Shafaq News / The Iraq Stock Exchange said on Thursday that it traded shares with a financial value of more than 27 billion Iraqi dinars during its organization of five sessions during this week, which is almost over.
According to weekly trading indicators, the number of shares traded during this week reached more than (28) billion shares with a financial value of more than (27) billion dinars.
The ISX60 market trading index closed for the first session of the week at (1043.11) points, while the index closed at the weekend at (1054.42) points, achieving a rise of (1.07%) from its closure at the beginning of the session.
The ISX15 market trading index closed for the first session of the week at (1150.48) points, while the index closed at the weekend at the end of (1168.63) points, achieving an increase of (1.55%) from its closure at the first session.
During the week (4097), a contract for sale and purchase was carried out on the shares of companies listed in the market, according to market indicators.
Last week, the Iraq Stock Exchange announced that it was trading shares of more than 4 billion dinars during its organization of five trading sessions in the second week of December.
According to market indicators, the number of shares traded during the past week reached more than (6) billion shares with a financial value of more than 4 billion dinars.
The specialist in economic affairs, Alaa Al-Fahd, revealed on Thursday (December 19, 2024), the Central Bank of Iraq’s goal of expanding external transfer channels for local banks.
Al-Fahd said, in an interview with Baghdad Today, that “within the central bank’s policy and its continuous attempts to control foreign remittances to finance trade, especially in dollars, there is a continuous effort to expand the basket of foreign currencies that are used in import, especially with countries where we have import transactions, the transfer is in the currencies of the countries, and there was an agreement on this with the Turkish side, as well as the UAE, with China and today with Jordan and Saudi Arabia.”
He pointed out that “this step reduces the demand for the dollar to finance foreign trade, as most of the demand for the dollar is to finance foreign trade, and with the expansion of the basket of currencies, the pressure in the parallel (black) market on the dollar decreases, and this reduces the exchange rate in the local market.”
He added that “this step will also allow many banks to deal with many countries according to the currencies of those countries and this strengthens a major role in developing the work of banks in terms of expertise, and its main goal is to control the dollar exchange rate and work to reduce it.”
The Central Bank of Iraq announced the expansion of external transfer channels for local banks, to include new currencies: the Jordanian dinar and the Saudi riyal, and allowing Iraqi banks to finance trade with Turkey in euros after it was limited to its use with the European Union countries.
The Central Bank’s Media Office said in a statement received by “Economy News” that “this step comes within its efforts to expand the options of financing foreign trade in various currencies and channels, and the bank has initiated taking the necessary measures to meet the requests of banks in these currencies.”
The Central Bank pointed out that “this expansion in external transfer channels provides transfers at the official rate, and aims to streamline the transfer and engage more banks in external transfers, and expand the horizons of economic cooperation between Iraq and other countries, especially in light of the bank’s quest to find other channels to meet the size of demand for various foreign currencies according to Iraq’s dealings with those countries.
It should be noted that a smooth transition took place during 2024 from the electronic platform to the approved correspondent banks directly, thus achieving a fundamental transformation in line with international banking practices, and this transition is widely praised.
The Central Bank of Iraq is implementing reforms and expanding foreign currency transfer channels to enhance the economy and strengthen the Iraqi dinar.
Highlights
📈 New International Currency: Iraq is diversifying foreign currency exchange channels.
🏦 Banking Reforms: Restructuring of government and private banks is underway.
💰 Enhanced Foreign Transfers: New mechanisms are being adopted for smoother transactions.
🌍 Global Cooperation: Iraq is establishing trade agreements with multiple countries.
🛢️ Unending Oil Revenue: Development Road Project aims to boost oil-related income.
📉 Dollar Demand Reduction: Expanding currency use will decrease reliance on the dollar.
🎉 Positive Outlook: Strong progress in banking and currency reforms is expected to benefit citizens.
Key Insights
🔄 Currency Restructuring: The restructuring of banks aligns with international standards, boosting confidence and facilitating economic growth. This is critical for attracting foreign investment.
🌐 Foreign Currency Basket: By diversifying currency options for trade, Iraq can reduce the pressure on the dollar, potentially leading to a stronger dinar and more stable economy.
📊 Investment Projects: Ongoing investment projects will remain unaffected by potential budget delays, ensuring continuity in economic development.
🏗️ Development Road Project: This strategic initiative is pivotal for enhancing Iraq’s commercial position, leveraging its vast oil reserves for long-term economic stability.
