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Expert identifies reasons for Iraq’s economic growth forecast to exceed 5% in 2026
Time: 2024/07/01 20:48:59 Read: 2,249 times
Expert identifies reasons for Iraq’s economic growth forecast to exceed 5% in 2026
{Economic: Al Furat News} The economic expert, Qusay Safwan, identified the reasons for expectations of economic growth in Iraq reaching more than 5% in 2026.
Safwan told {Euphrates News} that: "The International Monetary Fund's expectations went towards the external view of the Iraqi economy in light of the success of the government of Mohammed Shia al-Sudani in reducing external debts from $20 million to $9 million, which gives reassurance to the status of the Iraqi economy for the coming years, considering that the interest on those debts will be low."
He added, "There are also projects that the government of al-Sudani has started at the level of stopping gas flaring and investing associated gas in supplying electricity, meaning reducing outward cash flows to reduce the import of electricity and gas, as well as completing the Faw port in mid-2025 and entering the operational testing phase until it is linked to the European Union."
Expert identifies reasons for Iraq’s economic growth forecast to exceed 5% in 2026
Time: 2024/07/01 20:48:59 Read: 2,249 times
Expert identifies reasons for Iraq’s economic growth forecast to exceed 5% in 2026
{Economic: Al Furat News} The economic expert, Qusay Safwan, identified the reasons for expectations of economic growth in Iraq reaching more than 5% in 2026.
Safwan told {Euphrates News} that: "The International Monetary Fund's expectations went towards the external view of the Iraqi economy in light of the success of the government of Mohammed Shia al-Sudani in reducing external debts from $20 million to $9 million, which gives reassurance to the status of the Iraqi economy for the coming years, considering that the interest on those debts will be low."
He added, "There are also projects that the government of al-Sudani has started at the level of stopping gas flaring and investing associated gas in supplying electricity, meaning reducing outward cash flows to reduce the import of electricity and gas, as well as completing the Faw port in mid-2025 and entering the operational testing phase until it is linked to the European Union."
Safwan continued, "This means adding non-oil revenues, and these indicators indicate a positive outlook that could contribute to reclassifying Iraq's credit rating from C3 Plus to B Minus," noting that "the possibility of Iraq's GDP rising to 5% in the event of adding initiatives by the Central Bank to pay small and medium-sized projects, which is currently at a rate of $270 billion annually."
He added, "Iraq is currently a partner with the International Finance Corporation, which is trying to rebuild Iraqi airports, and there are two billion dollars that will be pumped into developing and expanding Baghdad International Airport, which indicates that there is confidence in Iraq's ability to operate these amounts and return them to lenders."
Safwan stressed that "the process of developing the energy sector in terms of gas and oil through licensing rounds will contribute to increasing Iraq's future revenues, as it is looking forward to 6 million barrels for export purposes, meaning that there is a possibility of increasing the ability to spend oil revenues on investment projects," noting "the importance of transforming understandings into a studied reality in the field of foreign investment."
The World Bank expected Iraq to achieve economic growth of more than 5% in 2026, noting that the recovery in the oil sector in 2025 will contribute significantly to enhancing this growth.
In its report, the bank stated that Iraq's economic growth for the year 2022 reached 7.6%, and in 2023 it decreased to -2.9.
The report also expected that Iraq's economic growth would decline to -0.3% in 2024, achieve growth of 3.8% in 2025, and reach 5.3% in 2026.
The report indicated that oil-exporting countries outside the Gulf Cooperation Council, such as Iraq and Algeria, would benefit from the expected recovery in the oil sector in 2025, which would help boost economic growth in these countries. LINK
Chairman Of The Securities Commission: The Value Of Traded Shares During The First Half Of 2024 Amounted To 321 Billion Dinars
Market Economy News – Baghdad The Chairman of the Securities Commission, Faisal Al-Haimas, announced today, Tuesday, the stock trading indicators on the Iraq Stock Exchange during the first half of 2024, as the value of traded shares amounted to 321,951,474,384 Iraqi dinars.
Al-Haimas said in a statement followed by "Al-Eqtisad News": "The number of shares traded during the first half of the current year amounted to 281,150,586,973 shares," noting that "the number of listed companies and companies registered in the market amounted to 109 joint-stock companies, distributed between regular and secondary trading platforms and unlisted companies."
Al-Haimas added: “The government bonds that were traded are construction bonds with two issues, and reconstruction bonds with three issues,” stressing that “the number of companies registered on the ISX-OTC platform for unlisted companies increased to 6 companies after accepting three new companies at the end of June 2024.”
The Chairman of the Securities Commission explained that “the number of companies whose shares were traded during the first half of this year amounted to 87 companies.”
The number of traded shares reached 281,150,586,973 shares, and the value of traded shares reached 321,951,474,384 dinars.
Al-Haimas pointed out that “the ISX60 index closed in the last session of June at 882.03, recording a decrease of 1.25% from the closing of 2023, while the ISX15 index closed at 1005.49 points, achieving an increase of 0.5% from its starting value in the base session.”
Al-Haimas concluded his statement by saying: “The number of contracts executed during the first half of the year reached 86,268 contracts, which reflects continuous activity and dynamic movement in the Iraq Stock Exchange.” 07/02/2024 - https://economy-news.net/content.php?id=44820
Implementation Of The Comprehensive Banking System Of Rafidain Bank In 31 Branches
Economy | 08:47 - 02/07/2024 Baghdad - Mawazine News Rafidain Bank announced today, Tuesday, the implementation of the comprehensive banking system in the Pharmacists Branch in Basra, thus joining the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the border crossing branches (Zurbatiya - Safwan - Arar - Trebil).
The bank confirmed in a statement today that "the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the scheduled timings to include all the bank's branches in the implementation of the system, especially since one of the priorities and adoptions of the government program is the electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions."
He added, "Thus, the number of branches that have implemented and completed the system becomes (31) branches, in an important step to strengthen the banking system, achieve its requirements, and leave paper work and move completely to electronic systems." https://www.mawazin.net/Details.aspx?jimare=250611
Global Oil Price Stability
Economy | 10:12 - 02/07/2024 Follow-up - Mawazine News
Oil prices stabilized on Tuesday, remaining near their highest levels in two months reached in the previous session, driven by expectations of increased fuel demand during the summer travel season and the possibility of a cut in US interest rates.
Brent crude futures rose slightly by 20 cents to $86.80 a barrel, after rising 1.9% in the previous session to record the highest closing level since April 30.
US West Texas Intermediate crude rose 13 cents to $83.51 a barrel, after rising 2.3% to its highest level since April 26. https://www.mawazin.net/Details.aspx?jimare=250618
Central Bank Sells About $269 Million In Auction Today
Banks
Economy News – Baghdad The Central Bank of Iraq announced on Tuesday its sales of hard currency, which amounted to more than $269 million in today's transactions, according to the official exchange rate of 1310.
