Iraq Economic News and Points to Ponder Friday Evening 4-26-24


Iraq Economic News and Points to Ponder Friday Evening 4-26-24

Governmental And Private Banks Will Showcase Their Services Tomorrow During Financial Inclusion Week

Time: 04/26/2024 Read: 1,742 times {Economic: Al-Furat News} Governmental and private banks are preparing to participate tomorrow, Saturday, in Financial Inclusion Week.

The electronic payment systems will review banking services for citizens, including advances and loans, and introduce them to the products offered by these banks in a step to enhance financial inclusion. LINK

Economist: There Is Serious Work To Lift US Sanctions On Iraqi Banks

 Economy| 05:04 – 04/25/2024  Mawazine News – Baghdad  The expert in economic affairs, Safwan Qusay,   confirmed that there is a joint committee between the US Federal Reserve and the Iraqi Central Bank in order to lift sanctions on some banks.

 Qusay said, in a televised interview followed by Mawazine News, that  “the joint committee is working to study the activities of the banks sanctioned by the US Federal Reserve.”

He added that  “banks that have worked to purchase equipment or tools from sanctioned countries will have sanctions imposed on these banks.” A fine, indicating that the  government must work to rehabilitate the banking sector so that it is internationally accepted.”

 He pointed out that  “the government of Muhammad Shiaa Al-Sudani directed the formation of a joint committee between the US Federal Reserve and the Iraqi Central Bank in order to move towards lifting sanctions on Iraqi banks and restoring the status of the Iraqi banking sector.” to its global stature.   

The Association of Private Banks appreciates the efforts of the government and the Central Bank to create understandings with the Treasury, the Federal Bank, and international banks 

Economy News – Baghdad  The head of the Iraqi Private Banks Association, Wadih Al-Handal, participated in the Arab Economic Security Forum, which was organized by the Union of Arab Banks in Beirut.

Al-Handal stressed that the forum is being held in complex circumstances and geopolitical changes taking place in the region, and the Arab banking sector has begun to be affected, starting with the State of Iraq, adding that Iraq is still facing major challenges, at various economic levels,

including depriving the Iraqi private banking sector of using the dollar, which It has exceeded half of the number of banks operating inside the country, which is a very dangerous indicator, despite the efforts of Iraqi governmental and private institutions to comply with local and international anti-money laundering and terrorist financing laws,

but for the first time we are witnessing a clear targeting of the sector, which has begun to affect banking services inside the country, undermine citizen confidence, and hinder… From expanding the proportion of financial inclusion.

He added that these challenges facing the banking sector reaffirm the prominent role played by the Union of Arab Banks, international organizations and Arab banks in coordinating positions and confronting dangers together, noting that our meeting represents an opportunity to cooperate and agree on an action roadmap for the future.

Targeting the Iraqi banking sector will not stop within its borders, and may expand at any moment to other countries in light of the regional turmoil.

Al-Handal pointed out that the Association of Private Banks is working with the Iraqi government, the Central Bank, and some local and international institutions, to save the banking sector, and return banks deprived of dealing in dollars to their activities, but this is not enough, but rather requires continuing cooperation with the Arab and foreign banking sector, because the stage of integrating the sector The Iraqi banker with his Arab counterpart must begin quickly, and we are taking great strides in this direction, especially since the Prime Minister, Engineer Muhammad Shiaa Al-Sudani, held dialogues in Washington with the American President and other government officials, who announced in a joint statement the possibility of a group of Iraqi banks returning to dealing. in dollars and support the private banking sector.

Al-Handal appreciated the efforts of the Iraqi government and the Central Bank of Iraq to create deeper understandings with international banks, the Federal Reserve, and the US Treasury to expand the integration of the Iraqi banking sector into the global financial system, in addition to supporting the Iraqi dinar, which led to a gradual rise in its value.

He pointed out that Iraq is witnessing great development in the transition to electronic government and the adoption of electronic payment, and this is what leads to the growth of the digital economy, especially since there is a trend within the country to increase the number of electronic banks, to keep pace with technological development and increase performance.

Views 144  04/26/2024 –

With The Participation Of The Association Of Private Banks, Investment Opportunities Are On The Table Of A Jordanian-Iraqi Economic Forum Next May

Money  and business  Economy News – Baghdad  The activities of the Economic Forum for Financial, Industrial and Commercial Partnerships between Iraq, Jordan and the region will begin on the fifth of next May, organized by the Iraqi Business Council in Amman, amid great official interest and broad participation from the public and private sectors in the two countries and countries in the region.

