Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on March 29 registered $179,697,854 in sales, a 25.69% volume increase from the US $142,965,236 sold by Iraqi Dinar, credit and transfer at the previous auction held on March 28.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on March 29 compared to the previous auction.

Data for the March 29 auction was made public by CBI Announcement Number 3666.

Dollar sales in the in the period January 1, 2018 to March 29, 2018 saw an increase of -1% compared to the sales of US $8.91 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to March 2018, sales of US dollars averaged US $1.89 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2017 January 2.2
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 2.2 120%
2017 November 1.9 -14%
2017 December 1.9 0%
2018 January 2.2 16%
2018 February 2 -9%
2018 March 1.8 -10%

The post Central Bank of Iraq Auctions $179,697,854 on 29 March 2018 appeared first on Iraq news, the latest Iraq news by Iraqi News.


Source: Iraq Business News

Tagged with:
 

Iraq Britain Business Council joins British Chambers of Commerce in boost to UK – Iraq Trade

IBBC is delighted to announce that we are officially an international affiliate to the British Chambers of Commerce (BCC). The IBBC is now the official organisation to whom British companies and organisations will be referred by the BCC.

This relationship neatly mirrors our status with the Iraqi Federation of Chambers of Commerce and the Kurdish Federation of Chambers of Commerce and Industry who are close partners of IBBC. Indeed the 5 largest Iraqi chambers, namely Baghdad, Erbil, Basrah, Najaf and Karbala are full members of the IBBC.

The BCC sits at the heart of a business network that spans the length and breadth of the UK, with links to markets across the world, with 52 accredited Chambers in the UK as trusted champions of businesses, places, and global trade.

Chambers of Commerce provide a voice to the business communities they represent, amplifying their priorities and concerns. In every region and nation of the UK, Chambers of Commerce and their members work to improve the local business environment in which they operate.

The Chamber of Commerce network exists to support and connect companies, bringing together firms to build new relationships, share best practice and foster new opportunities.

Christophe Michels, MD of IBBC says:

“IBBC is delighted to have been granted this affiliate status by BCC, as this endorses our role as intermediaries and trade enablers with Iraq for all the work we do with British business in the country. It completes the circle of business with Iraqi companies, as we have an equal position in Iraq, and are thus able to bring businesses in both UK and Iraq together through this unique leverage.”

Dr Adam Marshall, Director General at BCC stated:

“We are delighted to welcome IBBC to the BCC and we look forward together to strengthening relations and business opportunities between the UK and Iraq in the weeks and months ahead.”

(Source: IBBC)


Source: Iraq News

Tagged with:
 
Representational photo.

Baghdad (IraqiNews.com) Iraq’s oil production has not been affected by the war against Islamic State militants, but the country’s economy should not rely on oil alone, Prime Minister Haider al-Abadi said on Wednesday.

Speaking during an international energy conference in Baghdad, Abadi said “Iraq has a good stock of oil and gas, and despite the war, our production has not receded, and we are working hard to ensure that oil is a subsidiary (source of national income) and not principal”, Xendan quoted him saying.

“We have to establish for a strong economy that does not rely on oil because its prices are unstable,” Abadi told attendants, as quoted by Alsumaria News.

Iraq is OPEC’s second largest oil producer after Saudi Arabia.

Iraq’s oil exports for February exceeded 95.940 million barrels, with revenues suprasing USD5.762 billion, the oil ministry said earlier this month.

Iraq’s economy and infrastructure have suffered seriously during Iraq’s three-year war against Islamic State militants, which inflicted severe damage to infrastructure and production at various oifl fields.

 

The post Iraq’s oil production not affected by war against IS: Abadi appeared first on Iraq news, the latest Iraq news by Iraqi News.


Source: Iraq Business News

Tagged with:
 

Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on March 28 registered $142,965,236 in sales, a 13.21% volume increase from the US $126,286,624 sold by Iraqi Dinar, credit and transfer at the previous auction held on March 27.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on March 28 compared to the previous auction.

Data for the March 28 auction was made public by CBI Announcement Number 3665.

