More Iraqi News Saturday Evening 10-8-22
More Iraqi News Saturday Evening 10-8-22
Tlm724 Administrator Bondlady’s Corner
The Iraqi Market Announces 5 Gains Achieved In Cooperation With The Central Bank And The Securities Commission
Economie| 07:08 - 10/08/2022 Baghdad - Mawazine News The Iraq Stock Exchange confirmed, on Saturday, that its cooperation with the Central Bank and the stock market has achieved 5 goals and gains. The Executive Director of the market, Taha Ahmed Abdel Salam, said to the official news agency, "The cooperation with these two parties has achieved goals and gains, represented first by working to oblige the brokerage offices owned by banks to convert to brokerage companies starting from 2008-2009, to be financially independent in accordance with the Companies Law.
And in line with the rules of the Securities Commission, and 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 meeting the criteria of the Securities Commission for listing, which made the banking sector the largest sector listed in the Iraqi market Securities.
He added, "The third gain includes holding joint committees between the three parties periodically, which would develop the securities sector continuously, while the fourth gain 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.
And Abdul Salam continued, "In this context, the due diligence of banking for dealers through banks, is offset by due diligence for those dealing in shares in the Iraqi Stock Exchange since 2015, especially since the Iraqi Stock Exchange does not accept cash transactions for buying shares or paying, except with less than limits. About 15 million dinars per investor per session.
He stressed that "the fifth gain 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 the Central Bank of Iraq granted approvals to four Iraqi banks that submitted their papers to the Securities Commission to practice the activity of safe custody of securities, and all of them were approved at the beginning of the month November 2022.
Abdul Salam concluded by emphasizing that "there will be mechanisms of cooperation and joint action to enhance the role of the securities sector in supporting economic activity in Iraq." Ended
https://www.mawazin.net/Details.aspx?jimare=207684
From 3 Axes .. A New Plan To Address The Financial Crisis In The Country
Local | 06:34 - 08/10/2022 Baghdad - Mawazine News The Ministry of Planning confirmed, on Saturday, the development of a short-term plan of 3 economic, social and spatial axes to address the effects of the Corona pandemic and the financial crisis in the country.
"We are in the last year of the five-year plan from 2018-2022 and we have started preparing to write the third development plan 2023-2028," Ministry of Planning spokesman Abdul-Zahra Al-Hindawi told the official news agency.
He added, "As a result of the conditions that Iraq experienced after 2020 due to the Corona pandemic, and the financial crisis, the five-year plan derailed some of its tracks, and in order to address it, we developed a short-term plan for two years from 2022-2023, according to which we took three axes and basic plans."
Al-Hindawi pointed out that "the first axis relates to the economic aspect, which talks about supporting the economy in its various sectors, supporting investment and the private sector, and the other social axis includes addressing the reality of health, education, social protection, and the ration card, indicating that" the third axis is spatial, which is concerned with bridging development gaps. In the governorates within the vision map set by the ministry.” And Al-
Hindawi continued that “the tasks were distributed to the ministries, independent bodies and the governorates to implement the policies and programs stated in the plan.” Ended 29/R77
https://www.mawazin.net/Details.aspx?jimare=207683
Planning Reveals A Short-Term Plan To Address The Effects Of The Corona Pandemic And The Financial Crisis
Money and business Economy News – Baghdad The Ministry of Planning confirmed, on Saturday, the development of a short-term plan of 3 economic, social and spatial axes to address the effects of the Corona pandemic and the financial crisis in the country.
Ministry spokesman Abdul-Zahra Al-Hindawi told the official news agency, "We are in the last year of the five-year plan from 2018-2022 and we have started preparing to write the third development plan 2023-2028."
He added, "As a result of the conditions that Iraq experienced after 2020 due to the Corona pandemic, and the financial crisis, the five-year plan derailed some of its tracks, and in order to address it, we developed a short-term plan for two years from 2022-2023, according to which we took three axes and basic plans."
He pointed out that "the first axis relates to the economic aspect, which talks about supporting the economy in its various sectors, supporting investment and the private sector, and the other social axis includes addressing the reality of health, education, social protection, and the ration card, indicating that" the third axis is spatial, which is concerned with bridging development gaps in the governorates. within the vision map developed by the Ministry.
Al-Hindawi added that "tasks were distributed to ministries, independent bodies and governorates to implement the policies and programs stated in the plan."
