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The Iraq Stock Exchange Will Close Its Doors In The Middle Of Next Week

Market  Economy News _ Baghdad  The Iraq Stock Exchange announced that it will close its trading next Monday as a result of the ban and Eid al-Fitr.

The market said in a statement received by “Al-Eqtisad News”, that “based on the Cabinet’s decision and the decisions of the Supreme Health and Safety Committee due to the existence of a curfew from May 12 to May 22, it will be the last trading session in securities before Eid Al-Fitr and from next Monday in order to end From settlements and clearing between brokerage firms and investors. ”

He added that “the first trading session in the securities will be after Eid Al-Fitr and the curfew, and as of Sunday, May 23.”

It is noteworthy that the Iraq Stock Exchange organizes five trading sessions per week from Sunday to Thursday, and 103 Iraqi joint stock companies are listed in it, representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism and hotels.

Number of observations 104 Date added 05/08/2021

Minister Of Finance: We Are Heading Towards Establishing An Integrated Digital Bank

Saturday May 08, 2021  Baghdad: Hussein Thahab The Iraqi Digital Transformation Summit focused on moving towards electronic transactions and automation and the role of governance in sustainable development that the country seeks, as the summit and local and international institutions participating in it focused on the imperative of cooperation between the central government and the banking sector, in order to move towards a new, more sophisticated phase in dealing. And the delivery of benefit to all segments of society.

The conference, organized by Frontier Exchange, with wide global and local participation, shed light on the available opportunities and challenges, in order to advance the reality of digitization and electronic transactions in Iraq.

Minister of Finance Ali Allawi stated that «the transition of Iraq to the digital age is one of the most important priorities of the government», pointing out that «the transfer of the national economy to the digital age requires skills and a great effort on the part of the government and the private sector, in order to achieve this qualitative leap, which is based on strengthening Digital infrastructure, and this requires investments in the telecommunications sector and digital work, to lift the Iraqi economy from focusing on narrow sectors to a wider stage.

Allawi revealed that «the Ministry of Finance directed to convert a small government bank into a fully digital bank, in addition to adopting important projects in government banks to start diversifying digital capabilities. As for a member of the British House of Lords, Baroness Emma Nicholson, she described this summit as a mission at a time when the world is heading to expand in the field of digital economy, which is an important transition in the management of global economies, stressing “the necessity of benefiting from this experience.”

Product development

For his part, Central Bank Governor Mustafa Ghaleb said: “The development of modern financial channels and means of communication via the Internet contributed to the development of the products provided by the financial and banking sector and their ease of access to individual and institutional beneficiaries.”

Ghalib pointed out that “owning a digital financial system is a fundamental pillar in building an advanced financial sector that supports sustainable development trends,” indicating that “Iraq has the necessary infrastructure to develop digital services by launching initiatives that encourage the banking system to deploy ATM machines and use applications.

Digital, as well as implementing projects that contribute to the application of electronic governance. He pointed out, “Signing a memorandum of understanding with Master Card to implement the project to digitize education in Iraq, and that it is in the stage of orientation towards developing these services in cooperation with international organizations.”

Chairman of the Board of Directors of the Development Bank, Dr. Ziad Khalaf said: “Humanity is now living in the fourth industrial revolution, which is the digital revolution, which is an objective maturity and an extension of the third industrial revolution, which is the informatics revolution that we have witnessed at the end of the last century

He continued, “Iraq adopted the” DOM 2025 “vision in 2018, and developed a strategy related to it to build the information and communication technology sector, which includes a number of basic goals and objectives consistent with the goals of the World Summit on the Information Society, aiming to open investment horizons, the most prominent of which is investment in the communications and information technology sector.

He added that «the central bank launched the« digital enrollment service », which is the first of its kind in Iraq, which is an integrated digital financial system that enhances financial independence and freedom from traditional financial systems, as it works to transform Iraq into a country less dependent on cash, which enables the state to bypass bureaucracy. In financial dealings within banks operating in Iraq ».

In turn, the representative of the company organizing the conference, Ahmad Al-Jader, explained that “Iraq’s need for such international conferences is a necessity in light of the widespread demand to adopt advanced technologies that contribute to shortening time and effort in order to reach the stages of sustainable development,” indicating that “the shift towards transactions Digital and governance are greatly undermining corruption.   LINK

Parliamentary Energy: The Accumulated Sums Of Petrodollars Are Estimated At 25 Billion Dollars And The Allocation Of One Trillion For Its Fund

Political| 02:59 – 05/08/2021   BAGHDAD – Mawazine News  The Parliamentary Oil and Energy Committee revealed, on Saturday, the allocation of one trillion dinars to the petrodollar fund for oil-producing provinces, while confirming that the accumulated amounts of petrodollars for previous years are estimated at 25 billion dollars.

A member of the committee, MP Sadiq Al-Sulaiti, said, according to the official agency, that “the petrodollar is an entitlement for the oil-producing provinces, refining crude and gas-producing, indicating that the project allocates 5% of the oil revenues to improve the infrastructure of those provinces.”

The previous years, despite its confirmation in the budgets, due to the failure to allocate funds by the ministries of planning and finance, under the pretext of a financial deficit or lack of adequate liquidity, “stressing that” there were accumulations of petrodollar sums during previous years, estimated at about $ 25 billion. ”

He pointed out that “his committee sought during the current year to amend and include the paragraph on petrodollar allocations in the budget, by establishing a fund after approving the budget.”

He explained that “a trillion dinars have been allocated for the amounts of petrodollars,” noting that “in the event that the Ministry of Finance does not open accounts for the fund and feed it with revenues, the ministry will be subjected to legal accountability, whether by the governorates or members of the House of Representatives, for not applying the most important provisions of the budget.” Ended 29 / A 43

Economic Specialist: Focusing On The Growth Of Foreign Financial Reserves And Neglecting Other Economic Indicators Will Contribute To The Economic Backwardness Of The Country

Saturday 08, May 2021 10:56 | Economical Views: 332   Baghdad / NINA / The specialist in economic affairs, Hussein Shaker Tahilo, confirmed that the government’s focus on the growth of foreign financial reserves and neglect of other real economic indicators (GDP, public debt, interest, employment and unemployment, poverty rate, and net foreign trade) will contribute to the economic backwardness of the country.

In a statement to the Iraqi National News Agency ( NINA ) , Tuhilo said, “The Iraqi government had previously confirmed the policy of changing the exchange rate through the white paper and the budget, that it is a growth in the reserves in the central bank through a decrease in the demand for dollars in the currency auction and control of money laundering operations … Etc. Economically, focusing on reserve growth and neglecting other real economic indicators is an economic backwardness. ”

He added that “after the 2021 budget was approved, dollar sales in the currency auction witnessed a rise during the past two weeks, 1.016 billion dollars and 973.215 million dollars, respectively, which categorically confirmed that the exchange rate would remain 1450 dinars against the dollar, which led to a strong demand from traders for The dollar is not only to meet the needs of the local market,

but also to compensate for the shortage in merchants ’stocks of various commodities, and this demand will continue and may lead to a further increase in the central bank’s sales of the dollar, thus a decline and decrease in the cash reserve, and the main affected by the policy of changing the exchange rate of the dollar remains The Iraqi citizen, as it greatly affected his purchasing power. ”/

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