Tues. AM TNT News Articles 3-22-22



For job opportunities… Demonstrators close an oil field in southern Iraq

Unemployed demonstrators closed this morning, Tuesday, the Al-Ahdab oil field in southern Iraq.

Shafaq News Agency’s correspondent said that dozens of demonstrators closed the Al-Ahdab oil field, located in the procedure district, southwest of the center of Wasit governorate, in protest against the failure to respond to their demands to provide them with job opportunities in the field, and after a sit-in for them that lasted for more than 14 dayslink

Six currencies account for 90% of Arab transactions: AMF Director-General

Dr. Abdulrahman bin Abdullah Al Hamidy, Director-General and Chairman of the Board of Executive Directors of the Arab Monetary Fund (AMF), said six currencies account for 90 percent of Arab transactions, which are the Emirati Dirham, the Saudi Riyal, the Egyptian Pound, the Jordanian Dinar, the US Dollar and the Euro.

In his statement to the Emirates News Agency (WAM), Al Hamidy pointed out that the “Buna Payment Platform” is the first regional cross-border and multi-currency payment system that supports Arab transactions in investment, trade and financial transfers, and strengthens Arab integration through the use of Arab currencies in transactions.

The platform is progressing towards achieving its objectives and has forged alliances with Arab and international trade partners, he added, noting that a related agreement was signed with India, and the efforts are on to open new markets in Africa.

The platform has adopted a comprehensive strategy to link Arab financial markets with the Jordanian financial payment system recently joining the platform, which will encourage the use of the Jordanian Dinar in Arab transactions, he further added.

The platform is an integrated system designed to provide clearing and settlement services for payments in Arab and international currencies, to enable financial and banking institutions in the Arab region and beyond, including central and commercial banks, to send and receive cross-border payments throughout the region and abroad in a safe, reliable and affordable manner, Al Hamidy further added.

The platform offers users modern payment solutions, in line with international standards and compliance requirements, to strengthen economic and financial integration in the Arab region and reinforce investment ties with commercial partners worldwide, he said in conclusion.

Buna is a cross-border payment system owned by the Arab Monetary Fund, aiming to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as key international currencies in a safe, cost- effective, risk-controlled, and transparent environment.

Buna offers participants modern payment solutions that comply with international standards, principles, and compliance requirements. Thanks to its cross-border payment system Buna contributes to exploring and strengthening opportunities for economic and financial integration in the Arab region and supporting investment ties with the global trading partners.

Buna welcomes the inclusion of all banks that meet the criteria and conditions for participation, primarily the standards and procedures of compliance aspects.   link

The Minister of Finance reviews the economic reform process in Iraq with the Swiss ambassador

Today, Tuesday, Minister of Finance Ali Abdul-Amir Allawi, with the Swiss ambassador to Iraq, reviewed the process of financial and economic reform in Iraq.

A statement by the ministry, received by the fourth, stated that “the Minister of Finance received today at the ministry’s headquarters the Ambassador of the Republic of Switzerland to Baghdad Lucas Cassir and his accompanying delegation, and reviewed the successful economic indicators achieved by the Ministry of Finance in light of the economic crisis that the world is experiencing today.”

Allawi stressed, “The Iraqi government’s keenness to consolidate relations with the outside world to include various levels, and to take vigorous steps towards instilling confidence among foreign investors.”

He explained that “the Ministry of Finance adopts a package of incentive programs to encourage the private sector to expand its investment activities in various development fields.”

For his part, the Swiss ambassador praised “the positive and growing performance of the Iraqi economy, expressing at the same time the desire of his country’s government to enhance prospects for joint cooperation between the two friendly countries in various fields.  link

Source: Dinar Recaps

Oil continues to rise, and the price per barrel jumps to 118 dollars

Oil futures continued their gains on Tuesday morning, due to fears of a lack of supply, amid news that some members of the European Union are considering imposing sanctions on Russian oil, and the attacks on Saudi oil facilities also led to tension in the market.

Front-month West Texas Intermediate crude futures rose $2.18, or 1.94%, to $114.30 a barrel on the NYMEX, and Brent crude futures rose $2.51, or 2.26%, to $118.23 a barrel at 04:30 GMT.

Both contracts settled more than 7% on Monday as the possibility of further supply disruptions weighed on the market.

EU foreign ministers are divided over whether to join the United States in imposing sanctions on Russian oil, with some countries including Germany arguing that the bloc relies too heavily on Russian fossil fuels.

“The proposed ban is still far from becoming policy as a significant number of EU countries oppose the ban,” analysts at Commonwealth Bank of Australia wrote in a note.

“The fact that the ban was ever discussed remains a significant shift,” the memo added.

At the same time, Saudi Arabia has warned that it will not be held responsible for the disruption of global oil supplies after the attacks on its oil facilities by the Iran-allied Houthis.

The comments came after the group launched missiles and drones at Saudi oil facilities at the weekend, causing a temporary drop in refinery production.  link

Source: Dinar Recaps


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