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Iraqi postpones judicial case involving 7 major foreign oil companies operating in violation of the law Source of the news /Iraq Agency Today Iraqi judiciary postpones case involving 7 major foreign oil companies operating in violation of the law - Iraq News (iraqakhbar-com.translate.goog) Baghdad- Iraq today: The judge of the Commercial Court in the seven presidency of the Court of Baghdad Al-Karkh Federal In Iraq, today, postponed the hearing of a filed the Ministry of Oil against foreign companies working in the oil and gas sector in the Kurdistan region, contrary to the laws and the Iraqi constitution, until the fourth and 24th of this month. Mohammed Ali Mahmoud Nadim, judge of the Commercial Court, said during the hearing today that the postponement came for the purpose of auditing and allowed the defense team of the Federal Ministry of Oil to provide more documents on the activity of a foreign company. Baker Hughes and Schlumberger, the US oil services companies, were quick last week to announce compliance with the federal oil ministry's decision to halt their oil operations in the Kurdistan region, the Iraqi News Agency reported. This came after the Ministry of Oil informed all international companies operating in Iraq with similar businesses in the Kurdistan region to suspend their activities, blacklist them and not deal with them. Last week, KRG President Masrour Barzani called for the resumption of negotiations between Baghdad and Erbil to resolve outstanding oil and gas problems between the two sides in accordance with the Iraqi constitution, and the region's negotiating delegation was ready to visit Baghdad in this regard. The Federal Ministry of Oil has not commented on the KRG's decision and its desire to resume negotiations on the oil and gas file, which stalled last May. Federal Oil Minister Ihsan Abdul Jabbar said that "there are no results and we are moving towards the literal application of the Federal Supreme Court's decision on the management of the energy file in Iraq." The Federal Supreme Court of Iraq has already obliged the Kurdistan Regional Government to apply the Iraqi Constitution in the management of gaseous oil wealth by the federal government.

ERBIL (Kurdistan 24) - Outstanding issues between the Kurdistan Regional Government (KRG) and the Government of Iraq should be resolved through "meaningful dialogue", Britain's envoy to Erbil told Kurdistan 24 on Sunday. British Consul General David Hunt said that his country understands that the issues between Erbil and Baghdad are "complex", adding they need to be discussed between the two sides since a resolution would benefit the country's people. "They should be resolved, I think, through meaningful dialogue between both sides," Hunt told Kurdistan 24 on early Sunday. Even though the issues are complex, Hunt is confident that Erbil and Baghdad can find a solution. The diplomat made the remarks on the sideline of a ceremony. At that ceremony, a memorandum of understanding for academic cooperation was signed between UK universities and the KRG Ministry of Education. Hunt said his country is ready to help both sides resolve their differences. Ultimately, he noted, it's the responsibility of both sides to resolve their outstanding issues through negotiations. Erbil and Baghdad have fundamental disagreements over the former's oil and gas sector, the disputed territories, reparations for Kurdish victims of past genocides, and the Kurdistan Region's share of the federal budget. In mid-February, the Iraqi Federal Supreme Court ruled that the Kurdish oil and gas sector is unconstitutional and should be handed over to Iraqi authorities. Erbil has repeatedly defended the constitutionality of its energy sector and refused to abide by that ruling.

Baker Hughes responds to Baghdad's decisions (alsabaah.iq) Baghdad: Al-Sabah In response to the federal government's decision, major oil companies began withdrawing from the Kurdistan Region of Iraq, the first of those companies to withdraw, which said in a memorandum to the Ministry of Oil that they would abide by the court and ministry's decisions that gave them three months to stop their business in the Kurdistan Region in accordance with the federal court's decision. Energy researcher Mohammed Kamel sees Baker Hughes' response in the field of oil services as a valid legal step to be followed by other US private companies operating in the region since 2006, adding that it is not in the region's interest to deepen the legal dispute in the oil field with the central government. Al-Kamel adds that most of the major oil companies operating in the region have large contracts with Baghdad in the rich giant fields of the south, which leads them to sacrifice work in the region for fear of their interests in the south. Economic specialist Dr. Mazen Khaled pointed out that the withdrawal of Baker Hughes will affect the process of oil production in the region, and that the ensuing further withdrawals will make the economic situation in Erbil in a critical situation, in conjunction with baghdad's implementation of the rest of the provisions of the federal court decisions if Erbil insists on its stubbornness in the oil sector. However, Hoshyar Osman, an oil consultancy specialist, said the region's political leaders could find a way out of the oil crisis by returning to discuss with Baghdad, which showed flexibility and good understandings during its discussions after the federal court's decisions, which proved the central oil ministry's lack of intransigence in controlling oil imports and the possibility of a radical solution to the problems already rooted in this particular sector, by establishing a private company to manage the territory's oil under Baghdad's supervision under Kurdish administration. Amid these views, the Kurdish street dealt with the news of Baker Hughes' withdrawal in varying ways, including with the response and the search for other companies to cooperate with.

