Iraqi News Highlights Saturday Evening 4-29-23
Tlm724 Administrator Bondlady’s Corner
The Ministry Of Finance Participates In The Meetings Of The Economic Development Fund And The Arab Investment Guarantee Corporation
Baghdad – conscious Today, Saturday, the Ministry of Finance participated in the meetings of the Board of Governors of the Arab Fund for Economic and Social Development and the Arab Corporation for the Guarantee of Investment and Export Credit.
The media office of the Ministry of Finance said, in a statement received by the Iraqi News Agency (INA), that “Finance Minister Taif Sami participated in the meeting of the Board of Governors of the Arab Fund for Economic and Social Development as the governor of Iraq in the fund,” noting that
“Iraq is one of the countries that contribute the most to the Arab Fund.” for economic and social development, and contributes to the capital of the special account at a rate of 9.2 percent to finance small and medium private sector projects in the Arab countries.
He added, “The fund’s agenda was discussed, the council’s decisions were voted on, and support was given to the Palestinian people. The Arab Republic of Egypt’s project to generate electric power (Al-Bukhari) won the Abdel Latif Youssef Al-Hamad Award, as it is one of the environmentally friendly development projects.”
And she continued, “The Ministry of Finance participated in the meeting of the fiftieth session of the Arab Corporation for the Guarantee of Investment and Export Credit,” explaining that ”
Iraq is one of the contributing countries to this institution that established this institution to guarantee Arab and foreign capital invested in development projects in the Arab countries,” pointing out that
The Foundation’s agenda was discussed and the Council’s decisions were voted on.
The Governor Of The Central Bank Of Iraq Participates In The Joint Annual Meetings Of Arab Financial Institutions In Rabat
April 29, 2023 His Excellency the Governor of the Central Bank of Iraq and his accompanying delegation participated in the meetings of Arab financial institutions that are being held in the Moroccan capital, Rabat, for the days 29-30 April 2023.
During the speech of the Chairman of the Board of Directors of the Arab Fund, Dr. Abdul Rahman Al-Hamidi, he thanked the Central Bank of Iraq for its continuous support for the success of the Regional Corporation for Arab Payments Clearing and Settlement (Bunna platform).
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, said that the bank contributed to supporting the efforts of the Arab Monetary Fund in voting to increase the platform’s capital by an additional fifty million dollars to help expand the platform’s business and support its activities.
His Excellency also met with a number of governors and heads of Arab institutions, to strengthen the relations of Iraqi banks with Arab banks through the approval of a number of Iraqi banks to establish banking relations and open branches for a number of them in those countries.
It is noteworthy that (Bani platform) is a system for inter-Arab payments wholly owned by the Arab Monetary Fund, in which Iraq is a founding member and an active shareholder.
The platform aims to enable Arab financial institutions, central banks, and commercial and Islamic banks to perform payments among themselves in a timely and reliable manner, at an appropriate cost and with high efficiency, facilitating cross-border payments.
The platform also provides participants with modern payment solutions that comply with international standards, principles and international compliance requirements.
Since its launch, it has constituted an important step towards enhancing economic and financial integration opportunities in the Arab region and supporting investment ties with trading partners of Arab countries around the world Central Bank of Iraq information Office 29 – April – 2023 https://cbi.iq/news/view/2315
Al-Sudani’s Financial Advisor Determines The Fate Of Iraqi Deposits In US Banks.. What Is Their Value?
Information / special. Today, Thursday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained the fate of the reserves of the Central Bank of Iraq located in American banks, while determining the value of the “sovereign portfolio.”
In an interview with Al-Maalouma Agency, Salih said, “Diversifying the central bank’s reserves from various foreign currencies and various safe investment tools ensures its protection from legal and price risks,” stressing:
“There is no pressure exerted on diversifying reserves.” He added, “These reserves are usually invested in semi-liquid sovereign foreign debt instruments, such as remittances and treasury bonds managed by the governments of countries in the first industrialized world, especially debt instruments with high credit ratings and with appropriate interest, whether they are American, European, Japanese and Chinese.” Al-Sudani’s financial advisor explained,
“The investment portfolio of the Central Bank of Iraq (which includes the country’s foreign reserves of various currencies and gold) is managed according to the optimal global standard ratios, which are formed in the currencies of the dollar, the euro, the pound sterling, the Chinese yuan, the Japanese yen and gold.”
Regarding the value of the sovereign portfolio, Saleh stated that “these currencies are worth about $115 billion in total,” pointing out that “the US dollar invested in US bonds and transfers constitutes a weight of no less than 35-40% of those reserves, since dollar oil revenues are The basic origin of the reserves, and that the oil market is mainly a dollar market, since its inception before the First World War until now.
The Ministry of Oil announced, today, Thursday, the final statistics for the revenues of last March, while confirming that it amounted to more than 7 billion dollars.
And the revenues from oil exports and sales from Iraq to the rest of the countries go to the Federal Central Bank, which controls the form of Iraqi deposits, which causes popular and political anxiety as a result of Washington’s control of the hard currency.
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