Parliamentary Economic Committee Expects To Vote On Economic Reform Law Soon
Buratha News Agency1392024-10-17 The Parliamentary Committee on Economy, Industry and Trade expected the vote on the economic reform law to be held in the coming few days, as the committee’s deputy chairman, Yasser Al-Husseini, stated that “the law reached the House of Representatives in general and the Economy Committee in particular months ago, and it includes all laws that include the economic aspect,” according to the official Al-Sabah newspaper.
He added, "The committee held many workshops at all levels, whether for businessmen or industrial and economic experts," stressing that "the committee is proceeding with reading this law and working to vote on it during the next stage in cooperation with other specialized committees."
Al-Hussaini explained that "there are comments, whether from the representatives or from the experts, and they will be included in a paper prepared alongside the law," noting that "the committee is determined to vote on it with the available capabilities because it sees it as important in this law, which can bring about major reform in the economic reality of the country."
He also stressed the "importance of the Industrial Investment Law for the public and private sectors, to accurately diagnose this partnership," indicating that "the contracts concluded in accordance with this law will be beneficial and profitable for both parties, unlike some contracts whose negatives outweigh their positives in the industrial sector, and which oblige the state to long-term, impossible conditions."
He added that "the committee is proceeding with voting on the industrial investment law, which is no less important than other laws, despite some objections that have prevented voting on it so far," stressing that "the final stage of voting has been reached after consensus was reached between the political blocs objecting to its wording." https://burathanews.com/arabic/economic/451753
Member: Re Mike Bara intel. If we go cash in Dinar/Zim if GCR doesn’t go…can we still redeem the other currencies when they go?
Member: Question: If Iraq goes first, will we be able to get SKR’s for our other currencies in advance of a GCR?
Member: If Iraq goes alone, can we just go to bank and cash in our Dinar and still be allowed to go to Redemption Center when the rest go?? Like Zims, Dong, etc. I don’t want to jeopardize things.
Member: you can go twice if they revalue at different times.
Member: I would be excited if Iraq went alone…..It would give all of us relief and make the rest of the world “hurry up” to catch up…..imo
MZ: I still believe all currencies are going together.
Iraq Stock Exchange: Trading Exceeds 18 Billion Dinars In October Week
10/17/2024 Mawazine News – Economy The Iraq Stock Exchange announced today, Thursday, that shares worth more than 18 billion dinars were traded during five sessions this week, which is the third week of October.
According to market indicators, the number of shares traded during this week exceeded 19 billion shares, with a financial value exceeding 18 billion dinars.
The ISX60 market trading index closed at 970.86 points in the first session of the week, while it closed at the end of the week at 988.86 points, achieving an increase of 2.80% over its closing at the beginning of the week.
The ISX15 market trading index also closed at 1060.47 points in the first session of the week, to end the week at 1074.75 points, achieving an increase of 1.33% over its closing at the beginning of the week.
During the week, 4783 buy and sell contracts were executed on the shares of companies listed on the market, reflecting a noticeable activity in trading. https://www.mawazin.net/Details.aspx?jimare=256036
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good Morning and Hope Springs Eternal!!
Member: Well I hope today is our day!
Member: [blink blink] it’s Thursday already over half of October gone. Time flies when you’re not having fun, lol.
Member: The RV feels like a buddy waiting to ask his girl to marry him … quit dragging your feet, and do it already.
Member: Mark, what is the good word for today?
MZ: “Iraq Parlianment expects to vote on Economic Reform laws soon”
Member” “Soon” is a 4 letter word.
MZ: This has to do with the Industrial investment law, and to me this is very important and one of the clear signs that we saw in their “white papers”. They are spelling out everything they have to do to support a higher rate. They are doing the economic reforms to support this higher rate and lift up all Iraqis.
Member: Wondering how many steps are in Iraq before the process is done and we can RV?
MZ: “ Today Kurdistan government announces September salary payments” they used to be a year or 6 months behind…but now in October they announce paying September salaries. To me this means money is moving. This is n HCL requirement that is happening. I think HCL is done and they are hiding the announcement.
