Bondlady’s Corner

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Iraq Economic News and Points to Ponder Tuesday Afternoon 2-20-24

Tlm724 Administrator Bondlady’s Corner

How Will Foreign Trade Be Financed After The Cancellation Of The Electronic Platform? The Iraqi Central Bank Answers

Money  and business  Economy News – Baghdad  Today, Tuesday, the Central Bank of Iraq revealed the mechanism for financing foreign trade after canceling the electronic platform and currency auction that the Central Bank intends to implement soon.

The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in an interview followed by Al-Iqtisad News, “The Central Bank of Iraq is heading to cancel work on the electronic platform.”

He explained that “the banks will be responsible for financing foreign trade directly through the dollars they own, and they will be fully responsible for auditing invoices and transfers, which is the practice globally.”

Khalaf stated that the American correspondent banks will be responsible for financing the requests of these banks among themselves after reviewing the private documents, and the Central Bank of Iraq will not enter as a party in this case.

227 views   Added 02/20/2024 – 1:13 PM

The Iraqi Private Banks Association Participates In A Discussion Session On Developing The Work Of The Banking Sector

Economy News _ Baghdad  The Iraqi Private Banks Association participated in the seminar held by the Central Bank in cooperation with the General Council of Islamic Banks and Financial Institutions.

The advisor to the Iraqi Association of Private Banks, Samir Al-Nusairi, said during his speech in the discussion session: First, I convey to you the greetings of the President of the Association of Banks, Wadih Al-Hanhal, referring to the role of the Association of Banks in the field of cooperation with Arab and foreign banking organizations, as well as the General Council of Banks and Islamic Financial Institutions in light of the agreement.

It signed with them in the field of training and holding workshops, and it is the official and sole agent approved by the General Council.

He added that the Association is a major supporter of the banking sector, as well as within the strategies and directions of the Central Bank to advance the reality of the sector and meet its ambition.

99 views 02/20/2024 –

Oil Prices Record Remarkable Stability In Global Markets

Economy |  02/20/2024  Mawazine News – Baghdad  Oil prices held gains near their highest level in more than three months after another Houthi strike in the Red Sea, as tensions persist in the key region for crude production and trade.

Brent crude futures fell eight cents to $83.48 a barrel by 01:33 GMT. US West Texas Intermediate crude for April delivery fell 10 cents to $78.36 a barrel.

The West Texas Intermediate crude contract for March rose 26 cents to $79.45 a barrel, with traders preparing for this contract to expire during the day.

Oil has remained confined to a narrow range of $10 per barrel since the beginning of the year, as competition between the factors supporting the rise and fall led to a decline in volatility. Signs of weak demand – most notably from top importer China – were offset by geopolitical tensions and efforts by the OPEC+ alliance to cut production.

OPEC+ and its allies are scheduled to meet in early March to decide whether to extend production cuts into the second quarter. Iraq, OPEC’s second-largest producer, pledged to improve its compliance with the restrictions after the country finishes reviewing external estimates of its production, according to the Iraqi Oil Minister.

The US Dollar Declines Against The Iraqi Dinar

Economy | 02/20/2024  Mawazine News – Baghdad  The exchange rates of the US dollar against the Iraqi dinar witnessed a slight decline today, Tuesday,

and the Kifah and Harithiya central stock exchanges recorded a price of 152,150 Iraqi dinars against 100 US dollars.

As for the dollar exchange rates in banking shops and local markets, the selling price reached 153,250 dinars, while the purchasing price reached 151,250 dinars for every 100 dollars.

The Central Bank Stresses The Growing Importance Of Islamic Finance In Iraq

Economy | 02/20/2024   Mawazine News – Baghdad   The Central Bank of Iraq stressed, on Tuesday, the growing importance of Islamic finance in Iraq.

The Central Bank stated in a statement received by Ann News, “The Central Bank of Iraq hosted a technical workshop on governance and compliance in Islamic banks and financial institutions, which was organized by the General Council of Islamic Banks and Financial Institutions.”

