Iraq Economic News and Points to Ponder Monday Evening 1-8-24
Tlm724 Administrator Bondlady’s Corner
Private Banks: The Prime Minister’s Support For The Central Bank’s Measures Enabled The Economy To Recover
Economy News – Baghdad The Iraqi Private Banks Association confirmed, on Monday, that Prime Minister Muhammad Shiaa Al-Sudani’s support for the procedures of the Central Bank of Iraq enabled the economy to advance with good growth rates.
The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, said in a statement reported by the official news agency, and seen by Al-Iqtisad News, that “since assuming responsibility, the government has implemented procedures that have developed a detailed road map to address the loss of methodology and the previous dispersion in financial policies, the chaos in managing the economy, and the imbalance that has caused This occurred as a result of a lack of coordination between fiscal and monetary policies.”
He added, “The map included diagnosing the deficiencies and developing solutions in coordination between the government and the central bank, accompanied by the bank reconsidering the tools and applications of monetary policy and focusing its plans on achieving priorities that are based on achieving financial and banking reform first.”
He continued, “These steps resulted in the issuance of joint reform decisions to enable the economy to advance to good growth rates confirmed by international organizations, especially the reports of the World Bank and the International Monetary Fund, and their acknowledgment that the Iraqi economy in 2023 left fragility to a gradual recovery and achieved an inflation rate at an annual rate of 3.7%, which is lower.” Comparative rate of 7%, in January 2023.
He pointed out that “this rate is the lowest compared to inflation rates in Arab and regional countries for the same period, and this is one of the goals of monetary policy by reducing inflation and maintaining the general level of prices despite the fluctuation in the exchange rate, in addition to the expectation of achieving growth in output.” Non-oil GDP by 5%.
He stressed, “The procedures also included organizing the financing of foreign trade and moving banks to build trust relations with global correspondent banks and obtaining their approval to open accounts for our banks with them and allowing commercial and banking dealings with them directly and gradually leaving the electronic platform and introducing new foreign currencies into dealing for foreign trade purposes with them.” China, the Emirates, Turkey and India, in addition to the US dollar, which will help stabilize the exchange rate in the trading market.”
Al-Nusairi pointed out that “the measures were also supported by the serious approach of the government and the Central Bank to move and transform from the cash economy to the digital economy and focus on developing electronic payment systems and securing the infrastructure for that, establishing a national company for payment systems, reconsidering the structure of banking financing, and preparing to launch the national lending strategy and establishing Riyada Bank.” To finance small and medium enterprises and to reconsider the structural, regulatory and supervisory structure of the bank’s specialized departments.
He added, “The important and basic priority that the Central Bank is working on includes preparing to launch the financial inclusion strategy, as the number of accounts opened in banks has grown by 14%, to reach more than 10 million accounts, while the number of credit cards issued has reached more than 18 million cards.”
He pointed out that “all these reform measures were completed under difficult and complex circumstances during 2023, and with continuous communication, support, harmony, cooperation and support between the Prime Minister, Muhammad Shiaa Al-Sudani, and the Governor of the Central Bank, Ali Mohsen Al-Alaq, enabled the economy to recover, which confirms the entitlement of the Council of Ministers and the Central Bank to launch… They (the two economic institutions that have the lead in 2023) deserve their leadership, supervisory and executive role in seeking to achieve economic reform for the year 2023 as a first stage.” 01/08/2024 – 6:07 PM https://economy-news.net/content.php?id=39239
Oil Falls As OPEC Production Increases And Saudi Crude Decreases
Energy Economy News _ Baghdad Oil prices suffered losses of more than one percent, in early transactions on Monday, affected by sharp cuts in Saudi crude prices and an increase in OPEC production, the impact of which outweighed concerns related to the escalation of geopolitical tensions in the Middle East.
By 0330 GMT, Brent crude fell 90 cents, or 1.14 percent, to $77.86 a barrel, and West Texas Intermediate crude fell 87 cents, or 1.17 percent, to $72.95 a barrel.
The two raw materials jumped by more than two percent in the first week of 2024 after investors returned from vacation to focus on geopolitical risks in the Middle East in the wake of the Houthi attacks in Yemen on ships in the Red Sea.
