Iraq doubled its oil production to 4.7 million barrels during the past 10 years

Shafaq News / President Abdul Latif Jamal Rashid said on Saturday that the Iraqi Ministry of Oil increased crude production to 4.7 million barrels during the past 10 years.

Rachid said in his speech during the seventh summit of heads of state and government of the Gas Exporting Countries Forum – Algeria, “It has become clear that the world needs stability in the energy sector and confidence in this stability, just as it needs energy itself.”

He added, “Global efforts are still focused on achieving a balance between energy security and reducing emissions, and energy shortages are no less harmful than the effects of warming on human beings. There are nearly a billion people in the world who lack access to energy sources.”

Rashid also pointed out that “despite all the challenges, the Ministry of Oil in Iraq doubled its production to (4.7) million barrels during the past ten years, so that Iraq alone contributes to a fifth of the global increase in production achieved.”

He added, “We have launched projects complementary to the fifth round and the projects of the sixth round, most of which are promising gas fields,” confirming the Cabinet’s approval of the recommendations for establishing a liquefied gas platform in the Grand Al-Faw Port, which is the first of its kind in the country in order to enhance energy security and diversify its sources.

The President of the Republic continued, “We are also taking deliberate steps to exploit gas, and before the end of the year 2023 a gas project has been operated,” noting that “this year the Ministry is currently making great efforts to launch more than one gas project in multiple regions of Iraq.”

Shafaq.com

Iraq is looking forward to joining the World Trade Organization

Today, the Ministry of Commerce confirmed the government’s aspiration to join the World Trade Organization, especially after the Saudi representative in the organization, Saqr Al-Muqbel, was named to manage Iraq’s accession file, noting that his recent visit to Baghdad contributed to addressing a number of important files.

The ministry’s official spokesman, Muhammad Hanoun, told the official media, “Iraq joined as an observer in the World Trade Organization from 2004, and until 2023, this accession faced many problems and challenges, the most recent of which was the failure to pay the dues to join the observer organization, but after the announcement of the government program Prime Minister Muhammad Shiaa Al-Sudani began working again on the possibility of Iraq joining this organization, as two sessions took place and a dialogue was held with the organization by the Iraqi negotiating team headed by the Minister of Commerce, Atheer Al-Ghurairi, which included all the relevant Iraqi ministries and bodies.

Hanoun added, “The World Trade Organization assigned the Saudi representative to the organization, Saqr Al-Muqbel, to manage the file of Iraq’s accession, and he came to Baghdad on an important visit and met with the Iraqi negotiating team, and many issues were addressed, the most important of which were the files of goods and services, as well as the legislation that the Iraqi economic reform team in the Prime Minister’s Office would carry out.” By addressing it within the frameworks and legislation within which the World Trade Organization operates.”

He continued, “Joining will achieve many things for Iraq, most notably that it will support the file of Iraqi goods and facilitate their entry into global markets, and secondly, the harmonization of Iraqi laws and regulations with international laws and regulations,” pointing out that “Iraq has today become a major economic player on the world level and needs to harmonize Iraqi laws with international laws.” .

He stressed, “Minister of Trade Atheer Al-Ghurairi attended the third session of the World Trade Organization, which was held in the Emirate of Dubai in the UAE, and met with the Assistant Director-General of the organization. We believe that the meeting will achieve progress in achieving the government’s aspirations regarding accession in an accelerated manner,” appreciating “the Saudi efforts in overcoming many special obstacles.” Iraq’s accession to the World Trade Organization.

Almutalee.com

Iraq: The ruling coalition is disturbed by Barzani’s visit to Washington

The visit of the Prime Minister of the Kurdistan Regional Government of Iraq, Masrour Barzani , to the United States of America, which has been ongoing for 5 days, and which witnessed successive meetings with American officials, raises clear discomfort on the part of the ruling coalition in Baghdad, the “coordination framework”, especially since it came before the visit of the Iraqi Prime Minister, Muhammad Shia. Sudanese to Washington, coinciding with the escalation of several controversial issues between Erbil and Baghdad.

