Iraqi News Highlights Late Monday Evening 7-10-23
Tlm724 Administrator Bondlady’s Corner
Ftaa Kurdistan Prohibits Cash Transfer Via Bank Cards Outside The Country
Kurdistan breaking Kurdistan fatwa cash transfers 2023-07-09 Shafaq News/ On Sunday, the Supreme Council for Fatwa in the Kurdistan Region issued a clarification about bank cards and cash transfers with the aim of profiting.
In a statement received by Shafaq News agency, the council said, “Making bank cards in the name of citizens, transferring money on them, withdrawing them outside the country, and bringing them back into the local markets is a prohibited and illegal process.”
The council attributed the reason for its fatwa, according to the statement, to the prohibition of deceiving banking procedures, the law, and government instructions, stressing that
“Muslims must abide by the instructions and conditions set for the transfer of the Iraqi dinar with the US dollar.”
In the fatwa, the council inferred a hadith of the Prophet of Islam, Muhammad: “Muslims are bound by their conditions, except for a condition that forbids what is lawful, or makes lawful what is forbidden.”
And after the Central Bank’s decision to fix the exchange rate of the Iraqi dinar against the US dollar, and not to decrease it in the local markets, many Iraqis resorted to buying bank cards and transferring amounts of Iraqi dinars on them and transferring them to another account outside the country (the UAE and Turkey often) so that
a second person could buy the dollar from abroad. At the official rate of the Central Bank and re-transferring it to the first account, with the aim of profiting from the discrepancy between the official rate and the price in the local markets.
Al-Saadi: Importers’ Dependence On The Dollar Is Behind Its Failure To Devalue It In The Parallel Market
Information / Baghdad..The researcher in economic affairs, Muhammad Al-Saadi, explained, on Friday, that the total dependence of importing traders on the dollar in the parallel market is behind its continued rise in the parallel market.
Al-Saadi told Al-Maalouma that “many merchants, especially importers, depend on the dollar on the black market, and did not go to the electronic platform in order to obtain the dollar at the official rate.”
He added, “The lack of locally produced commodities pushes the trader to go abroad in order to import, and therefore he has the option of going to obtain the dollar from the official platform, and
he may go to erase the parallel market in order to obtain the currency as quickly as possible.” And he indicated that
“the volume of demand for buying the dollar, especially by speculators and traders, made some exchange shop owners monopolize the currency and store it in order to raise its value in the parallel market and obtain great benefits, despite the government’s measures to control prices.”
https://almaalomah.me/news/economy/الساعدي:-اعتماد-المستوردين-على-الدولار-وراء-عدم-تخفيضه-في-ال
Al-Mashat: The Central Bank’s Initiatives Have Stimulated The Labor Market
July 9, 2023 Last updated: July 9, 2023 The Independent/- The Chairman of the Board of Directors of the Arab Islamic Bank of Mashreq, Sadiq Al-Mashat, stressed the role of the Central Bank of Iraq’s initiatives in stimulating the local labor market, which provided the required credit through the banking system for many projects.
Al-Mashat said that financing represents the important axis in raising economic performance within the labor market, and that the Central Iraqi instructions came in support of projects, pointing to the importance of the instructions for lending major projects, which have a positive impact on the national economy,
taking into account the preparation periods for this type of projects, which last for more than 6 months, which needs a serious pause.
He pointed out that Iraq needs a large volume of work with local and international participation, which requires a banking system that provides quality services.
https://mustaqila.com/المشاط-مبادرات-المركزي-حفزت-سوق-العمل/
The Governor Of The Central Bank Of Iraq Presides Over A Meeting With Bank Administrations In Erbil
July 10, 2023 Today, Monday, His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, chaired a meeting with bank departments located in the Kurdistan region of Iraq.
During the meeting, they discussed the
affairs of the banking sector in the region and
upgrading its work to keep pace with developments,
enhance financial inclusion and
spread the culture of electronic transactions.
What was presented by the Association of Iraqi Private Banks about the procedures related to the projects put forward by the Central Bank of Iraq during the past weeks, represented by the establishment of the Al-Riyadah Bank for Small Projects and the Loan Guarantee Company and the establishment of the Finance and Business Center, was also reviewed, praising the positive steps and progress made in them.
