Bondlady’s Corner

Iraqi News Highlights Wednesday Evening 3-29-23

Tlm724 Administrator Bondlady’s Corner

Investors Association: Foreign Investors Are Now Selling Their Shares From Iraqi Companies

Market   The head of the Investors Association, Alaa al-Moussawi, confirmed that foreign investors are now selling their shares of Iraqi companies on the stock exchange, to take advantage of the dollar price difference.  Al-Moussawi told “Al-Iqtisad News” that “the reform package launched by the Central Bank allowed foreign investors to transfer their money after selling it from joint-stock companies, at the official price of 1320 dinars, which makes profits of 11%, in addition to changing the exchange rate, making the dinar stronger than before.

He added that the Iraqi Stock Exchange is currently witnessing reluctance by foreign and local investors, and the trend towards investing in forex and commodities such as gold, oil and others, which achieve good returns, especially since a number of banks have established platforms for trading in the shares of international companies, after they were prohibited in previous years.

Al-Moussawi pointed out that the quantities of stocks currently offered on the stock exchange do not match the large quantities of demand, which made the stocks continue to decline.

And he indicated that brokerage firms have established electronic trading platforms, and these will encourage young people to buy and sell without attending the market, pointing out that the drop in the price of the Baghdad invasive company’s share is due to the sale of one of the foreign investors’ shares.

The Central Bank Expects A Decrease In The Difference Between The Official And Parallel Exchange Rates In The Coming Period

Economy| 11:23 – 03/29/2023  Baghdad – Mawazine News  The Central Bank expected, on Wednesday, a decrease in the difference between the official and parallel exchange rates during the coming period, while it pointed to the imminent issuance of a decision regarding the possibility of printing a denomination of 20 thousand dinars.

The assistant general manager of the investment department in the bank, Muhammad Mounir, said, “The packages and procedures of the Central Bank of Iraq contributed to limiting the continuous rise in the exchange rate of the dollar,” expecting “a decrease in the difference between the official and parallel exchange rates in the coming period through the first, second and third packages of the Central Bank.” In addition to the government’s continued support.

Mounir added, “The Central Bank is in continuous updating of all procedures, and every step that is launched is reviewed and the extent of its response and impact on the market is measured and what are its pros and cons, if any,” according to the official news agency.

Regarding printing new cash denominations, Mounir stated that “the Central Bank is amending and updating currency notes in response to market requests and developments and limiting counterfeiting,” noting that “the Department of Issuance and Treasurys is working to study the possibility of printing a cash denomination of 20,000 dinars, and in the coming days it will take the decision to print it or not printed.”

Lawmakers: The Three-Year Budget Blocks The Path Of Corruption

The first 2023/03/29   Baghdad: Omar Abdul Latif  Representatives believe that preparing a budget for the next three years will reduce the chances of looting and corruption from public money, while

an economist warned against adopting 2023 allocations in the 2024 and 2025 budgets, explaining that these allocations may go into the pockets of manipulators and corrupt people, he said.

Representative Abbas al-Jubouri said, in an interview with “Al-Sabah”, that

“the three-year budget that the government sent to the House of Representatives is a financial plan for more than a year, according to what is designed by the Ministry of Finance and after the approval of the Council of Ministers,” adding that

“the stages of budget formation are preparation, approval and implementation.””. The deputy pointed out that

the budget “took a long period of time for a new government not more than four months ago, which is normal for a government with national expertise that walks between mines and surprises,” noting that

the government’s supporters consider it “a national achievement that is produced for the first time in Iraq, and indicates a state of stability.” This gives a reassuring impression to others.” Al-Jubouri continued,

“The government is working to gain time for the coming years and not to waste useful time in discussions that are often repetitive every year.” The deputy pointed out that the

opponents of this government “see that the three-year budget is a point in Al-Sudani’s political balance due to its leadership and high audacity, and it is an early election propaganda for Al-Sudani and a method for rapid implementation,” adding that

“the budget from the opponents’ point of view gives Al-Sudani “surplus power” that enables him to Building a lot in the world of politics, money and power, and distancing the government from the House of Representatives and expelling it from the circle of partnership, monitoring and accounts, in light of the instability of the global and local market, the dollar exchange rate and oil prices, and these are all factors of concern. The deputy explained that

“the neutrals believe that the tripartite budget was adopted in many stable countries and was not a financial or political heresy, and

the objection to it falls within the political framework, not the economic or financial.”

Economist Haitham Al-Husseini points out, “An error in understanding Article 4 second of Financial Management Law No. 6 of 2019 for preparing a medium-term budget.”

Al-Husseini added in his interview with “Al-Sabah” that

“within the general framework, the purpose of preparing a medium-term budget may be to provide financial stability,” adding that

“what is mentioned in the budget law in Article 65 is just a reference to approving the same allocations for the year 2023 for the two years that follow.”. The expert stressed that

“preparing three separate budgets with an allocation for each fiscal year according to the actual need based on the final accounts of previous years is the right procedure,” explaining that

“if the same previous allocations are approved, they may go into the pockets of the manipulators and the corrupt.”

Social Protection Confirms The Return Of 17 Billion To The State Treasury

Tuesday, March 28, 2023 9:53 PM  Baghdad / The National News Center  The Social Protection Department of the Ministry of Labor and Social Affairs confirmed, today, Tuesday, that 17 billion dinars have been returned to the state treasury.

The Director General of the Social Protection Department, Abd al-Rahman al-Mansouri, said in a statement affiliated with the National News Center / that

“the Social Protection Authority revealed 28,500 salary transgressors between a retired and a contractor in one of the state departments,” pointing out that

“the transgressors are held accountable and the money they received is returned according to of the law.”  He added,

“The Commission has returned more than 17 billion Iraqi dinars to the state treasury,” noting that

“all the money that is recovered goes to the Social Protection Fund to include those who are eligible.”  He explained that

“the money is recovered from the transgressors by calculating all the salaries they previously received, and its recovery is divided into several months.”  And he continued,

“The first stage and the second stage of the audit were implemented for numbers 3 times more than the numbers of the first stage,” noting that

“the authority has methods to detect those who exceed social protection salaries.”  He pointed out that

“the authority revealed a person who was receiving a social protection salary even though he owned a (garage) car,” noting that

“the number of violators may reach 100,000 violators of social protection salaries.”  He stressed,

“The authority is continuing the field survey process, and the number of families it has reached so far has reached 600,000 families.”


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