Since last Sunday, Barzani arrived in Washington on an official visit, which the regional government said came at the request of Washington, as he held successive meetings with American officials.

Barzani’s meetings and the hospitality he received from the American side indicate the importance of the visit, especially as it comes at a sensitive time in relations between Baghdad and Washington, amid attempts to end the presence of the international coalition in Iraq, in response to pressure exerted by the Iraqi factions and forces allied with Tehran.

In this context, the official of the Information Department of the Kurdistan Regional Government, Jutiar Adel, confirmed in successive statements that Barzani is discussing important files with the American side, and that he is holding a number of meetings in Washington, where he discussed with American officials regarding relations between Erbil and Baghdad, and the necessity of supporting the federal system. And the rights of the region, as stated in the Iraqi Constitution.

He added: “Barzani met with a number of members of the US Congress, and thanked the United States for its support and assistance to the Kurdistan region. The focus was on the necessity of maintaining security and stability in the region, implementing the constitution, and ensuring the constitutional rights of the Kurdish people,” noting that “he was one of the most prominent Topics of the meeting: discussing the situation of Christians in the Nineveh Plain, and the violation of the rights of the Kurdistan sects by the Federal Court.

He stressed that “the two sides stressed the importance of protecting the rights of the components and developing a culture of peaceful coexistence among the various components in the Kurdistan region.”

Baghdad did not officially comment on Barzani’s visit, but officials in the Baghdad government confirmed that the government and the leaders of the ruling coalition, the Coordination Framework, were disturbed by the visit.

Barzani holds meetings in Washington: Controversial issues between Erbil and Baghdad
In this context, a prominent member of Parliament from the “coordination framework” told Al-Araby Al-Jadeed, on condition of anonymity, today, Friday, that “political forces support summoning Barzani to Baghdad to discuss with him the reason for the visit and the files that were discussed in accordance with the federal authority granted to the government.” And the Iraqi Parliament.

He explains that “the program of the visit and the files that Barzani carried to Washington for discussion are not known to the Baghdad government, and that the government only learned of its events from the media,” noting that “the government and important political leaders are disturbed by the visit, and there is concern about the possibility of Barzani discussing sensitive files related to the main government, including The file for ending the role of the international coalition in Iraq, and files related to the relationship between Baghdad and Washington, as well as the decisions of the Iraqi Federal Court regarding the regional government.”

The source believes that “there are certain files that cannot be discussed with Washington except by the central government in Baghdad.”

The leaders of the “Coordination Framework” coalition did not hide their concern about the visit, but they dealt with it unofficially, through statements and blogs on “X”. In this context, the representative of the “State of Law” coalition led by Nouri al-Maliki, Alia Nassif, said, “Barzani’s visit to America is no different from any Hollywood movie in terms of scenario and direction…and why did the issue coincide with the ongoing dialogues between the Iraqi Prime Minister and And the American side regarding the withdrawal of foreign forces from Iraq?!” She asked: “What is being planned behind the scenes?!”

For his part, the researcher in Iraqi political affairs, Mujahid Al-Taie, asked about Baghdad’s role, and said in his blog post: “The Foreign Minister, during his meeting with the Prime Minister of the Iraqi Kurdistan Regional Government, confirmed that the United States will continue to support flexible Kurdistan, as it is the cornerstone of American relations with Iraq in a way.” Shamil,” asking, “The Kurdistan region is the cornerstone… What about Baghdad?”

The visit comes days after the decisions of the Federal Court in Iraq, which undermined the region’s authority economically, financially, and politically, and the regional government did not comment on them, in addition to other files, including the file of Baghdad’s attempts to end the role of the international coalition in Iraq, which is what the Kurdistan Regional Government does not want.

Alaraby.co.uk

The White House issues a position on revenue sharing between Baghdad and Erbil

US National Security Advisor Jake Sullivan confirmed today, his country’s support for the security of the Iraqi Kurdistan region, and the sharing of revenues and budgets with Baghdad.

