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Month: September 2019

Central Bank of Iraq directed Iraqi Banks to provide Mobile Phone Banking Services

Central Bank of Iraq directed Iraqi Banks to provide Mobile Phone Banking Services

On Monday, the Iraqi Central Bank has directed all banks operating in Iraqi to provide services via mobile phone. The CBI said in a statement that the Bank has directed all licensed banks to provide mobile banking in light of the bank’s strategy to achieve financial inclusion. It will improve digital banking services and modern technologies in order to ensure these services are easily accessible to various segments of society. The statement also said this service ensures the facilitation of…

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Iraqi delegation achieved a number of objectives during China visit

Iraqi delegation achieved a number of objectives during China visit

The Iraqi Deputy Prime Minister for Economic Affairs and Finance Minister Fouad Hussein discussed steps to finance strategic projects in Iraq with the Chinese CITIC Chairman of the Board of Directors. The Ministry issued a statement that Fouad Hussein met with the Chairman of Chinese Bank accompanied by the Ministers of Transport and Electricity and the Governors of Baghdad, Basra, Karbala, Wasit, Diyala, Anbar, Maysan, Governors of Erbil, Sulaymaniyah, Dohuk, Wasit, and Dhi Qar. The statement also indicated that they…

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Finance Committee will not receive 2020 Budget with Massive Fiscal Deficit

Finance Committee will not receive 2020 Budget with Massive Fiscal Deficit

The Iraqi Parliamentary Finance Committee has decided not to receive the 2020 budget from the government if it contains a large fiscal deficit. The Committee is continuously managing meetings with the Iraqi Finance Ministry in order to discuss ways reducing the budget deficit and dependence on non-oil revenues. The Chairman of the Committee, Haitham al-Jubouri issued a press statement that the budget for the coming year is still in the stages of preparation by the concerned government authorities. He added…

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Major Chinese and International Companies to Invest in Iraq

Major Chinese and International Companies to Invest in Iraq

The Iraqi Prime Minister Adel Abdul Mahdi has requested major Chinese and international companies to invest in Iraq. Abdul Mahdi delivered his words during a speech at the World Industrialization Conference 2019, in the city of Hefei, China. He said, “The hospitality we received from the leaders of the party, government and popular in the city of Hefei, and took this precious opportunity to express our fascination with this conference and its achievements and the high quality of its exhibits…

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Al-Khuzai Warned a Severe Economic Crisis in Iraq due to a Sharp Decline in State Revenues

Al-Khuzai Warned a Severe Economic Crisis in Iraq due to a Sharp Decline in State Revenues

On Monday, a member of the Iraqi parliamentary committee for the implementation of the government program, Anaam al-Khuzaie has indicated the rates of a sharp decline in the state’s oil and non-oil revenues. He also warned about an expected severe economic crisis in Iraq. Khuzai said, “The fourth axis of which focused on maximizing non-oil revenues, such as taxes and customs. And monitoring public debt to ensure that it remains within the limits of financial sustainability is contrary to the…

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Iraqi Crude Oil Production has shown Historical Jump

Iraqi Crude Oil Production has shown Historical Jump

On Tuesday, the Iraqi Oil Minister Thamer Ghadhban announced the country’s approach to historical production in crude oil. He said Iraq is too close to reaching oil production capacity at 5 million barrels/ day. The country is also moving to add 2 million barrels/ day during the next couple of years. Ghadhban added that Iraq is still burning half of the associated gas production. He said the new projects to convert gas to liquid will contribute to resolving the problem….

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Iraqi Budget 2020 deficit could reach 30 Billion U.S Dollars

Iraqi Budget 2020 deficit could reach 30 Billion U.S Dollars

A deputy in the Iraqi parliament pointed out that the deficit in 2020 budget could reach 30 billion U.S dollars. It might cause an unprecedented crisis. The MP pointed out in a statement, “There are expectations that Iraq will be on a new date with a fiscal deficit during the next year 2020”. He added that there are a number of indicators and predictions showing that it will be more critical in at least past 16 years in light of…

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Iraqi Oil Ministry announced Total Crude Oil Exported in August 2019

Iraqi Oil Ministry announced Total Crude Oil Exported in August 2019

The Iraqi Oil Ministry issued a statement showing the total quantities of crude oil exported for the month of August from the oil fields in central and southern Iraq. A spokesman for the Ministry, Asim Jihad said in a statement that the total amount of crude oil exported in August was calculated at 107 million and 520 thousand and 44 barrels. He added the exported crude oil from the Kirkuk fields through the port of Ceyhan was amounted to 3…

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