Iraq Securities Commission (ISC), Abu Dhabi Securities Exchange (ADX) discuss Strengthening Economic Ties
The Iraq Securities Commission (ISC) held discussions on Monday with the Abu Dhabi Securities Exchange (ADX) to finalize a joint cooperation agreement aimed at exchanging expertise and developing financial market operations.
According to a statement received by the Iraqi News Agency (INA), “The Chairman of the Iraqi Securities Commission, Faisal Al-Haimus, met during an official visit to Abu Dhabi, the CEO of the Abu Dhabi Securities Exchange Group, Abdullah Salem Al-Nuaimi, where they discussed ways to enhance cooperation between the Iraq Stock Exchange and the Abu Dhabi Securities Exchange, and focused on signing a joint cooperation agreement aimed at exchanging experiences and developing work mechanisms in the capital markets.”
He added, “The mechanism of the Iraq Stock Exchange’s entry into the digital exchange platform launched by the Abu Dhabi Securities Exchange in 2022 was discussed, as the exchange platform is the first digital exchange center in the region based on the model of mutual access to markets, which currently includes 8 participating financial markets.”
Al-Haimus emphasized “the importance of this cooperation in enhancing the role of the Iraqi Stock Exchange at the regional level, as well as in developing the investment environment in Iraq.”
For his part, Al Nuaimi expressed ADX’s “readiness to support this initiative,” noting that “cooperation with the Iraqi authority will enhance the exchange of knowledge and expertise between regional financial markets and enhance the role of capital markets in economic growth.”
“We at ADX believe in the power of cooperation between financial markets, and we look forward to achieving joint successes with the Iraqi Securities Commission, contributing to the development of capital markets and promoting investment in the region,” he added.
Al-Haimus participated in the Middle East Investor Relations Association (MEIRA) Annual Conference 2024, held in Abu Dhabi in partnership with the Abu Dhabi Securities Exchange (ADX).
The conference was attended by more than 800 leaders and experts, including representatives of 150 issuers from the GCC and the Middle East, 33 stock exchanges, and more than 150 local and international financial market participants.
The conference also provided an excellent platform for the exchange of insights and ideas among more than 80 experts from around the world, who discussed important issues affecting capital markets, such as the growth of GCC markets, the role of artificial intelligence in investor relations, and the integration of environmental, social and governance standards in Islamic finance.
This joint cooperation between the Iraqi Securities Commission and ADX reflects Iraq’s commitment to developing the investment environment and enhancing the role of capital markets in supporting regional economic growth.
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Collecting more than 5 trillion dinars electronically
Rafidain Bank announced today, Monday, the collection of more than 5 trillion dinars electronically.
A statement by the bank, a copy of which was received by Al-Maalouma Agency, stated that “1,124 departments have activated electronic collection.”
He pointed out that “the amounts that were settled amounted to more than 5 trillion dinars.”
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Banking expert: Private banks do not support the Iraqi economy and depend on the Central Bank
Banking expert Mohammed Salem confirmed on Monday that most private banks are still “living” on the Central Bank of Iraq without engaging in any economic activity.
Salem told Shafaq News Agency, “Most private banks do not practice banking work in terms of credit except in a simple way, and therefore they do not contribute to stimulating the Iraqi economy, as currency exchange is the basis of their banking revenues, so they have come to depend on electronic trading, hard currency and electronic payment, as they obtain dollars from the Central Bank and sell them and obtain net profits without fatigue.”
He added, “Despite their distancing from providing bank loans, private banks were pioneers in electronic trading and in providing services to citizens and employees, whether related to automated teller machines or other electronic services, at a time when government banks were suffering from backwardness in this area.”
He explained that “these services provided by private banks encouraged employees to localize their salaries with them, while government banks, with the exception of the Trade Bank of Iraq, continued to suffer from the problem of the lack of localization of employees’ salaries.”
Salem stressed that “government banks, despite their failure to keep up with international and even private banks, remain faithful in preserving the money of their depositors, no matter how much they are exposed to theft and looting, which is what these banks witnessed in 2003.”
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The Iraqi economy will not be affected by the Syrian situation
Member of the Finance Committee in the Iraqi Parliament, Moeen Al-Kadhimi, confirmed on Monday that the government and the Central Bank have taken several important measures to confront the security and economic challenges in the country, especially in light of the deteriorating situation in Syria.
Al-Kadhimi explained to Shafaq News Agency that the situation in Syria does not affect the Iraqi economy or the dollar exchange rate in the local market.
He added that the dollar exchange rate in the parallel market is currently stable, noting that the government is working to reduce the gap between the parallel exchange rate and the official rate to achieve greater economic stability.
Currency markets, especially in the Kurdistan Region, are witnessing significant changes with the “sudden” rise in the value of the Syrian pound against the Iraqi dinar.
After the fall of Bashar al-Assad’s regime, the Syrian pound continues its recovery against other currencies, especially the US dollar, which declined by 18 to 20% during the past few days.