Views 122 Added 10/08/2022 - 6:32 PM Update 10/08/2022 - 10:27 PM
https://economy-news.net/content.php?id=30112
The Banking Sector..The Most Traded And Valuable Sectors During The Past Month
Saturday 08 October 2022 20:16 | Economic Number of readings: 155
Baghdad / NINA / - The Iraqi Stock Exchange announced, today, Saturday, that the banking sector is the most traded and valuable sector during the month of September.
The market stated in a report that the banking sector ranked first as the most traded sector in the market in terms of shares and value during the month of September, with a rate of 93.2%.
And he indicated that the shares traded in the banking sector during the last month amounted to 41 billion and 834 million and 60 thousand and 338 shares, out of a total of 44 billion and 906 million and 245 thousand and 648 shares were traded for eight sectors during the past month, noting that "the financial value of the banking sector amounted to 14 One billion and 821 million and 49 thousand and 937 Iraqi dinars out of a total of 25 billion 438 million and 855 thousand and 65 dinars were traded during the last month.
He added, that the industrial sector came second as the most traded sector in the market, with a rate of 2.50%, as the traded shares for the month of September amounted to one billion and 122 million and 515 thousand and 462 shares, with a financial value of two billion and 102 million and 868 thousand and 714 dinars.
The market report indicated that the agricultural sector ranked third in terms of shares trading with a rate of 1.95%, reaching 875 million and 751 thousand and 283 shares, with a value of two billion and 15 million and 163 thousand and 574 dinars, and the services sector came fourth with a rate of 1.2%, as shares traded in it 559 million and 818 thousand and 318 Shares with a financial value of one billion and 834 million and 558 thousand and 324 Iraqi dinars.
He continued, that the telecommunications sector came in fifth with a rate of 0.79% in terms of trading, reaching 352 million and 908 thousand and 963 shares, with a financial value of two billion and 769 million and 35 thousand and 451 dinars, and the hotel and tourism sector came sixth with a rate of 0.3%, with a circulation of 129 million and 126 thousand and 323 shares, with a value of one billion and 882 One million and 334 thousand and 585 dinars.
The insurance sector came seventh / according to the market / by 0.1% and traded 27 million and 878 thousand and 352 shares worth 13 million and 62 thousand and 441 dinars, and the investment sector came eighth with a rate of 0.01% with trading of four million and 186 thousand and 609 shares with a financial value of 782 million and 40 thousand Iraqi dinars. /finished 3
https://ninanews.com/Website/News/Details?Key=1006251
After The Decision Of "OPEC +" .. An Economist For "Nina": Oil Prices Will Rise To 150 Dollars Per Barrel
Saturday 08 October 2022 10:12 | Economic Number of readings: 401 Baghdad / NINA / - An expert in economic affairs, Raad Twij, suggested that oil prices would rise in the coming days to 150 dollars per barrel, while attributing this to the recent reduction in the volume of production by two million barrels per day.
Twig said in a statement to the National Iraqi News Agency / NINA /: “The process of monitoring the volume of production by OPEC and Russia is a historic process in managing the oil market, especially the recent reduction in the volume of production by two million barrels per day, stressing:” that the last reduction It turns (OPEC +) into a major oil monopoly, and no other power will be able after today to manipulate the price of oil, whether the United States of America or the International Energy Agency, with shale oil or strategic reserves.”
Twig added, "Oil prices will rise to $150 per barrel, especially as we are on the cusp of the cold season. This will increase Iraq's financial savings."
It is noteworthy that the (OPEC +) alliance decided recently to reduce oil production by two million barrels per day.
The alliance, which includes members of the Organization of the Petroleum Exporting Countries and partners including Russia, has ignored pleas from the White House to continue pumping oil supplies. And he decided to cut production by two million barrels per day, which is the largest reduction since the outbreak of Covid-19 in 2020.
The decision of the “OPEC Plus” group to reduce oil production angered the United States, which accused the group of siding with Russia, and US President Joe Biden instructed the Ministry of Energy to distribute 10 An additional million barrels of strategic petroleum reserve will be in the market next month. / End 8 https://ninanews.com/Website/News/Details?key=1006107
This Is What The Economy Of Iraq Lost During A Year Of Political Paralysis
Reports Economy News-Baghdad On October 10, Iraq completed a full year since the early parliamentary elections, in the absence of a new government or budget due to political paralysis that threatens to deprive the country of much-needed infrastructure projects and reform opportunities.
