Bondlady’s Corner

Iraqi News Highlights Sunday Evening 4-2-23

Tlm724 Administrator Bondlady’s Corner

The Iraq Stock Exchange Traded More Than Two Billion Dinars Last Week

Money  and business  Economy News / Baghdad  The Iraqi Stock Exchange announced, on Sunday, the trading of shares with a financial value of more than two billion dinars during the past week.

The market said in a report, “The number of companies whose shares were traded during the past week amounted to 53 joint-stock companies, while the shares of 47 companies did not trade because the prices of purchase orders did not meet with the sales orders, while 3 companies continue to stop for not providing disclosure out of the 103 companies listed in the market.”

And that “the number of shares traded amounted to one billion and 380 million and 782 thousand shares, a decrease of 22% compared to the previous week, with a financial value of two billion and 247 million and 279 thousand dinars, up by 6% compared to the previous week through the implementation of 1828 deals.”

He pointed out that “the ISX60 traded prices index closed at 641.46 points, recording a decrease of 0.32% from its closing in the previous session.”

He pointed out that “the number of shares purchased from non-Iraqi investors for the past week amounted to 39 million shares, with a financial value of 36 million dinars, through the implementation of 24 deals, while the number of shares sold from non-Iraqi investors reached 73 million shares, with a financial value of 124 million dinars, through the implementation of 48 deals.

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

Zaidan And Al-Alaq Are Discussing Follow-Up Cases Of The Central Bank Before The Courts

Economy| 09:53 – 02/04/2023    Baghdad – Mawazine News, Chairman of the Supreme Judicial Council, Judge Faeq Zaidan, discussed with the Governor of the Central Bank, Ali Al-Alaq, on Sunday, the follow-up of cases related to the Central Bank before the courts.

And a statement by the Supreme Judicial Council said, “The head of the Supreme Judicial Council, Judge Faiq Zaidan, received today the Governor of the Central Bank, Ali Mohsen Al-Alaq.”

The two parties discussed, according to the statement, “following up on cases related to the Central Bank that are brought before the courts.” Ended 29/N33

Iraqi Oil Exports To America Decreased For The Second Week In A Row

Economy| 09:13 – 02/04/2023   Follow-up – Mawazine News  The US Energy Information Administration announced, on Sunday, that Iraq’s oil exports to America amounted to an average of 138,000 barrels per day last week, down by 6,000 barrels as a daily average from the previous week, in which exports amounted to an average of 144,000 barrels per day.

The administration added in a report that the average US imports of crude oil during the past week from nine countries amounted to 4.532 million barrels per day, down by 891 thousand barrels per day from the previous week, which amounted to 5.423 million barrels per day.

She pointed out that most of America’s oil revenues during the past week came from Canada at a rate of 2.957 million barrels per day, followed by Mexico with an average of 541 thousand barrels per day, and oil revenues from Colombia at a rate of 269 thousand barrels per day. Ended 29/N33

Oil: We Are Keen To Expedite The Resumption Of Oil Exports For The Region’s Oil

Economy| 03:53 – 02/04/2023  Baghdad – Mawazine News  Today, Sunday, the Ministry of Oil confirmed its keenness to expedite the resumption of oil exports for the region’s oil through the Turkish port of Ceyhan.

The ministry said in a statement, a copy of which was received by Mawazine News, that “the government is keen to expedite the resumption of exports of the region’s oil through the Turkish port of Ceyhan and work to bring points of view closer to serve the public interest,” noting that “the flexibility required to move forward towards achieving the goal of Resuming export first according to the new data after the decision of the international court, and then discussing other outstanding technical issues between the center and the region.

The ministry stressed, according to the statement, “the importance of revenues from resuming the region’s oil exports in supplementing the federal budget according to the agreed quantities,” noting that it “expressed all of this in bilateral meetings with the region’s delegation.”

And she expressed her hope, “in light of the positive atmosphere and bilateral understandings, to reach an agreement to resume oil exports soon.”

The Minister Of Planning Determines The Basic Pillars Of The Budget

Economy    Today, 01:32  Baghdad –  The Minister of Planning, Muhammad Ali Tamim, today, Thursday, identified the basic pillars of the budget.

Tamim said, in a statement received by the Iraqi News Agency (INA), that “preparing a budget for three years is not new, but it was mentioned in the Financial Management and Public Debt Law of 2019 and approved in the previous session,” noting that

“the budget depends on the main pillars, which are revenues,  expenditures, deficit and covering the deficit.”

