Friday, September 3, 2021

WOTS THU SEP 2 21 The Iraqi Stock Exchange tops the performance of the Arab stock exchanges

 WOTS THU SEP 2 21

The Iraqi Stock Exchange tops the performance of the Arab stock exchanges

No My FX Buddies Podcast today just the daily WOTS Word on the Street Report for September 2nd, 2021

.

The reporter of (Baghdad Today) said that the local markets recorded a decrease in the exchange rates of the dollar against the Iraqi dinar, as the exchange rates reached:

Baghdad - Kifah Stock Exchange
147,300….

The price in most of Baghdad Asirvatbuy

146.750sell147.750--------------

Basra -borsh147.400-----------

Arbil - Bursa147.450--------
———
Sulaymaniyah - Bursa147,500
———————————

Mosul - Bursa147,500





The Markets:
The Asian markets closed up NIK up by .33% HSI up by .24% SHANG up by .84%
The UK markets are currently trading mixed 3 in the green mostly from .04% to .63% 3 in the red f\rom .01% to .10%
Our futures are currently trading higher  DOW at 35343 up by .15% SNP at 4528.75 up  by .17% NDX at 15637 up  by .18%

Precious Metals:
Gold is green at 1816 Silver is green at 24.24 Copper is green at 428 Platinum is red at 999 
Brent 71 WTI  68   Bitcoin: 49,860 10 yr yield: 1.29

Favorite Currencies Forex Quotes

SymbolBidAskHighLowOpenChangeTime
 USD/IQD  1430.7000  1481.4000 1457.2000 1457.2000 1457.2000  1.2000 06:04
 USD/VND  22760.0000  22770.0000 22744.4500 22744.4500 22744.4500  1.2000 01:30
 USD/CNY  6.4579  6.4599 6.4622 6.4579 6.4591  -0.0012 05:25
 USD/KWD  0.3003  0.3013 0.3004 0.3004 0.3004  -0.0001 04:44
 GBP/USD  1.3791  1.3792 1.3801 1.3767 1.3767  0.0024 05:25
 USD/IRR  42000.0000  42210.0000 42097.5000 42097.5000 42097.5000  0.0000 00:00
 USD/IDR  14239.0000  14251.0000 14279.0000 14232.0000 14242.0000  -2.0000 05:25

Things in the News:



Iraqi Articles:

The Iraqi Stock Exchange tops the performance of the Arab stock exchanges

link

Eleven Arab stock exchanges recorded a rise last week, led by the Iraq Stock Exchange with the upward movement, which was achieved at the level of Arab stock exchanges, with the index recording an increase of 8.84%.

The weekly bulletin of the Arab financial markets, based on the database of the Arab Monetary Fund, and data issued by the Arab stock exchanges, and followed by “Economy News” stated that “the trading value recorded an increase in the stock exchanges of Abu Dhabi, Kuwait and Iraq, with rates ranging between 3.57 and 19.92%.

The weekly trading volume of ten Arab stock exchanges witnessed an increase in their trading volume, led by the Dubai Financial Market and the Iraq Stock Exchange.

Yesterday, Wednesday, the Iraqi stock market index rose by 0.24% after trading 44 billion shares, worth 11 billion dinars.


A new statement on the contesteted articles

link


The Finance Committee of the House of Representatives clarified, on Thursday, the details of the appeal with three articles in the budget, including the petrodollar, while noting that the contested articles are valid and enforceable.

Committee member Muhammad Al-Shabki said, according to the official Afalam, that “the Cabinet submitted an appeal to the article related to the Federal Service Council case, but later inquired and found that the subject and article do not contain financial consequences, but rather are a reconnection of departments similar to the work of the Federal Service Council and linking them to the Council to be There is a fluidity in the issues of appointment and avoidance of interventions, and there will be development of the job sector and other conditions that enable the job sector to advance,” noting that “the Council of Ministers returned to the recognition and approval of the Federal Service Council law, although it initially challenged it.”

Al-Shabki added that "the article related to the petrodollar issue, there was a misunderstanding between the ministries of finance and oil, and the issue also had financial consequences related to an accounting entry to control and monitor non-oil revenues that are received by the governorates, and the Council of Ministers objected to this issue," noting that "the Ministry of Finance She later wanted to withdraw the appeal."

He continued, "The third other issue that the Council of Ministers challenged is the support of farmers and peasants by increasing the prices of crops by fifty thousand, as it was a vision to support the agricultural sector," noting that "all of the articles challenged are valid and enforceable."