The White House said that Sullivan stressed, during his meeting with the Prime Minister of the Regional Government, Masrour Barzani, in Washington, the United States’ support for the efforts of the Kurdistan government and the Iraqi government to reach an agreement on revenue and budget sharing that enhances stability, good governance, and economic progress throughout Iraq and Kurdistan, according to media outlets. American flags.

Last month, the Iraqi Federal Supreme Court issued a decision requiring the Kurdistan Regional Council of Ministers to hand over all oil and non-oil revenues to the Baghdad government.

Alsumaria.tv

International Monetary Fund: Iraq is making progress in non-oil GDP growth

The International Monetary Fund confirmed on Wednesday that Iraq has achieved progress in non-oil GDP growth.

A statement from the Ministry of Finance received by Al-Rabaa stated, “The Iraqi delegation, headed by Minister Taif Sami, held discussions with International Monetary Fund experts within the framework of Article Four consultations, held in the Jordanian capital, Amman, during the period from 27 to 29 February.”

The statement explained, “The discussions focus on the reform program for the Iraqi economy and the steps adopted by the Iraqi government towards strengthening financial and banking policy, digital infrastructure, financial inclusion, and public debt issues, in addition to the measures taken to mitigate the repercussions of international conflicts and their effects on the economy.”

He continued, “During the consultations, the delegation will hold discussions related to a road map towards increasing non-oil revenues and enhancing coordination between financial and monetary policies in Iraq, in addition to defining joint work programs that include the IMF providing the necessary technical and advisory support for the economic reform adopted by the Iraqi government to achieve financial stability.” and cash, improving the level of financial planning for budgets and the continuity of implementation of important development projects.”

According to the statement, the Fund’s expert mission praised “the government measures to improve the business climate and stimulate the investment environment,” noting that “Iraq is making progress in the growth of non-oil domestic product and strengthening public financial management.”

She pointed to “the importance of maintaining economic stability and supporting social protection, praising the remarkable progress in maintaining economic and financial stability, as represented by lower inflation rates and an improved balance of payments, as well as stimulating economic diversification and creating job opportunities led by the private sector.”

Alrabiaa.tv

The Central Bank begins establishing the National Company for Electronic Payment Systems

Today, Wednesday, the Central Bank announced the start of establishing the National Company for Electronic Payment Systems, while confirming the increase in the volume of deposits in the banking sector to 131 trillion dinars and the volume of foreign reserves to 148 trillion dinars.

Deputy Governor of the Central Bank, Ammar Khalaf, said in his speech during the opening of the eighth annual exhibition and conference for finance and banking services in Iraq, that “Iraq experienced many challenges last year and the Central Bank faced them with high responsibility, as it was able, through various monetary policy tools and sound decisions, to achieve its set goals.” In its law, in addition to achieving the general level of prices through a decrease in the inflation rate, as since the beginning of 2023 the inflation rate has reached 7.5 percent and decreased at the end of the year 2023 to 4 percent.”

He pointed out, “activating monetary policy tools and raising the price from 4 percent to 7.5 percent, in addition to issuing various financial tools, including bank transfers and Islamic certificates of deposit instruments, which were considered an investment opportunity for Islamic and commercial banks operating in Iraq, in addition to using monetary policy tools.” Various, including raising the mandatory reserve ratio from 15 percent to 18 percent,” indicating that “these tools are intended to manage excess liquidity in the Iraqi economy.”

He pointed out that “last year witnessed clear growth in most monetary changes, including an increase in the volume of deposits in the banking sector from 129 trillion in 2022 to 131 trillion in 2023, as well as an increase in private sector deposits in the banking system from 54 trillion dinars to 55 and a half trillion dinars, as well as An increase in the volume of credit in the banking sector from 60 trillion to 69 trillion in 2023, in addition to an increase in credit to the private sector from 35 to 40 trillion dinars, in addition to an increase in the volume of foreign reserves from 140 to 148 trillion dinars.