Minister Of Finance: Government Banks Have Been Isolated From The World For 40 Years ECONOMICMinister of Finance: Government banks isolated from the world for 40 years - Information Agency (almaalomah.me) LAST UPDATED 07/02/ 2022 | 12:16 PM 0 Participation Information/Baghdad. Finance Minister Ali Allawi said Saturday that government banks have been isolated from the world for 40 years, noting that work has begun with experts to reform the rules of procedure for rafidain and rashid banks. "Government banks have been isolated from the world for 40 years," Allawi said at a banking conference held at the Baghdad International Fair. "Since mid-2020, the Central Bank has begun cooperation with the Ministry of Finance in reforming government banking institutions," he said, adding that "the reform of government banks is a vital issue and an essential part of transforming the economy from rent to diversified."

Kurdish Criticism Of Kurdistan Parliament's Vote On Oil Law POLITICALKurdish criticism of Kurdistan Parliament's vote on oil law - Information Agency (almaalomah.me) 2022/07/02 | 3:37 P.M. 0 Participation Information / Sulaimaniyah. Kurdistan Justice Party (KJP) member Reboir Mohammad Amin on Saturday criticized the Kurdistan Regional Parliament's vote to amend the oil and gas law. "This step by the regional parliament is a challenge to the decision of the judiciary and the Kurdish citizen will pay his tax," Amin told Al-Misr. "The political escalation is not in the interest of the region at all, and we need at this stage to calm down and end differences with the federal government, to ensure that employee salaries continue to be sent and that differences and recklessness between the two parties do not return," he said. "Challenging the Iraqi judiciary's decision will be its problems for the constitutional entity of the region," he said. The Kurdistan Regional Parliament approved the amendment of the region's oil and gas law, despite an Iraqi judiciary's decision banning the export of Kurdistan's oil

The government's financial advisor reveals a package of income-generating technology projects Saturday 02 July 2022 11:16 | EconomicNumber of readings: 289 The government's financial advisor reveals a package of income-generating technology projects (ninanews-com.translate.goog) Baghdad / NINA / - The appearance of Muhammad Salih, the financial advisor to the Prime Minister, revealed today, Saturday, the existence of a wide range of income-generating technology projects that will be launched if financial savings are achieved at the end of the current fiscal year 2022, and while he stressed that they will help diversify Iraq's financial revenues, he put forward his expectations regarding investment spending in the 2023 budget . Saleh said in a press statement: “If the financial savings are achieved at the end of the 2022 fiscal year, which after approving the expenditures of the emergency support law for food security and development, it is expected to be with a balance of perhaps no less than 15 billion dollars, the state’s economic policy It is moving towards investing in a wide range of technology projects that generate income and operate technical work.” He added: "This new package comes within the previous preparation to define a package of major industries with a strategic character and export tendencies for the product that will depend on national inputs." He pointed out: "The strong technological package policy will help diversify Iraq's financial revenues from outside the oil wealth sector and ensure a growth rate in the gross domestic product, at least twice the population growth rate." He pointed out that "the exceptionally high financial accumulations will undoubtedly be offset by the policy of developing high-tech, efficient and profitable production projects and a high export power, and this is expected to be drawn when preparing investment spending estimates in the 2023 budget." / End 8

The Minister of Finance announces the submission of a study to reform government banks / expanded Saturday 02 July 2022 11:19 | EconomicNumber of readings: 303 The Minister of Finance announces the submission of a study to reform government banks / expanded (ninanews-com.translate.goog) Baghdad / NINA / - Minister of Finance Ali Allawi announced today, Saturday, the submission of a study to reform government banks. Allawi said in a speech at the Fifth Finance and Banking Exhibition in Iraq: "Since we took over the Ministry of Finance, there have been several studies submitted to the government and the Central Bank of Iraq, and we took the challenge seriously to change and reform government banks." He added, "The Ministry of Finance saw an urgent need to develop the resources of the economy," noting that "it is not possible to manage matters with the duplicity and dominance of the public sector, and in Iraq a free economy." Allawi added, "In order to give way to the private sector, the competition base must be equal, and that reforming banks is one of the most important priorities of the banking sector," noting that "Iraq is very far from privatization in the banking field." He stressed, "The most important step is to restructure the banks, which is not an easy process, and re-arranging government banks requires time and an economic vision." He added, "The ratios between the private and public sector are the same for 20 years, and that the government sector accounts for 70% of the banking business, and this is unhealthy, and this ratio does not exist in any country." He stressed that "resource mobilization is an essential part of the economy, and that the savings come from the state, corporate profits, or the outflow, and in Iraq the outflow is dependent, and this cannot be relied upon, and the environment must be changed to receive the outflow." / End 8

