Pictures.. New licenses in Iraq to extract ‘huge’ oil and gas

EconomyBreakingIraq’s OilLicenses TourIraq Gas

2024-05-11 04:40Font

Shafaq News / Prime Minister Mohammed Shiaa Al-Sudani, on Saturday, launched the licenses of the supplementary fifth round and the entire sixth round, which includes a total of 29 projects for oil and gas exploration fields and patches, distributed among 12 governorates.

The Iraqi government says these strategic projects will contribute to increasing investments in those provinces, helping to improve their economic and service reality.

Iraq expects to obtain more than (3459) million record cubic feet per day of gas, and more than one million barrels of oil per day, through these two rounds.

The last time Iraq, the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia, held a licensing round in 2018 was the fifth round.

Meanwhile, Oil Minister Hayyan Abdul Ghani oversaw the opening of bids by advanced companies to invest in the East Baghdad – Northern Extensions field, and announced that one of the Chinese companies won the contract.

Iraq hopes to announce an increase in oil reserves of more than 160 billion barrels, Ghani said.

According to official estimates internationally, Iraq has the fourth largest proven crude oil reserves in the world at 145.019 billion barrels after Venezuela, Saudi Arabia and Iran respectively, according to the annual report of OPEC, while it has a proven reserves of natural gas of 132 trillion cubic feet.

Iraq relies on exporting crude oil by up to about 95% in preparing the country’s general budget.

For his part, economist Nabil Al-Marsami said that the Chinese “Chungman” company (ZPEC) won the investment in the development of the “East Baghdad – Northern Extensions” oil field, as part of a government bid held after a competition with “KAR”.

He said that this comes as Iraq continues to head to China after the exit of American and European companies.

The field east of Baghdad is located in the area that extends from the east of the city of Essaouira in the southeast to the Nabai area in the northwest, categorically east of the center of Baghdad, and the length of the field is more than (120) km wide (5-7) km. The number of wells dug in the field reached (97) wells, while the main reservoirs in this field are the fertile and fertile reservoirs from the upper era and the composition of the lower Cretaceous era and that these oil Cretaceous clusters are distributed over the field.

https://www.shafaq.com/ar/اقتصـاد/تراخيص-جديدة-في-العراق-لاستخراج-كميات-ضخمة-من-النفط-والغاز

{Al-Furat News} publishes the text of Al-Sudani’s request to Guterres to end UNAMI’s work in Iraq

• Time: 05/10/2024 12:30:40
• Read: 2,678 times

{Politics: Al-Furat News} Our agency publishes the text of the request of the Prime Minister, Muhammad Shiaa Al-Sudani, to the Secretary-General of the United Nations, Antonio Guterres, to permanently end the work of the United Nations mission in Iraq.

Al-Sudani indicated in his letter, a copy of which was obtained by {Al-Furat News}, that “the justifications for the presence of a political mission in Iraq are no longer available, especially after more than 20 years have passed since the democratic transition and overcoming great and diverse challenges.”

To view the text of Al-Sudani’s letter to Guterres, click here

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The dollar is reeling from a fatal blow and there are fears of a collapse of the dinar

• Time: 05/10/2024 08:49:23
• Read: 9,243 times

{Reports: Al-Furat News} Report: Wafaa Al-Fatlawi

The fluctuation in dollar prices and the rise in gold prices has significantly affected the contraction of the commercial market in terms of imports and purchases of goods, amid confusion in opinions between the return of the rise in green and its decline to the official price set by the state of 1,320 dinars per dollar.

