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Corporate governance in Iraqi banks. Enhancing transparency and efficiency, 10 JUNE

Corporate governance in Iraqi banks. Enhancing transparency and efficiency

 Corporate governance is one of the most important factors that contribute to enhancing the performance and safety of the banking sector. By applying the principles of sound governance, banks can improve their efficiency and risk management, and enhance investor and customer confidence.

In Iraq, banks have come a long way in applying corporate governance principles, with the support of the Central Bank of Iraq and the Iraqi Deposit Insurance Company. These efforts have contributed to improving the performance of the banking sector and increasing its transparency, which reflected positively on the Iraqi economy in general.
Singapore’s experience in corporate governance in the banking sector is an example.
The Monetary Authority of Singapore (MAS) has applied a set of strict governance standards, including disclosure and transparency requirements, defining the responsibilities of the board of directors and executive management, and periodically evaluating the performance of banks.
These efforts have contributed to making Singapore a global financial centre with an excellent reputation for transparency and integrity.
In Iraq, the Iraqi Deposit Insurance Company can play a greater role in strengthening corporate governance in banks, by encouraging banks to adopt international best practices in this field, and providing training and guidance to board members and executive management.
The Iraqi Deposit Insurance Company is arguably an inspiring success story under difficult circumstances. Through its vital role in protecting depositors’ funds and promoting confidence in the banking system, so that the company contributes to building a strong and stable national economy.
As its efforts in development and innovation continue, the Iraqi Deposit Insurance Company promises to be a key pillar in achieving sustainable economic development in Iraq.

https://alforatnews.iq/news/حوكمة-الشركات-في-المصارف-العراقية-تعزيز-الشفافية-والكفاءة

Details of a meeting in Baghdad to resume the export of Kurdistan oil, 10 JUNE

Details of a meeting in Baghdad to resume the export of Kurdistan oil

The head of the Kurdistan Regional Government, Omid, revealed on Sunday morning the details of a meeting held between a delegation from the regional government and the Ministry of Oil, in the capital Baghdad, the first meeting of its kind to reach a comprehensive agreement on the resumption of export of the region’s oil through the national company “Somo”.

In a statement received by Mawazine News, Sabah said, “The delegation discussed with Oil Minister Hayan Abdul Ghani and senior officials of the ministry, the outstanding files between the governments of Erbil and Baghdad and issues of common interest.

He added that the meeting focused on the dues of oil companies operating in the region, the process of resuming the export of Kurdistan oil, the production costs and mechanisms to address these issues to reach a comprehensive and balanced agreement within the framework of the constitution and re-pumping through the Iraqi oil marketing company “Somo” as soon as possible.

https://www.mawazin.net/Details.aspx?jimare=249414

Iraqi Dinar Ali Alaq Bigger Announcement Today About IQD Rv - Dinar News...

Delegations from Baghdad, Erbil convene for talks on resuming exports via SOMO, 10 JUNE

Delegations from Baghdad, Erbil convene for talks on resuming exports via SOMO

Shafaq News/ Delegations from the Kurdistan Region and Iraq's federal oil ministry held their first meeting on Sunday to reach an agreement on resuming oil exports from the Region through the state-owned SOMO company.

Omed Sabah, the Kurdistan Regional Government (KRG) cabinet secretary, said in a statement to Shafaq News Agency that the delegation discussed outstanding issues between the Erbil and Baghdad governments, as well as matters of common interest, with Oil Minister Hayan Abdul-Ghani and senior ministry officials.

Sabah added that the meeting touched on the dues of International Oil Companies (IOC) operating in the Region, the resumption of Kurdistan oil exports, production costs, and mechanisms for addressing these issues to reach a “comprehensive and balanced agreement within the framework of the constitution”. 

The goal is to resume pumping through SOMO as soon as possible, he said.

On Saturday, a delegation from KRG and oil companies operating in Kurdistan arrived in Baghdad on an official visit at the invitation of the Iraqi Oil Ministry.

The ministry had called for a meeting "as soon as possible" on 29 May "for the purpose of… reaching an agreement to accelerate the restart of production and resume the export of oil… according to the quantities specified in the budget law."

Around 470,000 b/d of crude exports from Iraq's semi-autonomous Kurdistan Region have been absent from international markets since March 2023 when Turkiye closed the pipeline linking oil fields in northern Iraq to Ceyhan. That move followed an international tribunal ruling which said Turkiye had breached a bilateral agreement with Baghdad by allowing Kurdish crude to be exported without the federal government's consent.

Baghdad, however, is preconditioning the IOC's attendance at the Sunday meeting in Baghdad on them providing a copy of the production sharing contracts (PSCs) they have with the Kurdistan Regional Government (KRG), a source with knowledge of the matter said.

"Every IOC was invited and will make their own decision about attending," the source adds.

The IOCs have previously complained about being left out of the ongoing conversation between Erbil and Baghdad.

But this new development could further complicate the talks, especially since Baghdad considers those contracts illegal, null and void, according to a federal court ruling.

Baghdad also says it has "never seen" the IOC contracts. "The oil ministry does not have a copy of the IOCs' contracts with the KRG. We have never seen them," the oil ministry source confirmed to Argus.

Baghdad had earlier proposed a middle ground agreement that would see it amend its federal budget to allow it to pay IOCs operating in Kurdistan, in return for a compromise with the KRG and the IOCs over the recovery cost they claim for oil produced in the Kurdish region.

Prime minister Mohammed Shia al-Sudani said on 31 May his government has agreed to amend the budget law, but that the IOCs operating in Iraqi Kurdistan were refusing to amend their existing contracts with the KRG.

The Association of the Petroleum Industry of Kurdistan (Apikur), an industry body representing IOCs operating in the northern region, has denied those claims. Apikur in a statement published in May said its members would be willing to consider modifications to existing contracts provided the matter is agreed by Iraq's federal government, the KRG and the firms themselves.

"RV UPDATE" BY CLARE, 10 JUNE

 Clare 

 Question:   "Wonder if the budget made it into the Gazette?"  NO IT WAS NOT IN THE GAZETTE TODAY [Saturday].

 Article: "Rudaw publishes the text of the third strategic plan of the Central Bank of Iraq"  Quote: "Regarding the initiatives that the bank linked to the sub-goals, they include the ability to issue medium or long-term securities, move from the platform to the sending banks in making external transfers, increase gold reserves, offer new issues of high-qualitycurrency, automate monetary operations, and support financing..."

Article: "Al-Mandalawi after voting on the budget tables: Parliament will follow up on disbursing the specified financial amounts ". 

 The Acting Speaker of the House of Representatives, Mr. Mohsen Al-Mandalawi, congratulated the approval of the federal general budget schedules for the current year, stressing that the presidency made great efforts with the Parliamentary Finance Committee to expedite its completion and vote on it during the current legislative term, due to its importance in terms of its direct connection to the lives of citizens and its relevance. The document includes strategic, investment and service projects.”

 Article: "Parliamentary Finance for Nina: We approved the budget schedules as received from the government, except for the governorate allocations."  

Quote:   "The Parliamentary Finance Committee announced that the schedules of the general budget law will be passed as soon as a quorum is reached in the House of Representatives session scheduled to be held this evening, Monday."

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https://dinarevaluation.blogspot.com/2024/06/rv-update-by-clare-3-june_01957075202.html

Iraqi Dinar update for 06/09/24 - There's no $28 exchange rate