Through the screens.. The Iraqi Stock Exchange determines the colors of the data and prepares to broadcast on YouTube
The Iraq Stock Exchange announced today, Tuesday, its readiness to launch the trading screen broadcast on YouTube, while indicating the data colors.
there is no sound, I'm not sure why but it would be in Arabic anyway hahaha
the video for this blogpost is below here:
Regarding the launch of the broadcast on YouTube, Abdul Salam said, “Today’s session will also witness the launch of the broadcast via the Iraq Stock Exchange website via YouTube, in addition to broadcasting via the market’s Facebook page.”
The role of the Iraq Stock Exchange in supporting monetary policy in Iraq
Lawyer and banking expert Saif Al-Halfi
The world is now moving with rapid steps racing with the wind in the role of stocks supporting monetary policies, especially since the old classical theories considered that stock markets are not among the tools of monetary policy. This concept reflected a traditional understanding where monetary policy focused on tools such as interest rates, monetary facilities, and banks’ cash reserves.
The development of theories and the difference in models of economic studies differ with the development of research, studies and the financial market from one country to another. It is difficult to make a theory applicable to all countries and different economies, from emerging economies to more complex economies. Because of this dialectic based on trying to understand and establish the nature of the relationship between financial markets and monetary policy, which has become more evident in many countries.
Stock markets have become part of the general economic strategy of governments and central banks, especially after the introduction of the idea of cryptocurrencies and digital banks, as they directly affect consumption, investment and economic confidence.
Iraqi market
In the case of the Iraqi model and long years of economic stagnation as a rentier economy that relies primarily on oil to finance its annual budgets and the state of price speculation on the stability of the dollar exchange rate in local markets or what is known as the parallel dollar situation, we can 🤔 look at the Iraqi Stock Exchange as a tool supporting monetary policy and influencing the state of the rentier economy. This is done through:
1- Encouraging local and foreign investment. The stock market can be a quick and important means of attracting local capital, especially cash in circulation, and trying to return it to banking incubators and investing it in short-term investments through price maneuvers on the shares of emerging companies listed on the Iraq Stock Exchange or long-term investments by pumping these cash blocks into the shares of profit generating companies, which are companies that regularly achieve rewarding annual financial profits, thus enhancing the idea of 💡 withdrawing the accumulated cash liquidity and returning it to banking incubators in a way that reduces immediate and temporary speculation on the parallel dollar in the local market.
It also creates real opportunities for foreign capital moving between emerging markets to enter, which provides them with the opportunity for quick entry, profitable investment and safe exit.
2- Diversifying the economy from excessive dependence on oil. The stock market can be used to encourage local and international investments in sectors that create greater economic diversity than usual and a state of rapid sales and price maneuvers for shares of promising companies in Iraq.
3- Absorbing liquidity The stock market can play an important role in absorbing excess liquidity in the economy, which helps control inflation. This depends on the ability of the Iraqi market to be quick in price transactions from buying and selling through the shares of the companies listed in it and pressuring brokerage firms to apply and activate the latest smart systems and phone applications for daily sales and contracts executed in it, as well as encouraging the publication of financial data for Iraqi companies on international platforms that encourage understanding the culture of Iraqi company shares.
One of the most important economic theories that support that financial markets can be an effective tool in monetary policy is the Wealth Effect theory, which is summarized and almost consistent with understanding the dialectic of the Iraqi economy and the stock market economy. More consistent with the Iraqi model is the Wealth Effect Theory, written by Gregory Mankiw. Its summary is that the rise in the value of financial assets among individuals gives them an incentive to withdraw money and re-inject it into purchasing new assets and stocks in order to increase wealth and gives them a feeling of wealth, which prompts them to spend on consumption and develop the national economy.
In conclusion, all these theories and studies support the idea that financial markets can be an effective and successful tool in achieving economic stability and enhancing growth, especially in emerging markets such as Iraq. If the Iraqi stock market is exploited in the right way that attracts local and international investments, it can help diversify the Iraqi economy and create new opportunities that drive economic integration in Iraq, making the Iraqi Stock Exchange a valuable tool for monetary policies.
With Document.. Parliamentary Finance Forms Committee to Detect Forgery and Tampering with Budget Schedules
The Parliamentary Finance Committee decided, today, Tuesday, to form an investigation committee to uncover fraud and manipulation of budget tables.
According to the document issued by the head of the committee, Atwan Al-Atwani, {Euphrates News} obtained a copy of it, it says: “It was decided to form an investigation committee headed by Moeen Al-Kazemi and the membership of 5 representatives regarding what was mentioned in the Cabinet’s letter {budget tables}.”