His Excellency had, on the sidelines of his visit to the region, visited the branch of the Central Bank in Erbil, and held a meeting with the General Manager of the branch, Mr. Kazem Namik Ahmed, and department officials, listening to the mechanism of the branch’s work and the challenges facing its work.
His Excellency urged the branch’s employees to work diligently, and to provide the best banking services to the residents of the geographical area that the branch supervises,
directing the need to strengthen the supervisory and oversight position of the Central Bank over banks operating within its jurisdiction. Central Bank of Iraq information Office 10 – July – 2023
https://cbi.iq/news/view/2373 https://cbi.iq/news/view/2374 repost
Iraq Is At The Bottom Of The “Big Ten” List Of Arab Gas Producers
economy |Yesterday, Baghdad today – follow-up Iraq came in the tenth place in the list of the most Arab countries producing natural gas during 2022, as
Iraq’s production increased during the past year to 9.4 billion cubic meters, compared to 9.1 billion cubic meters in 2021.
And the list of the most Arab countries producing natural gas during 2022 shows that Qatar and Saudi Arabia came to the fore, followed by Algeria in third place, Egypt fourth, and the UAE fifth, while the Sultanate of Oman came in sixth place, Bahrain seventh, Libya eighth, and Kuwait ninth, with Iraq at the bottom of the list..
Although it is among the most Arab countries producing natural gas,
Iraq is one of the importers of natural gas, as production is not sufficient for domestic consumption,
which has negative effects on the country’s electricity sector, which depends on that fossil fuel.
In June 2023, Iraq launched the sixth round of licensing for oil and gas exploration in 11 promising gas exploration blocks.
According to preliminary estimates of the Ministry of Oil, Iraq has reserves estimated at 132 trillion cubic feet of gas, as
about 70% of Iraqi gas is gas associated with oil extraction for treatment, and Iraq ranks 11th among the world’s countries rich in natural gas.
raq relies on Iranian gas to operate electric power plants, while the Ministry of Electricity estimated that the period of Iraq’s need for Iranian gas ranges between 5-10 years.
Tomorrow… Oil Will Sign Contracts For The Integrated Gas Development And Growth Project With Total
Economy| 06:50 – 09/07/2023 Baghdad – Mawazine News The Ministry of Oil confirmed today, Sunday, that it will sign contracts for the integrated gas development and growth project with the international company Total, tomorrow, Monday.
“The contracts for the integrated gas development and growth project will be signed with the global company Total” tomorrow, Monday, under the auspices and presence of Deputy Prime Minister – Minister of Oil Hayan Abdul-Ghani, spokesman for the Ministry of Oil, Assem Jihad, said in a statement. He added,
“The set of contracts concluded by the Ministry with Total includes the first project contract for transporting sea water to the productive oil fields, while the other project is the gas investment project associated with oil operations from the number of oil fields in Basra Governorate, at a rate of six hundred million standard cubic feet per day divided into two phases.
The third contract is represented by the development of the Artawi oil field and the increase in production, while the fourth contract project is a project to generate electric power from solar energy at a rate of (1 gigawatt).
Jihad pointed to “the importance of these contracts in developing the oil industry in Iraq, as they represent an important addition to support the national economy.” https://www.mawazin.net/Details.aspx?Jimare=230982
Trade Minister: Iraq’s Reserves Of Wheat Have Reached 5 Million Tons
Economy 8-07-2023, 21:13 Baghdad – Conscious – Falih Al-Obaidi Today, Saturday, Minister of Commerce Atheer Al-Ghurairy confirmed that the ministry has a strategic stockpile of wheat that has reached 5 million tons, which is enough for more than a year.
Al-Ghurairy told the Iraqi News Agency (INA) during his visit to Salah al-Din Governorate:
“The ministry left the critical period in which it possessed strategic storage sufficient for only one month,” pointing out,
“The current storage is sufficient for more than a full year, estimated at 5 million tons, and is still The marketing of wheat continues until now, and we also have enough storage for 4 months of foodstuffs.”
He added, “There is also no rise in food prices in the markets, because the ministry has dealt with that and follows up the prices accurately,” noting,
“The ministry has procedures that the citizen will touch with regard to the ration card, opening marketing outlets, and distributing goods and foodstuffs regularly and studied dates.”
There will be larger and more modern shopping centers across the country.”
He pointed out, “The prices of flour now in the market do not exceed 12 thousand dinars per bag, and “zero” flour 28 thousand dinars. https://www.ina.iq/188998–5-.html
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