The bank's data showed that the total internal cash withdrawals amounted to $30,250,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $239,000,000, while the total sales amounted to $269,250,000. https://economy-news.net/content.php?id=44821
To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/
Provoking Thoughts and Points To Ponder On Adversity:
Adversity has ever been considered as the state in which a man most easily becomes acquainted with himself, being free from flatterers.-Samuel Johnson
In all things preserve integrity; and the consciousness of thine own uprightness will alleviate the toil of business, soften the hardness of ill-success and disappointments, and give thee an humble confidence before God, when the ingratitude of man, or the iniquity of the times may rob thee of other rewards. -Barbara Paley
He knows not his own strength who hath not met adversity.-Samuel Johnson
Adversity leads us to think properly of our state, and so is most beneficial to us.-Samuel Johnson
In the depth of winter, I finally learned that there was in me an invincible summer.-Albert Camus
http://famousquotesandauthors.com/topics/adversity_quotes.html
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TNT: Tishwash:
Raising the three zeros from the Iraqi currency and the interim evaluation (2016 Article)
Amer Al-Abadi
The value of the Iraqi dinar began to be worth (7) grams of gold at the beginning of its issuance according to the issuance law in the year 1931, and in 1959 a new law was issued for the Iraqi national currency, and the Iraqi monetary and banking system continued to develop, and the value of the Iraqi dinar reached (3.3) dollars until the beginning of the war. With Iran, which led to a major collapse in the Iraqi currency
In 2004, the former Governing Council replaced the previous currency, which symbolized the previous regime, with a new currency that is currently in circulation, and the currency was dealt with in seven denominations: 50, 250, 500, 1,000, 10,000, and 25,000 dinars.
TNT:
Tishwash: This article is from 2016. It’s a great reminder of how far we have come.
Raising the three zeros from the Iraqi currency and the interim evaluation (2016 Article)
Amer Al-Abadi
The value of the Iraqi dinar began to be worth (7) grams of gold at the beginning of its issuance according to the issuance law in the year 1931, and in 1959 a new law was issued for the Iraqi national currency, and the Iraqi monetary and banking system continued to develop, and the value of the Iraqi dinar reached (3.3) dollars until the beginning of the war. With Iran, which led to a major collapse in the Iraqi currency
In 2004, the former Governing Council replaced the previous currency, which symbolized the previous regime, with a new currency that is currently in circulation, and the currency was dealt with in seven denominations: 50, 250, 500, 1,000, 10,000, and 25,000 dinars.
Unlike Arab countries, there have been no coins in Iraq for about 25 years.
The project to delete the three zeros was scheduled to be completed in 2011, but it was not completed, then it was postponed to 2013, then postponed to 2015, and now the plan is scheduled to be implemented in early 2017, noting that the process of deleting the zeros took place in several countries.
Three zeros were deleted from the Zimbabwean dollar in 2006. Romania deleted four zeros from its currency in 2005. Bolivia deleted three zeros from its currency in 2008. Turkey deleted six zeros from its currency in 2005. Sudan deleted two zeros from its currency in 2007.
Central Bank Director Mahdi Al-Alaq said, saying: “The central bank began the first steps of the project by choosing the designs, companies and country in which the currencies will be printed.”
He pointed out that "the introduction of the new currency does not mean destroying the old currencies, but they will continue in circulation for about ten years," pointing out that "this period will enable the central bank to withdraw the old currency according to the known dynamics in order to preserve liquidity in the market."
Justifications for the replacement process
1. The existence of a large monetary block worth 30 trillion dinars, with a number of 4 billion notes.
2. Currently, the largest denomination of cash is 25 thousand dinars, equivalent to approximately 21 dollars, and this requires a large volume and effort to settle daily transactions, so the amounts that exceed 20 in value are now Million is made in dollars.
3. The presence of damage to a large percentage of the currency, especially the small denominations, and their inadmissibility in circulation, which constitute approximately one-third of the monetary mass.
4. The difficulty of performing calculations in light of numbers with more than 14 zeros from a practical and technical standpoint, and the possibility of an error occurring, whether adding or deleting a zero.
Benefits of the exchange process
1. Security: It reduces the risks resulting from carrying large sums of money.
2. The costs of counting, sorting, and auditing will decrease if larger denominations are issued.
3. Raising the zeros will create a psychological impact on the citizen by strengthening his currency and adopting it more widely instead of foreign currency
4. Including the Iraqi dinar in the basket of global currencies and dealing in it officially on the world’s stock exchanges and financial markets.
5. The possibility of concluding economic agreements to deal in the national currency, and this will cover a very large portion of foreign transfers, which are a waste of the national wealth of hard currencies.
6. Manipulation of the currency exchange market will be eliminated
7. The work of corrupt suspicious banks and their agents and brokers will stop.
8. A higher ceiling will be set for the amounts transferred abroad from the active exchange currency to ensure that the currency is not smuggled.
9. Changing the currency affects the psychological aspect represented by the desire for a currency with a high exchange rate. This rise brings joy to the return of the dinar to its rich past.
Disadvantages of the replacement process:
1. The emergence of a mathematical problem between the old and new numbers in transactions and in reading and managing trillion numbers.
2. The need to print large denominations.
3. Foreign shares of the stock exchange will decrease by 20% because foreign investors believe that changing the currency will reduce profits.
4. Removing three zeros from the currency may contribute to creating a state of monetary illusion
5. It will cost the state budget large sums of money, in addition to being a door to financial corruption, in addition to not addressing the problem of financial inflation because the Iraqi market imports all goods and services from abroad, which means a drain on hard currencies.
6. There is no official data on the cost of Iraqi banknotes. Note that the cost of a banknote in Britain is 7 US cents. It is sufficient to know the number of notes in circulation to give an idea of the total cost.
7. Four billion notes. Thus, the cost of printing them becomes 289 million dollars. This amount is huge
8. Add to that another amount to mint coins, not to mention the money needed to face the consequences of deleting zeros, such as replacing postage and financial stamps.
9. Feeling poor: Deleting zeros makes a person feel poor, as someone who had ten million dinars now only has ten thousand of them
10. Expecting prices to rise.
11. In light of the inevitability of introducing the Kurdish language to the first issue of the currency after the new constitution comes into effect, it is necessary to benefit from the experiences of other currencies.
For example, the euro is the currency of many peoples in Europe, but it does not contain any language, only symbols, numbers and pictures.
Amer Al-Abadi 11/15/2016
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Good afternoon Dinar Recaps,
THE CHEVRON DOCTRINE OVERTURNED BY THE SUPREME COURT
A 40 year PRECEDENT called the Chevron Doctrine WAS OVERTURNED by SCOTUS on June 28th. How could this affect the RV of CURENCY in the U.S.? The overturning of the Chevron Doctrine stripped 3 letter agencies from enacting enforceable policies from ambiguous laws.
"Under that doctrine, if Congress has not directly addressed the question at the center of a dispute, a court was required to uphold the agency’s interpretation of the statute as long as it was reasonable. But in a 35-page ruling by Chief Justice John Roberts, the justices rejected that doctrine, calling it “fundamentally misguided.”
Good Afternoon Dinar Recaps,
THE CHEVRON DOCTRINE OVERTURNED BY THE SUPREME COURT
A 40 year PRECEDENT called the Chevron Doctrine WAS OVERTURNED by SCOTUS on June 28th. How could this affect the RV of CURENCY in the U.S.?