🚀 Banking Transformation: The Central Bank’s transition to modern banking practices will likely streamline operations and enhance the overall banking landscape in Iraq.
💼 International Banking Practices: Adopting international banking standards is essential for Iraq to regain credibility and strengthen its financial system amidst prior sanctions.
🎯 Positive Economic Projections: The current reforms are seen as a proactive approach to improving Iraq’s economic standing, with expectations of increased currency value and enhanced trade relationships.
BP has reached an agreement with the government of Iraq on the technical conditions for the redevelopment of oil and gas fields in Kirkuk, the company announced on Thursday.
“Today’s signing is an important step towards a fixed-term contract,” BP’s vice president of executive William Lane said in a statement.
“We are grateful to the Government of Iraq for its continued support of BP activities in the country, particularly around Rumaila, and for its dedicated engagement in advancing negotiations on the possible future development of these critical fields in and around Kirkuk,” Lane added.
BP said it expected the negotiations to be completed in early 2025.
Iraq signed 13 contracts with the winning companies to develop oil and gas fields and exploratory patches, as part of the country’s efforts to increase oil production, according to the website of the Iraqi Ministry of Oil
The major British oil company has a long history with the second largest producer in the Organization of the Petroleum Exporting Countries, which has the fifth largest proven reserves of crude oil in the world. The company was part of the alliance that discovered oil in Kirkuk in the 1920s, and now appears that Kirkuk is the key to BP’s exploration and production strategy under CEO Murray Ochenklos.
Iraq and BP’s move on Thursday follows a memorandum of understanding signed by the two sides in August for investment and exploration in the region.
(Middle Eastern time)
It will happen on Tuesday
Because Tuesday is the last day
And the Middle East is eight hours ahead of Washington DC time
It’s only a matter of 24 hours if it didn’t happen on my Monday morning.
Dr.Muamar Al Kubaisi @DrMuamar74
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اذا قلت مبيعات مزاد العملة وتوقفت شحنات الدولار النقدي من امريكا تلك المقررة كل يوم 23 من كل شهر، سيعلن البنك المركزي افلاس الخزينة الإفلاس_آخر_حلقة
Translated from Arabic by Google
If the currency auction sales decrease and the scheduled shipments of cash dollars from America on the 23rd of each month stop, the central bank will declare the treasury
#الإفلاس_آخر حلقة bankrupt
Amidst the challenges... What is Iran's plan to save its currency?
The imminent return of US President-elect Donald Trump to the White House and rising tensions with Israel have put pressure on the Iranian currency, the rial, to lose another chunk of its value and hit a new record low.
The European Union has added further pressure on the Iranian rial, after announcing its intention to activate the “trigger” mechanism, following Tehran’s condemnation by the International Atomic Energy Agency’s Board of Governors last month for “not cooperating sufficiently” in its nuclear program.
After the Iranian press used to publish daily reports about the decline in the value of the currency against the dollar, the Iranian government's economic team announced its plan to limit the decline of the rial and curb the prices of hard currency in the markets.
Supply and demand
In a move aimed at bridging the gap between the government exchange rates and the parallel market, the Central Bank of Iran has cancelled the government pricing of hard currency allocated for importing some basic commodities, starting last Saturday, so that the price of the green currency will be determined according to the mechanism of supply and demand between exporters and suppliers in the consensus market designated for trading hard currencies.
Following this move, the consensus price of the dollar stabilized the next day at around 600,000 Iranian rials, but it continued to rise on Monday and Tuesday in the “NIMA” market for foreign exchange trade at 613,000 and 617,000 rials, respectively.
In the parallel free market, the price of one dollar jumped to 768 thousand riyals last Monday, then touched the threshold of 778 thousand riyals yesterday, Tuesday, after trading at about 733 thousand riyals, on the eve of the launch of the new mechanism.
Objectives and justifications
The Central Bank of Iran's move came after a number of factories refused to continue their activities due to the accumulation of losses resulting from the mandatory pricing, as they were forced to display their export revenues in the government market, and sell their hard currency at prices lower than their real price, and in return buy raw materials according to the parallel market prices.
Iranian Economy Minister Abdolnaser Hemmati said that implementing this mechanism is a preliminary step towards getting rid of the mandatory pricing, especially in the hard currency market, adding that the mandatory pricing will lead to financial corruption, rent distributions and exacerbate difficulties in the hard currency market.
