Sat. PM KTFA News Articles 10-16-21

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KTFA

Samson » October 16th, 2021

For one day.. the Iraq Stock Exchange announces the suspension of its activity

16th October, 2021

The Iraq Stock Exchange announced, on Saturday, the suspension of its activity for one day only.

The market said in a statement received by “Mawazine News”, a copy of it, that “based on the decision of the Council of Ministers to declare next Monday an official holiday on the occasion of the anniversary of the Prophet’s birthday, trading sessions will not be organized for that day.”

The market added that “the activity will be practiced after the official holiday and starting next Tuesday, according to its official timings.”

It is noteworthy that the Iraqi Stock Exchange organizes five trading sessions a week from Sunday to Thursday, and includes 103 Iraqi joint stock companies representing the sectors of banking, telecommunications, industry, agriculture, insurance, financial investment, tourism and hotels.   LINK

An International Institute that monitors what Iraq needs to achieve financial balance

16th October, 2021

The Institute of International Finance expected that Iraq needs a price of 64 dollars per barrel of oil during the next year to achieve financial balance.

The institute stated in a report that “all oil-producing countries will witness a decrease in the price of oil to achieve parity or financial balance in the budgets of the oil-exporting countries and without a significant deficit,” noting that this is due to “the rise in oil and gas production in these countries in exchange for limited government spending cuts.” 

According to the report, the break-even price of oil in Iraq – the second largest oil producer in OPEC – will be at $62 a barrel in 2022, down from $63 a barrel this year.

In other oil and gas producing countries, Qatar’s budget will witness a financial break-even point at $44 a barrel next year, down from $52 a barrel during 2021. Bahrain, which is described as the smallest oil producer in the Gulf – will also witness a financial break-even, at $76 a barrel. During 2022, compared to $82 a barrel in 2021.

In contrast, the fiscal breakeven point in the budget of Saudi Arabia – the largest oil exporter in the world – will drop to $67 a barrel in 2022, compared to $75 a barrel in 2021.  LINK

10 years in prison for the former head of the Central Bank of Iran

16th October, 2021

Today, Saturday, the Iranian judiciary announced the imprisonment of former Central Bank chief Valiollah Seif; accused of disrupting the foreign exchange market, targeting the Iranian economy, and mismanagement.

And a statement published by the Iranian judiciary’s “Mizan Online” news agency stated that “the prisoner was sentenced to 10 years in prison.” God’s guardian sword  Ahmed Araqchi was also sentenced to 8 years in prison; due to disruption of the foreign exchange market, targeting of the Iranian economy and mismanagement.”

The statement added, “An inexperienced young man named Salar Agha Jani, who was working for a company, was also sentenced to prison Ahmed Araqchi to take responsibility for selling foreign currency in the unofficial market in a clandestine manner.”  He continued, “These illegal transactions were with the knowledge of the former Central Bank Governor.” God’s guardian sword  between 5 and 8 million dollars in foreign exchange resources were given to the convict, Salar Agan Jani.” He was the former head of the Central Bank, God’s guardian sword, was dismissed in late July 2018, and he took that position in 2013; accused of disrupting the Iranian economy.

The prosecutor accused the TehranAli Al-Qasi Mehr  the former head of the Central Bank, by violating the rules, abandoning his duties, disrupting the economic system, wasting more than 30 billion dollars in foreign exchange resources and 60 tons of gold reserves, worth 800,000 billion tomans, within two years.

In August 2018, was arrested Ahmed Araqchi Deputy Governor of the Central Bank and a relative of Deputy Foreign Minister Abbas Araqchi; Accused of participating in embezzlement of 160 million dollars and more than 20 million euros.   LINK

Source: Dinar Recaps

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