WOTS FRI OCT 1 21
Standard & Poor's announces its new rating for the Iraqi economy
An Iranian general in a new threatening message.. These are our goals in Iraq - Urgent
The Commander of the Ground Force of the Islamic Revolutionary Guard Corps, Brigadier General Muhammad Pakpour, today, Wednesday, sent a new threatening message to Iraq, among his .goals
Pakpour said in a statement received by (Baghdad today): that he "advises Iraqi officials and the Kurdistan region of Iraq to expel the elements and members of terrorist and counter- ".revolutionary groups from northern Iraq .
If this request is not fulfilled, their headquarters and bases will be destroyed," he stressed"
Iran is ready to extend the gas export contract to Iraq
Iranian Deputy Oil Minister for Gas Affairs Majid Janki announced, on Wednesday, during a meeting with senior officials in the Iraqi Ministry of Electricity, his country's readiness to extend the contract to export gas to Iraq, according to the "Shana" news agency of the Iranian Ministry of Oil.
According to the agency, "Jenki made it clear to Iraqi officials that Iran's relationship with Iraq is strategic, regardless of economic relations. We have deep and very important cultural and religious relations. The more we cooperate, especially in the energy field, the deeper and more objective these relations will be."
He described strong energy diplomacy as "one of the plans of the Oil Minister in the new Iranian government, and that the Iraqi side is required to abide by the current contracts and previous agreements," stressing that "Iranian Oil Minister Javad Oji is ready to consider the new proposals presented by the Iraqi Ministry of Electricity in order to extend the gas export contract. to Iraq".
Janki added that "negotiations with various parties to increase gas exports and trade are among the priorities of the new Iranian government."
On the 12th of this month, Iraqi Prime Minister Mustafa Al-Kadhimi visited the capital, Tehran, for the second time since taking office in late July last year, and the first was since the formation of the new Iranian government headed by conservative cleric Ibrahim Raisi, who won the presidential elections last June.
Iraq is one of the important markets for Iran, which is under severe economic pressure and sanctions, as it exports to it about 13 billion worth of goods annually, excluding electricity and gas exports.
Iran is asking the Iraqi government to pay debts of up to 6 billion dollars in arrears, which are bills owed by the Iraqi Ministry of Electricity, which is prevented by US sanctions from paying any amount in dollars to Iran.
Iraq relies on Iran in the field of energy, as it imports a third of its gas and electricity needs, due to its dilapidated infrastructure, which makes it unable to achieve self-sufficiency.
Iraq produces between 19 and 21 thousand megawatts of electric power, while the actual need exceeds 30 thousand megawatts, according to officials in the electricity sector.
Last month, Iraq faced a crisis in the provision of electricity due to a sharp decline in Iran's exports of natural gas to Iraq, to operate power plants.
Standard & Poor's announces its new rating for the Iraqi economy
A statement by the Iraqi Ministry of Finance, of which the agency {Euphrates News} received a copy, stated that "the new classification comes to reflect the continued maintenance of the level of foreign currency reserves that exceeds the service of the external public debt and the fulfillment of other external financial obligations as a result of the rise in crude oil prices and their recovery in the third and fourth quarters of the year." Present".
The agency also confirmed, according to the statement, "the possibility of improving Iraq's credit rating in the event of a high rate of economic growth in Iraq, diversification of the state's public financial revenues, oil and non-oil, an increase in the per capita income share of national income, and the continuation of measures to reform the financial and economic policy as mentioned in the economic reform paper (white paper)." Which would strengthen the financial and economic policy of the Iraqi government."
Finance: The Iraqi economy maintains its credit rating as a result of reforms
The Ministry of Finance announced, today, Thursday, that the Iraqi economy will continue to maintain its credit rating as a result of economic reforms.
The ministry's media office said in a statement, "According to a report submitted by Standard & Poor's on the credit rating, the Iraqi economy continues to maintain its credit rating as a result of the ongoing economic reforms of the financial policy in Iraq."
He added that "the new classification came to reflect the continued maintenance of the level of foreign currency reserves that exceeds the service of the external public debt and the fulfillment of other external financial obligations as a result of the rise in crude oil prices and their recovery in the third and fourth quarters of this year."
According to the statement, the agency stressed the possibility of improving Iraq's credit rating in the event of a high rate of economic growth in Iraq, diversification of the state's public financial revenues, oil and non-oil, an increase in the per capita income share of national income, and the continuation of measures to reform the financial and economic policy as mentioned in the economic reform paper (white paper). ) that would enhance the financial and economic policy of the Iraqi government.
Al-Rafidain clarifies about savings and current accounts
A source in the bank told {Euphrates News} that "the savings and current accounts are granted to citizens through the bank's branches located in Baghdad and the provinces to deposit their money in exchange for interest."