A Reuters poll revealed that OPEC production increased by 70,000 barrels per day in December to 27.88 million barrels per day, which outweighed the pressures of rising prices linked to geopolitical concerns.
Increased supplies and competition from rival producers prompted Saudi Arabia on Sunday to reduce the official selling price of its Arab Light crude to Asia to the lowest level in 27 months.
Views 63 01/08/2024 – https://economy-news.net/content.php?id=39223
Central Bank Sales Exceed $217 Million Today
Monday 08, January 2024 13:50 | Economical Number of readings: 269 Baghdad / NINA / The Central Bank of Iraq announced its total sales of foreign currency through the electronic window today, Monday.
The window recorded the total amounts of transfers abroad (remittances, credits) of $194,773,693, while the total amount of cash sales amounted to $22,700,000, and the total amount of sales amounted to $217,473,693.
The cash sale was set at 1,305 dinars to the dollar, while the bond credits, international settlements for the electronic card, and foreign transfers were set at 1,310 dinars to the dollar. /End 11
https://ninanews.com/Website/News/Details?key=1099801
An Economic Expert Warns Against Raising The Value Of Goods By Selling Them At “Shadow Market” Prices.
January 8 10:25 Information / Baghdad… The economic expert, Safwan Qusay, warned on Monday that some merchants are raising the value of goods and selling them at shadow market prices instead of selling at the official price approved by the Central Bank of Iraq. Qusay told Al-Ma’louma, “There is a need for the Central Bank and the Ministry of Commerce to identify Iraqi merchants who import goods at official prices and assign the Economic Security Service to monitor the prices of these goods, so that they are not sold at shadow market prices.”
He added, “There is a possibility of adding an acceptable percentage in favor of merchants for the goods they import, but if they are sold at shadow market prices, the prices of the goods will rise greatly and the merchant will achieve very large profits at the expense of the final consumer.”
He stated, “Although the Ministry of Commerce provides the food and construction basket to help vulnerable classes and ensure that they are not affected by rising prices, there is a need to increase transparency through knowledge of official merchants, imported goods, and marketing centers in order to ensure that local prices do not rise above international prices.” Ended 25 n
The Year 2023.. The Stock Market Trades More Than 689 Billion Shares
January 8, 2024 Last updated: January 8, 2024 The Independent/- The Iraq Stock Exchange witnessed a clear increase in stock trading during the year 2023, by 22% over the year 2022, and
the number of shares traded reached (689,622,894,451) shares with a value exceeding 680 billion dinars, “according to the annual report for 2023 issued by the market.”
The Executive Director of the Iraqi Stock Exchange, expert Taha Ahmed Abdel Salam, said:
The market organized 237 trading sessions on the shares of listed joint-stock companies, which is 0.4% higher than the number of sessions that were organized in 2022.
He pointed out that the number of shares traded amounted to (689,622,894,451) shares, and compared to their number for the year 2022, the number of shares traded (trading volume) in 2023 achieved an increase of 22%, with a total value amounting to (671,809,958,315) dinars, an increase over the value of shares for the year 2022 by 28%. Abdel Salam pointed out that
the number of executed contracts reached (155,920) contracts, an increase of 15% over the year 2022, indicating that the ISX60 traded stock price index closed in the last session of 2023 at (893) points. Compared to the 2022 closing of (585) points, the index for 2023 increased by 52%.
He confirmed the launch of the ISX60 traded stock price index in 2015, starting from the 2/9/2015 session, which is the index of the X-Stream electronic trading system.
The electronic system calculates the ISX60 market index in each session for a sample of (60) listed joint stock companies compared to their prices for the base session of 2014, session 18. March, then the prices of the current session begin to be compared compared to the previous session, and the value of the index is considered a standard value to indicate the directional movement of the market.
He added that the year 2023 witnessed the Securities Authority amending Regulation No. 16 (insider trading), amending Regulation No. (23) of the undisclosed companies platform, and amending the Brokerage Firms Licensing Regulations No. (20), and the Authority issued a new regulation No. (21) for listing, depositing and trading company shares.
