Iraqi News Sunday AM 11-14-21
Iraqi News Sunday AM 11-14-21
TLM724 Administrator BondLady’s Corner
A New Comment From The Finance Regarding The Dollar Exchange Rate
Economie Sunday, November 14, 2021 12:05 PM Baghdad/National News Center Today, Sunday, the Ministry of Finance revealed the reasons for adopting the current exchange rate, while it expected a gradual recovery of the economy, stressing that economic growth began to recover gradually in the wake of the contraction of the Corona pandemic last year.
The ministry stated in a statement received by the "National News Center", that "the adoption of the current exchange rate came to supplement national production, protect the central bank's reserves and support the budget."
She added, "During the past three years, we have borne the burden of a suffocating financial crisis that threatened the state's ability to fulfill its obligations," adding that "economic growth began to gradually recover in the wake of the contraction of the Corona pandemic last year."
The ministry stated that, "It is expected that the improvement in the global oil market conditions will enhance economic growth, and Iraq is one of the most oil-dependent countries in the world."
She pointed out that "the Corona pandemic had a significant impact on Iraq's gross domestic product in 2020," explaining that "the white paper is a comprehensive framework for addressing dependence on oil and structural problems." https://nnciraq.com/101635/
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad Today, Sunday, the dollar exchange rates are still maintaining their stability in the local markets.
And 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, while 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 146 Date Added 11/14/2021 https://economy-news.net/content.php?id=26768
The Iraqi Stock Exchange Participates In The Activities Of The European Union - Asia
Stock Exchange «Economy News» Market Economy News – Baghdad The General Secretariat of the Federation of Eurasian Exchanges organized, on 11-12/11/2021, various events in which the Iraq Stock Exchange participated.
The market participated in the meeting of the Board of Directors of the member stock exchanges, including the Iraq Stock Exchange, which was elected in June 2021. Also, in the meeting of the General Assembly of the Federation of Eurasian Exchanges (FEAS), in which the Iraqi Stock Exchange acquired its membership in May 2005.
In addition, the market participated in the Capital Markets Talks conference, in which the Securities Commission represented by its Chairman Faisal Al-Haymes participated, in addition to the Ministers of Economy and Finance in the State of Armenia and a number of chairmen of the boards of directors of the financial markets and the Iraq Stock Exchange represented by the expert Taha Ahmed Abdel Salam, Executive Director of the market And the participation of the Chairman of the Board of Governors and a number of members of the Board of Governors.
In an intervention during the conference, the Chairman of the Securities Commission Faisal Al-Haymes presented the commission's vision and the role of the stock market in developing the economy through the development of the establishment of joint stock companies and their inclusion in the Iraqi Stock Exchange.
He proposed the nomination of the Iraqi Stock Exchange to the membership of the Business Committee / Committee to Study the Development of the Brokerage Companies Members of the Federation and their role in marketing investment in securities, along with the Muscat Market and the Armenia Stock Exchange, and the approval of the members was obtained.
For his part, the Executive Director of the Iraq Stock Exchange, Taha Ahmed Abdel Salam, participated in the meeting of the Board of Directors of the Federation and in the General Assembly of the Federation, and among the most important plans proposed to the Federation and the financial markets is to nominate the topics required for case studies to universities, in addition to supporting letters and theses through Capital markets journal proposed to be organized as of 2022.
The meetings and the conference concluded by setting the vision of the Federation and the financial markets for the years 2022-2024, including the proposed development plans.
The stock exchanges in Iraq, Egypt, Oman, Iran, Armenia, Kazakhstan, Syria, Ukraine, Greece, Cyprus, Jordan and Union guests from other markets participated in the meetings and conference, along with the participants via the Zoom application. Views 211 Date Added 11/14/2021 https://economy-news.net/content.php?id=26769
Economist: Iraq's Foreign Debt Is Cloudy... And It Must Be Clarified
Sunday 14 November 2021 15:49 | economic Number of readings: 200 Baghdad / NINA / - The economic expert, Raad Twij, confirmed that the Iraqi foreign debts are marred by ambiguity and lack of clarity, calling for the development of a table that shows the value of foreign debts, the debtor countries and the amounts repaid, in a transparent manner, to clarify the process of repaying foreign debts and stopping borrowing.
