Friday, December 15, 2023
Thursday, December 14, 2023
Central Bank achieves new step in right direction to regulate foreign trade, 15 DEC
Central Bank achieves new step in right direction to regulate foreign trade, 15 DEC
Our national economy has been suffering for two decades from a lack of clarity of methodology, fragmentation of policies and uncertainty in economic decision-making, in addition to being affected by economic, political and security variables in the countries of the world and the countries of the region.
And inside Iraq, which clearly led to the lack of stability in the monetary system and the financial system and thus to the lack of achieving the required economic stability and what increased the complexity of the matter is the weak coordination between monetary policy and the fiscal policy and thus the lack of clear policies for the real sector, especially for agriculture, industry and trade, both internal and external, and certainly the impact on the lack of control over the operations of foreign transfers of imports in US dollars, which confected the monetary market and the commercial market during the years 2021 and 2022, and the obligation of Iraq by the US Federal Reserve to pass all foreign transfers through the electronic platform according to new controls and strict control to control the arrival of the dollar to the final beneficiary.
In addition, the lack of control of the government concerned authorities over illegal trade and the lack of control over unofficial border crossings, which forced the Central Bank to assume its role specified by Law 56 of 2004 and takes as of the first quarter of 2023 a large number of procedures, mechanisms and negotiating efforts with the US Federal Reserve and banks of other countries with which Iraq has an important trade exchange, such as China, India and some discreet correspondent banks for the purpose of regulating foreign trade operations and controlling the movement of foreign transfers in accordance with sound international banking standards.
The efforts of the Central Bank last week, after a number of negotiating rounds that lasted for several months, resulted in reaching a new agreement with the US Federal Bank and in cooperation with the banks (Ste Bank), (JP Morgan) and (Singapore Development Bank) and through some Jordanian banks, which have accounts open for some Iraqi banks, to open new banks, strengthen their balances in US dollars and use new currencies, namely the euro, the Chinese yuan, Indian rupee and the UAE dirhams, with the aim of increasing the reception channels of traders and importers,
facilitating their foreign transfer procedures, shortening the time limits of foreign transfers in the electronic platform and addressing the rejections that previously occurred to some transfers of some traders.
As well as issuing instructions to allow banks to import foreign currencies that they need for the purposes of covering their daily transactions in accordance with special conditions and controls under the supervision of the Central Bank, the success of these steps requires the banks covered by the agreement with the US Federal Reserve and wishing to import foreign currencies
to provide the necessary requirements and provide all the conditions and capabilities to attract traders, importers and customers in accordance with the standards and controls that have been agreed upon. This may require some time to enter the new method of foreign transfers with direct coverage of the correspondent banks that have been agreed with for direct implementation to enhance banking balances and diversify foreign currencies.
I believe and without a doubt that the Central Bank has begun to implement its new strategy with solid steps based on an accurate diagnosis of the problems of external transfers and the stability of the exchange rate. We hope that the number of banks covered and the number of discredent international correspondent banks whose dealings receive confidence from central banks, including the US Federal Bank, will increase and that the crisis of exchange rate stability has begun to take a breakthrough.
Crescent Petroleum prepares a $1 billion investment in Iraq, 15 DEC
Baghdad (IraqiNews.com) – Crescent Petroleum plans to invest up to $1 billion in Iraq as part of a deal it struck with the Iraqi government in early 2023.
According to the CEO of Crescent Petroleum, Majid Jafar, the investments are in concession areas in the northeastern governorate of Diayla and the southern oil metropolis of Basra.
Crescent Petroleum has conducted an initial assessment of the gas reserves in the Kurdistan region of Iraq and has determined that these reserves are around 80 trillion cubic feet, according to Jafar’s statement cited by the Aliqtisad News.
Jafar explained that in addition to large quantities of crude oil, Crescent Petroleum’s goal is to create 750 million cubic feet of gas per day in Basra and Diyala.
“Although we may increase our initial investment by several times over the course of the 20-year contract, we still intend to invest close to $1 billion,” Crescent Petroleum’s official stated.
Crescent Petroleum and Iraq concluded a 20-year agreement in February 2023 to develop four oil and gas projects in Basra and Diyala.
"RV UPDATE" BY CLARE & SANDY INGRAM, 15 DEC
Clare
Article: "Iraq agrees with the UAE to launch financial transfer and trade financing operations between the two countries"
Quote: "The Central Bank stated in a statement...that Central Bank Governor Ali Mohsen Al-Alaq met in Dubai with the Chairman of the First Abu Dhabi Bank Group, Hana Al Rostamani, indicating that during the meeting it was agreed to launch financial transfer operations between the two countries and finance trade and imports between them. Iraq and the United Arab Emirates in the UAE dirham currency through First Abu Dhabi Bank "
Article: "Samsung: Iraq represents the most prominent market in the Middle East"
Sudani: Economic reform is its gateway to financial and banking reform, 15 DEC
Sudani: Economic reform is its gateway to financial and banking reform
Prime Minister Mohammed Shiaa Al-Sudani said on Thursday that: “Economic reform is its gateway to financial and banking reform,” while noting that “the government is committed to providing the dollar at the official price, and stressed its keenness to end the suffering of Kurdistan employees due to their salary delays,” Al-Sudani said in a televised interview followed by “informed” that: “Conducting the population census is the first steps to implement Article 140 of the Constitution was postponed to 2024 after it was scheduled to be held this year because of the provincial council elections,” pointing out that “it is time to raise the outstanding problems between Baghdad and Erbil, which lies at the border and budget ports.”
He added, “We went to borrow from the Ministry of Finance to pay the salaries of the employees of the Kurdistan region and we are with finding a solution with a legal amendment that considers the employees of the Kurdistan region like the rest of Iraq’s employees,” stressing that “the government is keen to end the suffering of the crisis of the salaries of Kurdistan employees.” On the other hand, “economic reform is its gateway to financial and banking reform and the issue of the exchange rate requires this reform and we are committed to providing the dollar at the official rate to traders, investors, contractors, students and travelers.”
He pointed out that “95 percent of our trade now passes through the electronic platform and there are those who circumvent the law and buy the dollar at the parallel price because he does not want to implement legal procedures.” “We will not accept that the official dollar rate is equal to the parallel rate because it encourages smuggling,” he stressed. On foreign trade, Al-Sudani said: “There is no problem for the Iranian side in dealing with trade with Iraq in dinars or toman.” “The problem of commercial transfers to Turkey has been solved by opening accounts in Turkish lira,” he continued. He stressed that “food prices have remained stable, despite the attempt of manipulators to speculate on the price of the dollar.”
اقرأ المزيد على الرابط : https://almutalee.com/news/السوداني-الإصلاح-الاقتصادي-بوابته-الإصلاح-المالي-والمصرفي
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