MZ: “Finance launches third issue of Injaz government bonds for public subscription” these are all brand new investment bonds in Iraq. It has a heck of an interest rate and stays denominated in IQD. The first round was only for Iraqi citizens but now it looks like this round is open to all others. I am hoping we have a revaluation before the bonds can be purchased
Member: The Injaz/Enjaz will be available April 15th through May 15th. interesting timing
Member: Any historic bond news or is it quiet as usual?
MZ: No money movement yet….some of the other bond holders had to put together more paperwork and are scheduled for next week. These are bonds that are other than the German bonds. We ned them to start seeing real spendable money. That will be when we start celebrating
Member: I think all the silent bond holders are under a nda possibly?
Member: How many times do they need to update paperwork and get put out another week?? Sounds like a big circle jerk session to me.
Member: They are supposedly working on German bonds now…Mark is talking about other bonds like Asian bonds and Zim bonds for next week.
Member: Mike Bara thinks maybe Iraq will go alone at first
Member: Iraq may be sick and tired of waiting on the rest of the world ….I sure am
Member: Re Mike Bara intel. If we go cash in Dinar/Zim if GCR doesn’t go…can we still redeem the other currencies when they go?
Member: Question: If Iraq goes first, will we be able to get SKR’s for our other currencies in advance of a GCR?
Member: If Iraq goes alone, can we just go to bank and cash in our Dinar and still be allowed to go to Redemption Center when the rest go?? Like Zims, Dong, etc. I don’t want to jeopardize things.
Member: you can go twice if they revalue at different times.
Member: I would be excited if Iraq went alone…..It would give all of us relief and make the rest of the world “hurry up” to catch up…..imo
MZ: I still believe all currencies are going together.
Member: (From dinar Guru)Guru Mnt Goat Iraq is going to experience a “redenomination” of their currency meaning to execute the process of swapping out larger three zero notes for newer...lower denominations ...when you take money out of circulation...You cause deflation, which is revaluing your currency or making it worth more. There is also all the other assets and variables involved that will FORCE the system to bring back the dinar to its nominal value, finally. They are...doing this redenomination...to “normalize” their currency back to their “normal” denominations, as before the sanctions took place. They will also need a “normalized” rate and not this current “suppressed" rate...
MZ: Yes….spot on
Member: Last night, Frank said the first payroll is retro back to Feb thru August at the old rate, the second (possibly two weeks later?) is supposed to be at the new rate...
MZ: It could be….but to me it makes more sense to pay them at the old rate and then change the value.
Member: Did iraq just open a dinar redemption center?
MZ: They opened “deposit only” banking locations to deposit cash in for the electronic banking system. The Iraqi people have more faith in the banking new banking system that is effective and efficient and cleaning up corruption from businesses. They can trace every transaction. And when the value changes…they don’t have to rush to the banks.
Member: I recently heard to expect the RV between the 22nd and 26th of October
MZ: Based on what I am hearing out of the bond side…that makes sense.
Member: it is getting real ppl, get ready if you are not already
Member: Let's get this RV party started
Member: Thank you Mark for being a beacon of positivity .
Banks Economy News – Baghdad Prime Minister Mohammed Shia Al-Sudani stressed the importance of banking reform in enhancing citizen confidence and cooperation with local and foreign investors.
The Prime Minister's media office stated in a statement received by "Al-Eqtisad News" that "Al-Sudani chaired a special meeting on efforts related to developing the work of the government banking sector, in the presence of representatives of Ernst & Young for auditing and financial consulting."
During the meeting, "a package of recommendations was presented by the company to proceed with the reform of Rafidain Bank, which included the new legal status of Rafidain Bank, its capital, its work strategy, and the new consultant who will work with the bank to meet the global requirements for modern banking. These recommendations will be presented to the Ministerial Council for the Economy, which will then submit them to the Council of Ministers for approval."
He explained that "the subject of restructuring Rafidain Bank is the first step in the government's banking reforms, which have been given special attention to follow up on all reports related to it, submitted by the relevant authorities, especially by the committee concerned with the restructuring process."
The Prime Minister stressed "the importance of the banking sector reform project, which began with Rafidain Bank, pointing out the work to provide a bank with specifications and standards through which problems can be overcome and confidence given to citizens, in addition to enhancing cooperation with local and foreign investors." https://economy-news.net/content.php?id=48839
