Haider Karim Al-Gharawi: The Availability Of Cash In The Country Expands The Scope Of Projects.
June 3, 2025 Last updated: June 3, 2025 3Al-Mustaqilla/- Economic expert Haider Karim Al-Gharawi stressed that the availability of cash liquidity in the country is essential to expanding the scope of business in all sectors.
Al-Gharawi said that the Central Bank of Iraq‘s confirmation of the availability of liquidity in the country and that there is no problem with this matter is a reassuring message that will expand the scope of business and services.
He pointed out that the country’s reality requires everyone to work towards improving the services provided to citizens and improving the reality of life. He pointed out that the volume of work in Iraq is large and requires local and international efforts.
https://mustaqila.com/حيدر-كريم-الغراوي-توفر-النقد-في-البلاد/
By leveraging foreign expertise, the Association of Banks intends to enhance the capabilities of banking sector employees.
Economy | 02:42 – 06/06/2025 Mawazine News – Baghdad – The Iraqi Private Banks Association announced on Friday the completion of training for banking sector cadres by the end of the year, utilizing foreign expertise. It also confirmed the continuation of the search for strategic partnerships with foreign banks.
Chairman of the Iraqi Private Banks Association, Wadih Al-Handhal, said in a press statement that “many issues were discussed during the recently held Anti-Money Laundering and Combating the Financing of Terrorism conference, most notably the challenges facing Arab banks in complying with international laws and regulations and ways to meet the requirements of correspondent banks.”
He added that “the conference discussed with experts, researchers, writers, and officials from Arab and foreign banks to develop a mechanism for cooperation to simplify procedures for Iraqi banks to deal with correspondent banks and how to consolidate the concept of technology and artificial intelligence in the use of banking operations as part of our work. Most importantly, it is necessary to search for strategic partnerships with foreign banks.”
The head of the Iraqi Private Banks Association continued, “Work is underway and the world is advancing at the speed of light. Many Iraqi banks are working to keep up, but it’s not easy, because some of the human cadres in the banking sector need training and courses.”
He emphasized that “the Association of Banks, in cooperation with the Central Bank, has launched ongoing courses for banking cadres, but they will require some time, at least until the end of next year. However, work is underway, and we are seeking foreign expertise from outside Iraq and are continuing to adapt to it.” https://www.mawazin.net/Details.aspx?jimare=262219
Globally: Gold Prices Rise By 2.4%
Economy | 01:24 – 06/06/2025 Mawazine News – Follow-up Gold prices stabilized on Friday, heading for a weekly rise after US data this week boosted hopes of an interest rate cut by the US Federal Reserve.
August gold futures (Comex) rose 0.24% to $3,383.30 an ounce, while spot contracts for the precious metal rose 0.20% to $3,359.40 an ounce. Gold has gained 2.4% so far this week. https://www.mawazin.net/Details.aspx?jimare=26221
Oil Is Heading For Its First Gains In Several Weeks.
Economy | 08:36 – 06/06/2025 Mawazine News – Follow- up Oil prices fell on Friday, but were on track for their first weekly gain in three after U.S. President Donald Trump and Chinese President Xi Jinping resumed trade talks, raising hopes for stronger growth and demand in the world’s two largest economies.
By 01:33 GMT, Brent crude futures were down 12 cents, or 0.2%, at $65.22 a barrel.
U.S. West Texas Intermediate (WTI) crude futures were down 15 cents, or also 0.2%, at $63.22, after gaining about 50 cents on Thursday.
For the week, both benchmarks are on track for gains after two consecutive weeks of declines. Brent is up 2.1% so far this week, while WTI is up 4%.
The market has continued to oscillate amid news of tariff negotiations and data showing how uncertainty surrounding the trade war and the impact of tariffs is affecting the global economy. https://www.mawazin.net/Details.aspx?jimare=262211
Oil Minister From London: Iraq Will Achieve Self-Sufficiency In White Goods By The End Of The Year.
