Adding 25 billion barrels of oil to the national reserve

Information/Baghdad… The Petroleum Exploration Company in the Ministry of Oil added a reserve estimated at 25 billion barrels of oil to national production.

The company’s general manager, Osama Raouf Hussein, told the official newspaper, “This addition will support the Iraqi economy and the Ministry of Oil’s plans for development and production operations, indicating the existence of an integrated five-year plan for seismic survey operations and the exploratory drilling project, which is part of the government program.”

Hussein added, “The company will drill and implement 3 exploratory wells during the current year, noting that there are ongoing negotiations to sign contracts for two- and three-dimensional seismic surveys, through contracts with international companies that were selected in the supplement to the fifth complementary and sixth licensing rounds.”

Almaalomah.me

Iraq raises its gold possessions to more than 145 tons

Shafaq News / The World Gold Council announced on Thursday that Iraq has increased its gold holdings to reach more than 145 tons of global gold reserves.

According to the latest table issued by the Council for the month of June, viewed by Shafaq News Agency, the volume of Iraq’s gold possessions reached 145.7 tons, compared to 142.6 tons during the month of May.

The Council explained that Iraq dropped in rank to reach 31st place globally out of 100 countries listed in the table with the largest gold reserves, and this amount represents 9.8% of the rest of its other reserves.

The Council indicated that the United States of America has the largest possession of gold in the world with 8,133.5 thousand tons, followed by Germany with 3,352.9 thousand tons, then Italy with 2,451.8 thousand tons, while Suriname came at the bottom of the list with 1.2 thousand tons.

It is noteworthy that the World Gold Council is based in the United Kingdom, and includes members of the largest gold mining companies in the world, and has extensive experience and deep knowledge of the factors affecting the gold market.

Shafaq.com

Moscow stops trading in “dollars and euros” on its stock exchange

The Moscow Stock Exchange announced the cessation of trading in the dollar and euro currencies as of June 13, stressing that there will be no trading in financial instruments with settlements in these currencies in the stock and financial markets.

The stock exchange said in a statement: “Regarding trading in the Moscow Stock Exchange markets: In connection with the introduction of restrictive measures by the United States against the Moscow Stock Exchange Group, as of June 13, 2024, trading in the Moscow Stock Exchange markets will be carried out in accordance with current regulations: on the foreign exchange market and the Moscow Stock Exchange market. Precious metals, trading is carried out according to all instruments, except currency pairs with the US dollar and the euro.

The statement added: “In the stock and money markets, and the unified derivative financial instruments market, trading takes place on all instruments, except for instruments that have settlements in US dollars and euros; in the derivatives market, trades are conducted as usual.”

The Central Bank of the Russian Federation explained that companies and citizens can continue to buy and sell the US dollar and the euro through Russian banks, stressing that all funds in dollars and euros in the accounts and deposits of citizens and companies will remain safe, and transactions will continue to be conducted in the market outside the stock exchange.

The United States imposed sanctions on Russian financial infrastructure, including the Moscow Stock Exchange, the National Clearing Center, the National Settlement Depository, the Russian National Reinsurance Corporation and the Sogaz insurance company.

“A number of organizations have been included in the sanctions list against Russia, which is referred to as the Russian Financial Infrastructure,” the US Treasury Department said in a statement.

Burathanews.com

“Unusual”… A government advisor proposes the idea of ​​establishing a sovereign wealth fund

The economic and financial advisor to the Prime Minister, Mazhar Muhammad Saleh, proposed an “unusual” idea to establish a sovereign wealth fund.

Saleh said {to Al-Furat News} that: “The SWF sovereign wealth funds, which Kuwait started with the Generations Fund since the 1950s, were followed by surplus countries exporting raw materials in general and oil in particular, on the basis of diversifying the investment of those financial surpluses in financial and real investment opportunities in major economies.” Outside their countries through a fund called the Sovereign Wealth Fund (SWF) whose function is to manage the investment of surpluses in financial and real assets outside their countries, and the reason is due to an issue called “weak absorption capacity.”

He explained, “that is, the weakness of the ability to convert those surplus savings from revenues from exporting natural resources into investments within the state itself due to many internal structural factors (because the surplus saving resources resulting from a surplus in the current accounts of its balance of payments exceed its available capabilities for spending or spending on internal development projects or investment) Those revenues from exports are immediately invested in operations within the economy, noting that those surpluses are capital assets that can be reinvested and generate value-added chains that multiply the national income of their countries many times over.

