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Word for the day…
Iraqi Dinar/Dollar auction (most recent listing) 09-25-16
Currency Auctions Announcement No. 3283
This daily currency auction was held in the Central Bank of Iraq on the 09-25-2016
The results were as follows:
|Number of banks||27|
|Number of remittance companies||15|
|Auction price selling dinar / US$||1182|
|Auction price buying dinar / US$||—–|
|Amount sold at auction price (US$)||114,221,577|
|Amount purchased at Auction price (US$)||—–|
|Total offers for buying (US$)||114,221,577|
|Total offers for selling (US$)||—–|
The first lesson of economics is scarcity. The first lesson of politics is to disregard the first lesson of economics. – Thomas Sowell
*** Current News ***
Economists Atdarson expand financial resources
BAGHDAD / Shokran Fatlawi – considered the elite of financiers, economists and specialists of financial and oil affairs challenges and problems facing the 2017 budget year in light of a sharp drop in oil prices , arguing that the budget is the main criterion for measuring economic performance , stressing at the same time , the need to develop a vision based on the financial realities and oil for the country.
initiated a symposium organized by the progress of policy development institute under the title «economic analysis to balance the 2017 challenges and solutions» and attended by «morning» the word of the President of the Institute , Dr. Mehdi al – Hafez, which explained through which the country is going through very harsh conditions, which impacted on the preparation of the budget and the value of
and pointed out that since 2003, and still balance the focus of controversy and discussion is useless because of the sense that the waste could leak into the budget and its implementation.
he said Hafiz said the deal is going on in economic circles on the text submitted an analysis of the budget in 2017 to be taken into account fundamental issues in dispute , particularly the exchange rate of the Iraqi dinar, then placed «final accounts« which constitute an essential element in the state accounts, which is still pending material without serious her application, and control over the exchange rate the 17 percent.
asked for financial accounts with the Kurdistan region and whether that 17 percent represents sound formula or should be counted the money received by the region , whether in the form of oil sales, taxes or fees or other forms, then what about the official existing units now in the economic structure of the state and do we need to rethink the safety of these units and economic need for them.
He concluded Hafiz Talking about the service contracts in the field of oil and calls for a review and put it in the context of reduced public spending of the state as well as the question of the project on a number of institutions and the reason to keep it.
in turn assured the governor of the central bank and the agency , Dr. Ali Keywords in a brief statement that the work is underway to set up a budget programs and re – structure accounting system and the reduction of import phenomenon and work tariffs.
For his part , stop counselor for economic Affairs in the Council of Ministers , Dr. Abdul Hussein Al – Anbuge, when international loans and carry it from the negative effects on the national economy , where Iraq will face difficulty in repayment and benefits years later, also addressed the value of the dollar and linked to addressing the deficit in the federal budget, as well as reducing the number of parliamentarians to 100 members and determine the ten members of the provincial council and its role in reducing expenses.
and added that to maximize revenue and as stated in the budget of 2017 is continuing to impose sales tax on Kartat mobile phone and internet networks about 20 percent , accompanied by the imposition of airport tax as a lump sum (25 thousand dinars) per ticket in all airports, as well as the continuation of the ministries and provinces to impose fees or wages of new services and modification fees and current wages with the exception of the sovereign. ‘
Wages – electricity
and stressed the importance of activating the collection of electricity, telephone, water and sewer fees, The deduction is worth 4.8 percent of the total salaries and allowances for all state employees and retirees all meet the needs of the popular crowd and relief to the displaced as well as increase the property tax rate of 10-15 percent, selling and investment Output Cree rivers and 50 percent of them to cover the Ministry of water resources expenses and 50 percent final revenue budget
Rationalization of spending
either in regard to measures to rationalize spending, Anbuge it clear that reducing the number of cars to the heads of the three presidencies as stated in the budget of 2017 by 5 cars of the heads of the three presidencies and four cars to their deputies and three cars for ministers and rank shall be fixed and two cars to agents and rank shall be fixed for the general managers.
among Anbuge, bears employee car State uses a completely fuel and maintenance expenses with the exception of operational cars and farm productivity and ambulances and the transfer of staff, referring to reduce the number of delegates 50 percent and reducing the external deployment and reduce expenses. the
Organization of conferences
and stressed the need not to organize conferences outside Iraq and reducing diplomatic missions by 25 percent and the closure of Attaches and transferred to the embassy , and reduce the number of its employees by 25 percent , also stressed the importance of reduce the number of state employees and to stop the appointments in companies and institutions of self – financing and trimming scores that are vacated due to transportation or retirement or death.
point Anbuge a number of observations about the budget bill consisted article 10 / III need to rewriting floating for being, as the Article 21 dispute the scientific bases for the preparation of the budget came while Article 27 remained floating well as the issuance of money orders and bonds worth $ 12 billion to cover the entitlements of the oil companies did not appear in the budget table.
