Economy News – BaghdadOn Sunday, the first trading sessions in the Iraqi Stock Exchange (the Stock Exchange) witnessed the implementation of 858 transactions, during which 1.07 billion shares were traded.The value of traded shares amounted to 1.2 billion dinars.These positive results contributed to raising the stock market index by 0.84%, after closing at 572.55 points.Babylon Bank Company led the gaining companies, while Ishtar Hotels Company led the losing companies.Foreign investors also sold 45 million shares, worth 100 million dinars, after executing 33 deals on the shares of three companies.
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Shafaq News/ The President of Kurdistan Region, Nechirvan Barzani confirmed, on Sunday, the possibility of resolving the existing differences between Baghdad and Erbil definitively, if there is a political will on both sides.
This came in a speech by Barzani, during a graduation ceremony for students of the American University of Kurdistan – Duhok, in the presence of senior officials.
Speaking about the relations between Baghdad and Erbil, Barzani said, “The relations between the two sides should be improved, and the old rhetoric should be stopped and resorting to the constitution to solve outstanding problems.”
“We must preserve our internal unity, as it is the only guarantee for all, to stand up to these challenges,” he added.
The President of the Kurdistan Region, Nechirvan Barzani, had spoken about the same issue, during his meeting with the Iraqi Prime Minister, Mustafa Al-Kazemi, in Baghdad, April 10, 2021. It works with all Iraqi components to achieve security and stability for Iraq and the region.
Although the relations between Baghdad and Erbil are continuous and continuous, they do not always appear to be passable, due to the difficulties and thorny issues they are exposed to between the two parties.
These files are centered on constitutional disputes, most notably Article 140 of the disputed areas and Article 110 of oil and gas, as well as contentious issues about the oil policy between the two parties, which began to falter clearly after 2014, especially the oil and salaries mechanism, including the Kurdistan Region’s share of Federal financial budget.
Interviews and reports Sunday 20 June 2021 | 08:20 pm| Number of readings: 238
Mazhar Muhammad Salih, the financial advisor to Prime Minister Mustafa Al-Kazemi, confirmed today, Sunday, that Iraq’s foreign debt has become “almost dead with the passage of time.” Saleh said, in a press statement: “Iraq’s foreign debts are owed to 8 countries, four Gulf Arab countries, namely the UAE, Qatar, Saudi Arabia and Kuwait, in addition to Egypt, Turkey and two foreign countries. As far as I know, matters have been suspended since 2004, the date of the signing of the Paris Club Agreement.” And he indicated, “The trend is towards writing them off 100 percent, and they are almost dead with the passage of time, especially since some of them are incorrectly documented and completely unknown.” He added, “In all cases, these debts are hateful debts, as they financed wars and bloody conflicts during the eighties war and did not serve development and progress in Iraq.” He added that the debts of the UAE, Qatar, Saudi Arabia and Kuwait amount to $27 billion, while the other countries amount to $14 billion. Saleh had confirmed in previous statements to him that Iraq succeeded in 2004 in writing off about 100 billion US dollars of its debts against the background of the signing of the Paris Club agreement, describing the agreement as “standard” to resolve the sovereign debts owed by Iraq to 65 countries, including 19 countries within the Paris Club. and 46 countries outside it. The Paris Club is an unofficial institution that represents the gathering of creditors from the rich countries in the world. It was established in 1956 as a result of the talks that took place in Paris between the Argentine government and its creditors. The club undertakes the task of restructuring the sovereign debts of countries, relieving the burdens of some debts, or even canceling some of them.
The Parliamentary Finance Committee confirmed, on Sunday, that “no decision has been issued so far regarding sending 200 billion to the region.”
Committee member, Muhammad Al-Shabki, said in a statement to the “Information” agency, that “there is no official implementation from the government until today by sending the 200 billion dinars, but only endeavors and suggestions.”
He added, “The region’s dues are more than 200 billion per month, but we do not know where this money goes, how it is spent, and whether it is within the region’s operational budget.”
He pointed out that “the 2021 budget emphasized the settling of accounts between the region and the federal government and the delivery of radical agreements and understandings for common crises.”
Baghdad / Obelisk: The Ministry of Finance announced, on Sunday, June 20, 2021, the development of the necessary steps to reform the public budget systems in accordance with the adoptions of the financial and economic reform paper.
And the ministry stated in a statement, “The Minister of Finance, Ali Abdul-Amir Allawi, chaired today a meeting to follow up the implementation of the white paper projects, in the presence of the Prime Minister’s advisor and executive director of the Economic Reform Committee, Alaa Al-Saadi, the Undersecretary of the Ministry, my advisors, and a number of general managers in the ministry.”
She added that “the meeting dealt with several axes related to the follow-up of the implementation of the projects approved by the white paper, the most important of which is the draft reform of the state’s general budget strategy, which includes the development of the basic expenditure rules for the budget and investment projects.”
The Finance stated, according to the statement, that “the mechanisms for designing the investment and current budget were discussed to ensure the financing of projects throughout the implementation stages, and to focus on preparing and launching operational and investment allocations on a quarterly basis, in addition to preparing quarterly budget reports for audit purposes and sending accounting reports in order to achieve the principle of integrity and transparency.”
Baghdad / Obelisk: The financial advisor to the Prime Minister, Mazhar Muhammad Salih, set, on Sunday, June 20, 2021, two conditions for deleting 3 zeros from the currency, while stressing that the deletion option is proposed as part of the strategies for reforming the currency and cash payments system in Iraq.
