Bondlady’s Corner – Iraqi News Highlights Late Friday Evening 7-28-23


Iraqi News Highlights Late Friday Evening 7-28-23

Tlm724 Administrator Bondlady’s Corner

US State Department: We Did Not Impose Sanctions On The 14 Iraqi Banks

Posted On 2023-07-28 By Sotaliraq  US State Department to Rudaw:  The US State Department confirmed that it did not impose sanctions on the fourteen Iraqi banks, but rather removed them from the list of the Central Bank of Iraq.  On Thursday (July 27, 2023), US State Department deputy spokesman Fidan Patel told the Rudaw Media Network correspondent in Washington, Diyar Korda, that his country did not impose sanctions on the 14 Iraqi banks at the beginning of this July, but rather they were removed from the list of the Central Bank of Iraq.

He stated that “the US Federal Bank and the US Treasury Department removed the names of 14 banks from the list of the Central Bank of Iraq,” noting that “these measures limit the ability of parties seeking to launder the US dollar.”

The following is the text of Rudaw Diyar Korda correspondent’s questions and Fidan Patel’s answer to them:

Roudao: I have two questions about Iraq and the region. With regard to the sanctions imposed on Iraqi banks, which caused protests in Iraq and affected the value of the Iraqi dinar, why did America impose sanctions on those banks, and did you warn Iraq against the exit of the dollar to the countries neighboring Iraq?

Vidan Patel: Let’s go back a little to be more clear. Since the beginning of July, the US Treasury Department and the US Federal Bank have removed 14 banks from the list of banks that can obtain foreign currency from the Central Bank of Iraq, and these measures have helped limit the capabilities of bad people who launder The US dollar, benefiting from the Iraqi homeland, and evading US sanctions. I also want to point out that corruption causes challenges for the Central Bank of Iraq.

Our government is working with the Iraqi government to overcome these challenges, and that the Prime Minister, Muhammad Shia’ al-Sudani, takes the integrity of the Iraqi financial system seriously, and all procedures are followed in coordination and parallel with the vision of the Iraqi Prime Minister, that the Prime Minister is fighting corruption and modernizing the Iraqi financial sector.

Roudao: My question is about Russia’s involvement in Syria. Will you respond to Russia’s practices in northwest Syria against your drones?

Vedan Patel: I talked a little bit about this issue at the beginning of the week, and I want to stress the statements of the Pentagon and the White House that these Russian practices embody a violation of the announced protocol, and a violation of international laws. We call on the Russian forces in Syria to stop these dangerous and reckless actions immediately, and without a doubt we will follow the necessary measures to preserve the safety of our forces and the civilian people in the area.  LINK

The Iraqi Dinar Loses 17% Of Its Value.. Bloomberg: There Are No Additional Sanctions On Iraqi Banks

Posted On2023-07-28 By Sotaliraq  Today, Friday (July 28, 2023), the Bloomberg Economic Network confirmed that the Iraqi dinar lost about 17% of its value as a result of the sanctions issued by the US Federal Reserve against 14 Iraqi banks last week, declaring that there are no additional sanctions.

The network said, according to what was translated by “Baghdad Today”, that the US Federal Reserve “does not show any current indications of its intention to add more Iraqi banks to its sanctions list,” explaining, “It is now unlikely that the US Federal Reserve will add sanctions that threaten diplomatic relations between the two countries.”

It is noteworthy that the media published information during the past week that talked about the intention of the US Federal Reserve to impose more sanctions on Iraqi banks amid widespread demonstrations of beneficiaries of the services of banks that the US Federal Reserve imposed sanctions on as a result of losing part of their financial assets.   LINK

The Minister Of Oil Outlines Projects To End Gas Flaring And Reveals Immediate Guidance To Officials

2023-07-28 By Sotaliraq   The Minister of Oil summarizes to “Baghdad Today” projects to end gas flaring and reveals immediate guidance to officials.

Deputy Prime Minister for Energy Affairs, Minister of Oil, Hayan Abdul Ghani confirmed today, Friday (July 28, 2023), that the ministry is proceeding with implementing important projects to end gas flaring, while announcing Issuance of directives to officials and employees of the Ministry to exert maximum efforts to advance the oil sector.

