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Iraqi Government Intensifies Efforts to Reform Banking Sector, Address Exchange Rates

Iraqi Prime Minister Mohammed Shiaa Al-Sudani directs the directors of government banks to submit a plan within one month to enhance their operations (Iraqi National News Agency)
Iraqi Prime Minister Mohammed Shiaa Al-Sudani directs the directors of government banks to submit a plan within one month to enhance their operations (Iraqi National News Agency)
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Iraqi Government Intensifies Efforts to Reform Banking Sector, Address Exchange Rates

Iraqi Prime Minister Mohammed Shiaa Al-Sudani directs the directors of government banks to submit a plan within one month to enhance their operations (Iraqi National News Agency)
Iraqi Prime Minister Mohammed Shiaa Al-Sudani directs the directors of government banks to submit a plan within one month to enhance their operations (Iraqi National News Agency)

Iraqi Prime Minister Mohammed Shia al-Sudani has instructed the directors of government banks to present a development plan within one month.

In light of this news, government sources revealed a set of measures taken by the Iraqi government to address disruptions and the continuous decline in the exchange rates of the Iraqi dinar against foreign currencies, especially the US dollar.

Al-Sudani chaired on Tuesday a meeting, which brought together the Minister of Finance, the Central Bank Governor, and directors of government banks, to discuss the mechanisms and measures implemented in the administrative and banking reforms initiated by the government.

These reforms are among the top priorities of the comprehensive economic reform in the country, according to a statement from al-Sudani’s media office.

The statement revealed that the development plan ordered by al-Sudani should include optimal use of financial, human, and technological resources.

It also marks a significant shift from paper-based to electronic work, and from manual to online transactions for all banking activities.

The plan also involves developing work mechanisms, including control and regulatory tools.

Al-Sudani confirmed that the bank directors would be evaluated based on their application of the plan and the level of achievement.

This performance-based assessment will ensure that those at the helm of the banking sector are held accountable for its advancement.

The meeting, as per the statement, also discussed the implementation of the comprehensive banking system through the use of advanced e-programs and modern technology in all banking transactions.

The premier directed the banking administrations to draw upon international expertise by contracting specialized consultants in banking and financial work.

This move, which includes the development plan presented by Ernst & Young for the restructuring of Rafidain Bank, indicates a commitment to adopting global best practices and standards in the banking sector in an effort to scale up growth and development.

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Russia’s First Ice-Class LNG Carrier Enters Sea Trials, Data Shows

A concrete gravity-based structure (GBS) of Arctic LNG 2 joint venture is seen under construction in a dry dock of the LNG Construction center near the settlement of Belokamenka, Murmansk region, Russia July 26, 2022. (Reuters)
A concrete gravity-based structure (GBS) of Arctic LNG 2 joint venture is seen under construction in a dry dock of the LNG Construction center near the settlement of Belokamenka, Murmansk region, Russia July 26, 2022. (Reuters)
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Russia’s First Ice-Class LNG Carrier Enters Sea Trials, Data Shows

A concrete gravity-based structure (GBS) of Arctic LNG 2 joint venture is seen under construction in a dry dock of the LNG Construction center near the settlement of Belokamenka, Murmansk region, Russia July 26, 2022. (Reuters)
A concrete gravity-based structure (GBS) of Arctic LNG 2 joint venture is seen under construction in a dry dock of the LNG Construction center near the settlement of Belokamenka, Murmansk region, Russia July 26, 2022. (Reuters)

The first Russian-built ice-class liquefied natural gas (LNG) carrier has entered sea trials, LSEG data showed on Friday, as part of Russia's efforts to raise global LNG market share despite US sanctions.

The tanker, named Alexey Kosygin after a Soviet statesman, was built at the Zvezda shipyard and is due to join the fleet of vessels for Russia's new Arctic LNG 2 plant, which has been delayed because of the US sanctions over the conflict in Ukraine.

The US Treasury has also placed sanctions on the new vessel, which Russia's leading tanker group Sovcomflot ordered to be built at Zvezda, Russia's most advanced shipbuilding yard. LSEG ship-tracking data shows it is anchored near the Pacific port of Vladivostok.

Sovcomflot has not replied to a request for comment.

Novatek, which owns 60% of Arctic LNG 2, has said 15 Arc7 ice-class tankers that are able to cut through two meter (6.5 ft) thick ice to transport LNG from Arctic projects, will be built at Zvezda shipyard.

According to a source familiar with the matter, Novatek shut down commercial operations at the first and only operational train of its Arctic LNG 2 project in October with no plans to restart it during winter.

Ice-class tankers usually have double hulls - strengthened structures to withstand the pressure of ice - and reinforced propellers.

So far, only three suitable gas tankers have been built for Arctic LNG 2, according to public information: the Alexey Kosygin, Pyotr Stolypin and Sergei Witte vessels.

Six more Arc7 tankers were due to be built by Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering, including three for Sovcomflot and three for Japan's Mitsui O.S.K. Lines.

However, the three tankers ordered by Sovcomflot were cancelled due to the sanctions against Russia, Hanwha said last year in regulatory filings.