Iranian Toman falls to its lowest price in nearly a year
The US dollar continued to rise in the foreign exchange market in Iran, as the price of the US dollar in the Iranian open market reached more than 28,400 tomans. (think 284,000 Rials)
This is the highest price of the dollar in Iran in the past 11 months.
Foreign exchange rates have risen in the past two months, since the government of Ibrahim Raisi took office, and the process of negotiations to revive the nuclear agreement has increased.
The rise in foreign exchange prices coincides with the publication of reports on the rise in the prices of various commodities.
The Ministry of the Interior is preparing to enter the state of maximum alert “C” after two days
Today, Thursday, a security source revealed the date for the internal organs to enter the state of maximum alert "C" and to prevent vacations.
The Ministry of Finance announces the issuance of construction bonds in the stock market
The Ministry of Finance announced the Public Debt Department on Friday that it, in cooperation with the Central Bank of Iraq, issued construction bonds that are tradable in the stock market, with the guarantee of the ministry.
According to the categories of bonds offered for trading:
1- A class bond (500000) five hundred thousand dinars with an annual interest of 6% for a period of two years.
2- A bond of category (1000000) one million dinars with an interest of 7% for a period of 4 years.
A statement issued by the ministry today, received by Shafak News Agency, indicated that the public wishing to purchase can submit their requests through authorized banks.
The ministry called on all investors and citizens to take advantage of this investment opportunity, because of its returns in favor of the borrower (the investor) and for the entire national economy.
She pointed out that the process of trading these bonds comes in accordance with the plans and mechanisms of the process of financial sustainability and improvement, in addition to the positive economic effects represented in raising the levels of economic activities for various sectors and enhancing the availability of broad development opportunities.
And in the context of implementing the paragraphs of the comprehensive financial and economic reform plans within the adoptions of the white paper, and in implementation of the financial and monetary policy development programs in Iraq, according to the statement.
New instructions for buying and selling foreign currency for the year 2021 and the stability of the dinar exchange rate
Samir Al-Nusairi* Central banks in the countries of the world mainly aim to achieve economic stability by achieving stability in the monetary system and the financial system through their programs and strategies that aim to maintain stability in the exchange of their local currencies against other foreign currencies and to build sufficient foreign cash reserves to cover their local currency in circulation. In accordance with special international standards issued by the International Monetary Fund, banks are also evaluated based on other criteria related to facing crises, challenges, economic, political and security shocks, natural and epidemic disasters in their countries, controlling stable rates of inflation and interest rates, and applying internationally established regulations and rules for combating money laundering and terrorist financing. Therefore, the Central Bank of Iraq issued last week new instructions to banks and exchange companies and mediation in the sale and purchase of licensed foreign currencies. And externally, which leads to controlling and maintaining the stability of the exchange rate and compliance with the requirements of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2021. The Governor discussed what was mentioned in the instructions with the heads of the boards of directors and the authorized managers in a specialized workshop in which he explained the objectives of issuing the instructions and the procedures required of banks to implement them as of 10/17/2021, with an emphasis on the need for banks to practice their real work as established in their Law No. 94 of the year 20034 and focus on banking finance and the many banking products that contribute to the transition of banking work from banking to contributing to development. The economic conditions and crises, the financial deficit and the decline in the financial position of the public finances, which led to a change in the exchange rate of the Iraqi dinar for the purpose of overcoming the above crises with the Central Bank taking many measures and initiatives to stimulate the economy and revitalize the economic cycle, which contributed to the passage of nine months after the exchange rate change that the rate of control is controlled Exchange in the trading market for about a month at the target rate of 1470 dinars against the US dollar. Therefore, the new instructions regulate the process of selling foreign currency in the currency window, through which it will be implemented to maintain the stability of the exchange rate, control the movement of foreign currency locally and internationally, and abide by international standards for compliance rules and combating money laundering and terrorist financing. We do not forget here how the dollar devoured the local currencies of neighboring and regional countries, which suffered from a circumstance similar to that of Iraq, such as Iran, Turkey, Lebanon and Syria, where their local currency collapsed in very large proportions. While the Iraqi dinar exchange rate stabilized within the target rate of the Central Bank, despite the speculation in the market. In order for the economic analyzes to be accurate and not extreme of the reality of monetary stability in Iraq and the effects of the expected economic, epidemiological and expected shocks on the exchange rate of the Iraqi dinar. In order not to take the expectations of media intimidation and create a state of fear in the public and in the banking sector. I assert through an insightful economic and analytical view of the state of the monetary trading market and from a neutral and transparent point of view, we note that the steps, procedures and balanced financing initiatives of the Central Bank and the availability of foreign cash reserves at the rate and at the rate that Its sufficiency is determined to cover the monetary mass in circulation and to cover imports, as the foreign cash reserve is fully secured and Iraq ranks fourth in the Arab world. The Central Bank will make exceptional efforts in accordance with the monetary policy applications and to maintain the stability of the target rates of exchange rates. *Economic and banking consultant |
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