Iraq stock market. The last place to trade "fils" and its "black" market defraud the price of the dollar, 10 SEPT

 Iraq stock market. The last place to trade "fils" and its "black" market defraud the price of the dollar

 2023-09-09 | 21:11

Economists said that the Iraq Stock Exchange relies on the shares of leading companies such as the Babel Hotel and Pepsi, while most other offered institutions sell their shares at a low price less than a dinar, so that the value is recorded in "fils", a currency that has not been in circulation for many years.

Duraid Al-Enezi – Securities expert for Network 964:

The stock market in Iraq is emerging but is active.

– The market was established in the time of the former regime, but it was established with small amounts of money because Iraq was going through an economic blockade.

After 2003, the market witnessed a reactivation as it shifted from a centralized system to a market and stock system.

– The stock market suffers because it does not contain sufficient industrial and agricultural companies and depends on trade, banks and some hotels.

– The prices of the leading shares (the most popular), do not exceed 10 dinars per share, while the majority of shares are sold at "fils".

– The market suffers from multiple problems, for example, if the manager of a joint stock company rehabilitates the company or even buys a car for the company, these expenses are deducted from the dividends of its shareholders.

– The market also suffers from limited profitability compared to stock exchanges in the countries of the region, which rely on a solid economic strategy and work in various fields.

Another controversial issue is that companies these days are not officially selling their shares, but rely on a recently emerging black market. Official direct selling is based on the official exchange rate, while the black market sells shares at the dinar rate traded in exchanges.

The issue of the dollar and its price fluctuations have significant effects on the stock market as the sudden decision to devalue the dollar by the government inflicted millions of dollars in losses on the stock exchange.

Bassem Antoine, an economist for Network 964:

– The stock market in Iraq needs significant development at the level of management and heads of companies that offer shares on the stock exchange.

– The fluctuation of the price of shares includes many companies participating in the stock exchange as some shares are sold for 150 fils.

There are more than 120 companies that offer shares on a daily basis for sale on the stock market.

Government support for this market is weak, although a boom in the market can have significant positive effects on the country's economic reality.

– There are a few companies that maintain their market value, such as the Babylon Hotel and Pepsi, and this came against the background of the economic management of these companies.

– The fluctuation of dollar prices has significant negative effects on the market as it devalues the dinar and thus the value of companies' shares declines.    LINK

Iran to remove dollar from tourism ties with regional states - Mehr News Agency (9/9/23), 10 SEPT

  Iran to remove dollar from tourism ties with regional states - Mehr News Agency (9/9/23)

TEHRAN, Sep. 09 (MNA) – The Governor of the Central Bank of Iran (CBI) announced that the dollar will be removed from tourism exchanges with the countries of the region.

Currently, Iran's trade transactions with other countries are generally carried out in euro, dirham, yuan, ruble, rupee, and dinar currencies, the CBI governor Mohammadreza Farzin said on Saturday.

Tourism and non-commercial transactions are made with the dominant currencies of the euro and the dollar, Farzin noted.

He further added that removing the dollar from non-commercial and tourist transactions happened for the first time in the country during the Arbaeen pilgrimage this year.

Extending the satisfactory experience of Arbaeen (removing dollar) to other countries in the region is under expert review and operational planning, he added.

https://en.mehrnews.com/news/205795/Iran-to-remove-dollar-from-tourism-ties-with-regional-states

Intel has a $1.5 billion factory in southern Vietnam for assembling, packaging and testing chips, the biggest in its global network, and has had plans to expand it.

Amkor is building near Hanoi "a state-of-the-art mega factory for semiconductor assembly and testing," Treasury Secretary Janet Yellen said on a visit to Hanoi in July. The company has dozens of open positions on its Vietnam web page.

Chip designing firm Marvell has said it plans to build a "world-class" centre in Vietnam. 

U.S. officials have repeatedly said that assembling and designing were the segments of the chipmaking industry where Vietnam was likely to grow faster, although a shortage of engineers could slow the industry take-off.

Vietnam has also ambitions to build its own chipmaking factories, or fabs. GlobalFoundries is specialised in making integrated circuits on wafers for smartphones, cars and other applications.

Vietnam is a major exporter of smartphones and electronics.

An executive at a major U.S. chips firm said the Vietnamese government had been holding meetings with most major chips companies in the country, including Intel, Samsung and Qualcomm, to ask for advice on setting up the country's first fab.

U.S. officials have also said an upgrade of formal ties with Vietnam could help collaboration on artificial intelligence (AI), a sector in which Google is a major global player.

Vingroup, Vietnam's largest conglomerate and the parent of Nasdaq-listed electric car maker VinFast, has a unit focussed on AI.

Boeing may announce a deal involving the sale of 50 of its 737 MAX jets, people familiar with the matter told Reuters. Boeing declined to comment.

https://www.channelnewsasia.com/business/exclusive-top-us-chipmakers-tech-firms-attend-vietnam-meeting-biden-visits-3758281

"RV UPDATE" BY MILITIAMAN, 10 SEPT

 Militia Man  

2023-24-25 budget has not been opened.  They're not spending money yet.  I don't think anybody out there has any data to support the fact that they have.  I haven't seen it.

