Bondlady’s Corner

Iraqi News Highlights Monday Evening 2-27-23

Tlm724 Administrator Bondlady’s Corner

The Minister Of Finance Directed To Increase The Number Of US Dollar Exchange Outlets For Citizens At The Official Rate

Political | 03:26 – 02/27/2023   Baghdad – Mawazine News   Finance Minister Taif Sami directed, on Monday, to increase the number of outlets selling dollars to citizens at the official rate.

Sami said, in a statement issued during her visit to Al-Rafidain and Al-Rasheed Banks, that “projects to modernize banking systems must be completed and advanced methods must be adopted to raise the level of services for the two banks, especially with regard to point-of-sale systems and the facilities that the Ministry of Finance is working to provide within the framework of generalizing the experience.” as one of the main pillars of modern banking systems.

And she emphasized “to secure all the requirements for completing the stages of the comprehensive banking system project in agreement with the executing company (Ernst & Young) in terms of securing databases and servers, in addition to agreeing on a contract for maintenance, operation, training and all procedures to ensure the success of the project,”

noting “the importance of completing the conditions for adopting the system Modernizing the IFMIS public financial management with the two banks, which in turn will provide a secure and integrated information environment for financial management operations in a way that allows safe transmission of information between ministries, government departments, banks and financial institutions.

And Sami directed to “increase the number of outlets selling US dollars to citizens at the official rate fixed by the Central Bank, through branches spread in Baghdad and the provinces, to ensure smooth access to foreign currency and reduce the momentum and delays resulting therefrom.”

The visit of the Minister of Finance included touring the corridors and departments of the two banks, and she listened to a group of employees and auditors.

Iraq Achieved Oil Revenues Of More Than 7 Billion Dinars During The Past Month

Political | 03:42 – 02/27/2023   Baghdad – Mawazine News  The Oil Ministry announced, on Monday, that last month’s revenues amounted to more than $7 billion.

The ministry stated in a statement, which Mawazine News received a copy of, that “the total oil exports and revenues achieved for the month of January, and according to the final statistics issued by the Iraqi Oil Marketing Company (SOMO), the amount of exports of crude oil amounted to (101) million and ( 245 thousand and (95) barrels, with revenues amounting to (7) billion and (663) million and (788) thousand dollars.

She added, “The total exported quantities of crude oil for the month of January from the oil fields in central and southern Iraq amounted to (98) million and (460) thousand and (50) barrels, while the exported quantities of Kirkuk oil through the port of Ceyhan were (2) One million (475) thousand and (516) barrels, and the average price per barrel amounted to (75,695) dollars.

And she indicated, “The exported quantities have been loaded by (36) international companies of several nationalities, from the ports of Basra, Khor Al-Zubayr, mono-buoys on the Gulf, and the Turkish port of Ceyhan.” Ended 29 / h

Governor Of The Central Bank: We Seek To Make A Quantum Leap In The Field Of Financial Technology

Economie| 03:53 – 02/27/2023  Baghdad – Mawazine News  The Governor of the Central Bank, Ali Al-Alaq, affirmed, on Monday, the endeavor to make a quantum leap in the field of financial technology.

The bank stated, in a statement that Mawazine News received a copy of, that “the Governor of the Central Bank, Ali Mohsen Ismail, received, today, the regional head of the global “Visa” company, Andrew Tory and his accompanying delegation.”

He added, “The support provided by Visa to regulate the market and increase the acceptance of electronic collection was discussed, in support of the government’s directions and the decisions it took in activating electronic payment through the use of the technology provided by the company, as well as improving the regulations and instructions for digital financial services.”

Al-Alaq stressed that “the Central Bank of Iraq is supportive in its steps to expand the use of the latest digital technologies in the banking sector and enhance financial inclusion in Iraq,” noting that “the Central Bank of Iraq seeks to make a quantum leap in the field of financial technology in the Iraqi banking sector by keeping pace with the latest global technologies.” Ended 29 / h

The Secretary-General Of The United Nations Visits Baghdad At The End Of This Week

Political | 05:09 – 02/27/2023  Baghdad – Mawazine News  The Secretary-General of the United Nations, Antonio Guterres, will visit Iraq this weekend on an official visit.

A government source said, in an interview with Mawazine News, that “Guterres will visit Iraq next Wednesday on an official visit that will last for several days.”

He added, “The Secretary-General will meet the three presidencies in Baghdad on Wednesday and Thursday, and then he will head to the Kurdistan region.”

An Economist Warns Against Using The Yuan In Iraqi Trade With China

Monday 27 February 2023 08:39 | Economical   Number of readings: 387  Baghdad / NINA / – The expert in economic affairs, Raad Twij, warned against using the yuan currency in Iraqi trade with China.

Twigg said in a statement to the National Iraqi News Agency / NINA /:

“The use of the yuan in Iraqi trade with China means, in part, the sale of Iraqi oil in yuan, and this has caveats in making Iraqi oil revenues, under the control of the monetary policy of the Chinese Central Bank, and the possibilities of manipulation.” The value of the Chinese yuan and in proportion to the interest of the Chinese economy, which may cause losses to Iraq, both in selling Iraqi oil and in the conduct of commodity trade.

Twigg called for “the use of a basket of cash from a group of international currencies that may preserve the value of the Iraqi dinar.”

