News — Dinar Recaps Blog Page — Dinar Recaps (2024)

TNT:

Tishwash: Manipulating budget tables is a scandal waiting to break out

The issue of tampering with the budget schedules sparked great controversy in the House of Representatives, after approximately 2 trillion dinars from the budget were lost in a dramatic manner.

The General Secretariat of the Council of Ministers sent a letter to the House of Representatives to inquire about the manipulation occurring in the budget tables, as it was stated in the letter, “After examining the printed tables attached to the Parliament letter signed by the ( acting) Speaker of the House of Representatives, it was revealed that there are fundamental differences in them compared to the sent copy.” From the Council of Ministers and contrary to the text of the parliamentary decision.

Member of the Parliamentary Finance Committee, Representative Jamal Kujar, confirmed that the manipulation occurred after voting on the budget tables in Parliament.

He pointed out in a press statement that it was not known who was the party that tampered with the schedules, calling for an investigation to be opened into the matter.

The House of Representatives held its twenty-seventh session, headed by Mr. Mohsen Al-Mandalawi, Acting Speaker of the House, today, Monday, and in the presence of 199 deputies. The House of Representatives voted last May 18 on the schedules of the federal general budget law.

It seems that suspicions of losing the amount revolve around the Finance Committee as well as the Presidency of the House of Representatives.

For its part, the Finance Committee in the House of Representatives vacated its space regarding the issue of tampering with the budget tables for the current year.

Deputy Chairman of the Parliamentary Finance Committee, Ahmed Mazhar, told Al-Ma'louma Agency, “The committee is far removed from the issue raised regarding tampering with the budget tables. It discussed the tables according to the CD sent by the government and then submitted it for a vote to the Presidency of the House of Representatives.”

He added, "The government's raising of the issue of tampering with 2 trillion dinars in the budget tables, as it claims, is very surprising."

He explained, “If there is tampering with the budget tables, then the Presidency of the House of Representatives can be questioned.”

In order to clear its name, Parliamentary Finance formed an investigative committee on the matter, which aroused the ire of the Presidency of the Iraqi Council of Representatives.

For his part, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, expressed his surprise at the Parliament Presidency's objection to forming an investigative committee regarding the changes that occurred in the budget.

Al-Kadhimi told Al-Maalouma Agency, “Forming an investigative committee is the prerogative of the Finance Committee, expressing his regret over the objection of the Presidency of Parliament to the formation of the committee that does not require approval.”

He added, "The Finance Committee is in the process of inquiring about the reason for the difference in the budget tables between the parliamentary version and the government version, noting that the committee asked the relevant authorities to reveal the manipulation of the numbers."

In addition, the representative of the State Support Bloc, Muhammad Al-Ziyadi, confirmed that signatures had been collected to include a paragraph discussing the government's claim that the versions of the budget tables were different after voting on them.

Al-Ziyadi told the Maalouma Agency, “The government sent a letter to the House of Representatives claiming that the schedules that were sent to it by Parliament after the House of Representatives voted on them differ from those schedules that it sent to Parliament.”

He added, "This book created a confused atmosphere between Parliament and the government, and parliamentary signatures were collected to include a paragraph to discuss the issue in order to determine the truth of the dispute between Parliament and the government regarding the schedules and who was the party behind it. link

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Tishwash: Iraq speeds up steps to join WTO

The Ministry of Trade has doubled its efforts to join Iraq to the World Trade Organization (WTO) after participating in a wide round of negotiations that pave the way for full membership. These efforts were met with widespread economic welcome, which sees that this approach will achieve a package of important achievements, foremost of which is enhancing development, building capacities, and opening the door wide to the use of the highest standards of governance, in addition to the most important factor represented by the wide openness of global markets to Iraq, the advancement of the private industrial sector, and the improvement of the local product.

According to the Minister of Trade, Athir Dawood Al-Ghariri, the recent negotiations for Iraq constitute “a qualitative event and a confirmation of what the government promised through its program to reform the economic situation, considering the private sector as an essential part and the backbone of the Iraqi economy,” indicating that “all countries are keen on Iraq’s return as a global economic player.”

In support of the recent negotiations conducted by Iraq, the Ministry of Trade also participated in the technical meetings of the UNCTAD regarding the accession of Arab countries to the World Trade Organization in Istanbul, which witnessed, according to the Director General of the Department of Foreign Economic Relations, Riyadh Fakher Al-Hashemi, who represented the Ministry of Trade in these meetings, discussing the outcomes of the 13th Ministerial Conference of the World Trade Organization, the process of Arab countries’ accession to the organization, and how Iraq can benefit from these experiences in its process of accession. The importance of trade in services in supporting the economies of Arab countries and enhancing their growth was also reviewed.

In the midst of this, the Prime Minister’s Advisor for Financial Affairs, Dr. Mazhar Mohammed Salih, believes that “in the midst of the changes in the international commercial and financial space, Iraq has moved to important organizational levels in the transition to a market economy to break the effects of its international isolation by engaging in a strong area of ​​economic liberalism that focused on liberalizing the areas of Iraq’s foreign trade in goods and services and the means of financing them, despite the fluctuations in its organization, as well as the development and expansion of areas of progress achieved in some financial services and improving the environment for foreign investment, which allows foreign banks to operate in Iraq and allows the transfer of capital and currency in a manner that serves Iraq’s openness to the world in the conditions of a difficult-to-handle central rentier economy.”

In a statement to the Iraqi News Agency (INA), Minister Al-Ghariri expressed his “aspiration for the fourth round of negotiations to be held during the first quarter of next year,” stressing that “this acceleration means that the negotiations are proceeding with rapid steps towards Iraq’s accession to the World Trade Organization, considering that Iraq is an important economic bloc and all countries are keen for it to return as an economic player in a multilateral system.”

In addition to the economic gains that can be achieved by opening up to the global market, the economic researcher and consulting engineer, Imad Al-Muhammadawi, believes during his interview with “Al-Sabah” that “joining has many other advantages besides opening up to global markets, represented in “enhancing development, building capacities, and opening the door wide to using governance standards in all aspects of economic activities, in addition to the most important factor, which is opening global markets to the economies of the least developed countries or what are called Third World countries, not to mention improving the financial side of the participating countries in terms of reducing financial risks and removing obstacles facing the participating countries.”

Al-Muhammadi added that joining also constitutes a factor in reducing poverty, by creating opportunities for the unemployed through increasing economic activities and developing both the private and public sectors.

The WTO aims to ensure that foreign companies, investors and governments enjoy stability and predictability, confidence that trade barriers should not be arbitrarily raised, investment is encouraged, jobs are created and consumers can fully enjoy the benefits of competition, choice and low prices.link

Tishwash: MP: Washington is delaying the confirmation of the withdrawal clause from Iraq - Urgent

Member of Parliament, MP Rafiq Al-Salihi, confirmed today, Sunday (July 28, 2024), that Washington is procrastinating in determining the paragraph of withdrawal from Iraq, noting that the exit of US forces is necessary to achieve the integrity of national security.

Al-Salihi said in an interview with Baghdad Today, "An important part of achieving integration in the national security system of Iraq is the absence of American forces from its lands, which we see as playing a negative role in the security scene through repeated attacks."

He added, "Washington is delaying its discussions with Baghdad in determining the withdrawal paragraph through fixed timetables, and this matter reflects America's agenda in Iraq and its attempt to remain despite the popular rejection of all spectrums and the existence of a parliamentary decision in this direction."

