Bondlady’s Corner – Iraq Economic News and Points to Ponder Sunday Evening 1-7-24

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Iraq Economic News and Points to Ponder Sunday Evening 1-7-24

Tlm724 Administrator Bondlady’s Corner

Central Bank Of Iran: Tehran And Moscow No Longer Need “SWIFT” In Their Dealings

    January 7 21:13  Information/Continue…Deputy Governor of the Central Bank of Iran for International Affairs, Mohsen Karimi, announced on Sunday that Iran and Russia no longer need the “SWIFT” system in transactions between them. Mohsen Karimi said in a statement to Iranian television:

 “Exporters from both countries have the possibility of exporting in their national currency,” adding:

“In this project, exporters and importers exchange their goods for riyals. As for the countries from which we import with riyals, it is possible to export to them with riyals as well.”

Karimi referred to the opening of a letter of credit between Iran and Russia, saying:

“We have linked the correspondence network between the two countries, which means that the banks of the two countries no longer need to communicate through Switzerland.  

It is possible for the exporter to submit an invoice in riyals to the Russian side and receive the money from the Russian banks.” in Iran”. Karimi added:

“Iranian businessmen will be able to conduct their economic transactions with Iraq and Afghanistan in riyals during the next six months.”

For his part, the Minister of Trade of the Eurasian Economic Union, Alexandrovich Slinev, explained:

“A large volume of our trade is carried out in national currencies, and 8the performance of our central banks is improving,” according to what was reported by the “Mehr” agency.   LINK

https://almaalomah.me/news/52567/economy/البنك-المركزي-الإيراني:-طهران-وموسكو-لم-تعودا-بحاجة-إلى-سويف

Iraq Surpasses Saudi Arabia In Oil Exports To America

Energy  Economy News _ Baghdad  The US Energy Information Administration announced on Sunday that Iraq’s oil exports to America decreased over the past week.

The administration said in a table seen by Al-Iqtisad News, “The average US imports of crude oil during the past week from nine major countries amounted to 5.909 million barrels per day, an increase of 1.37 million barrels per day compared to the previous week, which amounted to 4.872 million barrels per day.”

She added, “Iraq’s oil exports to America amounted to 239,000 barrels per day last week, down by 141,000 barrels per day from the previous week, which averaged 380,000 barrels per day.”

She pointed out that “most of America’s oil revenues during the past week came from Canada at an average of 3,796 million barrels per day, followed by Mexico with an average of 952 million barrels per day, and oil revenues from Brazil amounted to an average of 305 thousand barrels per day, and then Libya at an average of 171 thousand barrels per day.”

According to the administration, “the amount of American imports of crude oil, from Saudi Arabia, is at a rate of 139,000 barrels per day, from Colombia, at a rate of 129,000 barrels per day, from Nigeria, at a rate of 95,000 barrels per day, and from Ecuador, at a rate of 83,000 barrels per day, while no quantity of oil was imported.” Russia”.   01/07/2024 – https://economy-news.net/content.php?id=39201

Al-Sudani Chairs The Fifth Meeting Of The Supreme Committee For Reconstruction And Investment

Sunday 07, January 2024 18:07 | Economical Number of readings: 195 

Baghdad / NINA / Today, Sunday, Prime Minister Muhammad Shiaa Al-Sudani chaired the fifth meeting of the Supreme Committee for Reconstruction and Investment, in which the topics on the agenda were discussed and decisions were taken regarding them.

A statement by the Prime Minister’s Media Office explained that in order to solve the housing problem, which represents one of the priorities of the government program, it was approved to proceed with many housing projects in several governorates, in different categories that suit the segments of Iraqi society.

The meeting witnessed the approval of authorizing the Ministry of Construction, Housing and Municipalities to negotiate with the company executing the housing complex in Diwaniyah Governorate, for the purpose of terminating contractual obligations with the company and completing the completion of the project by the same company through the investment method, and presenting the results of the negotiation to the Supreme Investment Committee to take the appropriate decision.

It was also approved to Exempting the Ministry of Industry and Minerals from the declaration requirement stipulated in Council of Ministers Resolution No. (2450 of 2019), amended by Resolution (23774 of 2023), for the project to rehabilitate and develop the refined sulfur production line, which has been suspended since 2003, in the Mishraq field, for the benefit of Rafidi Iraq Trading Company. And general contracting./End   https://ninanews.com/Website/News/Details?key=1099622

Al-Mandalawi Calls On China To Enter Strongly Into The Iraqi Economic Arena

Economy News – Baghdad  Acting Speaker of the House of Representatives, Mohsen Al-Mandalawi, on Sunday, called on China to enter forcefully into the Iraqi economic arena through companies known for their sobriety and completion of projects.

