Bondlady’s Corner – Iraq Economic News and Points to Ponder Monday Afternoon 4-8-24


Iraq Economic News and Points to Ponder Monday Afternoon 4-8-24

Tlm724 Administrator Bondlady’s Corner

Al-Rafidain announces the launch of the comprehensive banking system

Economy | 09:07 – 04/06/2024   Mawazine News – Baghdad   Al-Rafidain Bank announced, on Saturday, the launch of the comprehensive banking system in the branches of Al-Waziriya and Al-Ma’rifa in Baghdad and Al-Shuhada in Holy Karbala.

He stated to the Bank in a statement received by Mawazine News, that “the plan for digital transformation and adoption of the comprehensive banking system is proceeding according to the set timings to include all branches of the bank with the application of the system.”

He pointed out that “one of the priorities and objectives of the government program is electronic transformation in financial transactions, reducing episodes of red tape for citizens, and reducing time and effort in completing citizens’ transactions.”

Advisor To The Prime Minister: These Are The Details Of The Comprehensive Development Plan For The Capital… And Major Strategic Projects That Will Be Announced Soon

Monday 08, April 2024 01:35 | Economical Number of readings: 345  Baghdad / NINA / Fadi Al-Shammari, advisor to Prime Minister Muhammad Shia Al-Sudani, confirmed the approval of the comprehensive development plan for the capital, Baghdad 2040, in preparation for final approval by the competent authorities.

Al-Shammari said, in press statements, “Large cities complementary to the capital have been launched in two axes (Al-Jawahiri City, Ali Al-Wardi City), and there are other proposals under study, and the road map for launching the Fourth Ring Road project has also been completed.”

He added, “The Ministries of Oil and Industry have been directed to gradually move their facilities to areas outside the cities, and it is under work,” noting that “the (Sustainable Baghdad Forests)/Al-Rashid Camp project, which consists of large recreational forests that are the largest in the Middle East, will address the environmental equivalent of the capital and the largest parks.” And a park in Iraq, which is hoped to be launched after Eid.”

He explained , “Creating green spaces in the capital and converting all open spaces into gardens and parks is one of the projects of the Baghdad Municipality, in addition to developing the capital’s areas and shops within the government’s priorities and with the follow-up of the Prime Minister and on both banks of Rusafa.” And Al-Karkh.”

The government advisor confirmed that “there are major and strategic steps and projects that will be announced or studied soon,” adding that “the urban and service transformations in the capital will produce a relatively developed capital for us in the next few years.”

He added, “Preparations are being made to launch the highway rehabilitation project (Mohammed Al-Qasim – Doura Expressway – Al-Adl Expressway – Abu Ghraib Expressway) according to international specifications, and the technical committees are also in the process of finalizing the designs for constructing the (Southern Downtown) of the capital on both banks of Doura Road.” –

 Youssefiya, according to the specific specifications, standards and uses of the land,” pointing to the redrawing and design of the city of Rafael to accommodate the capital’s administrative activities, financial, commercial, entertainment and residential institutions and green spaces./End 5

The National Bank Of Iraq Decides To Increase Its Capital To 400 Billion Dinars

Economy News – Baghdad  The National Bank of Iraq decided, today, Monday, to increase its capital to 400 billion dinars

The bank stated in a press conference attended by an Al-Eqtisad News correspondent that it “decided to increase its capital to 400 billion dinars through the distribution of free shares worth 100 billion dinars.”

He pointed out “the distribution of dividends of 20% of the capital, which represents 60 billion dinars for the past year.”  Views 84  Added 04/08/2024 –

Oil Prices Fall Below The $90 Threshold

Money  and business  Economy News – follow up  Oil prices fell by more than one percent in early Asian trading, on Monday, as tension in the Middle East eased after Israel withdrew more of its soldiers from the southern Gaza Strip and pledged to hold new talks on a possible ceasefire in the six-month-old conflict.

Brent crude futures fell $1.4, or 1.55 percent, to $89.76 per barrel by 2253 GMT, after hitting the lowest level in the session at $88.78.

US West Texas Intermediate crude recorded $85.60 per barrel, down $1.31, or 1.5 percent, after falling to a low of $84.69.

Israel and Hamas sent two delegations to Egypt for new talks on a possible ceasefire before the Eid holiday, easing tensions in the Middle East that pushed oil prices up more than 4 percent last week on fears of supply disruptions.

Israeli Defense Minister Yoav Galant said on Sunday that Israel is ready to deal with any scenario that may arise with Iran, after Tehran threatened to respond to the killing of Iranian military leaders on April 1.

Saudi Arabia, the world’s largest exporter, raised official selling prices for all grades of crude to Asia, in line with expectations.

Baker Hughes, one of the world’s largest oil field services companies, said in its report on Friday that US oil rigs rose by two rigs to 508 rigs last week, while gas rigs fell by 2 to 110, their lowest level since January 2022.  Views 60   Added 04/08/2024 –

Oil Ends Its Week With 5% Gains And The Price Of A Barrel Above $90

Money  and business  Economy News – follow up  Oil prices rose 5% in last week’s trading, while the markets were watching signs of a direct conflict between the Zionist entity and Iran that may deepen the scarcity of supplies.

Brent crude rose in yesterday’s session by 52 cents, or 0.57%, to $91.17 per barrel at settlement, while it increased by 4.8% over the course of the week.

US West Texas Intermediate crude also increased 32 cents, or 0.37%, to $86.91 per barrel, while recording weekly gains of 4.5%.

The two benchmarks reached the highest levels since October at settlement in Thursday’s trading, according to Reuters.

Oil prices continue to rise for the second week in a row, after Iran, the third largest producer in OPEC, vowed to take revenge on Tel Aviv after an attack that resulted in the killing of a number of senior Iranian military personnel.

This week, the Organization of the Petroleum Exporting Countries (OPEC) and its allies – led by Russia – kept the oil supply policy unchanged, and pressured some countries to increase commitment to production cuts. Views 55  Added 04/07/2024 –

The Iraqi Central Bank Sells More Than $255 Million Today

Economy | 01:39 – 04/07/2024  The Iraqi Central Bank sells more than $255 million today

More Than $278 Million…Central Bank Sales Today

Monday 08, April 2024 12:09 | Economical Number of readings: 222  Baghdad / NINA / The Central Bank of Iraq announced its total sales of foreign currency through the electronic window, today, Monday.

The total amounts of transfers abroad (remittances, credits) amounted to $238,120,332, while the total amount of cash sales amounted to $40,405,000, and the total amount of sales amounted to 278,525,332.

The selling price for transfers and cash was set at 1,310 dinars per dollar, while the price of bond credits and international electronic card settlements was set at 1,305 dinars./End 11

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Provoking Points To Ponder On Failures and Mistakes

I believe we are solely responsible for our choices, and we have to accept the consequences of every deed, word, and thought throughout our lifetime.- Elisabeth Kubler-Ross

A chief is a man who assumes responsibility. He does not say “My men were beaten,” he says, “I was beaten.”- Antoine de Saint-Exupery

The most considerable difference I note among men is not in their readiness to fall into error, but in their readiness to acknowledge these inevitable lapses.- Thomas Henry Huxley

It is very easy to forgive others their mistakes. It takes more grit and gumption to forgive them for having witnessed your own.- Jessamyn West

Whenever at an accusation blind rage burns up within us, the reason is that some arrow has pierced the joints of our harness. Behind our shining armour of righteous indignation lurks a convicted and only half-repentant sinner … [and] we may be almost sure some sharp and bitter grain of truth lurks within it, and the wound is best probed.- Jane Harrison