In a tweet on the X platform, Hemmati wrote that unrealistic prices cannot be defended without containing inflation, and despite the feasibility in the short term, it will not last long, warning that continuing to work with mandatory pricing would eliminate the national reserves of hard currency and undermine the country's economic security.
A strong shield to protect the economy
A segment of Iranian experts believe that the Central Bank aims, through its measures, to encourage factories to produce and export.
Economic writer Hamid Sayed Qurbani welcomed the new mechanism, considering it to be in the interest of economic development through supporting exports, and also in line with the restrictions that should be imposed on imports in order to achieve comprehensive self-sufficiency and presence in foreign markets.
In an article titled “The harmonious currency; a first step towards national development” published on the (Economy Online) website, Sayed Qurbani believed that the new mechanism will reduce the volume of unnecessary demand for imports, and contribute to eliminating the false demand for hard currency, leading to a reduction in its prices in the markets, transferring profits from the suppliers’ basket to exporters, and supporting national production.
Given the national fear of shrinking oil exports with Trump’s return to the White House by imposing more sanctions, which could lead to an increase in the currency’s price in the markets, the author likens the new mechanism to a strong shield that will protect the national economy from external shocks to the exchange rate.
Political developments
In contrast, Iranian economic expert Albert Baghzian recalls the obsession of successive Iranian governments with unifying the exchange rate and bridging the gap between official prices and the free market, stressing that the harmonious price mechanism will succeed if it satisfies suppliers and exporters and spares them the need to consult the black market for supply and demand, adding that he does not expect the new mechanism to succeed.
In an interview with Setareh Sobh newspaper, Baghazian considered lifting foreign sanctions a condition for the Iranian economy to get rid of the crises of high hard currency prices and the decline in the value of the national currency, explaining that the exchange rate in Iran is affected by political developments more than economic indicators and supply and demand in the markets.
He said: “Given the reality of sanctions, tension in Syria, and Trump’s return to power in the United States, concern will remain in the Iranian hard currency market, because providing hard currency in sufficient quantities is a condition for talking about unifying the exchange rate, which encourages the strengthening of the national currency and the decline in the value of foreign currencies.
The Iranian academic said that his country suffers from a problem in providing hard currency due to the sanctions, even the revenues from oil sales return to the country in the form of goods, stressing that imposing sanctions on the economy is equivalent to cutting off a person’s limbs and paralyzing his life, as the major powers have been imposing embargoes instead of wars and military attacks.
The fall of the lion
On the other hand, a third segment in Tehran senses a direct relationship between the fall of Bashar al-Assad’s regime in Syria and the acceleration of the decline of the Iranian currency and its recording of a new record low against the dollar, due to the major repercussions of the regional political development on the Iranian economy.
Although the value of trade exchange between Iran and Syria did not exceed $170 million during the past year, the fall of Assad paints a foggy horizon for Tehran’s dues to Damascus, which are estimated at tens of billions of dollars.
In this context, the analytical website (Bazaar News) published an article entitled “The Syrian Crisis and Its Impact on the Iranian Economy,” in which its author believes that the new scene in the Levant will expose part of Iranian investments in the Syrian infrastructure and its military and security sectors to destruction.
The article believes that the lack of security in Syria may affect Tehran's investments in neighboring countries, as well as undermine the Iranian corridor linking the East and the West and reduce its position in front of the corridor planned to link India and Europe via the Middle East (IMEC). link
All day Fri., Sat, Sun, Mon and Tues until noon, Redemption Center Staff are scheduled to work. They have Christmas off and go back to work the day after Christmas.
Iraq is no longer tied to the US Dollar, it is tied to BRICS
Iraq is sovereign and has been celebrating since last Saturday.
In the first ten days of Jan. 2025 R&R, increase of SS, NESARA, GESARA kicks in.
We could be notified overnight tonightor Friday morning 20 Dec.
You will receive an email from Wells Fargo telling you how to call the 800 number and will be calling a regional call center.
They are supposed to offer you the Contract Rate on the Dinar. If they don’t offer it to you, ask for it.
You need a picture ID, blue ink pen, user name, password, 5 digit Pin Code, new email address and another password to get into your new email.
You get a Quantum Card that is only used to move monies from your Quantum account to your Wells Fargo Account.
Have an amount in mind that you want to move from your Quantum account for the first 90 days.
They will give you a Q phone and perhaps a certificate for a Quantum computer.
