Iraqi News Tuesday AM 1-11-22
Iraqi News Tuesday AM 1-11-22
TLM724 Administrator BondLady’s Corner
The President Of The Republic Offers Condolences On The Death Of The Former Central Bank Governor, Sinan Al-Shabibi Posted On 2022-01-11 By Sotaliraq
To the family of the late Dr. Sinan Al-Shabibi Peace, mercy and blessings of God
With great sadness and pain, we received the news of the death of Prof. Dr. Sinan Al-Shabibi, the discreet Iraqi national and academic, recalling his long, arduous and perseverance career and his work in the service of state institutions, and the economic and financial sectors.
My deepest condolences to the family of the deceased and to all his friends and loved ones, and his wide mercy and perpetuity of good remembrance. We belong to Allah and to Him we shall return President Barham Salih LINK
Association of Private Banks: The banking sector accounted for 95% of the trading volume on the stock exchange
Economie| 11:46 - 11/01/2022 Baghdad - Mawazine News attributed the Executive Director of the Association of Iraqi Private Banks, Ali Tariq, on Tuesday, the improvement in the performance of the Iraqi Stock Exchange during the past year, to the banking sector, which accounted for 95% of the trading rate.
And the Iraq Stock Exchange had announced an increase in traded shares by 131% during the year 2021 compared to the year 2020.
Tariq said in a statement received by / Mawazine News /, that "95% of the volume of trading in the stock exchange shares, belongs to the banking sector, as the number of shares reached Traded 930 billion shares, with a value of 812 billion dinars, explaining, "Comparing to the year 2020, the growth rate of the number of traded shares of the banking sector amounted to 142.3%, as it was 368.4 billion shares in the year 2020, while 892.8 billion dinars in the year 2021."
He continued, "The value of traded shares increased by 244%, as in the year 2020 it was more than 193.6 billion dinars, while last year it amounted to 666.5 billion dinars," noting that "the number of deals rose to 40.856 deals last year, while it was 18,792 deals in year 2020". Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=181287
A Slight Decrease In The Exchange Rates Of The Dollar In The Local Markets
Economie| 10:31 - 11/01/2022 Baghdad - Mawazine News The dollar exchange rates recorded, on Tuesday, a slight decline in the main stock exchange and local markets in the capital, Baghdad.
The dollar exchange rate fell on the Central Kifah Stock Exchange in Baghdad, today, recording 148,000 thousand dinars, for each $100 bill.
And the prices of buying and selling the dollar have stabilized in exchange companies and local markets in Baghdad, where the selling price reached 148,500 dinars, for each paper denomination of 100 dollars, while the purchase prices amounted to 147,500 dinars for each paper denomination of 100 dollars. Ended 29/A 4 https://www.mawazin.net/Details.aspx?jimare=181277
Exchange Rate
Tuesday 11 January 2022 252 Dr.. Hamed Rahim The economic theory reveals the details of the impact of the exchange rate on open economic activity through significant relationships in the quantitative sense. specific.
The change in the exchange rate of the national currency in Iraq sparked great controversy, most of which took on a political aspect and polemics that made the public misunderstand this step economically, and the economic impact was clear in the increase in inflation rates from
(0.1%) in 2019 to (8.6%) in the last statistic, which expanded the poverty area. The declared goal of that step included a set of variables, including limiting imports, supporting the productive sector, and providing financial space for the government to finance the deficit, but the nature of the structural imbalance in economic activity made that goal not find an actual application space, so the currency window usually increases its daily sales, reaching as an average of Approximately (200) million dollar.
Investment is also a variable that is dependent on other factors, including security stability, infrastructure, and others, which makes the effectiveness of changing the exchange rate in this framework relatively limited.
Perhaps the only success is finding a financial space for the government to finance the planned deficit in the current world budget, and this was also accompanied by clear misinformation in The speech is represented by an attempt to depict that the value of the decrease in income amounted to (22%) in reference to the size of the devaluation in the currency exchange value,
and this is not accurate because the low value is actually reflected in the indicated inflation rate, and the reason for the continuation of window selling rates to this extent is due to reasons related to corruption Accompanying the window’s activity referred to in the announced reports, and most importantly, the two trading partners of Iraq, namely Turkey and Iran, their national currencies are of low value in a way that far exceeds the value of the Iraqi dinar, even with the recent devaluation, which has kept Iraq low in the face of torrential goods imported from the outside.
The theoretically desired effect of devaluing the national currency includes addressing the deficit in the balance of payments by increasing exports and reducing imports, noting things that must be met, including the flexibility of the national production apparatus and control over trade outlets, and most importantly, the availability of accurate statistics on social groups and productive economic activities, which depend on The importer to feed the inputs, and then follow (social leverage) policies to reduce the potential negative impact on social groups as well as provide economic support through tax policies, subsidies and other policies provided to economic units.
Accordingly, development policies require that the exchange rate be dealt with and reduced, but on condition that all of this is taken into account, i.e. all these policies must be one basket, starting from the availability of accurate statistical data, leading to finding effective policies to counter the potential negative effects, and perhaps the advantage that we possess The government's financial abundance resulting from oil sales, which enables the government to provide financial resources for processing.
https://alsabaah.iq/59549/%D8%B3%D8%B9%D8%B1-%D8%A7%D9%84%D8%B5%D8%B1%D9%81
Sovereign Funds Are A Requirement For The Next Stage
Tuesday 11 January 2022 160 Baghdad: Hussein Thaghb The voices calling for the establishment of sovereign funds have returned, and to be among the priorities of the next government that everyone is waiting for, as the economic and business community hopes that it will correct many performance paths through the next government formation and move the labor market, and its activity will have a positive impact on the life of the Iraqi citizen.
