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Iraqi News Tuesday AM 2-9-21

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Deputy Speaker Of Parliament Chairs A Meeting Of The Finance Committee

09/02/2021  Deputy Speaker of Parliament Dr. Bashir Haddad chaired a meeting of the Finance Committee, in the presence of the Committee Chairman, Dr. Haitham Al-Jabouri, ladies and gentlemen, on Tuesday 9/2/2021, to discuss the draft federal budget bill for 2021.

The Vice President of the Council appreciated the efforts made by the Finance Committee during its discussions of the draft budget and re-writing it in a strategic, reform-oriented manner that was able to raise investment allocations to achieve economic development.

The meeting discussed the issue of the Kurdistan region’s share within the budget, the results of the committee’s meetings with the region’s government delegation, and the data provided by them, as Dr. Al-Jubouri said that the Financial Committee brought together the two federal and regional offices of financial oversight and signed a memorandum of understanding for cooperation between them in the interest of the Iraqi people and achieving justice for all its segments. Media  Department Parliament,  9 Feb 2021  LINK

Movement To Develop The Iraq Stock Exchange

Tuesday 09 February 2021  88  Baghdad: Hussein Thahab Empowering the Iraqi market for securities represents the goal of the next stage of the Securities Commission, as the volume of shares circulation is a mirror reflecting the economic activity in the country, and the Commission’s efforts are looking to reach a trading volume of 3 – 5 million dollars per day to be a semi-emerging trading market.

The head of the Securities Commission, Faisal Al-Haimas, said to {Al-Sabah} «There is an active movement to develop the Iraqi market for securities in line with the economic potential of Iraq».

Poor circulation

He added, “The reality of stock trading in the market is below the level of ambition, which makes it imperative for us to work on studying the causes of poor trading and moving towards addressing them.”

He pointed out that «Iraq has an economy not to be underestimated at the level of the region and the world and has the second oil reserves, and this large wealth in this sector, along with wealth in other sectors, could be more effective and this is positively reflected on the performance of the Iraqi stock market.

Re-circulate

He revealed that «the commission examined the causes of poor circulation and found that a number of companies were suspended due to their failure to make disclosure, and this prompted us to issue decisions based on the reality of the situation that Iraq and the world went through due to the Corona pandemic, which was considered a force majeure, and we were able to re-circulate a number of companies And work continues to look at the reasons for the suspension and address that and return a number of companies to circulation ».

He pointed out that «this measure helped to move inactive funds by re-trading the shares of the suspended companies after raising the reasons and this returned the movement to the reality of stocks».

Maximize circulation

Al-Haims also confirmed, “There are plans to maximize trading and its value, by introducing a daily trading volume of 3 to 5 million dollars, and from here we have a semi-emerging trading market that contributes to attracting foreign investments.” Pointing out that «this trend represents one of the most important goals that the Commission is working to achieve during the coming period».

He cautioned that «raising the level of foreign investments in the Iraqi market for securities requires the presence of attracting elements that contribute to this and the most important element of achieving profits by joint-stock companies and taking advantage of price variables in daily trading».

He explained that «the legal environment for the functioning of the market is appropriate and appropriate to work, especially since the market is not modern and has been operating for a long time, and the country has wealth that makes us have a large stock market».   LINK

Dinars And Dollars ..! 

Abdul Zahra Muhammad Al-Hindawi18 2021-02-09  The US dollar is not the old one among the world’s widely circulated currencies, and it is not the highest purchasing value, in order to dominate the global scene, without dispute. That this date should be a national day for Iraq, in light of the lack of agreement on determining a national day). I even say, our dinar, one day, was equivalent to more than three dollars, when we were dealing with small parts of the dinar, but with a significant purchasing value.

Slowly, the dollar began to creep strongly, imposing absolute hegemony on world markets, until the sensitive barometer became to measure the indicators of those markets, and all attempts by the opposing global axes did not succeed in stopping its advance.

The situation in Iraq seems more clear about the dominance of the US dollar, for the whole scene, to the point where we now count everything with its value, but at prices that are almost constant, did not exceed a certain ceiling, and this ceiling is considered low, so the Iraqi markets were witnessing the exit of not a few quantities of The dollar abroad, due to import, whose value has exceeded the barrier of (50) billion dollars annually, in some years, and a figure like this could happen a real explosive development, if we add it to several years, and perhaps this is the reason behind the commodity dumping process that our markets have witnessed.

Over the past years, which caused an economic vulnerability, which led to the inability of the local product to compete, so it was completely absent from the forefront.

Here, there is a question that jumps to mind, whether the last action taken by the government, which is to raise the exchange rate ceiling by about (25) points, will contribute to reducing the volume of imports, and this, in turn, also reduces the amount of money going abroad, and thus It gives the national industry a chance to breathe a little, hoping that life will gradually return to it?

I say, yes, it is certain, that something like this will be achieved, but with its conditions and conditions, without neglecting the negative repercussions that will affect the vulnerable segments of society.

Especially with the case of the expected price increase, after the budget was approved, it is true that prices rose after the decision to raise the value of the exchange, but their increase was much less than expected.

This increase is due to the presence of stocks of imports, as well as the presence of local agricultural products that cover the needs of the market, with the availability of large quantities of dollars saved in money houses,Housing, so the market trading prices were lower than the official selling price of the dollar, but in the event that the budget is approved, by adopting the same price, the situation will be different, and this would restore movement to the markets and commercial centers, and I expect that the industrial and agricultural private sector will recover slightly Because the imported product will witness a rise in its prices at high rates. http://burathanews.com/arabic/economic/386092

6 Years Imprisonment And A Fine Against The Director Of The Agricultural Bank And Four Other Employees

Pratha News Agency64 2021-02-09  A source from the Anti-Corruption Committee said, on Tuesday, that a six-year imprisonment order had been issued against the director of the Agricultural Bank, Adel Attia Khudair and four other employees.

The source said, “The judiciary has sentenced the convicts, director of the Agricultural Bank, Adel Attia Khudair and four other employees, to 6 years imprisonment and a fine of 10 million dinars.”

He explained that “the ruling was issued in accordance with the provisions of Resolution 160, based on the investigations of the Anti-Corruption Commission (29).”       http://burathanews.com/arabic/news/386085

The Results Of The Foreign Currency Sale Window For Tuesday 9/2/2021, And Executed Today

February 09, 2021   Advertisement No. (4354)  Sale date – Tuesday 2/9/2021, and executed today  the details Amount  Total sale for the purposes of enhancing funds abroad (transfers, credits)  22,153,606

Total cash sale  0   Total sales  22,153,606

Note that:  The sale price of the sums transferred to bank accounts abroad is ( 1460 ) dinars per dollar. The cash sale price is ( 1460 ) dinars per dollar.  » The Central Bank of Iraq’s foreign currency sales schedule, Tuesday, 2/9/2021, and executed today   https://cbi.iq/currency_auction

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