The Central Bank of Iraq intends to organize the financing of foreign trade from China directly in the Chinese yuan currency, in a step that is the first of its kind, as part of a package of measures aimed at facilitating access to foreign currencies. /

The Governor Of The Central Bank Of Iraq Receives The Regional President Of “Viza” Global Company

February 27, 2023  His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Ismail, received today, Monday, the regional president of the global company “Viza”, Mr. Andrew Toure, and his accompanying delegation.

His Excellency stressed that the Central Bank of Iraq is a supporter of its steps to expand the use of the latest digital technologies in the banking sector and enhance financial inclusion in Iraq, indicating that

the Central Bank of Iraq seeks to create a qualitative shift in the field of financial technology in the Iraqi banking sector by keeping pace with the latest global technologies.

During the meeting, the support provided by the “Viza” company to  regulate the market and  increase the acceptance of electronic collection, in support of the government’s directions and the decisions it took in activating the electronic payment by using the technology provided by the company, as well as improving the regulations and instructions for digital financial services. The Central Bank of Iraq  information Office  2023/27/27

The Collapse Of The Iranian Currency Casts A Shadow On The Iraqi Sectors Economically, Agriculturally And Healthy

Reports and analyzes    Iraq  2023-02-24  Shafaq News/ The historical collapse of the Iranian currency raised 5 million per 100 dollars due to Western sanctions, questions about the impact of this collapse on the Iraqi market and economy.

Iraq is the first importer of Iranian goods and goods at about 17 billion dollars annually, according to specialists.

The Bonpest website data revealed the day before yesterday, Wednesday, that the Iranian currency fell to a record level against the US dollar and recorded 501,300 riyals.

The price of the US dollar in the Iranian free market is witnessing a record increase, with the continued turmoil and the increase in the country’s isolation amid Western criticism of the strict security measures taken by Iran and its relations with Russia.

Increase export

“Iran is the first exporter of Iraq with a value of 17 billion dollars annually, and sometimes more, so a decrease in its currency helps a lot to increase its export, and a country like Iraq may increase its imports from Iran, and thus this issue is in favor of the Iranian trade balance.”.

“Some countries deliberately reduce their currency to increase their exports, and Iraq imports many things from Iran, as they are nourishing the Iraqi market with food and plastic materials, building materials, and Samsik, and other daily basic consumables, and thus reducing the currency works in the interest of exporting the industry. And Iranian agriculture.”

The Iranian Minister of Industry, Mines and Trade, Reda Fatmi Amin, announced on February 21 that the volume of his country’s exports of goods and goods to Iraq increased by 23 percent during the first ten months of the Iranian year, which started on March 21, 2022.

Fatimi Amin said in a televised interview, that Iran’s exports exceeded 50 billion dollars so far, explaining that export is important for us for several reasons, the first function of export is to provide the currency to meet the needs of import for the country and the maximum export function is to achieve international ability.

Multiple economic effects

The impact of the collapse of the Iranian currency is not limited to the Iraqi economy in terms of industrial and agricultural aspect The value of the hard currency, which is a factor brought from abroad, as well as in Lebanon and other countries.

Eid continues to Shafaq News, that  “the financial market is also open towards Iran, as well as the entry of an Iraqi coin from Iran to Iraq and the withdrawal of hard currency and its purchase from banking stores in Baghdad and a number of provinces as well as in the Kurdistan region, which means that the Iraqi financial market is invaded by networks Iranian to withdraw the hard currency from Iraq and smuggle it towards Iran illegally and legal.

The decline in the Iranian currency comes despite the recent steps taken by the regime, including the appointment of Muhammad Reda Farrazin as a new governor of the Central Bank on December 30, 2022, after the value of the local currency reached its lowest levels ever against the dollar, in the midst of constant mass protests and continuous Western sanctions.

After years of Western sanctions due to Iran’s nuclear program, the riyal was circulated, at 315,000 riyals for the dollar when anti -government protests broke out in mid-September.

Tourism sector

The head of the Najaf Hotels Association, Saeb Radi, believes that the impact of the collapse of the Iranian currency on the Iranian tourist is greater than his Iraqi counterpart, and explains this by saying that

“the Iranian tourist when he comes to Iraq has to pay the costs of housing, travel and food in the Iraqi dinar or the US dollar, while the Iraqi tourist who travels To Iran, he faces the high cost of living despite the decrease in the currency.”  Radi explains to Shafaq News,

“The US sanctions on Iran affected all the joints of life, and caused prices to rise, when the Iraqi tourist visits Iran and even Lebanon or Syria, because he feels high despite the decrease in their currency,

unlike the Iranian visitor when he comes to Iraq, it is It is true that he feels high, but compared to their currency, and for the dollar, it is low.

In turn, the owner of a store selling vegetables and fruits in Diwaniyah Governorate, Abu Ali, says that “the collapse of the Iranian currency affects us by increasing its export of agricultural crops to Iraq, including tomatoes, potatoes and eggplant.”  Abu Ali notes during his talk to Shafaq News, that

“the citizen prefers the imported goods for the cheap price compared to the local crop, and  therefore Iran is the winner at the expense of our local merchandise,  so I demand – especially during this period – to limit the import rate from neighboring countries, especially From Iran, so that our local product is not harmed by this import.”تقارير-وتحليلات/انهيار-العملة-الايرانية-يلقي-بظلاله-على-القطاعات-العراقية-اقتصاديا-وزراعيا-وصحيا


To read more current and reliable Iraqi news please visit BondLady’s Corner: