The Governor Of The Central Bank Participates In The First International Conference On Carbon Economics In Iraq.
May 21, 2025 His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq,
participated in the first international conference on carbon economics in Iraq,
as a key partner and supporter of combating climate change and reducing carbon emissions.
On the sidelines of the conference, His Excellency said in his speech:
The opportunity is ripe to contribute to preserving an environment that has been exhausted by wars and various pollutions,
mentioning a group of initiatives taken by the Central Bank of Iraq within a series of innovative solutions and measures that contribute to mitigating direct environmental challenges.
Among these solutions, the Central Bank,
in cooperation with the Supreme Committee for Lending in the Council of Ministers,
presented an initiative of (1) trillion dinars,
to
shift from the use of traditional sources to renewable energy sources,
reduce carbon emissions, and
expand green spaces to achieve sustainable development. He added that
the Central Bank of Iraq, in cooperation with the World Bank,
worked to develop a green financing model and implement it within the financial sustainability roadmap approved by the Central Bank of Iraq for the period (2023-2029), and
one of its outcomes is the development of a sustainable financing roadmap for managing environmental, social, and governance (ESG) risks.
Revealing the commencement of granting specialized banking licenses to support climate and environmental conservation through financing green projects,
namely Riyada Bank and the Green Bank, and
work is underway to soon integrate these banks into the Iraqi banking ecosystem. He explained that
the Central Bank of Iraq has presented important projects, including the
rehabilitation of brick factories to convert from polluting fuel (black oil)
to cleaner fuel (liquid gas) to reduce carbon emissions,
as part of the trillion-dinar initiative, with an amount of 500 million dinars for each factory.
Announcing the Central Bank of Iraq’s funding of waste recycling projects within the framework of the Renewable Energy Initiative,
the project aims to help reduce soil pollution, particularly in sanitary landfills.
This poses a future environmental risk,
impacting the type and quality of soil in housing, agricultural, and other projects.
His Excellency concluded by saying that he seeks to cooperate and offer initiatives in this field,
based on his belief in the bank’s ability to
create a better environment,
increase community well-being, and
overcome the environmental challenges surrounding Iraq.
Central Bank of Iraq Media Office May 21, 2025 https://cbi.iq/news/view/2890
2025 Budget: Government Advisor Outlines Spending Priorities And Plans To Address Trillion-Dollar Deficit
Time: 2025/05/21 Read: 2,430 times {Economic: Al Furat News} The Prime Minister’s financial and economic advisor, Mazhar Mohammed Salih, revealed important details related to the budget for the remainder of 2025 and the impact of global economic variables on the oil market.
In a press statement, Salih confirmed that “Iraq was able to sell its oil until the end of the first quarter of 2025 at an average price of $75 per barrel, which exceeds the price specified in the general budget law of $70.”
He pointed to the paradox witnessed by the global oil market, as the OPEC+ group recently lifted its restrictions on member states’ production, driven by a decline in global oil inventories. However, this increase coincided with the escalation of the trade war between the United States and China, and the subsequent imposition of customs tariffs, which produced signs of a recession in the global economy.
Salih explained that a 1% decline in economic growth leads to a half-percent decline in demand for crude oil and vice versa, noting that this has created a “downward oil asset cycle.”
Regarding the Iraqi general budget for the rest of 2025, Salih indicated that it will operate according to the principle of “fiscal space,” which is based on flexibility in controlling public expenditures.
He emphasized that priority in spending will be given to government salaries and wages, pensions, and social welfare, which affect the lives of eight million Iraqis. He also stressed the need to continue Spending on infrastructure projects remains uninterrupted, as they are linked to the government’s development and reform agenda.
Saleh noted that the budget includes a hypothetical maximum borrowing limit of 64 trillion Iraqi dinars (about $1.5 trillion) to cover the deficit gap, out of an upper ceiling of 200 trillion dinars. He emphasized that the Ministry of Finance will borrow to finance the project when needed. LINK
Oil Prices Recorded A Slight Decline At Settlement
Wednesday, May 21, 2025 01:15 | Economic Number of reads: 456 Baghdad / NINA / Oil prices recorded a slight decline at the close of trading on Tuesday, due to the uncertainty surrounding the fate of negotiations between the United States and Iran and peace talks between Russia and Ukraine, while new government data presented a cautious outlook for the economy of China, the world’s largest importer of crude oil.
Brent crude futures fell 16 cents, or 0.2 percent, to $65.38 a barrel at settlement, and US West Texas Intermediate (WTI) crude futures fell 13 cents, or 0.2 percent, to $62.56 a barrel. https://ninanews.com/Website/News/Details?key=1228151
Gold Prices Rise More Than 1% As The Dollar Continues To Weaken
Wednesday, May 21, 2025 05:14 | Economic Number of reads: 411 Baghdad/ NINA / Gold prices recorded a significant rise of more than 1% on Tuesday, supported by the continued weakness of the dollar amid uncertainty in global markets.
Spot gold rose 1.6% to $3,280.32 per ounce, while US futures rose 1.5% to $3,283.10.
As for other precious metals, platinum jumped 3.8% to $1,035.53, palladium rose 2.7% to $1,001.25, while silver rose 1.3% to $32.78 per ounce. / End https://ninanews.com/Website/News/Details?key=1228155
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