TNT – “Tidbits From TNT” Monday Morning 4-8-2024

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Tishwash:  The Iraqi market suspends its activity for 6 days

The Iraq Stock Exchange announced, on Monday, the suspension of its activity for a period of six days.

The market stated, in a statement received by Shafaq News Agency: “Based on the Council of Ministers’ decision to declare a six-year official holiday for Eid al-Fitr, the market’s activities and trading sessions will stop for six days.”

He explained, “The holiday will be starting Tuesday, April 9, and trading sessions will resume on Sunday, April 14.”

It is noteworthy that the Iraq Stock Exchange organizes five trading sessions weekly from Sunday to Thursday, and 103 Iraqi joint stock companies are listed, representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism, hotels and services.   link

Tishwash:  Although it was scheduled a year ago.. MP: A large deficit and delay in the 2024 budget

Member of the Finance Committee, MP Jamal Cougar, announced today, Sunday, that there is a large deficit in the 2024 budget, estimated at 84 trillion dinars.  

Cougar said in a statement to the Maalouma Agency, “The federal budget for the year 2024 will be delayed according to the words of the Minister of Finance,” noting that “The Finance Committee submitted its question to the Ministry of Finance a month ago.” 

He added, “The budget schedules and items are the same and have not changed much from the previous year’s budget, as it is a tripartite budget, but some amendments have been made to it,” noting, “Will this be the last and final amendment to the budget or not?” 

It is noteworthy that the Iraqi government announced last year the launch of the tripartite budget project, to facilitate the financial process in the country faster, especially since Iraq is going through an urbanization phase launched by the Iraqi government.  

Observers believe that the delay in the Iraqi budget had a significant impact on the economic movement, coinciding with its deficit and the lack of financial liquidity, which had a negative impact on the citizen during the days of the blessed Eid and on the Iraqi market  link

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CandyKissses:   World Bank Supports Iraq’s Financial Reform Program

Finance Minister Satif Sami has met with Jean-Christophe Carre, the Regional Director for the Middle East at the World Bank, along with the bank’s Special Representative in Iraq, Richard Abdulnour, and a number of experts and specialists.

The meeting discussed development project priorities and ways in which the World Bank can support enhancing financial and business sectors and improving the investment environment. There was an emphasis on the continuation of bilateral coordination to promote sustainable development and support the government’s economic reform program in Iraq.

Minister Sami highlighted the ministry’s efforts and plans to accelerate financial and banking reforms in line with the Iraqi government’s vision to strengthen the national economy, achieve economic balance, and correct fiscal policy in Iraq.

The World Bank representative emphasized continued serious and fruitful cooperation with the Iraqi government, providing necessary expertise for development projects and reforms related to the financial and business sectors.

(Source: Ministry of Finance)

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CandyKisses:  Gold continues record high amid speculative buying

Gold prices continued their record high on Monday, supported by speculative buying and continuing tensions in the Middle East, which overshadowed strong job growth in the United States in March.

By 04:06 GMT, spot gold was up 0.6 percent at $2,343.89 an ounce after hitting a record high of $2,353.79 earlier in the session.

U.S. gold futures gained 0.7 percent to $2,361.09.

U.S. stocks closed higher on Friday, after a strong jobs report reinforced the view that the economy remains healthy, even as the Federal Reserve suggested the Fed may delay a rate cut.

Geopolitical tensions in the Middle East could also be another driving force for gold.

Strong purchases by central banks, safe-haven inflows amid rising geopolitical risks, and demand from funds following momentum have boosted bullion gains by 12% so far this year.

U.S. job growth beat expectations in March, suggesting the economy ended the first quarter on solid footing and may delay expected rate cuts from the Fed this year.

Spot silver rose 1.4 percent to $27.85 an ounce, platinum gained 0.1 percent to $928.11 and palladium gained 0.4 percent to $1,006.88.