TNT – “Tidbits From TNT” Tuesday 2-20-2024

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Tishwash:  How will foreign trade be financed after the cancellation of the electronic platform? The Iraqi Central Bank answers

Today, Tuesday, the Central Bank of Iraq revealed the mechanism for financing foreign trade after canceling the electronic platform and currency auction that the Central Bank intends to implement soon.

The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in an interview followed by Al-Iqtisad News, “The Central Bank of Iraq is heading to cancel the electronic platform and the currency auction soon.”

He explained that “the banks will be responsible for financing foreign trade directly through the dollars they own, and they will be fully responsible for auditing invoices and transfers, which is the practice globally.”

With this step, the Central Bank of Iraq intends to “withdraw itself” from the process of financing foreign trade and make the process limited to banks inside Iraq.

Among the American correspondent banks, which will be responsible for financing the requests of these banks among themselves after reviewing the private documents, and the Central Bank of Iraq not entering as a party in this case  link

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CandyKisses:  Iraq and Egypt discuss ways to strengthen relations between the two countries in the oil and energy sector

Baghdad / Nina / Deputy Prime Minister for Energy Affairs and Minister of Oil Hayyan Abdul Ghani discussed with the Minister of Petroleum and Mineral Resources of the Arab Republic of Egypt Tariq Al-Mulla ways to strengthen relations between the two brotherly countries in the oil and energy sector.

According to a statement by the Ministry of Oil, Abdel Ghani met the Egyptian minister during an official visit to participate in the work of the Egypt International Energy Conference and Exhibition.

The Egyptian minister stressed the importance of the existing cooperation between the two brotherly countries and Egypt’s keenness to strengthen this cooperation across various fields, especially oil, energy and petrochemical industries, pointing to the existing partnership and cooperation with the Egyptian General Petroleum Corporation and Enppi and Petrojet, stressing the importance of expanding the areas of cooperation to serve the common interests of the two countries.

For his part, Deputy Prime Minister for Energy Affairs and Minister of Oil affirmed Iraq’s support for bilateral cooperation with Egypt and its aspiration to expand the volume of participation of Egyptian companies in the investment projects announced by the ministry, expressing his interest in participating in the Egypt International Energy Conference and Exhibition as an important economic event.

Deputy Prime Minister for Energy Affairs and Minister of Oil Hayyan Abdel Ghani arrived in Cairo to participate in the work of the Egypt International Energy Conference and Exhibition “EGYPES2024”.

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CandyKisses:  Remarkable progress in two years. Iraq moves from recovery to development (details)

Baghdad Today – Baghdad

Today, Tuesday (February 20, 2024), the Parliamentary Economy and Industry Committee commented on Iraq’s transition from the recovery stage to the development stage during the current and future period.

Ruqaya al-Nouri, a member of the committee, told Baghdad Today that “Iraq over the past years was going through a recovery phase due to the difficult security conditions it went through, especially during the period of occupation of the terrorist organization ISIS and after the liberation operations, and the advancement of the country’s reality needed efforts and a long time.”

Al-Nouri added that “Iraq is currently past the recovery stage and has entered the stage of development at various levels, especially with regard to the service and urban aspect and many others,” stressing that “there is great government interest in developing all banking and service sectors, and Iraq during the next two years will witness a remarkable and significant development in various aspects.”

Since taking office in October 2022, Iraqi Prime Minister Mohammed Shia al-Sudani has achieved a record number of policy achievements. The “service government,” which he heads, has completed a range of projects including the construction of roads, highways and hospitals, the signing of multibillion-dollar agreements to ensure energy independence, the completion of a deal with Tehran to swap gas for oil So that Iraqis can withstand the sweltering heat in summer when temperatures reach 50 degrees Celsius, and work with the government to pass the federal budget for three years.

CandyKisses:  Specialist: Iraq’s economic environment is qualified to attract international and Arab banks

Baghdad Today – Baghdad

Economist and professor of financial economics at the University of Baghdad, Humam Al-Shamma, confirmed on Monday (February 19, 2024) that Iraq’s economic environment is qualified to attract international and Arab banks.

Shamma said, for “Baghdad Today”, that “Iraq and its economic, even security and political environment is ready to attract international and Arab banks,” considering that “this is an important step in order to develop the banking sector in Iraq, whether governmental or private, especially since there are international banks currently operating in Iraq.”

He stressed that “the work of any bank, even if it is global, must be in accordance with compliance with international standards in financial transfers, and any bank that violates this exposes itself to sanctions, whether the United States or even by the Central Bank of Iraq.”

He pointed out that “attracting international banks should not be limited to countries alone, but must be inclusive without any discrimination, and this is applicable in all developed countries of the world.”

Talk of attracting banks from outside the country comes with the continued ban of many Iraqi banks from dealing in dollars as a result of non-compliance with the controls of the Central Bank and the US Federal Bank.