Al-Mandalawi’s media office stated in a statement, seen by Al-Iqtisad News, that “Al-Mandalawi received in his office today, Sunday, the Chinese ambassador to Iraq, Cui Wei, and the economic and commercial advisor at the embassy, Xu Chun, and during the meeting, they discussed bilateral relations between Baghdad and Beijing, and ways to develop them through… Increasing the volume of cooperation at various levels, while Al-Mandalawi expressed the House of Representatives’ full support for facilitating the work of reputable Chinese companies inside Iraq.”

According to the statement, Al-Mandalawi called on the Republic of China to “strongly enter the Iraqi investment and economic arena through its companies known for their sobriety and their ability to complete their vital and strategic projects with excellence and complete effectiveness,” calling for accelerating the completion of the work of these projects agreed upon between the two sides, especially the project to build (1000) schools. in the country”.

Views 13   Added 01/07/2024 – 7:00 PM  https://economy-news.net/content.php?id=39219

Central Bank Sales Exceed $210 Million Today

Sunday 07, January 2024 12:03 | Economical Number of readings: 432  Baghdad / NINA / The Central Bank of Iraq announced today, Sunday, that its sales of foreign currency through the electronic window amounted to 210,253,270 dollars.

The window recorded the total amounts of transfers abroad (transfers, credits) of 188,893,270 dollars, while the total cash sale amounted to 21,360,000 dollars, and

cash sales were approved. The price was 1,305 dinars per dollar, while bond credits, international settlements for the electronic card, and external transfers were at a price of 1,310 dinars per dollar. /End 11   https://ninanews.com/Website/News/Details?key=1099571

The National Bank Of Iraq Nationalizes The Salaries Of Kurdistan Employees And Grants Them Numerous Loans And Facilities

January 7, 2024 Last updated: January 7, 2024  Independent/- The National Bank of Iraq announced joining the “My Account” initiative launched by the Kurdistan Government, and  starting to localize the salaries of the region’s employees,  stressing the provision of a safe and appropriate means of paying salaries and providing them with broad loans and financial facilities.

The bank said that its selection as one of the banks participating in the “My Account” initiative reflects the great confidence that the Kurdistan government places in the bank, thanks to  its provision of high-quality banking services, its ability to comprehensively and deeply understand the needs of its individual and corporate clients, and  its continuous endeavor to provide them with an unparalleled banking experience with its work.

Working hard to achieve sustainable development in the country by enhancing financial inclusion and supporting government directions in the digital transformation journey. He explained,

 “The National Bank of Iraq is working within this initiative to cover the needs of government employees in the region by providing various services that include;

Loan services,  savings account services, and the  Zanakin account, in addition to using the  banking application with all its features and enjoying the discount programs offered by the bank.”

In terms of loan services, the bank confirmed, “providing many credit facilities that meet the needs and aspirations of the customers of the (My Account) initiative with appropriate interest rates and easy payment terms, while  providing savings accounts and a (Zanakin) account in the bank,” noting that “this gives employees the opportunity to plan For their future and achieving their financial goals in a sustainable way, 

in addition to providing a variety of benefits, including   free access to electronic banking channels,   customers can also benefit from the banking application to manage their accounts and conduct banking transactions with ease and security, carry out transfer and payment operations, monitor the balance, and benefit from discount services and offers.

The exclusivity offered by the bank.” It should be noted that the National Bank of Iraq today   tops the list of banks operating in the Iraqi banking market, in terms of total assets that approached $2.8 billion,   supported by a growth in customer deposits of about 91%, while the   bank has a growing customer base that today has reached about 200 thousand customers who are served by With more than 1,000 employees, 27 branches and 200 ATMs.  https://mustaqila.com/المصرف-الأهلي-العراقي-يوطن-رواتب-موظف/

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Provoking Points To Ponder on Adversity:

Necessity is often the spur to genius.- Honore de Balzac

Necessity is the mother of “taking chances.”- Mark Twain

Necessity makes even the timid brave.- Sallust

People wish to be settled; only as far as they are unsettled is there any hope for them.- Ralph Waldo Emerson

Difficulties are meant to rouse, not discourage. The human spirit is to grow strong by conflict.- William Ellery Channing

Adversity causes some men to break, others to break records.- William A. Ward

I think there is this about the great troubles – they teach us the art of cheerfulness; whereas the small ones cultivate the industry of discontent.- Mary Adams

Opposition inflames the enthusiast, never converts him.- J. C. F. von Schiller

The thought that we are enduring the unendurable is one of the things that keeps us going.- Molly Haskell

If you do things well, do them better. Be daring, be first, be different, be just.- Anita Roddick

http://famousquotesandauthors.com/topics/adversity_quotes.html

 Famous Quotes and Authors, Famous Quotations for all Occasions