The Oil and Gas Law has been imprisoned in Parliament for 19 years and is threatened with deportation to the next session
The secret lies in the consensus of political forces
Political disagreements and a lack of consensus since the first session of the House of Representatives made the draft oil and gas law a victim and locked in parliament's drawers.
In each session, conflicts prevent its approval in its final form, as five parliamentary sessions have passed and the law has not been released until today.
The Parliamentary Oil, Gas and Natural Resources Committee expects that the law will be transferred to the next parliamentary session, despite the visit of the head of the Kurdistan Democratic Party, Masoud Barzani, early this month, to the capital, Baghdad, and his meeting with political leaders.
A member of the Parliamentary Oil and Gas Committee, Ali Al-Lami, said in an interview with Al-Mada, “One of the reasons for obstructing the approval of the oil and gas law is the continuing disputes between the governments of Baghdad and Erbil “
He added that his committee "sent the law at the beginning of the current parliamentary session to the government, and we met with the Prime Minister, the President of the Republic, and all the heads of blocs and parties, and we explained the importance of this law."
The member of the House of Representatives points out, “The law is unlikely to be approved during the current session, as it requires study and reading,” suggesting that “the law will be transferred to the next parliamentary session.”
The draft Iraqi oil and gas law regulates Iraq's vital sector and the management of the country's oil fields through one national company, with imports being deposited in one account.
Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasure's resources.
For her part, a member of the Parliamentary Oil and Gas Committee, Zainab Al-Moussawi, said in an interview with Al-Mada, “The law is almost complete, and to a high degree, but there are some objections about some points, which are summed up in the delivery of oil imports and exploited and unexploited natural resources to Baghdad.”
Al-Mousawi adds, “The Oil and Gas Law is concerned with regulating the country’s natural resources and exploiting the largest possible amount of undiscovered oil fields.”
She points out that "the law will also contribute to achieving self-sufficiency in oil derivatives and optimal exploitation of wasted natural resources, valued at hundreds of billions of dollars, which contribute to diversifying the state's financial resources."
The draft oil and gas law in Iraq available to Parliament stipulates that responsibility for managing the country's oil fields must be entrusted to and supervised by a national oil company.
In August 2023, the Prime Minister, Muhammad Shiaa Al-Sudani, confirmed that “the draft oil and gas law is one of the basic and important laws, representing a factor of strength and unity for Iraq, and it has been stuck for years, At a time when the country today is in dire need of its legislation and to benefit from this natural wealth, in every way.” Fields and sectors, as well as the contribution of the legislation to solve many outstanding problems.”
He explained, “There are governorates that have not invested their wealth, which is considered negative for development endeavors in all their paths.”
In February 2022, the Federal Court in Baghdad ordered the region to deliver the oil produced on its lands to Baghdad, and to cancel contracts the region had signed with foreign companies.
The matter reached the point where the judiciary in Baghdad invalidated contracts with many foreign companies, especially American and Canadian companies.
IMF: Iraq, Qatar increase their gold holdings
Data from the International Monetary Fund showed an increase in gold reserves in Iraq and Qatar.
According to these data, in May 2024, Iraq increased its gold reserves by 2,644 tons to 148,305 tons.
The data showed that Qatar increased its gold reserves by 3,112 tonnes to 106,423 tonnes in June 2024, according to Reuters.
Parliamentary Finance: The Central Bank approved increasing the capital of the Real Estate Bank to 500 billion dinars
The Finance Committee in the House of Representatives confirmed, today, Tuesday, that the Central Bank approved increasing the capital of the Real Estate Bank to 500 billion dinars to expand the coverage of citizens with housing loans.
A statement by the media department of the Council of Representatives, received by the Iraqi News Agency (INA), stated that "the Finance Committee hosted the Director of the Real Estate Bank to discuss the real estate initiative and review the latest developments in completing citizens' loan requests and financing residential complex projects."
The head of the Finance Committee, Atwan Al-Atwani, stressed that "supporting and empowering banks is the best way to achieve sustainable development."
He added that "the initiative to increase the capital of the Real Estate Bank to 500 billion dinars, which was approved by the Central Bank, aims to expand the coverage of citizens with housing loans and support i
The Central Bank of Iraq identifies 100 companies to sell “travelers’ dollars” and citizens demand that they be distributed in airports
The Central Bank of Iraq has identified dozens of private companies to sell dollars to travelers, while citizens demanded that these companies open windows in all Iraqi airports.
Shafaq News Agency correspondent stated that the Central Bank of Iraq has identified more than 100 private companies with categories A and B to sell dollars to travelers, in addition to Rafidain and Rashid banks and other financial institutions.