The overturning of the Chevron Doctrine stripped 3 letter agencies from enacting enforceable policies from ambiguous laws.
"Under that doctrine, if Congress has not directly addressed the question at the center of a dispute, a court was required to uphold the agency’s interpretation of the statute as long as it was reasonable. But in a 35-page ruling by Chief Justice John Roberts, the justices rejected that doctrine, calling it “fundamentally misguided.”
How will this affect the SEC and the CFTC moving forward as they address Crypto and Digital Asset guidelines?
© Newshounds News™
Read more:SCOTUSBlog
~~~~~~~~~
STOCK MARKET CORRECTION ON THE HORIZON?
"Leading global investment bank JP Morgan has predicted a major US stock market crash. The bank remains cautious on the S&P 500 index noting that a 20% downside could be on the cards. JP Morgan’s doomsday stock market prediction comes when BRICS is looking to uproot the dollar and damage the US economy."
" If the US stock market dips 23% according to JP Morgan, BRICS currencies will gain strength in the forex markets. While the US stock market will look at ways to stop the crash, BRICS could cause further damage by cutting ties with the dollar."
"JP Morgan’s bearish forecast for the US stock market is bullish for BRICS as it wants to pull the dollar down. The weakening of the US dollar is a boon to BRICS which wants to push local currencies ahead for trade."
© Newshounds News™
Read more:Watcher Guru
~~~~~~~~~
DO YOU OWN GOLD?
"The vast majority of professional investors in North America own at least some gold and the number has been growing in recent years. A World Gold Council survey of 525 North American investors found a steadily growing trend of gold ownership. The survey included large institutions, consultants, and financial advisors."
"Over one-quarter of respondents said they plan to increase gold allocations in the next 12 to 18 months. That was more than double the number who said they plan to reduce their exposure to gold."
"In fact, gold has outperformed most asset classes over the last 25 years. In fact, with an average 8 percent return each year, gold has outperformed equities over the last quarter century. "
© Newshounds News™
Read more:ZeroHedge
~~~~~~~~~
U.S. SENATE PICKS UP CRYPTO LEGISLATION
H.R. 4763 passed in the Congress late May giving the U.S. their first look at crypto legislation. The Senate has yet to act upon any Crypto/Digital Asset bill until now as Senator JD Vance (R-OH) is now crafting legislation.
"On June 26, Politico reported that Sen. J.D. Vance (R-OH) has been circulating the draft of a digital assets bill that he hopes to introduce in July. Vance’s bill will reportedly give ‘crypto’ operators even more latitude than the Financial Innovation and Technology for the 21st Century Act (FIT21) approved by the House of Representatives last month."
"And yet Vance’s draft bill reportedly takes “a more industry-friendly approach” than FIT21, which is saying something, given that FIT21’s passage set champagne corks-a-poppin’ within the halls of U.S. digital asset firms. Vance’s bill will reportedly “take a simpler approach to determining which digital assets the SEC would oversee versus the CFTC.”
© Newshounds News™
Read more:Coin Geek
~~~~~~~~~
MiCA AND STABLECOIN RESTRICTIONS
"A few press reports have raised concerns about stablecoin limits under the European Union’s Markets in Crypto Assets Regulation (MiCAR). The stablecoin elements of the regulation came into force at the end of June. The regulation does indeed have some draconian limits, at which point the stablecoin must cease activity. The European Banking Authority has relaxed the rules in its final iteration."
"The EU is saying if you want to use stablecoins to buy crypto and do DeFi stuff, have at it. But if you want to use stablecoins to pay for goods and services like your coffee or your rent, then you need to use Euro (or other EU currency) stablecoins. The limits are really about monetary sovereignty."
© Newshounds News™
Read more:Ledger Insights
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TNT: Tishwash: Parliamentary Finance reveals the effects of the oil price increase and its differences in the 2023 and 2024 budgets
Member of the Finance Committee in the Iraqi Council of Representatives, Mustafa Al-Karawi, revealed today, Monday, the effects of the increase in the price of oil and its difference in the 2023 and 2024 budgets, while he spoke about the fate of the revenues of the difference in the price of a barrel, which is approaching the $10 limit for each barrel sold.
Al-Karawi said, "90 percent of the country's revenues depend mainly on oil, and the more oil revenues or the price of a barrel of oil increase, the lower the expected deficit in Iraq's budget."
He added, "There is no big difference between the 2023-2024 budgets, as the government relied on a price difference of about $10 if it built its budget on $70 per barrel and expected the current price of $80 per barrel."
TNT:
Tishwash: Parliamentary Finance reveals the effects of the oil price increase and its differences in the 2023 and 2024 budgets
Member of the Finance Committee in the Iraqi Council of Representatives, Mustafa Al-Karawi, revealed today, Monday, the effects of the increase in the price of oil and its difference in the 2023 and 2024 budgets, while he spoke about the fate of the revenues of the difference in the price of a barrel, which is approaching the $10 limit for each barrel sold.
Al-Karawi said, "90 percent of the country's revenues depend mainly on oil, and the more oil revenues or the price of a barrel of oil increase, the lower the expected deficit in Iraq's budget."
He added, "There is no big difference between the 2023-2024 budgets, as the government relied on a price difference of about $10 if it built its budget on $70 per barrel and expected the current price of $80 per barrel."
Al-Karawi explained that "the increase in oil revenues will contribute to bridging the deficit, and since the expected difference is $10, the deficit coverage will be 16 trillion dinars in the 2024 budget."
It is noteworthy that Iraq sells about four million and 250 thousand barrels of oil per day, and needs about 54 trillion dinars as salaries,as the 2024 budget was approved at a fixed price of $70 per barrel, while the current price of a barrel is $90, whichreflects the fluctuations of the oil market. link
Tishwash: Prime Minister's Advisor Announces Iraq's Completion of Integration Steps by Providing Safe Environments to Attract Investment
The financial advisor to the Prime Minister, Mazhar Mohammed Salih, identified on Sunday the important strategic, field and organizational factors that encourage international investors to work in Iraq, while pointing out two basic starting points for the development of the investment environment in the country.
Prime Minister Mohammed Shia al-Sudani confirmed last week, while chairing the eighth meeting of the Higher Committee for Reconstruction and Investment, that Iraq has become a safe and attractive environment for capital from international companies, and a preferred market for businessmen and investors, thanks to the facilities and legislation provided by the government since its formation.
Saleh said, in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the Prime Minister's statement regarding the development of the investment environment in Iraq comes from two main starting points: the first is Iraq's completion of its integration steps in providing safe and appropriate environments to attract foreign investment in Iraq, the latest of which is our country's accession to the agreement sponsored by the United Nations and called the Singapore Investment Agreement."
He added, "This agreement seeks to improve the investment climate in member states by enhancing transparency and fair regulatory procedures, in addition to providing mechanisms for resolving disputes between investors and countries through faster mediation or international arbitration, which gives investors a legal means to guarantee their rights, all of which are factors that the government of the Republic of Iraq believes in to encourage international investors to invest in our country with high resources."
