KTFA:

Henig:   Installing sonar devices between the governorates to monitor dollar smuggling and currency speculators

Today, 22:59  Baghdad - IQ  

The Ministry of Interior announced, on Saturday, the installation of "sonar" devices on the external roads linking the Iraqi governorates to monitor the smuggling of foreign currency.

The ministry said, in a statement received by IQ NEWS, that "the Ministry of Interior, in coordination with the Kurdistan Regional Government of Iraq, has begun installing sonar devices on the external roads that connect the provinces."

She added that the aim of this "is to monitor cases of smuggling of foreign currency and to hold speculators accountable according to the law."   LINK

Henig:  IMO: Well, THAT'S an interesting development. Electronic financial platform, you say? Iran trading with Iraq on an electronic trading platform to trade currency? Huh.

Iran finds an "exit" for hard currency with Iraq and launches the first deal worth 300 million euros

 Baghdad today - follow-up

 Today, Saturday, the Central Bank of Iran revealed the launch of an electronic platform that allows it to deal financially with Iraq, as it confirmed the sale of 300 million euros of its funds deposited in Iraq through this platform.

Iranian media quoted a statement by the Central Bank of Iran, which was followed by "Baghdad Today", in which it stated that "after conducting successful monetary and banking negotiations with the Central Bank of Iraq, new breakthroughs occurred regarding the offering of hard currency on the electronic" NIMA" platform.

He added, "So that, after a year of hiatus, today (January 21, 2023), 300 million euros were offered from the Central Bank of Iran's balances deposited in Iraq through the platform, and it was sold directly, and that this process will continue in the coming days."

The statement of the Central Bank of Iran confirmed that "through this breakthrough, merchants can accelerate the pace of commercial and banking operations through the funds in Iraq in order to cover imports of basic commodities quickly and appropriately."

And she indicated that "the breakthrough in benefiting from the balances of the Central Bank of Iran in Iraq occurred following successive visits by a commercial-Iranian bank delegation to Iraq in recent days and negotiations with the Iraqi Central Bank and one of its affiliated commercial banks."

It is noteworthy that the "Nima" platform is dedicated to displaying foreign currency remittances to exporters and selling them to importers.  LINK

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Clare:  Al-Sudani: We are supervising the completion of a “different” budget, and we continue to support the restoration of the exchange rate

1/21/2023   Baghdad –

Prime Minister Muhammad Shia Al-Sudani confirmed, on Saturday, his supervision of the completion of the budget law, while indicating that the government continues to support the Central Bank to restore the exchange rate of the dollar to the official rate.

Al-Sudani said at the official memorial ceremony "on the occasion of the martyrdom of Sayyid Muhammad Baqir al-Hakim": "We remember today the martyrdom, but with the taste of victory that was achieved over terrorism, and we remember the pure blood, with the taste of security and stability that those sacrifices lavished."

He added, "Today we are nearing the completion of the draft budget law, which is different from previous years, and it is the first time that the budget law revolves around the government program."

He continued, "We have taken a number of bold decisions to support and stabilize the Iraqi dinar, and we warn those who try to exploit the crisis and play on people's needs."

He pointed out that "the exchange rate did not rise as a result of a government decision, but rather because there were those who took advantage of the temporary conditions and turmoil in the markets that are not yet familiar with dealing with the new banking mechanisms, which will preserve the funds, which is an important step on the path to economic reform."

And he added, "We affirm the priority of combating corruption, and our government continues to assign it to the judiciary and the competent authorities to pursue those wanted and work to recover the looted funds."

He continued his speech:

The Prime Minister stressed that "all the active forces need to move away from disagreements and tensions that are no longer an appropriate means to correct the course of the political situation in Iraq," stressing: "We will not be against opposition opinions whose goal is to correct the imbalances in the body of the state. The opposition voice that bears national responsibility does not less important than the backing vocal.

He concluded by saying, "We will continue to work, as long as there are brave and serious leaders in it, and as long as our rational authority sponsors its path with its wisdom, and as long as our security forces, of all kinds, are capable and empowered, mobilizing their determination from the sacrifices of the martyrs."    LINK

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Clare:  Central Bank: The decision to activate electronic payment includes the government and private sectors

1/21/2023  Baghdad –

The Central Bank of Iraq confirmed, on Saturday, that the use of electronic payment tools will be circulated in the government and private sectors in a binding manner.

The bank's deputy governor, Ammar Hamad Khalaf, said, "The cabinet's decision to activate electronic payment in all joints aims to reduce the use of cash and increase dealing with funds electronically through the use of cards, and it is an important complement to the salary settlement project, which began to be implemented several years ago."

He added, "The decision will enable the bank to implement a mechanism that enables employees to receive their salaries through the payment cards currently used, such as the MasterCard, and it is filled into their bank balance without the need to receive cash."