Dollar sales in the in the period January 1, 2018 to March 28, 2018 saw an increase of -1% compared to the sales of US $8.79 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to March 2018, sales of US dollars averaged US $1.88 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2017 January 2.2
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 2.2 120%
2017 November 1.9 -14%
2017 December 1.9 0%
2018 January 2.2 16%
2018 February 2 -9%
2018 March 1.7 -15%

The post Central Bank of Iraq Auctions $142,965,236 on 28 March 2018 appeared first on Iraq news, the latest Iraq news by Iraqi News.


Source: Iraq Business News

Tagged with:
 
The governor of the Central Bank Ali al-Alaq

Baghdad (IraqiNews.com) Iraq’s international currency reserves stand at USD50 billion, the governor of its central bank has been quoted saying on Wednesday.

Semi-official al-Sabaah newspaper quoted central bank governor Ali al-Allaq saying that “the central bank’s reserve has now exceeded USD50 billion dollar”. He noted that “that rate remains within the normal limits compared to the local currency and based on the internationally-recognized International Monetary Fund’s standards”.

According to Allaq, “the central bank continues to mint local currency due to its deterioration, so as to maintain the balance between the availability of the local currency and the reserve”.

Allaq dismissed reports about wide-scale currency counterfeiting, saying that the scale of that forgery does not exceed six bills for every one million, and assuring that the bank possesses advanced mechanisms to detect those violations.

Iraq’s oil-reliant economy has been severely damaged by the war against Islamic State militants that brought much damage to infrastructure and security.

 

The post Iraqi central bank says reserves at USD50 billion: governor appeared first on Iraq news, the latest Iraq news by Iraqi News.


Source: Iraq Business News

Tagged with:
 

Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on March 27 registered $126,286,624 in sales, a -32.30% volume decline from the US $186,543,149 sold by Iraqi Dinar, credit and transfer at the previous auction held on March 26.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on March 27 compared to the previous auction.

Data for the March 27 auction was made public by CBI Announcement Number 3664.

Dollar sales in the in the period January 1, 2018 to March 27, 2018 saw an increase of -1% compared to the sales of US $8.64 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to March 2018, sales of US dollars averaged US $1.87 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2017 January 2.2
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 2.2 120%
2017 November 1.9 -14%
2017 December 1.9 0%
2018 January 2.2 16%
2018 February 2 -9%
2018 March 1.6 -20%

The post Central Bank of Iraq Auctions $126,286,624 on 27 March 2018 appeared first on Iraq news, the latest Iraq news by Iraqi News.


Source: Iraq Business News

Tagged with:
 

Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on March 26 registered $186,543,149 in sales, a -6.56% volume decline from the US $199,645,811 sold by Iraqi Dinar, credit and transfer at the previous auction held on March 25.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on March 26 compared to the previous auction.

Data for the March 26 auction was made public by CBI Announcement Number 3663.

Dollar sales in the in the period January 1, 2018 to March 26, 2018 saw an increase of -1% compared to the sales of US $8.49 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to March 2018, sales of US dollars averaged US $1.87 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2017 January 2.2
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 2.2 120%
2017 November 1.9 -14%
2017 December 1.9 0%
2018 January 2.2 16%
2018 February 2 -9%
2018 March 1.5 -25%

The post Central Bank of Iraq Auctions $186,543,149 on 26 March 2018 appeared first on Iraq news, the latest Iraq news by Iraqi News.


Source: Iraq Business News

Tagged with:
 

Central_Bank_of_Iraq_LogoBaghdad (IraqiNews.com) The Central Bank of Iraq (CBI) currency auction on March 25 registered $199,645,811 in sales, a 18.43% volume increase from the US $168,576,870 sold by Iraqi Dinar, credit and transfer at the previous auction held on March 20.

The latest auction was attended by 45 banks and 9 remittance companies. The same institutions attended the auction held on March 25 compared to the previous auction.

Data for the March 25 auction was made public by CBI Announcement Number 3661.

Dollar sales in the in the period January 1, 2018 to March 25, 2018 saw an increase of -1% compared to the sales of US $8.18 billion in the same period in 2017. The total amount of US currency sold by CBI in the calendar year 2017 was US $15.7 billion.

