Iranian National Bank opens branches in Najaf and Karbala

Executive Director of the National Bank of Iran Melli Bank Mohammad Reza Hossein Zadeh, on Monday announced the opening of a branch in the province of Najaf soon, adding that the opening of another branch of the bank in the province of Karbala, on the agenda of the bank.

Hossein Zadeh said in a press statement seen by Economy News that the talks are currently under way between the Iranian side with the Iraqi Central Bank to provide services to the pilgrims, looking forward to the development of banking infrastructure in Iraq to allocate more services to these visitors.


Encyclopedia of this Day News

Iraq sells Basra light crude through the Dubai Mercantile Exchange

Iraq’s oil marketing company SOMO has notified long-term buyers that it plans to sell two million barrels of Basra Light crude for June by bidding on the Dubai Mercantile Exchange, trade sources said on Monday.

The sources said it would be the first time ever that Basra crude was sold through the Dubai Mercantile Exchange.

It said the shipment was a fixed destination to Asia and would not accept any offers that did not include a premium above the official sale price of Basra light crude in June.



The reopening of gas plant after a three-year hiatus

The reopening of the Hit gas plant after a three-year hiatus, the head of the Hitt district council in Anbar province Mohammad al-Mohammadi announced on Sunday.

“The Hit gas plant was reopened in the city of Hit, 70 km west of Ramadi, after a three-year hiatus as a result of criminal acts,” Mohammadi said in an interview.

“The plant started supplying the people of Hit with gas and its production capacity is sufficient” he said.


Buratha News

We will not allow investing in Iraqi airspace more than 5 years

The parliament’s services committee Sabah al – Tamimi, said on Sunday that the committee would not allow an investment of Iraqi airspace, stressed the need not to exceed the five – year investment period if necessary to do so.

According to Al – Tamimi in a statement Economy News received a copy of it, that the services Parliamentary commission would not allow an investment of Iraqi airspace, indicating that it is not against the private sector and investment, but the country’s interest above all and that the cabinet certainly supports reform and that this work jointly with the House of Representatives.

Tamimi explained that, in the worst case if necessary to investment or co – operation must be established by the International Air Transport Association IATA International Law and that the period be as needed and not more than five years.

She explained that the Committee on Parliamentary Services hosted by the Minister of Transport several times has been asked verbally week ago about this, but are reasons vague not in the House of Representatives as well as a visit to the Office of the Inspector General with members of the Services Committee for their actions during the meeting which was present all specialists censorship flights.

Tamimi wondered why he did not adjust the salaries of the Ministry of Transport and local air traffic controllers in previous years note that the salary of $600, salary of foreign company employees 17 thousand dollars.

Many Arab and foreign airlines have shown their willingness to return and pass through Iraq, this saves them time and fuel because of the geographical location of Iraq outstanding.


Encyclopedia of this Day News

Traffic of foreign aircraft return through Iraqi airspace

The Ministry of Transport Sunday, report the recovery of air traffic for foreign aircraft through the airspace of Iraq starting from Thursday.

“We are pleased to see the opening of the new air routes passing through our airspace for the first time since its suspension in 2014 by an unfair decision by the FAA organization, which considered our airspace a serious international taboo and classified it war zones,” the ministry said in a statement.

“Thursday will be the scheduled time to restore the traffic of foreign aircraft flying over the skies of Iraq.”

The statement said that the ministry will hold a ceremony on this occasion at 10 am Tuesday, at the Baghdad International Airport near the VIP Business Hall.


Euphrates News

World Bank supports Iraq’s approach to an integrated financial management system

The World Bank on Saturday confirmed its support for Iraq’s economic reforms and development through an integrated financial management system, while welcoming the steps taken by the Iraqi government in the area of ​​resource management and the crystallization of reform visions.

The Ministry of Finance said in a statement on the sidelines of a joint meeting between an Iraqi delegation headed by Finance Minister Abdul Razzaq al-Issa in the presence of Prime Minister’s Adviser, Mohammed Saleh, a number of officials of the Ministry of Finance, the World Bank team and its representatives in Baghdad in the spring meetings of the IMF and the World Bank in Washington, “Alsumaria News, a copy of it,” The representatives of the World Bank have pointed out that economic reforms are a key need to reach an integrated system to manage the financial process of the state at the federal and local levels.”

The ministry added that “the participants explained that the percentage of the task achieved by Iraqi institutions in this area, which gives the appropriate room for the World Bank to support the budget and reconstruction projects within the limits of time to achieve its objectives required.”

“The World Bank welcomed the steps of the Iraqi government in the field of resource management and crystallization of reform visions in coordination with international financial organizations and institutions.”

Finance Minister Abdul Razzaq al-Issa said on Friday that the World Bank has indicated its readiness to allocate nine million dollars to support the investment of associated gas in Iraq.

Iraq and Serbia sign agreement for opening of an air route between the two countries

Baghdad revealed that the Ministry of Transport on Friday, announced the signing of an agreement with Serbia for the opening of an air route and the granting of free visa between the two countries, indicating that it reinforced a previous agreement signed in 1975 between Iraq and Yugoslavia.

The ministry said in a statement Economy News received a copy of it, Transport Minister Kazem Hamami signed yesterday, Air Services Agreement with the Deputy Serbian Prime Minister and Minister of Construction and Transportation and Infrastructure Zoran Mihajlovic, explaining that the agreement will give an opportunity to begin the organization of air traffic between the two countries.

The statement quoted Hammami as saying that this agreement contains a number of important open air route between Iraq and Serbia axes as well as the granting of entry to citizens of the two free features, explaining that the Iraqi delegation discussed the possibilities of expanding economic cooperation between Iraq and Serbia, there are great opportunities for cooperation between the two countries.

The Convention has strengthened the previous agreement signed in 1975 between Iraq and Yugoslavia, pointing out that Iraq is working on the infrastructure destroyed by the rehabilitation of terrorism and there is great potential for Serbian companies to get some projects.


Encyclopedia of the Day News

No distinction between foreign and Iraqi banks in currency auction

Central Bank of Iraq, denied there is a distinction between foreign and Iraqi banks in entry currency selling window [auction process].

“The branches of foreign banks operating in Iraq represent the main bank with all its capabilities, including its capital, the Iraqi Central Bank’s demand for these branches to provide [seventy billion dinars] Is an operating capital and does not represent the entire capital of the Bank.”

He added: “The entry into the foreign currency selling window for banks operating in Iraq in general is on the criteria approved by the Central Bank of Iraq and international accounting companies are solid and available to all banks to see and therefore when some branches of foreign banks exceed these standards are excluded from entering the window either When matching the standards as is the case with all Iraqi banks will get their entitlement.”

Jabbar denied “the existence of discrimination in dealing with the Central Bank of Iraq between banks operating in Iraq, whether foreign or Iraqi only on the basis of classification because they form part of the banking system of Iraq.”

He pointed out that “a number of Arab and foreign banks do not enter the foreign currency sales window originally or intervention in limited quantities and the share of Iraqi banks still represent the largest proportion of sales of the dollar.”