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Iraq Economic News and Points to Ponder Monday Evening 3-18-24

Tlm724 Administrator Bondlady’s Corner

Does Fitch’s Rating Affect The Government’s Only Financial “Arm”? An Expert Explains

Time: 03/18/2024 11:51:13 Read: 1,898 times  {Economic: Al-Furat News} An economic expert reduced the impact of the decision of the international credit rating agency {Fitch}, after it announced the reduction of the credit rating of the Trade Bank of Iraq (TBI) to {CCC+}.

Abdul Rahman Al-Mashhadani told {Al-Furat News} agency, “This classification is not new because it is an old classification, and it has been Iraq’s classification for years, although it is not good, and the Iraqi Trade Bank does not need bank credit because it is the government’s agent and finances government purchases and does not borrow, but rather it is He makes payments to the government, and talking about anything other than that is outside the jurisdiction.”

He added, “The international agency {Fitch} indicates that Iraqi banking institutions do not have complete transparency, and this is an indicator that we have had for years. The most important thing is that whoever is in charge of managing the Iraqi Trade Bank is being replaced on charges of corruption and mismanagement, so the problem is with the internal environment, not the external one, and this is what affects Iraq’s classification.” “.

Al-Mashhadani stressed, “The Fitch rating did not add anything new and does not affect Iraq.”

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said in a previous press statement, “Credit ratings are linked to the bank’s ability to obtain credit facilities, and the Trade Bank of Iraq (TBI) deals with full coverage of credits in advance, and therefore its documentary credits and financing of government imports will not be exposed to problems.”

He added, “Iraq is rated (b) negative, which is not a good classification, and no unit can be higher than the country’s classification. TBI will remain a semi-central bank due to its large number of correspondents, the strength of its capital, and its high profits.”

It is noteworthy that TBI Bank is the only Iraqi bank that has the right to send remittances abroad, due to the debts incurred by the country that prevent sending remittances and operations with the Rasheed and Al-Rafidain banks.   LINK

Al-Sudani: We Succeeded In Implementing The 2023 Budget, And We Must Continue To Complete Economic Projects

Money  and business  Economy News – Baghdad  Today, Monday, while chairing a meeting regarding the 2024 budget schedules, Prime Minister Muhammad Shiaa Al-Sudani stressed the importance of proceeding with the completion of economic projects.

Al-Sudani said in a statement reported by his media office and received by Al-Iqtisad News: “It is necessary to focus attention on projects that are nearing completion, and projects that drive the economic cycle and support infrastructure, in addition to projects that provide the largest number of job opportunities and meet the service, health and social needs provided.” On other general necessities.

Al-Sudani stressed that “the success witnessed in implementing the 2023 budget must be invested in completing the remaining economic projects, especially those related to aspects of economic reform, investment, and infrastructure construction in the areas of transportation, health, and municipal services, and supporting productive agricultural and industrial programs.”

In the path of comprehensive development and administrative decentralization, he stressed “the importance of selecting projects with the highest priority in the allocations to governorate councils, and making the local targets of the governorates in a state of integration with the programs implemented by the federal ministries, which allows achieving the highest returns and results at the level of employment and development, and meeting basic services.” For all citizens throughout Iraq.

Views 95   03/18/2024 –

Oil Announces Its Commitment To Voluntarily Reduce Exports

Energy   Economy News – Baghdad   On Monday, the Ministry of Oil announced its commitment to voluntarily reduce exports.

The ministry said in a statement, seen by Al-Iqtisad News, that “in confirmation of Iraq’s positions in support of the initiatives of the OPEC+ member states to maintain stability and balance in the oil market, the Iraqi Ministry of Oil confirms its commitment to the agreed upon voluntary reduction.”

She added, “Despite the reports received regarding the region’s production outside of coordination and agreement with the federal government, and in order to address this, the Ministry of Oil took the initiative to reduce oil exports for the coming months to absorb the increase recorded in Iraq for the past months of January and February.”

She pointed out that “coordination is being done with secondary sources to confirm this in their reports issued regarding the production rates of OPEC+ countries for the coming period.”

Views 7   03/18/2024 –

More Than $242 Million In Central Bank Sales Today

Monday 18, March 2024 12:35 | Economical Number of readings: 326  Baghdad / NINA / The Central Bank of Iraq announced, today, Monday, its total sales of foreign currency through the electronic window.

The window recorded the total amounts of transfers abroad (remittances, credits) at $221,850,680, while the total amount of cash sales amounted to $20,820,000, and the total amount of sales amounted to $242,670,680.

The cash sale was set at 1,305 dinars to the dollar, while the bond credits, international settlements for the electronic card, and foreign transfers were set at 1,310 dinars to the dollar. /End 11

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Provoking Points to Ponder on Decisions

There is one quality more important than know-how…. This is know-how by which we determine not only how to accomplish our purposes, but what our purposes are to be. – Norbert Weiner

Destiny is not a matter of chance, it is a matter of choice; it is not a thing to be waited for, it is a thing to be achieved.  – William Jennings Bryan

What must be, shall be; and that which is a necessity to him that struggles is little more than choice to him that is willing.  – Marcus Annaeus Seneca

A wiser rule would be to make up your mind soberly what you want, peace or war, and then to get ready for what you want; for what we prepare for is what we shall get.  – William Graham Sumner