He continued, “The efforts led by the Central Bank of Iraq in cooperation with the government, especially with regard to expanding the use of electronic payment tools, as there was a clear rise and growth in electronic payment tools in Iraq, as the number of POS points of sale increased from 10 thousand devices in the year 2022.” To more than 20 thousand devices in the year 2023, the number of ATM machines also increased from 2,223 devices in the year 2022 to about 3 thousand devices in the year 2023, and the number of electronic cards of various types reached about 16 million cards in the year 2022 and 18 million cards in the year 2023. Noting that “the past year witnessed great cooperation between the government and the Central Bank, especially with regard to enhancing confidence in the national currency through various decisions issued by the Council of Ministers and the Central Bank.”

He explained, “There is less use of foreign currency in daily transactions, in contrast to increased reliance on the national currency for local transactions, in addition to the existence of cooperation in the issue of restructuring government banks and developing private banking institutions to build sound and sound banking institutions.”

He stressed, “The Central Bank of Iraq is focusing on the importance of strengthening compliance with compliance standards for all financial institutions in accordance with local and international standards,” pointing out that “external transfer operations witnessed great discipline during the past year and a high response from all banks to facilitate trade financing operations and various external transfers.” Especially after the issuance of external transfer controls at the beginning of last year.”

He added, “The Central Bank of Iraq was able to strengthen its banking relations with a large number of Arab and foreign financial and banking institutions to open wider areas and ensure a high flow of external transfers, especially the use of different channels for external transfers in different currencies other than the dollar or next to the US dollar.”

He pointed out, “The Central Bank sought to strengthen the banks by increasing the capital of all banks from 250 to 400 billion dinars,” noting that “One of the most important projects launched by the Central Bank last year, and work on which is still underway in the current year, is the establishment of Riyada Bank, which He will be specialized in providing financing for small and medium enterprises, as well as preparing a national strategy for bank lending, due to the importance of the depth and development of the Iraqi financial economy and the importance of the role of financing in enhancing production and investment opportunities in Iraq, in addition to enhancing the role of non-banking financial institutions that support financial and banking stability in Iraq, by strengthening The role of the Deposit Guarantee Company, as well as the Loan Guarantee Company, in addition to starting to establish the National Company for Electronic Payment Systems, which will hopefully have a major role in regulating electronic payment operations in Iraq.”

Alrabiaa.tv

The assets of the Central Bank of Iraq amount to 207 trillion dinars.. What does this mean?

The assets of the Central Bank of Iraq rose to 207 trillion Iraqi dinars, according to a new economic statistic seen by Al-Sumaria News.

According to statistics published by the head of the Future Iraq Foundation for Economic Research and Consultation, Manar Al-Obaidi, the assets of the Central Bank of Iraq are as follows:

* Securities and bonds, 71 trillion Iraqi dinars
* Debts to the Ministry of Finance, 45 trillion Iraqi dinars.
* Balances with external banks 26 trillion Iraqi dinars
* Balances with external central banks 24 trillion Iraqi dinars
* Loans granted within the Small and Medium Enterprises Initiative 12.6 trillion dinars
* Existing gold reserves 12 trillion dinars
* Accounts with international organizations 12 trillion Iraqi dinars
* Foreign exchange reserve There are 443 billion dinars in the bank’s coffers
* Balances in local banks are 153 billion dinars
* Total assets are 207 trillion Iraqi dinars.

Bank assets: Also called “bank assets,” it means everything the bank owns that can be converted into liquidity in time of need. This includes various physical assets such as banks, loans, reserves, the bank’s deposits with third parties (with other banks), and investment securities; As well as the cash in the bank’s vault.

In conjunction with this statistic, the Central Bank announced, today, Wednesday, that the volume of deposits in the banking sector had increased to 131 trillion dinars and the volume of foreign reserves to 148 trillion dinars.

