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IEA: Iraq holds 600,000 bpd in spare oil capacity EconomybreakingIEAInternational Energy AgencyIraq's oil production 2025-02-05 03:36 Share font Shafaq News/ Iraq has a spare oil production capacity of 600,000 barrels per day (bpd), the International Energy Agency (IEA) said in a report on Wednesday. According to the report, the total spare capacity of the Organization of the Petroleum Exporting Countries (OPEC) stands at approximately 5.3 million bpd. This includes 3.1 million bpd held by Saudi Arabia, 1.1 million bpd by the UAE, 600,000 bpd by Iraq, and 400,000 bpd by Kuwait. The report noted that this total spare capacity accounts for around 5.1% of global oil demand, which the IEA projects will average 104 million bpd in 2025. The figures come days after the OPEC+ alliance—which includes OPEC members, Russia, and other partners—implemented further production cuts. The group has reduced output by approximately 6 million bpd through a series of measures since 2022 to support market stability. OPEC maintains idle production capacity that can be activated in times of war or natural disasters. https://shafaq.com/en/Economy/IEA-Iraq-holds-600-000-bpd-in-spare-oil-capacity
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Iraq expands foreign transfer channels, adding new currencies EconomyiraqCBInew currenciesforeign transfer channels 2024-12-19 02:41 Share font Shafaq News/ On Thursday, the Central Bank of Iraq (CBI) announced the expansion of external transfer channels for local banks, adding the Jordanian dinar and Saudi riyal alongside the US dollar. The CBI announced that Iraqi banks can now finance trade with Turkiye in euros, previously limited to EU countries, along with transfers in US dollars, UAE dirhams, Chinese yuan, and Indian rupees. “This step is part of the bank's efforts to expand foreign trade financing options with various currencies and channels, and it has already started taking the necessary actions to meet banks' demands for these currencies” it explained. Moreover, the bank noted that the expansion of external transfer channels will offer transactions at the official exchange rate, streamline transfers, involve more banks in foreign exchange, and strengthen Iraq’s economic ties with other countries. “This aligns with the bank’s efforts to meet the growing demand for foreign currencies based on Iraq's trade relations.” "In 2024, the CBI smoothly transitioned from the electronic platform to directly accredited correspondent banks, achieving a significant shift in line with international banking practices, which has been widely praised,” it confirmed. https://shafaq.com/en/Economy/Iraq-expands-foreign-transfer-channels-adding-new-currencies
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Iraq's imports increase in 2024, Central Bank reports EconomyiraqbreakingCentral Bankimports 2024-12-04 23:42 Share font Shafaq News/ Iraq's imports climbed significantly in 2024, according to a report by the Central Bank of Iraq. The bank's economic report revealed that the country's imports surged by 158.1% in the first quarter of 2024 compared to the same period last year. The report also showed a 32% rise in imports from Turkiye during the first quarter of 2024, placing it as the second-largest exporter of fruits and vegetables to Iraq. Additionally, capital goods imports saw a massive increase of 294.7%, while consumer goods imports rose by 93%. On the other hand, imports of petroleum products decreased by 8.1%, and imports related to government supplies and printing fell sharply by 93.7% and 81.3%, respectively. https://shafaq.com/en/Economy/Iraq-s-imports-increase-in-2024-Central-Bank-Reports
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Iraq’s Central Bank signs cooperation agreement with Frankfurt School EconomybreakingCBIFrankfurt School 2024-12-03 01:12 Share font Shafaq News/ The Central Bank of Iraq (CBI) announced, on Tuesday, the signing of a cooperation memorandum with the Frankfurt School of Finance & Management. According to a statement from the bank, the memorandum “will facilitate training for Central Bank staff in various specializations and assist them in obtaining internationally recognized professional certifications.” The Central Bank of Iraq becomes the first Iraqi institution to sign a cooperation agreement with the Frankfurt School. The Iraqi Banks Association clarified that the agreement is part of the FFM project, which is organized by GIZ and funded by the EU and the German government. The agreement was signed by Ahmed Al Hashimy, the deputy executive director of the Iraqi Private Banks League, and Dr. Fatima Dirkes, Vice President of Frankfurt School of Finance & Management, with the presence of Nizar Rafie, the Director of Development and Training at the Central Bank of Iraq. Al-Hashimi considered the agreement “a new beginning for cooperation between Iraq's banking sector and Germany,” stating that it will contribute to the exchange of expertise and knowledge. He added that the agreement includes organizing joint training courses in both Iraq and Germany across various banking fields, which will significantly benefit Iraq's banking sector by enhancing skills and capabilities. Dirkes also stressed the importance of collaboration in fostering knowledge and experience exchange between the two countries, noting that the agreement represents “a promising step toward a fruitful partnership.” https://shafaq.com/en/Economy/Iraq-s-Central-Bank-signs-cooperation-agreement-with-Frankfurt-School