And a member of the Finance Committee in the House of Representatives concluded his speech by saying: “We followed up with the Ministry of Finance and other ministries that challenged some of the articles related to it, and we demanded that the Ministry consider the budget law as a governing law and all the articles in which it contained governing articles,” explaining, that “there are articles that burdened the budget.” There is no need for it, and it has been set up to be considered as governing articles that are binding on application.”

An advisor to the Prime Minister explains the importance of the Generations Fund

link

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, explained the importance of the Generations Fund.

Saleh told {Euphrates News}: "Generational funds are sovereign loan funds that are considered depleted resources that must be developed to benefit future generations."

And he indicated that "these resources are translating raw materials resources into real financial assets, such as shares, bonds, or participation in agricultural or industrial activities."

Salih stressed, "These funds must be properly managed to be of great interest, as Iraq will benefit from them in saving what can be invested in accordance with sustainable development and investing for the next generation as good financial resources away from the deportation of accumulations, failures and debts according to these funds."

And Prime Minister Mustafa Al-Kazemi stressed, during the cabinet session last Tuesday, "to activate the Future Generations Fund, to secure Iraq's future away from dependence on oil wealth that will not be dominant throughout life, stressing that many countries have begun to search for alternative and clean energies."

He said in a tweet after the session: "We have put forward the "Generation Fund" project, which will protect them from complete dependence on oil


Baghdad conference and its economic content

link

There are many bets on the success of the Baghdad Conference on Partnership and Cooperation, but the importance and role of Iraq led to the presence of delegations of this high level, accompanied by international attention.

This forum that Baghdad witnessed was not like other previous events, but rather reflected a new image that brought the country to the fore again.
The Baghdad conference doubled the responsibilities in front of all Iraqi institutions, by working to improve performance and performing the tasks entrusted to it to the fullest extent, in order to start a new phase that advances all sectors and its first conditions, that we rise to this important detail, because good performance and implementation of reforms need determination and determination to combat corruption which caused the downturn of the economy 
Country.

The international regional community has come loaded with potentials that can be employed to serve Iraq in all sectors, as the country can absorb major work efforts in all regions of the country, which leads us to work hard towards creating an environment that attracts direct and indirect investments.
Our next stage could be a positive turning point in the process of work and development that the country aspires to, and here we can benefit from the seriousness owned by the participating countries and work in Baghdad and all the cities of Iraq, which as a whole contains a map showing the projects
required.

Above all, sound measures and measures must be taken that will facilitate the arrival of Arab investment companies along with the international effort to implement giant projects related to the development of the reality of the infrastructure developed by them facilitating the process of economic transformation for the better, as this will send messages of reassurance to the countries of the world to send more of their specialized companies and other companies from the rest of the world.

After the success of the Baghdad conference, efforts must be directed to achieving success in performance, amending laws and work requirements, and creating the elements of attraction that bring specialized international and regional companies that actually contribute to construction and development. 
sustainable.
With the presence of serious desires for the advancement of the country, the results will inevitably be positive and in the interest of the people and the national economy, as well as the benefit of the partner.

CBI Update:  Just  a note:

They have been having auctions and the ISX has been trading regularly; the sites just don't update in time to put the information in this report, unless it is 
here.   

Click on the link above for the latest update.

The CBI for rate is 1460

The currency auction For September 2nd, 2021 total sales amount $225,462,282. 

including   $44,760,000. CASH 


ISX Update:   

www.isx-iq.net/

Shares Traded: not updated for today
Value Traded: not updated for today 

9-2-2021  Intel Guru MarkZ   Question "Do you still feel like it will RV?"  Absolutely!!  100%.  it’s a when not an if...The question now is do we get a full reset or do we get a revaluation of a smaller number of currencies. But I am still looking for it to absolutely happen.

9-2-2021 Intel Guru Bruce  We are very close – Iraq is ready – they’ve been ready – they’ve got their in country rate which is going up – they have a new rate the CBI told us that we would have on our front screens – we don’t know what the Dong rate will be but we think it could be close to the Dinar – everything else is going to be a fun surprise for us – I really think we’re going to be in good shape.