Saleh stressed that "the Singapore Agreement and joining it is an important step towards enhancing international trade and investment, which contributes to achieving economic growth and improving economic relations between international groups."
He added that "the second part, which the Prime Minister referred to, is the momentum of the natural and human material resources of an important strategic country like Iraq, which ranked ninth among the countries of the world in terms of natural resources, and first in the world in possessing one square kilometer of resources in the ground."
He explained that "the geographical location of Iraq, which connects European countries by land with Asian countries by sea, encouraged the launch of the Development Road project, which took its executive steps from the Faw Port upwards within the construction of the dry canal and the upcoming related industrial, agricultural and service projects and in accordance with an important regional and international cooperation framework to attract global investments."
He pointed out that "all these strategic, field and organizational factors represent a positive invitation for international investors to work in Iraq under the direct sponsorship of the executive authority to facilitate their work and with high-precision legal protection link
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Tishwash: Rafidain Bank announces the implementation of the comprehensive banking system in 31 of its branches in Iraq
Rafidain Bank announced today, Tuesday, the implementation of the comprehensive banking system in the Pharmacists Branch in Basra, thus joining the branches that have activated the comprehensive system in Baghdad and the governorates, in addition to the border crossing branches (Zurbatiya - Safwan - Arar - Trebil).
Thus, the number of effective and completed branches of the system becomes (31) branches, in an important step to strengthen the banking system, achieve its requirements, and move away from paper work and completely towards electronic systems.
The bank confirmed in a statement today that the digital transformation plan and the adoption of the comprehensive banking system are proceeding according to the set timetables to include all the bank’s branches in the implementation of the system, especially since the priorities and adoptions of the government program include electronic transformation in financial transactions, reducing the circles of routine for citizens, shortening time, simplifying procedures, overcoming obstacles, and intensifying efforts to improve the level of services provided to customers and completing their transactions link
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Tishwash: The Ministerial Council for Economy issues decisions, including obligating government agencies to purchase national products
The Ministerial Council for Economy issued several decisions during its meeting in Baghdad, today, Monday, including obligating government agencies to purchase the national product in support of the country's economy, and the Ministry of Water Resources submitting a detailed report on the salinity treatment project, while approving several projects in the Rutba district in Anbar Governorate.
A statement issued by the Ministry of Foreign Affairs - received by the Iraqi News Agency (INA) - said: "Deputy Prime Minister and Minister of Foreign Affairs, Chairman of the Ministerial Council for the Economy, Fuad Hussein, chaired the nineteenth session of the Ministerial Council for the Economy, in the presence of the Deputy Prime Minister and Minister of Planning, the Ministers of Agriculture, Industry, Labor and Social Affairs, the Secretary-General of the Council of Ministers, the Chairman of the Securities Commission, the Undersecretary of the Ministry of Oil, and the Prime Minister's Advisors for Economic and Legal Affairs."
He added, "The Council hosted representatives of the Ministry of Oil to discuss facilitating customs procedures related to goods belonging to the Ministry of Oil (national effort contracts, licensing round contracts, and strategic contracts for the Ministry."
The Council confirmed - according to the statement - its decision and the circular of the General Secretariat of the Council of Ministers to allow the clearance of goods belonging to ministries, entities not affiliated with a ministry, and government institutions after submitting an official pledge to complete all customs procedures in accordance with the Customs Law when due. The Council also decided that the Ministry of Water Resources would submit a detailed report on the project to treat salinity and prevent the rise of salt tides in the Shatt al-Arab and the opinion of the advisory body regarding it.
The Council decided to emphasize to all ministries and entities not affiliated with a ministry the commitment to implement Article 30/Second of the Federal General Budget Law (purchase of the national product) in support of the national economy and national industry, especially with regard to liquefaction seals (which close containers for transporting goods and track them electronically), and the Ministry of Industry to proceed with procedures to impose product protection fees.
The Council also decided to approve the project to rehabilitate streets in the neighborhoods of Al-Mithaq Al-Jadeed, Al-Matar Al-Jadeed, and Al-Intisar in Rutba District, and to direct The Reconstruction Fund for Areas Affected by Terrorist Operations will follow up on the implementation of the work items during implementation and not upon initial receipt.
The Council also decided to recommend to the Council of Ministers to approve the recommendations of the committee on establishing mechanisms to regulate the import of used materials, with the review of controls every six months instead of three months. link
Mot: Going to da Doctors While Raising the ""Wee Folks""
Mot: .. Breaking news! Its July
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IQD Update Part 2 - Iraqi Dinar - Automation for Revenues - Singapore Agreement - Global Investors
MilitiaMan and Crew: 7-2-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
IQD Update Part 2 - Iraqi Dinar - Automation for Revenues - Singapore Agreement - Global Investors
MilitiaMan and Crew: 7-2-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
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Iraq's Economy Under The Bullets: How Violence Affects Investment
July 2, 2024 Baghdad/Al-Masala Event: The spread of weapons in Iraq represents a major challenge to security and stability in Iraq, while it is difficult to reach an accurate number that limits the number of weapons that Iraqis possess.
However, unofficial reports indicate that the number exceeds 15 million weapons, ranging from light, medium and heavy.
This widespread proliferation of weapons is mainly due to the inability to enforce the law on everyone, which creates a chaotic environment dominated by armed conflicts.
Iraq's Economy Under The Bullets: How Violence Affects Investment
July 2, 2024 Baghdad/Al-Masala Event: The spread of weapons in Iraq represents a major challenge to security and stability in Iraq, while it is difficult to reach an accurate number that limits the number of weapons that Iraqis possess.
However, unofficial reports indicate that the number exceeds 15 million weapons, ranging from light, medium and heavy.
This widespread proliferation of weapons is mainly due to the inability to enforce the law on everyone, which creates a chaotic environment dominated by armed conflicts.
Tribal conflicts, especially in the southern and central Euphrates regions, are among the most prominent manifestations of this chaos, as tribes fight using heavy and medium weapons, leading to many casualties.
International armed groups are spreading in Iraq, whether on the border with Syria or in the northern regions of the country. These groups are often linked to neighboring countries, such as the Kurdistan Workers' Party, contributing to increasing the complexity of the security scene in Iraq and exacerbating the problem of the spread of weapons.
Dozens of Iraqis are killed every month due to the use of weapons, whether in tribal conflicts or in individual crimes.
As for the arms market in Iraq, it is difficult to control, according to a security source who says: “Weapons are traded illegally and at high prices, which makes it difficult for the authorities to control this market.”
Even doctors in Iraq face death threats while working in hospitals, reflecting the extent to which the spread of weapons affects various aspects of daily life.
The Iraqi police forces find it difficult to confront the loose weapons, as they fear intervening in armed conflicts for fear of being attacked.
This situation reflects the state's weakness in imposing its control over all areas and maintaining security effectively.
Under these circ*mstances, it becomes necessary to take serious measures to limit the spread of weapons in Iraq, by strengthening the capabilities of the security services and strictly enforcing the law on everyone, in addition to enhancing cooperation with the international community to limit the flow of weapons into the country.