Our correspondent added that a number of travelers demanded the necessity of canceling the electronic reservation by Rafidain to sell the dollar, similar to the exchange companies and Rashid Bank, which directly grant and receive the dollar from Baghdad Airport without electronic reservation.
He pointed out that a number of travelers appealed to the Finance Committee and members of Parliament to pressure the Central Bank to allow government banks (Rafidain and Rashid) to open dollar sales outlets at the airports of Najaf, Kirkuk and Basra, similar to Baghdad Airport, and not to limit the issue to Baghdad Airport, in addition to selling dollars at border crossings.
International Development Bank: Deposit Account (Investment, Term) is a start to serve the Iraqi family
The International Development Bank for Investment announced that it will continue to open deposit accounts according to customer requirements in terms of the linkage period.
The bank stated in a statement received by (Today News), that "based on our belief in providing the best banking services to the bank's customers and employing the accumulated cash mass in the service of the national economy, the International Development Bank for Investment continues to open deposit accounts according to customer requirements in terms of the linkage period."
He added, "These accounts provide financial returns of up to 10% annually and are paid monthly from the value of the deposit, in addition to entering the monthly draw, which includes valuable cash prizes. The owner of the investment deposit also receives free life insurance and facilities when wishing to obtain a loan guaranteed by the deposit, as well as a credit card provided free of charge to the account holder."
He pointed out that "your money will be invested to serve the country and will be safe and guaranteed by the Iraqi Deposit Insurance Company, which is authorized by the Central Bank of Iraq, in addition to the benefits that the owner of this account gets, which represents a product that is in harmony with the needs of the Iraqi family seeking to invest its money in the appropriate and safe place and benefit from rewarding monthly returns that raise the standard of living."
*Terms and conditions apply
Two reasons behind the rise in the dollar exchange rate in Iraq.. What are the expectations about its fate?
Economic expert Alaa Al-Fahd revealed today, Tuesday (July 23, 2024), that there are two reasons behind the return of the rise in the exchange rate of the dollar against the Iraqi dinar in the local market, while he expected it to gradually decline.
Al-Fahd told Baghdad Today, "The rise in the price of the dollar in the parallel market came about because the Central Bank of Iraq implemented a new mechanism, selling dollars to travelers, in addition to the existence of a crisis in auditing transfers in Chinese yuan, and this matter was quickly resolved by the Central Bank of Iraq."
Al-Fahd said, "We expect that there will be a gradual decrease in the dollar exchange rate during the coming days, as this increase is common with the implementation of any new policy by the Central Bank of Iraq, as speculators try to exploit this in order to increase their profits."
He added, "The Central Bank of Iraq has discussions and procedures with the US Federal Reserve in order to control the exchange rate in the parallel market, and this increase is due to the increase in illegal trade, but the Central Bank of Iraq stressed the control of the dollar file and there are positive discussions with the American side."
Since Eid al-Adha, the dollar exchange rate has risen to more than 152,000 dinars in the parallel market and exchange offices, after hovering around 145,000 dinars for every 100 dollars.
Prices have fallen again over the past week, with the dollar now hovering around 149,000 dinars per 100 dollars.
The Central Bank imposed a mechanism that prevents the delivery of dollars to travelers except at airports, which increased the demand for dollars in the parallel market after illegal trade was financed through the parallel market via travelers’ dollars.
Central Bank of Iraq: Ambiguous Policies Exacerbate Financial Corruption Crisis
What is the role of the central bank in the spread of corruption?
- Earlier this month, the Central Bank of Iraq revealed its call for witnesses, experts and whistleblowers to report corruption cases, based on Article (9/Second) of the Law on the Protection of Witnesses, Experts, Informants and Victims No. (58) of 2017, related to rewarding informants on corruption cases. The bank explained that the reward is given to informants if their report leads to the disclosure of corruption cases, according to a system issued by the Council of Ministers.
Despite this call, the Central Bank has been heavily criticized for its vague and unclear anti-corruption policies, which some see as designed to serve certain parties that thrive on the bank’s weak work. Many believe that the Central Bank plays a key role in the spread of corruption within financial institutions due to its policies that lack transparency and effectiveness.
he rampant corruption within financial institutions poses a major threat to economic stability in Iraq . The erosion of confidence in the financial system, the obstruction of economic development, the widening gap between the rich and the poor, and the flight of capital abroad are all direct results of this corruption. These practices lead to the diversion of economic resources to corrupt individuals instead of using them to develop infrastructure and public services, which hinders economic progress and sustainable development. Citizens and investors also lose confidence in the financial system, which leads them to reduce investments and hoard money away from banks.