Article quote:  "...Many Iraqi people including the Kurds may not have known in order to clarify part of the secrets of the crisis despite Baghdad's efforts to overcome them."  What are they talking about? 

 They're giving an excuse why some things didn't happen.  They're giving themselves a way out and that way out was something that was secret.  What could not be disclosed to them until the last minute? 

...My view on it is that secret, that unknown, is likely going to turn out to be an exchange rate change...

  For Iraq to go international they're  going to have to be article VIII compliant with the IMF and their currency exchange rate..

.They haven't come this far to go ahead and do the status quo...All the news...is phenomenal...

Why haven't they [Paid the salaries]?  There's got to be a reason for it and we believe it comes down to that the 23, 24, 25 budget is going to have an internationally acceptable exchange rate that's going to be on the Forex so that we all as investors can freely trade the Iraqi dinar in an international environment.  That's the whole purpose of us being here...

September 9, 2023 BY NADER FROM MID EAST

An Economic Specialist For Nina: An Increase In The Monetary Supply Without Growth In The Economic Base Constitutes A Weakness In The Local Currency, 10 SEPT

 An Economic Specialist For Nina: An Increase In The Monetary Supply Without Growth In The Economic Base Constitutes A Weakness In The Local Currency

Saturday 09, September 2023 11:03 | Economical Number of readings: 434  Baghdad / NINA / The specialist in economic affairs, Durgham Muhammad Ali, confirmed: “An increase in the monetary mass without growth in the economic base constitutes a weakness of the local currency,” indicating: “The monetary mass of the local currency amounted to 116 trillion dinars.”

Muhammad Ali said in a statement to the National Iraqi News Agency ( NINA ) that, “There is no actual development of the Iraqi economy and that growth is the result of relatively improved oil prices, which is an unguaranteed issue, so the central bank has limits on the size of the local monetary mass that must be adhered to.”

 Stating: “What frightens economists is that there will be printing of the local currency with the same specifications outside the framework of the Central Bank to purchase cash dollars, and this is something that the state is closely following up to prevent it from happening.”

He explained that "the bank's monitoring of the rise in the monetary supply makes the equation accurate to maintain the actual strength of the Iraqi dinar, and that the central bank has accurate calculations of currency reserves as a cover for the local currency."

Advisor to the Prime Minister, Mohamed Al-Najjar, revealed that the monetary mass of the local currency has reached 116 trillion dinars, indicating that initiatives to expand electronic payment are consistent with the government’s directions.

Al-Najjar said, “Electronic payment is an important axis for developing the Iraqi financial sector and moving it to an advanced stage in the country’s monetary policy,” noting that “the size of the Iraqi monetary mass amounts to 116 trillion dinars, of which 30-40 trillion dinars are circulating within the banking system.”/ End 8   

https://ninanews.com/Website/News/Details?Key=1076406

Iraq News How We Know the IQD Will Increase in Value #iqd BY SANDY INGRAM

"RV UPDATE" BY FRANK26, 10 SEPT

Frank26 

 When you go to a bank they don't even want a receipt.  'Why do I need a receipt?'  In case you're audited...Long term [tax] might be in the 20% range.  Short term might be in the 40% range.  Somewhere in that ballpark.  That's why you need a receipt.  That's why it's important.  

[NOTE:  Remember some gurus think dinar exchange tax will be considered ordinary income while others fell it will be capital gains...the only opinion that matter's here is the IRS's...Consult your tax professionals so you pay the right amount of tax for your unique situation.]

Suandi keeps repeating once security is stabilized and established and is firmly in place you are going to see the explosion of your currency/new exchange rate

...It's many that are helping Sudani return wealth back to [Iraq].  To do this special type of cleaning for the new exchange rate took a coordinated effort of many countries...

All those countries that have helped bring back millions and trillions that were stolen by the corruption of the past decades they are all pitching in to help Sudani because they know what's about to happen to your monetary reform... The whole world wants Iraq and the pain of waiting is coming to an end...

The official rate is 1132.  That's 132 pips away from 1000.  They can do that in your sleep.  Yes, I strongly believe we have another movement to get to 1000 so it can be paired at 1 to 1.  That's the goal.

 IMF tells every central bank what they can do with their monetary reform.  The IMF has said...Iraq is going through a change to add value to their currency right now...Any other country doing that?  

No.  Article quote:  "The International Monetary Fund confirmed that the Greater Middle East, including in Iraq...is currently witnessing a profound shift in geopolitics, creating new possibilities for achieving prosperity, even despite the current international conflicts." ...Profound.

 If they [the bank] made a profit off of you, shame on you.  Don't let them make a profit off of you. 

 You're Mr. Clampett and they're Mr Drysdale.  Act accordingly.  You have the power. I don't care if you go in there with 500,000, 100,000, don't let them treat you stupid.  The bank is not your friend.  They have laws that do not allow them to be your friends.