A QUALITATIVE SHIFT AND AN INCREASE IN TRADING.. SECURITIES ANNOUNCES THE LAUNCH OF A NEW WEBSITE FOR THE IRAQI MARKET
Wissam Al-Mulla
The Securities Commission announced today, Thursday, the signing of an agreement with the International Finance Corporation to develop the Iraqi market, and while it indicated the preparation of a guidebook to raise the transparency of companies, it confirmed that the new website of the Iraqi Stock Exchange will cover spot stock prices and is a qualitative leap.
The Chairman of the Securities Commission, Faisal Al-Haimus, told the Iraqi News Agency (INA): “The Commission signed an agreement with the International Finance Corporation in the first quarter of this year to develop the work of the Iraqi Stock Exchange.”
He explained that “the Authority has worked on developing the guidance booklet and the government guide for companies, which is expected to be ready by the end of the year, in order to present it to companies and benefit from the guidelines contained therein.”
He pointed out that “the booklet aims to increase the level of transparency for companies listed on the Iraq Stock Exchange, which are often late in publishing essential information and accounts, which affects investors.”
He stressed that “the Commission has launched the new website of the Iraq Stock Exchange, which will cover spot stock prices, which will allow the investor to read the market movements of any company, and this is a qualitative shift that will result in an increase in trading.”
BAGHDAD REACHES AN UNDERSTANDING WITH THE DOHA STOCK EXCHANGE
Baghdad reaches an understanding with the Doha Stock Exchange: Iraqi shares will be able to be traded in Qatar as well. We will not wait for companies, we will act
The Iraqi Securities Commission revealed a project with the Qatar Stock Exchange that will allow for the joint establishment of companies, leading to “dual listing” that will allow the listing of Iraqi shares in both the Iraqi and Qatari markets.
The commission member, Wadah Al-Taha, said that it will not wait for major and promising companies to list their shares on the Iraqi Stock Exchange, but will form a committee to encourage those companies. He pointed out that expanding the Iraqi Stock Exchange requires the listing of government sector companies on the stock exchange.
Waddah Al-Taha – Member of the Board of the Securities Commission, in an interview with the media figure, Dhikrayat Muhammad:
Expanding the work of the Iraq Stock Exchange requires restructuring mixed companies, through the government sector relinquishing its shares and listing and offering them for investment, while we work on listing public government companies.
Usually, stock markets around the world represent a mirror of a country’s economy, but in Iraq, the stock market does not reflect the economy, for several reasons, including the weakness of the investment culture, the decline in government support and understanding, in addition to the fact that the importance of listing and initial public offerings is unclear to private sector companies.
We seek to “deepen” the Iraqi Stock Exchange, meaning diversify its sectors participating in the subscription, with the aim of reducing the ceiling of investment risks and creating relative attractiveness for investors. We are currently working on merging our governance draft with the draft of the International Finance Corporation to give a global character to our investment environment and send reassuring messages to foreign investors.
Instead of waiting for promising emerging companies to come to the Iraqi market for listing, we are currently working on forming a specialized committee to move towards such companies and reach an understanding with them in order to list their shares in the market. The criteria for selecting the targeted companies revolve around performance, financial efficiency, company history, sector quality, and management nature.
We have a memorandum of understanding with the Qatari side, and we hope to approve it during the coming period. It has very good content, as it allows us to establish companies jointly, and we aspire to reach the stage of “dual listing” where the Iraqi stock can trade in the Iraqi and Qatari markets, in addition to applying the regulatory standards in effect there.
We apply a high level of “global standard” procedures in terms of combating money laundering. The market is very safe in this regard. Our standards are sometimes harsh and restrictive for investors, but they ensure that there are no illegal financial activities.
This article is yet another sign this is happening and will progress further as the weeks and months roll on. Why else would they set up bank branches for the sole purpose of taking in cash only? There must be a lot of it coming in. The CBI will have to retrieve close to 70 trillion dinars.
After talking to my CBI contact about this article I was told that this process is part of the Project to Delete the Zeros and her committee is now working with the banks to retrieve this hard currency.
They expect it mostly in dinars not dollars. The dollars the citizens can sell to the Black Market and get higher rates than the official rate. But it is the dinars the CBI wants.
The important part is coming to you today to explain all this is that the Project to Delete the Zeros has begun.
But we must not go off half cocked yet. Let’s just watch the steps that must be accomplished for the project to be successful. Remember there are the steps to this process and I outlined them in my blog. Did you have a chance to read it yet? Please go and review it.
If you really want to know the TRUTH about this RV you must first be grounded in the plan, know the FACTS and know what to expect and what is coming. Then guage the news to the plan to see where we stand in the process. This is the ONLY way you get around all these stupid intel guru rumors and lies...TO BE CONTINUED
PARLIAMENTARY FINANCE: NON-OIL BUDGET REVENUES WILL REACH 30 TRILLION DINARS NEXT YEAR
The Parliamentary Finance Committee expected, on Sunday, that non-oil revenuesin the 2025 budget would reach 30 trillion dinars, represented by electricity collection, taxes, and revenues from the Baghdad Municipality and all municipal departments.
Member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, told Shafaq News Agency, “The Parliamentary Finance Committee held a meeting today, in which it hosted the Minister of Finance, Taif Sami, the heads of the tax and customs authorities, and the general managers of the Ministry of Finance, to discuss the general budget law and oil and non-oil financial revenues.”
He added, “Oil revenues are settled, but as for non-oil revenues, it has been emphasized that government departments should be activated, including electricity in the field of collection, the Baghdad Municipality, and other municipal departments, in addition to the services provided to tax committees, border crossing revenues, customs, and others that would increase non-oil revenues.”
He explained that “the activation of non-oil revenues was mentioned in the government program but was not implemented. What is expected in 2025 is that oil revenues will be 120 trillion dinars, while non-oil revenues will be 30 trillion dinars, which includes customs revenues, taxes, electricity collection, and services provided by the government.”
(Iraq’s non-oil revenues are getting closer and closer to rival the oil-revenues. It now about 1/4th and growing strong… there are programs not even yet implemented that will shoot up this amount very soon.)