The Central Bank’s continued ambiguous policies exacerbate the problem of corruption and hinder efforts to combat this phenomenon. The Central Bank must adopt clear and transparent policies and strictly enforce laws to hold corrupt officials accountable. The Central Bank’s request to report corruption cases has been heavily criticized for not specifying the types of targeted crimes, which hinders the effectiveness of the initiative. In light of the rampant corruption in all aspects of financial and monetary institutions, the lack of clarity in definition and classification raises doubts about the seriousness of these efforts and reduces their credibility.
Combating corruption requires serious and comprehensive action from all parties, including the Central Bank, which must be a role model in transparency and accountability. Continuing the current policies of the Bank without radical change reinforces the climate of corruption and hinders the achievement of stability and economic growth in Iraq.
The Central Bank discusses with the UN Regional Representative the development of bilateral programs
Today, Tuesday, the Governor of the Central Bank of Iraq, Chairman of the Anti-Money Laundering and Terrorism Financing Council, Ali Mohsen Al-Alaq, discussed developing bilateral programs with the Regional Representative of the United Nations Office on Drugs and Crime for the Middle East and North Africa, Christina Albertin, while the guest delegation praised Iraq's efforts in combating cross-border crimes.
According to a statement issued by the Central Bank and received by Al-Mutala'a, "The Governor of the Central Bank of Iraq, Chairman of the Anti-Money Laundering and Terrorist Financing Council, Ali Mohsen Al-Alaq, received the Regional Representative of the United Nations Office on Drugs and Crime for the Middle East and North Africa, Christina Albertin, and her accompanying delegation. During the meeting, they discussed strengthening bilateral relations and completing the programs achieved between the two sides, especially with regard to capacity building and following up on criminal proceeds in accordance with international best practices."
He added, "The guest delegation praised the efforts made by the Iraqi Anti-Money Laundering and Terrorist Financing Office in combating cross-border crimes, following up on proceeds, and strengthening the work of the internal, regional and international system." He pointed out that "Iraq is hosting the second Baghdad International Conference on Combating Drugs, under the patronage of the Prime Minister, who made it clear in his speech during the conference that drugs threaten the stability of the region, and Iraq's vision towards combating them is not limited to the harm targeting its youth, but will be a factor in comprehensive instability in the region if neglected."
Pentagon issues a statement on the meeting of the Iraqi and American military delegations
The Pentagon issued a statement on Monday about the meeting that brought together the Iraqi and American military delegations.
The ministry said in its statement that the Iraqi military delegation, which includes a representative of the Peshmerga, met with US forces to verify the capabilities of the ISIS organization in Iraq.
According to the statement, the US-Iraq Supreme Military Committee discussed the ability and strength of the Iraqi army in the face of the threat of ISIS in Iraq and the region.
The Pentagon stressed in its statement that the meeting reflects the commitment of the two countries to strengthen bilateral security relations based on the work of the US-Iraq Supreme Military Committee in the past months, which coincides with the tenth anniversary of the coalition's military mission in Iraq.
Iraq eyes drawdown of US-led forces starting September, sources say
A high-ranking security delegation arrives in Washington to hold a round of talks to end the coalition's mission
Defense Minister Thabet Mohammed Saeed Al Abbasi arrived at the head of the Iraqi delegation on an official visit to the United States of America.
The Iraqi security delegation will hold the second round of talks to end the international coalition's mission in Iraq.
Four Iraqi sources told Reuters that Iraq wants the international coalition forces to begin withdrawing from September and to officially end the coalition's work by September 2025,
and indicated "the possibility of some American forces remaining in an advisory capacity that was recently negotiated."
Meanwhile, American officials said that "the Iraqi position will be discussed with American officials in Washington this week at a security summit," adding that "there is no official agreement to end the coalition or any timetable associated with it yet."
Iran's Revolutionary Guards seize foreign oil tanker in southern country
Iran's Islamic Revolutionary Guard Corps announced that it had seized the oil tanker "Betle Guse" and its crew off the coast of the southern city of Bushehr, by judicial order.
A statement by the Iranian Revolutionary Guards added that the tanker was seized because it was smuggling more than 1.5 million liters of fuel.
The statement explained that the oil tanker bears the trademark "Betle Guse" and flies the flag of the African country of Togo, and was taken to Iranian waters by order of the judiciary.
He added that the ship's crew of 12, who hold Indian and Sri Lankan nationalities, were taken with the ship to the Bushehr port berth.
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