BondLady’s Corner

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More Iraqi News Tuesday PM 3-2-21

TLM724 Administrator BondLady’s Corner

For The Second Day In A Row .. Central Bank Sales Of The Dollar Record A Significant Decline

Economie| 12:08 – 02/03/2021  BAGHDAD – Mawazine News  The Central Bank of Iraq sales of hard currency decreased by 10 percent, to reach $ 125 million.

The Central Bank of Iraq auction for the sale and purchase of foreign currencies today witnessed a decrease in its sales by 10.18 percent, to reach 125 million and 321 thousand and 939 dollars.

The Central Bank covered those sales at a base exchange rate of 1460 dinars per dollar, while 18 banks met requests to enhance assets abroad.

The purchases amounting to 125 million 321 thousand and 939 dollars went to strengthen the funds abroad in the form of transfers and credits, while the banks did not purchase any dollars in cash.

It is noteworthy that the central bank’s sales of hard currency yesterday, Monday, amounted to 139 million 530 thousand and 235 dollars. Ended  https://www.mawazin.net/Details.aspx?jimare=143905

The Market Index Is Declining In The Session On Tuesday

Iraq Stock Exchange  Market  Economy News – Baghdad   The index of the Iraq Stock Exchange, on Tuesday, decreased by 0.17%.  The session witnessed the circulation of 3.2 billion shares worth 1.8 billion dinars.

Al-Khair Financial Investment Company topped the winning companies with a rate of 11.11%, followed by the Metal and Bicycles Company with a rate of 9.93%.

While Khazer Road Construction topped the losing companies by 15.84%, followed by the Credit Bank Company by 10.20%.

In turn, foreign investors sold 26 million shares, worth 44 million dinars, after executing 32 deals on the shares of four companies.   Number of observations 96 Date of addendum 02/03/2021

https://economy-news.net/content.php?id=24297

Al-Kazemi’s Financial Advisor Reveals Proposals To Establish A Sovereign Wealth Fund

Time: 03/2021 07:58:49  Read: 4,420 times   {Baghdad: Al Furat News} The financial advisor to the prime minister, Mazhar Muhammad Salih, revealed positive proposals to establish a sovereign wealth fund in which funds equivalent to the current compensation for the Kuwait war would be deposited in a manner consistent with the white reform paper.

Saleh said in a press interview: “We have positive ideas and proposals to establish an Iraqi sovereign wealth fund, in which amounts equivalent to the compensation of the Kuwait war are deposited after the payment of these compensation in the coming months, and it is managed in the manner of the generational funds,” and he considered it “a sovereign investment resource for Iraq, and in a manner consistent.” With the white paper launched by the government to strengthen and reform the structure of the Iraqi economy.

Saleh explained, “There is nothing left of Kuwait’s war compensation, but an amount perhaps less than $ 2.5 billion out of $ 52 billion until the moment, as 3% of the proceeds of every barrel of Iraqi crude oil exported is still being deducted, through a mechanism and a bank account that the bank takes over.” The Federal Reserve in New York, according to a subsequent Security Council Resolution No. 1483 in May 2003. ”

He pointed out that “deductions are currently paid through the United Nations Compensation Fund {UNCC}, expected to” end the remaining compensation are all within a year or a little more, according to the evolution of oil prices and yields a barrel of Iraqi oil source. ”

The Committee of Nations Compensation The United States was formed in 1991, the same year in which the US-led coalition drove the Iraqi forces out of Kuwait, and the committee was tasked with paying $ 52.4 billion (46.8 billion euros) to Kuwaiti individuals, companies, government agencies and other organizations that suffered losses due to Saddam’s regime’s invasion of Kuwait. The compensation money comes from a tax levied on sales of Iraqi oil and products.  LINK

Slightly Higher Dollar Prices

Time: 03/2021 12:31:52 Read: 3,003 times   {Baghdad: Al Furat News} The exchange rates of the dollar rose today, Tuesday, on the main stock exchange in the capital, Baghdad.

Al-Kifah Central Stock Exchange in Baghdad recorded 145,300 Iraqi dinars against 100 US dollars, and Al-Harithiya Stock Exchange registered 145,350 Iraqi dinars against 100 dollars.

While the Central Kifah Stock Exchange recorded 145200 Iraqi dinars, during its opening on Monday morning.

It is noteworthy that the buying and selling prices increased in the exchange shops in the local markets in Baghdad, where the selling price reached 145,750 Iraqi dinars, while the purchase prices reached 145,000 dinars per 100 US dollars.  LINK

Al-Kazemi: We Succeeded In Stopping The Collapse Of The Country, Economically And Financially

Time: 03/02/2021 15:42:35 Read: 2,145 timesBB{Baghdad: Al Furat News} The Prime Minister, Mustafa Al-Kazemi, called on the ministers not to repeat the mistakes of previous governments in dealing with the strategic files.

Al-Kazemi said during the cabinet session today, Tuesday, “The ministers must not repeat the mistakes of previous governments in dealing with strategic files, and not to deal with bureaucracy with these issues, which leads to disrupting the provision of services and the completion of projects.”

He pointed out that “the country is going through multiple crises and there are attempts to obstruct the work of the government, and we have succeeded in preventing the collapse of the country economically and financially, and we have taken an important reform step represented by the white paper, which contributed to the continued payment of salaries regularly after there were those who were betting on the collapse of the situation,” indicating that “the diagnosis of the challenge Important to overcome obstacles and move forward in the stages of completion. ”

Al-Kazemi added, “There is a glorification of the cash reserves, which increased by four billion dollars after accusations by the current government that it will bankrupt the reserve, as well as the notorious currency auction whose corruption has been reduced and became a thing of the past.”

While directing the ministries of health, finance and planning “to work to end the file of hospitals that have been lagging since 2009 and before them and to work seriously to accomplish them.”

Al-Kazemi stressed the ministers “the need to work day and night to overcome all obstacles and not give in to challenges.

While he also directed that” dealing with the purchase of vaccines with countries and manufacturers directly, and preventing dealing at all with intermediary companies.

“Al-Kazemi stressed that” Iraq has succeeded in returning to its role. ” What is important externally, and there is great confidence in him now for the important roles he played in the field of appeasement and dialogue. LINK

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