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Month: July 2019

Iraq has announced New Investment Opportunities in the Country

Iraq has announced New Investment Opportunities in the Country

The Iraqi Minister of Industry Saleh Al-Jubouri issued a statement about the preparation of 196 investment opportunities in the country. Jubouri said in a press statement that the Iraqi Industry Ministry has finalized the preparation of 196 investment opportunities for the intention of conclusive contracts for new partnerships with eligible international companies. He added that the entire contracts will take place under the laws and regulations in the country in order to transfer advanced technology to promote industrial reality in…

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Fitch warned about a risk due to closure of Strait of Hormuz

Fitch warned about a risk due to closure of Strait of Hormuz

Fitch has indicated that it has maintained Iraq’s credit rating at B-, a degree of risk and a stable outlook. Fitch issued a statement and warned about the backlashes of the outbreak of antagonistic actions leading to the closure of the Strait of Hormuz. It is due to Iraq lacks other routes of export of oil in the south. Fitch also estimated that the closure of the strait for a month could result in Iraq losing 6.5 billion U.S dollars…

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Gold Prices increase and announcement from Iraqi Trade Bank

Gold Prices increase and announcement from Iraqi Trade Bank

The gold prices have shown an increase on Wednesday due to increasing tensions in the Middle East. It prompts investors to buy a safe and precious metal. But, the gains were limited because of an increase in the U.S dollar’s price and potential progress in China-U.S trade negotiations. The gold rose 0.3% to 1,420.70 U.S dollars per ounce after hitting its lowest level since July 17, 2019, at 1,413.80 U.S dollars per ounce in the previous session. The price of…

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Central Bank Strongly Denied any Smuggling in CBI operations

Central Bank Strongly Denied any Smuggling in CBI operations

The Central Bank of Iraq issued a statement and denied any kind of Iraqi currency smuggling within the CBI operations. The statement from the bank said that some social media outlets have broadcast a video clip showing some Iraqi currency categories in boxes marked with the name of the Central Bank of Iraq triggered a crackdown on smuggling of the Iraqi currency. But, the Bank strongly denied any kind of smuggling under the CBI operations. The statement further indicated that…

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Current OPEC Deal and its impact on Oil Market

Current OPEC Deal and its impact on Oil Market

The Iraqi oil minister Thamer Ghadhban earlier said that an agreement between OPEC and its allies to expand oil output cuts until the end of March 2020 will decrease inventories. He added it would help to stabilize the market and address price irregularity. Ghadhban discussed OPEC’s position on oil prices and said the general view of 70 U.S dollars per barrel or higher was acceptable. He added the producer group sought prices that were fair to both producers and consumers….

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CBI to meet All Iraqi Banks and E-Payment Service Providers

CBI to meet All Iraqi Banks and E-Payment Service Providers

The Central Bank of Iraq called all Iraqi banks and electronic payment service providers to discuss ATM and POS (Point of Sale). It was based on the role of supervisory from the Bank in order to cover the investment costs for the development of ATMs and point of sale machines and expansion of other services. They achieve the target revenues from the project of settling salaries. The CBI has issued instructions and all Iraqi banks and e-payment service providers should…

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Major Corruption found in the Currency Auction Window at CBI

Major Corruption found in the Currency Auction Window at CBI

A member of the Iraqi Parliamentary mini-committee on budget follow-up, Abdul Hadi Al-Saadawi issued a statement that the currency auction isn’t under the control of the Central Bank of Iraq, although the closing sells 150-200 million U.S dollars on a daily basis. The press statement of Al-Saadawi has indicated that there are problems and irregularities recorded on the sale of the currency by the Central Bank as well as the currency exchange rate, which is often moving and unstable in…

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The World Bank and Iraq signed an Agreement to empower Electricity Sector

The World Bank and Iraq signed an Agreement to empower Electricity Sector

The World Bank and Iraq have signed a loan agreement worth 200 million U.S dollars. The amount is dedicated to developing the electricity sector in the southern provinces of Iraq. The Deputy Prime Minister for Economic Affairs and Minister of Finance Fuad Hussein signed an MOU (memorandum of understanding) with the representative of the World Bank. Fuad Hussein is in charge of the government’s program to empower the relationship between Iraq and international society, and to get benefit from the…

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