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Iraq’s Central Bank bans financial transfers for TikTok users Iraq Amr Salem December 2, 2024 124 3 min Iraq’s Central Bank bans financial transfers for TikTok users A person holding a smartphone showing the TikTok logo. Photo: AFP Baghdad (IraqiNews.com) – Following a request from the Iraqi Ministry of Communications, the Central Bank of Iraq (CBI) has ordered that bank transfers involving TikTok users across the country be suspended. The CBI issued official instructions directing all licensed banks and non-banking financial institutions to stop sending and receiving money for TikTok users. The decision will have an impact on platform-related financial transactions like tipping and gift-giving, which are frequently made possible by the app. Virtual gifts, which are frequently bought for cell phones and other electronic devices from online shops, will no longer be able to be exchanged for cash in Iraq. The suspension means that Iraqi TikTok users will no longer be able to utilize these virtual gifts for financial gain, which could lead to a significant reduction in income for many content creators who rely on these transactions. The CBI’s move is a part of larger concerns about how TikTok is affecting Iraqi society; earlier conversations suggested that the app would be banned completely because of its alleged harmful impact on the country’s social cohesion. Even while TikTok is still quite popular among Iraq’s youth, users who have invested in virtual currencies through the app face difficulties because of this financial constraint. Because of the prohibition, one user claimed to have lost access to about $4,500 worth of virtual currencies. As the government tries to address social issues while managing the growing use of digital communication tools, the step demonstrates the persistent conflicts that exist in Iraq between regulatory bodies and social media platforms. https://www.iraqinews.com/iraq/iraqs-central-bank-bans-financial-transfers-for-tiktok-users/
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Iraq seeks cooperation with IMF to build robust economy Iraq Amr Salem November 14, 2024 353 2 min The International Monetary Fund. Photo: AP Baghdad (IraqiNews.com) – The Iraqi President, Abdul Latif Rashid, confirmed on Wednesday that Iraq wants to work with the International Monetary Fund (IMF) to boost investment, fight corruption, and develop the private sector in order to build a strong economy. Rashid’s remarks took place during his meeting with the managing director of the IMF, Kristalina Georgieva, in the Azerbaijani capital, Baku, on the sidelines of their participation in the 2024 United Nations Climate Change Conference (COP29), according to the Iraqi Presidency. The meeting addressed strategies to enhance cooperation between Iraq and the IMF in order to support development in the country. In order to boost the economy and support Iraq’s financial and banking reform, the Iraqi President emphasized the country’s efforts to undertake comprehensive initiatives. Rashid also expressed gratitude to the IMF for supporting Iraq’s budget through the challenges it encountered. Georgieva explained that the IMF’s main responsibility is to assist countries’ finances in times of crisis, as was the case with Iraq during a challenging time. The IMF’s managing director commended the improvements in Iraq’s banking and financial sectors as well as the country’s efforts to boost the investment climate. Georgieva added that the efforts made by Iraq helped to lower inflation, boost the country’s non-oil GDP, and put in place measures to prevent money laundering. https://www.iraqinews.com/iraq/iraq-seeks-cooperation-with-imf-to-build-robust-economy/