Al-Salihi pointed out that "the security situation in Iraq is stable and it has large forces capable of warding off terrorist threats or any other attacks," stressing that "the situation necessitates the withdrawal of American forces from the country and any manipulation or procrastination by the administration in Washington is unacceptable and the Iraqis will not remain silent about that."

The debate over the US withdrawal from Iraq has flared up again in the past few weeks, coinciding with the return of strikes and targeting of bases housing US forces in Iraq and Syria, while the US Central Command had indicated a few days ago that ISIS activity recorded during the first half of this year indicates a doubling of the number of attacks compared to last year. link

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Tishwash: Finance and World Bank meet to conclude "fruitful" agreements that support Iraq's development path

An important meeting was held at the Ministry of Finance headquarters today, Monday, between the Minister of Finance, Taif Sami Mohammed, and a delegation from the World Bank, headed by the Regional Director of the Middle East Department, Jean-Christophe Carré, to discuss ways to enhance cooperation in the field of economic and social development.

The ministry said in a statement received by "Mil", "The meeting's axes focused in particular on supporting transportation, railway and infrastructure projects related to the development road linking Iraq and Turkey towards the European continent, in addition to financing the Social Fund for Development programs."

She explained that "these projects seek to improve the quality of services for citizens, enhance economic growth, and provide new job opportunities. The expected benefits of these projects include developing the road and transportation network, in addition to supporting small and medium enterprises and reducing poverty and unemployment."

According to the statement, the two sides expressed their "optimism about the possibility of reaching fruitful cooperation agreements that would contribute to achieving sustainable development in Iraq."

From social media

Minister of Finance and World Bank discuss financing transportation and social development projects

Both sides expressed optimism about the possibility of reaching fruitful cooperation agreements that would contribute to achieving sustainable development in Iraq link

Billions Of Dinars” Were Disbursed To Political Parties From The 2024 Budget As “Financial Grants” (documents)

Policy 2024-07-27 | 4,756 views Alsumaria News-Politics Today, Saturday, independent MP Amir Al-Mamouri published documents proving that the Ministry of Finance disbursed billions of dinars as “financial grants” from the budget to political parties represented in the House of Representatives or participating in the elections.

Al-Mamouri said in a blog post on his Facebook account, followed by Al-Sumaria News, that,

“Did you know that financial grants are disbursed to political parties from the budget, as 18 billion dinars were disbursed, and disbursem*nt continues in the 2024 budget with 5 billion dinars?”

He added: "Some may be surprised by this book, which shows that there is funding for parties from the federal budget at a rate of 80% for those who have representation in the House of Representatives and 20% for parties participating in the elections."

He stressed, "We are working to abolish this issue, which contains many comments and unjustified spending," considering that

"this spending is imposed on the deprived people, not the party, and a distinction must be made between these parties, those who work, those who do not work, and those who steal public money and trespass on state property," wondering.

“Who evaluates these parties so that we can say they deserve the financial grant?”

Documents issued by the Ministry of Finance showed that there is funding of 4 billion dinars in the 2018 and 2019 budgets, while there is funding of 5 billion dinars for parties in the 2023 budget and the same in the current 2024 budget, making the total amount to 18 billion dinars.

https://www.alsumaria.tv/uploadImages/ExtImages/Images1/ExtImage-6331047-534752256.png

https://www.alsumaria.tv/uploadImages/ExtImages/Images1/ExtImage-3082588-690422400.png

https://www.alsumaria.tv/news/politics/495027/صرف-مليارات-الدنانير-للأحزاب-السياسية-من-موازنة-2024-كـمنح-مالية-وثائق

Financial Inclusion Indicators

July 28, 2024 :diamonds: In order for this bank to create a database for financial inclusion indicators, which will be the basic foundation for measuring the percentage of financial inclusion in Iraq,

we are attaching to all electronic payment service providers a database for financial inclusion statistics for individuals and companies in an electronic form (Excel file) sent to your institutions’ e-mail. ..For more click here https://cbi.iq/static/uploads/up/file-172216018373657.pdf

[approximate, incomplete translation of https://cbi.iq/static/uploads/up/file-172216018373657.pdf]

the date: 7/14/2024

To/ All electronic payment service providers

M/ Financial inclusion indicators

In order for this bank to prepare a database for financial inclusion indicators,

which will be the basic foundation for measuring the percentage of financial inclusion in Iraq,

we attach to you a database dedicated to financial inclusion statistics for individuals and companies in electronic form (Excel file) to be sent to your institutions’ email, provided that it is provided to us in the form of three models. The first model is a cumulative

For previous years in addition to the first and second semesters, i.e. until the end of (2/30/2024), and the second model will be for the data of the first semester only, and the third models will be for the data of the second semester only, provided that we increase the Aggregate data and for the first and second semesters of this year, each separately, and for a maximum period of (51. Working days from the date of issuance of this circular.

We would also like to inform you that a training workshop will be held in the hall of the Central Bank of Iraq on (Thursday) corresponding to (7/18/2024) at (10) in the morning for a period of one day only for the purpose of training on how to enter data and receive questions from you.

We hope to provide two representatives specialized in financial inclusion indicators from your institutions to attend the workshop.

with respect.

- Electronic data form (Excel) https://cbi.iq/news/view/2629

Mahmoud Dagher: Iraq Needs A Sovereign Wealth Fund To Protect Its Economic Future

July 28, 2024 Last updated: July 28, 2024 Independent/-Veteran financial and banking expert Dr. Mahmoud Dagher confirmed that Iraq , despite being a rentier economy, does not yet possess a sovereign wealth fund that would enable it to enhance its economic growth and ensure its stability in the face of potential crises.

Dagher pointed out in a short video clip followed by Al-Mustaqla on Sunday that most countries that depend on depletable rentier resources and are exposed to price fluctuations have taken proactive steps by establishing sovereign wealth funds whose combined balances exceed more than ten trillion US dollars. Dagher:

Iraqiswastingitsresources withoutasovereign wealth fund- thefuture of our generations is in dangerDagher said:

“All countries with anexhaustible rentier resource, andwhich are witnessing fluctuations in the prices of these resources, havebegun to establishsovereign fundstoprotecttheireconomyandenhance theirgrowth, away from the general budget and government policy.

Thesefundsplay avital rolein achievingeconomic stabilityandhedgingcountries against global and localfinancial crises.” Dagher added that the

absenceof asovereign wealth fundin Iraq is a majorshortcomingin the country'seconomic policy, especiallyin light of theheavy relianceonoilas amain source of revenue. He explained that

establishing such a fund would enable Iraq to secure the future of its generations and avoid economic shocks that may result from falling oil prices or global economic crises.

Dagher called on the executive and legislative authority in Iraq to accelerate the establishment of a sovereign wealth fund. must He said:

“Iraq [must] follow the example of other countries that have establishedsovereign funds to fortify its economy and ensure its future.