The price of the dollar in the parallel market is currently 1,460 dinars, whether higher or lower than this rate. 
The Central Bank of Iraq’s cancellation of the currency {auction} window at the end of 2024 and Washington’s sanctions on Iraqi banks have opened a door of doubts that will end up placing the dollar in the face of speculation, which will make it vulnerable to demand after the recovery of the Iraqi dinar with government orders that limited dealing in the dinar to restrict the movement of the dollar.
While officials find that the establishment of the electronic platform and the level of regularity of the flow of external remittances responsible for financing private sector trade and the escalation of financing rates have reached very high rates through the compliance platform of banks active in this regard, and the rise in gold prices is not considered a direct impact on the improvement of the exchange rate.
This was confirmed by the Prime Minister’s Advisor for Financial and Economic Affairs, Mazhar Muhammad Salih {to Al-Furat News}, saying: “Active positive factors have affected the recovery of the Iraqi dinar in the secondary exchange market, foremost of which is the high level of regular flow of foreign remittances responsible for financing private sector trade and the escalation of Financing rates are very high through the compliance platform of active banks in this regard.”
He explained, “What this means is that the demand for foreign currency through official external transfer operations, which is responsible for 90% of the total desired demand for foreign currency, as most of it is now met at the official exchange rate of 1,320 dinars per one dollar, which gave the official market dominance over the market.” Parallel to the exchange.” 
Saleh stated, “As for the developments taking place in the gold commodity market or gold filigree, especially the sudden price developments therein, up and down, they are not considered an alternative directly affecting the improvement of the exchange rate because they are limited in impact and impact on the movements of the parallel exchange market, and that the main gold trade is financed as foreign trade through Transfers from the banking system and the official exchange market.
Contrary to the government opinion, the Parliamentary Finance Committee supported the theory of doubts and confirmed that the dollar would reach {200} thousand dinars with the cancellation of the currency auction.
Deputy Chairman of the Parliamentary Finance Committee, Ahmed Mazhar Al-Janabi, said {to Al-Furat News} that “the Central Bank’s decision to cancel the currency auction at the end of the year will open space for exploitation and a problem will occur. If the auction is canceled and ends, the exchange rate in the markets may double, and if the Central Bank goes towards this option, the dollar exchange will “It will reach 200 thousand dinars,” according to his opinion.
I am certain that “it will open space for speculators to exploit the matter. The current price is higher than the official price, despite the sale of approximately $250 million per day. So what if the auction stops?”
In light of this, economists expected that the demand for the dollar would continue to exceed supply, thus leading to a re-depreciation of the dinar, due to the central bank’s limited ability to provide coverage.
Economist Manar Al-Obaidi said in a statement, “The demand for the dollar depends primarily on commercial transactions and covering imports. The greater the demand for imports, the higher the demand for the dollar, and with the Central Bank’s limited ability to cover this demand as a result of the set limits, it is expected that it will continue.” Demand is greater than supply and thus leads to a decline in the price of the dinar against the dollar.”
He added, “An observer of the exports of the main countries exporting to Iraq notices an increase in the value of these countries’ exports, as the value of Turkish exports to Iraq increased by 30% in the first quarter, while Chinese exports to Iraq increased by 20% in the first quarter, as well as the exports of other countries such as the Emirates, India, Iran, and Brazil.” “. 
Al-Obaidi attributed the reasons for this increase to five basic factors: 
1- The rise in global inflation, which led to an increase in the values ​​of various commodities in various exporting countries. 
2- Inflation of invoices, as some merchants agree with the processing party to inflate invoices to obtain transfers in higher amounts. In order to resell the converted dollar in those markets 
3- The change in the consumption pattern of the Iraqi citizen and the high population growth rates that increase the demand for various commodities, which increases demand
4- The increase in government agreement as a result of the increase in operational and investment expenses
5- The lack of a capable local industry To compete with the imported product as a result of high costs. 
Al-Obaidi added, “These four reasons are mostly due to the loss of tools to control the state’s financial policy (taxes + customs + control of expenditures). In order to control this significant rise in the value of imports, which leads to an increase in demand for the dollar, customs and tax policy must be changed.” “For many sectors, there is a need to possess the tools capable of implementing these policies in a more effective and productive manner.” 
Al-Obaidi added, “Continuing the import bill will lead to an increase in demand for the dollar and thus an increase in its price in the parallel market, which is what many of those who benefit from the low official price are looking for. The inability to control imports and the loss of control over financial policy tools will put the state in front of a single solution.” There is no second option, which is the use of monetary policy, which is something that many economic specialists do not favor, and they prefer to always focus on controlling financial policy.” 
As the Hajj season approached, the Central Bank stopped selling the dollar to travelers, and to find out its reasons, the former director of the Financial Supervision Bureau, financial expert, Salah Nouri, said {to Al-Furat News} that “the recent Financial Supervision Bureau report, which was covered by satellite channels, about violations in selling the dollar to travelers, is a major reason for reviewing the procedures and addressing them.” The defect in the transfer system, and stopping until the situation is corrected.”
In the same context, the economic expert, Safwan Qusay, revealed the leakage of travelers’ dollars to the parallel market.
Qusay said {to Al-Furat News}, “The current policy of the Central Bank of Iraq goes towards auditing the cash dollar, which was marred by many failures in the first periods, especially its leakage through travelers to the irregular market, and this issue needs a new and clear mechanism.”
He added, “It is assumed that travelers are dealt with through tourism and airline companies, and the travel ticket is not allowed to be canceled unless the traveler returns the amount he purchased from exchange outlets or banks.”
Qusay stressed that “this measure will restore confidence in the cash dollar and the possibility of facilitating the mission of real tourists and filling the gaps that accompanied the process of establishing the electronic platform for the cash sale of foreign currencies.”  
He stated that “the Central Bank will not hesitate to provide the dollar to those entitled to it, whether at the level of Hajj or other windows,” noting that “the Central Bank’s emphasis on procedures for granting citizens the cash dollar ensures that it reaches those who need it.”
Meanwhile, travelers expressed their surprise at the Central Bank’s decisions to prevent government banks from selling dollars to travelers.
Travelers said, via {Al-Furat News}: “We are surprised by the Central Bank’s decisions to prevent government banks from selling the dollar to travelers and monopolizing it only with financial transfer and exchange companies.” 
Travelers called on Parliament and members of the Parliamentary Finance Committee to “intervene and solve the problem and allow government banks to carry out the process of selling the dollar, especially in conjunction with the delegation of pilgrims to the Holy House of God, and they need to buy the dollar at the official price.”

