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Month: March 2019

Iraq has potential and best investment conditions in the country

Iraq has potential and best investment conditions in the country

Muhammad Halboussi, the speaker of Iraqi House of Representatives met with a delegation of the Republican majority leader in the U.S Senate Mitch McConnell. They discussed bilateral relations between both countries and means of strengthening them in all fields. Halboussi said during the meeting that the extremist terrorist is not only targeting Iraq but also targeting the world, and the international community must unite to fight it. He said that Iraq made sacrifices on behalf of the whole world, and…

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Sharp Decline in Oil Prices and Statement of Resources Minister

Sharp Decline in Oil Prices and Statement of Resources Minister

On Monday, the oil price fell as fears of a sharp economic slowdown due to supply disruptions. The major reason behind the current decline is due to OPEC production cuts and U.S sanctions on Iran and Venezuela. Brent crude futures were at $66.73 per barrel, down 30 cents (0.5%) from the previous close. The U.S West Texas Intermediate crude futures fell 35 cents (0.6%) from the previous settlement price to $58.69 per barrel. The crude has shown a decline of…

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Iraq, Egypt and Jordan issued joint statement after 3-Way Summit

Iraq, Egypt and Jordan issued joint statement after 3-Way Summit

The tripartite Iraqi-Egyptian Jordanian took place in Cairo. The Iraqi Prime Minister Adel Abdul-Mehdi, Egyptian President Abdel Fattah Al-Sisi, and Jordanian King Abdullah II attended the event. The leaders issued a joint statement of the 3-way summit. They valued the historical relations between their countries and the importance of working to improve the coordination between the 3-countries. They stressed the benefit from the potential offered by their geographical continuity and the integration of their strategic and economic interests. It would…

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Iraq ranked 5th in Arab Gold Reserves and 37th in the World

Iraq ranked 5th in Arab Gold Reserves and 37th in the World

On Tuesday, the Central Bank of Iraq announced that the growth of foreign reserves increased by 32.6% in 2018. The CBI also announced the arrival of 96 tons Iraqi gold reserves. A foreign reserves report has indicated positive performance in 2018 compared to 2017 because foreign reserves rose by 32.6%. It shows the positive difference between the U.S dollar purchases from the Ministry of Finance and sales through a sales window foreign currency. The profits realized from the proceeds of…

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The output and decision on production cuts in the latest OPEC meeting

The output and decision on production cuts in the latest OPEC meeting

The Deputy Prime Minister for Energy and Minister of Oil, Thamer Ghadhban described the harmony of producers from the OPEC and outside the commitment to the agreement to decline production in support of oil prices and stability in the oil market. He pointed out the signs of the increase in global stocks in spite of sanctions on some countries. The statement came after the closure of the 13th meeting of the Joint Ministerial Committee, which was held in the Azerbaijani…

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U.S Special Envoy warned about Black Iranian Banks

U.S Special Envoy warned about Black Iranian Banks

On Saturday, the U.S special envoy to Iran Brian Hawke warned Iraq of the Iranian banking system. He described it as black and non-transparent. He added that Baghdad was expected to comply with U.S sanctions against Iran as in the interest of Iraq. Hawke said dozens of Iranian banks are dirty and corrupt banks serving the regime only. The Iranian banking system is deliberately and transparently black. It is due to the Iranian regime doesn’t need the people to know…

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Central Bank of Iraq has joined the IFC Sustainability Network

Central Bank of Iraq has joined the IFC Sustainability Network

The Central Bank of Iraq has announced joining the IFC Sustainability Network. The statement has indicated that the Iraqi Central Bank has joined the Sustainability Network in the International Finance Corporation. It was also said that the sustainability framework defines the strategic commitment of the institution towards sustainable development through the adoption of environmental sustainability and social performance standards. The new move would keep abreast of international developments in this field. The CBI confirmed it’s joining the IFC Sustainability Network,…

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Iraq ranked 7th for the most weapon importing country globally

Iraq ranked 7th for the most weapon importing country globally

The Arab Institute for Peace Research announced that Arab countries accounted for about 30% of total arms sales during 2014-2018. The sales of arms during this period increased by 7.8% compared to 2009-2013. The study was published by the SIPRI (Stockholm Institute). The report indicated that Saudi Arabia was the largest importer of weapons in the world between 2014 and 2018. The import of weapons and military equipment during the period described by 12% of the total arms exported to…

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