Establishing asovereign fundwill be an importantstrategic steptoprotectthe Iraqieconomyand secure the future of future generations.” Dagher pointed out that

sovereign fundsplay an important role in supportingsustainable economic policies, as

they provide thenecessary resourcesforlong-term investmentsaway from fluctuations in annual government revenues. He stressed that

benefiting frominternational experiences in this field could contribute significantly todesigningasovereign wealth fundthatmeets Iraq'sspecialneedsandenhancesitseconomic stability. https://mustaqila.com/صندوق-ثروة-سيادي/

Iraqi Investments Push The “Med Projects” Index To Rise

July 28, 2024 Last updated: July 28, 2024 Independent/-The “Med Projects”indexfor Gulf projectswitnessed an increase of 0.7% during the period fromJune 7 to July 12, driven mainly by an increase in the value of projects in the Iraqi market.

The Iraqi market achieved significant gains amounting to $26.3 billion, equivalent to an increase of 7%.

This rise is due to the reactivation of plans to establish a national network of high-speed railway lines throughout the country,

reflecting the trend towards improving infrastructure and transportation in Iraq.

In addition to Iraq, project markets in other Gulf countries witnessed remarkable growth, as the

value of the project market in the UAE increased by about $10.6 billion, or by 1.3%.

Despite this growth, the project market in Saudi Arabia witnessed a contraction of $13.9 billion, which is equivalent to a decrease of 0.7%, returning to the value level it was in mid-May.

In Qatar, the value of the projects market increased by $3.9 billion, or 1.7%, while the projects market in Bahrain added $2 billion, or 2.9%. In Oman, the market witnessed a slight increase of $0.2 billion, equivalent to 0.1%.

The total value of the Gulf projects index

The value of the projects index in theGulf Cooperation Councilcountries reached $3.447 trillion, recording an increase of 0.1% over the previous period.

The broaderGulf index, which includes Iraq and Iran, also rose by 0.7% to reach $4.138 trillion.

Thus, theindex continues to rise for the sixteenth consecutive month since March 2023, reflecting the continuing upward trend in the regional projects market.

Impact of railway projects

A key factor in the index's recovery is renewed ambitions forrail projectsin the region.

These projectsare not only a way to improve infrastructure and facilitate transportation, but

theyalso promote economic development and provide new job opportunities.

https://mustaqila.com/استثمارات-العراق-تدفع-مؤشر-ميد-بروجكت/

For current and reliable Iraqi news please visit:https://www.bondladyscorner.com/

IQD Update - Iraq Dinar News Update - Oil & Gas - Until Now - No More Delay

MilitiaMan and Crew: 7-29-2024

https://www.youtube.com/watch?v=utIAODtzcmc

Good Morning Dinar Recaps,

Central and Eastern European and African currencies saw milder depreciations. It’s important to assess whether further declines could have adverse consequences for financial stability."

"A key determinant of exchange rates is the difference in interest rates between a given country and the United States—the benchmark in global capital markets.

At the beginning of this year, investors expected the Federal Reserve to cut interest rates significantly, which would widen or at least maintain the interest differentials with emerging markets.

With the US economy proving stronger than previously anticipated and inflation not yet reaching the Fed’s target, expectations for US interest rate cuts dissipated over the course of the year,and the US dollar appreciated. As a result, major emerging markets’ interest rate differentials vis-à-vis the US narrowed. "CURRENCIES AND FINANCIAL STABILITY

"Orderly depreciation of a currency toward levels broadly in line with economic fundamentals—including interest rate differentials—can be constructive for an economy.

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Read more:Bitcoinist

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What are the benefits of ISO 20022?

▪️ By adopting dedicated returns and investigation messages and using standardized return codes, the current delays in applying returned funds back to the customers and responding to inquiries from other Banks will be drastically reduced.

▪️ By maintaining dedicated reference fields that remain unaltered in the end to end payment journey and introducing structured remittance data, customer’s reconciliation capabilities will be augmented.

▪️ Greater message harmonisation across the entire payments industry, with a universal message type for all payments will help integrate with many more schemes on a faster basis.

Impact, adoption and strategy

Which SWIFT messages are impacted by the ISO migration?

HSBC is actively involved with SWIFT and the different market infrastructures that are migrating towards ISO. HSBC has successfully enabled its global network to receive and forward SWIFT CBPR+ messages in all of its 50+ locations and to exchange ISO messages in the newly migrated domestic markets.

--Markets with no domestic migration announced
The approach is to complete SWIFT cross border traffic migration in all countries and be compliant by November 2025. If a market infrastructure announces a domestic scheme migration before 2025, our current migration strategies are flexible enough to adapt accordingly.

What are the common adoption strategies?

What are the current market practice guidelines being followed by the industry for ISO adoption?

▪️ Cross Border Payments and Reporting plus (CBPR+) guidelines. The CBPR+ group are experts nominated from the SWIFT community tasked with developing usage guidelines for ISO implementation by Banks for SWIFT cross-border payments.

Institutions can also define the channel and format preferences for the transactions they receive through SWIFTs Transaction Manager (TM) platform. SWIFTs TM platform will ensure interoperability between users of different data formats and connectivity channels.

Process & Systems:Have processes and systems geared up to fulfil your Sanctions and AML controls based on new party fields in the chain
Archive Data: Ensure that you are able to archive the rich ISO payments data as per your country regulations

Data Availability:Create solutions to make enriched data available to your customers

Structured Data:Start preparing to provide structured Name and address information for your customers(Debtors)

▪️Structured Data requirements:Market infrastructures and Clearing schemes have introduced new data requirements for party information. These include fields like creditor, ultimate debtor, initiating party, and ultimate creditor that will require corporates to provide to the bank in a structured or hybrid manner. HSBC will soon be providing communications on the required changes.

We strongly recommend you start looking at the data that is provided to HSBC and work closely with your Enterprise Resource Planning (ERP) and Treasury Management System (TMS) providers to start making required updates to comply to the new industry requirements.

▪️Capitalising on rich standards:ISO offers multiple benefits that will help streamline end to end processing. Early adoption will allow you to capitalise on the information that is supported in remittance information and enhanced end to end references, which will be available through ISO based cash management(camt) statements/advises.

Read more:CBM HSBC

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BRICS Officially Announces Financial System Similar to SWIFT| What's Next?

We love Africa: 7-28-2024

Gone are the days when Brics had to secretly carry out its plan of de-dollarization and launching a new currency and a financial system.

Until now, Brics never confessed to developing a financial system that will replace SWIFT. However, secrecy is no longer the plan of action. Brics and its members have now openly announced that they are launching a financial system similar to SWIFT, a Western-controlled banking system.

The BRICS alliance is looking to bypass the Western SWIFT system and replace it with its own financial mechanism. The creation of a new financial messaging system similar to SWIFT will allow BRICS to reshape the global trade landscape.

The majority of cross-border transactions are now settled using SWIFT and cutting ties with the system provides leverage to the nine-member alliance.

BRICS can create a new payment system without incorporating the US dollar for transactions. Local currencies will be used for trade settlements ending reliance on the US dollar once and for all.

The BRICS payment system similar to SWIFT can break the global dominance of the US dollar. Russia confirmed that the BRICS alliance plans to build a new payment system similar to SWIFT. “The financial agenda of BRICS has a main initiative for building a new economic reality that solves both major tasks.

Creating our own financial messaging system for the BRICS countries, similar to SWIFT, based on state-owned banks capable of clearing settlements of counterparties from the BRICS countries and the related role of the same bank,” said Deputy Chairman of the Russian State Duma Alexander Babakov.

The ambassador said that creating an alternative to SWIFT is necessary for BRICS to push the de-dollarization agenda ahead. “It is necessary to create a new system of financial institutions.