They don’t want us to take out of our appointments any more than $1,500 in cash.
No interest is paid on your Quantum Account. 5-8% yearly interest is paid on your other bank accounts.
You should be in and out of your appointment in 30-40 min.
Your NDA could be 30 days to 6 months.
At your appointment you can tell them you have a dire need for a med bed.
At the Med Bed Centers there are two different Med Beds.
What are the objectives of expanding foreign transfer channels by the Central Bank of Iraq?
Economic expert Alaa Al-Fahd revealed, today, Thursday (December 19, 2024), the goal of the Central Bank of Iraq in expanding external transfer channels for local banks.
Al-Fahd said in an interview with Baghdad Today, "Within the Central Bank's policy and its continuous attempts to control foreign transfers to finance trade, especially in dollars, there is a continuous effort to expand the basket of foreign currencies used in imports, especially with countries with which we have import dealings, the transfer is in the currencies of the countries, and there was an agreement on this with the Turkish side, as well as the Emirates, China, and today with Jordan and Saudi Arabia."
He explained that "this step reduces the demand for the dollar to finance foreign trade, as most of the demand for the dollar is to finance foreign trade, and with the expansion of the currency basket, the pressure in the parallel (black) market on the dollar decreases, and this reduces the exchange rate in the local market."
He added, "This step will also allow many banks to deal with many countries according to the currencies of those countries, and this will enhance a major role in developing the work of banks in terms of experience. Its main goal is to control the dollar exchange rate and work to reduce it." link
[via PDK] I did speak with a redemption center/redeeming bank contact who said they are expecting to work this weekend. This was surprising….
He did not know if they are doing “year-end” stuff or something else. They were asked to bring laptops for some reason.
Maybe some kind of training and they will be calling clients for wealth management or will it be redemption related? They do not know.
Remember that redemption centers/redeeming banks are part of existing banks….and many people trained for our exchanges/redemptions work for those banks in Wealth management already.
My contacts are trained by banks to exchange foreign currencies and they work in wealth management for the bank.
Because of Iraq!.. Iran will accept “what it did not accept before”
Strategic and security affairs researcher, Firas Elias, said on Thursday that Iran will accept “what it did not accept before” in order to preserve Iraq because it is the gateway to its safety and the gateway to the danger that could reach it in the future.
Elias said in a post on the “X” platform, which was followed by “Al-Jarida”, that “Iraq is the jewel in Iran’s crown in the region, and it is the wall that protects it from a major collapse, so it will secure and preserve it, even if it is forced to accept what it did not accept before.”
He explained, "Today, it (Iran) is open to all the regional and international solutions and conditions proposed in Iraq, because it is the gateway to its safety and the gateway to the danger that could reach it in the future." link
They have no choice but to revalue their currency. The CBI and Sudani is now obligated to us [the United States]...
They were told at this [Iraqi bank, money exchangers and contractor] meeting you will meet this obligation, or else. Or else what? We'll find you...close you down...bust you...remove you.
We're that close to Sudani, if we don't like what you're doing you're out of here.
Why do you think everything has changed since they came back from the United States Treasury?
...This was a meeting of demands...You're done using our dollars says Trump...
FRANK26: "WOW... EXPLAIN THIS... ONLY A NEW EXCHANGE RATE CAN".......F26
Government Advisor: Iraq is out of the dangers of external debt and will pay the remainder until 2028
12/18/2024
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, announced that Iraq has emerged from the dangers of external debt, and that it (Iraq) is a well-fortified country.
Saleh said in a press statement that: “After getting rid of the heavy burden of its debts, Iraq has transformed from a country indebted to others to a country that can be a creditor to others,” noting that “the country is called the ‘young creditor’ because it possesses a degree of youth in the economic aspect, which has raised its credit rating, despite the problems of the region.”
He added that "Iraq has gotten rid of the burden of external debts for the first time, which had shackled it economically," noting that "what remains of its debts to international parties constitutes less than (9) billion dollars that will be paid between now and the year (2028)."
Saleh explained that "debts are paid off through allocations in the federal general budget," noting that "the ratio of debts to the gross domestic product does not constitute a burden on the state, as it amounts to (5) percent of the gross domestic product."
He considered "Iraq a well-fortified country, in terms of external debts (in other words, it is outside the risks of external debts), which gives the country high credit at the present time," noting that "internal debts are confined within the (government banking) system."
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