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Call to activate direct investment in all sectors
BAGHDAD – Al- Sabah – stressed competent in economic affairs Ahmed expensive on the need to adopt swift measures do direct investment for its role in achieving the development of all economic sectors.
And direct investment means the movement warheads global funds for the development of economic sectors achieve economic feasibility for all involved in the implementation of projects parties economic.
He is charged in an interview with «morning»: that this type of investment requires starting from attracting direct investment climate that can have direct access to Iraq to provide.
He pointed out that Iraq is in dire need of the global effort sophisticated and specialist and world capital that must work to attract them to the country and invested in various sectors , production and service.
inexpensive stressed the need for the formation of committees or hiring private sector to work to provide a suitable environment conducive to attracting so dedicated effort has an international reputation and wide have the ability to implement quality projects in all sectors contribute to achieving real sustainable development.
it encourages the investment Law No. 13 of 2006 on the activation of investments in all sectors without exception.
He charged that the job opportunities in the big Iraq and across all sectors , without exception , and need the efforts of local and international companies , without exception, which requires us to work towards building bridges of cooperation with these companies and the introduction of local companies as a partner in implementation to gain experience and mastery of the technology
BGG (Dinar Guru) – …VND, ZIM, Rial and all the other HOAXES out there…what makes Iraq (and their situation) different from all these others? how many of these countries have met with ALL THE OTHER WORLD LEADERS in the last 48 hours…how many of them had some kind of “top billing” at the recent IMF summit? how many of them met with the President of the United States? how many of them have this kind of economic future? how many of these other countries are like Iraq? NONE. Not one…VASTLY different scenarios. BTW – all of the stuff I mention about Iraq VS any other country “devaluing” has happened in the last 48 hrs!! Meetings, that’s just the last couple of days – so what makes Iraq different?? EVERYTHING!!!
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Rise in the market value of companies in the stock market
BAGHDAD / Mustafa al – Hashimi – headed Iraq Stock Exchange to contract with one of the Arab corporate systems and programming for increased activation of the trading process through Alanturnt.ozkr weekly report of the Stock Exchange, seen by the «morning» he hoped the signing of the Convention in October next month and that the service is launching in quarter the first of the year 2017.
he added that these systems will be compatible and connected with the management system data in the brokerage firm so as to contribute to the rehabilitation of the investor to trade himself after enable him to understand the cash tally prepared for the purchase and the tally of shares if he would like to sell.
in the same context of the Iraqi market index rose Securities in the last sessions last week to 3.69 percent at 568.66 points. the market value of companies listed on the Iraq stock Exchange 8.241 trillion dinars during the week ended twenty – second of this month. the report said the number of shares traded for the week 3 billion shares compared with two billion shares last week, while the value of shares traded amounted to two billion dinars , compared to one billion dinars last week achieved through executing trades numbered for the 1810 week deals compared to 1336 deal last week.
It is said that the number of shares listed on the Iraq stock Exchange of 8 trillion and 973 billion shares, and the number of listed companies in the market 96 joint – stock company, of which 70 companies listed in the regular market and 26 companies listed in the second market.
according to the report the number of stalled companies has become the trading of non – commitment to provide annual disclosure and quarterly Authority and the market for 26 companies, and the number of remittance companies suspended from trading after the approval of the change of activity and until the issuance of license to practice from the central bank and complete the filing procedures and the inclusion of 3 corporate issuance.
and investors trading (foreign) the number of shares bought from investors totaled Giralaracaan for this week ‘s 125 million shares, valued at 432 billion dinars during the implementation of the 52 transactions on the shares of eight companies.
While the number of shares sold reached by non – Iraqi investors to this week ‘s 281 million shares valued at 183 million dinars through the implementation of 130 transactions on the shares of seven companies.