The new system must be technically compatible with the existing financial infrastructures of the participating countries, which includes integration with national payment systems, banks, and other financial institutions.

At the same time, the system must ensure a high level of security and data protection to prevent cyber-attacks and unauthorized access to financial information,” he summed it up.

https://www.youtube.com/watch?v=9oGEvqMOoyw

KTFA:

Clare: Financial inclusion indicators

July 28, 2024

In order for this bank to prepare a database for financial inclusion indicators, which will be the basic foundation for measuring the percentage of financial inclusion in Iraq, we attach to all electronic payment service providers a database for financial inclusion statistics for individuals and companies in an electronic form (Excel file) that will be sent to your institutions’ email.For more, click here.

https://cbi.iq/news/view/2629

Clare: Kurdistan government brings good news to employees under Article 140

7/28/2024

The Kurdistan Regional Government announced on Sunday its intention to distribute plots of land to employees under Article 140.

The Department of Media and Information said in a statement received by Shafaq News Agency, "In implementation of the decision of the Prime Minister of the Region, the distribution of plots of land to employees will begin within Article 140 of the Constitution in the Kurdish regions outside the administration of the region."

The regional government had previously announced the distribution of land to all employees, as it began the land survey process. LINK

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Clare: The Kurdish government resolved crises with “wisdom”.. A ​​former member of the Kurdistan Parliament: Baghdad has no excuse left

7/28/2024 Erbil

Former member of the Kurdistan Regional Parliament, Rebwar Babaki, confirmed today, Sunday (July 28, 2024), that the current regional government headed by Masrour Barzani was able to resolve the crises.

Babaki said in an interview with “Baghdad Today” that “the wise policy of the current regional government enabled it to resolve the complex disputes with Baghdad, especially in the field of salaries and budget.”

He added, "The financial crisis and delayed salary payments were resolved wisely and diplomatically, even though some Iraqi political parties wanted to put obstacles to ending the dispute and wanted the crisis to continue."

Babaki pointed out that "the regional government did not leave any excuse for Baghdad, and therefore the salary crisis was resolved with wisdom and patience, and other crises were dismantled."

On Thursday (May 30, 2024), the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, visited the capital, Baghdad, to hold discussions with Prime Minister Muhammad Shia al-Sudani and a number of senior officials in the federal government, in In addition to meetings with leaders and leaders of political forces.

According to a statement issued by the regional government, Masrour Barzani's meetings during his visit dealt with the latest developments on the political and security arenas in Iraq, and the emphasis on resolving the outstanding issues between the Kurdistan region and the federal government, especially securing the Salaries of the citizens of the Kurdistan region and guaranteeing their financial rights and entitlements.

According to the statement, the discussions also dealt with enhancing cooperation and joint coordination, to ensure security and stability for Iraq and the Kurdistan region.

In this regard, Masrour Barzani wrote on the “X-Twitter” platform, “Today I am in Baghdad to affirm the rights of the people of Kurdistan and resolve differences through dialogue and on the basis of the constitution,” adding that “stability and A strong economy should be our priorities.” LINK

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Clare: He is 19 years old and the most important of 150 suspended laws.. Will the powers give up the "golden paper" in oil and gas legislation?

7/28/2024 Politics

The Parliamentary Oil and Gas Committee expressed, today, Sunday, its "optimism" about the imminent approval of the Oil and Gas Law, which has been suspended for 19 years, noting that its delay came because it is a political pressure card used throughout the past years in forming successive governments.

Committee member Nazim Al-Shabli told Sumaria News that the oil and gas law is the most important suspended law, noting that it was “used as a political pressure card in forming governments.”

However, Al-Shabli expected that “the most serious government in this file is the Al-Sudani government,” noting that “clear committees have been formed betweenBaghdadand theKurdistan Regional Government, but until now the government has not sent the final version to the House of Representatives or the Oil Committee.”

Al-Shabli expressed the hope of the Oil Committee that "the relevant committees will resolve the issue and send it to Parliament, as the law has benefits in regulating oil exports and stopping smuggling or selling oil outsideSOMO," believing that "this issue will be resolved in the coming days."

He stressed that "the delay in the law came because it is a political card, especially since the region wants the law and considers it to be in its interest, in addition to the fact that it has old obligations and contracts with foreign companies, in addition to the continuation of smuggling."

About a year has passed since the formation of the committee to draft the oil and gas law, after a 19-year delay in the law that regulates the relationship betweenBaghdadandErbilregarding the management of oil inKurdistanand the rest of the provinces," while the law is considered one of the most important laws that have been suspended for years, amounting to more than 150 laws. LINK

Clare: The Ministry of Commerce discusses with World Bank representatives a strategy to support entrepreneurship and establish local companies.

7/28/2024

The statement explained that "the meeting came out with several recommendations aimed at developing the Iraqi private sector to advance the local economic reality," referring to "the pioneering role of the Private Sector Development Department in providing support to owners of small and medium enterprises, which is part of its tasks."

On the other hand, the Investment Committee of the General Company for Central Markets at the Ministry of Trade held its periodic meeting to discuss its investment projects plan, and the circulars received by the company related to investment projects in Baghdad and the governorates, including the recommendations of the Ministerial Council for Social Services regarding the Iraqi Construction Council, as well as the mechanism for compensating contractors.

The statement added that "the meeting urged the follow-up committees to complete the tasks assigned to them and prepare reports and correspondence to the relevant sectoral authorities to ensure the speedy completion and opening of these projects and set a time frame for their completion and submit periodic reports on the completed work." LINK

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Clare: Renewing its commitment to the truce... Al-Kataeb: A mysterious faction targeting Americans in Iraq

7/28/2024

The Sayyid al-Shuhada Brigades, one of the factions that form the "Islamic Resistance in Iraq", said on Sunday that it does not know who is carrying out the targeting of the American forces stationed at the Ain al-Assad base in Anbar Governorate, and the forces stationed in the Syrian bases.

A prominent leader in the brigades told Shafaq News Agency, "The Islamic Resistance Group in Iraq, as well as the Resistance Coordination Committee, do not know which party or group is bombing and targeting the American forces, disclaiming responsibility for those operations."

The leader, who asked not to be named, added that the "Sayyid al-Shuhada Brigades" are committed to the calm so far, and perhaps there is a faction working on these operations individually as a means of pressure, but without knowledge from that party.

Iraqi Prime Minister Mohammed Shia al-Sudani is seeking to pressure pro-Iranian armed factions to stop their escalation against American interests and targets in Iraq, according to informed sources.

Fearing American reactions that might escalate and confuse the security situation inside Iraq, Al-Sudani contacted Iranian figures in order to pressure those factions to stop escalating their operations, and to give him a new opportunity to end the American presence in Iraq through dialogue and negotiation, but the factions still reject these pressures, according to the sources. LINK

Paralyzed For 19 Years.. Parliamentary Optimism About Passing The Most Important Laws In Iraq

Energy Economy News – Baghdad The Parliamentary Oil and Gas Committee expressed its "optimism" on Sunday about the imminent approval of the Oil and Gas Law, which has been suspended for 19 years, noting that its delay was due to it being a political pressure card used throughout the past years in forming successive governments.

Committee member Nazim Al-Shabli said, “The oil and gas law is the most important of the suspended laws,” noting that “it was being exploited as a political pressure card in forming governments.”