9-1-2021  Speicalist Guru BobTheTaxMan  Under the new administration we've got there's huge changes that are going on, particularly in  the estate tax arena.  Anybody who makes over $400,000/$1 million you can expect they are going to be taxed to pieces...[Hopefully that includes everyone who owns dinars!]  So there has to be new strategies made and put into place...we anticipate this thing may RV, it may be a short quick opportunity to be able to move in, get it done and get out.  What do you need to have to get sure you're going to be relieved from having the hugest taxes possible...? [NOTE: Consult with your tax professionals to get the answers to your unique circumstances at the appropriate time.]

9-1-2021 Intel Guru Flemings  What we hear – “money is moving.” What we see – “money of account” is obvious (for some) and verified by bankers. What we feel – all is done, and Tier 4 is next. When though? No one is saying anything definite because no one wants to be caught wrong again. (Likely, they are trying not to attract the rude behavior.)

9-1-2021  Intel/Newshound Guru Frank26  Article "The Iraqi Finance Minister supports the floating of the currency"  Quote "The Iraqi currency is floating, but the central bank intervenes from time to time until it places it pithing a certain bar...floating the currency is fully or partially liberalizing the exchange rate..."  Let my exchange rate go!!! 

9-1-2021  Newshound Guru Pimpy  You guys brought to my attention the article in which a Financial Minster of Iraq Allawi says he supports a floating exchange rate which is good...that means the market dictate the value of the Iraqi dinar.  That means the Iraq dinar is not pegged to the US dollar any longer.  Good.  That's what you want.  But it's not a true floating exchange rate.  That's what we call a managed float or a dirty float.  In other words it floats on its own depending on what the market things of it but if it goes too far one way or the other the bank interferes with the rate change and affects it either way - going up or down.


Catnip's Corner:
Happy Thursday!! Here are my "snippets" for Thursday, September 2.

Lynn :)
aka catnip

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ARTICLE 1-A (from PM Kadhimi's website; posted only on Arabic side, not on English side)

Prime Minister Mustafa Al-Kazemi meets the French ambassador to Iraq on the occasion of the end of his work

Today, Wednesday, Prime Minister Mustafa Al-Kadhimi met with the French ambassador, Bruno Aubert, on the occasion of the end of his work as the French ambassador to Iraq.

During the meeting, Mr. Al-Kazemi praised France's supportive role for Iraq, and the bilateral endeavor towards consolidating relations and common interests between the two friendly countries.

His Excellency praised the role played by the French President, Emmanuel Macron, in the success of the recent Baghdad Conference on Cooperation and Partnership; This confirms the strength of the partnership and the interdependence of interests between Iraq and France.

For his part, the French ambassador expressed his deep confidence in the role of the Iraqi government in highlighting the new approach to Iraq, which he described as an example to be followed by the countries of the region, on the path of strengthening security, stability, cooperation, and sustainable development among friendly peoples.

Prime Minister's Office
1 - September - 2021

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ARTICLE 1-B (from PM Kadhimi's website; posted only on Arabic side, not on English side)

Statement

In the name of God, the most gracious, the most merciful

Its security services, under the direct supervision of the Iraqi judiciary, succeeded in implementing a preemptive operation that thwarted an attempt to rig the elections by putting pressure on a number of election commission employees; With the aim of mixing political cards and creating chaos.

After careful technical investigations by the investigative bodies, and under the direct supervision of the judiciary, the security services were able to arrest a number of suspects in a group that tried to rig the elections, by investing their relations with employees of the Electoral Commission; With the aim of provoking information and political chaos in Iraq, through a network of electronic communication sites, including a site called “The Green Lady”, its organizers tried by various means to suggest that it is linked to the office of the Prime Minister, its employees, or the advisors of the Prime Minister.

Unfortunately, some media outlets, particularly those affiliated with some political forces, have repeated these false slanders, without scrutiny, in a manner that lacks professionalism and fairness, and in what is a blatant violation of the law and professional principles.

Justice has found its way to prove the invalidity of these lies and the falseness of their promoters, and even the involvement of some of them in electronic gangs, and after deepening investigations and seizing criminal assets, including, for example, the election cards of one of the accused, and the arrest of a number of those in charge of this group and those who helped them, and analyzing Computers and associated communications, an interwoven network of those responsible for the case, whether with funding, encouragement or assistance, was reached, including current and former political and parliamentary figures, and some employees of the Electoral Commission; In order to harm the relations between the authorities on the one hand, or the balanced relationship of the Prime Minister’s office with all political forces. The investigation into this case and other cases and all those responsible for it is continuing, and those involved will be brought to justice.