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Dollar trees staggering with knockout and fears of dinar collapse

• Time: 2024/05/10 08:49:23
• Read: 2,197 times

  

{Reports: Euphrates News} Report / Wafaa Al-Fatla

The impact of the fluctuation of dollar prices and the rise in gold prices on the contraction of the commercial market in terms of import and purchase of goods significantly amid the flush of opinions between the return of the rise and decline of green to the official price set by the state 1320 dinars per dollar.

The dollar price currently in the parallel market is 1,460 dinars, up or down for this rate.
The cancellation of the currency {auction} window at the end of 2024 and Washington’s sanctions on Iraqi banks opened a door of doubts that end in putting the dollar in front of speculation, which will make it subject to demand after the Iraqi dinar recovers with government orders that limited dealing with the dinar to restrict the movement of the dollar.
While officials find that the establishment of the electronic platform and the level of regularity of the flow of external transfers responsible for financing private sector trade and the escalation of financing rates have reached very high rates through the compliance platform of banks active in this regard, and the high gold prices are not the direct alternative that directly affects the improvement of the exchange rate.
This is what the Prime Minister’s advisor for financial and economic affairs, Mazhar Mohammed Saleh {Euphrates News}, confired that: “Positive effective factors have affected the recovery of the Iraqi dinar in the secondary exchange market, foremost of which is the high level of regularity of the flow of foreign remittances responsible for financing private sector trade and the escalation of financing rates to very high rates through the compliance platform of active banks in this regard.”
He explained, “What means that the demand for foreign currency through official external transfers is responsible for 90% of the total desired demand for foreign exchange, as it is met with the official exchange rate of 1320 dinars per one dollar, which gave dominance to the official market over the parallel market for exchange.”
Saleh, he said that “as for the developments in the gold commodity market or gold shaws, especially the sudden price developments in it up and down, is not the direct alternative that affects the improvement of the exchange rate because it is limited in impact and the movements of the exchange parallel market, and that the main gold trade is financed as foreign trade through the transfers of the banking system and the official exchange market.”
Contrary to the government opinion, the Parliamentary Finance Committee supported the theory of doubts and confirmed that the dollar reached {200} thousand dinars with the cancellation of the currency auction.
The Deputy Chairman of the Parliamentary Finance Committee, Ahmed Mazhar Al-Janabi {Al-Furat News}, said that “the decision of the Central Bank to cancel the currency auction at the end of the year will open a space for exploitation and a problem occurs. If the auction is canceled and the exchange rate is ended, the exchange rate in the markets may double and if the Central Bank goes towards this option, the dollar exchange will reach 200,000 dinars, according to his opinion.
“It will open up space for speculators to exploit the matter, not the current price is higher than the official price despite the sale of approximately $250 million a day, so how if the auction stops?” he said.
In light of this, economists expected that the demand for the dollar will continue more than supply and thus lead to a re-drop in the dinar rate due to the central bank’s limited capacity to cover.
Economist Manar Al-Obeidi said in a statement that “the demand for the dollar depends primarily on commercial transactions and coverage of imports. The higher the demand for imports, the higher the demand for the dollar, and with the limited ability of the Central Bank in covering this demand as a result of the the specified, it is expected that the demand will continue more than the supply and thus lead to a re-decline of the price of the dinar against the dollar.”