But Al-Shabli expected that "the most serious government in this file is Al-Sudani's government," noting that "clear committees were formed between Baghdad and the Kurdistan Regional Government, but until now the government has not sent the final version to the House of Representatives or the Oil Committee."

Al-Shabli expressed the Oil Committee’s hope that “the relevant committees will resolve the issue and send it to Parliament, given the benefits of the law in regulating oil exports and stopping smuggling or selling oil outside SOMO,” believing that “this issue will be resolved in the coming days.”

He stressed that "the delay of the law came because it is a political card, especially since the region wants the law and considers it to be in its interest, in addition to the fact that it has old obligations and contracts with foreign companies, in addition to the continuation of smuggling."

About a year has passed since the formation of the committee to draft the oil and gas law, after a 19-year delay in the law that regulates the relationship between Baghdad and Erbil with regard to the management of oil in Kurdistan and the rest of the provinces.

The law is considered one of the most important laws that have been suspended for years, amounting to more than 150 laws.

196 views 07/28/2024 - https://economy-news.net/content.php?id=45672

The Ministry Of Commerce Discusses With World Bank Representatives A Strategy To Support Entrepreneurship And Establish Local Companies.

Sunday 28 July 2024 11:17 | Economic Number of readings: 257 Baghdad / NINA / The Private Sector Development Department at the Ministry of Trade held a meeting (remotely) with representatives of the World Bank to discuss a strategy to support entrepreneurship, owners of small and medium enterprises and start-ups to advance the local economic reality.

The ministry stated in a statement that "the meeting discussed the basic pillars of the entrepreneurship system that will be evaluated by World Bank experts through surveys and the application of laws specific to these projects, in addition to holding discussion sessions with project owners and presenting recommendations on policies for each pillar."

The statement explained that "the meeting came out with several recommendations aimed at developing the Iraqi private sector to advance the local economic reality," referring to "the pioneering role of the Private Sector Development Department in providing support to owners of small and medium enterprises, which is part of its tasks."

On the other hand, the Investment Committee of the General Company for Central Markets at the Ministry of Trade held its periodic meeting to discuss its investment projects plan, and the circulars received by the company related to investment projects in Baghdad and the governorates, including the recommendations of the Ministerial Council for Social Services regarding the Iraqi Construction Council, as well as the mechanism for compensating contractors.

The statement added that "the meeting urged the follow-up committees to complete the tasks assigned to them and prepare reports and correspondence to the relevant sectoral authorities to ensure the speedy completion and opening of these projects and set a time frame for their completion and submit periodic reports on the completed work." https://ninanews.com/Website/News/Details?key=1143928

The Stock Market Index Rose By 0.35%

Market Economy News – Baghdad The stock market index rose on Sunday, in the first session of the week, by 0.35%. During the session, 3.6 billion shares were traded, worth 1.9 billion dinars.

The value of shares of 13 companies increased, while the shares of 4 other companies decreased.

The session witnessed the execution of 591 transactions on the shares of 32 traded companies.

Views 13 07/28/2024 - https://economy-news.net/content.php?id=45691

Jump In The Central Bank Of Iraq's Dollar Sales

Time: 2024/07/28 15:22:10 Reading: 650 times {Economic: Al Furat News} The Central Bank of Iraq’s sales of the US dollar increased to more than $274 million in today’s currency auction, Sunday, compared to sales last Thursday.

The Central Bank sold in its auction today 274 million, 868 thousand, and 286 dollars, covering it at a basic exchange rate of 1310 dinars per dollar for documentary credits, international settlements for electronic cards, and foreign transfers, and at a rate of 1305 dinars per dollar in cash.

Most of the dollar sales went to boost balances abroad in the form of remittances and credits, which amounted to $267,368,286, up 97% from cash sales of $7,500,000.

The number of banks that purchased cash dollars was 2 banks, while the number of banks that met requests to enhance balances abroad was 17 banks, and the total number of exchange and brokerage companies participating in the auction was 5 companies. LINK

Iraqi Oil Exports Exceed 102 Million Barrels In A Month

Economy | 07/28/2024 Mawazine News – Baghdad The Iraqi Ministry of Oil announced, on Sunday, the total oil exports for last June, according to the final statistics issued by the State Oil Marketing Organization (SOMO).

The ministry stated in a statement received by Mawazine News that "the total quantity of crude oil exports amounted to 102 million, 314 thousand, and 548 barrels."

The statistics stated that the quantities exported from the oil fields in central and southern Iraq amounted to 102 million, 11 thousand, and 928 barrels, while exports to Jordan amounted to 302 thousand, 620 barrels. https://www.mawazin.net/Details.aspx?jimare=252204

US Dollar Exchange Rate Drops In Baghdad

Economy | 04:42 - 07/28/2024 Mawazine News – Baghdad The US dollar prices fell in the markets of the capital, Baghdad, at the close, on Sunday evening.

The dollar price decreased with the closing of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, recording 149,300 dinars for every 100 dollars, while this morning it recorded 149,550 dinars for every 100 dollars.

The selling prices in exchange shops in local markets in Baghdad were: the selling price was 150,250 Iraqi dinars for 100 dollars, while the purchase price was 148,250 dinars for 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=252214

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Our Government Is Hiding That Banks Are On The Verge Of Failure

Atlantis Report: 7-27-2024

In today's financially uncertain times, the role of regulatory bodies in ensuring the stability of our banking system is more important than ever.

The Federal Reserve, charged with this significant responsibility, conducts annual stress tests on major banks to assess their ability to withstand economic downturns.

These tests are specifically designed to mimic adverse scenarios and assess the resilience of financial institutions.

However, recent events have raised doubts about the effectiveness and transparency of these evaluations. Despite reassurances from the Fed, the collapse of several banks revealed weaknesses in the system that were meant to be protected against.

This discrepancy between the results of stress tests and real-world outcomes has raised increasing concerns about the actual state of our banking sector.

https://www.youtube.com/watch?v=svUNM522SKM

Banks Know a Crash Is Coming, Most Powerful Indicator Is Signaling U.S. Recession – George Gammon

Kitco News: 7-27-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews George Gammon, an investor, macroeconomics expert, and host of The Rebel Capitalist Show. Gammon warns that the world’s most powerful economic indicator is signaling a recession.

He adds that the banking crisis is far from over, noting that we are just in “the middle innings.” Gammon shares his insights on the latest macro data & the Federal Reserve.

He also outlines his own economic outlook, giving a glimpse into what he is doing with his own portfolio, weighing in on Treasuries, gold, silver, and Bitcoin.

https://www.youtube.com/watch?v=22-X8HOdHj8

The Western Empire is in Its Final Days: "History is Repeating" | Martin Armstrong

Living your greatness: 7-28-2024

Armstrong draws striking parallels between today’s global crises and the ominous signs before the fall of the Roman Empire.

He warns that relentless debt, profit-driven wars, unchecked migration, and rampant corruption are priming Western nations for potential collapse.

He argues that precious metals and commodities could be the ultimate safe haven for investors amidst this turmoil.

https://www.youtube.com/watch?v=sIGr2Jk_hbQ

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Tishwash: New targeting of the American base on the Iraqi-Syrian border strip

A security source reported today, Saturday, that the American base in the Conoco field in eastern Syria was targeted.

