TNT – “Tidbits From TNT” Tuesday 1-30-2024

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The Bank of Jordan announced, today, Tuesday, the opening of its branch in Iraq, confirming that Iraq is linked to an electronic system with four Arab countries, while indicating that the Central Bank is making great efforts to develop the banking sector in Iraq.

The General Manager of the Bank of Jordan Group, Saleh Hammad, told the Iraqi News Agency (INA): “Iraq includes a strategic investment market that has all the elements of a successful investment, so we are keen to be present in this market that leads to joint investments between Iraq and Jordan.” .

He explained, “Joint investments need financial products and services that meet all the requirements of various segments of businessmen, investors, and companies. Therefore, the value that any external institution will add to Iraq is the new technology that it can introduce on the basis of providing financial services.

He continued, “Financial services are not limited to technological luxury, but have become one of the basics of financial institutions, to improve their services and digital transformation, to meet customers’ needs around the clock.”

He pointed out that “the Bank of Jordan seeks, through its presence in Iraq, to meet the needs of its customers, whether Iraqis or Jordanians, by exploiting its network and electronic systems in the region of the Arab countries in which it is located.”

He stated, “The Bank of Jordan is present in many Arab countries, including Iraq, Palestine, Bahrain, and Syria, and now we are in the process of opening a branch in the Kingdom of Saudi Arabia. Therefore, we see that there is integration and trade exchange between these countries in an electronic system, where the customer or investor can view… This system and the exchange of his money very easily,” stressing that “there are continuous efforts to improve the system existing at the Bank of Jordan.” 

Hammad stressed that “the Bank of Jordan can implement the electronic system in Iraq.”
He pointed out that “there is joint cooperation with the Iraqi banking sector and the Governor of the Central Bank, and previous conferences were held between the Jordanian banking sector and the Iraqi banking sector, in order to improve the infrastructure and electronic services in Iraq.”
He continued: “There were great joint efforts to provide support through existing expertise in Jordan, such as (Kalak) services, paying electronic bills, providing all requirements, and other services.”

He pointed out that “the Central Bank of Iraq is making great efforts to develop the banking sector in Iraq, as it has taken a serious and strong approach to modify the system, and I believe that they are moving at a very good speed to shorten the time gap, to reach the ranks of developed countries with these services.”

He believes that “one of the large, promising markets is the trade exchange between Iraq and Jordan, due to the geographical proximity between the two countries, so shipping and transportation operations are very easy, and this is what we seek in economic integration, which could generate a nucleus for investments that can compete in the Arab region.” link

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Tishwash:  Al-Sudani renews his call for Tunisian companies to invest in Iraq

Today, Tuesday, Prime Minister Muhammad Shiaa Al-Sudani called on Tunisian companies to participate in projects, investment opportunities, and infrastructure construction in Iraq, while stressing the importance of economic integration and the success of the upcoming Iraqi-Tunisian committee meetings in Baghdad.

The Prime Minister’s Media Office stated, in a statement received by Al-Iqtisad News, that “Al-Sudani received the Ambassador of the Republic of Tunisia to Iraq, Shukri Al-Latif, where, during the meeting, they discussed the horizon of joint cooperation between the two brotherly countries, and ways to strengthen relations at various levels and fields, in a way that would benefit “In the interest of the Iraqi and Tunisian peoples.”

Ambassador Shukri Latif conveyed the greetings of Tunisian Prime Minister Ahmed Saleh Al-Hashani to Al-Sudani, his appreciation for Iraq’s positions, and the sincere desire to expand the strategic partnership and strengthen friendship between the two countries, which Tunisian President Kais Saied espouses, according to the statement.

He also conveyed to Al-Sudani a written message from Al-Hashani, which included sending an official invitation to the Prime Minister to visit Tunisia, in order to discuss ways to diversify areas of cooperation, raise them to the highest levels, and confirm the trend towards constructive joint work.

The Prime Minister expressed his “appreciation for the invitation and responding to it as soon as possible,” stressing “the importance of mutual support in international forums and Tunisia’s position on the Palestinian issue.”

Al-Sudani also renewed his “invitation to Tunisian companies to participate in projects, investment opportunities, and infrastructure construction in Iraq, and the importance of economic integration and the success of the upcoming Iraqi-Tunisian committee meetings in Baghdad.”    link

Tishwash:  Central Bank of Iraq: Sanctions on Al-Huda Bank due to its activities in 2022

The Central Bank of Iraq revealed that the US Treasury Department imposed sanctions on Al-Huda Bank of Iraq, attributing the reason to its activities in 2022.

The Central Bank of Iraq stated that the bank did not participate in the foreign currency buying and selling window during the year 2023, stressing that it is continuing to provide its services. Banking without dealing in US dollars and is allowed to deal in other foreign currencies.

Central Bank of Iraq
Information Office
30 – January – 2024  link

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CandyKisses:  Red Sea crisis delays supplies 10-15 days in Barcelona port

Economy News Follow

The head of the port of Barcelona said on Monday that the arrival of ships is delayed for between ten and 15 days in the Spanish port because they have to circumvent Africa to avoid possible attacks in the Red Sea.

He told reporters that the delay was affecting ships carrying all kinds of goods and cargo, including liquefied natural gas.

Barcelona is one of Spain’s largest ports with terminals handling LNG cargoes.

Since December, shipping companies have diverted hundreds of ships to the Cape of Good Hope route around Africa to avoid Houthi attacks. The journey around Africa takes ten to 14 days longer and is more expensive compared to passing through the Red Sea and the Suez Canal.

The attacks target a corridor that handles about 15 percent of global shipping traffic as a vital channel between Europe and Asia.