He added, “The workshop, which was attended by a number of representatives of banks, Islamic financial institutions, regulatory bodies, supervisory authorities, and international organizations, discussed governance and compliance in banks and Islamic financial institutions, discussed supervisory methodologies for continuity and development after crises, challenges of governance and compliance in Islamic finance, as well as risk management practices.” “.

He continued, “The workshop saw the work program carefully designed to integrate theoretical frameworks with practical applications in the field of governance, compliance, and risk management to ensure maximum benefit for participants.”

Deputy Governor of the Central Bank of Iraq, Ammar Hamad Khalaf, stressed, according to the statement, that “the success of the workshop emphasizes the growing importance of Islamic finance in Iraq, and hosting this workshop reflects our fruitful cooperation with the General Council in order to encourage best practices for governance and compliance within Islamic financial institutions in Iraq.” .

In turn, the Secretary-General of the General Council, Abdelilah Belatiq, said, “Through this distinguished initiative, we reflect the joint commitment between the General Council and the Central Bank of Iraq in developing the principles of governance and compliance in the Islamic financial industry,” looking forward to “more cooperation and constructive work to strengthen and develop the industry.” Islamic finance in the region.

Al-Sudani: The Justifications For The Presence Of The International Coalition In Iraq In 2014 Have Effectively Completely Ended

Tuesday 20, February 2024 18:50 | Political Number of readings: 330  Baghdad / NINA / Prime Minister Muhammad Shiaa Al-Sudani confirmed: “The justifications for the presence of the international coalition in Iraq in 2014 have practically completely ended today.”

Al-Sudani said in a press conference attended by the National Iraqi News Agency ( NINA ): “The government received an official request from the American embassy.” By agreeing to implement what we agreed upon during the meetings to form a higher bilateral military committee, and this file cannot be ignored or shied away from at all.”

He added: “The meetings take place three days a week in the presence of the American side and representatives of the international coalition, which is now sitting with the Iraqi government to talk about the three main axes.” In the meetings of the Military Committee, “operational presence, security preparedness, and the intelligence aspect.”

Sudanese Announces The Official Approval Of The US Embassy Regarding The Implementation Of The International Coalition’s Withdrawal

Political | 02/20/2024   Mawazine News – Baghdad

Prime Minister Muhammad Shiaa Al-Sudani announced on Tuesday that the government had received an official response regarding the American approval to schedule the American withdrawal.

Al-Sudani said in a press conference followed by Mawazine News, “The axis of the political agreement within the government program has been implemented, 54 paragraphs of which are still 27 steps in progress.”

He added, “We have renewed and renew our position that rejects Iraq being an arena for conflict or the exchange of messages, and Iraq’s interest is the most important,” noting that “his visit to the Netherlands comes within the framework of developing bilateral relations and within the context of building companies.”

He continued, “Baghdad received an official letter from the American embassy approving the The outcomes of the meeting held in Washington in implementing the agreement regarding scheduling the end of the tasks of the international coalition.”

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Provoking Points To Ponder on Tact and Diplomacy:

Tact is the intelligence of the heart.  – Anonymous

Silence is not always tact, and it is tact that is golden, not silence.  – Samuel Butler

Diplomats are useful only in fair weather. As soon as it rains, they drown in every drop.  – Charles de Gaulle

A distinguished diplomat could hold his tongue in ten languages.  – Anonymous

Negotiation in the classic diplomatic sense assumes parties more anxious to agree than to disagree.  – Dean Acheson

Diplomacy; the art of saying ‘nice doggie’ till you can find a rock.  – Wynn Catlin

An ambassador is an honest man sent to lie abroad for the good of his country.  – Henry Wotton

If any pilgrim monk come from distant parts, with wish as a guest to dwell in the monastery, and will be content with the customs which he finds in the place, and does not perchance by his lavishness disturb the monastery, but is simply content with what he finds, he shall be received for as long as he desires.

If, indeed, he find fault with anything, or expose it, reasonably, and with the humility of charity, the Abbott shall discuss it prudently lest perchance God had sent him for this very thing.

But, if he have been found gossipy and contumacious in the time of his sojourn as guest, not only ought he not be joined to the body of the monastery, but also, it shall be said to him, honestly, that he must depart. If he does not go, let two stout monks, in the name of God, explain the matter to him.  – Saint Benedict

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