Bondlady’s Corner – Iraq Economic News and Points to Ponder Saturday Evening 4-6-24


Iraq Economic News and Points to Ponder Saturday Evening 4-6-24

Tlm724 Administrator Bondlady’s Corner

Advisor To The Association Of Banks: The Success Of The Banking File Negotiations In Washington Contributes To Protecting The Iraqi Banking System From Collapse

Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi

Economy News – Baghdad  Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, expected, on Saturday, that the success of the US restrictions negotiations file on 28 private banks with the US Treasury in Washington will contribute to protecting the Iraqi banking system from damage and collapse.

Al-Nusairi said in an interview with Al-Iqtisad News, “We are only a few days away from the expected meeting of the Prime Minister with the American President and the American administration, which makes it very important, in this critical and complex stage that the banking system is going through, that the agenda includes meetings and negotiations with the leaders of the American administration.”

The Treasury Department and the US Federal Reserve call for determining the next and clear paths for bilateral economic relations between the two countries, which have broad relations in all fields.”

He explained, “One of the important files that will be included in the discussions, with the participation of the Central Bank and the Iraqi Private Banks Association, is the issue of financial and banking reform and protecting the Iraqi banking sector from collapse after the issuance of sanctions and restrictions by depriving 50% of the total private banking sector from dealing in the US dollar, which is the main foreign currency for banking and commercial transactions.” In Iraq and international banking relations a long time ago.”

He pointed out that “the inputs and outputs of this important visit must convince the American side to reconsider the sanctions and restrictions imposed, especially since all the affected banks are currently subject to audit by K2 International, and this confirms the good faith of the banks that the reasons for the deprivation of dealing in the US dollar were not serious and intentional mistakes.” .

He continued, “The importance of restoring activity and protecting the private banking system and ensuring the results of its work comes through the electronic platform for the year 2023, which has confirmed its safety and transparency.”

Al-Nusairi concluded his speech by saying, “Failure to reach quick solutions to this issue will lead to confusion in the commercial and banking market and will affect ration card supplies, which are the primary food source for a large segment of the Iraqi people, and weaken the plans and procedures of the Central Bank and the government in financial and banking reform, and the lack of control over the stability of the exchange rate of the Iraqi dinar.” And the national economy was damaged.”

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“A Good Investment”… What Is The Goal Of The Iraqi Central Bank In Issuing Financial Bonds With High Annual Interest?

Economy News – Baghdad   With inflation rates in Iraq currently reaching 5.5%, and expectations that it will reach 6% by the end of the year, the Central Bank announced the launch of financial bonds with the highest annual interest, at 8.5%, as well as for deposits in the private banking sector.

According to economic expert Manar Al-Obaidi, in a post on his page on the Facebook platform, the aim of these bonds is to attract and encourage capital outside the banking system through high interest rates to enter the banking sector, adding that the annual interest rate announced by the Central Bank is encouraging to the investor and depositors, due to its high content. , which is considered a good return on investment compared to its lack of risk.

Al-Obaidi stressed that these bonds are guaranteed by sovereign guarantees of a country that currently has sufficient money reserves, and therefore the risk rate of these bonds is zero and non-existent, and they are purchased through the Iraq Stock Exchange and through market intermediaries.

Al-Obeidi encouraged buying these bonds and selling them in the future at a higher price, meaning that the investment should not only be in the deposit interest but also in the price of the bond itself.

In his publication, Al-Obaidi touched on “depositing money in the private banking sector,” explaining that there are 4 to 5 private banks that own the largest share of the market and their financial data, and are considered very excellent and achieve great control in the Iraqi market.

The decision to choose the bank to place deposits depends on the annual interest rate and method. Benefiting from the interest, how to break the deposit, as well as the financial statements of the bank and the extent of its presence and spread in Iraq.

Al-Obaidi concluded his post by “emphasizing that the success of investment depends on two factors: the first is the amount of profit, and the second is the amount of risk, and only the owner of the money can decide the amount of risk to be taken in exchange for the profit rate,” stressing that investing in bonds and deposits is a good solution for those who do not He wants to intervene in the field of investment and its challenges.”    4/06/2024 –

Expert: The Volume Of Loans Is Approaching The Stage Of Danger, And The Sudanese Must Find Quick Solutions

Economy |  04/06/2024   Mawazine News – Baghdad  Crisis affairs expert Ali Jabbar confirmed that there are huge corruption operations within state institutions in planning, construction, and managing state revenues.

Jabbar said, in a televised interview followed by Mawazine News, that “the latest report of the International Monetary Fund stated that there is corruption in planning, construction, and the proper management of state revenues, stressing that there is huge waste and corruption operations within state institutions.”

He added, “Planning for service projects and projects to relieve bottlenecks in Iraq may not be compatible with the budget drowned in debt, indicating that the volume of loans is approaching the danger stage and the government of Muhammad Shiaa Al-Sudani must find quick solutions.”

He pointed out that “if the current government or the next government wants to succeed in overcoming this crisis, it must adopt a single strategy, which is to assign individuals with investment minds and knowledge in the field of investment to get out of this crisis.”

Iraq Exports 5.5 Million Barrels Of Oil To America During The Past Month

Economy – 04/06/2024   Mawazine News – Baghdad  The US Energy Information Administration confirmed that Iraq’s oil exports to the United States rose last March to more than 5 million barrels.

The administration stated, in its table, that “Iraq exported 5.483 million barrels of crude oil to America during the month of last March, with an average of 176 thousand barrels per day, higher than the month of February, in which exports reached 4.379 million barrels and an average of 173 thousand barrels per day.”

She added, “Iraq exported an average of 93,000 barrels per day of crude oil to America during the first week of last March, while it exported an average of 252,000 barrels per day in the second week, while it exported an average of 244,000 barrels per day in the third week, while it was exported during… The fourth week averages 91 thousand barrels per day.”

She explained, “Iraq came in fifth place in its exports to America during the past month, after (Canada, Mexico, Saudi Arabia, and Brazil), and in second place in the Arab world after Saudi Arabia, whose exports to America exceeded the barrier of 9 million barrels.

Stability in dollar exchange rates in Baghdad, Basra and Erbil

Saturday 06, April 2024 10:22 | EconomicalNumber of readings: 212

Baghdad / NINA / The exchange rates of the dollar against the dinar witnessed stability this Saturday morning in Baghdad, Basra and Erbil.   Below is a list of dollar selling prices:

$100 = 147,550 dinars in Baghdad    $100 = 147,650 dinars in Basra    $100 = 147,600 dinars in Erbil.

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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