In his government program, Iraqi Prime Minister Mohammed Shia al-Sudani pledged to end the phenomenon of loose weapons outside the official and legitimate institutions.
The spread of weapons in Iraq has significant negative effects on the lives of individuals and society in general, as it contributes to the rise in rates of violent crimes, such as murder, theft, and armed assaults, which makes the daily lives of individuals more dangerous and increases the feeling of insecurity.
Armed conflicts between clans result in many casualties and destruction of property, and these conflicts are often long-lasting and exacerbate social tensions. https://almasalah.com/archives/95819
The Dollar In The Parallel Market.. Al-Sudani’s Advisor Presents A Different Vision And Economic Experts: An Imaginary Stability
2024-07-02 Shafaq News/ The advisor to the Iraqi Prime Minister disagreed with what four economic experts said regarding the "stability" of the US dollar exchange rate against the Iraqi dinar, stressing that "the stability of the dollar is real and solid and not imaginary as some believe."
However, the economic experts said that the stability is "not reassuring," and what is happening now is a decrease in the dollar's volatility, while stability will occur when the dollar returns to the official price of the Central Bank.
The Prime Minister’s Advisor for Financial Affairs, Mazhar Mohammed Saleh, says, “The exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in influencing the stability of the general price level, which has become stable in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports), amounting to 1,220 dinars per dollar.
It is a stable trend for the exchange rate and the stable external value of the dinar revolves around it, which is embodied by the state of stability in the relative prices of goods and services to a large extent.”
Saleh added to Shafaq News Agency, "Based on the above, and in light of the strength of the foreign reserves supporting the Iraqi dinar, whose value as liquid foreign assets exceeds $100 billion,
which is the highest in the history of Iraq in the development of its international reserves, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that affects the parallel exchange market due to urgent international or regional political events here and there."
He explains, "After the decline of the dollarization phenomenon in domestic transactions, especially in contracts, obligations and payments within the country since last year, legally, the parallel exchange market has become such that its general effects today only form a narrow economic scope of prohibited transactions practiced by informal markets and at a rate of 10 percent of the total supply and demand transactions for the currency."
Saleh concluded by saying, “Accordingly, the stability of the exchange rate of the dinar to the dollar that the country is witnessing, even in the secondary markets above, is a real and solid stability and not an illusion as some believe.
Rather, it is derived from the strength of the impact of the price and quantity factors of the monetary and fiscal policies and their integration in imposing overall price stability in the country and containing the inflationary expectations that were caused by the forces of the parallel exchange market during the past years.”
But the economic researcher, Ali Abdul-Kazem, explained that “the stability of the dollar occurs when the dollar returns to the official price of the Central Bank, but until now its price is more than 15 points above the official price in the budget, so there is no stability, but the fluctuation in the parallel market is somewhat stable as a result of several things, including the increase in the number of dollars that were for pilgrims.”
Abdul-Kazem added to Shafaq News Agency, "The budget has not been launched yet and its implementation began this month, and this also has an impact, as well as increasing the Central Bank's sales of dollars, and the recession witnessed by the markets reduces import operations, and all these reasons and others have helped to keep the dollar low in the current markets, as for the stabilization process, when the dollar reaches the official price, then it can be said that the dollar price has stabilized between the parallel and official."
The economic expert, Karim Al-Helou, agrees with what Ali Abdul-Kazem said regarding the instability of the dollar, “but these are temporary cases, because the issue of the dollar in Iraq is supply and demand. When bank transfers abroad increase without obstacles and routine, the demand for the dollar decreases, which leads to its decline.
When there are obstacles in Iraqi banks, especially with Iran, from which Iraq imports 13 billion dollars annually, we need hard currency to deliver it to Iran, or some places where a platform has not been opened, such as Iran and others, these require going to the market.”
Al-Halou explained to Shafaq News Agency, "This stability is temporary and lasts for days, and there are mafias specializing in the dollar that have huge amounts of dollars that they put down in the market, which leads to a decrease in its price, and then they buy it again and the supply decreases, which leads to demand for it and its price rises again."
He points out that "the budget has not been launched yet, and many projects are stalled due to the lack of advances for these projects, although the Prime Minister recently launched the delivery of advances, but it takes time due to the bureaucracy. Therefore, in this case, the demand for imported materials from abroad decreases, and therefore the demand for the dollar decreases, which leads to a kind of calm and stability that exists."
He explains, "Iraq imports 90 percent of its materials from abroad, most of which are in dollars. Some countries have opened platforms for them, and the Central Bank's transfers amount to 280 million dollars, which is a huge amount. In addition, citizens' travel for Hajj and other purposes, in addition to the summer vacation not starting for the sixth grade, all of this leads to a decrease in demand for the dollar."
“Therefore, all these factors lead the dollar to calm and stability. It previously fell to 144, but then rose again to 148, and the difference with the official 1320 is more than 15 points. Therefore, this is not stability. Rather, the correct stability is as it was before, when it was 1120 in the Central Bank and 1121 abroad. This situation continued for years, and strategic projects were set at 1121 for the dollar.
However, after former Prime Minister Mustafa Al-Kadhimi raised the dollar price against the dinar, the current Prime Minister, Mohammed Shia Al-Sudani, came and restored it, but the fluctuation continued, due to the presence of mafias, a political lobby, and banks affiliated with parties that have a relationship with the dollar file.”
Al-Halou concluded his speech by saying, “Therefore, the stability is not reassuring and not natural. Rather, it is merely periods for certain cases related to imports, travel, and all factors related to the exit of the dollar from Iraq.”
This is what the economic expert, Diaa Mohsen, also went to, who explained that “what is rumored about the stability of the US dollar exchange rate in the local market is a lie that some of those who ride the government ship are trying to promote, because the citizen knows that when the Prime Minister presented his government program to the Iraqi Council of Representatives, one of his priorities was to reduce the dollar exchange rate against the Iraqi dinar, and many pages were created to promote this topic, but to no avail,” he said.
Speaking to Shafaq News Agency, Mohsen attributed the rise in the US dollar exchange rate in the local market to a number of reasons that the Central Bank of Iraq could not address.
Either because it knows these reasons (and this is a disaster) but it cannot confront those responsible for this rise, or because it does not know these reasons (and this disaster is greater than the previous one) because the Central Bank of Iraq is entrusted with the money of the Iraqi people and not following up on this money and its spending doors is a breach of trust, he said.
He added, "Therefore, the talk about the stability of the US dollar in the local market is not true, because everyone knows that the decline in the exchange rate of the US dollar occurred during the Eid al-Adha holiday, and there is a relatively long holiday. In addition to that, Iraqi traders have begun to use other methods than smuggling the dollar out of Iraq, which is represented by buying gold and smuggling it."
He continued, "In general, we do not believe that the monetary authority, with its confusion in taking measures, can control the exchange rate of the US dollar, nor do the executive authority's measures have the ability to limit currency smuggling operations, whether foreign currency or gold. As for prices, they will not exceed 1,500 dinars per dollar and will not fall below 1,450 dinars per dollar."