Khalaf indicated in an interview with the official news agency, which was followed by Mawazine News, that "payment via electronic devices will reduce cash circulation, and it is better in terms of saving money and safer than transferring it."   LINK

KandG:  This is a packed one that may even give the "ole timers" a well deserved pick me up - All 3 laws in one article due for passage! Let's get'r done!!!  IMO

Clare:  Parliamentary energy: Approving the oil law soon will be a solution to the disputes between Baghdad and Erbil

1/21/2023

A member of the Oil, Gas and Natural Resources Committee, Zainab Juma Al-Mousawi, revealed today, Saturday, that "there is a parliamentary effort to pass the oil and gas law soon."

Al-Moussawi said, in a statement received by the Euphrates News Agency, that: "The adoption of the law soon in the House of Representatives will be a radical solution to the dispute over oil wealth between Baghdad and Erbil, and it will regulate all energy files throughout Iraq."

Al-Moussawi added: "There are understandings between Baghdad and Erbil to approve the oil and gas law to take advantage of paragraphs that support the exclusive powers of the federal government regarding oil and gas in Iraq."

And the Parliamentary Legal Committee had announced that"the first laws that will be discussed are the financial budget law for the year 2023 as soon as it arrives from the government, the draft oil and gas law and the draft social security law."

Raghad Daham    LINK

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Clare:  How can fraud trading companies be avoided in Iraq?

1/21/2023

Finding licensed trading companies in Iraq is not as difficult as many Iraqi traders think, especially beginner traders in this field, but with the presence of many fraudulent trading companies within this market, traders may face a real problem in ascertaining the credibility of the trading company they intend to dealing with it.

In any case, the trading companies licensed in Iraq  that are honest can be distinguished from those that can be false with ease according to a set of specific criteria, and this is exactly what we will learn about in the next report, where we will discuss together how to avoid fraudulent trading companies in Iraq? So stay with us.

Licensed trading companies in Iraq 

The Iraqi trading market contains many trading companies, some of which are local, and some are global, but we always recommend dealing with international trading companies that provide their services to the Arab market, and one of the most important international trading companies in Iraq, which provides its services directly to the Iraqi market Al-Arabi is AvaTrade.

About Ava Trade Company for trading in Iraq 

It is one of the best trading companies that allows you to trade on the global stock exchange inside your home in Iraq, where you do not need to trade with it except to open an account with it for an amount not exceeding $ 100, and you can also try the demo account with it before paying any money in order to find out if it is the platform are you looking for? And that's before you start with it for real, and pay any money.

AvaTrade has the following advantages.

Licensed by the Abu Dhabi Global Market Authority (ADGM).

It is regulated by the Australian Financial Services Commission (ASIC).

Trusted by many global financial licensing authorities.

It has a turnover of more than 60 billion pounds per month.

Member of the Canadian Investor Protection Fund (CIPF).

Member of the Investment Commission of Canada (IIROC)

Provides Islamic accounts for Iraqi and Arab traders free from usurious transactions.

It offers free demo accounts to practice on its platform before starting financially with it.

It has very strong customer service support in 12 different languages, including Arabic.

Support is available around the clock.

It offers MetaTrader 4, 5 platform to trade with, and it is one of the best trading platforms that you can find in the market, and it is smooth to deal with whatever device you are using, computer, tablet, or even your smart mobile phone.

It enables you to trade with it in more than 250 trading instruments with a wide variety of assets.

How can fraud trading companies be avoided in Iraq? 

In general, any trading market in which many fraudulent companies can be found, whether we are talking about the Iraqi trading market, or other global trading markets, but these companies are highly exposed, and they can be identified through the following details.

Fraudulent trading companies make fake offers with imaginary profits, and entice those wishing to trade with them with those profits.

The imposter trading companies do not have a physical headquarters on the ground in any country around the world, but only practice their work electronically.

Quotation trading companies are not licensed by any of the global financial licensing companies.

Fraudulent trading companies have trading platforms that are difficult to use, and are not developed.

Fraudulent trading companies have account managers who have unlimited powers.

Trading companies licensed in Iraq to trade in stocks and forex 

There are many Iraqi stocks that can be traded through trading companies licensed in Iraq, which are also listed on the local Baghdad Stock Exchange, including the following.

Bank of Baghdad share (BBOB)

Gulf Bank share (BGUC)

Share of Baghdad Gas Company (IBSD)

As for the global stock market, as well as the forex market, you can trade on it easily with any international trading company, especially the Ava Trade company, which offers many advantages specifically for the Iraqi market, and offers highly developed trading platforms that will enable you to trade in the stock market and the forex market in every way. smoothness.

These were the most important details related to the licensed trading companies in Iraq, and how they can differentiate between them and the fraudulent trading companies.   LINK