April 5, 2021
Our latest share purchase of Asiacell Telecom has increased the overall holdings.
1,591,007,815 Shares
8 thoughts on “1,591,007,815 Shares”
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April 5, 2021
Our latest share purchase of Asiacell Telecom has increased the overall holdings.
Comments are closed.
Starting with this article it shows something is up with this latest strategic move ….
The currency auction stops for a week due to banks ’fear of changing the dollar’s price
2021-04-05
Shafaq News / On Monday, a government source revealed that the currency auction was suspended for a week due to banks ’fear of changing the dollar’s price.
The source said in an interview with Shafaq News that “banks have stopped participating in the currency auction that the Central Bank conducts daily during the past week, as a result of their fear of changing the dollar exchange rate in the budget that was approved last week.”
He added, “It is expected that banks will participate in the auction and submit their requests to the bank to buy the dollar, starting from the current week,” noting that “these requests will be implemented during the end of the week or the beginning of next week.”
On Wednesday (March 31, 2021), the Iraqi parliament voted on the federal budget law for the fiscal year 2021, with a deficit of more than 28 trillion dinars, and a tug of war that continued for months.
The general budget revenues amounted to more than 101 trillion Iraqi dinars, while expenditures were estimated at 129 trillion dinars.
And some political blocs had called for a reduction in the price of the dollar in the budget, which made the price of the dollar affected in the local markets between the ups and downs.
https://shafaq.com/ar/%D8%A7%D9%82%D8%AA%D8%B5%D9%80%D8%A7%D8%AF/%D9%85%D8%B2%D8%A7%D8%AF-%D8%A7%D9%84%D8%B9%D9%85%D9%84%D8%A9-%D9%8A%D8%AA%D9%88%D9%82%D9%81-%D8%B3%D8%A8%D9%88%D8%B9%D8%A7-%D9%86%D8%AA%D9%8A%D8%AC%D8%A9-%D8%AA%D8%AE%D9%88%D9%81-%D8%A7%D9%84%D9%85%D8%B5%D8%A7%D8%B1%D9%81-%D9%85%D9%86-%D8%AA%D8%BA%D9%8A%D9%8A%D8%B1-%D8%B3%D8%B9%D8%B1-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D8%A7%D8%B1
Iraq and assumptions of the full float of its currency 2021
4-5-2021
25k Iraqi Dinar notesThe decision to reduce the value of the Iraqi dinar by the end of 2020 has raised some concerns that this decline in value is a prelude to floating the entire local currency.
And the Central Bank of Iraq, last December, reduced the exchange rate of the local currency (dinar) against the dollar by 24 percent, with the aim of better management of payments and the economic crisis in the country.
The dollar exchange rate reached 1470 dinars to the public, and 1460 dinars for banks operating in the country, compared to 1182 dinars before the reduction.
The Iraqi economy suffers from a contraction of 11 percent in 2020, which has exacerbated the economic weaknesses that it has been suffering for a long time, according to what the International Monetary Fund said in a recent report.
Iraq depends for 92 percent of its income on oil revenues. The last time the dinar devalued was in December 2015, when it raised the selling price of the dollar to 1182 dinars, compared to 1166 dinars in the past.
With the increasing economic difficulties that the world is witnessing as a result of the Corona pandemic and the emergence of new strains, some believe that Iraq’s resorting to flotation is an acceptable option.
Without interest
, the economist Manar Al-Obaidi stressed that the floating policy is not of real benefit in the economy of Iraq, which is a rentier economy that relies heavily on oil revenues.
Al-Obaidi pointed out that the full floating policy requires diversifying the economy to create a state of balance in supply and demand, but this is difficult in Iraq because there is only one player in this equation, which is the Central Bank of Iraq.
He stressed that the recent devaluation of the dinar led to an increase in the level of inflation to 4 percent, due to the reflection of the differences in exchange rates and import costs on the final consumer.
The annual inflation rate increased in December 2020, by 3.2 percent on an annual basis, affected by the change in the dollar exchange rate. “I expect the consumer prices to continue to rise for the following months,” Al-Obaidi said.
“The future of the dinar is expected to maintain its price in the range of 1500 for a period that may reach more than a year. If the economic situation improves, it is possible to raise the value of the dinar.”
A managed float
, in turn, the consultant industrial development and investment, Amer Al-Jawahiri, ruled out a full float until 2022, because of its political and social repercussions that are difficult for the Iraqi economic and political reality to bear now.
Al-Jawahiri added that the full float will have negative repercussions on the purchasing power of the Iraqi consumer, especially the middle and poor groups.
On whether the country resorted to a float, Al-Jawahiri believes that it will be a managed float again and not free, especially since the central bank is the one that gives foreign currencies to those who wish, and therefore it is the only one capable of preserving the value of the dinar.
In February, the Central Bank of Iraq’s foreign currency reserves exceeded $ 55 billion, according to him.