Economist Basem Jamil Antoine stressed that {sovereign funds represent an important hub in the economic life of the countries of the world, as they play dual roles that serve the national economy, through their role in financing discreet and developmental projects.
In The Country, And Preserving The Rights Of The Future Generations.
He added that the trend in this important path should receive the attention of the concerned authorities, in addition to benefiting from the experiences of the real private sector in forming such funds, especially since global experiences in this field have brought positive results, and when we review the matter, we find sovereign funds spread in most The countries of the world have a positive impact in support of major economies, and we have in the region a number of important sovereign funds, which necessitates us to turn to the adoption of such ideas}.
It is noteworthy that the head of the Department of Economics at the College of Administration and Economics, Al-Mustansiriya University, Dr. Falah Hassan Thuwaini said: The experience of establishing the Development Fund for Iraq (DFI) was aimed at ensuring the use of the Fund's resources in a transparent manner for the reconstruction of Iraq and to meet humanitarian needs.
From the date of its establishment under Security Council Resolution 1483 in 2003 until the end of 2013, it was found that despite the Fund’s role in financing various economic sectors aimed at achieving economic development, it did not achieve the desired development despite the funds spent by the Fund for this purpose and for several reasons, including the lack of The fund adopts a development strategy clear.
Financial Revenue
The economic affairs specialist Haider Kazem Al-Baghdadi said: “The tendency to adopt the idea of establishing sovereign funds represents an important axis during the next stage, especially since expectations indicate an abundance of financial revenues after the rise in crude oil prices, and here we must have a financial formation that improves behavior.” With these funds, instantaneously and in the future, and developing them through major projects that benefit the national economy and address the problems of the economy at the same time.”
Specialized Institutions
He added, “We can have an administrative body within a ministry and in cooperation with specialized institutions in the public and private sectors, to supervise this important issue, prepare all requirements for the establishment of such a fund and work on the actual start, and here the next government must believe in this direction and work to support it, in order to start A positive step in the first year of her life.
Al-Baghdadi pointed out that “the working mechanisms of such a fund must be transparent to a large extent, and there should be clarity in the funding paths, and that there should be evaluation oversight for the performance of such an important economic formation in order to make it influential in the process of economic development that it seeks.” country}.
The Right Of Generations
It was between academic d. Sattar al-Bayati: {The sovereign fund that is fully compatible with the concept of sustainable human development that takes into account the right of future generations to depleted resources, then is it unreasonable that the country tends to borrow from abroad and that future generations have to bear part of the burden of these loans and their increasing benefits? To the extent that the right of generations to depleted resources is proven, it represents a realization of justice between the two generations}. LINK
Economist: The New Parliament May Lower The Price Of The Dollar, But It Will Clash With The IMF
Economic Last update 01/10/2022 | 5:27 pm information/special
On Tuesday, economic expert Diaa Al-Mohsen suggested that the next government would reduce the exchange rate of the dollar and restore its price as before.
Al-Mohsen said in a statement to the "Information" agency that "the rise in the dollar exchange rate has had a significant impact on the living conditions of citizens and caused an economic stagnation."
He added, "The next parliament will try to reduce the exchange rate of the dollar and will not agree to the proposed budget prepared by the Al-Kazemi government," stressing that "the problem lies in persuading the International Monetary Fund to reduce the exchange rate."
He indicated that "Al-Kazemi's government did not change the dollar exchange rate in the proposed budget that it prepared for the current year." https://almaalomah.me/2022/01/10/575814/
The Banking Sector Accounts For 95% Of The Trading Volume On The Stock Exchange
Economic Last update 01/11/2022 | 12:13 pm The Information/Baghdad... The Executive Director of the Association of Iraqi Private Banks, Ali Tariq, announced, on Tuesday, that the improvement in the performance of the Iraqi Stock Exchange during the past year is due to the banking sector, which accounted for 95% of the trading rate.
Tariq said in a statement seen by "The Information", that "95% of the trading volume in the stock exchange is attributed to the banking sector, as the number of traded shares reached 930 billion shares, with a value of 812 billion dinars, indicating that compared to the year 2020, the growth rate of the number of shares Traded for the banking sector amounted to 142.3%, as it was 368.4 billion shares in the year 2020, while 892.8 billion dinars in the year 2021.
He added, "The value of traded shares increased by 244%, as it was in the year 2020 more than 193.6 billion dinars, while last year it amounted to 666.5 billion dinars, explaining that the number of deals rose to 40,856 deals last year, while it was 18,792 deals in the year 2020"..
Tariq noted that "the policy of the Central Bank contributed significantly to the improvement and development of the performance of the banking sector during the past year, which contributed to the rise in the shares of some banks."
He stressed that "the Iraqi National Bank's acquisition of the branches of the Lebanese Bank of Audi in Iraq is considered one of the most important positive events that affected the market share, in addition to the merger of the First Capital Bank and the International Islamic Bank and the expansion of some Iraqi private banks abroad through the opening of branches."
He pointed out that "in the year 2020, four listed banks increased the capital, namely Al-Taif Al-Islami, Asia Iraq, Al-Chor and Al-Amin Iraq, while four listed banks distributed profits, namely the Commercial Bank, the National Bank of Iraq, Al-Mansour and Al-Taif."
And the Iraq Stock Exchange announced a 131% increase in traded shares during the year 2021 compared to the year 2020. End / 25 https://almaalomah.me/2022/01/11/575916/
To read more current and reliable Iraqi news please visit BondLady’s Corner: