The Iraqi Stock Exchange determines the colors of the data and prepares to broadcast on YouTube

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The Iraq Stock Exchange announced today, Tuesday, its readiness to launch the trading screen broadcast on YouTube, while indicating the data colors. 

Regarding the launch of the broadcast on YouTube, Abdul Salam said, “Today’s session will also witness the launch of the broadcast via the Iraq Stock Exchange website via YouTube, in addition to broadcasting via the market’s Facebook page.”

The Executive Director, expert Taha Ahmed Abdel Salam, said, according to an issued document received by "Al-Eqtisad News", that "the technical works to display the trading indicators display screens by adding the colors indicated according to the financial position of the companies (deficit) for the latest financial data and appeared on the broadcast screens and in the investors' hall in the market as of the session of 7/23/2024 and in the following form1- Companies with a deficit ratio of more than 50% are marked in red.2- Companies with a deficit ratio between 30% - 50% are also in red.3- Companies with a deficit ratio between 20% - 30% are in yellow.4- Suspended companies in blue5- The company colors will be updated according to the deficit percentage changes successively.

Addressing the problems of the Iraqi financial system

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The financial system in Iraq consists of a group of institutions and structures that manage the financial and economic affairs of the country. Here are the components of this system in detail: 

1. Central Bank of Iraq:

- Role: It is considered the body responsible for implementing monetary policy, issuing currency, and managing cash reserves.

- Objectives: price stability, exchange rate stability, and encouraging economic growth. 

2. Commercial banks:

- Its types: include government banks such as Rafidain Bank and Rashid Bank, in addition to local and foreign private banks.

- Services: Providing loans, opening accounts, making money transfers, and financing projects.

 3. Specialized banks:

Examples: Real Estate Bank, Agricultural Bank.

- Focus: Providing financial services to specific sectors such as agriculture and real estate. 

4. Stock market:

- Iraq Stock Exchange (ISX): is the place where stocks and bonds are traded.

- Objective: To promote investment and develop financial markets.

5. Ministry of Finance:

- Role: Preparing and implementing the state’s financial policy, managing government revenues and expenditures.

Economist calls on the government to delay joining the World Trade Organization

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He added, "This endeavor has positive effects, including expanding economic partnerships and integrating it into the global economy, but on the other hand it represents a problem, especially since the demands of the World Trade Organization are to allow the access of its members' trade to the markets and to free trade from all restrictions, as it is an organization of producing and manufacturing countries, which means opening the Iraqi local markets to imports, and thus negatively affecting any attempt to rebuild the productive, industrial and agricultural sectors and leaving the economic horizon dependent on consumer imports coming from abroad."

The economic expert explained that "since Iraq depends on oil exports and oil is not subject to customs barriers by importing countries, it should be cautious before seeking to join the World Trade Organization and work towards economic reform and begin implementing plans to diversify local production and build industrial capabilities that support the trend towards exporting abroad, which contributes to enhancing the positive effects of the accession process."

Iraq resumes negotiations to join WTO

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Hashemi added that "the first preparatory meeting was held at the organization's headquarters with the Director of the Accession Department and the organization's experts in goods, services and intellectual property, headed by the Director General of the Department of Economic Relations and the membership of negotiators representing the Iraqi ministries and the Kurdistan Region; to discuss the most important files and documents submitted by Iraq in the previous stage." 
He pointed out that "the third official meeting of the working group, which will be headed by the Minister of Trade representing Iraq, will witness a review of the files and documents completed by the National Committee concerned with accession."

Iraq moves to break dollar restrictions in crucial talks with Washington

Iraq experienced a shortage of dollars last year after the Federal Reserve Bank of New York began closely examining transfers to Iraqi banks. Iranian companies and individuals have long used banks in neighboring Iraq to access dollars and circumvent U.S. sanctions.

The Central Bank of Iraq has pledged to restrict all domestic trade transactions starting this year, in an attempt to limit dollar dealings outside the Iraqi banking sector and limit its smuggling abroad.

Hussein pointed out that the talks with the US Treasury aim to ease these restrictions and ensure a smoother flow of dollars into the Iraqi economy. These talks are expected to contribute to finding sustainable solutions to the financial issues facing Iraq and easing pressure on the national economy.

Baghdad and Washington discuss the stability of the exchange rate of the dinar against the dollar

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The Central Bank explains the reasons for the rise in dollar prices

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Today, Wednesday, a member of the Board of Directors of the Central Bank of Iraq, Ahmed Barihi, explained the reasons for the rise in dollar exchange rates in the local market.

Berihi said in a statement to the Maalouma Agency, “The issue of the rise in the exchange rate of the dollar against the Iraqi dinar in the local market is not related to the measures taken by the bank, but rather due to the American restrictions imposed on the Central Bank and related to the electronic platform.”

He added, "Another reason related to the rise in the exchange rate of the dollar is the connection to the electronic platform that controls the floating of the currency in the market where it is less than the demand. Therefore, the price of the dollar will be raised and the platform is controlled by the US Federal Reserve, which will cause a difference from the official price."

The dollar's flight does not threaten the dinar

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The financial and economic advisor to the Iraqi Prime Minister, Mazhar Mohammed Salih, commented on Monday on the return of the rise in the exchange rate of the US dollar against the Iraqi dinar in local markets.

Saleh explained to Shafaq News Agency, "The fixed exchange rate system in Iraq is based on an international reserves base that is the highest in the history of Iraq and its monetary policy, as foreign currency covers more than 100% of the total currency currently issued."

Will the exchange rate reach 1600 dinars?

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Economic expert, Munar Al-Abidi, confirmed that the dollar exchange rate in the parallel market may reach 1,600 dinars in the coming days after the Central Bank reduced the money supply.

Al-Obaidi said that the parallel exchange rate in the local market changes as a result of supply and demand, noting that it is expected that the value of the dinar will decrease against the dollar in the coming days and reach the 1,600 dinar barrier.

He added that the reduction in the sale of cash dollars in the local market by the Central Bank is the main factor behind the rise in the value of the dollar, and the price will depend on the provision of hard currency 

Despite the rise in the dollar, Saleh: The parallel market today is not important

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