Iraq, an oil-rich country wracked by decades of conflict, generated massive oil revenues in 2022. The money is in the Central Bank, which has $87 billion in foreign currency reserves.
But benefiting from these funds in projects that Iraq needs is contingent on forming a government with full powers and a budget that controls the pace of spending.
Yasar Al-Maliki, an economist at the Middle East Economic Survey, explains that "infrastructure projects need years of steady funding from the government," adding that "the political situation has caused great turmoil that has further weakened Iraq's already fragile position in front of its investors."
He explains that "the political crisis has added to other long-standing concerns, especially security and corruption."
Political disputes are still continuing between the two prominent Shiite camps, the Sadrist movement on the one hand, and the coordination framework, which includes blocs representing the Popular Mobilization, an alliance of armed factions loyal to Iran that have become affiliated with the state apparatus, on the other hand, a year after elections that were already hesitant among Iraqi voters. . With the two sides of the political crisis unable to resolve their differences, a new government has yet to be formed.
'Loss of great opportunities'
On August 29, violence erupted in Baghdad between fighters from the Sadrist movement on the one hand, and the security forces and the Popular Mobilization Forces on the other, killing about 30 al-Sadr supporters.
And considered the United Nations representative in Iraq, Jenin Plasschaert, before a recent Security Council session, that these events were supposed to represent "a wake-up call," adding that "the situation is still very volatile."
"Many Iraqis have lost confidence in the ability of the political class in Iraq to work for the benefit of the country and its people," she said.
While the World Bank estimated the growth of the Iraqi economy at an average of 5.4 percent annually between 2022 and 2024, “the macroeconomic outlook is surrounded by a high degree of risks given the heavy dependence on oil, the persistence of budget stagnation, and the delay in forming the new government.” , as stated in a report in June.
Arab economy
As a result of the absence of a budget, Iraq spends today on the basis of the Federal Financial Management Law, that is, what was spent in the previous budget divided over 12 months, which does not reflect the reality of the revenues that the country achieved in 2022.
However, "these are minimal budgets... that resemble the past, not the present or the future, and they lack opportunities for economic growth, and deprive Iraq of major strategic projects," according to the Prime Minister's financial advisor, Mazhar Salih.
"We are missing out on great opportunities, opportunities to invest in important, strategic and planned projects," he told AFP.
For example, Iraq signed a contract last summer with the French company "Total Energy", which includes many projects, especially in the field of the exploitation of associated gas and solar energy, worth ten billion dollars, partially funded by the Iraqi government, which is still in its infancy.
And "the Iraqi government is working hard to speed up work in it and remove obstacles before it," according to a source familiar with the file.
Other projects are progressing “at a slow pace” in the oil sector, and with “the absence of a government with full powers, the Ministry of Oil cannot finance, sign and award contracts for these key projects,” explains Yasar al-Maliki.
people are tired
To meet emergency expenditures, the Iraqi parliament enacted an emergency subsidy law in June, worth 25 trillion dinars ($17 billion), which allowed meeting emergency needs for the population and buying grain to ensure “food security,” but also ensuring the purchase of energy and electricity from abroad.
As the year 2023 approaches without a budget, the authorities will have to either legislate a new similar food security law or continue spending on a 12-month basis, meaning “reduce spending again,” as Yasar al-Maliki explains.
Upon resigning from his position as finance minister in August, Ali Allawi, the owner of the reform economic project that had not yet fully turned into a tangible reality, did not hesitate to define the problem quite frankly.
"All plans and programs of the government are always constrained by the need to obtain broad agreement from a fractured political class," he wrote in his resignation letter. "All calls for reform have been hindered by the political framework of this country," he added.
people's economy
Out of every ten young people, four are unemployed, according to the United Nations, while a third of the 42 million population are below the poverty line.
Despite the huge oil revenues, the life of Amin Salman, the sixty-year-old retired from the Iraqi army, who was among the demonstrators on the third anniversary of the unprecedented October 2019 uprising, which came out against the regime and corruption, has not improved much.
"The country is going through a political crisis, and this political crisis affects people. People are all tired," says the man from Tahrir Square in central Baghdad.
The man earns only 400,000 dinars ($274), an amount that barely covers his daily income, and his two sons are unemployed. He adds, "Iraq has billions, money and gold, but politicians are only interested in their parties and pockets."
(AFP) 168 . views Added 10/08/2022 - 1:26 PM Update 10/08/2022 - 10:29 PM
https://economy-news.net/content.php?id=30106
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