FRANK26: Trade Bank of Iraq opens an office inside the SOMO oil company building
11/17/2024 Baghdad - INA
Today, Sunday, the Trade Bank of Iraq ( TBI ) announced the opening of an office inside the SOMO oil company building.
The bank's media advisor, Aqil Al-Shuwaili, said in a statement to the Iraqi News Agency (INA): "In cooperation with SOMO, an authorized office was opened inside the company's building to issue documentary credits to facilitate all transactions between the Oil Marketing Company " SOMO " and the bank regarding the export and import operations of all petroleum products."
He added that "this contributes to supporting the national economy and developing the energy sector, which is one of the main drivers of the Iraqi economy," noting that "these measures come within the work plan of the bank's management, represented by its chairman, Bilal Al-Hamdani, to develop banking work."
He stressed that "this will contribute to improving and developing the bank's services provided to all customers in line with the Prime Minister's directives to develop the banking sector and improve all services."
You all need to understand the financial implications of this inflation rate. This is not conjecture or some wild off beat theory. Iraq literally can not afford to come out below 10.
Because the Central Bank of Iraq (CBI) has implemented measures to stabilize the currency, including securing approval from the U.S. Federal Reserve to supply dollar cash in 2024.
However, of course those efforts have not fully mitigated inflationary trends.
Imagine having 1-5 million in IQD and you wake up with an extra 13 million to 65 million.
Al-Najjar: The Development Fund aims to mobilize Iraqi savings estimated at $70 billion
11/20/2024
London
The Executive Director of the Iraqi Development Fund, Mohammed Al-Najjar, said on Wednesday that the fund has six goals, one of which is to mobilize the savings of the Iraqi people.
Al-Najjar said during a dialogue seminar organized by the Chatham House Research Center in Britain and attended by the Al-Eqtisad News correspondent, that "the Iraqi government has begun to reform many economic laws that would regulate the lives of citizens and preserve their rights."
He added that "the Iraqi Development Fund has six goals, including mobilizing the private savings of the Iraqi people, estimated at 60-70 billion dollars."
He explained that "the development road is considered one of the most important strategic projects for Iraq, and several countries will participate in it, and it will shorten the time for transporting goods by 15 days."
Al-Najjar continued that "women in Iraq wear gold worth 18 billion dollars," noting that "Iraq needs 8,000 schools, so the Iraqi Development Fund has granted land to build schools." LINK
Wed. 20 Nov. 2024 Wolverine “I’ve had numerous messages that we are definitely going to have a wonderful, wonderful Christmas and hopefully by tomorrow we’ll have some good news.”
EXPERTS: FAW PORT IS IRAQ’S GATEWAY TO A GLOBAL ECONOMIC FUTURE
Economic circles agreed on the importance of opening five berths within the Grand Faw Port project, and considered it the first step towards correcting the paths of the Iraqi economy, as the project represents the first step in an ambitious policy to create major infrastructure in the country, serving all sectors without exception, and is an acceptable approach to diversifying the Iraqi economy and providing opportunities for a wide segment. It is hoped that the project will be completed in its three phases in 2028 with a total capacity of 91 million tons annually.
Prime Minister Mohammed Shia al-Sudani, who sponsored the ceremony of receiving the five berths of the Faw Port from the Korean implementing company, described it as “the people’s project,” and that it “gains great importance due to its connection to the development road project, which will link, starting from the Grand Faw Port, the economies of most countries in the region, and will be an outlet for achieving economic integration,” noting that Iraq remains a fundamental pillar in the global economy, and a historical part and passageway of the most important international exchange routes.
THE FIVE PLATFORMS
Al-Sudani pointed out the importance of the five docks in the Grand Faw Port, as they represent the backbone of the port project in its first phase, which will be completed next year according to the previous timetables. Huge commercial ships with large drafts have already docked on the port docks.
REAL TRANSFORMATION
Chairman of the Federation of Chambers of Commerce, Abdul Razzaq Al-Zuhairi, described the opening of the five berths in the Grand Faw Port as a real transformation in the paths of national and global trade.
He said: Today we are facing a launch to serve the national economy, as we have actually begun to revive the Iraqi infrastructure in the ports sector, as this step represents an advancement to the global level of services provided to the national economy.
THE BIGGEST PROJECT
Al-Zuhairi added that the port’s capacity for all its phases exceeds 90 million tons annually, a number that reflects the extent of the work required in this project in particular. When the larger project, the development road and its facilities and the Grand Faw Port, are completed, there will be a need for millions of specialists, and here everyone can imagine the reality of the performance required in such locations.
He pointed out that the country is facing a new phase and new institutions, which are being created with the development of work in this site, which has become global, as it has become the focus of attention of the world’s major economies in the East and West of the world.
STARTING POINT
Economic expert Mitham Al-Bolani confirmed that the starting point of the development path is the port of Faw, which has become a reality in economic life and the first real infrastructure for developing the national economy and has a positive impact on the global economy, especially since the development path is being implemented in an Iraqi-Turkish-Emirati-Qatari partnership, and that the Turkish side, in its first steps, concluded a quadripartite agreement with Hungary, Serbia and Bulgaria with the aim of delivering goods to the farthest parts of the world.
He stressed that the port of Faw represents an important starting point for global trade in various directions, and thus this port has great economic feasibility, especially with the existence of the development road, as the port and the road complement each other, pointing out that Iraq will be a fertile and mature investment destination for manufacturing industries at the present time at the very least and strategically in the future.
GEOGRAPHICAL AREA
It is noteworthy that the member of the Parliamentary Finance Committee, Mustafa Al-Karawi, said in a statement to the Iraqi News Agency (INA): The opening of the five docks and the completion of the investment in the Faw Port will contribute to supporting the development path, in addition to the fact that it will be part of the Silk Road, indicating that Iraq is located in a geographical area that makes it a link between the major countries, China and Europe.
GLOBAL TRADE
Development Consultant Amer Al-Jawahri said: The Grand Faw Port is the first real step that facilitates the reality of global trade and connects the West of the world to its East by the shortest and least time-consuming routes. It will also enhance the volume of international trade for Iraq with the countries of East Asia, where there is a large volume of trade and achieves fluidity in this aspect.
He pointed out that completing all stages of the Grand Faw Port, as a starting point for the development path, will enhance the reality of the Iraqi economy, and Iraq will be a real attraction point with great and sustainable benefit for Iraq.
EXECUTIVE BODY
He pointed out that Iraq, through this port, will be of new benefit to European countries and the West in general, and they will develop tendencies to invest in Iraq and its regions close to this project.
Al-Jawahiri recommended establishing the executive body for the development road project, of which the Faw Port is an important part, complementary to the new road and railway projects and other projects in more than one economic joint, which is considered a necessity for this project.
MAKE AGREEMENTS
He pointed out the importance of concluding agreements with several countries that have a direct impact on the process of managing the integrated project, starting with the port and the development path with all its institutions.
He stressed the necessity of forming the Faw Economic Zone Authority, which will handle the issues of economic and industrial cities and the technological city, all the way to the tourist city, which is an important part of the region and of great benefit. Here, we stress the necessity of forming institutions and the authority with legislation, so that it will transcend the successive governments that have managed the country.