves the optimal investment of natural and human resources through economic reforms.

The Prime minister’s media office said in a statement, received by the Iraqi News Agency (INA), that "Al-Sudani inaugurated the work of the 29th session of the Arab Engineering Conference, which is being hosted by the capital, Baghdad."

He added, "Al-Sudani welcomed convening78th session of the Supreme Council of the Federation of Arab Engineers in Baghdad, welcoming the work of the conference held under the title (Information Society and Advanced Technologies in the Arab World), organized by the Iraqi Engineers Union and the Federation of Arab Engineers."

Al-Sudani said in his speech during the inauguration ceremonies: "Today we evoke history and civilization in your conference. The term engineering and the engineering mindset in the comprehensive sense means the backbone of most of the civilizations that have risen," noting that "engineering sciences have contributed to the remarkable and spectacular development of societies, provided better, easier and more structured life, and participated in the improvement of services."

He noted that "The Iraqi Engineers' Union, founded in 1959, which hosts this conference, is one of the oldest professional unions in the Arab world. It has contributed significantly to professional leadership of engineering work, gained the confidence of the community in what made it the safe house to protect the profession and care for the interests of the beneficiaries, a center of expertise and professional consultation, and led the engineering community to be a regional and global competitor".

He continued: "At a time when I commend the role of Iraqi engineers through all the circumstances that our dear homeland went through, I salute their patience, their commitment to their high professionalism, and their keenness to provide the best in their different fields. I also commend the creative work of a number of Iraqi figures that the world witnessed in the field of engineering. And I urge them to play a distinctive role in the next phase and in the vital sectors to which we have referred in our ministerial approach, which has won the trust of the parliament. "

Al-Sudani stressed that "The government is working to provide everything that achieves the optimal investment of natural and human resources through economic reforms that focus on improving the working environment and overcoming obstacles for the expertise and competencies, and diversifying sources of income cannot be achieved without a clear and serious partnership with the private sector."

He concluded his speech by saying: "I congratulate the Supreme Council of the Federation of Arab Engineers for holding their 78th meeting in the capital, Baghdad, the place where this ancient council was founded, and I call on the members of the council to take a decision to return the council's headquarters to the place of its foundation, so that Baghdad will embrace it again, and we will provide all forms of necessary support for that."

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CandyKisses: Will Haider al-Abadi be chosen for the position of Vice President?

Baghdad - Iraq Today:

Iraqi political forces in Baghdad are discussing the restoration of the position of Vice President of the Republic, which was in force between 2004 and June of 2015, when former Prime Minister Haider al-Abadi took a package of decisions aimed at reducing financial expenditures in the country and closing the state's insignificant exchange doors at the height of the war on ISIS, which accompanied a severe financial crisis with the decline in oil

prices. The number of vice presidents reached three in 2015, with Nouri al-Maliki, Osama al-Nujaifi, and Iyad Allawi each serving as vice presidents, with allocations and financial expenditures amounting to about one million dollars per month for each of the offices of the three deputies.

In this context, the spokeswoman for the Victory Coalition, Ayat Muzaffar Nouri, told a press interview that "the position of vice president of the republic is considered one of the non-essential supporting positions in the Iraqi government."

Al-Mudhaffar pointed out that "the current stage, it is possible that these positions will take their role in accordance with the government program, adopted by Prime Minister Mohamed Shia Al-Sudani to fight corruption, provide a service to the people and restore confidence between the citizen and the political process," noting that the position of the two vice presidents is subject to weights and electoral merit, in addition to the weight of political blocs and political consensuses to present candidates.

With regard to the nomination of former Prime Minister Haider al-Abadi for this position, Al-Muzaffar denied the official nomination for him, noting that "there is a media circulation only for the names of the candidates."

She added that "this file will be resolved through an official meeting, to be announced in the session of the House of Representatives, if there is a political agreement on the names of the candidates."

Al-Mudhaffar concluded her speech by saying that "the Victory Coalition will be supportive of the position of the President of the Republic, provided that his work supports the government program and the work of the Prime Minister, without causing slouching and burdening the government," noting that "this position must determine its tasks, according to the conditions set by the Iraqi constitution.