Iraqi News Highlights Monday Afternoon 6-12-23
Tlm724 Administrator Bondlady’s Corner
Sudanese Advisor: The Tripartite Budget Will Contribute To Achieving Economic Stability
Money and business Economy News – Baghdad The political advisor to the Prime Minister, Fadi Al-Shammari, confirmed, on Monday, that the tripartite budget will contribute to achieving economic stability. Al-Shammari said in a tweet, “Finally, the budget was approved successfully after extensive efforts and arduous negotiations, despite the proven observations.”
He added, “The tripartite budget will inevitably contribute to achieving economic stability and promoting development.”
He continued, “We look forward to investing this event in transforming the country into a large workshop,” stressing: “The time has come to work together to achieve our country’s vision and achieve sustainable development and reconstruction.”
Views 9 06/12/2023 https://economy-news.net/content.php?id=34702
The Rise In The Exchange Rate Of The Dollar On The Local Stock Exchange
Monday 12, June 2023 10:22 | Economical Number of readings: 433 Baghdad / NINA / – The exchange rate of the dollar rose against the Iraqi dinar on the local stock exchange, today, Monday morning.
The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded an exchange rate of 146,600 dinars for every 100 dollars,
while on Sunday morning they recorded 145,900 dinars. The buying and selling prices also increased in exchange shops in the local markets in Baghdad, where the selling price reached 147,500 dinars, while the purchase price reached 145,500 dinars. https://ninanews.com/Website/News/Details?key=1059175
Oil Prices Fell Globally Before The US Federal Reserve Meeting
Economy | 08:21 – 12/06/2023 Baghdad – Mawazine News Oil prices fell on Monday, ahead of the Federal Reserve meeting as investors try to gauge the central bank’s willingness to raise interest rates, while concerns about the growth of fuel demand in China and the increase in the supply of Russian crude affected the market.
Brent crude futures fell 81 cents, or 1.04 percent, to $73.97 a barrel by 04:38 GMT.
US West Texas Intermediate crude was at $69.40 a barrel, down 77 cents, or 1.10%.
Both benchmarks posted a second consecutive weekly decline last week as disappointing Chinese economic data raised concerns about demand growth in the world’s largest crude importer, offsetting higher prices from Saudi Arabia, which cut an extra 1 million bpd of production in July.
Most market participants expect the US central bank to leave interest rates unchanged when it concludes its two-day monetary policy meeting on Wednesday. Interest rate hikes by the Federal Reserve have boosted the dollar, making dollar-denominated commodities more expensive for holders of other currencies and weighing on prices.
Russian oil exports to China and India have also grown despite the implementation of the EU embargo and the G7 price cap mechanism that began in early December. Ended 29/h
Italian President: There Is An Intention To Diversify And Expand Economic Cooperation With Iraq
Political | 01:16 – 12/06/2023 Baghdad – Mawazine News, President Abdul Latif Rashid stressed, on Monday, the need to develop joint work with Italy, while Italian President Sergio Mattarella indicated that there is an intention to diversify and expand economic cooperation with Iraq.
The President of the Republic said during a press conference held with his Italian counterpart, Sergio Mattarella, that “my visit to the Italian Republic is the first, and I started with a meeting with President Sergio Mattarella, and it comes within the framework of continuing joint work between the two countries to strengthen the existing relations between them and to develop prospects for joint work in various political and economic fields.” and cultural.”
He explained, “The meeting confirmed mutual keenness to move forward in constructive cooperation,” praising “Italy’s role in assisting Iraq during its war against terrorism.”
He continued, “This cooperation constitutes a basis for us to enhance cooperation in construction and progress,” pointing out, “There are many tasks for construction, reconstruction and development awaiting us in Iraq, and this is what makes our country a vital field for investment and the need for pioneering expertise in this field and in the development of services.” that our people need in various fields.
He stressed that “opportunities are available for Italian companies to work in the cities of Iraq and benefit from their capabilities and expertise,” noting that “the stability of the security and political situation in Iraq helps a lot in stimulating work, investment and construction, especially that the Iraqi government is working towards large plans for development and upgrading electricity, water and housing services.” And in the field of infrastructure necessary for the various fields that have been affected by wars, violence and terrorism.
He explained, “The dialogue with President Sergio Mattarella focused on the need to develop joint work between Iraq and Italy in a way that serves the common interests of the two countries and peoples,” stressing his keenness “that this visit be an important link in strengthening relations and developing joint work.”