Saleh added, “Based on the above, sovereign funds have emerged in the world (which today are governed by standard operating rules called the Santiago Principles (which are principles established by the International Monetary Fund to evaluate and govern the work of these funds),” noting that “Iraq (unfortunately) has exhausted Its balance of payments surpluses were consumed by wars and conflicts during the same period, 1980-2003, in which the world’s sovereign wealth funds increased, while during those arduous decades our country turned into a group of “deficit” countries and fell into the trap of foreign debt, specifically since the year 1980 and the escalation of the Iran-Iraq war. “.

He went on to say, “So far, our country is not considered one of the countries of financial surplus, and the reserves of the Central Bank of Iraq supporting the stability of the Iraqi dinar, which currently amount to more than 100 billion dollars, are invested in a very specific portifolio investment portfolio, which is a semi-sovereign wealth fund, and foreign reserves are assets.” Financial instruments are always semi-liquid and do not involve long-term investments, such as shares in factories or real estate, as other sovereign wealth funds do. Rather, reserves are invested in short-term, low-interest financial instruments, such as US Treasury bonds and others with a high credit rating of Aaa, and they tend to be always semi-liquid and low-risk. Through safe investments, but usually with low or fixed returns.

Saleh said, “However, the foreign reserves of central banks are not considered among the sovereign wealth funds (such as the Norwegian, Saudi, Chinese, and other funds currently),” stressing, “We must think from outside the box, as it is said, by establishing a sovereign wealth fund for Iraq.” Although our country is not classified as a group of surplus countries.”

Waad, Iraq is “the ninth country in terms of its natural wealth currently, and it is among the countries in the world that exceed approximately 188 countries, and the natural wealth of the race in the ground is estimated at approximately 16 trillion US dollars,” explaining, “If we exclude oil and gas, it is possible to establish an effectiveness to manage a sovereign wealth fund.” As follows:

A- Establishing an Iraqi government holding company with global partnerships that will help invest these natural resources.

B- The holding company will reinvest the revenues from natural resources (i.e., which are in the possession of the holding company) and direct them to various internal investments, directing their profits towards accumulation. Assets of a *sovereign wealth fund* The holding company undertakes reinvestment activities for the benefit of the internal sovereign wealth fund itself, that is, directing the fund’s returns to reinvest in investment opportunities to diversify the national economy. That is, through (managing an internal sovereign wealth fund for reinvestment, but within the economy itself). An internal sovereign wealth fund).

Saleh concluded by saying, “This is the summary of my idea that I am defending in establishing an Iraqi sovereign wealth fund, but within the national economy, and it is responsible for reinvesting the proceeds of the fund itself in development projects, with two parts, a part that remains for the benefit of the fund itself and a part that goes for the benefit of the national economy within the development program. Also, The method of managing investments through a joint public holding company affiliated with the internal sovereign fund itself is the mechanism used to invest the fund’s resources by diversifying some aspects of the national economy into agriculture, industry, services, and available economic opportunities.”

Alforatnews.iq

Economic: Determining another path to development away from the control of the region

Information / Baghdad… Economic expert Nabil Al-Ali confirmed today, Wednesday, that the negotiations taking place between the federal government, Turkey, and a representative of the Kurdistan region are in order to determine the crossing point to Turkey on the road to development.

Al-Ali told the Maalouma Agency, “The federal government does not control the border crossings in the Kurdistan region, and this is a major knot in the development road project, and a source of concern regarding fears that may occur in the future that affect the project.”

He explained, “The government proposed creating another path, so that the development path would have two paths to limit any future political role.”

He stated, “The two paths are parallel and will be from 25 km to 50 km long. The first will be within the region, and the second will pass through Nineveh Governorate in Sinjar specifically, so that the federal government will be the one controlling the road away from any problems that may occur in the future.”

The Governor of Nineveh, Abdul Qadir al-Dakhil, confirmed in a press statement on Tuesday that negotiations are taking place between the federal government and the Turkish side, in coordination with the Kurdistan region, to determine the entry point of the road from Iraq to Turkey.

Almaalomah.me

Iraqi Dinar / US Dollar auction results for today 6-12-2024

Results of the foreign currency selling window for Wednesday 6/12/2024

Advertisement No. (5145)

The amount:

Total amounts of transfers abroad (transfers, credits)
252,202,188

Total cash withdrawals
23,910,000

Total total sales
280,112,188

Note that: The selling price of documentary credits and international settlements for electronic cards is ( 1310 ) dinars per dollar.

