More Iraqi News Monday Evening 10-10-22
More Iraqi News Monday Evening 10-10-22
Tlm724 Administrator Bondlady’s Corner
Al-Kazemi: Changing The Dollar Exchange Rate Against The Dinar Is The Most Successful Decision
Prime Minister Mustafa Al-Kazemi
money and business Economy News – Baghdad Prime Minister Mustafa Al-Kazemi confirmed that changing the exchange rate of the dollar against the dinar is the most successful decision taken by his government. Al-Kazemi said, in an interview with Al-Monitor, which was followed by "Al-Iqtisad News,"
"We reached a point where we were unable to pay the salaries of employees and retirees, but thanks to the white paper, the Iraqi economy will witness reforms."
He added that: my government agreed to implement projects such as the port of Al-Faw, the construction of solar power plants, the investment of gas associated with oil production, and the construction of 1,000 schools.
He explained that the Central Bank's reserves rose from 49 billion dollars to 86 billion dollars, and
changing the dollar exchange rate was one of the most successful decisions we took.
647 views Added 09/23/2022 - 2:23 PM Update 10/09/2022 - 7:28 PM
https://economy-news.net/content.php?id=29854
Parliamentary Recommendation To Take Precautionary Measures To Tackle Inflation
Economy Yesterday, 14:40 Baghdad – (I know) Today, Sunday, the First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, stressed the need to take more effective precautionary measures to address the inflation caused by the devaluation of the dinar against the dollar.
Al-Mandalawi said in a statement issued while chairing an expanded meeting of the Finance Committee in the presence of Central Bank Governor Mustafa Ghaleb, and received by the Iraqi News Agency (INA), that
“the Central Bank is directly responsible for implementing the country’s banking policies, and
it is concerned with:
developing the work of banks and
monitoring their business with the aim of
protecting deposits Citizens and
keeping pace with the global development in this important sector on which the state depends to develop the rest of the sectors such as industry, agriculture, investment, tourism and others,”
stressing that
“the bank must take more effective precautionary measures to address the inflation caused by the devaluation of the dinar against the dollar.” He added,
"The Central Bank has a period of one week to answer clearly the questions submitted by the members of the Finance Committee, and to provide the Committee with all documents related to the file of letters of guarantee and the currency sale window."
During the meeting, a number of questions were raised by the members of the Finance Committee related to the
currency sale window of the Central Bank, the
industrial and housing initiative loans, the
Central Bank’s policies regarding increasing the capital of
commercial,
Islamic and
private banks,
custodian banks,
letters of guarantee, and the
bank’s supervisory role over banks, and to
come up with a number of recommendations.
And it was agreed to hold another meeting soon to answer the questions raised and to provide a full briefing on all topics and details. https://www.ina.iq/167416--.html
Iraq Stock Exchange: 5 Goals Achieved Via Cooperation With CBI And SCI
Economy 8-10-2022, 20:30 INA – BAGHDAD Iraqi Stock Exchange confirmed on Saturday, that cooperation with the Central Bank of Iraq - CBI and the stock market has achieved 5 goals and objects.
"Cooperation with these two has achieved goals.
First of which is represented by working to oblige the brokerage offices owned by banks to convert to brokerage companies starting from 2008-2009, to be of independent financial responsibility. In accordance with the Companies Law and in line with the rules of the Securities Commission of Iraq – SCI,” said the Executive Director of the market, Taha Ahmed Abdul Salam to the Iraqi News Agency – INA. He added,
“Secondly, the cooperation resulted in obligating banking companies and money transfer companies to be listed in the Iraqi Stock Exchange based on the decision of the Ministerial Economic Committee in 2013 and in compliance with SCI criteria for listing, which made the banking sector the largest listed sector in the Iraqi Stock Exchange.”