Central Bank: These are the statistics of the electronic payments system for state institutions in Iraq Saturday 02 July 2022 13:03 | EconomicNumber of readings: 258 البنك المركزي : هذه احصاءات نظام المدفوعات الالكترونية لمؤسسات الدولة في العراق (ninanews-com.translate.goog) Baghdad / NINA / - The Central Bank of Iraq announced the work statistics of the electronic payment system in Iraq until the middle of this year, stressing the activation of work with its ambitious strategy to address solutions and problems of electronic payment tools. The Deputy Governor of the Central Bank, Ammar Khalaf, said, during the Fifth Finance and Banking Services Conference and Exhibition in Iraq, today, Saturday: "There is cooperation between the Ministry of Finance and the Central Bank in order to reform the banking sector that will result in a real reform of the banking sector in the coming years." He explained, "The cooperation with the Ministry of Finance came through the formation of a committee to monitor and supervise the industrial bank. The committee achieved its goals through evaluating the agricultural bank and increasing the realized loans." He added, "There is no dispute over the importance of financing for financial institutions, development projects and the private sector," noting that "the banking sector has witnessed catastrophic conditions since 2016 until today, as the banking sector's assets grew by 21%, compared to the years 2019 with mid-2022, as well as total credit 25 % ". The Deputy Governor of the Central Bank stressed, "It is important to shed light on the development initiatives of the Central Bank that provide the necessary funding to finance projects of the private sector and individuals alike for various sectors," noting that the value of funding for the Central Bank's development initiatives amounted to 18 trillion dinars, "stressing that" The Central Bank continues to support private sector projects within concessional terms. " He went on to say, that" He pointed out that: "The number of open bank accounts has doubled to reach more than 7 million open accounts with all Iraqi banks," noting that "the number of electronic payment cards increased from 10 million in 2019 to 14 million cards until mid-2022, as well as the increase in the number of teller machines." From 1,000 devices in 2019 to more than 1,500 devices until mid-2022.” He added, "The electronic wallet system increased from 4,000 electronic wallets in 2019 to more than two million electronic wallets until mid-2022, and the Central Bank launched its ambitious strategy to enhance electronic payments, which included 15 strategic programs that represent the most important challenges and solutions facing the electronic payments system." /finished5

7 million open bank accounts .. registered by the Central Bank of Iraq Posted 1 minute ago 7 ملايين حساب مصرفي مفتوح.. يسجله البنك المركزي العراقي - اخبار العراق (iraqakhbar-com.translate.goog) Sky Press Today, Saturday, the Central Bank of Iraq announced the registration of 7 million open bank accounts in Iraq, while noting that the assets of the banking sector grew by 21%. The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, said in a banking conference held on the grounds of the Baghdad International Fair, that “the accounts doubled to more than 7 million open bank accounts, as well as the electronic payment cards, which rose from 10 million to more than 14 million cards.” Khalaf added, "ATMs have increased to more than 1,500, points of sale have increased to more than 7,000, and electronic wallets have doubled from two million wallets." He explained, "The banking sector's assets grew by 21%, as well as the total credit by 25% during the period from 2019 to 2022."

Allawi indicates something Posted 3 minutes ago Allawi indicates something - Iraq news (iraqakhbar-com.translate.goog) news source /Iraq Today Agency Baghdad - Iraq today: Today, Saturday, Finance Minister Ali Allawi considered that there is something he described as “unhealthy” in government banks that has no parallel in the world, for their acquisition of 70% of deposits, stressing that “the time has come to reform it” in cooperation with the Central Bank. Allawi said during a speech he delivered at the Fifth Finance and Banking Exhibition Conference, which was held today, in the capital, Baghdad, that "the time has come for change and reform of government banks in cooperation with the Central Bank," noting that "these banks account for 70 percent of deposits, and this is unhealthy." In a system based on the foundations of the market, and there is no percentage of this size in any country in the world, even in the socialist world.” Allawi added, "If we do not reform the banks, they will not play their role in providing the economy with loans, financial and advisory support in the productive sectors, including industries, transportation and tourism." Allawi pointed out that "investment is only made through savings, and this only comes from three sources, either from the state, the savings of people and companies, or from the external flow," explaining that "the external flow is subject to the political and global situation and cannot be relied upon." And he indicated that "foreign investment is nothing," explaining that "the reception of the outflow must completely change the environment." Allawi was considered that “the activity of the government’s economic institutions has failed, except for the financial ones,” noting that it is not possible to “create profits that support government investment.” Allawi stressed the necessity of having “competition for the private banking sector over deposits equally with government banks,” noting that this “does not exist, and therefore one of the government’s most important priorities is reforming banks, which can only be reformed by changing their legal systems, especially the internal ones with regard to a bank.” Al-Rafidain and Al-Rasheed. Allawi indicated, "The privatization process lasted for a year and a half, as it required a review of laws and legislation," explaining that "the State Council recently gave the position that we can change the banking system of government banks towards not privatization, but rather changing the percentage of our representatives in the private sector in these banks." He explained, "We dismissed the board of directors and the executive management and used the banking and commercial law," stressing that "all the concepts of governance of the central bank will be applied to government banks as a first step." He continued, "The second step is related to the restructuring of banks, which is not an easy step, since these banks have been isolated from international banks for 40 years." Allawi believed that "the first process to reform government banks and to be a qualitative leap to an independent reality that supports the financial institution needs at least three years," noting that "the next government must continue with this achievement for the other step, to reform government banks, and it will be for another 2-3 years, It is the focus on the profitability of these banks.” He wondered, "What is the meaning of profit if the outputs are subsidized by the government and the inputs are also subsidized," stressing the need for "there to be competition with the private banking sector." At the conclusion of his speech, Allawi expressed optimism about "the reform of government banks and a qualitative leap for them."