This is the third targeting in three consecutive days. link

Tishwash: To reduce the threats of the factions.. Washington sends two bombers to the Middle East

The American magazine "Air and Space Forces", concerned with air forces, revealed today, Saturday (July 27, 2024), that the American forces sent two giant, newly modified B-52 bombers to the Middle East with the aim of "securing" Saudi Arabia and Jordan from "threats from Iraqi factions."

The magazine said in a report translated by "Baghdad Today", "The two modern aircraft that were sent to the Middle East to secure Saudi Arabia and Jordan and test their capabilities as part of a show of force to deter Iran and its arms in the region, took off from an air base in Romania and arrived in Saudi Arabia and Jordan in a flight that lasted thirty-two hours."

"One of the planes suffered a technical malfunction that forced it to remain at one of the American air bases in Qatar, while the other plane returned to the United States alone to make the necessary adjustments after the testing process, which sources within the Pentagon told the Wall Street Journal aimed to demonstrate the capabilities of the United States to its allies in the region, in addition to putting an end to Iranian threats through its arms," ​​she said.

The magazine indicated that "the two planes arrived in the Middle East after Israeli Prime Minister Benjamin Netanyahu's visit to Washington, during which he expressed his concern about the threats posed to Saudi Arabia, Jordan, and some regional countries cooperating with Israel by the Houthis and armed factions in Iraq."

On Friday, newspapers such as the Jerusalem Post published reports confirming that Washington and Tel Aviv are “concerned” about the threats to the countries of the region from the Iraqi factions and the Houthis, explaining that “the threats are an attempt to put pressure on those countries to close the land trade routes that pass through their territories and on which Israel now depends to finance itself during the war,” referring to five countries, including Saudi Arabia and Jordan, that are extending supply lines to Israel through their territories as a result of the naval blockade imposed by the Houthis on ports in Israel. link

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Tishwash: Why did Iraqi militias resume operations against Americans?

Pentagon to Asharq Al-Awsat: No injuries or damage in attacks in Iraq and Syria

Since a drone attack in late January killed three American soldiers in a desert area on the Iraqi-Jordanian-Syrian border triangle, and the US responded with extensive strikes against pro-Iranian factions in Iraq and Syria, Iraqi factions have backed off from their attacks.

Some saw the American response at the time as a “deterrent” message aimed at warning Iran against expanding the conflict in the region, against the backdrop of the Israeli war in Gaza. But last Thursday’s attack on two bases housing forces from the international coalition led by Washington, raised questions about the reasons behind the new “harassment” of American forces.

Pressure and embarrassment for Baghdad

The war in Gaza no longer seemed to be the motive behind the attack, while a Pentagon spokesman downplayed its importance and referred the question of whether it was related to the security agreement signed by Iraqi and American officials in Washington this week to the State Department.

The defense official told Asharq Al-Awsat that questions related to political relations between the United States and Iraq and political relations between the United States and Iran are the responsibility of the State Department.

“Regarding the attacks in Syria and Iraq, one rocket was fired at a military support site in the Euphrates region of Syria. The rocket did not impact the base and no injuries or damage were reported. In Iraq, two rockets were fired at Al Asad Air Base in Iraq. They did not impact the base and no injuries or damage were reported to US or coalition forces,” the official added.

Thursday's attack came after a security meeting held in Washington to discuss the future of the international coalition forces against ISIS in Iraq, while Iranian-backed armed factions are demanding the withdrawal of these forces.

The US Department of Defense said last Wednesday that the talks "reached an agreement on the concept of a new phase in the bilateral security relationship."

An Iraqi security official suggested that the attack was intended to “embarrass” the Iraqi government and “pressure” for the departure of the international anti-extremist coalition forces, a demand repeated by the pro-Iran factions.

Messages with regional and nuclear dimensions

Some believe that the attacks are “Iranian messages with regional dimensions,” including the stalled nuclear negotiations file, but why were they renewed at this time, while Iran has not yet arranged its files with its new president and America is preoccupied with its elections?

“Deterrence is never permanent,” said Behnam Ben Taleblu, an Iran researcher at the Foundation for Defense of Democracies in Washington, a Republican-friendly think tank. Speaking to Asharq Al-Awsat, he added that the halt in attacks by Iranian-backed Shiite militias on American sites in the region came after an “impressive” use of force by the Biden administration in late January after three American soldiers were killed.

But since then, the militias have tested the waters at least three times with missile and drone attacks. The more these attacks are understood, the more they have grown in scope and scale.

“Despite seeing the link between the nuclear and regional challenges that this poses, Tehran is trying to persuade Washington and Europe to separate the files,” Ben Taleblu adds. “To this end, the presidency of Masoud Pezeshkian will be designed to lure the West into a futile nuclear diplomacy, while the increase in Iranian-backed regional attacks will create the impression that there is no end in sight to the cycle of violence in the region other than appeasing Iran.” link

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Iraq's billionaire surge, rampant corruption amid economic challenges

The number of billionaires in Iraq rivals that of nine other countries combined, a stark reflection of the deeply rooted corruption within the state.

Corruption has plagued Iraq, exacerbated by the misuse of its budget, which official statements claim has led to the loss of $250 billion over the past 17 years. However, economists argue the actual figure could be nearly double.

The number of billionaires in Iraq rivals that of nine other countries combined, a stark reflection of the deeply rooted corruption within the state.

The Commission of Integrity (COI) is set to reveal the amount of money recovered and the measures taken to prevent further financial waste.

Many Iraqis are calling for transparency regarding governmental agreements, imports, and expenditures. On June 3, 2024, the Council of Representatives approved the amended Federal General Budget Law No. 2024, which allocates approximately 211.9 trillion dinars, a 7% increase from the previous year's budget.

Former Iraqi Finance Minister Ali Allawi previously stated that out of the over $1 trillion budget from 2003 to 2020, more than $250 billion was lost due to administrative corruption. Economists, however, estimate the loss to be between $400-450 billion, nearly 40% of Iraq's total budget. This squandered amount could have funded significant infrastructure projects, such as building 400,000 modern schools or 20,000 hospitals.

Experts cite fake and overpriced contracts, corrupt officials, mismanaged investment projects, and poor economic planning as major contributors to the financial drain. Since 2003, Iraq's workforce has grown from 850,000 to over 4.5 million, yet efficiency in public service sectors remains low, with only about 30% of the budget effectively utilized.

According to Haider Hanoun, head of the COI, Iraq ranks 154th out of 180 countries on the global corruption index. Hanoun admits that enormous sums have been stolen and transferred to international banks, with some funds even financing terrorism. The COI's 2023 report indicates that over 391 billion Iraqi dinars and $500,000 have been recovered, with an additional 82 billion dinars and $5 million prevented from being wasted.

Iraq’s Poverty Levels

The Strategic Center for Human Rights in Iraq reports that over 10 million Iraqis live below the poverty line, with the 2024 budget failing to support more than one million needy families.

The ongoing economic crisis and the appreciation of the dollar have driven up commodity prices, exacerbating poverty. Southern provinces are particularly affected, with Muthanna Governorate experiencing a 52% poverty rate, followed by al-Diwaniyah, Maysan, and Dhi Qar at 48%. Baghdad and Nineveh have poverty rates of 13% and 34.5%, respectively, while central provinces average an 18% poverty rate.

On July 21, 2023, Labor and Social Affairs Minister Ahmad al-Assad announced government measures to combat poverty, noting that Iraq has fallen 20 places in international rankings.