"The third goal includes holding joint committees between the three parties periodically, which would develop the securities sector continuously,” he included, adding
“while the fourth goal includes the use of the payment system in implementing financial settlements between Iraqi banks, in addition to banking activity between the bank and its branches, which increased the Liquidity of shares by examining and checking the sources of funds upon purchase.” Abdul Salam highlighted, saying
"In this context, the due diligence of banking for dealers via banks, is offset by due diligence for those dealing with shares in the Iraqi Stock Exchange since 2015, especially since the Iraqi Stock Exchange does not accept cash transactions for the purchase of shares or payment except with limits of less than 15 million dinars per investor in one session.”
“The fifth goal is the cooperation of the three parties in the context of supporting banks to provide the service of safe custody of securities, and during 2022 CBI granted approvals to four Iraqi banks that submitted their papers to SCI for ‘safe custody of securities’ activity.
All of them were approved at the beginning of November 2022,” he explained.
He concluded by emphasizing that there will be mechanisms of cooperation and joint action to enhance the role of the securities sector in supporting economy in Iraq.
https://ina.iq/eng/22282-iraq-stock-exchange-5-goals-achieved-via-cooperation-with-cbi-and-ics.html
Iraq Is Close To Offering A New Securities Platform
Economy, 2022/09/24 10:25 , the number of readings: 264 Baghdad - Iraq today: The Chairman of the Securities Commission in Iraq, Hassan Al-Agaili, announced the imminent launch of a new platform for securities in the country, expressing his hope to launch it at the end of 2022.
He indicated that the platform bears the name “OTC”, which is an acronym for “Over The Counter", and it will be dedicated to trading the shares of companies not listed in the Iraq Stock Exchange.
He explained that the percentage change in the "OTC" platform for each session was determined by 5%, up and down, from the previous closing price for trading the shares of unlisted companies.
Hassan Al-Akaili added that the new platform will provide the best buying and selling offers for unlisted companies, whether they are joint stock or limited companies.
https://iraqtoday.com/news/66385/العراق-يقترب-من-طرح-منصة-أوراق-مالية-جديدة
The Federation Of Industries Reveals The Secrets Of Stopping The Iraqi Factories... Massive Layoffs Of Workers
economy breaking Iraqi laboratories 2022-09-25 05:40 Shafaq News/ The Iraqi Federation of Industries counted, on Sunday, the number of registered and unregistered factories, as well as the disabled ones, and while
identifying some of the reasons for stopping the factories, it
confirmed the layoffs of huge numbers of workers during the last period.
The head of the union, Adel Akab, told Shafaq News Agency,
"The factories registered in the union amount to about 60,000 factories, of which 43,000 are unemployed, while the
unregistered ones are estimated at half the number of registered factories or more."
Akab attributed the reasons for the factory owners' resort to not registering their factories to
"the bureaucracy in government departments, as well as
charging them with high debts and rents from state or municipal real estate, in addition to
flooding the market with foreign goods that local production cannot compete with,
especially after the recent lifting of some customs exemptions.". He added,
"Customs used to take from local factories 23 dollars per ton, and then
it became 150 dollars, and
currently 62 dollars, and
the government was supposed to preserve the local industry,
as it raises customs on the Iraqi product and at the same time exempts some importers from customs."". He continued,
"In addition to the lack of response from government departments to factory owners, as for the Ministry of Oil, it does not supply factories with fuel (kerosene), and if it finds kerose in them, it considers it smuggling, which made the factory owners confused." Akab said,
"As a result, we are currently witnessing the layoffs of large numbers of workers after the factories stopped.
About a year ago, we had 1.3 million workers in registered factories alone, but now there is a sharp decline in the employment of labor, and there is no deafening ear for this issue."
The Ministry of Planning and the Iraqi Central Bureau of Statistics confirm that one-third of the factories of the Ministry of Industry are out of business.
Most of the companies and factories of the Ministry of Industry and Minerals had stopped production due to the looting and sabotage of their companies and factories, which occurred after the coalition forces entered Iraq in 2003, in addition to flooding the markets with cheap imported goods.
https://shafaq.com/ar/اقتصـاد/اتحاد-الصناعات-يكشف-خفايا-توقف-المعامل-العراقية-تسريح-ها-ل-للعمال
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