He added, “The follower of the exports of the main countries exporting to Iraq notes an increase in the value of the exports of these countries, as the value of Turkish exports to Iraq increased in the first quarter by 30%, while Chinese exports to Iraq increased in the first quarter by 20%, as well as the exports of other countries such as the UAE, India, Iran and Brazil.”
Al-Obeidi attributed the reasons for this increase are due to five main factors:
1- High global inflation, which led to the high values of various commodities in various exporting countries.
2- Inflating invoices, as some merchants agree with the equipped entity to inflate the invoices to obtain transfers in higher amounts in order to resell the converted dollar in those markets.
3- The change in the consumption pattern of the Iraqi citizen and the high population growth rates that increase the demand for various goods, which increases the demand
4- Increasing the government agreement as a result of high operating and investment expenses
5- Lack of a local industry capable of competing with the imported product as a result of high costs.
Al-Obeidi added, “These four reasons are mostly due to the loss of tools to control the state’s fiscal policy (taxes + customs + control of expenditures) in order to control this large increase in the value of imports, which leads to increased demand for the dollar. The customs and tax policy must be changed for many sectors and the need to exput tools capable of applying these policies more effectively and productively.”
Al-Obeidi added, “The continuation of the import bill will lead to an increase in demand for the dollar and therefore a rise in its price in the parallel market, which has become sought by many beneficiaries of the low official price, and the inability to control imports and the loss of control of financial policy tools will put the state in front of a single solution that is not second, which is the use of monetary policy, which is not favored by many specialists in the economic aspect and always prefer to focus on controlling financial policy.”
As the Hajj season approached, the Central Bank stopped selling the dollar to travelers and to find out its reasons, the former director of the Financial Supervision Bureau, financial expert Salah Nouri, said that “the recent report of the Financial Supervision Bureau, which was dealt with by satellite channels on violations in the sale of dollars to travelers, is the main reason for reviewing procedures and addressing the defect in the remittance system, and stopping until the situation is fixed.”
In the same context, the economist, Safwan Qusay, revealed the leakage of the dollar of travelers to the parallel market.
“The current policy of the Central Bank of Iraq goes towards auditing the monetary dollar, which was similar to many failures in the first periods, especially its leakage through travelers to the irregular market, and this issue needs a new and clear mechanism,” Qusay said tolat News.
“Travelers are supposed to be dealt with through tourism and aviation companies and not allowed to cancel the ticket unless the traveler returns the amount he purchased from banking outlets or banks,” he added.
“This measure will restore confidence in the cash dollar and the possibility of facilitating the real tourist’s mission and filling the gaps that accompanied the establishment of the electronic platform for the sale of cash for foreign currencies,” Qusay said.
He pointed out that “the Central Bank will not hesitate to provide dollars to the eligible, whether at the level of Hajj or other windows,” pointing out that “the Central Bank’s emphasis on the procedures for granting citizens dollars of cash to ensure that it reaches those who need it.”
While travelers expressed surprise at the central bank’s decisions to prevent government banks from selling dollars to travelers.
“We are surprised by the Central Bank’s decisions to prevent government banks from selling dollars to travelers and monopolizing it only with money transfer and exchange companies,” Travelers said, via {Euphrates News}.
Travelers called on parliament and members of the parliamentary finance committee to “intervene and solve the problem and allow government banks to practice the process of selling the dollar, especially in conjunction with the rewing of pilgrims to the Sacred House of God, and they need to buy the dollar at the official price.”