Iraqi Central: We cannot change the exchange rate, and this is the size of gold and currency reserves Posted 51 seconds ago المركزي العراقي: لا يمكننا تغيير سعر الصرف وهذا حجم احتياطي الذهب والعملة - اخبار العراق (iraqakhbar-com.translate.goog) Today, Saturday, the Central Bank of Iraq revealed the size of the gold reserves in the country, and while it expected the hard currency reserves to reach 90 billion US dollars, it confirmed that it was not possible to change the exchange rate. Deputy Central Bank Governor Ammar Khalaf said in a statement to a number of media outlets, "It is hoped that the bank's reserves of hard currency will reach 90 billion US dollars," explaining, "We now have more than 70 billion dollars." Khalaf pointed out that "Iraq's gold reserves are currently more than 100 tons, after we bought more than 30 tons during this period." As for changing the exchange rate, the deputy governor of the bank stressed that “the exchange rate cannot be changed,” stressing that “there is no justification currently to change it.” He explained that "the change in the exchange rate confuses the markets at the present time, pointing out that" its change depends on the economic situation and within the monetary policy of the country." He stressed that "the ruler and the economic circumstance determine the appropriate decision to change the exchange rate."

Urgent.. the central bank resolves the controversy over the dollar exchange rate Posted 1 minute ago Urgent.. the central bank resolves the controversy over the dollar exchange rate - Iraq news (iraqakhbar-com.translate.goog) news source /Iraqi media news agency "conscious" Baghdad / SR Today, Saturday, the Central Bank of Iraq revealed the size of the gold reserves in the country, and while it expected the hard currency reserves to reach 90 billion US dollars, it confirmed that it was not possible to change the exchange rate. The Deputy Governor of the Central Bank, Ammar Khalaf, said in a statement carried by a reporter (Iraqi Media News Agency), that "it is hoped that the bank's reserves of hard currency will reach 90 billion US dollars," explaining, "We now have more than 70 billion dollars." Khalaf pointed out that "Iraq's gold reserves are currently more than 100 tons, after we bought more than 30 tons during this period." As for changing the exchange rate, the deputy governor of the bank stressed that “the exchange rate cannot be changed,” stressing that “there is no justification currently to change it.” He explained that "the change in the exchange rate confuses the markets at the present time, pointing out that" its change depends on the economic situation and within the monetary policy of the country." He stressed that "the ruler and the economic circumstance determine the appropriate decision to change the exchange rate."

Does the coordination framework do it and reduce the price of the dollar to 1200 dinars, or is its price fixed for 3 years, as stipulated by the International Monetary Fund? Posted 1 minute ago هل يفعلها الاطار التنسيقي ويخفض سعر الدولار الى 1200 دينار، ام ان سعره ثابت لـ 3 سنوات كما اشترط صندوق النقد الدولي ؟ - اخبار العراق (iraqakhbar-com.translate.goog) news source /Iraq Today Agency Baghdad - Iraq today: In the midst of the political controversy and the digital inflation of the “Coordination Framework” bloc, after it obtained dozens of new deputies, due to the resignation of members of the Sadrist movement, the efforts of some of these deputies headed towards the possibility of adjusting the exchange rate, a step that comes within the policy quarrel between Nuri al-Maliki and Muqtada al-Sadr. who supported the 2020 amendment. And the deputy in Parliament, Uday Awad, announced that he had collected the signatures of more than 100 deputies to reduce the dollar exchange rate, while the financial advisor to the Prime Minister, Mazhar Muhammad, spoke about the possibility of taking this step. Muhammad said in a televised statement: “We need to cook on a quiet fire, and monitor prices until the end of 2022, oil prices and foreign reserves,” stressing that “changing the exchange rate is possible, but it requires patience and careful study.” Specialists stress that the news that talks about the possibility of changing the exchange rate, although it is premature and is currently excluded, affects and “destroys” the local market. In this aspect, the economist Duraid Al-Anzi said that “the exchange rate change had a wrong start, due to the absence of the requirements for this change, as the sudden rise of the dollar led to a decrease in the value of the dinar and its purchasing power, and talking about returning it to the previous price will lead to greater problems than the first, in light of the crisis.” The global economy and constant price inflation, as a result of various circumstances, the most powerful of which was the Russian-Ukrainian war.” Al-Enezi added, “The market and the simple citizen are demanding a change in the exchange rate, and a return to its previous state, but this process of change may take many years, and whether it is an increase or decrease, it will cause the destruction of the Iraqi economy.” Several parties warn that the repetition of changing the exchange rate within short times without studying by the concerned authorities leads to an economic recession, confuses the work of local markets, increases speculation on foreign currency and squanders the gains made by the current exchange rate. Specialists confirm that the dollar exchange rate will remain for another three years, due to the existence of an agreement between the Iraqi government and the International Monetary Fund, related to financial policy, and managing the issue of the dollar exchange rate, in proportion to the volume of currency circulating in the market. In turn, the researcher in economics, Dr. Abdul-Hassan Al-Shammari, said, "The Central Bank always confirms that there is no change in the exchange rate, and the government is moving in this direction as well." Al-Shammari explained that "the local market is driven by the owners of capital, not the government, as the latter does not have clear economic visions to move the market, and the government today has a large surplus of oil imports, but its disposal is still limited." For days, the Iraqi markets have been living on the impact of these conflicting news, especially since the political forces calling for the return of the dollar exchange rate have obtained additional seats in Parliament, allowing them to implement this.

