Bondlady’s Corner

Iraqi News Highlights Sunday Evening 4-30-23

Tlm724 Administrator Bondlady’s Corner

Al-Alaq: The Central Bank Supported The (Bani) Platform With 50 Million Dollars

The Governor of the Central Bank, Ali Mohsen Al-Alaq, confirmed that the bank contributed to supporting the efforts of the Arab Monetary Fund.

A statement by the bank said: “The Governor of the Central Bank, Ali Mohsen Al-Alaq, and his accompanying delegation participated in the meetings of the Arab financial bodies that are held in the Moroccan capital, Rabat, for the days 29-30 April 2023.”

The statement added, “During the speech of the Chairman of the Board of Directors of the Arab Fund, Abdul Rahman Al-Hamidi, he thanked the Central Bank of Iraq for its continuous support for the success of the regional institution for clearing and settlement of Arab payments, the Bani platform.”

Al-Alaq confirmed, according to the statement, 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.”

And the statement continued, “The governor met with a number of governors and heads of Arab institutions, to strengthen the relations of Iraqi banks with Arab banks by approving a number of Iraqi banks to establish banking relations and open branches for a number of them in those countries.”

The statement pointed out,

The Central Bank: Government Measures Obligated The Payment Of Wages And Salaries Of Foreign Workers In Dinars

Economy| 02:48 – 04/30/2023  Baghdad – Mawazine News  The Central Bank of Iraq confirmed, today, Sunday, that the impact of growth was greatly reflected in the volume of requests, amounts and banks participating in the foreign currency sale window platform, while indicating that government measures obligated the payment of wages and salaries of foreign workers in Iraqi dinars.

“Growth has helped reduce the gap between the official and parallel exchange rate significantly over the past days,” said Muhammed Yunis, deputy director general of the investment department at the Central Bank, in an interview with the official news agency.

Younes added, “The growth rate of banks participating in this platform reached 155%, while demand levels increased from 42 requests per week, to about 1,280 requests.”

He explained, “This increase was accompanied by a significant increase in the volume of amounts for these requests, as it rose from approximately $44 million per week to more than $490 million per week, while the volume of executed amounts reached nearly 80%, and the 20% was Caused by delay in implementation, due to lack of information or requesting additional information.

He continued, “These amounts were distributed among a variety of commodities, the most important of which were foodstuffs, health, electrical and electronic appliances, construction materials, cars and their spare tools,” noting that “despite the challenges and obstacles that accompanied the implementation of the new procedures, which some suffer from.”

Banks and companies, as they represent a quantum leap in the process of financing foreign trade, and in line with international norms and standards, but today they have reached very advanced stages.

He pointed out that “the increase in the number of requests and the size of their development prompted the Central Bank to work to start new procedures that will contribute significantly to facilitating the transfer process, as the mechanism is based on strengthening the balances of banks that have accounts in solid foreign banks, for the purpose of meeting the requests of their customers in dollars, in addition to Other currencies such as (the euro) and (the Chinese yuan).

And Younes stated, “The banks’ requests will be met faster and easier, given the reduction in the volume of transactions according to which the strengthening mechanism will be implemented in order to implement them,” stressing, “These measures are supported by the government’s approach and the Central Bank of Iraq’s direction towards enhancing confidence in the Iraqi dinar, the latest of which is the circular issued by the Secretariat.”

The General Assembly of the Council of Ministers to all ministries, state institutions and the private sector, on the 18th of this month, by relying on the Iraqi dinar, and collecting taxes, government fees and insurance. Ended 29/N33

Iraq’s Oil Exports To America Increased

Economy| 09:03 – 04/30/2023   Follow-up – Mawazine News  The US Energy Information Administration announced, on Sunday, that Iraq’s oil exports to America increased during the past week.

The administration said in a report, “Iraq’s oil exports to America amounted to an average of 222,000 barrels per day last week, up by 42,000 barrels as a daily average from the previous week, in which oil exports to America reached an average of 180,000 barrels per day.”

She added, “Most of America’s oil revenues during the past week came from Canada at an average of 3.327 million barrels per day, followed by Mexico at an average of 728 thousand barrels per day, and oil revenues from Saudi Arabia amounted to 339 thousand barrels per day.” Ended 29/N33

The Central Bank’s Sales Of Foreign Currency Decreased In Today’s Transactions

Economy  Sunday, 30 April 2023 12:47 PM  Baghdad / National News Center  Today, Sunday, the Central Bank of Iraq’s sales of foreign currency decreased, to record about $180 million.

According to the schedule of the currency sale window, followed by the National News Center, the Central Bank sold during its auction today 180,272,118 dollars, which the bank covered at an exchange rate of 1305 dinars, per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar.

critically. Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits), amounting to $122,972,118 million, while the remaining $57,300,000 million went in the form of cash sales.

Dollar Exchange Rates In The Local Market

Economy  Sunday, 30 April 2023 11:22 AM  Baghdad / National News Center  Today, Sunday, the National News Center publishes the exchange rates of the dollar against the Iraqi dinar in the local markets.  Selling prices 142,250 dinars per 100 dollars   Buying prices 140,250 dinars per 100 dollars

Experts Call For Support For Manufacturing Industries

Economical 2023/04/26  Baghdad: morning  Experts in economic affairs called for supporting manufacturing and public industries and  creating real sustainable development for all sectors different productivity.

International energy expert Mustafa Abdul-Hussein said, in an interview with Al-Sabah:

“Ways to develop regional cooperation with countries of the world require a review of public policies in the field of energy economics and financial systems, and that

Iraq has great opportunities at the national and international levels for the economy page to be the framework.” To build a large workshop in all sectors of the Iraqi economy with the aim of reviving indicators of the national economy,

especially in the energy sector, which is one of the strategic and vital sectors of national income Iraqi and guarantor for the development of local industries ».

He pointed out «  the importance of opening advanced dialogues aimed at discussing strategic ideas in the field of strengthening the energy sector, since

Iraq has a great opportunity in the field of investment, but

we need a deep discussion of the business climate and indicators of the energy business sector in Iraq and an analysis of the links with economic business indicators. affecting the energy sector.

Haider Kazem al-Baghdadi, a specialist in economic affairs, stressed that  “the energy sector must be invested in a way that works to achieve the highest financial revenues for Iraq,

by adopting phased strategic plans that contribute to making the energy sector a greater contributor to the multiplicity of revenues,” pointing to

“the importance of advancing the reality of industries.” manufacturing in all its aspects, and making Iraq a major source of its products to global markets,

especially since Iraq has commercial relations with the world’s major economies.

He pointed out that « the energy axis represents an important step on the road to achieving international companies that contribute to the creation of advanced transformation industries,

especially since the country has successful experiences in this field and

it used to cover the local market with many important products that support other industrial and agricultural sectors».

The importance of investing in cooperation opportunities with specialized international companies to achieve effective economic development, in light of Iraq’s possession of huge reserves of crude oil in various regions of Iraq.

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