On the other hand the Board of Governors approved the Iraq Stock Exchange trading instructions via the Internet for investors , which measures include brokerage firms to take in order to obtain a license to provide this service, including participation in the online trading system, and until Thursday , five brokerage firms submitted a request to participate in this system.
Besides disclose the risks associated with investing and models to deal with investors ‘ action «know Your Customer» as board of Governors approved the commissions Satkadaha mediator. addresses the FAQ also requirements implemented by investors to agree to their online trading.
and the Iraq Stock Exchange several months ago to organize lectures and workshops for brokerage firms and investors for the purpose of definition of these services.
the Iraq Stock Exchange consists of 98 listed company with a total capitalization of more than 8 trillion shares representing banking , including sector 5 trillion shares and thus the most sector be traded and 65 percent of the total shares traded per day.
The governing Iraq stock Exchange five trading sessions a week from Sunday to Thursday.
BGG (Dinar Guru) – it appears attacking the corrupt was one of the VITAL items on a short list that the IMF has been insisting on…It appears to me…the GOI is responding to the IMF, WB and UN – though they aren’t entirely happy about it…however, if they want “international acceptance”, they have little choice. They must respond…Iraq has been under some version of an “IMPOSED RATE” since when? [2003.] it’s not even an accurate value – “Grossly undervalued” is the term used by learned economists…SO – it stands to reason they are going to have to appease those who “IMPOSED” this rate to start with… and THAT, my friends, is what we are seeing play out before our very eyes…those same actors that “imposed” can “unimpose” – it appears they have made this point very clear. Iraq is about IRAQ. Nothing else – AND it is the hottest topic in world finance right now. Period. With VERY GOOD REASON. Abadi’s PM “brand” is HUGE right now…he’s moving Iraq forward mightily…they are moving with great speed. I think the future looks very bright for Iraq.
Read More: http://www.dinarupdates.com/observer/
A new action plan to ease the pressure on the budget
BAGHDAD / Hussein Tgb included another amendment to the Investment Law No. 13 of 2010, the developer concept, which came a new action plan to ease the financial pressure on the state budget, so the distribution of investment tasks.
Developer means »that is, or the company is implementing infrastructure fully for all specialized facilities of the city industrial, commercial or scientific or residential, and after the developer distributes investment opportunities on new investors have assumed the responsibilities of the implementation of various joints work» President of the National Business Council of Iraq David Abdul Zayer said that another amendment was issued on the investment law to ensure the development of the developer axis that runs the first developer Bmvsalin and Almsttmr.oadav in an interview with «morning» that the first developer, which handles the creation of industrial infrastructure of cities or tourist, as well as residential to other major projects, which allows him law to receive the land and the provision of infrastructure full cycles of various roads and bridges and basic services.
Land division and said that the land, which provide them with infrastructure is divided and given to other investors through the first developer, eg if we want to build us a residential city to provide roads, sewer, telecommunications and water within the confines of this space is then divided space into residential land and other recreational spaces for services education and construction of places of worship and the requirements so cities.
And issued Investment Law No. 13 of 2006 in order to boost economic and social development process, development and bring technical and operational expertise and human resources development and creating job opportunities for Iraqis to encourage investment and support the establishment of investment in Iraq and expansion projects and development of various economic levels, the process and the granting of privileges and exemptions for these projects, so this law was enacted He pointed out that the investment law, as amended protects the developer as well as investor and this is important Mnaf work investment and new element to attract contained Alastosmar.ofatt law that the new amendment granting the developer the right to grant the land to the investor under the investment license and the approval of the first developer and collection services and a portion of the amount of infrastructure that group spent to serve the new investor, pointing out that in this case has investment indivisible and we can build a modern new cities a way that minimizes the costs of the investment business, where investment in major projects require large sums of money may not be strengthened by a single investor.
He said that this method enables the investor to work in a part of the project and the completion of the work assigned to him specifications defined and within the executive potentials and during the time period, indicating that these amendments get in cooperation with the local sector, which has a lot of proposals capable of advancement of the national economy because he lives to the field of work and on familiar with the most important implementation of projects and determinants that prevent this requirement.
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Letter of Intent, Memorandum of Economic and Financial
Policies, and Technical Memorandum of Understanding