"Iraq Finance Fair and Conference" kicks off tomorrow in Baghdad Friday 01, July 2022 13:48 |EconomicReadings: 176 "Iraq Finance Fair and Conference" kicks off tomorrow in Baghdad (ninanews-com.translate.goog) Baghdad /Nina/ Kicks off on the ground of the Baghdad International Fair, on Saturday, the events of the "Iraq Finance Conference Exhibition" sponsored by the Ministry of Finance, the Central Bank of Iraq and the Association of Private Banks, which will last for two days and in the presence of government officials, economists, finance and representatives of the departments of government and civil banks in Iraq.

The Central Bank: Implementing binding measures to combat money laundering and terrorist financing Posted 12 seconds ago البنك المركزي: تطبيق إجراءات ملزمة لمكافحة غسيل الأموال وتمويل الإرهاب - اخبار العراق (iraqakhbar-com.translate.goog) news source /Iraqi News Agency ( INA ) Baghdad - INA - Nassar Al-Hajj The Central Bank of Iraq revealed, today, Friday, its measures in the field of combating money laundering and terrorist financing, confirming that it had also issued binding decisions in this regard. The representative of the Anti-Money Laundering and Terrorist Financing Office in the Central Bank, Hussein Al-Mukarram, told the Iraqi News Agency (INA), that "Iraq's procedures regarding combating money laundering and terrorist financing are represented in the issuance of the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 and many regulations, instructions and controls Circulars and guidelines in particular, all of which were issued in light of international requirements and standards and in compliance with local requirements. He added that "the identification of the supervisory and supervisory authorities on the business sector and the specific non-financial professions has been completed and the due diligence controls for combating money laundering and terrorist financing have been prepared for each sector, the last of which is the real estate sector." He stressed, "There are decisions that included obligating all financial institutions to form departments to report suspicious financial transactions and grant them independence in their tasks, and to prepare a guide for policies and procedures to combat money laundering and terrorist financing in light of which work is carried out and to be available to all workers in financial institutions." He added that "the procedures also included obligating financial institutions to acquire electronic systems to combat money laundering and terrorist financing for the purpose of extrapolating the monitoring of suspicious financial operations and reporting them to the Anti-Money Laundering and Terrorist Financing Office," noting that "Iraq is committed to all international requirements to combat money laundering and terrorist financing issued by the working group. Finance (FATF), in addition to completing the conditions for joining the Egmont Group. He pointed out that "many specialized training courses have been held in combating money laundering and terrorist financing, combating financial crimes, sanctions and bans, and employees of banking and non-banking financial institutions have been involved in them." And he indicated that “the measures taken by the Anti-Money Laundering and Terrorist Financing Office in the Central Bank of Iraq, including: 1. Acquisition of the (go-AML) system, which is concerned with receiving reports and financial data through electronic linkage with all the parties obligated to report. 2. Preparing systems and databases for the office that include data and information from other parties that help analysts complete financial investigation procedures. 3. Holding memoranda of bilateral cooperation with various parties within the anti-money laundering and terrorist financing system to facilitate the exchange of information, and holding several memoranda of understanding with counterpart units in other countries similar to the work of the office. 4. Continuing to train employees of other sectors in ministries, government departments and the public sector for the purpose of spreading awareness of combating money laundering and terrorist financing based on the comprehensive training plan prepared by the office for this purpose, and the office continues to involve its employees in workshops and training courses offered by various organizations the international community for the purpose of informing them of developments in a way that develops methods of combating these crimes.” He explained that "those procedures resulted in an increase in the number of suspicious financial transactions received by the office from various parties obligated to report, which resulted in an increase in the reports submitted by the office to the Public Prosecution Office to take the necessary action in this regard, amounting to (15-25-34-24-39). ) reports during the years (2017 and 2021) respectively, and each report includes a number of reports on a number of companies and people, and this increase was reflected in the issuance of a large number of convictions by the competent courts. He stressed that "the increase in the transmitted reports is a result of the measures taken to encourage financial institutions to report suspicious transactions and exchange information with law enforcement agencies, which contributed to the completion of the analysis of those transactions and the identification of suspicions of money laundering and terrorist financing."

