Iraq Economic News and Points to Ponder Saturday AM 2-10-24
Tlm724 Administrator Bondlady’s Corner
The Advisor To The Association Of Banks Calls On Our Banks To Confront The American Banking Restrictions With Wisdom And Determination To Implement The Banking Reform Strategy.
Money and business Economy News – Baghdad Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, called on the banks to bypass the American banking restrictions by depriving 28 private banks of dealing in the US dollar, and to take all executive and technical measures to overcome the material and moral damage caused by these restrictions and the pressures of rumors launched by those who troll the murky waters with the aim of stopping the wheel of financial and banking reform that… Led by the government and the Central Bank, which yielded good results at the local and international levels during 2023.
Al-Nusairi referred to the directives of the Governor of the Central Bank, in his meeting with a delegation from the Association of Banks, to deal wisely and insist on implementing the strategy of the government and the Central Bank in banking reform, regularity and adherence to international banking standards, enhancing confidence in our national economy and banking sector, continuing to provide banking services and products to the public, and dealing in local currencies of countries with which Iraq has important trade exchange. With it, and securing local and international requirements to build solid banking relationships with solid global correspondent banks.
Al-Nusairi stressed that the strength and strength of the international rules and foundations on which the national economy is based, most notably the foreign reserves at the level of adequacy and within the standards in this regard, is the surest guarantee for overcoming the crises and challenges expected for subjective or objective reasons during 2024.
Al-Nusairi concluded his speech by stressing the strict commitment and cooperation with the Central Bank and the implementation of what was stated in its strategy in 2024, which focuses on the following axes:
First – Building a stable financial system that lies in accompanying financial electronic systems and the transition to the digital economy.
Second: Commitment to establishing the rules of compliance, risk management, transparency, and soundness of financial operations.
Third: Working to strengthen international relations, including establishing a network of relations with foreign correspondent banks.
Fourth – Establishing a Riyada Bank and redirecting work on initiatives to finance small and medium enterprises according to new standards and with international cooperation, with banks contributing to its capital and management. In line with the initiative of the Prime Minister (Riyada) and the establishment of the Loan Guarantee Company.
Fifth: Preparing, launching and implementing a financial inclusion strategy and developing it in joint coordination with the relevant authorities.
Sixth – Launching the national lending strategy, relying on the banks’ own financial capabilities to attract deposits and invest them in providing the best banking products to customers and contributing to development, with the support of the Central Bank and the government.
Views 114 02/09/2024 – https://economy-news.net/content.php?id=40296
Oil Prices Are Heading For Weekly Gains Of About 6%
Economy | 09/02/2024 Mawazine News – Baghdad Oil prices are heading for weekly gains amid continuing tensions in the Middle East after Israel rejected a proposal from Hamas for a ceasefire.
Early Friday morning (February 9, 2024), Brent crude futures rose 8% to $81.71 per barrel, while US West Texas Intermediate crude futures rose 17 cents to $76.39 per barrel.
The bombing by Israeli forces of the border city of Rafah in the southern Gaza Strip, after Israeli Prime Minister Benjamin Netanyahu rejected a proposal to end the war in the Strip, led to oil prices falling by about 3% compared to the previous year.
Tensions in the Middle East kept oil prices higher, and the two benchmarks are set to rise 5.7% each during the week.
American officials increased their criticism of civilian casualties as a result of Israeli operations in Gaza, at a time when a Hamas delegation arrived in Cairo to hold talks with mediators from Egypt and Qatar for a ceasefire.
Although the conflict led to higher prices, it had no impact on oil production.
Earlier this month, the OPEC+ alliance decided to keep production levels unchanged.
The Iraqi Ministry of Oil explained that a meeting of the coalition included “the Ministerial Committee’s review of oil production data and reports for member states for the months of November and December 2023, which witnessed the great commitment of the coalition countries to production adjustments and quotas.”
The Ministerial Committee for Production Monitoring includes a number of member states in the coalition, including Iraq, as it monitors production for member states in addition to global market developments, challenges, and influencing factors.
According to economic analyses, the oil industry faces a critical turning point in 2024, as it seeks to carefully balance abundant supply with expectations of high global demand.
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Points To Ponder on Anxiety about the Future
It is never safe to look into the future with eyes of fear. – E. H. Harriman
The future is called “perhaps,” which is the only possible thing to call the future. And the important thing is not to allow that to scare you.- Tennessee Williams
Cowardice … is almost always simply a lack of ability to suspend the functioning of the imagination.- Ernest Hemingway
Anxiety is a thin stream of fear trickling through the mind. If encouraged, it cuts a channel into which all other thoughts are drained.- Arthur Somers Roche
Most of the fear that spoils our life comes from attacking difficulties before we get to them.- Dr. Frank Crane