The selling price for transfer amounts abroad is ( 1310 ) dinars per dollar.
The cash selling price is ( 1305 ) dinars per dollar.

cbi.iq/currency_auction

The International Monetary Fund expects growth in the Iraqi economy

The head of the International Monetary Fund mission in Iraq, Ghazi Shubaikat, expected growth in the Iraqi economy in light of the reforms adopted by the government, while stressing that Iraq must work to achieve financial sustainability while having the elements to achieve this goal.

Shubaikat said in a statement to the official newspaper, followed by (Al-Rabaa), that “the Fund expects growth in the Iraqi macroeconomy, in conjunction with the reforms adopted by the government with the aim of creating realistic solutions to all economic problems, and we sensed the seriousness of the Iraqi government in the field of achieving economic reforms that strengthen the relationship with the Fund and this “It encourages strengthening cooperation in a way that serves the Iraqi economy, which suffers from chronic problems.”

He added, “The International Monetary Fund supports Iraqi reforms that achieve financial sustainability, keeping Iraq away from any crises facing the oil market, which Iraq relies on to cover its annual expenses, especially since a country like Iraq needs large revenues to cover the needs of all sectors, and this needs to create Real financial sustainability through reviving the productive and service sectors and bringing the capital cycle into a local framework…

Faceiraq.org

The Ministerial Council for the Economy decides to support the independence of the Central Bank in formulating monetary policy

Today, Monday, Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein, chaired the seventeenth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Industry, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Governor of the Central Bank of Iraq, and advisors. Prime Minister for Economic and Legal Affairs, and Chairman of the Securities Commission.

A statement by the Council, a copy of which {Al-Furat News} received, stated that it: “discussed the items on its agenda and took the necessary decisions regarding them. It also hosted the head of the Financial Supervision Bureau and his deputy, and the Director General of the Legal Department in the Bureau, to study and evaluate partnership contracts between the public and private sectors.” And a statement of the economic feasibility of its continuation or termination.”

He added, “Where the head of the Bureau reviewed those contracts that were divided between important contracts that benefit the state budget, and others that lacked economic feasibility, the Council decided to complete the discussions in the presence of representatives of the relevant ministries in order to resolve this important file.”

The Council continued, “It also decided to approve the recommendations of the committee formed to study the adoption of Iraqi, Gulf, or higher specifications when importing vehicles, in order to preserve the lives and safety of citizens and users of vehicles and roads, while determining the contribution of foreign capital to Iraqi banks was discussed.”

He added, “In line with the state’s general policy of supporting the Iraqi and foreign banking sector and foreign investments in Iraq, the Council decided to support the independence of the Central Bank of Iraq in formulating monetary policy in accordance with its applicable laws and instructions.”

The Council hosted the Technical Undersecretary of the Ministry of Environment; To discuss support for the Ministry’s projects related to implementing the government program and removing obstacles hindering its implementation.

Alforatnews.iq

American forces will remain in the military bases, with only their description changing

Information / Baghdad… Political analyst Qasim Balshan said on Monday that American forces will not leave Iraqi territory and will remain in the camps while changing the capacity in which they are present inside Iraq.

Balshan told the Maalouma Agency, “There is no actual move to end the presence of American forces in military bases, and what will happen is to change the capacity in which these forces are present.”

He added, “The Sudanese visit to Washington did not involve an agreement with the American administration to withdraw its forces from Iraq, as there is no official request submitted by the Iraqi government to its American counterpart to withdraw its forces from military bases inside Iraq.”

He promised, “The talk about ending the American military presence will not be implemented on the ground, since the government did not approach the American administration in this regard.”

Almaalomah.me

Parliamentary integrity calls for striking the corrupt with an iron hand

Information / Baghdad… Today, Monday, member of the Parliamentary Integrity Committee, Hamid Al-Shablawi, called for striking with an iron fist those involved in corruption files, while revealing that many corruption files had been referred to the Integrity and Public Prosecution Commission.

Al-Shiblawi told the Maalouma Agency, “There is great turmoil in the Iraqi street over many prominent figures convicted of corruption who are still in their positions without anyone touching them.”

He added, “The committee is continuing its work by hosting ministers, undersecretaries, and general directors, noting that there are efforts being made by the Federal Integrity Commission to combat corruption.”

He continued, “The committee referred many corruption files related to state institutions to the Integrity and Judicial Commission.”

Almaalomah.me