Iraqi News Sunday AM 10-17-21
Iraqi News Sunday AM 10-17-21
TLM724 Administrator BondLady’s Corner
A Significant Decline In The Central Bank's Sales Of Hard Currency .. And The Reason?
Economie| 11:56 - 10/17/2021 Baghdad - Mawazine News The Central Bank of Iraq's dollar sales decreased significantly, today, Sunday, to record $52 million, with the entry into force of the bank's new instructions regarding hard currency sales.
Today, the Central Bank's auction for buying and selling foreign currencies witnessed a decrease in its sales by 74.76% to reach 52 million, and 70,000 US dollars covered by the bank at a base exchange rate of 1460 dinars per dollar.
The purchases amounting to 51 million dollars went to strengthening balances abroad in the form of remittances and credits, while the remaining amount of one million and 70 thousand dollars went in cash.
Moreover, 8 banks responded to requests to enhance balances abroad, and two banks to meet cash requests, in addition to 11 mediation companies.
It is noteworthy that the Central Bank issued on September 26, new instructions for the sale and purchase of foreign currency for authorized banks and mediation companies, which will be applied starting today, Sunday, corresponding to the 17th of October, indicating that the goal behind this is to maintain the stability of currency exchange rates and adhere to the requirements of Anti-Money Laundering and Terrorist Financing Law. Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=171440
Find Out The Value Of The Shares Traded By The Iraqi Stock Exchange In A Week
Economie| 01:52 - 10/17/2021 Baghdad - Mawazine News The Iraqi Stock Exchange announced, on Sunday, that it traded 967 million shares, with a financial value of one billion Iraqi dinars, during the past week.
And the market said in a report seen by / Mawazine News /, that "the number of companies whose shares were traded during the past week amounted to 37 joint-stock companies, while the shares of 43 companies did not trade due to the lack of convergence of the prices of purchase orders with sales orders," noting that "the number of suspended companies reached 23 companies out of 103 companies listed on the market for not providing disclosure.
The report added, "The number of traded shares amounted to 967 million and 535 thousand shares, a decrease of 50.61%, compared to the previous session, with a financial value of one billion and 366 million dinars, a decrease of 10.14% compared to the previous session through the implementation of 1019 deals."
He explained that "the ISX60 traded price index closed at 592.50 points, recording a decrease of 0.
The market indicated that "the number of shares purchased from non-Iraqi investors for the past week amounted to 67 million shares, with a financial value of 109 million dinars, through the implementation of 29 deals, while the number of shares sold from non-Iraqi investors reached 7 million shares, with a financial value of 35 million dinars from During the implementation of 28 transactions. Ended 29/A 4
https://www.mawazin.net/Details.aspx?jimare=171459
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad The exchange rates of the dollar against the Iraqi dinar, today, Sunday, maintained their stability in the local markets.
Where the selling prices of the dollar were recorded at 148,500 dinars per $100, while the purchase prices of the dollar were recorded at 148,000 dinars per $100.
And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar. Views 204 Date Added 10/17/2021 https://economy-news.net/content.php?id=26612
Bank Restructuring.. Measures To Develop The Financial Sector
Sunday 17 October 2021 204 Baghdad: morning Within the procedures of the reform program and the contents of the white paper, the Ministry of Finance decided to restructure the Rafidain Bank, amid praise for this step and calls for other banks and departments to be included in this step.
According to the Ministry of Finance, the reform package consists of several axes, including: creating a new internal system for the bank that complies with the governance guide issued by the Central Bank of Iraq in which the board’s management is independent of the bank’s management, strengthening the independence of its work, supporting efforts to complete the application of the comprehensive banking system, as well as strengthening The bank's relationship with banking service providers and its regulation.
In a statement to Al-Sabah, the financial expert Thamer Al-Azzawi promised that the Ministry of Finance's move is "positive", and that it is on the right path to developing the financial and banking sector.
He pointed out that {Iraqi banking systems lag behind their counterparts in the world and adopt routine procedures that are boring and unattractive to the citizen}.
The package of measures also includes a review of the bank’s policies and making them more in line with the developments of the modern banking system to ensure the provision of the best and quality services by adopting a technical system to facilitate banking operations and carry out banking activities of economic feasibility in various sectors, in a manner that serves economic activity and guarantees the rights of depositors and owners interests.
Al-Azzawi added that "banks should update their systems, deal intelligently with the customer, reduce procedures while providing facilities, as well as review interest rates and other matters that attract customers."
Advanced Performance
And the Ministry of Finance announced the possibility of transferring the data of the bank’s customers whose salaries are settled with the bank and those who received advances and loans from the service provider to the comprehensive banking system. With regard to human resources, it was emphasized, in accordance with the reform package, the necessity of contracting with experts and specialists in the banking and financial sector to enhance the aspect of expertise aimed at raising the level of high-quality banking services, in line with the advanced performance of the banking sector worldwide.
The restructuring measures are part of the reforms designed to bring the government banking sector into line with the standards of governance of the Central Bank of Iraq.
Modern Systems
Al-Azzawi called for "the introduction of modern technologies and systems to develop performance while raising the efficiency of workers in the context of keenness to provide the best competitive services, which tempts citizens who hoard their money outside banks, which may contribute to the recycling of billions of dinars."