And he added, “We sensed the same concern from Italy, and this will make it easier for the Iraqi-Italian joint work team to enhance understanding in outstanding areas and develop joint work,” expressing optimism about “the future of relations between the two countries.”
For his part, the Italian president said during the conference that “there is an intention to diversify and expand economic cooperation with Iraq and the desire to strengthen cooperation with it.”
He pointed out, “Iraq is the center of stability in the region.” https://www.mawazin.net/Details.aspx?jimare=229064
A New Decrease In The Central Bank’s Sales Of Foreign Currency
Monday 12, June 2023 11:31 | Economical Number of readings: 268 Baghdad / NINA / – Today, Monday, the Central Bank of Iraq’s sales of foreign currency witnessed a significant decrease, as it recorded 201 million dollars.
According to the schedule of the currency sale window, “the central sold during its auction today 201,771,388 dollars, which the bank covered at an exchange rate of 1305 dinars per dollar for documentary credits and international settlements of electronic cards, and at a price of 1310 dinars per dollar for foreign transfers, and at a price of 1310 dinars per dollar in cash.”
The bank indicated that “most of the sales are from the dollar to enhance balances abroad in the form of (transfers, credits) at 184,291,388 dollars, while the rest of 17,480,000 dollars went in the form of cash sales.”/ End 8 https://ninanews.com/Website/News/Details?key=1059189
The Iraqi Trade Bank And Jpmorgan Are Discussing The Development Of Banking Operations
Economy News – Baghdad Today, Sunday, the Iraqi Trade Bank and JPMorgan Bank discussed developing the banking operations mechanism.
The bank’s media expert, Aqil Al-Shuwaili, said in a statement, “The President of the Trade Bank of Iraq and Chairman of the Board of Directors, Bilal Sabah Al-Hamdani, met with the Vice President of JP Morgan Bank (JP Morgan) Daniel Zeliko, his accompanying delegation, and a number of the bank’s advanced team.”
He added, “The two parties deliberated about the long practical relationship that binds the two banks and ways to develop the mechanism of banking operations in general, which is implemented by the Iraqi Trade Bank through JPMorgan Bank.”
And he continued, “Our bank seeks to provide all facilities for foreign trade financing operations, in addition to supporting and developing industrial and service projects and providing banking services to government institutions and private sector companies in support of the directives of Prime Minister Muhammad Shia’a Al-Sudani to advance the country’s economy, and to ensure that the best services are provided to the Iraqi citizen according to the best.” Available methods and means within international standards, which will reflect positively on the Iraqi economy.
Views 238 06/11/2023 – https://economy-news.net/content.php?id=34686
Chairman Of The Securities Commission, Faisal Al-Haimus: Forex And Trading In Oil, Commodities And International Companies Are Prohibited In Iraq
Faisal Al-Haimus. “Economy News” Economy News – Baghdad The Chairman of the Securities Commission, Faisal Al-Haimus, revealed that the next two months will witness the arrival of the Securities Law to the House of Representatives, while he indicated that there are procedures to activate the Iraqi stock market during the next stage, and added that the Commission is fully prepared to privatize publicly owned companies after creating the environment. investment for that.
Al-Haimus renewed his warning to citizens against dealing with companies and entities inside Iraq that claim to deal with international stock exchanges because they do not have licenses. The following is the text of the interview:
* Where did you get in the securities law?
_ Last week we held a meeting with the Iraqi Stock Exchange, and all the differences were resolved. There are simple things, part of which are regulatory regarding the work of the market itself, as well as about the things that we can support with it as a body, and we were able to reach a solution to all the differences.
We have agreed to draft a new framework with the proposed solutions during the coming days, to submit the law to the General Secretariat of the Council of Ministers, which in turn will submit it to the State Council, and during the next two months the law will be ready to be sent to the House of Representatives, and the law will give the authority the legal support and tools to carry out its work properly. And its approval will lead to a qualitative leap in the work of the Iraq Stock Exchange.
* How do you see the financial reality of Iraq?
_ The volume of trading is weak, as the number of companies actually traded does not exceed 5-10 companies, while there are around 40-45 companies, part of which did not trade because there are no shares because they are all owned by large investors, and therefore there will not be a sufficient number of shares for trading, and it will be amended During the coming period of this year so that the market is active.
* What are the latest developments in “Al-Hafiz Al-Amin”?