https://alforatnews.iq/news/الدولار-يترنح-بضربة-قاضية-ومخاوف-من-انهيار-للدينار

Al-Sudani concludes his visit to Babylon

12:01

| 2024 ,May 09

Fourth – Baghdad

This evening, Prime Minister Muhammad Shiaa Al-Sudani concluded his visit to Babil Governorate.

Al-Sudani’s office stated in a statement received by Al-Rabaa, that “Prime Minister Muhammad Shia’ Al-Sudani concluded his visit to Babil Governorate, as part of his series of field visits to the governorates.”

The statement added, “The visit included:

■ Launching a package of new service projects in Babil Governorate worth (1,276,740,000,000) dinars.

● Referring the large Hilla sewer project/second phase to implementation at a cost of $287 million.

● Launching integrated projects for sewage, sanitation, and rainwater in (Al-Qasim, Al-Hashimiyeh, and Al-Madhatiya districts), with a total amount of (364,500,000,000) dinars.

● Launching an integrated project for sewage, sewage and rainwater networks in Al-Kifli district, amounting to 134.2 billion dinars.

● Launching a road project linking the highway (Basra – Baghdad), via the Imam – Anana district – to Ibrahimiyya in the Hindiyah district, at a cost of 320 billion dinars.

● Management and operation of Imam al-Sadiq (peace be upon him) Hospital, by a specialized foreign company for $60 million.

■ Launching work on the Union Mills Project, one of the private sector projects for producing zero-sum flour, with a production capacity (one million tons) annually.

■ Opening of the sugar factory expansion project at Al-Ittihad Company, increasing the factory’s production capacity from (4,200) tons to (6,000) tons per day.

■ Opening a vegetable oil extraction plant, a plant feed production plant and a premix plant in the company.

■ Field inspection of the progress of implementation of the first phase of the large Hilla sewer project.

■ A field visit to the Ishtar Bridge project in the center of the city of Hilla, one of the projects to relieve traffic congestion in Babylon.

■ Visit the Oncology Center at Marjan Hospital, and learn about the health services provided to patients there.

■ Chairing a meeting of directors and officials of service and sector departments and formations in Babylon Governorate.

■ Directing the formation of a committee of ministries, which will be present in Babil Governorate next week, to address the problems that were identified and follow up on the implementation of the outcomes of the visit.

■ Chairing a meeting of security and military leaders and formations in Babil Governorate.

■ Meeting with members of the House of Representatives from Babylon Governorate, and the President and members of the Governorate Council.

■ Meeting with tribal sheikhs and notables of Babylon Governorate.

https://alrabiaa.tv/article/86340/86340-%D8%A7%D9%84%D8%B3%D9%88%D8%AF%D8%A7%D9%86%D9%8A-%D9%8A%D8%AE%D8%AA%D8%AA%D9%85-%D8%B2%D9%8A%D8%A7%D8%B1%D8%AA%D9%87-%D8%A5%D9%84%D9%89-%D8%A8%D8%A7%D8%A8%D9%84

Urgent The House of Representatives extends its legislative term by 30 days

• Time: 05/09/2024 23:55:39
• Read: 650 times

{Politics: Al-Furat News} The Presidency of the House of Representatives decided to extend the current legislative term for a period of 30 days.