The white paper states: Rehabilitation of the banking system through the development of private banks, reform of government banks and the introduction and activation of the {basic banking system} in Rafidain and Rashid Banks and its activation, as well as accelerating the pace of development of electronic banking services. LINK
Al-Kazemi’s Advisor: A Global Auditing Company Is Following The Movement Of Funds Within The Iraqi-Chinese Agreement
political| 07:17 - 10/17/2021 Baghdad - Mawazine News , the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Sunday, that the rise in oil prices will reflect positively on the investment side, especially in the framework of Iraqi-Chinese cooperation, while confirming the presence of an international company to follow up the movement of funds within the agreement.
Saleh said, "The rise in oil prices will have a positive impact on investment, especially the Iraqi-Chinese cooperation framework agreement, which is fed monthly with national resources, with a value of three million barrels out of the total monthly quantities exported to China, amounting to 25 million barrels of crude oil, according to oil prices." prevailing global.
He explained, "China is the first buyer of Iraqi oil, as it acquires at least 40 percent of Iraq's total oil exports in global markets," noting that "the monetary value of the investment account has increased its average to more than $45 a barrel specified in the 2021 general budget, and it became The added balance moves upwards in value with the positive developments in the prices of exported crude oil after it crossed the $80 barrier per barrel.
He pointed out, "During the past four months, the Iraqi investment account with China has been activated, and its funds will be allocated to infrastructure projects and income-generating activities by implementing Chinese companies with international standards," noting that "the credit line available from the Chinese side to Iraq amounted to 1.8 billion dollars, which is It is a financial liquidity that can be borrowed to spend on other important projects,
but the budget law for the year 2021 specified the benefit to an amount not exceeding one trillion dinars and a line of credit provided by Chinese banks for the current year and under the guarantee of the Chinese Agency for Credit and Export Guarantee (Sino Shore), the guarantor and guarantor, equivalent to 700 Million dollars".
He added, "The amount will be allocated to urgent and important development projects in the energy sector in Iraq," stressing that "a major international auditing company is following up on the movement of funds, accounts and all financial transactions related to the cooperation framework agreement between the two countries, which was appointed and its oversight and audit tasks were determined by the Iraqi government." Ended 29 /NS https://www.mawazin.net/Details.aspx?jimare=171514
The Investment Law Supports Development Trends
Sunday 17 October 2021 111 Baghdad: morning Upgrading the investment law is urgent, at a time when voices are calling for activating economic activity in Iraq, which needs increased support that can be achieved by laws that would develop infrastructure, especially Investment Law No. 13 of 2006 and its amendments.
Member of the Iraqi Economists Association, Dr. Ikram Abdel Aziz, indicated that {Iraq seeks to attract specialized international companies to invest in its sectors and develop its infrastructure, and this comes by creating a legal system capable of overcoming obstacles for those wishing to work in Iraq, including companies, capital and investors.
She added that «investments represent the cornerstone for reviving all economic joints, especially the industrial, agricultural and tourism sectors, and the Iraqi investment law is one of the distinguished global laws and its amendments, and meets the requirements of the investment reality in Iraq, and has many capabilities that enable it to meet the requirements of construction and business and attract investors to Country".
In addition, the expert in economic affairs, Ahmed Maklef, stressed that “the investment law represents an important step because most of the sober international companies study the legal aspects carefully, and then decide whether to invest or not. The law must be supported in the direction of implementing many of the demands that guide the investment process in the country and achieve the best results that contribute to the development of the national economy.
He had indicated that «investment laws focused on the importance of giving companies and investors great importance, and sought to solve all the problems they suffer from, especially in the issue of allocating land to investors». LINK
Zero Equation
Sunday 17 October 2021 219 Yasser Al-Metwally We did not know why the zero-sum equation appears before us with each beginning of a new era, and I mean a new government, because it erases every effect, no matter how useful or not, from the previous one.
It seems that the phenomenon of ego accompanies everyone who confronts responsibility to find the truth in him alone.
This procedure costs the state a lot of time and delays in providing achievements. Therefore, the zero equation was and still is a major obstacle to any solution to the economic challenges facing our national economy. The reason is that any zero-sum beginning of reform weakens the hope of achieving it, because it erased previous attempts. actual.
On this basis, the gap has become wide between us and countries in the field of economic development, and this appears even in countries that do not possess the qualifications of economic development, such as the one in Iraq, but the zero equation is what stands as a stumbling block for growth.
Now that we are entering a new era after the elections are over, we will watch to see if this era will start from scratch and wipe out all serious attempts to achieve reform?
If we want to read the scene clearly, we must follow the path of the new economic program. If it is built on the basis of completing what was started before, this means that the beginning is correct, and if we start from scratch, the path of reform will be complicated.
Let us be optimistic at the outset in the possibility of fulfilling the promises of change in the new path and work to save the country's economy and put it on the right paths, and this has high requirements and costs, including which we mention.
Institution building and sound institutional performance in the setting of wise and specialized management and technical restructuring of institutions by placing the right man in the right place. A will and ability to make this change is required by adopting the competencies and specializations, each in his place.
The other point that I highlight is the necessity of defining and adopting a specific economic approach with its laws, and of course in accordance with the country's constitution.
The other thing is to rid the state of its dominance over the failed and costly production companies and factories and open the way for the private sector to manage them in order to activate the productive sectors, provide job opportunities and diversify Revenues .
Aspirations and aspirations, in the hope that it will find its means in dealing with the complex situation of the country's economy.
https://alsabaah.iq/56198/%D8%A7%D9%84%D9%85%D8%B9%D8%A7%D8%AF%D9%84%D8%A9-%D8%A7%D9%84%D8%B5%D9%81%D8%B1%D9%8A-%D8%A9
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