Iraq expects oil prices to reach $100 per barrel
The Iraqi Oil Minister, Ihsan Abdul-Jabbar, expected oil prices to reach $100 per barrel in the first and second quarters of 2022, with global stocks dropping to their lowest levels, Reuters reported.
The Iraqi Oil Minister had confirmed in previous statements that oil prices should stabilize around the current levels, which reflects the market balance.
On the sidelines of his recent participation in the Russian Energy Week conference in Moscow, he said that the market must be balanced during the second half of this year, explaining that the fair price of oil is $85 per barrel.
Iraq is counting on the oil price to reduce the budget deficit, as next year’s budget is expected to witness an increase in the average price of a barrel, which was calculated at about $50 in the 2022 budget. link
Iraq: Iraq aspires to global investments through “Expo Dubai”
On Wednesday, Iraq expressed its ambition to obtain global investments, through its participation in the “Expo Dubai 2020”, in light of the wide participation of major international companies that represent a sober effort around the world.
Iraqi Foreign Minister Fouad Hussein inaugurated the Iraq pavilion at Expo 2020 Dubai, in the presence of Deputy Central Bank Governor Ihsan Al-Yasiri, Chairman of the Investment Authority Suha Al-Najjar, President of the Association of Private Banks Wadih Al-Handal, and UAE Minister of State Khalifa Shaheen Al-Marar.
Deputy Governor of the Central Bank, Ihsan al-Yasiri, said that “Iraq’s presence in this forum represents an important step for rapprochement with the active international labor market that possesses all the ingredients for achieving success in performance, and is an important opportunity to communicate with the best global expertise that can be employed to serve Iraq and its economy.”
In turn, the head of the Iraqi Private Banks Association, Wadih Al-Handal, said that “Expo Dubai 2020 is an important and promising opportunity to open the door for investment in Iraq.”
Al-Handal added that “the Iraqi pavilion in the exhibition will show its visitors the civilization, heritage and great successes that Iraqis have achieved over the past and current years,” noting that “the Central Bank and the Association of Private Banks provided financial support through the Tamkeen Fund to establish the pavilion.” link
The Central Bank of Iraq: a list of Iraqi banks that have obtained the classification of accredited international agencies
The Central Bank of Iraq announced, on Wednesday, that Iraqi banks have obtained a classification from international agencies.
And the bank stated in a statement, that “Nass” received a copy of it, (20 October 2021), that “in the framework of the efforts made by the Central Bank of Iraq to develop the Iraqi banking sector and keep it in line with international standards, 19 licensed banks in Iraq obtained a rating from rating agencies.” accredited international: (Capital Intelligence – Fitch – Moody’s – Standard & Poors), and these banks will receive several banking facilities, which reflects the development of the performance of the banking sector in Iraq and the solvency of banks and is evidence of their compliance with local and international standards.
The statement noted that “the Central Bank seeks to increase the ability of Iraqi banks to expand their network of relations with international banks and enhance the confidence of citizens and investors in them, especially after their success in obtaining such ratings. link
Huge sums of money under the rubble of the central bank building in Mosul
A security source
A joint force of security and police who were present while removing the rubble from the Central Bank building in Nineveh Governorate, found bags containing large sums of money.
The money was buried under the rubble of the central bank building located near the government buildings complex in the center of the old city
So far, two bags have been found and it is believed that there are more under the rubble link
Source: Dinar Recaps
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