Bondlady’s Corner – Iraq Economic News and Points to Ponder Late Friday Evening 4-12-24


Iraq Economic News and Points to Ponder Late Friday Evening 4-12-24

Tlm724 Administrator Bondlady’s Corner

Advisor To The Association Of Banks: The Prime Minister’s Decisions To Support Private Banks Confirm The Government’s Vision Of Stimulus And Banking Reform

Economy News – Baghdad  Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, said that the seven decisions recently issued in implementation of the directive of Prime Minister Muhammad Shia Al-Sudani regarding supporting our private banks confirm the government’s vision in its governmental approach and strategy that is consistent with the Central Bank’s strategy to reform the banking sector.

He explained that these decisions outlined the executive and supportive procedures for comprehensive reform

For the banking sector, which constitutes the basis and true beginning of successful economic reform, which included the following:

1- Preventing monopoly in banking services

2- Activating the Central Bank’s financing initiatives

3- Increasing cooperation between private banks and the Central Bank in discussing decision-making related to supporting and developing banking work

4- Determining the contribution of foreign capital to Iraqi banks

5- Participation of government institutions and financial funds with private banks and expansion by opening branches in countries

The other

6- Government and Central Bank support for private banks in foreign institutions and banks

7- Increasing reliance on private banks by the Iraqi state and activating the deposit of government deposits

And deposits of government banks with banks


Al-Nusairi stressed that the implementation of the decisions, which came as a result of an in-depth study by the Ministerial Council for the Economy and in the presence of the Central Bank of Iraq, of the challenges facing private banks, especially after 28 private banks were subjected to US Treasury restrictions by stopping their dealings in the US dollar in external transfers, are practical applications to motivate private banks to develop their internal banking operations. And foreign affairs in a way that contributes to economic reform.

Pointing out the importance of discussing this important file to lift US restrictions on these banks during the visit of the Prime Minister and his accompanying delegation to Washington next week.

This file is certainly the focus of the concerns of the government, the Central Bank, the Association of Iraqi Private Banks, and the banking sector in general. We hope that efforts will succeed in creating new balanced relations between the American side and our Iraqi delegation in the field of organizing and developing clear foundations for both parties in banking relations in accordance with international standards.

201 views   04/12/2024 –

Al-Sudani To American Companies: The Current Stability In Iraq Is Encouraging For You To Engage In Development Projects

Prime Minister Muhammad Shiaa Al-Sudani  Reconstruction and building  Prime Minister, Muhammad Shiaa Al-Sudani, called on American companies to work inside Iraq.

Al-Sudani said, the current stability in Iraq should encourage American companies to engage in important development projects in the fields of energy, communications, housing, health care, education, transportation, and others.

He added that it is also important that we combat corruption, which is the other side of terrorism, as its impact is no less devastating, and that we work to ensure that the people’s money is directed towards valuable goals, and that it is also imperative that we work to diversify our economy away from dependence on oil, even while we benefit from it. From our position as the second largest oil exporting country in OPEC (in addition to our possession of large reserves of natural gas)

Al-Sudani stated, “Our urgent need for American expertise and technology extends to clean energy and the green economy, as we seek to develop sustainable and renewable sectors,” adding that “the strategic framework agreement established the legal basis for these activities, and that by investing in them, it will enable us to put Iraq in a position that helps it strengthen Its democracy, strengthening the state, and strengthening the rule of law, are the pillars that will allow us to restore Iraq to its historical brilliance.   187 views   04/12/2024 –

Adviser To The Prime Minister: Activating The Strategic Framework Agreement Tops The Agenda Of Sudanese’s Visit To Washington

Friday 12, April 2024 | Political Number of readings: 206  Baghdad / NINA / Fadi Al-Shammari, political advisor to the Prime Minister, confirmed that the upcoming visit of Prime Minister Muhammad Shia Al-Sudani to the United States of America will define the relationship between Baghdad and Washington.

Al-Shammari suggested, in a press statement today, Friday, that “the Prime Minister will place the activation of the framework agreement at the top of the visit’s agenda, in order to achieve enhanced cooperation and coordination with the United States, and activate the terms of the agreement between the two countries, especially in the areas of development, economy, investment, education, technology, artificial intelligence, and climate.”

He added, “The Sudanese seeks to deal with the files in a way that restores balance, strengthens the partnership, matures the relationship between the two countries and defines the nature, identity and nature of the joint relations, by establishing the factors of joint commitment and focusing on the main aspects of the strategic framework agreement, as well as the joint political, security and military files.” /End 5

Oil Prices Are Heading For A Weekly Loss Of About One Percent

Economy | 12/04/2024  Mawazine News – Baghdad  Oil prices recorded an increase during early Friday trading, in light of escalating tension in the Middle East, which raises the possibility of disruption of supplies from the oil-producing region, but prices are heading to suffer a weekly loss amid expectations of a decline in the number of expected cuts to US interest rates this year.

Brent crude futures rose 51 cents, or 0.57 percent, to $90.25 per barrel, while US West Texas Intermediate crude futures rose 61 cents, or 0.72 percent, to $85.63.

Oil prices are still heading for a weekly decline, as Brent and West Texas Intermediate are heading to decline by more than one percent.

These gains erased some of the losses recorded in the previous session, which was dominated by concerns about US inflation, which reduced hopes for lowering interest rates in June.

Suspected Israeli warplanes bombed the Iranian consulate in Damascus in an attack that prompted Iran to vow revenge, heightening tensions in a region already tense over the war in Gaza.

Israel did not claim responsibility for the attack, but Iranian Supreme Leader Ayatollah Ali Khamenei said Wednesday that Israel “must be punished, and will be punished” for the attack.

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Provoking Points To Ponder On Failures and Mistakes

Finite to fail, but infinite to venture.- Emily Dickinson

When in doubt, make a fool of yourself. There is a microscopically thin line between being brilliantly creative and acting like the most gigantic idiot on earth. So what the hell, leap.- Cynthia Heimel

Failure really isn’t terrible if you can say to yourself, hey, I know I’m gonna be successful at what I want to do someday. Failure doesn’t become a big hangup then because it’s only temporary. If failure is absolute, then it would be a disaster, but as long as it’s only temporary you can just go and achieve almost anything.- Jerry Delia Femina

Failure is an event, never a person.- William D. Brown

It is better to be boldly decisive and risk being wrong than to agonize at length and be right too late.- Marilyn Moats Kennedy

I’ve never met a person, I don’t care what his condition, in whom I could not see possibilities. I don’t care how much a man may consider himself a failure, I believe in him, for he can change the thing that is wrong in his life anytime he is prepared and ready to do it. Whenever he develops the desire, he can take away from his life the thing that is defeating it. The capacity for reformation and change lies within.- Preston Bradley