An American oil company withdraws from the Kurdistan region in compliance with the decision of the "Federation" Posted 2 minutes ago An American oil company withdraws from the Kurdistan region in compliance with the "Federal" decision - Iraq News (iraqakhbar-com.translate.goog) news source /news Iraq: The law adopted by the Kurdistan Regional Parliament in 2007 is against the constitution (Al-Hurra) Agencies - The American company "Schlumberger" for oil field services announced, on Monday, its withdrawal from the Kurdistan region, in compliance with the decision of the Federal Court. And sources told the Iraqi News Agency (INA), that "the American company Schlumberger sent a letter with an official document to the Iraqi Oil Ministry in its commitment to Federal Court Decision No. 59, which includes not dealing with the Kurdistan region regarding the oil file." The American company Baker Hughes, the global giant in the field of oil field services, had announced earlier its withdrawal from the Kurdistan region in compliance with the decision of the Federal Court. And the Federal Supreme Court in Iraq, the highest judicial authority in the country, considered last February that the law adopted by the Kurdistan Regional Parliament in 2007 to regulate the oil and gas sector is contrary to the constitution. And the Federal Court’s decision obligated “the regional government to hand over all oil production from the oil fields in the Kurdistan region (…) that is, the federal government represented by the Federal Ministry of Oil.” The ruling, which was published on the court’s website, also included “obligating the Kurdistan Regional Government to enable the Iraqi Ministry of Oil and the Federal Financial Supervision Bureau to review all oil contracts concluded with the Kurdistan Regional Government regarding the export and sale of oil and gas.” On the other hand, the judiciary in the Kurdistan region of Iraq, in early June, rejected the decision of the country's Federal Supreme Court. The Kurdistan Regional Judicial Council said in a statement that "the Federal Court does not have the powers to issue a decision to cancel the oil and gas law in the Kurdistan region issued in 2007," adding that "the oil and gas law of the Kurdistan Regional Government will remain in effect." The statement of the Kurdistan Regional Judicial Council went further when it considered that “the current Federal Supreme Court does not have a “constitutional authority” because the Iraqi constitution requires the issuance of a law by the Iraqi Council of Representatives to establish it, “but the law has not been issued yet.” In recent years, this thorny issue has repeatedly come back to the fore. Baghdad requires that all oil exports that are extracted on Iraqi soil pass through the federal government. In 2012 and 2014, Baghdad criticized the role played by neighboring Turkey. The Kurdistan region used to export its crude oil to it for refining. After that, Ankara announced that it was delivering to world markets oil sourced from Iraqi Kurdistan. The Kurdistan region had pledged to deliver 250,000 barrels of its daily production, which exceeds 400,000 barrels, to the central government through the Ministry of Oil, in exchange for receiving the salaries of Kurdish officials and Peshmerga fighters, the armed forces of the region.

Union Bank discusses with Italian mission banking facilitation of entry of Italian companies to Iraq Economic Agency News - Union Bank discusses with The Italian Mission banking facilitation of the entry of Italian companies into Iraq (economy-news.net) Economy News - Baghdad The Chairman of the Board of Directors of the Iraqi Federation Bank, Ali Meftin, discussed with the Deputy Head of the Italian Mission in Iraq in Baghdad Alessandro Menini, the strengthening of banking cooperation between the bank and the mission. "The Chairman of the Board of Directors of the Iraqi Federation Bank, Ali Mefatin, received alessandro Menini in his office from the head of the Italian mission in Iraq in Baghdad," the bank's media said in a statement. The meeting discussed "in the presence of Director-General Nabil Al-Abadi the joint cooperation between the bank and the embassy in various fields in addition to the process of opening bank accounts and account statements to those coming to Italy in accordance with the rules and contexts of fundamentalism and legal, as well as opening up the prospects for cooperation with Italian companies and their access to the Iraqi market." The Chairman of the Board of Directors presented the bank's shield to the head of the consular department in recognition of his visit to the Iraqi Federation Bank. Views 264 Add 2022/06/30 - 7:36 PM Updated 2022/07/01 - 1:36 AM

The Parliamentary Finance Committee commends the Central Bank’s move to establish a platform for letters of guarantee https://economy-news.net/content.php?id=28724 money and business Economy News - Special The Parliamentary Finance Committee praised the Central Bank’s move to establish a platform for letters of guarantee that eliminated fake projects in the government. A member of the committee, Jamal Cougar, told "Economy News", "The establishment of a platform for letters of guarantee is a very important step that leads to the reduction of fictitious projects." He added that "the Iraqi state was suffering from phantom projects due to rampant corruption, but the platform for letters of guarantee created by the Central Bank is very important to reduce that." 250 views Added 06/30/2022 - 7:05 PM Update 07/01/2022 - 3:39 PM

ERBIL (Kurdistan 24) – Kurdistan Region Prime Minister Masrour Barzani chaired the first meeting of the Kurdistan Region Oil and Gas Supreme Council on Thursday. Prime Minister Barzani discussed oil revenues for the first six months of 2022 with Deputy Prime Minister Qubad Talabani, who is also the council’s deputy president, and the rest of the council’s members. The meeting comes a day after the Kurdistan Parliament activated the council on Wednesday. Read More: Kurdistan Parliament amends oil and gas law Attendees discussed how oil revenue was spent. The majority of this revenue went to paying government employee salaries. They also discussed other expenditures the revenue was used for paying. The council revealed that the Deloitte auditing company’s report about the Kurdistan Regional Government’s (KRG) oil revenues for the last six months will be released next week. The council also discussed the oil and gas disputes between the KRG and the Iraqi government and the KRG’s legal efforts to confront unjust pressure on its oil and gas sector. The council’s members emphasized resolving the Erbil-Baghdad disputes per the Iraqi constitution and reaffirmed the KRG delegation’s readiness to visit Baghdad for talks. The Kurdistan Parliament approved amendments to the Kurdistan Region’s oil and gas law in its Wednesday session. “The amendment added one additional member to the Kurdistan Region’s Oil and Gas Supreme Council,” Ali Hama-Salih, the Energy and Natural Resources Committee head, told Kurdistan 24. “Seventy-nine parliament members out of the 111 members voted for amending Article 4 of the oil and gas law,” Golizar Rasheed, the deputy head of parliament’s Energy and Natural Resources Committee, told Kurdistan 24. The Iraqi government is supposed to send 200 billion Iraqi dinars (approximately $137 million) per month to the KRG to pay its employees’ salaries. However, over the last six months, Baghdad has only sent 400 billion dinars (approximately $274 million).