Not listed, in cooperation with the Central Bank of Iraq and the Companies Registration Department, in addition to the Iraq Stock Exchange, which requires technical procedures on the electronic systems in the market that allowed the addition of these new mechanisms.
He explained that the reasons for the increase in trading indicators for the year 2023 are the follow-up of the disclosure of joint-stock companies by the Securities Commission with the sectoral bodies, and the clear interest of shareholders, auditors, sectoral bodies and the Company Registration Department in auditing the results of the work and decisions of the annual joint-stock companies in the meetings of the general bodies, as well as the commitment The majority of joint-stock companies provide the annual disclosure within its legal timing, and a number of joint-stock companies distribute the annual dividends.
Abdul Salam continued that among the reasons for the rise in trading indicators were the implementation of large deals and a change in the structure of the contributions of a number of banks, which generated interest from investment portfolios in addition to new natural investors in the stock sector, and not stopping the trading of joint-stock companies depending on the degree of disclosure and adopting a mechanism to change the company’s standard and classification from A regular platform to the second to the least disclosed or not disclosed, and
success in applying the regulatory regulations and anti-money laundering rules in accordance with the mechanisms of electronic systems in an efficient manner and
holding violators accountable in accordance with these rules, which created a stable, disciplined market and transparent trading. Abdul Salam stated that the electronic systems department in the market is working within a committee to negotiate between the Iraqi Stock Exchange and the Securities Commission to update the central deposit system with a new version, update the electronic trading system, and complete a new platform for trading shares of unlisted companies ISX-OTC for trading and transferring ownership of shares and financial and stock settlements.
It is also preparing to implement the development of financial and stock settlement procedures technically and with the T+2 Clearing Bank as soon as the regulatory regulations governing this subject are launched.
He stated that he was part of the committee of the Iraqi government agreement with the Egyptian government signed on 6/30/2023 between the Iraqi Prime Minister and the Egyptian Prime Minister, which approved the minutes of the agreement in paragraph (4) of it on the Egyptian Stock Exchange and the Iraqi Stock Exchange for joint cooperation in exchanging information.
And expertise for the purpose of developing the performance of non-banking financial institutions (brokerage companies) and increasing awareness in attracting investors towards establishing new companies, developing savings and directing them towards investing in securities, as well as
supporting the transition to the digital economy in both countries, and developing work mechanisms through the exchange of information and legislation. Applicable activities and activities related to securities exchange and legally permitted disclosure in both countries.
Abdel Salam pointed out the organization of several training activities during the year 2023, the most important of which is organizing an anti-money laundering program for reporting managers in brokerage companies in cooperation with the Anti-Money Laundering Office, organizing the training program “qualifying new electronic trading authorized persons,” and
organizing a workshop on the electronic trading system for investors OMS & Back. Office Portfolio Management – 10/18/2023 with the Egyptian company EGID via an electronic circuit, as well as
organizing an electronic trading system workshop for investors on OMS & Back Office Portfolio Management – 10/24/2023 with the Arab company DirectFN via the Zoom application.
On the other hand, he indicated that the market pays great attention to training and hosting Iraqi university students from all Iraqi governorates, as the market has succeeded in training more than 500 students from various universities during the year 2023.
The Executive Director noted the fruitful cooperation with Arab financial markets, especially the Egyptian Stock Exchange, the Amman Financial Market, and the Muscat Securities Market, in organizing programs to exchange experiences and train brokers and market workers.
And the market’s success in competing within Arab financial market indicators within the Arab Monetary Fund index and database.
https://mustaqila.com/عام-2023-سوق-الاوراق-المالية-تتداول-اكثر-م/
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Provoking Points To Ponder on Adversity:
Strong people are made by opposition, like kites that go up against the wind.- Frank Harris
Men strive for peace, but it is their enemies that give them strength, and I think if man no longer had enemies, he would have to invent them, for his strength only grows from struggle.- Louis L’Amour
You’ll never find a better sparring partner than adversity.- Walt Schmidt
The English nation is never so great as in adversity.- Benjamin Disraeli
http://famousquotesandauthors.com/topics/adversity_quotes.html
Famous Quotes and Authors, Famous Quotations for all Occasions–