Deputy Governor of the Central Bank, Ammar Khalaf, said in his speech during the opening of the eighth annual exhibition and conference for finance and banking services in Iraq, that “last year witnessed clear growth with most monetary changes, including an increase in the volume of deposits in the banking sector from 129 trillion dinars in 2022 to 131 trillion dinars in 2022.” 2023, as well as an increase in private sector deposits in the banking system from 54 trillion dinars to 55 and a half trillion dinars, in addition to an increase in the volume of credit in the banking sector from 60 trillion to 69 trillion dinars in 2023, in addition to an increase in credit to the private sector from 35 to 40 trillion dinars. In addition to the increase in the volume of foreign reserves from 140 to 148 trillion dinars,

he continued, “The efforts led by the Central Bank of Iraq in cooperation with the government, especially with regard to expanding the use of electronic payment tools, as there was a clear rise and growth in electronic payment tools in Iraq, as the number of POS points of sale increased from 10,000 devices in the year 2022 to more than 20,000 devices in the year 2023, and the number of ATMs increased from 2,223 devices in the year 2022 to about 3,000 devices in the year 2023, as for the number of electronic cards of various types. Its types reached about 16 million cards in 2022 and 18 million cards in 2023.”

He noted that “last year witnessed great cooperation between the government and the Central Bank, especially with regard to enhancing confidence in the national currency through various decisions issued by the Council of Ministers and the Central Bank.” He pointed out, “The Central Bank seeks to strengthen banks by increasing the capital of all banks from 250 to 400 billion dinars.”

Alsumaria.tv

Parliamentary insistence on legislating investment, oil and gas laws

Information / Baghdad… Member of the Economy and Investment Committee, MP Muhammad Al-Ziyadi, confirmed on Wednesday that the committee has begun discussing amendments to the National Investment Law for approval during the current semester, indicating that there is parliamentary insistence to approve the oil and gas law.

Al-Ziyadi told Al-Maalouma, “The Economy and Investment Committee has begun making amendments to the National Investment Law, suggesting that the amendments will be completed next week before submitting it to the Presidency of the Council for approval.”
He added that “the Federal Court’s decision regarding the region’s oil prompted the political forces to move to approve the law.” “Oil and gas.”

It is noteworthy that the Federal Supreme Court, in its session held last Wednesday, obligated the Kurdistan Regional Government to hand over all oil and non-oil revenues to Baghdad.

Almaalomah.me

The Central Bank of Iraq reveals an increase in bank deposits and credit

Shafaq News / The Central Bank of Iraq revealed, on Wednesday, that the volume of deposits in the banking sector had increased to more than 180 trillion dinars, as well as an increase in bank credit to 69 trillion dinars, indicating that the volume of foreign cash reserves had reached 148 trillion dinars.

The Deputy Governor of the Bank, Ammar Hamad, said during a speech at the Finance and Banking Services Conference in Iraq, attended by a Shafaq News Agency correspondent, that “The Central Bank of Iraq faced all challenges with high responsibility and was able, through various monetary policy tools and its correct decisions, to achieve its goals set forth in its law, which is the main goal.” Achieving stability in the general level of prices through a decrease in the inflation rate since the beginning of 2023 from 7% to 4% at the end of last year and activating various monetary policy tools, in addition to issuing various financial instruments, including bank transfers and Islamic certificates of deposit instruments.”

He added, “These Islamic securities and certificates of deposit were considered an investment opportunity for Islamic and commercial banks operating in Iraq, in addition to using various monetary policy tools, including raising the mandatory reserve ratio from 15% to 18%. The purpose of all these tools was to manage excess liquidity in the Iraqi economy.” “.

He continued, “In addition, during the past year there was a clear growth in most monetary changes, for example the increase in the volume of deposits in the banking sector from 129 trillion dinars last year to 131 trillion dinars, as well as the increase in private sector deposits in the banking system from 54 trillion dinars to 55 trillion dinars.” Trillion dinars.

Hamad also pointed out “an increase in the volume of credit in the banking sector from 60 trillion to 69 trillion dinars in 2023, as well as an increase in the completion of the private sector from 35 trillion dinars to 40 trillion dinars, in addition to an increase in the volume of foreign cash reserves from 140 trillion dinars to 148 trillion dinars.” “.

