The Investment Authority directs banks to receive installments at the old exchange rate

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KRG AGREES TO TRANSFER 250,000 BARRELS OF OIL PER DAY THROUGH SOMO: PUK CAUCUS CHIEF

Head of the Patriotic Union of Kurdistan (PUK) caucus in the Council of Representatives Ala Talabani speaks to NRT Digital Media in Baghdad, Iraq, January 18, 2020. (Photo Credit: NRT Digital Media/Screenshot)

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SULAIMANI — Head of the Patriotic Union of Kurdistan (PUK) caucus in the Council of Representatives Ala Talabani said on Monday (January 18) that the Kurdistan Regional Government (KRG) has agreed to transfer 250,000 barrels of oil per day to Iraq’s oil marketer SOMO in exchange for financial benefits from the federal budget.

Talabani told NRT that what has been written in the draft 2021 Federal Budget Law constitutes an agreement between the federal government and the KRG.

“The Kurdistan Region will sell 250,000 barrels of oil per day through SOMO, not in a way where the Region sells its oil [independently] and gives the revenue to Baghdad,” she said.

The PUK lawmaker added that the Kurdistan Region had not complied with previous agreements with Baghdad and said that the two governments do not trust each other as a result.

Talabani was recently named as the new head of the PUK caucus in the Council of Representatives, where the federal budget is currently undergoing review before a vote in the coming weeks.

(NRT Digital Media)

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“Made in Iraq” activities kicked off at Baghdad International Fair … encouraging investment and supporting the national economy

01/2021/18 14:00

The number of readings 24

Section : Iraq

Baghdad / Obelisk: The Ministry of Trade announced, on Monday, January 18, 2021, the launch of the activities of the “Made in Iraq” exhibition on the grounds of the Baghdad International Fair under the patronage of Prime Minister Mustafa Al-Kazemi.

Trade Minister Alaa Al-Jubouri said in a statement received by Al-Masalla, that the exhibition enjoys governmental interest and support as it is an economic phenomenon and an important opportunity to reflect the scale of the effort made by the Ministry of Industry and its continuous endeavor to develop Iraqi industry and restore confidence in national production.     

He added that the exhibition represents an important and appropriate point for all private and mixed sector companies, the public sector and national industries companies within the framework of the general goal of building the new Iraq, encouraging investment and commercial activity, supporting the national economy and increasing exports.

He indicated that it provides an appropriate opportunity to select a number of national products for display in international exhibitions outside the country, as well as being a factor for promoting the capabilities and products of specialized companies in various industrial sectors.

He continued: It is considered an opportunity to expand the establishment of commercial relations as it is suitable for promotion, marketing and advertising, attracting investments and establishing partnerships with the private sector, allowing these companies to display their locally manufactured products as an alternative to imported products to cover a large part of the needs and requirements of the Iraqi market.    

Obelisk

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Al-Rafidain Bank raises the interest for savings accounts to 5 percent and fixed deposits to 7

Banks

Economy News _ Baghdad

Al-Rafidain Bank announced, on Monday, to raise the interest rate for citizens’ saving accounts to 5 percent and fixed deposits to 7 percent.

The bank’s media office said in a statement, which Al-Iktissad News received a copy of, “Based on the bank’s policy aimed at maximizing revenues in order to attract cash and encourage customers to save their money instead of hoarding it at home, the bank decided to increase the interest rate on savings accounts to 5 percent. After it was 4 percent, the bank also decided to increase the interest rate on deposits for a period of six months to become 5 percent and increase the interest rate on fixed deposits for a year to be 6 percent in addition to increasing the interest rate on deposits for two years to become 7 percent.

The bank added, “It also decided to pay interest for fixed deposits to be granted in advance, provided that the citizen pledges not to break and withdraw it, otherwise the interest granted will be deducted from the principal amount of the deposit, and this will be the basis for the comparison between the deposit and the savings account and the customer.” In the coming days. ”

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