Iraq Economic News and Points to Ponder Thursday Evening 5-9-24


Iraq Economic News and Points to Ponder Thursday Evening 5-9-24

It Will Change The Reality Of Iraqi Banks.. Al-Alaq Reveals A Plan That Enjoys Sudanese Support

Economy | 09/05/2024  Mawazine News – Baghdad  The Governor of the Central Bank, Ali Mohsen Al-Alaq, revealed today, Thursday, the progress of a plan supported by the government to change the map of the banking sector and its reality in Iraq.

The Central Bank stated in a statement received by Mawazine News, “The Governor of the Central Bank, Mr. Ali Mohsen Al-Alaq, received today the French Ambassador to Baghdad, Patrick Durel.”

He added, “The meeting discussed ways to strengthen banking relations between the two countries, and His Excellency the Governor provided a comprehensive explanation of the relations and economic conditions, as well as the government’s directions in consolidating the foundations of the national economy and diversifying it in light of the state of security stability achieved in Iraq.”

Al-Alaq confirmed that “the plan to restructure government banks is supported and monitored regularly by the Prime Minister,” noting that “this plan will change the map of the banking sector and its reality in Iraq.”

He pointed to “the rapid developments in organizing, monitoring and analyzing foreign transfer operations and covering foreign trade in accordance with best international practices and standards, which are receiving great praise and attention from international and regional organizations.”

It is noteworthy that the Central Bank of Iraq owns deposits and accounts with the Central Bank of France, and they have been linked by cooperative relations over many years.

The Association Of Private Banks Counts The Percentage Of Shares Traded On The Stock Market During A Month

Economy News – Baghdad  The representative of the Iraqi Banks Association, Ali Tariq, confirmed today, Thursday, that the Iraqi stock market relies heavily on the banking sector, while he counted the value of banking shares traded during the month of last April.

Tariq said, during a dialogue session, on the twentieth anniversary of the founding of the Securities Commission, under the slogan (The Importance of the Financial Services Sector in Supporting the Iraqi Economy) and attended by the “Al-Iqtisad News” correspondent, that “the profitability of private sector companies is the first motivator for every investor, and the strength of the market and the growing movement Trading comes from companies’ profitability and revenues.”

He added, “The market relies heavily on the banking sector, which traded during last April 17.6 billion shares out of 21.6 billion shares in the entire market, which constitutes 81% of the total trading in the month.”

He explained that “the banking sector is considered the most important in the stock market,” pointing out that “the citizen is able to use the mobile phone to trade and view share prices, and the need to focus on reaching the citizen at his home and workplace.”

Tariq stated, “All private banks are listed in the Iraq Stock Exchange according to the instructions of the Central Bank of Iraq,” stressing that “preventing some banks from dealing in dollars directly affected the market and the prices of their contributions in the market.” 155 views 05/09/2024

Government Advisor: The Securities Commission Represents The Governance Base For Promoting Financial Market Reform

Economy | 12:08 – 09/05/2024  Today, Thursday, Advisor to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, summarized the importance of the Securities Commission and its tasks, while noting that the Commission represents the governance base in promoting financial market reform, and is responsible for supervising the correct rules in the Iraqi market.

Saleh said, in his speech during the twentieth anniversary of the founding of the Securities Commission, under the slogan (The Importance of the Financial Services Sector in Supporting the Iraqi Economy):

“In the name of Prime Minister Muhammad Shiaa Al-Sudani, we extend to the Securities Commission, its Chairman and its staff, our warmest congratulations on the occasion of the twentieth anniversary of the founding of this edifice.”

The important financial supervisory authority that assumed the duties of regulating the Iraqi Stock Exchange securities, which is the basis for ensuring high, stable, organized and growing financial markets through the application of regulations designed to protect the rights of users and maintain the integrity of the financial market.

He added, “The Securities Commission, with its regulatory, supervisory, and auditing apparatus, constitutes the central body responsible for supervising the correct rules, monitoring irregular activities, and investigating market violations.”

He continued: “The Securities Commission also represents the governance base in promoting transparency and reform in the work of the financial market, and the important role of the Securities Commission is evident in regulating broker-dealers and other market participants by supervising the depository center and updating the data of persons associated with brokerage companies.”

He added: “There is no secret of the important role played by the Securities Commission in coordination with international securities organizations and bodies, especially in adopting standards in the field of strengthening the efficiency of financial markets and communicating with international organizations related to financial markets, which has strengthened the role of the Securities Commission and the Iraqi Stock Exchange.”

Finance in preparing Iraq for the World Trade Organization, which is the international organization that essentially emerged from the system of financial globalization, as the trade in financial services became an integral part of global trade.

American Bank: Expectations To Increase Iraq’s Oil Capacity In 2025

Energy   Economy News – Baghdad  JP Morgan Bank expected that Iraq, the United Arab Emirates and Kazakhstan intend to increase their oil capabilities by 2025.

Natasha Kaneva, an analyst at JP Morgan, said in a report seen by Al-Iqtisad News, “The United Arab Emirates, Kazakhstan and Iraq intend to increase their total capacity by more than 300,000 barrels per day as of next year, but the planned expansions may constitute risks to Coalition cohesion, and oil prices in general.

She added, “The main issue for OPEC lies in 2025. Even if the alliance keeps supply restrictions as they are this year, it “does not address the imbalances in 2025.”

The price of Brent crude is expected to remain in the range of $75-90 per barrel in most scenarios, with average prices reaching $82 per barrel in 2025, according to Goldman Sachs.159 views 05/09/2024 –

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Provoking Points To Ponder on Failures and Mistakes

There is no failure except in no longer trying.- Elbert Hubbard

Men do not fail; they stop trying.- Elihu Root

Most people live and die with their music still unplayed. They never dare to try.- Mary Kay Ash

It is a very dangerous thing to have an idea that you will not practice.- Phyllis Bottome

If you risk nothing, then you risk everything.- Geena Davis

Men must try and try again.- Lawson Purdy