Economy Yesterday, | 533 Baghdad Today – Baghdad Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul-Ghani Al-Sawad, today, Wednesday, June 4, 2025, that Iraq “has
stopped importing gas oil and kerosene,
reduced gasoline imports to a minimum, and
by the end of this year, imports of kerosene products will stop.”
During his participation in the Iraq-Britain Business Council (IBBC) conference in London, Al-Sawad said,
“Iraq has witnessed remarkable progress in recent years
through reform programs adopted by the government,
aimed at establishing the foundations for sustainable development,
maximizing the added value of natural resources, and
developing partnerships and investments.” He pointed to
“supporting the business environment through new instructions issued by the government for partnerships with the private sector.”
He added, “The ministry has achieved qualitative steps in increasing investment in associated gas and reducing its flaring rates.
The investment rate has risen to more than 70% in a short period,
compared to 53% when the current government took office.
This is achieved through prominent projects such as Basra and Artawi gas, Halfaya and Nasiriyah gas, the Fayhaa field, and others.”
Al-Sawad pointed out that “the ministry is working to launch gas investment projects in the Akkas and Mansouriya fields, to achieve gas production and investment with a capacity exceeding 1,000 cubic meters,” explaining that “
This comes as part of programs that offer accelerated phases,
which provide significant opportunities for international partnerships,
particularly in gas-fired processing, transportation, and power generation projects,”
he added, noting that “the ministry has also made progress in developing oil fields.” The Oil Minister continued, “In this context,
carbon and methane emission reduction projects emerge as promising opportunities for partnership with the private sector,
through the deployment of monitoring and reduction technologies or infrastructure development,
in light of Iraq’s commitment to climate agreements.
In light of the multiple gas investment projects,
Iraq has taken the initiative to form a carbon bond company.” He pointed out that
“an integrated project is being implemented with the French company Total Energy,
which includes oil production from the Artawi field with a capacity of 210,000 barrels per day,
gas investment with a capacity of 600 megawatts,
in addition to a project to generate electricity based on solar energy,
which is the first project that will start production at the end of this year with a capacity of 250 megawatts,
in addition to a project to produce injection water with a capacity of 5 million barrels per day based on seawater, and
the project is the first of its kind in the region with its interconnected components.” Al-Sawad noted the
“development in the refining sector and
the increase in production rates of petroleum derivatives
with an additional production capacity of 360,000 barrels per day.
Through this increase, Iraq has
stopped importing gas oil and kerosene, and
reduced gasoline imports to a minimum.
By the end of this year, the
import of kerosene products will stop, and
Iraq will become a self-sufficient country,
exporting the surplus of its products abroad.
This self-sufficiency comes through the operation of the Karbala refinery,
and the fourth unit in the southern refineries in Basra,
in addition to projects to increase production in the Northern Refineries Company.”
In the field of electricity, the Minister of Oil indicated that
“Iraq is working to
exploit the gas produced to
build power plants at key production sites with direct connection to the national grid, in addition to
signing electricity exchange agreements with Jordan, Turkey, and the Gulf states
as part of a broader vision to
achieve self-sufficiency and
build an integrated energy system, in addition to the issue of
energy security.” He pointed to the
“Development Road Project, which is one of the strategic projects in the region,
linking southern Iraq to Turkey and Europe,” noting that
“the Ministry of Oil has a project to extend a pipeline parallel to the road with a diameter of 56 knots, and the Ministry has begun the first phase (Basra – Haditha), and the pipeline extension project includes the construction of warehouses and pumps to complement the pipeline.”
The Oil Minister concluded his speech by saying, “Iraq is opening up to the world today with a partnership-based approach and is looking forward to qualitative contributions from reputable British companies in the fields of traditional and renewable energy,” noting that “Iraq has signed a contract with British Petroleum to develop the four Kirkuk fields.” https://baghdadtoday.news/275655-.html
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