Thursday, December 26, 2024
Iraq Stock Exchange leads Arab markets with 130%+ growth in November, 26 DEC
Iraq Stock Exchange leads Arab markets with 130%+ growth in November
Shafaq News/ The Iraq Stock Exchange (ISX) saw a 130%+ increase in trading volume in November 2024 compared to the previous month, leading Arab financial markets in growth, according to a report by the Arab Monetary Fund (AMF).
The report showed Iraq's growth rate at 131.24%. Other Arab markets with notable growth included the Damascus Securities Exchange at 87.83% and the Bahrain Stock Exchange at 68.22%. Markets like Egypt and Casablanca saw growth ranging from 54.25% to 19.08%.
Regarding Iraq's progress, Faisal Al-Haimus, President of the Securities Commission, stated, “This progress is the result of ongoing efforts to develop the ISX and improve the investment environment… We are proud of this performance, which reflects investor confidence and the effectiveness of our plans to strengthen the market’s role in supporting the national economy."
"The AMF report strengthens the Iraq Stock Exchange's position in regional markets," he added. "We will leverage this progress to boost strategic partnerships and attract more local and international investments."
Al-Haimus stressed the commission's commitment to enhancing the market's infrastructure and regulatory procedures to boost its appeal and strengthen its role as a key driver of economic growth.
TIDBIT FROM FRANK26, 26 DEC
Frank26
There is a plethora of very good informative monetary reform education articles that are coming out that are causing this great pressure of information, a venturi effect of information to the Iraqi citizens.
This is the time to do that...We say to ourselves, 'Wow!
They're telling the citizens they're going to add value to their currency by giving them purchasing power by lifting the three zeros from the exchange rate.
Wow!'...This monetary reform education right now, it's so much of it. It's cornucopia that is filled. It's a piƱata that got busted open and it's spilling everywhere, every day.
What are Iraqis waiting for after the news of the "sudden suspension" of the dollar selling platform by the Central Bank?, 26 DEC
What are Iraqis waiting for after the news of the "sudden suspension" of the dollar selling platform by the Central Bank?
Financial and banking expert Alaa Al-Fahd commented today, Tuesday (December 24, 2024), on the impact of the Central Bank’s suspension of the “platform” on the markets during the next stage.
Al-Fahd told Baghdad Today, "The Central Bank of Iraq worked during the previous period with a plan through a currency auction in the first phase, then establishing the electronic platform and intensive work to find correspondence methods between local banks and foreign banks with which we have commercial relations and their results in external transfers. Therefore, the bank announced some time ago that the platform will be stopped at the end of this year and there will be direct correspondent banks."
He explained that "this is a natural matter, as all central banks in the world are tasked with maintaining monetary policy, not selling currency. There is no central bank in the world that sells currency and mediates in buying and selling currency. This work is the responsibility and responsibility of banks and exchange companies. This is true and is a major challenge until the relations are direct commercial banking under the supervision of the Central Bank of Iraq."
He added, "Stopping the platform will not affect the local markets in terms of the dollar exchange rate, but there are those who are trying to spread rumors that this step will change the exchange rate, as the same dollar that the Central Bank of Iraq was selling through the platform will be sold to banks and banks that have relations with foreign banks so that the transfer is direct according to electronic transactions and monitoring, and for this reason the situation is under control and there is no fear of the impact on the markets."
Yesterday, Monday, economic expert Ziad Al-Hashemi revealed that the Central Bank of Iraq had suddenly suspended the dollar transfer platform before the scheduled date, without an official announcement, and without taking into account the interests of Iraqi companies and markets, in a move that is, to say the least, far from professionalism and transparency.
Al-Hashemi said in a post on the social networking site "Facebook", which was followed by "Baghdad Today", that "stopping the platform without an official announcement by the Central Bank may indicate that there is uncertainty and fear of the consequences of stopping the platform on the dollar exchange rates, and the lack of announcement may give the Central Bank an opportunity to evade and evade the decision to stop the platform and return to operating the platform, even temporarily, in the event that the dollar begins to rise to high rates link
ARIEL: IRAQ NEWS UPDATE, 26 DEC
ARIEL
Iraq News Update 
"Now This Is A Merry Christmas"
This is a crazy development here. Totally out of left field but in the most amazing way for Iraqi citizens and the world. I knew something was brewing in the background. This can only mean one thing. Because this will definitely force their hand to act expeditiously in order to quell any potential instability in the market. The only thing left to do is to pull the trigger anytime before January 1st I would presume based on what just happened. I just do not see how they can survive without doing so.
When platforms facilitating currency transfers are suspended, liquidity tightens, and rumors about exchange rate fluctuations can spread rapidly. This can lead to panic in the markets as businesses and financial institutions anticipate changes. A gap between the official exchange rate and black-market rates could widen. This could encourage the growth of parallel markets where currency is exchanged at higher rates, undermining the Central Bank's control over monetary policy.
The logical next step to prevent destabilization might be for Iraq to introduce the new exchange rate. By doing so, they could:
• Stabilize market confidence.
• Reduce speculation.
• Align market forces with the anticipated economic reforms.
With the auctions suspended and the new year approaching, the window for inaction is small. Iraq may be positioning itself for a currency adjustment or revaluation before January 1st to avoid starting 2025 with uncertainty.
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