Corruption The
reality of financial and administrative corruption makes it more difficult to implement the full float and achieve its goals, which leads it to failure and even further deepening of the troubled economic scene.
According to the economist Osama Al-Tamimi, the float should lead to stimulating domestic production and reducing dependence on imports, “but the corrupt gangs will face this mechanism by raising the prices of local commodities.”
He pointed out that it is difficult to move towards a comprehensive float, because of what is needed by the existence of a state that has the force of law, “and this is not available now.”
He emphasized that the devaluation enabled the government to overcome a major crisis that Iraq could have faced.
He continued, “Through this reduction, the government was able to provide salaries, run state affairs, and limit money smuggled abroad, as the dinar achieves a weak economic margin for smugglers.”
rawabetcenter.com
Will it be more than a root beer float this time?
Aloha Alex, hey buddy….all we can do is wait as we have done over the years (we are all experts in that haha) BUT things are coming along. The wait will be worth it. And more than a root beer float is worth 😉
You da man Andrew. If this happens as you say I will buy you an A&W Root Beer franchise!
For the first time, the stock exchange is organizing two evening trading sessions this week
stock market. “Economy News” Market
Economy News – Baghdad
The Iraq Stock Exchange (the stock exchange) announced that it will organize 5 morning sessions this week and two evening sessions during Monday and Wednesday.
During the week, 15 billion shares were held, worth 9 billion dinars.
The index closed trading in the market for the first session of the week at 593.07 points, while the index closed at the end of the week at 606.46 points, achieving an increase of 2.21% from its close in the first session.
The week also witnessed the implementation of more than 5,000 sale and purchase contracts on the shares of companies listed on the market.
https://economy-news.net/content.php?id=24776
Another FLOAT article. Here this persons OPINION is that a full float will be in affect in 2022. BUT they way I see it going from what this guy thinks….in my opinion I still think the CBI will still have to go ARTICLE 8 taking the dinar international with a staging rate (be it $1 or whatever) and then fully float from there. So I think we will still see a staging rate this year. Hopefully.
ARTICLE BELOW:
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Is Iraq heading to fully float the local currency?
2021/04/09
Baghdad / Obelisk: Iraq will be forced to float the entire local currency, if the devaluation of the Iraqi dinar against the dollar leads to results that lead to the deterioration of the economy and the inability of the state to cover the expenses.
And the Central Bank of Iraq reduced the value of the Iraqi dinar against the dollar by 24% by the end of 2020.
The dollar exchange rate reached 1470 dinars to the public, and 1460 dinars for banks operating in the country, compared to 1182 dinars before the reduction.
The economist Osama Al-Tamimi believes, according to Al-Jazeera Net, that the flotation is supposed to lead to stimulating domestic production and reducing dependence on imports, but the corrupt will face this mechanism by raising the prices of local commodities.
He pointed out that it is difficult to move towards a comprehensive float, because of what it needs from the presence of a state that has the force of law, “and this is not available now.
He stressed that the devaluation enabled the government to overcome a major crisis that Iraq could face, through which it was able to provide salaries, manage state affairs, and limit money smuggled abroad, as the dinar achieved a weak economic margin for smugglers.
The floating policy is not of real benefit in the economy of Iraq, which is a rentier economy, which relies heavily on oil revenues, says the economist Manar Al-Obaidi.
Al-Obaidi points out that the policy of full floatation requires diversifying the economy to create a state of balance in supply and demand, but this is difficult in Iraq because there is only one player in this equation, which is the Central Bank of Iraq.
In turn, industrial development and investment consultant Amer Al-Jawahiri ruled out a full float until 2022, because of its political and social repercussions that are difficult for the Iraqi economic and political reality to bear now.
Al-Jawahiri added that the full float will have negative repercussions on the purchasing power of the Iraqi consumer, especially the middle and poor groups.
Obelisk follow-up – agencies
The dollar is stabilizing as the Iraqi Stock Exchange stops trading due to the curfew
Saturday 10 April 2021
The dollar is stabilizing as the Iraqi Stock Exchange stops trading due to the curfewThe main stock exchange in the Al-Kifah and Al-Harithi markets in the Iraqi capital, Baghdad, stopped trading as a result of the comprehensive ban that was applied during the last period from Friday and Saturday .
A source said that the main stock exchange in the Al-Kifah and Al-Harithiya market in Baghdad has stopped trading due to the implementation of the comprehensive ban .
He added that the buying and selling prices have stabilized in the exchange shops in the local markets, some of which have opened their doors in Baghdad, where the selling price reached 147,500 Iraqi dinars, while the purchase prices reached 146,500 dinars per 100 US dollars .
He pointed out that the stock exchange in Erbil, the capital of the Kurdistan Region, did not witness any trading today either because there is an official holiday there.
aynaliraqnews.com