He added, “The budget is for three years, but the Council of Ministers did not attach the schedules for the years 2024 and 2025, so in practice it is for the year 2023 only,” pointing out that

“the budget for the year 2023 was approved by nearly 200 trillion dinars, with a deficit of 60 trillion dinars, and this deficit is for the year 2023 only.”  He continued,

“The 2023 budget relied on the price of a barrel of $70, and it was calculated according to realistic estimates,” stressing that ”  And he continued,

“We put in the budget a plan to address the internal and external debts owed by the government, of which only 15% has been paid during the past ten years,” noting that

“we have taken serious steps in the Social Security Law.”  He pointed out that

“the private sector is the main partner to aid the state and

the government in implementing programs and policies, and

we have taken practical steps to advance and develop it, as

Iraq is not experiencing a planning crisis,

but rather there is a problem in implementation.”  He concluded his speech by saying:

“We have taken steps to address the housing crisis by establishing new cities far from the center, and

we have put plans in place to address bottlenecks and overcrowding in addition to encouraging investment, so that Iraq faces two main entitlements, the first is to hold provincial council elections, and the second is to conduct a comprehensive population and development census that determines what the country needs from services, infrastructure and others to achieve development.–.html

Experts: Implementation Challenges Hinder Private Sector Development Strategies

Economical 04/01/2023  Baghdad: Nafeh Al-Naji   Experts said that implementation challenges stand in the way of completing the strategies launched by the Ministry of Planning for the development of the private sector.

The Cabinet recently approved the recommendations of the Ministerial Council of Economy regarding

supporting the private sector,

providing the necessary facilities, and

addressing the obstacles facing it, in

implementation of the requirements of the government program, which included

reducing wages, fees, taxes, and some dues related to commercial companies and the industrial sector. and agricultural.

The process of developing and supporting the private sector is an indispensable solution to addressing one of Iraq’s economic problems, represented in absorbing the scourge of unemployment that affects many young people looking for job opportunities.

The economist, Dr. Safwan Qusay, told Al-Sabah that  the issue of the role of the private sector in development was the focus of attention of all the strategies launched by the Ministry of Planning during the previous years,

but the process of converting these strategies into implementation faces a set of challenges.  He added that there are deep problems in these strategies,

for example the process of guaranteeing workers in the private sector and enacting a law to protect them is one of the most important challenges that the government and parliament must contribute to the process of creating a kind of reassurance for workers in this sector.  He pointed out that

one of the most important problems that impedes the growth of the private sector is the existence of an informal labor market and illegal outlets for import operations, with the presence of large scale tax evaders and fraud in manufacturing, especially in informal private markets,

all of which in general impede the growth of the formal private sector.

Qusai stressed the importance of organizing the private sector in order to have an effective and organized economic force,

calling for taking care of shareholders and fixed costs such as fuel, transportation and energy costs, which led to the high cost of the local product.

He pointed out the importance of having a clear strategy for the growth of the private and public sectors, so that they are not in conflict,

in the sense that the economic map is divided into areas of growth, the public sector withdraws from some investments and the private sector gradually turns to lead the development process, and this means diversification.

The economist.

For his part, a spokesman for the Ministry of Planning, Abdul Zahra Al-Hindawi, said:

The contribution of the private sector to the gross domestic product, which is currently estimated at approximately 37 percent, is small compared to the role and size of the private sector in the country.

He continued that the decisions and incentive measures by the government contribute to raising this percentage by increasing the pace of economic activities practiced by the private sector, in general, whether in industry, agriculture or other productive sectors.

In turn, the official spokesman for the General Secretariat of the Council of Ministers, Haider Majeed, told Al-Sabah that

Prime Minister Muhammad Shia’a al-Sudani gave great attention to the file of supporting the private sector, and confirmed more than once his interest in government partnership with this sector.  And he indicated that

government decisions came to enable this sector to participate and contribute effectively to development and enhance the gross product,

which is reflected in the success of the national strategy to support the private sector to take its pivotal role in the process of construction, reconstruction and partnership.

Duble Care Procedures

April 02, 2023       المرال Take care procedures … for knowledge, click here

[incomplete translation]

To / all licensed banks  —   M/ due diligence procedures

We stress the need to verify that the exchange companies you deal with comply with the requirements of this bank

Including owning specialized systems, policies and procedures for combating money laundering and the financing of terrorism stipulated in the Anti-Money Laundering and Terrorist Financing Law No. (53?)

For the year 110 and instructions for due diligence rules for financial institutions No. (1) for the year 1115.    To act upon it…with appreciation

Recommendations To Address The Repercussions Of Changing Exchange Rates

The first 2023/03/28  Baghdad: morning  Yesterday, Monday, the Ministry of Planning submitted recommendations to the Council of Ministers to address the repercussions of changing exchange rates on the movement  Economic.

And the ministry’s statement stated that

“The Undersecretary for Technical Affairs, Maher Hammad Johan, held an expanded meeting with the participation of the

Investment Authority and a

number of government agencies, representatives of the

Iraqi Contractors Union, the

Iraqi Federation of Industries, the

Baghdad Chamber of Commerce, and the

Foundation for Sustainable Development,

to discuss the effects of changing the exchange rate in the Iraqi market.””.  The statement indicated that

“the meeting discussed a number of proposals and recommendations,

which aim to address the repercussions of changing exchange rates on the economic and commercial movement,” stressing that

“the ministry will present its recommendations to the Council of Ministers during the coming period.”  The statement pointed out that

“Prime Minister Muhammad Shia’ al-Sudani directed earlier that the Ministry of Planning should study the effects of changing the exchange rate in the Iraqi market.”


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