Friday, June 14, 2024
THE SECURITIES COMMISSION SIGNS AN AGREEMENT WITH THE WORLD BANK, 114 JUNE
THE SECURITIES COMMISSION SIGNS AN AGREEMENT WITH THE WORLD BANK
Today, Wednesday, the Iraqi Securities Commission announced the signing of an environmental, social and corporate governance guide agreement with the International Finance Corporation (IFC), affiliated with the World Bank.
The Authority stated, in a statement received by Al-Youm Al-Akhbariya, “We continue our efforts aimed at incorporating good international practices in developing the performance and effectiveness of the Iraq Stock Exchange and other activities related to securities.”
She added, “The goal of the agreement is to enhance and develop the investment environment in Iraq by improving environmental, social, and governance regulations and frameworks to comply with international standards, enhancing the ability to implement and supervise their implementation in Iraq, and contributing to increasing investment attractiveness in the Iraqi stock market environment.”
She continued: “To achieve this goal, there will be coordination with the Iraq Stock Exchange through the supervision of the Iraqi Securities Commission to develop an environmental, social and corporate governance guide to support improving the performance of listed companies, and put Iraq on the path towards a strong and sustainable economy.”
She stated, “The agreement included a mechanism for arriving at a mandatory guide to apply to companies listed on the Iraq Stock Exchange.”
On this occasion, the Chairman of the Authority, Faisal Al-Haims, said, “Preparing a social, environmental, and corporate governance guide through a partnership with the International Finance Corporation improves the Iraqi investment environment by adopting international standards that develop the current investment environment in the Iraqi Stock Exchange.”
He pointed out that “following the environmental, social and corporate governance framework makes companies listed on the Iraqi Stock Exchange more transparent, better performing, and more attractive to foreign investments.”
He stressed that “the topic of environmental, social and corporate governance will be one of the axes of the national strategy for investment awareness and supporting the investment culture that the Authority is working to achieve and will be announced on October 1 of this year.”
For his part, Aftab Ahmed, IFC Regional Director for the Middle East, Pakistan and Afghanistan, said: “We are excited to partner with the Iraqi Securities Commission in this important initiative that aims to help companies and banks mitigate the risks of environmental, social and governance practices, and improve performance over the long term.” Long term in a sustainable manner, in addition to attracting investment and contributing to the sustainable growth of the stock market in Iraq.”
According to the Authority’s statement, “The process of preparing the guide will include workshops and meetings with relevant parties such as listed companies and brokerage firms.”
The Authority affirmed its endeavor, as the regulating and monitoring body for securities activity and related activities and financial services, to increase the contribution of this sector to the gross domestic product and to provide an investment environment that protects the rights of investors and other stakeholders.
"IRAQ BOOTS ON THE GROUND REPORT" BY FIREFLY, 14 JUNE
Frank26
[Iraq boots-on-the-ground report]
FIREFLY: Sudani came out and again he says to us the dinar is stronger than the dollar.
FRANK: Your contracts are being rewritten because your dinar is strong now.
FIREFLY: Then he said that Iraqi people will see a significant increase in the exchange rate this year. He's saying all this in a recorded speech. He's talking about the economy and how we're growing and what is expected.
FRANK: Like I told you, the monetary reform education would get louder and louder into this month. It looks like they're using a megaphone to scream it to you. These are exciting time for your monetary reform, for your country, for the value of your currency.
--
FIREFLY: Parliament is saying we're going to pass the investment law. You're going to see it very soon...
FIREFLY: I talked to my bank friend...He said when we do drop the zeros, we the citizens will have a certain number of days to return for new lower currency. This will be the 1 to 1. Not 1 dollar for 1 dinar but 25k note for a 25 note. It will revalue in country above a dollar...We will probably see dinar in country just over $1.
FRANK: Now do you see why they kept it at 1320?
FIREFLY: The 1 to 1 will be dropping off the three zeros from our exchange rate, from our currency...a 25k note will be a 25 note...This is for inside of country, not outside of country.
ECONOMISTS CALL FOR ENHANCING NON-OIL REVENUES, 14 JUNE
ECONOMISTS CALL FOR ENHANCING NON-OIL REVENUES
Specialists in economic affairs called for the necessity of working to enhance non-oil revenues and reduce dependence on oil in a manner consistent with economic reforms.
The specialist in economic affairs, Dr. Ahmed Al-Rawi, explained to “Al-Sabah” that “oil is affected by variables as it is one of the strategic commodities, regardless of supply and demand, and the factors affecting oil prices can be identified, including political, economic, and factors resulting from conflicts and security disturbances. Because of its international and strategic importance, oil is considered a causal commodity.” For economic activity or even influencing political decisions that may lead to changing the positions of many countries towards rising prices. Regarding public budgets, Al-Rawi believes that “it has become necessary to take practical measures regarding reconsidering public budgets away from rentier expectations and raising all forms of unnecessary public expenditures.”
Activating non-oil revenue systems, such as the system of taxes and public fees, and revitalizing economic sectors so that the budget becomes capable of providing job opportunities for the young workforce and diversifying incomes, as well as developing oil production in proportion to spare capacity. The expert called for achieving stability in the growth of the general budget by adopting a rate that is compatible with the annual growth rate of the gross domestic product and not making the development of the budget linked to oil revenues.
For her part, the Dean of the Faculty of Business Economics at Al-Nahrain University, Dr. Nagham Hussein, explained in a statement to “Al-Sabah” that “not The stability of oil revenues generates complications in financial policy in the short and long term, and they are linked to a number of fundamental issues, including the relative importance of the oil sector in the national economy. Prices fluctuate, so the focus must first be on the long term and attention to the fair distribution of resources and burdens.”
"QFS CONVERSATION" WITH GOLDILOCKS, 14 JUNE
GOLDILOCKS
Quant ISO 20022 Token utilized on the Shanghai Exchange Announcement:
"Chinese regulators' prompt supervision of quantitative trading will help narrow the gap between programs and individual investors in terms of technology, access to information and speed, thereby boosting the confidence of A-share investors and sustaining the stability of the market in the long run, according to market mavens.
The mainland's three major stock exchanges in Shanghai, Shenzhen and Beijing released on Friday rules on quant trading, or program trading, and solicited public feedback till June 14.
The rules cover six major areas — the management over reporting, trading activities, information systems, high-frequency trading, quant trading via the stock connect program linking the Shanghai, Shenzhen and Hong Kong bourses, as well as supervision."
Quant is a ISO 20022 Network. Quant is a network that connects existing distributed ledger networks such as the Shanghai Exchange to the new digital asset based trading system.
Through the adoption of this ISO 20022 Standard, Quant brings compatibility with traditional financial systems and streamlines secure exchanges of data across several networks simultaneously such as the Shanghai Exchange.
© Goldilocks
https://www.chinadaily.com.cn/a/202406/12/WS6668de0ea31082fc043cbf53.html
https://coincheckup.com/blog/iso-20022-crypto/
🇹🇠Thailand says it plans to become a full member of BRICS.
@BRICSNews
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