Saleh told the Obelisk, “The Central Bank of Iraq developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, which has become burdened with the insomnia of the economic blockade imposed in the nineties of the last century, and put it into research and study long ago, after looking at about 54 An international experience from the end of World War II until the second decade of the twenty-first century, which took place in various countries of the world, in which the monetary payment systems were reformed and made to work with better efficiency, the last of which was the Islamic Republic of Iran and before that, Turkey.
He added that “the phenomenon of increasing zeros in the monetary unit or adding zeros to a single monetary unit usually comes due to the exposure of economies to unruly waves of inflation or continuous sharp rises for years in the price level due to wars, sieges and conflicts, which lead to financing the deficit of government budgets through cash issuance.” .
And because the price means the value of goods and services expressed in cash, the continuous rise in prices without stopping leads to the erosion of the value of the monetary unit, which requires the issuance of larger monetary categories due to the lack of value of the smaller monetary groups and the disappearance of their ability to cover transactions and exchanges of high monetary value in the market.
He continued, “Accordingly, the monetary value of things or tangible assets and others inflates, and when inflation ends, according to which prices have increased to three decimal places, or more or less, according to the nature of each economy, countries resort to reducing the artificial reproduction in numbers, especially in the numbers of accounts books, budgets and various numbers of tools Accountability, after two conditions are met.
He continued, “The first condition is price stability and global economic growth, and the second is appropriate stability in political life, so the importance of deleting zeros from the currency and slimming currency units as a necessary condition for reducing accounting numbers and facilitating arithmetic handling and the cost of managing new large numbers and the absence of small numbers and fractions, as it is noted that slimming currencies Cash comes because of its role in the sustainability of calculating huge numbers of financial values that are not absorbed by ordinary computers due to the large number of decimal places and the emergence of many accounting errors, especially dealing in trillions, which means that one number in front of it has 12 decimal places.
Saleh believed that “the hyperinflation that hit the Iraqi economy in the nineties of the last century added three numbers to the Iraqi monetary unit (that is, one dinar became equal to a thousand dinars, and ten dinars became ten thousand dinars, and so on for the rest of the categories), while the small categories disappeared from circulation completely, but rather Every 250 fils became equal to 250 dinars, and it was considered the smallest monetary unit in circulation today, which raised the cost of micro-transactions that mostly affect the poor.
He added, “In this way, monetary systems aspire to remove the burden of historical inflation from the folds of the monetary unit by resorting to deleting three zeros from the old currency in order to equalize the new currency with lower numbers but with the same value. Let’s say, for example, that one new dinar is equal to 1000 old dinars without change in value or rights. The accounting books, statistics, numbers and computer systems are also modified with the value of the new currency within an easy and easy reform strategy, and countries consider that slimming the currency system facilitates the circulation of mathematical numbers and helps to issue smaller cash denominations for very small transactions whose monetary values have been destroyed by historical inflation in our country such as the dirham and others.
He concluded by saying, “The project to delete zeros in Iraq is still technically prepared by the Central Bank of Iraq, which is the official sectoral authority and the monetary authority concerned with this matter and in cooperation with all three state agencies and authorities, but the project is postponed at the present time until the appropriate conditions are achieved and remains part of the currency system reform strategies. and cash payments in Iraq.
{Economic: Al Furat News} Al-Rafidain Bank announced, on Sunday, that the number of open accounts for citizens and other groups in its branches in Baghdad and the governorates during the month of May amounted to 2886 savings and current accounts.
And the media office of the bank said in a statement that {Euphrates News} received a copy of it, that “the number of current accounts that were opened for citizens and other categories reached 142, while the number of savings accounts for citizens reached 2744.”
He pointed out that “the bank continues to provide its services by opening accounts for citizens wishing to deposit their money in the bank and obtain benefits according to the terms and controls established, and the bank’s customers can visit its branches in Baghdad and the provinces to see them.”
Shafaq News/ The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhief, stressed on Sunday, to redouble efforts in its branches to contribute to the development of the work of banks and financial institutions.
In a statement received by Shafaq News Agency, the bank’s media office stated that the governor of the bank conducted an inspection tour of the two branches of the Central Bank of Iraq in Mosul and Erbil, and was briefed on the progress of work in them and the level of services provided to the banking sector.
Makheif stressed the redoubling of efforts in the two branches, which reflects the role of the Central Bank and its branches in promoting the banking sector and overcoming any difficulties that may hinder the contribution of banks and non-bank financial institutions to the desired development process.
And the Governor of the Central Bank, Mustafa Ghaleb Makheef, had arrived yesterday, Saturday, in the Kurdistan Region and met the Prime Minister of the Regional Government, Masrour Barzani.
A statement issued by the Kurdistan Regional Government, received by Shafaq News Agency, stated that during the meeting, they discussed ways to enhance coordination and cooperation between the Kurdistan Region and the Federal Government in the field of reorganizing the banking sector and combating the financing of terrorism and money laundering.
The Governor of the Central Bank stressed that the Central Bank deals with its branch in the Kurdistan Region, which is located in Erbil, as the official concerned authority in supervising banking affairs in the region.
The Prime Minister reiterated his readiness to cooperate and coordinate with the Central Bank of Iraq, and stressed that reorganizing the banking system would constitute a strong and important pillar for developing the economic infrastructure, consolidating the investment process, and gaining the confidence of international banks and financial institutions.
The stock market traded more than one billion shares in the first session
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