Kurdistan is taking legal moves to counter Baghdad's pressure on the oil and gas file Posted 4 hours ago كردستان تجري تحركات قانونية لمواجهة ضغوط بغداد بشأن ملف النفط والغاز - اخبار العراق (iraqakhbar-com.translate.goog) news source /Mawazine News Kurdistan - Mawazine News The Kurdistan Region announced, on Thursday, that it has taken constitutional legal moves to confront the pressures exerted by Baghdad regarding the oil and gas file related to the region, stressing at the same time that the federal government sent only 400 billion dinars out of a total of 1.2 trillion dinars in the first half of this year. This came during the first meeting held by the Regional Council for Oil and Gas Affairs, after the amendment of the Oil and Gas Law, headed by the Prime Minister of the Kurdistan Regional Government, Masrour Barzani, and in the presence of the Deputy Prime Minister and Deputy Chairman of the Regional Council for Oil and Gas Affairs Qubad Talabani. According to an official statement issued by the media office of the Prime Minister, Mawazine News received a copy of it, that the meeting discussed oil revenues and expenditures for the first six months of 2022. The statement added that in the first paragraph of the meeting, the general revenues obtained from the export and sale of oil were presented, which include the total oil produced, exported and consumed locally, in addition to the average price of a barrel of oil sold during this period. He pointed out that the meeting dealt with "how to spend revenues in financing the salaries of the six months of this year, as the Kurdistan Regional Government provided the necessary funds from oil revenues to fully finance salaries for six months of 2022." The statement stated, “While the federal government should have sent one trillion and 200 billion dinars during the first six months of 2022, it only sent a two-month amount of 400 billion dinars, while the regional government provided salaries monthly from oil revenues and internal revenues, and distributed salaries in Per month". The statement stated that the meeting also discussed other government expenditures, except for salary expenditures obtained from oil revenues in the first six months of 2022, and it was decided to present the Deloitte report, which is supported by statistics, information and figures, to public opinion next week. The meeting also stressed, according to the statement, “the need to enhance transparency in this direction, as the region provides the federal government with all information and numbers, and it does so even for public opinion in the region, Iraq and abroad, and it will continue to do so, especially since the recent report of the joint team of the financial audit bureaus of the region and Baghdad.” Regarding the audit of revenues, expenditures, debts and staffing, there is evidence of this fact.” The second period of the meeting dealt with the latest developments regarding the relationship between the Kurdistan Regional Government and the federal government over the dispute over oil and gas, as well as the legal preparations made by the Kurdistan Regional Government, under the constitution, to confront the pressures of the federal government and the Federal Ministry of Oil. The meeting stressed the need to solve problems in accordance with the constitution, and reiterated the region's negotiating delegation's readiness to visit Baghdad in this regard, according to the statement. Ended 29/R77

Iraq Stock Exchange Launches Platform For Trading Shares Of Undisclosed Companies Iraq Stock Exchange launches a platform for trading shares of undisclosed companies - Information Agency (almaalomah.me) 2022/06/29 | 7:37 P.M. 0 Participation Information / Baghdad. The Securities and Exchange Commission of Iraq has announced the launch of the "Undisclosed Joint Stock Exchange" trading platform, while identifying companies that can trade on the platform. "The Authority has decided to develop and launch (undisclosed share trading platform) undisclosed comp as of Sunday 3/7/2022," the bank's media said in a statement. He added, "Trading in this platform will be for companies that have already decided to stop trading because they did not provide the required disclosures: Electronic Industries Company, Light Industries Company, Badia Public Transport Company, Modern Construction Materials Industry Company, Iraqi Road Transport Company, Babil Bank Company, Batek Financial Investment Company, Modern Animal Production Company, Al Khair Financial Investment Company, Iraqi Petroleum Products Transport Company, and any company that decides on the future coverage of the company. By trading on this platform of listed companies." He called on the companies above to "commit to providing minimum disclosure (report on the company's status from the date of the submission of the latest financial statements to date/ lawsuits/booking and mortgages/ any material events affecting the company's activity) and the experience and mechanisms will be evaluated three months after the application began and take advantage of the observations described under the evaluation and examination form. The Securities and Exchange Commission of Iraq has also decided to "increase the rate change from 10% to 15% as of July 3, 2022. For the companies listed in order to activate trading in the regular trading platform." "The shareholder and potential investor is responsible for purchasing and selling shares on the shares listed on the undisclosed corporate platform, based on his investment decisions, and the brokerage firms must install a note in the authorization of purchase and sale, and in the investor agreement, the statement of informing the shareholder and investor of the above and acknowledging that he will take any risks that arise later due to the lack of information and data - lack of disclosure - to the companies contributing to this platform," she said. He noted that the measures were "based on legislative order No. 74 of 2004 and the instructions and rules issued by the Securities And Exchange of Iraq Securities And in order to protect the shareholders' rights of joint stock companies listed on the Iraqi Stock Exchange, attract potential investors and stimulate securities trading." Ended/25s