While the economic expert, Abdul Rahman Al-Shaikhli, believes that “the fluctuation in the dollar price is a natural matter, and it continues from time to time as a result of being affected by the smallest details, including the departure and return of pilgrims, so the price will remain between 1450 and 1500 dinars continuously, and the fluctuation between these two numbers is a natural thing.”
Al-Shaikhli pointed out during his interview with Shafaq News Agency, "There are some residents abroad who control the currency by issuing and withdrawing the dollar when anything happens inside Iraq, taking advantage of opportunities to manipulate its price. This situation exists in all countries of the world and may be very clear in Iraq because we have not witnessed this experience before, but this remains a natural issue, and we should not worry about it, but if it continues for a long time, it can then be considered an abnormal event." LINK
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Iraqi Dinar Part 1 - IQD Update - Progession of Intergration, Accession & implementation of Reforms
MilitiaMan and Crew: 7-1-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
Iraqi Dinar Part 1 - IQD Update - Progession of Intergration, Accession & implementation of Reforms
MilitiaMan and Crew: 7-1-2024
The Crew: Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man
Be sure to listen to full video for all the news……..
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The Kurdistan Region Deposits 70 Billion Dinars In Non-Oil Revenues Into The Federal Government’s Account
July 1, 2024 Members of the security forces wearing masks walk in front of the citadel of Erbil, a touristic landmark usually busy with visitors, in the capital of the northern Iraqi Kurdish autonomous region, during a period of a global pandemic of the coronavirus Covid-19 on March 15, 2020. (Photo by Safin HAMID / AFP)
Erbil/Iraq Observer Today, Monday, the Ministry of Finance in the Kurdistan Region announced the deposit of more than 70 billion dinars in the federal government’s account as non-oil revenues for the month of March.
The Kurdistan Region Deposits 70 Billion Dinars In Non-Oil Revenues Into The Federal Government’s Account
July 1, 2024 Members of the security forces wearing masks walk in front of the citadel of Erbil, a touristic landmark usually busy with visitors, in the capital of the northern Iraqi Kurdish autonomous region, during a period of a global pandemic of the coronavirus Covid-19 on March 15, 2020. (Photo by Safin HAMID / AFP)
Erbil/Iraq Observer Today, Monday, the Ministry of Finance in the Kurdistan Region announced the deposit of more than 70 billion dinars in the federal government’s account as non-oil revenues for the month of March.
According to a statement issued by the ministry, it explained that
“the Kurdistan Regional Government sent non-oil revenues for the month of March to the Iraqi Ministry of Finance.” The statement also indicated that
“the region deposited in the Erbil branch of the Central Bank of Iraq the amount of 70 billion, 130 million and 250 thousand dinars as the federal treasury’s share of non-oil revenues for the same month.”
This announcement comes within the framework of continued cooperation between the Kurdistan Region and the federal government regarding achieving financial and economic stability in Iraqhttps://observeriraq.net/إقليم-كردستان-يودع-70-مليار-دينار-كإيراد/
Iraq Signs The Singapore Convention To Attract Foreign Investments
Amr Salem July 1, 2024 Part of the Iraqi capital, Baghdad. Photo: Shafaq News
Baghdad (IraqiNews.com) – Iraq hailed the ratification of the United Nations Convention on International Settlement Agreements Resulting from Mediation (Singapore Convention) as a historic step toward attracting foreign investors.
Iraq’s National Investment Commission (NIC) and the United Nations Development Programme (UNDP), under the auspices of Prime Minister Mohammed Shia Al-Sudani, conducted a high-profile mediation meeting on Wednesday, according to a statement released by UNDP.
The Prime Minister’s Advisor, Nasser Al-Asadi, reaffirmed the government’s unwavering focus on foreign investment.
“We are continuing our progressive reforms and working to make Iraq an appealing and secure investment destination,” Al-Asadi explained.
“Iraq’s admission to the Singapore Convention is a big step forward, strengthening our efforts to develop a dynamic corporate sector,” the Iraqi official stated.
“We will continue our efforts to boost investment, eradicate corruption, and provide job opportunities for the youth,” Al-Asadi elaborated.
Iraq took a huge stride forward on April 17, 2024, when it signed the Singapore Convention, which makes it easier to implement mediated settlement agreements, paving the way for more international trade and commerce between countries.
The conference was attended by the European Union (EU) Ambassador to Iraq, Thomas Seiler, who confirmed that the EU is collaborating with the Iraqi government and UNDP to assist Iraq in becoming a secure and appealing destination for foreign investment, including from the 27 EU Member States.
https://www.iraqinews.com/iraq/iraq-signs-the-singapore-convention-to-attract-foreign-investments/
To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/
Provoking Thoughts and Points To Ponder On Adversity:
Forget the times of your distress, but never forget what they taught you.-Herbert Gasser
You can learn little from victory. You can learn everything from defeat.-Christy Mathewson
A smooth sea never made a skillful mariner.-English proverb
When a man is pushed, tormented, defeated, he has a chance to learn something; he has been put on his wits ... he has gained facts, learned his ignorance, is cured of the insanity of conceit, has got moderation and real skill.-Ralph Waldo Emerson
From their errors and mistakes, the wise and good learn wisdom for the future.-Plutarch
By becoming more unhappy, we sometimes learn how to be less so.-Madame Swetchine
Every experience, however bitter, has its lesson, and to focus one's attention on the lesson helps one overcome the bitterness.-Edward Howard Griggs
A good scare is worth more to a man than good advice.-Edgar Watson Howe
It is from the level of calamities ... that we learn impressive and useful lessons.-William Makepeace Thackeray
When I have listened to my mistakes, I have grown.-Hugh Prather
We only think when we are confronted with a problem.-John Dewey
http://famousquotesandauthors.com/topics/adversity_quotes.html
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Economics, Gold and Silver, News DINARRECAPS8 Economics, Gold and Silver, News DINARRECAPS8
Seeds of Wisdom RV and Economics Updates Monday Evening 7-1-24
Good evening Dinar Recaps
NEW JAPANESE BANKNOTES TO BE ISSUED FROM JULY 2024
"The banknotes feature as an anti-counterfeiting measure the world’s first three-dimensional holograms that make the portraits on bills appear to rotate when tilted. Tactile marks allow the visually impaired to identify the denominations."
"From the time that they are issued, the new banknotes will be available from financial institutions and ATMs. Currently issued banknotes will continue to be legal tender."
Seeds of Wisdom RV and Economics Updates Monday Evening 7-1-24
Good evening Dinar Recaps
NEW JAPANESE BANKNOTES TO BE ISSUED FROM JULY 2024
"The banknotes feature as an anti-counterfeiting measure the world’s first three-dimensional holograms that make the portraits on bills appear to rotate when tilted. Tactile marks allow the visually impaired to identify the denominations."
"From the time that they are issued, the new banknotes will be available from financial institutions and ATMs. Currently issued banknotes will continue to be legal tender."
