Iraq Economic News and Points to Ponder Late Friday Evening 1-12-24
Tlm724 Administrator Bondlady’s Corner
Abdul Wahid: Iraq Loses $21 Billion Annually Due To Currency Differences, And Parliament Will Host The Responsible Parties
Friday 12, January 2024 15:41 | Political Number of readings: 299 Baghdad / NINA / Member of the Parliamentary Integrity Committee, Sarwa Abdel Wahed, revealed today, Friday, that Iraq loses more than 21 billion dollars annually due to currency differences, stressing that Parliament will host the responsible parties to put an end to this theft.
Abdel Wahed said in a blog post on the X website. , “Iraq loses $21 billion annually due to currency differences, and this is the largest clear theft in the country’s history, at a time when the government and the central bank are unable or unwilling to control the parallel market.
She pointed out that “Iraq’s oil is sold in dollars, and the government and the central bank count every 100 dollars as 132 thousand dinars. In the currency difference for selling oil alone, Iraq loses more than 21 billion dollars, and there are similar amounts in the currency difference, and the only beneficiaries are parties, companies, and affiliated banks.” To influential figures. She added, “Parliament, in its new legislative term, must put an end to all these public thefts.”/End 9
https://ninanews.com/Website/News/Details?key=1100559
Strategy To Enhance Confidence In The Banking Sector
Financial and banking advisor, Samir Al-Nusairi On 6/23/2016, the Iraqi Banking Conference was held in Beirut under the title (Restoring Confidence in the Iraqi Banking Sector), in the presence of the Governor of the Central Bank at the time, Mr. Ali Mohsen Al-Alaq, and representatives of Iraqi private banks and branches of Arab banks in Iraq.
The number of all private Iraqi banks was not more than 30 banks, and they were The savings rate in the banking system was 23%, the hoarding rate among citizens was 77%, and the financial inclusion rate was 11%.
The reasons for this were attributed to the economic, financial and security challenges and shocks, the intertwining of policies, and the lack of clarity of vision in making decisions for financial reform despite all previous successive governments making efforts to do so. direction, but the desired reform was not achieved.
After 8 years, the Governor of the Central Bank announced at the regular meeting of banking leaders two days ago that the Central Bank will adopt a special strategy to enhance confidence in the banking sector, accompanied by strategies and plans that will be implemented in 2024 in the footsteps of financial and banking reform, which will be carried out with support and joint cooperation with the government and with the support of Mr. President.
The Council of Ministers, where the map of expansion in the number of banks changed and became 72 banks, and the financial inclusion rate exceeded 33.5%, and the number of bank accounts opened and operating in banks is more than 10 million accounts, and the number of credit cards issued and in force is approximately 18 million cards, and the digital transformation in the banking sector is moving in the direction Accelerating the adoption of modern banking technologies and comprehensive systems, in addition to establishing the Iraqi Deposit Insurance Company.
Therefore, the deposits, which guarantee customers’ deposits at that bank, prevent it from performing its obligations towards them in accordance with the new amendment to its internal regulations. However, mistrust is still prevalent within the culture of citizens, with their reluctance to deal with banks, and we believe that the reason that led to this is the faltering banks, the methods of some banks in dealing with customers, complex routine procedures, and some banks’ circumvention of the Central Bank’s instructions, which outline mechanisms for transparent and proper dealing with citizens.
Therefore, The new strategy to enhance confidence, as explained by the Governor on 1/11/2024, will depend on the following:
First – improving the level of banking services and products provided to customers.
Second: The availability of the bank’s financial solvency and its ability to meet customers’ requests at the time of request without delay.
Third: The bank’s control and direct supervision focus on measuring the level of service provided by banks to customers.
Fourth – It provides external (international) confidence in the bank through its ability to adhere to international standards and obtain confidence from correspondent banks.
Fifth – Increase the capital of banks on the new date of February 15, 2024, which is the deadline specified for the increase. Views 67 01/12/2024 – https://economy-news.net/content.php?id=39363
World Bank: Iraq Has Not Witnessed Significant Inflation In Food Prices
Economy | 01/12/2024 Mawazine News – Baghdad The World Bank confirmed today, Friday, that Iraq will not witness significant inflation in food prices during 2023. A
central bank report seen by Mawazine News stated, “Inflation levels for the food sector, and according to the World Bank, it is noted that Iraq is one of the few countries Which did not witness significant inflation in food prices during 2023.”
On December 20, the International Monetary Fund announced a decrease in the inflation rate in Iraq, which is expected to stabilize due to the policy of the Central Bank of Iraq and the impact resulting from raising the exchange rate of the Iraqi dinar and improving compliance with the framework for combating money laundering and the financing of terrorism. https://www.mawazin.net/Details.aspx?jimare=240255
Bulgaria Replaces Russian Crude With Iraqi Oil
Arab and international Economy News – follow-up Data from the London Stock Exchange and statements from traders showed that Bulgaria replaced Russian oil imports with crude from Kazakhstan, Iraq and Tunisia in January.
Bulgaria enjoys an exemption from the ban imposed by the European Union, allowing it to continue imports of Russian oil transported by sea in 2024.
But Bulgaria imposed restrictions on exports of all refined Russian crude products this month, making it almost impossible for its only refinery to operate with Russian oil, and decided to stop all imports of Russian crude oil as of March.
Bulgaria buys oil to feed the Burgas refinery, which has a capacity of 190,000 barrels per day, and is operated by the Russian company Lukoil.
Bulgaria is the fourth largest buyer of Russian seaborne crude in 2023, purchasing more than 100,000 barrels per day.
London Stock Exchange data showed that, so far in January, the Burgas refinery will receive two shipments of 70,000 metric tons each from Kazakhstan, a shipment of 76,000 tons of Basra Light crude, a shipment of 50,000 tons of Caspian Pipeline Union blend, and 33,000 tons of oil. From Tunisia.
Views 29 01/12/2024 – https://economy-news.net/content.php?id=39365
Oil prices continue to rise, and Brent exceeds the $80 barrier
Economy | 03:08 – 01/12/2024 Mawazine News – Baghdad Oil prices continued to rise today, Friday, and a barrel of “Brent” rose above the level of $80 in light of the escalation in the Middle East region.
Brent futures contracts rose by 3.46% to $80.09 per barrel, for the first time since last December 27, while US crude futures contracts rose by 3.64% to $74.66 per barrel, according to trading.
The rise came after the US-British attack on Yemen, and the attack raised fears of escalating tension in the Middle East, which would cause disruptions in global crude supplies.
https://www.mawazin.net/Details.aspx?jimare=240258
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Provoking Points To Ponder on Adversity:
Discontent and disorder were signs of energy and hope, not of despair.- C. V. Wedgwood
We say: mad with joy. We should say: wise with grief.- Marguerite Yourcenar
There are some things you learn best in calm, and some in storm.- Willa Cather
Discontent is the first step in the progress of a man or a nation.- Oscar Wilde
http://famousquotesandauthors.com/topics/adversity_quotes.html
Famous Quotes and Authors, Famous Quotations for all Occasions–