According to a statement by the Council, the ministers of industry and electricity from Iraq will participate in the forum, which is organized by the Council in cooperation with the Jordanian and Amman Chambers of Industry, and will be opened at the King Hussein Convention Center in the Dead Sea region, along with ministers from Jordan, business owners, investors, and Arab and foreign companies.

Participating in the forum are also the National Investment Authority in Iraq, the Arab Businessmen Union, the Multilateral Investment Guarantee Agency and the International Finance Corporation of the World Bank Group, the Association of Information and Communications Technology Companies (Intaj), the Association of Iraqi Private Banks, the Jordanian Banks Association, and the Jordanian Corporation for Economic Enterprise Development. (JEDCO), and the Jordanian free and development zones.

The Council organizes the two-day forum, which includes an exhibition for companies and bilateral meetings with decision-makers from the two countries, on the occasion of the Kingdom’s celebrations of the silver jubilee of His Majesty King Abdullah II assuming his constitutional powers.

The forum’s working sessions focus on the most prominent investment opportunities in Jordan and Iraq, the prospects for commercial and industrial opportunities in the two countries, the vision of economic modernization, investment in Iraq, investment opportunities in the region, in addition to investment opportunities in the Jordanian free and development zones.

The sessions also focus on the role of the banking sector in providing financial facilities to the industrial, energy, mining, transportation and infrastructure sectors, the role of international institutions in providing financial financing for investment projects, and presenting success stories of Jordanian and Iraqi investment companies.

The Forum seeks to enhance regional integration by building economic interconnection, enhancing cooperation in various sectors, building long-term partnerships, creating sustainable partnerships, deepening mutual understanding between participating countries, and building a common vision for the future of economic prosperity and development in the region.

Views 177 04/26/2024 –

Oil Is Heading To End The Week On The Rise

Economy |  04/26/2024  Mawazine News – Baghdad  Oil prices rose on Friday, and are heading to end the week on a higher note after two consecutive weekly losses, in the wake of a senior American official expressing optimism about economic growth and with continuing concerns about supplies as a result of conflicts in the Middle East.

Brent crude futures rose 19 cents, or 0.2 percent, to $89.20 per barrel, and US West Texas Intermediate crude futures increased 25 cents, or 0.3 percent, to $83.82 per barrel.

Brent is up 2.2 percent since the beginning of the week, while West Texas Intermediate has advanced 0.8 percent.

US Treasury Secretary Janet Yellen told Reuters on Thursday that US GDP growth in the first quarter of the year may be subject to an upward adjustment and that inflation will decline after a group of “distinctive” factors that pushed the economy to its weakest performance in nearly two years.

It is likely that US economic growth will be stronger than indicated by the quarterly data, which was weaker than expected.

Data showed that economic growth slowed in the first quarter.

Before Yellen’s statements, oil prices were affected by accelerating inflation, as this prompted investors to rule out a reduction in interest rates by the US Federal Reserve before September.

The data indicated that the price index for personal consumption expenditures, excluding food and energy, rose at an annual rate of 3.7 percent, compared to 2 percent in the last quarter of 2023.

Tamas Varga, an analyst at PVM Oil, said: “US GDP growth is 1.6 percent.” percent, which came below expectations, may also be considered a welcome development that confirms the effectiveness of recent monetary tightening, but it was the personal consumption expenditures price index that moved sentiment.”

On the other hand, prices received support early in the session in light of concerns about supplies as tension continues in the Middle East.

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Provoking Points To Ponder on Failures and Mistakes

Apparent failure may hold in its rough shell the germs of a success that will blossom in time, and bear fruit throughout eternity.- Frances Ellen Watkins Harper

The causes of mistakes are “I didn’t know”; “I didn’t think”; and “I didn’t care.”- Henry H. Buckley

Failures are divided into two classes: those who thought and never did, and those who did and never thought.- John Charles Salak

A failure establishes only this, that our determination to succeed was not strong enough.- Christian Bovee

Self-distrust is the cause of most of our failures. They are the weakest, however strong, who have no faith in themselves or their own powers.- Christian Bovee

Defeat is a thing of weariness, of incoherence, of boredom.- Antoine de Saint-Exupery