Abdul-Ghani said, in an interview with “Baghdad Today,” that “Prime Minister Muhammad Shia’ al-Sudani issued directives to expedite the implementation of gas investment projects,” pointing out that “signing with the “Total” company and completing projects in the fields of Basra and others are all projects that will end the burning of gas. gas years later.

And he continued, “The associated gas and stopping its burning is an important matter, and we have been working on it since we assumed the management of the ministry, especially since the projects to end gas burning and invest it in operating stations and factories are within the government program of the Prime Minister,” noting that “the government’s interest and the prime minister’s close follow-up to projects in the investment sector.” Gas will accelerate the achievement of goals and harvest positive results on the ground during the coming period.”

The Minister of Oil indicated that he “directed officials and workers to exert maximum efforts in order to implement projects for the advancement of the oil sector and the optimal investment of the national wealth.”

On Wednesday (July 19, 2023), the Minister of Electricity, Ziyad Ali Fadel, announced the details of the contract signed between the Ministry of Oil and the French company Total Energies, and while he indicated that it would contribute to providing fuel for electric stations in the future, he confirmed that it would serve the Iraqi citizen.

Fadel said in an interview with “Baghdad Today”, that “Oil Minister Hayan Abdul-Ghani worked through the Ministerial Energy Council to proceed with important contracts stemming from the government’s directions within its program, the most important of which is the signing with the French energy company Total, to ensure important and strategic projects for the development of the oil sector.”

Extraction and ending gas burning in five fields, and reliance on sea water in oil projects, which reinforces the failure to go towards using water that serves the citizen in oil extraction projects.

Fadel added, “One of the most important projects for Total, which will serve the citizen, is a power plant project with a capacity of (1000) megawatts, powered by solar energy.”

On Monday (July 10, 2023), Iraq and the French company Total Energies signed a deferred agreement with investments amounting to $27 billion, aiming to increase oil production and enhance the country’s ability to produce electricity through the implementation of 4 oil, gas and renewable energy projects.

The agreement was signed in 2021 with initial investments of $10 billion for a period of 25 years, but its implementation was postponed due to disagreements between the country’s political parties regarding its terms.

Total’s share will be 45%, while Qatar Energy will have a 25% stake, and the remaining 30% will go to Iraq.   LINK

Oil Prices Rose, And Brent Crude Reached Its Highest Level Since Last April

Friday 28 July 2023 05:32 | Economical Number of readings: 446

Baghdad / NINA / – Oil prices rose at the end of trading, Thursday, supported by the scarcity of supply after the (OPEC Plus) group cut its production, and renewed hope for a recovery in Chinese demand and global growth.

Brent crude rose $1.32, or 1.6 percent, to reach $84.35 a barrel, for the first time since last April, and US West Texas Intermediate crude closed up $1.31, or 1.7 percent, to $80.09.

Crude oil recorded weekly gains four times in a row, amid an expected tight supply due to the production cut of the (OPEC Plus) group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

Government data showed Thursday that the US economy grew by a more than expected rate of 2.4 percent in the fourth quarter of the year, after the strength of the labor market supported consumer spending and companies boosted investment in equipment, which may lead to avoiding a recession.

Central Bank: Iraq Annually Imports Goods Worth $60 Billion

Governor of the Central Bank Ali Al-Alaq   The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced that Iraq imports goods worth $60 billion annually.

Al-Alaq said in an interview with Al-Iraqiya News Channel, which was viewed by “Al-Iqtisad News”, that the daily announcement of the sale of the dollar by the Central Bank of Iraq cannot be considered an actual sale, as we transferred 200 million dollars through the dollar sale window, so 150 million dollars may be accepted from it and the rest It is classified under several boxes, including refusal, requesting information, or pending.

He stressed that Iraqi trade needs more than what we sell from the dollar through the window, noting that 118 exchange companies have turned to deal with new banks instead of the banks that were punished by the US Treasury.

He pointed out that the Western Union and MoneyCram companies will be transferred to work with new banks instead of the previous ones, during the next week, noting that the level of financial inclusion in Iraq is still low despite the high percentage of the population.

And he indicated that the rights of citizens in the punished banks are preserved through the deposit guarantee company, and that the punished banks do not suffer from a liquidity crisis.