More Iraqi News Sunday Late PM 3-6-22
More Iraqi News Sunday Late PM 3-6-22
TLM724 Administrator BondLady’s Corner
Arrows In The Side Of The Economy
Posted On2022-03-06 By Sotaliraq It is true that the dollar is the master of currencies in which the world agrees on its various transactions, which gives it the character of strength and a double-edged sword, and as a criterion for the strength and weakness of the local currencies of countries, but it is a blazing fire that burns the economies of weak developing countries.
In a situation like the one that Iraq is going through, the country is located between two fires, the most bitter of which is the deadly poison, represented by external borrowing, and the second is the bitterness of fluctuation in its exchange rate and its instability at a certain price. Fire is a product of the countries dealing with the dollar and according to the mismanagement of dealing with the currency master.
As for the first case, most developing and weak countries facilitate the process of external borrowing to patch up their distorted economic conditions, whether because of poor resource management or involving themselves in absurd wars and insatiable and insatiable events and sometimes due to force majeure outside her will.
Here, the (reform trap) emerges, the slogan adopted by the International Monetary Fund, which offers its lending services through which services are apparently free and inwardly costly many times over.
His tips to create social stressor confuse processors. A return to the exchange rate crisis that is raging between the citizen on the one hand and the executive financial administration and the legislative authority on the other hand, when the financial administration began issuing its decision to raise the exchange rate in favor of the dollar with justifications that were realistic and acceptable to all, as the goal was to prefer changing the exchange rate over external and internal borrowing To avoid falling into the trap of reform and with the aim of addressing the lack of financial resources (liquidity) that do not cover the country's needs, in addition to the goal of activating the productive sectors on the other hand. In the sense that her decision is sound.
On the other hand, the citizen - as usual, is known for his honorable stances in adversity - succumbed to the financial management procedures, kept silent and waited. But what did the decision leave behind to provoke a whirlwind of objections and cries of restoring the exchange rate to its previous era?
What happened is that the effects of the shock, and I mean the decision to raise the exchange rate, were influential in raising the rate of inflation, which is normal, so prices rose at rates not parallel to the price difference, as some traders took advantage of the circumstance and the relative stability of the Iraqi market.
After the improvement in oil prices, the citizen began to get restless about the situation and the reason was the high prices of foodstuffs and medicines, which is a general situation that did not include the fragile class only, but also included the middle and the affluent as well, due to the loss of control and control over prices this first, and then the promises of the financial administration were not implemented to address the issues of the fragile class ( the poor) and the productive sectors were not activated.
The new tone or the pretext that the rise in food prices came to increase prices globally, and this is not true because the next increase is still on the way and has not started yet. It is necessary to allow the financial management to find the necessary ways and sound procedures, not patchwork, to confront the danger of the creeping global price wave that alerted us. About it here on this page in a previous article in mid-October of last year.
https://www.sotaliraq.com/2022/03/06/%d8%b3%d9%87%d8%a7%d9%85-%d9%81%d9%8a-%d8%ae%d8%a7%d8%b5%d8%b1%d8%a9-%d8%a7%d9%84%d8%a7%d9%82%d8%aa%d8%b5%d8%a7%d8%af/
During The Month Of February, The Stock Market Traded 49 Billion Shares
Posted On2022-03-06 By Sotaliraq The report of the Iraq Stock Exchange for the month of February indicated that more than (49) billion shares were traded, with a value of more than (56) billion dinars, with an increase in the number of shares traded by 8% in February compared to January 2022, and an increase in the value of traded shares by 15%. As a result of the increase in the price of traded shares by 3%.
The Executive Director of the Iraq Stock Exchange, Taha Ahmed Abdel Salam, said: “The month of February witnessed the organization of 19 trading sessions to deal with the shares of listed joint stock companies using electronic systems, including the electronic trading system and the central depository system.”
He added that «the number of listed joint-stock companies reached 103 Iraqi companies, while the number of traded companies touched their shares (58) joint-stock companies», noting that «the shares of (27) joint-stock companies were not traded due to the difference in the prices offered from the required, and the number of suspended companies reached From trading by a decision of the Securities Commission (18) joint stock companies for not complying with the disclosure instructions.
High Deals
Abdul Salam pointed out that “the executed deals amounted to (7770) deals, and that the stock price index traded in the Iraq Stock Exchange ISX60 closed in January at 577 points, and in the last session of February it reached 596 points, achieving an increase of 3.3%.”
He pointed out that "the index of traded stock prices witnessed an increase as of mid-February, after joint stock companies began to disclose the results of the fourth quarter of 2021 and some companies began to disclose their financial position as on 31/12/2021.
Guarantor Bank
And Abd al-Salam indicated that “based on the bilateral meetings between the Chairman of the Securities Commission and the Board of Governors, the Iraqi Stock Exchange issued an official invitation to the Iraqi Local Banks, Arab and foreign Global Banks to submit offers to implement the services of the Custodians Bank in accordance with the instructions of the custodian issued by the Securities Commission Updated in 2021.
He pointed out that “the Board of Governors in its second session took several decisions, including discussing and approving stock trading indicators for the month of January 2022, discussing and approving the monthly trial balance January 2022, as well as discussing the reports of the Electronic Systems Department and Depository Center, approving the required procedures, and discussing and approving the performance evaluation Brokerage companies for the month of January 2022.
Training Program
Abdul Salam pointed to “participation in the training program at the Muscat Securities Exchange in the Sultanate of Oman, and based on the discussions of cooperation between the Securities Authority and the Muscat Securities Market, and with the aim of enhancing cooperation and exchanging experiences between the Iraq Stock Exchange and the Muscat Securities Exchange, the Stock Exchange organized a training program during February The past for a number of department managers included trainings on operations, indicators and trading control. risk and obligation. systems and development.
He pointed out that “the Board of Governors of the Iraq Stock Exchange, and through the Association of Capital Market Brokers in Iraq, supported the training of 31 brokers and 7 employees of the ESTA Association in the Republic of Egypt - Cairo within the framework of the memorandum of understanding signed between the Iraq Stock Exchange and the Egyptian Stock Exchange under the cooperation LINK
To read more current and reliable Iraqi news please visit BondLady’s Corner: