Iraqi News Highlights and Points to Ponder Sunday AM 2-11-24

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Iraqi News Highlights and Points to Ponder Sunday AM 2-11-24

Experts Determine Ways To Control The “Parallel Dollar”

Economical  02/11/2024   Baghdad: Haider Falih Al-Rubaie  Specialists in economic affairs have identified a number of factors that would control the exchange rate of the parallel dollar, stressing that granting the private industrial sector financial and administrative facilities could lead to moving the wheel of production and reducing imports that are financed with the parallel dollar from the black market.

Stressing the importance of doubling loans that would establish a production base capable of meeting the local market’s requirements for goods and materials.

Economic calls have increased remarkably, demanding that loans and credit facilities granted by banks to the private sector be directed towards activating and increasing production processes, indicating that these facilities exceeded 50 trillion dinars last year 2023, but they did not contribute to increasing gross domestic product rates, stressing at the time He stressed the importance of building more bridges of trust between investors, businessmen and companies with government and private banks with the aim of facilitating the granting of loans directed towards increasing local production.

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The specialists’ calls come at a time when the government has intensified its efforts to eliminate the rise in exchange rates in the parallel market, which has greatly affected the movement of buying and selling goods and materials in the local markets. Following a package of decisions that contributed to closing the gap that occurred earlier between the official and the parallel dollar,

A government source revealed earlier that electronic cards were issued to small merchants with a ceiling of $100,000 per month.

The new government step was met with economic welcome, which emphasized the importance of this measure in eliminating the significant rise in parallel exchange rates and reducing the jumps in the green currency, in addition to its importance in covering the prices of imported goods at the official dollar rate, thus achieving great stability in the local markets.

Economist Manaf Al-Sayegh said during his talk to “Al-Sabah” that “a large part of the solution lies in establishing a large production base capable of meeting the requirements of local markets and blocking the path to import operations that require huge sums of money from the dollar,” pointing out the necessity of “developing a strategic plan that begins with In the form of stages that include the significant qualitative advancement of the industrial and agricultural sectors, which constitute the backbone of the national economy.

Al-Sayegh also urged “the importance of the strategy including real steps to reform the banking and financial system in the country, and adapting it in a way that can be parallel to what developed countries have achieved in banking transactions, as well as moving towards reforms related to the trade balance, which can stimulate the movement of local production and exports.”

National economy, thus significantly reducing the demand for the parallel dollar, pointing out that creating a balance between exports and imports is an important step to revitalize the national economy and enable it to achieve growth in all its sectors, thus diversifying sources and significantly reducing dependence on the oil sector.

In turn, economic expert Dr. Nabil Al-Marsoumi explained in an interview with “Al-Sabah” that the decline of the dollar index against the Iraqi dinar is on its way to decline, pointing to the seriousness of the monetary authority in diversifying currency reserves, as well as expanding the circle of payments from other currencies, not to mention simplifying Brief access to the electronic platform.

Al-Marsoumi stressed the importance of resolving problems related to trade with neighboring countries, by finding other ways to trade with those countries in order to find a close price between the official and parallel dollars.

The Governor of the Central Bank had confirmed in an interview with the Iraqi News Agency “INA” that “the indicator of the success of monetary policy in any country is controlling the general level of prices and reducing inflation,” explaining that “inflation has now decreased significantly compared to the beginning of 2023, which…

“It indicates that foreign trade is covered by the official rate and that foreign financing operations are taking place smoothly, and all importers and traders can obtain and control the dollar at the official rate.”

Al-Alaq pointed out that “the Central Bank’s following of the rules and principles of external transfer in accordance with the conditions and requirements it set and its insistence on implementing them has prompted many hesitant merchants to enter the platform for selling foreign currency, especially since its use is easy and safe and it provides them with the dollar at the official rate.”

Al-Alaq pointed out that “the Central Bank confirms the possibility of meeting all requests for the dollar, whether personal, commercial, or any kind, as long as they are valid and legitimate.”

https://alsabaah.iq/91525-.html

Iraq Loses Compensation And May Pay $380 Million In An International Dispute Case

Economy  02-11-2024 | 06:01  Al-Sumaria News – Economy  One of the Kuwaiti companies that owns a dispute case with Iraq announced that it was able to obtain a new opportunity to sue Iraq, after the international arbitration panel in 2021 closed the case that the company filed against Iraq, and even obligated it to pay compensation to Iraq worth 5 million. dollar.

However, the Kuwait Public Warehousing Company announced today, Sunday, that the annulment committee at the International Center for Settlement of Investment Disputes accepted its appeal against the previous ruling of the arbitration panel and partially canceled it, adding that the committee announced that the original ruling issued in 2021 was partially canceled, and as a result of this decision, we will have the opportunity to resubmit our claims before the Kuwaiti Public Warehousing Company. The arbitration panel again.

In 2021, the arbitration panel at the International Center for Settlement of Investment Disputes of the World Bank Group rejected a lawsuit filed by the Kuwaiti company to recover more than $380 million that it said it lost in Iraq. The panel also ordered the company at that time to pay more than five million dollars to Iraq for the costs related to this case. .   LINK

How Did America Prevent Iraq From Joining The Belt Initiative And Signing The Chinese Agreement?

Information / Baghdad..   The head of the organizing body of the popular movement for the Belt and Road, Hussein Al-Karaawi, said on Sunday that it was the United States that prevented Iraq from joining the Belt and Road Initiative and signing the Chinese agreement.

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Al-Karaawi told Al-Maalouma, “The American violations of Iraqi sovereignty are what stood against Iraq joining the Belt and Road Initiative and signing the Chinese agreement.”

He added, “The United States is the first enemy of Iraq and its people. It targets the Popular Mobilization Forces, which fought terrorism and defended the country’s sovereignty.”

He urged the government to “join the Belt and Road Initiative and sign the Chinese agreement.”

The Iraqis are in a state of anger due to the American violations in Iraq, the methods of which have varied, including bombing the security forces and the Popular Mobilization Forces and assassinating national Mujahideen figures in cowardly ways. LINK

Stock Trading Increased 7% During January

Economical  02/11/2024    Baghdad: Hussein Thaghab   Last January’s report for the Iraqi Stock Exchange indicated an increase in trading by more than 7% compared to last December, as the ISX60 traded stock price index closed in the last session of January at (961.95) points compared to December’s close of (893.15). a point.

Executive Director of the market, Taha Ahmed Abdel Salam, said: The number of shares traded reached 59,065,589,502 shares through the official trading platforms according to the classification of the regular platform (55) billion shares, the second platform (3) billion shares, and the third platform (619) million shares.

He pointed out that the value of the shares traded amounted to 58,790,441,773 dinars, as the regular platform traded (51) billion dinars, the second platform (6) billion dinars, and the third platform (800) million dinars, pointing out that the number of contracts executed reached (19,611) deals, including trades The regular platform reached (14,528) deals, the second (4,264) deals, and the third (819) deals.

He stated that in the indicators of the online trading platform for investors – IRAKA OMS – for the month of January 2024, the number of shares traded reached (2,898,750,052) shares, with (1.542) million shares bought and (1.356) million shares sold, and the value of shares traded reached (4,399,793,285) dinars ( 1.844 million dinars for purchase and (2.556) million dinars for sale, while the number of executed contracts reached (1826) contracts, with (745) purchase contracts and (1081) sales contracts.

Regarding stock trading indicators for non-Iraqis, Abdul Salam said: The number of shares purchased by foreigners reached 1,758,925,895 shares, worth 5,956,668,502 dinars, through the implementation of 1,618 contracts on shares of 13 companies, and the number of shares sold by foreigners reached 1,538,282,331 shares, worth 4,439,483,921 dinars, through the implementation of 586 shares. A contract on the shares of 19 companies.

He explained that in the month of January (22) the market organized a trading session to deal in shares of Iraqi joint stock companies, and the market did not organize the trading session on 1/1 of the New Year’s holiday and on Fridays and Saturdays of each week.

Abdul Salam stated that the number of traded companies reached 103 Iraqi joint stock companies, and the number of companies with traded shares reached (73) joint stock companies, indicating that trading in the shares of (27) joint stock companies was conducted due to the difference in supply and demand prices, and the number of suspended companies reached About trading by decision of the Securities Commission (3) joint stock companies.

He confirmed the Securities Commission’s approval of the decision to transfer the classification and trading of shares of Al-Weam Financial Investment Company from the undisclosed companies platform to the second market platform. The Securities Commission also approved the decision to transfer the classification and trading of shares of the Modern Animal Production Company from the undisclosed companies platform to the regulatory platform.

He warned of the resumption of trading in the shares of the Petroleum Products Transport Company based on the letter of the Securities Commission, and trading was launched as of the session of 1/17/2024 on the undisclosed companies platform, with the company fulfilling its commitment to the

Iraqi Stock Exchange.   https://alsabaah.iq/91527-.html

Points To Ponder on Anxiety About the Future

We are terrified by the idea of being terrified.- Friedrich Nietzsche

That fear of missing out on things makes you miss out on everything.- Etty Hillesum

He who fears being conquered is sure of defeat.  – Napoleon Bonaparte

What we fear comes to pass more speedily than what we hope.- Publilius Syrus

The greatest mistake you can make is to be continually fearing you will make one.- Elbert Hubbard

The mere apprehension of a coming evil has put many into a situation of the utmost danger.  – Lucan

http://famousquotesandauthors.com/topics/anxiety_about_the_future_quotes.html