An analysis of the monthly dollar sales by CBI since January 2016 reveals highly fluctuating volumes. During the period from January 2016 to March 2018, sales of US dollars averaged US $1.86 billion per month. Peak volumes were reached in May this year when sales touched US $2.3 billion.

Year Month US dollar sales in billions Increase/(decrease) compared to the previous month
2017 January 2.2
2017 February 2 -9%
2017 March 2.1 5%
2017 April 1.8 -14%
2017 May 2.3 28%
2017 June 0.6 -74%
2017 July 2.2 267%
2017 August 2.1 -5%
2017 September 1 -52%
2017 October 2.2 120%
2017 November 1.9 -14%
2017 December 1.9 0%
2018 January 2.2 16%
2018 February 2 -9%
2018 March 1.4 -30%

The post Central Bank of Iraq Auctions $199,645,811 on 25 March 2018 appeared first on Iraq news, the latest Iraq news by Iraqi News.


Source: Iraq Business News

Tagged with:
 

Former PwC Partner joins AMAR Management Team

By

Chris Frost, the Chairman of the AMAR International Charitable Foundation’s Finance Committee, has retired from the position after five years at the helm.

Since he began his Chairmanship, Mr Frost has skilfully overseen AMAR’s already excellent financial arrangements.

A frequent visitor to Iraq and the wider Middle East region during his many years as a Partner at the multi-national professional services business, PwC, he has brought enormous experience and vast knowledge to the role.

Mr Frost, who was also a founder Board member of the Iraq Britain Business Council (IBBC) – AMAR’s sister organisation, recognised the vital importance of AMAR’s work to the Iraqi people.

However, he will not be leaving the AMAR family. Now that he has fully-retired from PwC, Mr Frost has been asked, and has accepted, a full-time position at the charity.  He will start as Treasurer on April 1st.

Mr Frost’s brief will be to oversee AMAR’s continued growth and development and strengthen the charity’s core principles; Good financial management, transparency, accountability and low administrative costs with high field output to defined, professional world class standards.

AMAR Chairman, Baroness Nicholson, said today that she was “absolutely delighted” to have persuaded Mr Frost to stay within the AMAR family:

People of Chris’s standing in the financial world are not available very often, so we had to strike while the iron was hot. He has done a fantastic job with our Financial Committee over the last five years, so we are very much looking forward to him working here on a full-time basis.”

“Chris will also travel to Basra, Baghdad and the North of Iraq regularly to meet and work with the local financial teams to develop an understanding of their working practices and help them work more effectively and efficiently.

Baroness Nicholson added:

“His particular background also allows us to implement our long-held plan to breakout with new fundraising approaches to funding institutions and city guilds.”

(Source: AMAR)


Source: Iraq News

Tagged with:
 
The first half of 2017 witnessed the export of 24 condensates shipments and 24 gas liquids shipments (Reuters)

Baghdad (IraqiNews.com) Iraq’s oil exports for February exceeded 95.940 million barrels, with revenues suprasing USD5.762 billion, the oil ministry announced in a final statistic on Tuesday.

Ministry spokesman Assem Jihad said in a statement that, based on a fina statistic released by the state oil marketing firm, SOMO, crude oil exports stood at 95.940.404 barrels.

Jihad said revenues from those exports stood at USD5.762.174.000.

Again, the ministry has not recorded any exports from Kirkuk.Rate per barrel stood at USD60.060, and exports were handled by 37 world companies from Basra terminals.

Activity remains halted at oil fields at the northern province of Kirkuk since Iraqi forces took over the province’s facilities from Kurdish forces responding to a September referendum held by Kurdistan Region in which a majority voted for independence from Iraq.

Iraq is the second biggest producer of oil among the world’s oil exporters body, OPEC, coming after Saudi Arabia.

The post Iraq: oil exports for February exceed 95.940 mn barrels in final count appeared first on Iraq news, the latest Iraq news by Iraqi News.


Source: Iraq Business News

Tagged with: