Bondlady’s Corner

Iraqi News Highlights Wednesday Evening 5-3-23

Tlm724 Administrator Bondlady’s Corner

Oil Continues To Decline Amid Anticipation Of More Decisions To Raise Interest Rates

Wednesday 03 May 2023 09:25 | Economical Number of readings: 274  Baghdad / NINA / – Oil prices continued their decline today, Wednesday, after falling by about five percent in the previous session, to the lowest level in five weeks, while investors await more decisions to raise interest rates this week.

According to Reuters, Brent crude futures fell 13 cents, or 0.2 percent, to $75.19 a barrel by dawn today, Wednesday, while West Texas Intermediate crude fell 13 cents, or 0.2 percent, to $71.53.

The two benchmarks closed at their lowest levels since March 24 in the previous session, in which they also recorded the largest one-day percentage drop since early January.

The US Federal Reserve is expected to raise rates by 25 basis points on Wednesday to curb inflation, and the European Central Bank is expected to raise rates at its regular meeting on Thursday.

Further rate hikes could slow economic growth and undermine energy demand.

Energy prices are also under pressure after Chinese data over the weekend showed an unexpected drop in manufacturing activity in April. China is the largest consumer of energy in the world and the largest buyer of crude oil./End 9

Central Bank Sales Increased During This Day

Economy| 12:42 – 03/05/2023   Baghdad – Mawazine News   Today, Wednesday, the Central Bank of Iraq’s sales of foreign currency increased, to record about $187 million.

According to the schedule of the currency sale window, followed by (Ann News), the Central Bank sold during its auction today 187,246,380 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 external transfers, and at a price of 1310 dinars per dollar in the form of monetary.

Most of the dollar sales went to enhance balances abroad in the form of (remittances, credits), amounting to $128,146,380 million, while the remaining $59,100,000 million went in the form of cash sales.

Planning Discusses The Partnership Law Between The Public And Private Sectors

local| 01:30 – 03/05/2023   Baghdad – Mawazine News  Today, Wednesday, the Ministry of Planning, in cooperation with the German Agency for International Cooperation, discussed the partnership law between the public and private sectors.

The ministry stated in a statement, of which Mawazine News received a copy, that “the Ministry of Planning held today, in cooperation with the German Agency for International Cooperation, a workshop to discuss the partnership law between the public and private sectors,” noting that “the meeting was attended by a number of general managers in the ministry, as well as Representatives of the German Agency for International Cooperation and a number of representatives of the private sector, as well as a number of employees of the Ministry.

She added that “the workshop witnessed presentations on the objectives and applications of companies between the public and private sectors in Germany, in addition to the legal framework for partnership between the two sectors in the Federal Republic of Germany, by representatives of the German agency Dekar and Krundman.”

During the workshop, the Administrative Undersecretary of the Ministry, Azhar Hussein Salih, emphasized “the importance of partnership between these two sectors,” noting that “the realization of this partnership is among the priorities of the Iraqi government, as it is related to infrastructure and service projects.”

She explained that “the Ministry of Planning proposed several proposals for this partnership, including: the importance of having a clear and independent law from other laws, in addition to working on education, awareness and training on the law and its concepts, and looking at the experiences of others in this aspect.”

For his part, the coordinator of the Economic Projects Group of the German Agency for International Cooperation, John Brucher, said: “The private sector development project supports the Iraqi government in reviewing the draft partnership law between the public and private sectors,” pointing out that “the project depends on three pillars that included interventions from national and international experts.”

To gain access to best practices and lessons learned from other countries, especially Germany, as well as exchanges between relevant ministries as well as consultation rounds with stakeholders from the private sector in Iraq.

He pointed out that “this tripartite approach has proven successful in the past, allowing international contributions to integrate knowledge and experience among other countries.”

The Central Bank Participates In A Workshop To Support The Proliferation Of Points Of Sale (Pos).

May 03, 2023   The Deputy Governor of the Central Bank of Iraq, Mr. Faisal Al-Haimus, and a number of general managers participated in a workshop organized in Baghdad with the participation of the Ministry of Finance, representatives of ministries concerned with the use of point-of-sale (POS) devices, and a group of electronic payment companies, government and private banks, to discuss the implementation of the provisions of the decisions Related to the collection of dues and government fees through points of sale (POS) provided by electronic payment companies licensed by the Central Bank of Iraq.

And Al-Haimus stressed, during his speech at the opening of the workshop, that

the Central Bank of Iraq and all its formations are truly supportive of the efforts of the federal government in implementing the decision issued by the Council of Ministers, No.

It works to facilitate the government’s control over the management of its funds by collecting its revenues on the one hand, and on the other hand,

it works on the development of the banking sector and electronic payment companies, which are considered the main partner in the success of this project.

In addition, Mr. Deputy Governor, Mr. Faisal Al-Haimus, stated that this bank is the best support for the private sector participating in the paradigm shift, which

we expect to succeed through the concerted efforts of all parties and the attraction of discreet international institutions and cooperation with electronic payment companies that have obtained their license from the Central Bank, to implement decisions on the ground

The reality is that this cooperation will soon reap its positive fruits, which will reflect positively on the citizen and the government at the same time.

Central Bank of Iraq       information Office      May 3, 2023

The Governor Of The Central Bank Of Iraq Meets The Executive Director Of Western Union

May 02, 2023    His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, met with the CEO of Western Union for the Middle East, Africa and Europe, Mr. (Jean-Claude) and his accompanying delegation.

Claude presented the company’s vision to expand its business in Iraq and its desire to grant new agencies to Iraqi financial institutions, especially after the growth of remittance services in Iraq.

While His Excellency the Governor affirmed the bank’s readiness to facilitate financial settlements for the company’s agents operating in Iraq at the official exchange rate, adding that

the Central Bank supports the Iraqi government’s directions in automating and controlling external transfers through the electronic platform, within the Iraqi and international rules and laws, indicating that  Western Union One of the leading and successful companies in this field inside Iraq.

Central Bank of Iraq   information Office  2-May-2023

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