The Office of the Prime Minister confirms that the government will continue to implement its pledges to secure fair and fair elections, provide all its requirements, and maintain its neutral responsibility for and support from competition in the electoral process. role, or mixing papers and falsifying facts, or accusing the Prime Minister’s office unfairly and slanderously, or trying to derail the elections, including combating the phenomenon of organized electronic groups, which cause confusion, spread fraud, and threaten public stability.

Prime Minister's Office
1 - September - 2021

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ARTICLE 2 (from Government of Iraq twitter account)

At the time this report was submitted, there are no new tweets on the Government of Iraq twitter account.

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ARTICLE 3

The Iraqi “Finance” stresses the necessity of stabilizing spending to ensure optimal implementation of the budget
September 01, 2021 07:13 PM
 
Mubasher: The Iraqi Ministry of Finance stressed, today, Wednesday, the necessity of stabilizing spending to ensure optimal implementation of the budget, noting the importance of directing financial resources towards achieving comprehensive economic development.

This came during Minister Ali Abdul-Amir Allawi presiding over the twenty-first session of the Committee for the Preparation of the Federal General Budget Strategy for the Republic of Iraq, for the medium term (2022-2024)," according to the Iraq News Agency, "Ina".

The Minister pointed out that the most important requirements of the items required to be included in the 2022 budget, submitted by the Undersecretary of the Ministry, were discussed, and their costs were estimated in light of the laws and legislation in force.

Allawi stressed the necessity of stabilizing spending ceilings at safe levels, to ensure an optimal implementation of the budget’s paragraphs and items with smooth and high accuracy, in addition to mobilizing financial resources and directing them towards achieving comprehensive economic development.

The minister indicated that "the meeting witnessed the completion of the discussion and follow-up of the proposed federal budget model for the next year, and the study of the mechanisms for its application in accordance with the requirements of the current economic reality, and in line with the implications of the financial reform process related to aspects of spending and public financial management."

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ARTICLE 4

A meeting of the Ministry of Finance on the most important requirements of the next year's budget items
2021.09.01 - 18:19
Baghdad - people

The Minister of Finance, Ali Abdel Amir Allawi, discussed, on Wednesday, the most important requirements for the items to be included in the 2022 budget, submitted by the Undersecretary, and an estimate of their costs in light of the applicable laws and legislation.

A statement by the Governmental Media Cell, a copy of which was received by "Nass", (September 1, 2021), stated that "this came during his presidency of the twenty-first session of the Committee for the Preparation of the Federal General Budget Strategy for the Republic of Iraq, for the medium term (2022-2024)."

Allawi stressed the "necessity of stabilizing spending ceilings at safe levels, to ensure optimal implementation of the budget's paragraphs and items with high flow and accuracy, in addition to mobilizing financial resources and directing them towards achieving comprehensive economic development."

The meeting witnessed the completion of the research and follow-up of the proposed federal budget model for the next year, and the study of the mechanisms for its application in accordance with the requirements of the current economic reality, and in line with the adoptions of the financial reform process related to aspects of spending and public financial management, as well as a discussion of the file for determining and programming expenditure ceilings by the Ministry of Finance and discussing its extents ".

The meeting was attended by "the head of the General Authority for Monitoring the Allocation of Federal Imports, the Undersecretary of the Ministry of Finance, the Prime Minister's advisors, the ministry's advisors, and the general managers of the ministry and related ministries."

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ARTICLE 5

A southern governorate announces the disbursement of approximately 350 billion dinars to contractors
Economy 
05:28 - 01/09/2021
Basra - Mawazine News

Basra Governor Asaad Al-Eidani confirmed, on Wednesday, the disbursement of contractors' money as a down payment for the implemented projects, while noting the success of local companies in establishing projects.

Al-Eidani told the official news agency, "Some projects were suspended in the governorate as a result of the Corona pandemic and the lack of approval of the 2020 budget," noting that "new projects were approved within the 2019 budget."

He added, "The wheel of projects began to be managed in the governorate after disbursing 349 billion dinars as a first payment to contractors," noting that "the second batch will be spent on ongoing projects."
He continued, "The new projects in the 2021 budget have not yet been included by the Ministry of Planning," explaining that "the projects that are currently being implemented in the governorate are part of the 2019 budget."

And he indicated that "the experience of Basra succeeded with its local companies more than foreign companies," noting that "the local companies in Basra are considered one of the most successful companies operating in Iraq." 

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