U.S. Calls on Baghdad, Kurdistan to Negotiate Oil Dispute, Reveals Role for UNAMI أمريكا تدعو بغداد وإقليم كوردستان للتفاوض بشأن الخلاف النفطي وتكشف دوراً لـ"يونامي" (shafaq.com) politicians Kurdistan Province breaking Iraqi Government Oil exports 2022-06-29 13:08 Shafaq News/ On Wednesday, the United States called on the federal governments in Baghdad and the Kurdistan Region to negotiate the dispute over oil, and to benefit from the United Nations mission mandated to assist in this regard. Al-Hurra station quoted a statement by a US State Department spokesman, in which he stressed, "The government of Iraq and the Kurdistan Regional Government should sit at the negotiating table to reach a solution to the oil issue that is acceptable to both parties and avoid taking steps that inflame tensions." He added that "the new mandate of the United Nations Assistance Mission for Iraq (UNAMI) specifically mandates it to assist the parties in achieving this." He added, "Therefore, we encourage the governments of the Kurdistan Region and Iraq to make maximum use of the good offices of the United Nations Mission." And last February, the Federal Supreme Court of Iraq, the highest judicial authority in the country, issued an order obligating the Kurdistan Regional Government to hand over all the oil produced on its territory to the central government. And the court’s decision remains threatened not to be implemented in light of a dispute dating back to years over oil resources between the federal government and the Kurdistan Region, which includes 3 provinces and has been autonomous since 1991. And the court's decision stated, "obligating the regional government to hand over the entire oil production from the oil fields in the Kurdistan Region (...) to the federal government represented by the Federal Ministry of Oil." Iraq's exports, which is the second largest oil exporter in the Organization of "OPEC", amount to about 3.5 million barrels per day, and its financial imports represent 90% of the country's budget. The Kurdistan Region had pledged to deliver 250 thousand barrels of its daily production, which exceeds 400 thousand barrels, to the central government through the Ministry of Oil, in exchange for receiving the salaries of employees and Peshmerga fighters, the armed forces of the region. The region's oil exports have been the subject of frequent controversy over the past years, with Baghdad demanding that all the country's oil exports be subject to the supervision of the Ministry of Oil of the central government.

LIZZIE PORTER AND KATE DOURIAN OF IRAQ OIL REPORT WEDNESDAY, JUNE 29TH, 2022 U.S. oil services giant Halliburton joined Schlumberger and Baker Hughes in notifying Iraq's Oil Ministry that it will comply with a Federal Supreme Court (FSC) ruling invalidating the legal foundations of Iraqi Kurdistan’s energy sector. In a letter dated June 28 and addressed to Iraqi Oil Minister Ihsan Ismaael, which was seen by Iraq Oil Report and confirmed as authentic, Halliburton said it would refrain from entering into new contracts or participating in ongoing tenders in the Kurdistan region without Baghdad’s blessing. Halliburton's letter came in response to a set of circular letters — one from the Ministry of Oil to the Iraqi National Oil Company and one from the Basra Oil Company — instructing “all lead contractors and sub-contractors” to sever their contractual engagements with the KRG within three months or risk being blacklisted by Baghdad.

Scary: The Central Bank has embarked on a package of measures to save the economy from a certain abyss Posted two minutes ago. Scary: Central Bank launched a package of measures to save the economy from a confirmed abyss - Iraq News (iraqakhbar-com.translate.goog) Source of the news /Iraqi News Agency (INA) Baghdad: Central Bank Governor Mustafa Ghaleb ScaryWednesday announced that the bank has launched a package of measures to save the economy from a proven abyss, indicating that one of the bank's priorities is to promote financial inclusion and ensure access to financial and banking services for the community. "The Central Bank of Iraq has embarked on a package of measures to save the economy and economic institutions from a certain abyss, after a state of despair and panic among economists and those dealing with state institutions, after the delay in fulfilling their commitments with them ," Hesse said in a speech at the "Access to Finance" conference held at the Rashid Hotel, with the participation of the public and private sectors, and followed by the Iraqi News Agency (AIA).“The Central Bank made access to finance possible when it launched a number of qualitative and courageous initiatives that enabled our society to feel safe through our initiatives that covered different and important sectors,” he said, adding that “the Bank is not favored by these actions and initiatives, and finds itself only in the position where it should be." “The goal of promoting financial inclusion and ensuring access to financial and banking services for society has been one of our priorities, which we are working on with short, medium and long-term plans,” he said, noting that “access to finance is No longer a dream that meets the hands of red tape, corrupt and closed-end, but has become a national path in the work of the banking sector and microfinance institutions, and its defense has become a priority for both the central bank and the sector."