He stressed that “the efforts led by the Central Bank of Iraq in cooperation with the government, especially with regard to the use of electronic payment tools, and there was a clear rise and growth in electronic payment tools in Iraq. For example, the number of POS points of sale increased from 10 thousand devices in 2023 to more than 20 thousand devices, and the number of ATM machines increased from 2,223 devices to about 3 thousand devices, and as for the various cards, their number increased from 15 million cards to 18 million cards, and the number is increasing.”

Hamad pointed out that “the past year witnessed great cooperation between the government and the Central Bank, especially with regard to enhancing confidence in the national currency through various decisions issued by the Council of Ministers and the Central Bank, and we notice that there is less use of foreign currency in daily transactions, in contrast to increased reliance on The national currency in local transactions”

He stated that “the use of electronic payment tools has been enhanced and expanded, as well as the development of private banking institutions to build sound and sound banking institutions, and the Central Bank of Iraq emphasizes the importance of enhancing commitment to compliance standards for all financial institutions in accordance with local and international standards.”

He added, “External transfer operations witnessed great discipline during the past year, and a high response from all banks to facilitate the operations of financing foreign trade and various external transfers, especially after the issuance of external transfer controls at the beginning of 2023. The Central Bank of Iraq was also able to strengthen its banking relationships with a number of… A large number of Arab and foreign financial and banking institutions will open wider areas to ensure a high flow of external transfers, especially the use of different channels for external transfers in different currencies other than the dollar or in addition to the US dollar.

Hamad explained, “The Central Bank seeks to strengthen banks by increasing their capital from 250 billion dinars to 400 billion dinars, and this increase will last until the end of the current year.”

He stated that “one of the most important projects launched by the Central Bank of Iraq last year and work is still underway during the current year is the establishment of Riyada Bank, which will specialize in providing financing for small and medium enterprises and preparing a national strategy for banking purposes due to the importance of the financial depth of the Iraqi economy and the importance of the role of finance in enhancing Production and investment opportunities in Iraq.

He concluded by saying, “This also aims to strengthen the role of non-banking financial institutions that support financial and banking stability in Iraq by strengthening the role of the Deposit Guarantee Company as well as the Loan Guarantee Company, in addition to starting to establish the National Company for Electronic Payment Systems, and we believe that this company will have a major role.” “Very important in regulating electronic payment operations in Iraq.”

Shafaq.com

We will host the Governor of the Central Bank and the directors of licensed banks 

Baghdad – 964… Member of the Parliamentary Integrity Committee, Abdul Amir Al-Mayahi, said that the Central Bank directed the banks to deliver external transfers in dollars, but some of them did not comply with the instructions, and we will take quick decisions against them, indicating that there is talk within the committee to host the Governor of the Central Bank, Ali Al-Alaq, and the directors of licensed banks, in the coming days, Against the background of these violations.

Al-Mayahi explained, in an interview with the official newspaper, followed by the 964 Network , that “banks’ violation of instructions regarding converting customers’ transfers in foreign currency into the Iraqi dinar at a price set by the state at 132 causes serious harm to customers, due to the price difference,” calling it “a violation, despite From the directive of the Central Bank dated 12/31/2023, and its confirmation on 1/2/2024, then reaffirming the instructions for a period not exceeding nine days on 1/11/2024 on the necessity of adhering to the instructions of the Central Bank and taking into account the rights of customers.”

Al-Mayahi added, “The Central Bank directed that customers be given their remittances in dollars, not Iraqi dinars, and that the banks should inform the Central Bank of the amounts they need for cash dollars to meet their customers’ requests,” indicating that “the banks, unfortunately, did not respond to the call of the Central Bank, did not implement the instructions, and are still delivering external transfers to customers in dinars.” .

He pointed out that “the Integrity Committee will have a major role in relation to these violations, especially since there is talk within the committee to begin hosting the Governor of the Central Bank and the advanced staff in the coming days, in addition to the directors of licensed banks to examine the violations committed by them.”

Al-Mayahi stated, “Council of Ministers Resolution No. (23.26) of 2023 emphasized taking into account dealing in the Iraqi currency and supplying the dinar, and this does not apply to converting foreign remittances to the dinar,” and said: “This is a clear violation and quick decisions will be taken regarding it by the committee.”

964media.com