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Iraq's Financial Advisor explains why gold reserves are lower compared to hard currencies Economygold reservesMudher Muhammad Saleh 2024-11-13 06:37 https://shafaq.com/en/Economy/Iraq-s-Financial-Advisor-explains-why-gold-reserves-are-lower-compared-to-hard-currencies font Shafaq News/ On Wednesday, Mudher Muhammad Saleh, the Iraqi Prime Minister's financial advisor, explained why gold reserves are lower compared to other hard currencies. In an interview with Shafaq News, Saleh explained, "Some countries still rely solely on gold as part of their monetary reserves, while the focus today is on assets that can be quickly converted into productive assets with long-term returns." Countries have shifted away from using gold as a primary reserve asset in monetary reserves due to international economic developments and changes in financial systems. “Key reasons include gold's low returns compared to other assets, such as investing in deposits or government bonds with very high credit ratings, which are low-risk, unlike gold, which does not provide stable returns like government bonds,” he clarified. “Most countries prefer assets that generate stable, fixed income, such as US or European treasury bonds, which offer real annual interest…Additionally, gold is less liquid during crises compared to financial assets like foreign currencies and bonds,” Saleh continued. He further confirmed, "Since World War II, changes in the global financial system have led most countries to rely on the US dollar as their primary reserve, due to its widespread use in international transactions.” Notably, Iraq holds foreign currency reserves of approximately $100 billion. It is 29th globally out of 100 nations with significant gold holdings, following Saudi Arabia and Lebanon in the Arab region. Iraq’s current reserves, now standing at 152.6 tons, account for approximately 11.5% of its overall foreign reserves.
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Capital of Iraq’s private banks increases by 7.3% Iraq Amr Salem November 12, 2024 150 2 min The Central Bank of Iraq. Photo: INA Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) revealed on Monday that the capital of private banks operating in the country rose by 7.3 percent. The CBI said in a statement that the total capital of private banks operating in Iraq increased by 7.3 percent in the first quarter of 2024 to 19.2 trillion dinars (approximately $14.65 billion), up from 19.7 trillion dinars (around $15.04 billion) during the same period in 2023, Shafaq News reported. The capital of government banks increased by 11.1 percent, according to the CBI. This growth is part of ongoing efforts to enhance the financial sector in Iraq, which includes increasing the minimum paid-up capital requirements set by the CBI. The Iraqi banking sector remains underdeveloped compared to other regions but is poised for growth due to increasing investments and regulatory support aimed at enhancing financial inclusion and stability. The private banking sector in Iraq adapts to new economic realities and regulatory frameworks. With ongoing improvements in infrastructure and an increasing focus on international banking standards, these institutions are likely to play a pivotal role in Iraq’s economic recovery and development. https://www.iraqinews.com/iraq/capital-of-iraqs-private-banks-increases-by-7-3/
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Iraq’s unemployment rate fall to 14.4% Iraq https://www.iraqinews.com/iraq/iraqs-unemployment-rate-fall-to-14-4/ October 30, 2024 Part of the Iraqi capital, Baghdad. Photo: AFP Baghdad (IraqiNews.com) – The Iraqi Prime Minister, Mohammed Shia Al-Sudani, revealed on Tuesday that measures taken by the Iraqi government contributed to reducing the unemployment rate in the country from 16.5 percent to 14.4 percent. Al-Sudani’s remarks took place during a cabinet meeting marking the second year after the formation of the current government, according to a statement issued by the Prime Minister’s Office (PMO). The meeting addressed the achievements accomplished by the government in different areas over the past two years. The Iraqi Prime Minister explained that the government addressed the unemployment issue by creating opportunities for hundreds of thousands of higher education graduates. Iraq’s unemployment rate, which rose to 15.6 percent in 2023, is still a major cause for concern. Compared to the long-term average of around 10.01 percent since 1991, this is a significant increase. A large number of young people express dissatisfaction with government initiatives to create job opportunities, which might result in a loss of expertise and more emigration. This problem is made worse by a lack of jobs in the private sector, since many recent graduates have little prospects in Iraq and consider looking for work abroad. To better prepare people for open employment, recommendations include improving training programs and establishing specialized divisions devoted to job placement. Although unemployment in Iraq is a difficult problem, especially for young people, there are continuous talks about the essential changes and actions that may help ease this urgent problem.