Bondlady’s Corner

Iraqi News Highlights Saturday Evening 3-18-23

Tlm724 Administrator Bondlady’s Corner

A Government Spokesman Sets Out To Nina The Advantages Of Investing In Gas Associated With Oil Extraction

Saturday 18 March 2023 10:12 | Economical    Number of readings: 685  Baghdad / NINA / – The government spokesman, Basem Al-Awadi, identified the advantages of investing in gas associated with the extraction of Iraqi oil.  Al-Awadi said in a statement to the Iraqi National News Agency ( NINA ) that:

“Since the discovery of oil in the country, gas has been burning in vain without investing it,” noting that

Iraq imports gas annually at an estimated amount of 5 billion dollars, and wastes and burns gas at a rate of 8-10 billion dollars.

Pointing out that the state’s vision is moving towards investing wasted gas in the future.  He explained:

“The recent licensing round, which took place between the Ministry of Oil and a number of companies under the auspices of the Prime Minister, is very important for gas investment, as

the companies gave promises to provide Iraq with a quarter of what it imports within a period of 15 months from the date of implementation,” pointing out that

after 3 years The companies cover Iraq’s gas needs, and it is self-sufficient.  He pointed out that

the international community calls on Iraq to take practical measures to limit climate change, including burning and wasted gas, and

thus investing gas will bring great benefit to Iraq in all fields, and

it will become a source of oil and gas and

its impact will be greater in the region and the world, geopolitically, and it will double, and

the amount of gas imports will be invested. from other countries with internal sectors such as education and health, and responds to international claims regarding climate change, given that burning gas contributes to the negative impact on the climate.  He stressed that

the climate file will be involved in everything in the future with global transactions, and will be linked to global loans and international relations, noting:

“Iraq is located among the 5 countries in the world most affected by climate change, and

therefore Iraq’s move towards clean energy will contribute to limiting climate change.” / End

With A Financial Leap.. The National Bank Of Iraq Keeps Pace With International Banks, With A Qualitative Presence In Saudi Arabia

Today 12:41  Information / Baghdad..  Today, Saturday, the National Bank of Iraq announced the official start of its work in Saudi Arabia, pointing out that this privilege is happening for the first time in Iraq’s financial history.

The National Bank of Iraq, which is affiliated with the Jordanian Capital Bank Group, said in a statement that it “participated in the second edition of the financial sector conference, which started on the 15th and 16th of this March, at the King Abdulaziz International Conference Center in Riyadh,” pointing out that”.

The statement quoted the Managing Director of the National Bank of Iraq, Ayman Abu Dheim, as stressing

“the importance of the National Bank of Iraq’s presence in this type of international regional conference,” explaining that

it “will allow the exchange of ideas, experiences and cooperation in all fields that will be discussed during the conference, in addition to communication.”

And linking up with a group of representatives of leading banks in the region and the world, not to mention opening new horizons for the bank’s work by examining potential business opportunities in the Saudi market.”

For his part, the CEO of the National Bank of Iraq in Saudi Arabia, Zaid bin Abdulaziz Abunayyan, expressed his happiness with the bank’s participation in this conference, which is a regional and international platform that reflects the strength of the Kingdom’s economy in the region,

as the bank had an opportunity to introduce its services and innovative banking solutions to thousands of participants with a variety of experiences. In various fields of the sector, representatives of leading banks, market specialists and investment leaders from Asia, Europe and North America.  Abunayyan explained,

“The financial sector conference is a unique opportunity for the National Bank of Iraq to see closely the qualitative leaps achieved by the financial services sector in parallel with the continuous development of business and services in the Kingdom of Saudi Arabia,

in addition to the possibility of exchanging opinions and experiences with representatives of the leading banks participating in this conference.”بقفزة-مالية-المصرف-الأهلي-العراقي-يواكب-البنوك-العالمية-بحضو

An Economist Explains Steps To Reduce The Demand For Dollars In The Parallel Market

Information / Baghdad…The economist, Dr. Safwan Qusai, explained how to reduce the demand for the dollar in the parallel market,

pointing to the importance of taking governmental measures as well as from the Central Bank to reduce the demand for the dollar and reduce its price.

Qusai told Al-Maalouma,  “The organization of trade in Iraq needs a unified database so that the system turns into a commercial system through long-term contracts, as the entry of the Ministry of Commerce at this stage to import goods and direct consumers towards them.”

He added,  “There is a possibility to increase the transparency of information from the central bank so that everyone knows who are the merchants who obtain the dollar at the official rate and import goods, as it is assumed that they are sold at the parallel market price.”  And he indicated that

“the Central Bank is keen to expand the circle of dealers in the window for selling the currency, especially for those who have real bills and real suppliers, and

thus the demand for the parallel market will recede.”

He pointed out that  “regulating trade with Iran is possible through a window that opens to buy goods and materials that are sold inside Iraq and with the knowledge of the Federal Bank, which will also contribute to reducing the demand for dollars in the parallel market.”اقتصادي-يوضح-خطوات-تقليل-الطلب-على-الدولار-في-السوق-الموازي


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