The economic challenges and rampant corruption in Iraq continue to hinder the country's development and exacerbate poverty. The COI's efforts to recover stolen funds and prevent further financial mismanagement are critical steps toward rebuilding trust and ensuring a more equitable distribution of wealth. link

Political Parties Control The Sale Of The Dollar.. A New Threat To The Stability Of The National Economy

Posted On2024-07-27 By Sotaliraq Recently, there have been reports that political parties are controlling the sale of dollars in the financial markets.

This news has raised widespread concern among citizens and investors, as it is feared that this control will lead to manipulation of exchange rates and the creation of a black market that will negatively affect the national economy.

These developments come amid volatile economic conditions and a turbulent political landscape, which increases the challenges facing the government in maintaining currency stability and providing a secure economic environment.

Economic expert, Diaa Al-Mohsen, says, “The dollar exchange rate on the black market will not rise to more than 1,500 dinars,” accusing “political parties of controlling the sale of the dollar, as well as colluding with the monetary authority.”

He added, “Restricting the sale of dollars to travelers to certain exchange companies confirms that these companies are owned by large political blocs that benefit from the process of buying and selling dollars, and they are intended to obtain the largest share of foreign currency sales.”

He explains that “the Central Bank and the executive authority are fully aware of the political parties that control the dollar sales operations in the country, after they were restricted to certain companies.”

Al-Mohsen continues, “The dollar exchange rate will not reach high levels, especially since there is cooperation between the monetary authority and those who sell dollars on the black market, such that this cooperation ensures that the parallel exchange rate does not rise to more than 1,500 dinars per dollar.”

For his part, the official spokesman for the currency market in Sulaymaniyah, Jabbar Kuran, revealed the reasons for the rise in the exchange rate of the US dollar against the Iraqi dinar in the parallel market.

Jabbar Kuran says, “The issue of the rise in the exchange rate of the dollar against the Iraqi dinar is related to the financial measures taken by the Central Bank of Iraq.”

“The Central Bank of Iraq took some good measures in the past, but the increase that has occurred now is due to other measures that the Central Bank has not taken yet, including that the bank decided that foreign dealings are not limited to the US dollar only,

but this measure has not been taken yet, as well as not linking all banks to the electronic platform and stopping work on it with the exception of only seven banks, which do not accommodate the foreign trade exchange process that reaches about 50 billion dollars annually, and I do not expect those seven banks to accommodate this volume of trade exchange.”

He added, "One of the other reasons that led to the rise in the exchange rate of the dollar against the dinar is the reduction in cash injections by the Central Bank of Iraq, except for this day."

He explains, “The demand for the dollar these days is abnormal, and I do not expect that opening the dollar exchange window for travelers at airports will be a reason for the dollar exchange rate to rise, even though now is the travel season.”

He states that “the large number of exchange offices and companies in Iraq and Kurdistan and the inability of the Central Bank of Iraq to meet their needs for the US dollar, as there are about 1,200 exchange companies in Iraq, and about 2,500 companies in Kurdistan, so far, have not merged with each other to reach about 400 actual companies, so all of these companies and offices need more than 50 million dollars daily.”

Kuran confirms that “the rise of the dollar this time is not linked to a political or economic crisis or external factors, but rather is linked to the measures of the Central Bank of Iraq, and it is possible that the bank will control this rise,” expecting the exchange rate of the dollar to rise to more than 150 thousand dinars for every 100 dollars, while ruling out at the same time that it will reach high levels as happened in the past periods.”

Since Eid al-Adha, the dollar exchange rate has risen to more than 152,000 dinars in the parallel market and exchange offices, after hovering around 145,000 dinars per 100 dollars.

Prices have fallen again over the past week, with the dollar now hovering around 149,000 dinars per $100.

The Central Bank imposed a mechanism that prevents the delivery of dollars to travelers except at airports, which increased the demand for dollars in the parallel market after illegal trade was financed through the parallel market via travelers’ dollars. LINK

The Dollar Pushes The Iraqi Dinar To Confrontation.. And The Market Movement Is Stagnant

Time: 2024/07/27 21:22:29 Read: 1,794 times {Economic: Al Furat News} The US dollar pushes the Iraqi dinar to confront and stabilize at a certain number, while local markets become stagnant.

Economic expert, Basem Jamil Antoine, told {Euphrates News} that: "The reasons for the stability of the dollar exchange rate are due to a number of factors, including the stagnation in economic and commercial activity, which is considered weak in all markets in Baghdad and Iraq, and shopping activity is weak during the month of Muharram."

He added, "During the month of Muharram, there is stagnation in commercial activity, no shopping, and inactivity, and economic activity in general is almost at a standstill, in addition to being in the hands of the state in general; therefore, there is no active commercial activity or demand for the dollar; because the private sector is mainly the one that buys the dollar to import, and in the absence of demand, it remains stable."

Antoine added, "Also, the rise in exchange rates is faster than their fall, and this process needs to be reviewed, as traders who bought the dollar do not sell it at a loss, which is one of the reasons for the stagnation, stagnation, and weak economic activity, in addition to the high temperatures that play a major role in the productivity of the individual or citizen, which is weak."

In addition, the Parliamentary Investment Committee confirmed the impact of the fluctuations in the dollar exchange rate on investment projects.

The buying and selling prices of the US dollar in local markets have ranged between 150,500 and 150,250 dinars for days.

The exchange rates of the US dollar against the Iraqi dinar today, Saturday, were as follows:

Selling price 150,250 dinars.

Buying price 148,250 dinars for every 100 dollars. LINK

Stability Of The Dollar Exchange Rate In Iraq

Economy | 06:13 - 07/27/2024 Mawazine News – Baghdad The exchange rates of the US dollar against the Iraqi dinar witnessed stability in local markets today, Saturday.

The exchange rates of the dollar stabilized with the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 149.550 dinars for every 100 dollars.

The selling price in exchange shops reached 150.250 dinars, while the purchase price reached 148.250 dinars for every 100 dollars. https://www.mawazin.net/Details.aspx?jimare=252142

Within A Week.. More Than One Billion Dollars In Sales From The Central Bank Of Iraq

Posted On2024-07-27 By Sotaliraq 2024-07-27 The total sales of hard currency in US dollars by the Central Bank of Iraq during the past week, during which the auction was opened, amounted to more than one billion dollars.

Our correspondent reported that the Central Bank sold during the past week and for the 5 days in which the auction was opened, one billion, 387 million, 237 thousand, and 049 dollars, at a daily rate of 277 million, 447 million, and 410 dollars, an increase over what was recorded in the previous week, which amounted to one billion, 91 million, 173 million, and 642 dollars.

The highest dollar sales were on Tuesday, reaching 283 million, 69 thousand, and 68 dollars, while the lowest sales were on Wednesday, reaching 274 million, 637 thousand, and 912 dollars.

Our correspondent indicated that foreign remittance sales during the past week amounted to 1 billion, 345 million, 937 thousand and 49 dollars, an increase of 96% compared to cash sales, which amounted to 41 million, 300 thousand dollars. LINK

Oil Sales Via Electronic Payment Exceeded Two Trillion Dinars In Half A Year

July 27, 2024 Implementing projects to support the stability of Diwaniyah electricity and increase Diyala supply hours

Diyala - Salam Al Shamry

Maysan - Ali Qasim Al Kaabi

Sales of the Oil Products Distribution Company, affiliated with the Ministry of Oil, through smart card payment, exceeded the two trillion dinar barrier during the first half of this year.