~~~~~~~~~
COMMERCIAL REAL ESTATE FACING UNCERTAIN TIMES
"US Banks Dumping Exposure To $2,500,000,000,000 Market Before ‘Inevitable Losses’ Hammer Balance Sheets: Report"
"Some of the biggest banks in America are quietly selling their exposure to a troubled sector of the US economy, according to a new report.
The banks are beginning to dump commercial real estate loans in a push to “cut their losses,” reports the New York Times."
“…These steps indicate a grudging acceptance by some lenders that the banking industry’s strategy of ‘extend and pretend’ is running out of steam, and that many property owners – especially owners of office buildings – are going to default on mortgages. That means big losses for lenders are inevitable and bank earnings will suffer.”
© Newshounds News™
Read more:Daily Hodl
~~~~~~~~~
WHAT EXACTLY IS FEDNOW?
"The FedNow Service is a new service for instant payments built by the Federal Reserve to help make everyday payments fast and convenient for American households and businesses. Banks and credit unions of all sizes can sign up for the FedNow Service and offer new instant payment services to their customers. In the coming years, customers of banks and credit unions who sign up for the FedNow Service will be able to use their financial institution's app, website, and other interfaces to send instant payments directly from their bank accounts quickly and securely. "
"The FedNow Service enables individuals and businesses to send and receive payments within seconds at any time of the day, on any day of the year, so that the receiver of a payment can use the funds immediately."
Instant payments allow consumers and businesses to send and receive funds from their accounts at banks and credit unions in real-time, any time of day, any day of the year, with immediate funds available to receivers.
© Newshounds News™
Read more:FederalReserve
~~~~~~~~~
IS FEDNOW A CBDC?
"Is the FedNow Service replacing cash? Is it a central bank digital currency?
No. The FedNow Service is not related to a digital currency. The FedNow Service is a payment service the Federal Reserve is making available for banks and credit unions to transfer funds for their customers."
"Does the Fed have access to my bank account with the FedNow Service?
No. The Federal Reserve and the FedNow Service cannot access individuals' bank accounts or control how they choose to spend their money."
© Newshounds News™
Read more:FederalReserve
~~~~~~~~~
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Good Evening Dinar Recaps,
"Stripe and Coinbase have partnered to expand the global adoption of cryptocurrency and provide faster, cheaper financial infrastructure."
"This collaboration aims to serve businesses and people around the world, Coinbase said in a Thursday (June 27) blog post."
"With this partnership, Stripe will add USDC on Base to its crypto payouts product, according to the post. This will enable Stripe platforms to make “faster, cheaper” money transfers to more than 150 countries."
Good Evening Dinar Recaps,
"Stripe and Coinbase have partnered to expand the global adoption of cryptocurrency and provide faster, cheaper financial infrastructure." "This collaboration aims to serve businesses and people around the world, Coinbase said in a Thursday (June 27) blog post."
"With this partnership, Stripe will add USDC on Base to its crypto payouts product, according to the post. This will enable Stripe platforms to make “faster, cheaper” money transfers to more than 150 countries."
"In addition, Stripe will add USDC on Base to its fiat-to-crypto onramp, allowing customers in the U.S. to make faster fiat-to-crypto conversions, the post said."
"In a third key integration that’s part of this collaboration, Coinbase will add Stripe’s fiat-to-crypto onramp to Coinbase Wallet. This integration will enable instant purchase of crypto with credit cards and Apple Pay, per the post."
Read more:PYMNTS
~~~~~~~~~
Circle Snags First Stablecoin License Under EU's New MiCA Crypto Rules
Circle Mint France will issue the euro-denominated EURC stablecoin and USDC in the European Union in compliance with MiCA.
Circle is claiming bragging rights as the first global stablecoin issuer to comply with MiCA.
Before the rules took effect on June 30, some exchanges delisted euro-denominated stablecoins, such as Tether’s EURT.
Circle became the first global stablecoin issuer to secure an Electronic Money Institution (EMI) license, a prerequisite to offering dollar- and euro-pegged crypto tokens in the European Union (EU) under the Markets in Crypto Assets (MiCA) regulatory framework.
Read more:CoinDesk
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U.S. Marshals Service Announces Partnership With Coinbase To Manage and Dispose Cryptocurrencies
The US government has announced it is using American crypto exchange Coinbase to custody its digital assets.
The U.S. Marshals Service (USMS), a sub-tier of the Department of Justice (DOJ), has revealed that it is custodying digital assets with Coinbase as part of its program to manage and dispose of large amounts of “Class 1” cryptocurrencies.
“The U.S. Marshals Service (USMS) Department of Justice (DOJ), on behalf of the Asset Forfeiture Division (AFD) has a requirement for managing and disposing of large quantities of popular cryptocurrency assets, known as Class 1 cryptocurrencies. This will require the use of multiple, industry leading, storage and liquidation techniques employed in a manner that is professional, lawful, and consistent with Department and USMS policy.
This contract will also streamline custody, management, and disposal processes for cryptocurrency assets while allowing for the diversification of the type of cryptocurrency assets that can be managed and disposed of under the Government’s forfeiture programs.”
In a blog post, Coinbase says it has a “longstanding history” of working with government agencies.
“Coinbase has a longstanding history of supporting law enforcement agencies, dating back to the founding of our law enforcement program in 2014. Today, Coinbase works with every major U.S. federal, state, and local law enforcement agency, as well as international agencies on every continent.
Read More: Daily Hodl
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DE-DOLLARIZATION
Is Saudi Arabia pulling back from the dollar for oil trade? It appears SA is looking to diversify its oil trade.
"American economic dominance is no longer as stark, with its share of world GDP falling from 40% to 25% since 1960. Moreover, US dependence on Saudi oil has slid considerably, given a historic explosion in US domestic production."
"For instance, Saudi Arabia is among potential BRICS candidates, an economic bloc that has become one of the leading voices against the dollar. It's also linked with China to help establish mBridge, a cross-border payments system that uses central bank digital currencies."
Read more:Markets Business Insider
~~~~~~~~~
WILL CBDC's TURN US INTO A CASHLESS SOCIETY?
"Digital economies require digital currencies."
"Personal, government and business payments shifted away from mainly cash to online and digital payments, embraced FinTech (eg, for financial market transactions, lending, wealth management), with tech companies such as Apple and Alibaba disintermediating banks."
"Retail, wholesale, cross-border and financial payment systems now enable e-commerce and digital finance including digital assets and cryptocurrencies such as Bitcoin and Ethereum. Data suggests there is substantial appetite for cryptocurrencies in the Middle East and North Africa: the region had the sixth largest crypto economy globally, with an estimated $389.8 billion in on-chain value received, in the year ending June 2023 (about 7.2 percent of global transaction volumes)."
"Saudi Arabia reported the highest growth globally in the volume of cryptocurrency transactions during this period."
Read more:Currency Insider
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Experts Say It Is Likely That The Cash Mass Will Be Directed To Investing In Stocks
Economical 07/01/2024 Baghdad: Hussein Thaghab Experts expected a positive movement in the trading of the Iraqi Stock Exchange for various companies, based on a number of facts that the country is witnessing, foremost of which is the difficulty of money leaving Iraq, as it is looking for new investment outlets, and stock trading is one of the most important of these outlets in front of the monetary mass.
