February 16, 2021
Thought you might like to hear that the ISX and our stocks are climbing. TASC (Asiacell Telecom) is at 9.6 dinar per share and we paid an average price of 7.262. My report shows a 30% increase. BBOB (Bank of Baghdad) shows a whopping 48% increase. IBSD (Iraqi Beverage) shows a 36% increase.
All but one of our stocks is on the rise and above our average purchase price. While this means little as far as dividends for now without a rate increase, it is encouraging that things are moving in a positive direction.
As of today, our increase in share price is sitting at 276,549,582 dinar. That is a huge increase for the short time we have been in that market. Now all we need is to couple that with a rate increase and we would be sitting very well.
They announced yesterday there is a significant increase in foreign investment and showed the amount of foreign funds traded. Woolard Enterprises accounted for around 30% of that days foreign investment trading.
This is AMAZING NEWS! Time for me to add another block Andy 🙂
Once things get going in Iraq, and I mean really get going I think the sky is the limit.
Thank you for the updates and videos, Andy!
Is this why the budget is being dragged out….oil going up and the surplus they now have means rate compromise. Maybe? Hummm.
Parliamentary movement to restore the exchange rate of 1200 dinars … A deputy announces the latest developments
16/2/2021
Baghdad today – Diyala
Today, Tuesday (February 16, 2021), a member of the Parliamentary Legal Committee, Representative Hussein Al-Oqabi, revealed the presence of a parliamentary majority in support of the dollar’s exchange rate remaining at 1450 dinars.
Al-Aqabi said in an interview with (Baghdad Today), “We are still pressing for the return of the dollar’s exchange rate to its previous position, or to seek to reach a middle settlement, especially since there are parliamentary parties that are adherent and convinced of the new exchange rate at 1450 dinars per dollar.”
He pointed out that “the current efforts by a parliamentary grouping pay for the exchange rate to be at 1250-1300 dinars per dollar, but the matter has difficulties.”
Al-Uqabi added, “The parliamentary majority adheres to the new dollar exchange rate, with government conviction in this direction, but we still have some time, but we are exerting pressure to reconsider the exchange rate or push to find compromises because the current price has caused an increase in prices in the Iraqi market by a percentage.” 30% ”.
And he continued, “There is indeed a parliamentary struggle between two parties about the matter between those who stick to the exchange rate and those who want to return it to its previous position.”
He pointed out, “Other MPs seek to find an equation that contributes to lifting the damage on large segments of Iraqis and pushing to find convictions that contribute to changing the exchange rate by an amount that reduces the burden on the shoulders of the poor and simple people.”
It is noteworthy that the social and economic repercussions are increasing since the dollar’s exchange rate rose against the dinar, after it was rapidly reflected in the prices of goods and services in the country, with the continuing fears of an uncontrolled rise in prices in the Iraqi market, while in the meantime a parliamentary proposal has emerged calling for the investment of the encouraging global development with higher prices. Oil to adjust the current exchange rate.
Representatives in Parliament hold the government and the Finance Minister in particular to stand behind the decision to reduce the value of the dinar against the dollar.
A member of the Parliamentary Finance Committee, Sherwan Mirza, confirmed that “the new dollar exchange rate has not been manipulated by the budget, given that the country’s financial policy has been drawn to the price that was mentioned in the bill.”
He stressed in an interview with (Baghdad Today) that “Parliamentary finance worked according to the powers granted to it in amending and replacing some of the items in the budget and the exchange rate from the government’s authority, and we do not think it intends to change it.”
In turn, a member of the Parliamentary Economy Committee, Mazen Al-Faili, affirmed that “the surplus from the difference in the price of a barrel of oil can contribute to maximizing revenues and filling the current financial deficit.”
He explained in a televised interview that “the price of a barrel that was proven in the budget reached $ 45 and the current price on the global market for Iraqi oil has reached $ 60, and this encourages going to a plan to reduce the exchange rate.”
He added that “MPs suggested going for an exchange rate of 1300 dinars against the dollar, as a compromise.
The proposal is before the government now and reduces its powers and can be fixed in the budget.”
https://baghdadtoday.news/ar/news/145841/A
Wonderful!?????