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Tishwash:
Fitch Ratings: Iraqi banks will not be harmed by the decline in oil prices.
Fitch Ratings confirmed on Saturday that the Iraqi banking sector is not affected by the decline in oil prices due to its lower credit rating.
The agency said in a report seen by Shafaq News Agency that “the indirect effects resulting from the decline in oil prices and weak global growth may lead to a decline in government spending, severely impacting banking operating conditions in most Gulf and Middle Eastern countries.”
She added, “The banking sector in Iraq has low credit ratings, with most banks classified as CCC. These ratings are unlikely to be affected by the negative impact of lower oil prices, especially given the central bank’s strong ability to support government spending.”
The agency noted that “credit conditions in Gulf banks could also deteriorate if profitability and cash flows decline for companies operating in affected sectors. However, they are well-positioned to absorb any deterioration in the operating environment, thanks to the strengthening of their financial reserves in recent years.”
Fitch Ratings is one of the largest global rating agencies. Founded in 1914 and headquartered in New York and London, its mission is to assess the creditworthiness of countries and companies and provide reports that help investors determine the risks of loans and investments.
Fitch is one of the world’s top three rating agencies, along with Standard & Poor’s and Moody’ link
Al-Sudani succeeded in transforming trade relations with Türkiye into investment opportunities.. His advisor
“A transition that is happening for the first time”
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The Prime Minister’s Advisor for Investment Affairs, Mohammed al-Najjar, affirmed on Saturday that Iraq has become an attractive environment for Turkish investments, noting that Prime Minister Mohammed Shia al-Sudani has succeeded in transforming trade relations with Türkiye into investment opportunities.
Iraq is the first country in which Turkey will invest,” Al-Najjar said in a statement to the official agency, followed by 964 Network. “It is well known that Turkey is the one looking for investment opportunities and requesting investments, but we have succeeded, through government measures, in attracting investment environments in Iraq.” He pointed out that “the opportunities created by the Prime Minister have made Iraq an attractive country for Turkish companies, which constitutes an important platform for a large number of countries to enter and invest in the opportunities available in Iraq.”
He added that “the entry of Turkish investments into Iraq represents a turning point in relations between the two countries. This is the first time that relations have shifted from a commercial aspect to an investment aspect.” He pointed out that “there are multiple areas for Turkey to invest in Iraq, including infrastructure, roads, energy, and communications, all of which represent significant opportunities for Turkish companies that have begun to invest, not just in contracting or commercial operations.”
Al-Najjar explained that “Iraq has worked to transform its relationship with Türkiye into an investment relationship, including a path to development, which will constitute a fundamental pillar for Turkey as a starting point for investment.” link
Al-Alaq: We are working to solve the problem of Visa and MasterCard cards abroad.
Central Bank Governor Ali Mohsen Al-Alaq announced on Saturday that the issue of Visa and MasterCard cards abroad will be resolved within the next month.
Al-Alaq said in press statements: “The Central Bank has completed the two tasks related to cash sales and foreign transfers, but the card crisis witnessed a state of “misunderstanding.”
He explained, “When we moved to organize this process, it required a set of measures that must be worked on, so that we put it on the right path and according to acceptable standards. Therefore, there were some pauses and some changes in the paths.”
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Al-Alaq said: “An agreement was reached with all concerned parties – which include Visa and MasterCard, in coordination with the Treasury, the Federal Reserve, and the auditing company – on the “formulas and paths for settling these cards,” stressing that “the Central Bank has taken rapid steps in this regard, expecting to complete this task within the next month, i.e. before the scheduled date for this process, which is June 1.”
Al-Alaq revealed that “work has begun on a plan to issue cards to small merchants, after completing consultations with companies,” “to accommodate the requests of merchants—a large segment of Iraqi society—to cover their foreign trade without going through long routes, so that transfers can be made directly, which will create a major shift in accommodating merchants who do not use formal transfer methods.”
Al-Alaq noted that “the Central Bank, in agreement and consultation with the Treasury and the Federal Reserve, has completed the organization of cash dollar sales operations, and is now in an “ideal position, by their own testimony.”
He described foreign commercial transfers as “progressing very smoothly, as we have expanded the network of correspondent banks abroad in the US and elsewhere. An agreement has also been reached to open another bank in the US to establish relationships with Iraqi banks in transfer operations.” link
Source: Dinar Recaps
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