Iraqi News Sunday AM 9-12-21
Iraqi News Sunday AM 9-12-21
TLM724 Administrator BondLady’s Corner
How Is The Exchange Rate Stable?
Sunday 12 September 2021 122 Yasser Al-Metwally The exchange rate of the dollar against the dinar stabilized at a price of 148 thousand dinars compared to the 100 dollars against the official price after raising it at the price of 145,000 dinars, and it is still slightly high.
The question is what is the reason behind this stability?
I see that the main reason behind this stability is due to the application of the theory of supply and demand for the first time in Iraq. The effects of the inflation that occurred due to the sudden change in the exchange rate became evident on the reality of the standard of living on all members of society without exception, even in varying proportions.
And the poor segment was the most affected, and then followed by the middle class of retirees and employees, who are the vast majority in the country.
One of the effects of inflation is the clear deflation, as the demand for most commodities decreased and cast a shadow on the market.
Thus, there was a somewhat slowdown in the import process due to the weak demand, followed by a slight decrease in the demand for the dollar, so you find price stability evident these days.
The objective of controlling the outlets and preventing the import of some commodities may have other partial effects on the stability of prices.
This reality brings us back to the concept and role of consumer culture in the process of balancing prices in the market, how?
If we have the ability to adopt a consumer culture that limits the apparent wastefulness in our consumer behavior, we will contribute to maintaining price stability. This means that government measures alone are unable to control the pace of prices unless accompanied by a balanced consumer culture by sacrificing some needs for a while, which will limit the The huge demand for hard currency with the aim of stabilizing the price and reducing it to less than the official rate.
The second thing that will help to stabilize the exchange rate is for government agencies to control currency smuggling, and this matter needs great capabilities.
Regarding the return of the official price to its previous era, I do not see the possibility of this in the short term. Rather, it needs time until the government controls the payment of its debts and the monetary reserve remains at the internationally accepted limits.
For this, the citizen must deal with this reality and arm himself with a solid consumer culture that helps him and the state to achieve stability.
We are also approaching a new stage after the elections, even if the picture is not yet clear until a new government is chosen and awaits its economic program, which will define the features of the stage and allow economists and analysts to determine the stages of stability and propose solutions to return prices to their previous era and stability to become parallel to the value of the Iraqi dinar.
Waiting for how things will turn out, then every incident will have a talk, we will watch to see.
https://alsabaah.iq/54123/%D9%83%D9%8A%D9%81-%D8%A7%D8%B3%D8%AA%D9%82%D8%B1-%D8%B3%D8%B9%D8%B1-%D8%A7%D9%84%D8%B5%D8%B1%D9%81
Dollar Exchange Rates In Local Markets Today
Market Economy News _ Baghdad The exchange rates of the US dollar rose against the Iraqi dinar, today, Sunday, in the local markets.
Al-Kifah and Al-Harithiya Central Stock Exchanges in Baghdad recorded this morning 147,475 Iraqi dinars, compared to 100 US dollars.
On Saturday morning, the stock exchange recorded 147,450 Iraqi dinars, compared to 100 US dollars.
The buying and selling prices witnessed stability in the banking shops in the local markets in Baghdad, where the selling price amounted to 148000 Iraqi dinars per 100 US dollars, while the purchase prices amounted to 147,000 Iraqi dinars per 100 US dollars. Views 83 Date added 12/09/2021
https://economy-news.net/content.php?id=26272
Central Bank Sales Of Hard Currency Increased
Economie| 01:36 - 12/09/2021 Baghdad - Mawazine News The Central Bank of Iraq's sales of hard currency recorded, on Sunday, a remarkable increase, reaching 211 million dollars.
Today, the Central Bank auction for the sale and purchase of foreign currencies witnessed an increase in its sales by 2.93% to reach 211 million and 575 thousand and 690 dollars, which the bank covered at a base exchange rate of 1460 dinars per dollar.
The purchases amounting to 165 million and 515 thousand and 690 dollars went to enhance balances abroad in the form of remittances and credits, while the remaining amount of 46 million and 60 thousand dollars went in cash. Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=167137
The Stock Market Is Trading 141 Billion Shares
Sunday 12 September 2021 113 Baghdad: Hussein Thaghb
A report last August of the Iraqi Stock Exchange revealed that more than “141” billion shares were traded, with a value of traded shares amounting to more than “113” billion dinars. The Executive Director of the market, Taha Ahmed Abdel Salam, said: “The number of executed deals reached “8767” deals, and the ISX60 market index for stock prices traded in the last session of August closed at “594” points, and it closed in the last session of the month of July at 575 points, achieving An increase of 3.2%.
He added that «the Iraq Stock Exchange organized 21 trading sessions in shares», pointing out that «the number of companies suspended from trading reached «21» joint stock companies by a decision of the Securities Commission; For non-compliance with disclosure instructions and for not submitting financial statements for more than one year ago.
Abdul Salam pointed out that «the Iraqi market for securities is characterized as a market for trading, buying and selling between shareholders and investors, and it is a market for the transfer of ownership between banking and financial institutions, and on this basis, large deals, especially in the banking sector, require prior approval by the Central Bank of Iraq, along with the instructions that Specified by the Securities Commission in the instructions for trading shares.
Money Transfer
Regarding the trading mechanisms, Abdel Salam said, the sessions are organized daily from Sunday to Thursday from 9:30 am to 2:30 pm, and trading takes place between the market and brokerage companies according to online systems - remote trading, and financial settlements are the transfer of funds from Buyer to Seller and Equity Settlements The transfer of shares from seller to buyer takes place in the same trading session T+0; Therefore, the Iraqi Stock Exchange is one of the distinguished markets in clearing and settlement.
Final Accounts
He pointed out that “64” joint stock companies listed on the market, until August, submitted financial statements and final accounts as on 31/12/2020 in compliance with the Companies Law, the Financial Markets Law and the disclosure instructions issued by the Securities Commission, which were published on the market’s website.
And he indicated that "the technical departments in the market are currently conducting the required technical tests and holding meetings with NASDAQ through the ZOOM application for the purpose of experimenting with launching sectoral records during the current year."
The Iraq Stock Exchange is a regular economic market that operates under Law No. 74 of 2004 and achieves the objectives contained therein. One of the most important objectives of the market is to organize securities trading sessions and monitor dealing and trading in accordance with the instructions and rules.
In order to achieve these goals, the market uses an electronic system consisting of an electronic trading system and a central depository system from NASDAQ Technology, similar to the Arab financial markets and some markets European.
The system of joint stock companies in the depository center and the system of brokerage companies are also used by brokerage companies
and rules. LINK
Al-Kazemi is heading to dismiss a governor for failing to perform his duties
Local news Saturday 11 September 2021 | 06:20 PM| Number of readings: 739 The Prime Minister, Mustafa Al-Kazemi, is moving towards dismissing the governor of Dhi Qar, for his failure to perform his duties. Informed sources told local media, "Prime Minister Mustafa Al-Kazemi is heading in the coming days to dismiss the governor of Dhi Qar, Ahmed Al-Khafaji, for his failure to perform his assigned duties, by Al-Kazemi before he was chosen for this position." The source added, "Al-Kazemi has started from now on with a special team to choose and prepare the replacement for Al-Khafaji, after his dismissal during the next few period." Ahmed Ghani Al-Khafaji took over the Dhi Qar Governorate, (April 8, 2021), after being assigned by Prime Minister Mustafa Al-Kazemi. https://aynaliraqnews.com/index.php?aa=news&id22=151541
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