The economic expert, Dr. Saif Al-Halafi:
There are real reasons behind the high volume of trading in the Iraqi stock market, the most important of which is the rapid and uncontrolled growth, especially the less expensive real estate financing and purchase sector in Iraq.
Experts Say It Is Likely That The Cash Mass Will Be Directed To Investing In Stocks
Economical 07/01/2024 Baghdad: Hussein Thaghab Experts expected a positive movement in the trading of the Iraqi Stock Exchange for various companies, based on a number of facts that the country is witnessing, foremost of which is the difficulty of money leaving Iraq, as it is looking for new investment outlets, and stock trading is one of the most important of these outlets in front of the monetary mass.
The economic expert, Dr. Saif Al-Halafi:
There are real reasons behind the high volume of trading in the Iraqi stock market, the most important of which is the rapid and uncontrolled growth, especially the less expensive real estate financing and purchase sector in Iraq.
He added that the huge inflation in the rise in house prices inside Iraq, which may continue with turbulent growth for a period of no less than three years, which will witness crazy increases in their prices in a way that leads to the employment of large capital, whose owners were unable to export it outside Iraq and direct it to their foreign investments due to... The strictness of the US Federal Reserve’s procedures and the strict control by the US Treasury on all foreign transfers.
He pointed out that we notice that the increasing demand for real estate sometimes heads to major cities such as Baghdad, Erbil, Sulaymaniyah, Najaf, Basra, and Karbala, where political and security stability has improved and the abundance of the business world in the private sector has had an insane impact on the increase in demand for real estate and in proportions that vary from time to time depending on the strength of this. The governorates and the strength of the center of the capital, Baghdad.
Al-Halafi continued that in the next stage, the demand trend will witness a sharp shift with the addition of governorates and cities that fall within the Al-Faw-Umm Qasr axis and the development road, passing through the cities of Muthanna and Nasiriyah and joining Baghdad and Mosul, due to the concentration of the future business world environment in the Al-Faw Basin and the development road, and this is what the power of capital transfer has led to. Large and medium.
He pointed out that there is a noticeable increase in the concentration of this money in Basra and Baghdad, which has increased pressure on the real estate market, especially Iraq’s urgent annual need for more than 250,000 housing units annually.
He stated that Iraq's problem lies in its being a flexible and effective economy, as we see the presence of clarity in monetary policy and its tools represented by the policies of the Central Bank,
but on the contrary we see an almost complete absence in Iraq's financial policy and its executive tools represented by the government's ability to impose taxes at multiple and specific levels on... Those with high monthly financial incomes and those with large projects in Iraq,
in addition to the policy of imposing fees and customs tariffs on all goods and commodities entering Iraq, along with the policy of reducing government spending by supporting and encouraging the private sector and facilitating its mission in creating jobs for young people and the unemployed.
He said: Here we question and explain the urgent desires of the Central Bank to raise the ceilings of capital ratios for banks operating in Iraq to 400 billion dinars, and
it may be followed by the urgent and increasing acceleration in raising the ratios of monetary and credit reserves.
These tools have made clear the Central Bank’s desire to cool the accelerating hot economy in the housing and construction sector.
But in all of this market turmoil, the high levels of cash liquidity with inflation rates and the inability of Iraqi funds to migrate abroad will help the strong demand in the direction of the Iraqi stock market,
which will be a likely and safe destination for those funds in order to maintain their monetary strength without being influenced by factors. Inflation has the ability to reduce its value.
As for the member of the Baghdad Economic Forum, Jassem Al-Aradi, he confirmed that the size of the monetary mass that was directed outside the country has now changed its course to the internal local market, where it targeted real estate and lands, and from there headed to the stock trading market, albeit in a relative manner, but the data indicate that trading in the stock market It will be her next destination.
He pointed out that many capitalists have come to realize that purchasing shares makes them owners of a percentage of the company's assets, and these matters have encouraged many to buy shares in different joint-stock companies, pointing out the importance of promoting the culture of investing in shares.
He stated that increasing the volume of stock trading reflects the effectiveness of the national economy, anticipating that the coming period will witness a gradual growth in stock trading in terms of number and value. https://alsabaah.iq/98769-.html
Selling Cash Dollars To Travelers
July 01, 2024 Selling cash dollars to travelers :diamonds: Later, in our letters numbered 4604/8/9 on 4/17/2024, 5061/8/9 on 4/25/2024, and 270/1/9 on 6/2/2024, in order to ensure that travelers receive cash dollars and spare exchange companies from passing transactions Unsound, the following is decided..For more, click here: https://cbi.iq/static/uploads/up/file-171982354878802.pdf
https://cbi.iq/news/view/2609
~~~~~
[incomplete and approximate translation ofhttps://cbi.iq/static/uploads/up/file-171982354878802.pdf]
Rafidain Bank
Al Rasheed Bank
Trade Bank of Iraq
Exchange companies currently operating in airports
All exchange companies, category (8,15).
M/Selling cash dollars to travelers
Later in our books numbered 5705/8/4 at 1/75/415 and 50517/8/4 at 74/4/7517 and 0 1/8/1770 at
77 In order to ensure that travelers can obtain cash dollars and spare exchange companies from passing illegal transactions
Salima decides the following:
1. Determine 41/75/1710 as the final date for starting the mechanism mentioned in our books above.
2. The aforementioned banks and exchange companies operating at the airport are entitled to a lump sum commission of (151,000) dinars From the customer for each transaction, the exchange companies outside the airport collect it for the benefit of companies and banks operating at the airport according to a mechanism determined between the two parties (banks, companies operating at the airport, and exchange companies). outside the airport).
3. The above-mentioned banks have the right to charge the exchange companies no more than? One dinar for every one dollar in amounts The receiving window on behalf of exchange companies.
4. Al-Rashid and Al-Rafidain Banks opened outlets for them at airports (Baghdad, Basra, Najaf) and the establishment of the bank Al-Iraqi Trade opened outlets at airports (Baghdad, Najaf, Basra, Sulaymaniyah, Erbil).
5. Exchange companies must transfer their dealings to one of the above-mentioned banks no later than 2024/7/11.
6. The continuation of the work of the exchange companies currently operating at the airport (Al-Rayyan, Al-Fanjan, Sama Baghdad Al-Qand), in addition to The banks mentioned above, with the possibility of contracting with other exchange companies.
with respect.
To read more current and reliable Iraqi news please visit :https://www.bondladyscorner.com/
Provoking Thoughts and Points To Ponder On Adversity:
Trouble brings experience, and experience brings wisdom.-Anonymous
A woman has got to love a bad man once or twice in her life to be thankful for a good one.-Marjorie Kinnan Rawlings
Adversity has the effect of eliciting talents, which, in prosperous circ*mstances, would have lain dormant.-Horace
Adversity is a severe instructor. ... He that wrestles with us strengthens our nerves and sharpens our skill. Our antagonist is our helper.-Edmund Burke
Experience is a good teacher, but she sends in terrific bills.-Minna Antrim
http://famousquotesandauthors.com/topics/adversity_quotes.html
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