A statement received by Al-Zaman yesterday stated that (the company's sales using the smart card exceeded two trillion dinars during the first half of this year in a significant way), indicating that (the company introduced the electronic sales service since the beginning of last April, and included all governorates and those dealing with the company from agents of gas and white oil and generators, constructed stations, and basins).

The South Gas Company, affiliated with the ministry, launched the overhead power line project in the Nasiriyah and Al-Gharraf fields, with a capacity of 123 kV.

Investment Project

Yesterday's statement referred to (the operation of the overhead power line project feeding the site of the Nasiriyah and Gharraf gas field investment project with a capacity of 132 kV, and a length of 51 kilometers, which was implemented under contract with the Ministry of Electricity), and explained that (it represents 10 percent of the project stages, which is the first axis of the Nasiriyah gas project), according to the statement, and added that (the project is being linked to the bridge linking the power station and the last point of the overhead line).

In a related context, the General Manager of Maysan Oil Company, Hussein Kazim Laibi, discussed the development plans of Maysan fields with the managers of the Oil Exploration Company, the Contracts and Licensing Department, the Reservoirs and Field Development Department, and the Chinese company Sinopec, plans to develop Maysan fields in Bazargan, Faka, and Abu Gharb.

The Undersecretary of the Ministry of Oil for Extraction Affairs stressed during the meeting (the importance of the ministry's commitment to supporting foreign companies operating in the oil fields), indicating that (these companies are partners in the process of developing the oil sector in Iraq, and are not just a tool operating the fields, which reflects the ministry's orientation towards enhancing cooperation and partnership with international companies).

For his part, the Chinese delegation expressed (its thanks for the support provided by the Ministry of Oil, stressing their commitment to continue developing Maysan fields and sustaining production).

The Drilling Department of the Maysan Oil Fields Operating Authority continues its activities through the main operator, the Chinese company Sinopec, and the operating drilling companies, by implementing drilling contracts, under the supervision of the company’s general manager, and with continuous field supervision by the engineering team in the department, and the engineers residing in the drilling rigs.

A statement received by Al-Zaman yesterday stated that (all the activities and joint work of the department’s people’s officials, the staff residing in the towers, and the reservoirs and geology department, resulted in the drilling of 12 wells in the fields of Bazarkan, Al-Faka, and Abu Gharb, during the first half of this year, in addition to 9 wells under construction, and other wells being completed successively within the annual plan for drilling operations, with the aim of supporting production capacity),

indicating that (the teams completed the drilling of vertical, horizontal, and inclined wells within the Al-Mushrif and Al-Asmari reservoirs, using the latest technologies, most of which targeted the production of crude oil, some for injection, and others for the production of reservoir water, according to the required technical specifications and the standard criteria of the oil industry).

The ministry is moving towards converting 40 percent of crude oil into petroleum derivatives and contributing projects, stressing that the completion of the fixed gas platform project in the Grand Faw Port achieves stability in the operation of power stations.

The Deputy Minister of Oil for Refining Affairs, Hamid Younis, said in a statement yesterday that (the government seeks to implement plans aimed at improving the reality of the oil industries, and converting 40 percent of crude oil into petroleum derivatives, during the current year),

pointing out (the existence of projects with a capacity of 70 thousand barrels in Maysan, Nasiriyah and Diwaniyah, in addition to the 70 thousand barrel unit in Dora, and the same in Qayyarah, in addition to 70 thousand barrels in Haditha), adding that (the total of these projects produces 420 million barrels, in addition to the Faw investment refinery project, the contract for which will be signed in the coming days with a capacity of 300 thousand barrels),

indicating that (this means that the government plans exceed 40 percent of the required quantities), and regarding the project to establish a fixed gas platform in the port of Faw, Younis explained that (the importance of the project lies in enhancing the stability of supply to power stations that operate on dry gas, which cannot be stored in tanks).

Meanwhile, the Minister of Electricity, Ziad Ali Fadhil, explained that the staff of the company operating the Shatt al-Basra gas station line to the Faw station contributes to solving the network bottlenecks in the areas of Abu al-Khaseeb, Sihan, al-Siba and al-Faw.

A statement yesterday said that (the line feeds the Faw station, which is considered the most important joint of the Gulf interconnection project, in addition to its role in discharging loads and providing stable energy).

Electrical Connection

In Diyala, electricity added 100 megawatts to the network in the province. A statement received by (Al-Zaman) yesterday said that (the ministry has completed the second phase of the project to connect with Kurdistan to add 100 megawatts to the network, which contributes to improving energy),

indicating that (the Diyala Electricity Distribution Branch, affiliated with the General Company for Electricity Distribution in the Middle, has completed the requirements of the second phase of the connection with the region, to support the national system),

and continued that (the work included the construction of an alternative 33 kV line with a distance of 22 kilometers, and unloading the loads from the 132 kV power transmission line, Kalar Khanaqin, with the aim of supporting electricity stability and providing energy to the people of Diyala).

The ministry plans to establish a 400-volt station in Diyala to support energy stability and develop the Mansouriya station in the province. The ministry’s spokesman, Ahmed Musa, said yesterday that (Diyala has a specific share of energy according to the Supreme Coordination Authority of the Provinces),

noting that (part of the network operates on the Iranian lines, Mirsad Diyala, and Sarbil Zahab-Khanaqin), adding that (the lines vary in strength, which causes a decline in the hours of electricity supply), stressing (the move to develop the Mansouriya station in the province, in addition to the Diyala 400 station, to enhance the stability of the transmission networks).

The ministry implemented 20 projects to relieve congestion in the Ghammas district in Diwaniyah, noting that the agricultural line in the district was excluded from the scheduled cuts, to support farmers and agricultural workers. The Undersecretary of the Ministry, Nizar Al-Tamimi, said in a statement yesterday that (in implementation of the Prime Minister's directives, the governorate was visited, and the needs of citizens in the district were determined, which prompted the ministry to start projects to relieve congestion, prepare 50 transformers, and increase the hours of preparation in Diwaniyah). LINK

Oil Prices Fall 1.5%, Record Weekly Losses

Saturday 27 July 2024 09:27 | Economic Number of readings: 236 Baghdad / NINA / Oil prices fell by 1.5% at the end of trading on Friday evening, falling for the first time in 3 consecutive sessions.

Oil markets recorded losses for the third week in a row, as the two benchmark crudes (Brent and West Texas Intermediate) fell by about 1.8% each during the week ending today.

Oil prices are witnessing volatile trading between weak demand in China, the world's largest importer of crude, expectations of an approaching ceasefire agreement in the Middle East, fears of a shortage of supplies due to fires in Canada, and a decline in US oil inventories.

At the end of Friday's session, Brent crude futures for September 2024 delivery fell by 1.5% to reach $81.13 per barrel.

US West Texas Intermediate crude futures for September 2024 delivery fell 1.4% to $77.16 a barrel, according to figures compared by the Washington-based energy platform.

Oil prices fell to their lowest level in 6 weeks on Tuesday, and Brent crude closed at its lowest level since June 9, as ceasefire talks in Gaza progressed, as part of a plan set out by US President Joe Biden in May and mediated by Egypt and Qatar. /https://ninanews.com/Website/News/Details?key=1143729

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