Iraq Economic News and Points To Ponder Monday Afternoon 7-1-24
Experts Say It Is Likely That The Cash Mass Will Be Directed To Investing In Stocks
Economical 07/01/2024 Baghdad: Hussein Thaghab Experts expected a positive movement in the trading of the Iraqi Stock Exchange for various companies, based on a number of facts that the country is witnessing, foremost of which is the difficulty of money leaving Iraq, as it is looking for new investment outlets, and stock trading is one of the most important of these outlets in front of the monetary mass.
The economic expert, Dr. Saif Al-Halafi:
There are real reasons behind the high volume of trading in the Iraqi stock market, the most important of which is the rapid and uncontrolled growth, especially the less expensive real estate financing and purchase sector in Iraq.
He added that the huge inflation in the rise in house prices inside Iraq, which may continue with turbulent growth for a period of no less than three years, which will witness crazy increases in their prices in a way that leads to the employment of large capital, whose owners were unable to export it outside Iraq and direct it to their foreign investments due to... The strictness of the US Federal Reserve’s procedures and the strict control by the US Treasury on all foreign transfers.
He pointed out that we notice that the increasing demand for real estate sometimes heads to major cities such as Baghdad, Erbil, Sulaymaniyah, Najaf, Basra, and Karbala, where political and security stability has improved and the abundance of the business world in the private sector has had an insane impact on the increase in demand for real estate and in proportions that vary from time to time depending on the strength of this. The governorates and the strength of the center of the capital, Baghdad.
Al-Halafi continued that in the next stage, the demand trend will witness a sharp shift with the addition of governorates and cities that fall within the Al-Faw-Umm Qasr axis and the development road, passing through the cities of Muthanna and Nasiriyah and joining Baghdad and Mosul, due to the concentration of the future business world environment in the Al-Faw Basin and the development road, and this is what the power of capital transfer has led to. Large and medium.
He pointed out that there is a noticeable increase in the concentration of this money in Basra and Baghdad, which has increased pressure on the real estate market, especially Iraq’s urgent annual need for more than 250,000 housing units annually.
He stated that Iraq's problem lies in its being a flexible and effective economy, as we see the presence of clarity in monetary policy and its tools represented by the policies of the Central Bank,
but on the contrary we see an almost complete absence in Iraq's financial policy and its executive tools represented by the government's ability to impose taxes at multiple and specific levels on... Those with high monthly financial incomes and those with large projects in Iraq,
in addition to the policy of imposing fees and customs tariffs on all goods and commodities entering Iraq, along with the policy of reducing government spending by supporting and encouraging the private sector and facilitating its mission in creating jobs for young people and the unemployed.
He said: Here we question and explain the urgent desires of the Central Bank to raise the ceilings of capital ratios for banks operating in Iraq to 400 billion dinars, and
it may be followed by the urgent and increasing acceleration in raising the ratios of monetary and credit reserves.
These tools have made clear the Central Bank’s desire to cool the accelerating hot economy in the housing and construction sector.
But in all of this market turmoil, the high levels of cash liquidity with inflation rates and the inability of Iraqi funds to migrate abroad will help the strong demand in the direction of the Iraqi stock market,
which will be a likely and safe destination for those funds in order to maintain their monetary strength without being influenced by factors. Inflation has the ability to reduce its value.
As for the member of the Baghdad Economic Forum, Jassem Al-Aradi, he confirmed that the size of the monetary mass that was directed outside the country has now changed its course to the internal local market, where it targeted real estate and lands, and from there headed to the stock trading market, albeit in a relative manner, but the data indicate that trading in the stock market It will be her next destination.
He pointed out that many capitalists have come to realize that purchasing shares makes them owners of a percentage of the company's assets, and these matters have encouraged many to buy shares in different joint-stock companies, pointing out the importance of promoting the culture of investing in shares.
He stated that increasing the volume of stock trading reflects the effectiveness of the national economy, anticipating that the coming period will witness a gradual growth in stock trading in terms of number and value. https://alsabaah.iq/98769-.html
Selling Cash Dollars To Travelers
July 01, 2024 Selling cash dollars to travelers :diamonds: Later, in our letters numbered 4604/8/9 on 4/17/2024, 5061/8/9 on 4/25/2024, and 270/1/9 on 6/2/2024, in order to ensure that travelers receive cash dollars and spare exchange companies from passing transactions Unsound, the following is decided..For more, click here: https://cbi.iq/static/uploads/up/file-171982354878802.pdf
https://cbi.iq/news/view/2609
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[incomplete and approximate translation of https://cbi.iq/static/uploads/up/file-171982354878802.pdf]
Rafidain Bank
Al Rasheed Bank
Trade Bank of Iraq
Exchange companies currently operating in airports
All exchange companies, category (8,15).
M/ Selling cash dollars to travelers
Later in our books numbered 5705/8/4 at 1/75/415 and 50517/8/4 at 74/4/7517 and 0 1/8/1770 at
77 In order to ensure that travelers can obtain cash dollars and spare exchange companies from passing illegal transactions
Salima decides the following:
1. Determine 41/75/1710 as the final date for starting the mechanism mentioned in our books above.
2. The aforementioned banks and exchange companies operating at the airport are entitled to a lump sum commission of (151,000) dinars From the customer for each transaction, the exchange companies outside the airport collect it for the benefit of companies and banks operating at the airport according to a mechanism determined between the two parties (banks, companies operating at the airport, and exchange companies). outside the airport).
3. The above-mentioned banks have the right to charge the exchange companies no more than? One dinar for every one dollar in amounts The receiving window on behalf of exchange companies.
4. Al-Rashid and Al-Rafidain Banks opened outlets for them at airports (Baghdad, Basra, Najaf) and the establishment of the bank Al-Iraqi Trade opened outlets at airports (Baghdad, Najaf, Basra, Sulaymaniyah, Erbil).
5. Exchange companies must transfer their dealings to one of the above-mentioned banks no later than 2024/7/11.
6. The continuation of the work of the exchange companies currently operating at the airport (Al-Rayyan, Al-Fanjan, Sama Baghdad Al-Qand), in addition to The banks mentioned above, with the possibility of contracting with other exchange companies.
with respect.
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Provoking Thoughts and Points To Ponder On Adversity:
Trouble brings experience, and experience brings wisdom. - Anonymous
A woman has got to love a bad man once or twice in her life to be thankful for a good one. - Marjorie Kinnan Rawlings
Adversity has the effect of eliciting talents, which, in prosperous circumstances, would have lain dormant. - Horace
Adversity is a severe instructor. ... He that wrestles with us strengthens our nerves and sharpens our skill. Our antagonist is our helper. - Edmund Burke
Experience is a good teacher, but she sends in terrific bills. - Minna Antrim
http://famousquotesandauthors.com/topics/adversity_quotes.html