_ As you know, (the trustworthy custodian) is a system and a mechanism, as well as a bank that guarantees the rights of investors, as the Authority previously licensed 4 banks, which is a sufficient number, and the banks, in turn, completed the infrastructure in addition to the training and experimentation operations, and I believe that during the next month the actual operations will begin.
The presence of these banks is sufficient and they usually have very simple tasks such as voting in public bodies, receiving profits and submitting monthly reports.
What are your procedures for combating money laundering?
_ There is a special division for money laundering present in the commission and linked to its president, and a meeting took place with the Association of Brokers in the market in which it was proposed that every brokerage firm should have a system to prevent money laundering and terrorist financing, and several ideas were circulated in this regard.
* How do you assess the reality of the Iraqi market for securities?
_ The reality of the market is not appropriate, because Iraq is a country rich in material and human resources. The Iraqi market for financial papers cannot have a trading volume of up to 100 thousand dollars per day, especially since the daily trading of the markets of neighboring countries is hundreds of millions of dollars, and some of them reach amazing numbers. Our reality is not appropriate and we need to That there is a boom in the market, and such a thing can be achieved during this stage.
* Is there a possibility to open markets for commodities inside Iraq?
_ The intention is there, but it is better today to reform the Iraqi market for securities before opening any new market.
* Is the Securities Commission ready for the privatization of public companies?
_ The Commission is fully prepared for that, especially in light of the new law, but the appropriate investment environment must be created for the privatization process.
The Ministry of Oil, Finance, or Banks, which brings great benefit, especially since the Prime Minister’s direction is to transform the economy from dependent on the government to dependent on the private sector, and accordingly, these operations must be started, especially since there are similar experiences that were carried out in the eighties of the last century and proved successful and transformed economies that were It relied on the public sector to the private sector, which raised many burdens, especially with regard to the issue of employment from governments to the private sector, and created a real private sector.
* How much is the government willing to offer in terms of bonds, and are the markets ready for that?
_ The markets are always ready, because if there is a benefit that you get from this thing, you can go to it, and if you offer bonds today with a high interest value, you will certainly find a buyer, whether inside or outside, especially since the budget suffers from a deficit that can be financed through existing banks or investors It can be put on the global markets, and in light of the high oil price, there is certainly a desire to buy bonds.
* You are a member of the Economic Council, what are the most prominent discussions of this Council?
_ There are steps to support the government’s directions, advance its vision for investment and revitalize ineffective government sectors, and we are trying as much as we can to push the wheel forward.
Will the government contribute to supporting the local product?
_ The consensus that resulted in the current government being formed has brought some flexibility in the work of some joints of the state, and we hope well that the government can largely control the border crossings, and this is proposed if the budget is approved, and I expect that these agreements and the good relationship between the central government and the region will bear fruit that there will be understandings to work Common and public benefit for both sides.
* Are there verification processes for behaviors and practices suspected of violating the market system?
_ Certainly there is a department for monitoring market operations that inspects daily and has its own tools for auditing transactions that result in the market, and in anything outside the scope of the Securities Commission’s instructions, the department requests more information from the market, which in turn provides them with it, then in the event of seeing any violation, the commission takes legal procedures appropriate for that.
Q: There are companies in Iraq that deal with the global stock exchange, why are they not granted licenses to do so?
_ Such a dangerous matter, and we have already paid attention to it in the past stage, and we warned citizens against dealing with global stock exchanges through unlicensed companies, and today we repeat this warning, and previously a committee was formed from the Authority and representatives of the Ministry of Interior, the Central Bank, the General Secretariat of the Council of Ministers and the National Security Agency, and we met for more 15 times, and issued a group of proposals to license these companies in exchange for conditions, the most prominent of which is a letter of guarantee to return some or part of their money in case of breach of it,
in addition to instructions for the investor to know his rights, and the recommendations were submitted to the General Secretariat of the Council of Ministers, but the government change prevented their implementation, and we will try these This time,
we will return the issue to the General Secretariat, and at the same time we see that the National Security and the Ministry of Interior are intensifying their campaigns against these companies, and a solution must be found either by licensing these companies or the issue ends completely, because practicing these activities without a license is a crime, and we do not know when this is taken.
What does the company do with the money and is it committed?Money laundering and terrorist financing system or not. Views 208 06/12/2023 – https://economy-news.net/content.php?id=34697
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