KTFA: Samson: An economist explains how to control the currency sale auction
25th September, 2022
The economic expert, Abdul Salam Hassan, explained that the currency sale auction can be controlled through the government’s move towards equalizing the value of the dinar with the dollar or making it close to the dinar, pointing to the difficulty of stopping this auction, especially with the presence of dominant parties on the scene.
Hassan told Al-Maalouma, “The currency auction cannot be stopped, and there is no law preventing its work, as it is supported by the World Bank, despite corruption and the parties’ control over it to achieve personal benefits.”
He added that “most countries work with currency auctions or the so-called economic colonialism, and countries take it for financial investment and a window to extract the currency, but the work of this auction in Iraq cannot be legalized or stopped under the pretext of continuing import, and this matter needs more currency.”
And he indicated that “the increase in the amounts of currency sale came as a result of the increase in the exchange rate of the dollar against the dinar, as it achieves greater benefit through the currency sale auction, and the government can control this matter and reduce the amounts sold in the auction by making the value of the dollar close to the dinar and thus the two values are equal or may the difference is very simple.” LINK
Samson: In a week… the Iraqi Stock Exchange is trading shares with more than 8 billion dinars
25th September, 2022
The Iraq Stock Exchange announced today, Sunday, the trading of shares with a financial value of more than 8 billion dinars during the past week.
The market said in a report seen by Shafak News Agency, “The number of companies whose shares were traded during the past week amounted to 59 joint stock companies, while the shares of 41 companies were not traded due to the lack of convergence of purchase orders prices with sales orders, while 3 companies continued to stop for not providing disclosure out of 103 companies.” listed on the market.
He added that “the number of traded shares amounted to 31 billion and 516 million and 278 thousand shares, an increase of 698% compared to the previous week, with a financial value of 8 billion and 973 million and 812 thousand dinars, an increase of 74% compared to the previous week, through the implementation of 2223 deals.” Noting that “the ISX60 traded price index closed at 594.20 points, recording a decrease of 0.31% compared to its closing in the previous session.”
He pointed out that “the number of shares purchased from non-Iraqi investors for the past week amounted to 69 million shares, with a financial value of 223 million dinars, through the implementation of 44 deals, while the number of shares sold from non-Iraqi investors reached 249 million shares, with a financial value of one billion and 586 million dinars through Execution of 186 transactions.
It is noteworthy that the Iraqi Stock Exchange organizes five trading sessions a week from Sunday to Thursday, and includes 103 Iraqi joint stock companies representing the sectors of banking, telecommunications, industry, agriculture, insurance, financial investment, tourism, hotels and services.
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