The Parliamentary Finance Committee had previously expected an extension of the legislative term with the imminent arrival of the budget schedules to the House of Representatives.

There is also a political movement to elect a new speaker of the House of Representatives, which requires the continuation of Parliament’s work.

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It will change the reality of Iraqi banks.. Al-Alaq reveals a plan that enjoys Sudanese support

Economy | 07:25 – 09/05/2024

Mawazine News – Baghdad
The Governor of the Central Bank, Ali Mohsen Al-Alaq, revealed today, Thursday, the progress of a plan supported by the government to change the map of the banking sector and its reality in Iraq.
The Central Bank stated in a statement received by Mawazine News, “The Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, received today the French Ambassador to Baghdad, Patrick Durel.”
He added, “The meeting discussed ways to strengthen banking relations between the two countries, and His Excellency the Governor provided a comprehensive explanation of the relations and economic conditions, as well as the government’s directions in consolidating the foundations of the national economy and diversifying it in light of the state of security stability achieved in Iraq.”
 Al-Alaq confirmed that “the plan to restructure government banks is supported and monitored regularly by the Prime Minister,” noting that “this plan will change the map of the banking sector and its reality in Iraq.”
He pointed to “the rapid developments in organizing, monitoring and analyzing foreign transfer operations and covering foreign trade in accordance with best international practices and standards, which are receiving great praise and attention from international and regional organizations.”
It is noteworthy that the Central Bank of Iraq owns deposits and accounts with the Central Bank of France, and they have been linked by cooperative relations over many years.

https://mawazin.net/Details.aspx?jimare=247687

Regarding the delay in sending the budget schedules.. Sudanese Advisor: Parliament is informed

EconomyIraqIraqi ParliamentMazhar Muhammad SalehBudget TablesSudanese AdvisorTripartite Budget

2024-05-09 10:11ShareFont

 Shafaq News/ The financial and economic advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, commented on Thursday on the reasons for delaying sending the 2024 budget schedules to the House of Representatives.

Saleh told Shafaq News Agency, “The (tripartite) federal general budget was legislated in accordance with Law No. 13 of 2023 and was published in the Official Gazette on June 26, 2023, as a medium-term financial plan. Despite this, the budget did not become effective and implemented for the fiscal year 2023 until In August of last year, this coincided with the issuance of instructions to implement the budget, both operational and investment, as the instructions are an integral part of the legislative process to implement the provisions of the law in the best way, which means that the application of the principles of the federal general budget on the ground in all its dimensions has been completed in the last third. From last year 2023.”

He explained that “this last third of the implementation of the general budget last year required the submission of the financial statements for the fiscal year 2024, that is, the tables of revenues, expenditures, and deficit estimates, based on the provisions of Article 77/Second of the General Budget Law No. 13 of 2023 referred to above.” The aforementioned article stipulates the following: “The Council of Ministers must send the budget schedules for the fiscal years 2024 and 2025 before the end of the previous fiscal year to the House of Representatives for approval.”

The Sudanese advisor continued: “Based on the above, and in terms of the timeline, Article 77 could have been implemented if the tripartite general budget had been enacted and became effective on the first of January 2023 and not in the month of August.”

Saleh added, “Estimating the schedules for the year 2024 and 2025 must depend on the financial movements taking place in the year 2023 in part and knowing something about the final account for the aforementioned year in accordance with the Financial Management Law. This requires at least four months to know the liquidation of previous financial obligations according to The principle of entitlement.

He added: “But the 2023 budget did not witness the actual implementation of all its details until the last months of last year, which requires the need for an appropriate time frame in order to make estimates of the required schedules and in accordance with the approved financial constants and variables and the possible fluctuations therein.”

Saleh concluded his speech by pointing out that “the delay that has occurred does not mean that the House of Representatives is far from the circle of communication with the executive authority, broad consultation, exchange of information, and access to the country’s financial details, but rather that the House of Representatives is fully informed and appreciates the importance of the time frame for making estimates and building practical and professional applications.” “The necessary precision, especially in the 2024 and 2025 budgets.”