He said Twigg told the National Iraqi News Agency / Nina /: to provide data on the external debt of Iraq as part of a scheduled becomes clear where the value of those debts city states and the amounts paid in a transparent manner, taken advantage of it in scientific analysis as well as the follow - up process of payment with the change of government. "
He added "At the present time, the oral method is used by decision-makers, some of whom say it is 50 billion dollars and the other says it is 20 billion, which gives the size of Iraq's foreign debts a kind of uncertainty and non-disclosure."
The economic expert wondered about the bonds offered by the Central Bank of Iraq and Rasheed and Rafidain Banks, at a time when Iraq's financial savings are increasing and there is no need for those institutions to bear the burden of borrowing from within at a time when Iraq is suffering from the large internal public debt./ End 8 https://ninanews.com/Website/News/Details?Key=939026
The Ministry Of Finance Expects A Gradual Recovery Of The Economy
Sunday 14 November 2021 12:48 | economic Number of readings: 371 Baghdad / NINA / - The Ministry of Finance expected a gradual recovery of the Iraqi economy after the contraction of the Corona pandemic last year, explaining that: the white paper is a comprehensive framework for addressing dependence on oil and structural problems.
And the ministry stated in a statement that: The Corona pandemic had a significant impact on Iraq’s gross domestic product in 2020. It indicated that: Adopting the current exchange rate in order to supplement national production, protect the central bank’s reserves, and support the state’s general budget.
In its statement, the ministry added: "During the past three years, we have borne the burden of a stifling financial crisis that has threatened the state's ability to fulfill its obligations."
She explained: The improvement in the global oil market conditions is expected to enhance economic growth, indicating that: Iraq is one of the most oil-dependent countries in the world./End 3
https://ninanews.com/Website/News/Details?key=938976
Action To Recover $2.2 Billion In Smuggled Money
Sunday 14 November 2021 480 Baghdad: Tariq Al-Araji The Integrity Commission is seeking to recover more than two billion dollars of smuggled Iraqi funds, in which court rulings have been issued, as well as 14 real estate and 5 stakes in various companies.
The Director-General of the Recovery Department in the Integrity Commission, Dr. Moataz Faisal Al-Abbasi, told Al-Sabah: "The Commission has a database that classifies funds according to the functions and competencies of the Recovery Department under its federal law on corruption funds, and it is necessary to refer to the recovery mechanism, which begins with issuing the decision. Judicial proceedings involving damage to public money, and when it is proven that the convict or the wanted person has money in another country, it requests its seizure pursuant to a request for legal assistance.
He continued, "Those funds that were filed in lawsuits to recover them amounted to (17.7) million dollars, while the authority was able to seize funds in various countries amounting to (4.17) million dollars, and work is underway to recover them, in addition to the seizure of (14)". real estate and (5) stakes in different companies," he explained, explaining that "the sums of which judicial rulings have been issued and are being worked on, amounted to approximately two billion and two hundred million dollars."
He explained that "the smuggled assets are divided into before 2003 and after that date, and the recovery department and the Iraq Fund for Recovery Fund are concerned with recovering them," and indicated that "the financial assets dating back to before 2003 generally include money belonging to people or front companies that were put in order to circumvent the sanctions."
International, financing the former regime for security purposes, and financing external activities and using them to entice and intimidate, such as protecting the regime and trying to implement its own policies outside Iraq.
He pointed out that "these assets, whether they are money, real estate, or various assets, are within the jurisdiction and work of the Iraq Funds Recovery Fund, and they are funds classified by the law establishing the Fund as illegal funds, and relates to the time period before (2003), while the recovery department is concerned with smuggled funds. As a result of corruption, for which judicial rulings were issued after the establishment of the Integrity Commission and granting it this jurisdiction.” LINK
Al-Ahly Of Iraq" Launches Certificates Of Deposit With An Annual Interest Rate Of 6.5%
The headquarters of the National Bank of Iraq
Banks Economy News – Baghdad On Sunday, the National Bank of Iraq announced the launch of certificates of deposit with an annual interest rate of 6.5%.
The bank said in a post on its Facebook site, which was seen by "Al-Iqtisad News", that it decided to "grant certificates of deposit with a guaranteed return rate of 6.5%."
He added that "the deposits of the National Bank of Iraq are subject to insurance by the Deposit Insurance Company."
It is noteworthy that the National Bank of Iraq currently has 18 branches spread across all major Iraqi cities. Views 68 Date Added 11/14/2021 https://economy-news.net/content.php?id=26772
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