Earlier today, Thursday, the Parliamentary Finance Committee revealed the reasons for the government not voting on the 2024 budget schedules and sending them to the House of Representatives.

According to committee member Muhammad Nouri, the budget law schedules were supposed to be presented in the previous session of the Council of Ministers, but they were postponed due to the increase in government spending, the large deficit within the budget, and the government’s overrun of the original 2023 budget.

He explained that “the government is currently looking to reduce unnecessary expenditures by making financial transfers and expanding non-oil financial revenues, in addition to that the government is also working to reduce the percentage of the deficit in the general budget for the year 2024, which exceeded more than 80 trillion dinars,” suggesting that the tables of the law will be presented. The budget is in the next session of the Council of Ministers, and we are awaiting its approval and sending it to the House of Representatives.”

Earlier, Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, agreed with the Prime Minister, Muhammad Shiaa Al-Sudani, on the necessity of completing the schedules of the budget law for the year 2024, and expediting their sending to the House of Representatives for the purpose of discussing and voting on them, due to their connection to the lives of citizens and their focus on investment spending for new projects.

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Central Bank Governor to the French Ambassador: The plan to restructure government banks will change the map of the banking sector

Drains

   

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Economy News – Baghdad

The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, said on Thursday that the plan to restructure government banks will change the map of the banking sector in Iraq.

The media office of the Central Bank said in a statement received by Al-Iqtisad News, “The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, received His Excellency the French Ambassador in Baghdad, Mr. Patrick Durel.”

He added, “The meeting discussed ways to strengthen banking relations between the two countries,” noting that Al-Alaq “provided a comprehensive explanation of the relations and economic conditions, as well as the government’s directions in consolidating the foundations of the national economy and diversifying it in light of the state of security stability achieved in Iraq.”

The statement quoted Al-Alaq as saying, “The plan to restructure government banks is supported and monitored regularly by the Prime Minister,” noting that “this plan will change the map of the banking sector and its reality in Iraq.” 

The statement continued, “The rapid developments in organizing, monitoring and analyzing foreign transfer operations and covering foreign trade in accordance with best international practices and standards, which are receiving great praise and attention from international and regional organizations.” 

He stressed that “the French ambassador expressed satisfaction with the developmental and economic developments he observed in Iraq, especially during his tour of the provinces,” expressing “his country’s readiness to strengthen and develop banking relations with Iraq,” explaining that “economic relations between the two countries are growing at the level of entry of French companies and the use of their expertise.” In investment projects.
 
The French ambassador, in a statement, invited the Governor of the Central Bank of Iraq, after making the necessary arrangements, to visit the financial and banking institutions in France, especially the Central Bank of France.

It is noteworthy that the Central Bank of Iraq owns deposits and accounts with the Central Bank of France, and they have had distinguished cooperation relations over many years.

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Added 05/09/2024 – 6:59 PM

https://economy-news.net/content.php?id=43266

American Bank: Expectations to increase Iraq’s oil capacity in 2025

Flames emerge from an oil field near Basra, Iraq. “Reuters”

energy

   

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Economy News – Baghdad

JP Morgan Bank expected that Iraq, the United Arab Emirates and Kazakhstan intend to increase their oil capabilities by 2025.

Natasha Kaneva, an analyst at JP Morgan, said in a report seen by Al-Iqtisad News, “The United Arab Emirates, Kazakhstan and Iraq intend to increase their total capacity by more than 300,000 barrels per day as of next year, but the planned expansions may constitute risks to Coalition cohesion, and oil prices in general.

She added, “The main issue for OPEC lies in 2025. Even if the alliance keeps supply restrictions as they are this year, it “does not address the imbalances in 2025.”

The price of Brent crude is expected to remain in the range of $75-90 per barrel in most scenarios, with average prices reaching $82 per barrel in 2025, according to Goldman Sachs.

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Views 8

Added 05/09/2024 – 6:16 PM

https://economy-news.net/content.php?id=43264