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KTFA
Samson » July 6th, 2022
The largest regional political alliance in the world.. What do you know about the Shanghai Cooperation Organization led by Russia and China?
5th July, 2022
As NATO seeks to expand and bring in new members, both Russia and China are trying to expand partnerships and bring in new members to huge Asian rival organizations to the West, such as the Shanghai Cooperation Organization (SCO), to develop greater political understanding and economic interdependence between these faraway countries.
About the West, which creates incentives for cooperation in various fields, and what may constitute a major challenge to the interests of the United States of America and NATO in the East. What is the Shanghai Organization and its members, and what are its objectives?
What is the Shanghai Cooperation Organization (SCO)?
The Shanghai Cooperation Organization (SCO) is a Eurasian international organization, founded in the form of a political, economic and military alliance, in the Chinese city of Shanghai on June 15, 2001 by 6 countries initially: the People’s Republic of China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan.
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These countries, with the exception of Uzbekistan, were members of the “Shanghai Five-Year Group” founded on April 26, 1996 in Shanghai.
Subsequently, India and Pakistan joined the organization as full members on June 9, 2017, at the Astana Summit. While Iran became the ninth member, after the members agreed to amend its status in the organization from an “observer” member to a “full” member, during the summit held in the Tajik capital Dushanbe on September 17, 2021.
The observer countries of the organization include Afghanistan, Belarus and Mongolia, and the “dialogue partners” of the organization include Armenia, Azerbaijan, Cambodia, Nepal, Sri Lanka and Turkey, all of which are candidate countries to become a full member of the Shanghai Cooperation Organization.
Members of the Shanghai Cooperation Organization constitute nearly half of the world’s population, and nearly three-fifths of the Eurasian land mass, making it the world’s largest regional political alliance. The Shanghai Organization in the West is often called the “Eastern Alliance”.
What are the goals of the Shanghai Organization?
The objectives of the organization revolve around promoting policies of mutual trust and good neighborliness among member states, combating terrorism and strengthening security, combating crime and drug trafficking, and confronting separatist movements and religious or ethnic extremism.
It also provides for cooperation in the political, commercial, economic, scientific, technical and cultural fields, as well as transportation, education, energy, tourism, environmental protection, and the provision of peace, security and stability in the region.
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At the same time, many analysts believe that the Shanghai Organization is a new military alliance in the east to counter the North Atlantic Treaty Organization (NATO).
What is the significance of the Shanghai Organization and what military activities is it engaged in?
The peoples of this organization constitute half of humanity, which makes it a huge fundamental entity that cannot be underestimated politically, economically or militarily in the global system, especially since most member states oppose American hegemony around the world, and have been secretly and publicly expressing their fears since.
The SCO mainly focuses on the security concerns related to “Central Asia” of its member states, and often describes the main threats it faces as “terrorism”, “separatism” and “extremism”. Over the past few years, the organization’s activities have expanded to include increased military cooperation, intelligence sharing, and counter-terrorism.
The organization says that it “conducts military exercises regularly among members to enhance cooperation and coordination against terrorism and other external threats, and to maintain regional peace and stability.”
There have been a number of SCO joint military exercises. The first was held in 2003, with the first stage taking place in Kazakhstan and the second in China. Since then, China and Russia have cooperated in large-scale war games in 2005, 2007 and 2009, sponsored by the Shanghai Cooperation Organization.
More than 4,000 soldiers participated in the 2007 joint military exercise, known as the “Peace Mission”, which took place in Chelyabinsk, Russia, near the Ural Mountains. After the successful completion of these war games, Russian officials began to talk about India joining such exercises in the future, and that the Shanghai Cooperation Organization is playing a military role.
In the 2010 Peace Mission exercises, which took place from 9 to 25 September of that year in the Matipulak region of Kazakhstan, attended by more than 5,000 personnel from China, Russia, Kazakhstan, Kyrgyzstan and Tajikistan, joint planning and operations exercises were held.
What is the economic size of this block?
The size of the economies of the member states of the Shanghai Cooperation Organization in 2020, amounted to about 19.58 trillion dollars, constituting about 23.1% of the total volume of the global economy, according to the World Bank, which is nearly a quarter of the world’s economy.
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Since the organization’s establishment nearly 20 years ago, China has proposed a long-term goal of establishing the Shanghai Cooperation Organization free trade area, in addition to taking other immediate measures to improve the flow of goods in the region.
The organization established its Business Council on 14 June 2006 with the aim of expanding economic cooperation among member states, establishing direct relationships between financial communities, and facilitating practical promotion of multilateral economic projects. In addition to energy, transportation, telecommunications, lending, and the banking sector, the council focuses on SCO cooperation priorities such as education, research and innovative technology, as well as healthcare and agriculture.
In the same year, the organization also established what is known as the “Inter-Bank Consortium” of the Shanghai Cooperation Organization (SCO IBC) by the Council of Heads of Government, with the aim of providing financing and banking services for investment projects sponsored by the governments of the member states of the Shanghai Cooperation Organization. The SCO IBC is held in particular by consensus of all parties at least once a year.
Priority areas of cooperation within the SCO include: providing financing for projects focused on infrastructure, basic industries, high-tech industries, export-oriented sectors and social enterprises, issuing and providing loans based on generally accepted international banking practices, and organizing pre-export financing to stimulate trade and economic cooperation Among the member states of the Shanghai Cooperation Organization, and other areas of common interest.
At the 2007 Shanghai Cooperation Organization summit, Russian President Vladimir Putin called for the need to “change the global financial architecture,” saying: “We now clearly see the imbalance of monopoly in global finance and the policy of economic selfishness. To solve the current problem, Russia will participate in changing the global financial architecture so that it can ensuring stability and prosperity in the world and ensuring progress.
“The world has witnessed the emergence of a qualitatively different geopolitical situation, with the emergence of new centers of economic growth and political influence. We will witness and participate in the transformation of structures of global and regional security and development adapting to the new realities of the twenty-first century, when stability and prosperity have become inseparable concepts,” Putin added.
On the occasion of the Bishkek Summit in June 2019, Pakistani Prime Minister Imran Khan also made a statement to build a market for the local currency instead of the US dollar among the members of the Shanghai Cooperation Organization. In July 2022, Iran recommended the member states of the Shanghai Cooperation Organization to create a single currency, to facilitate trade exchange between member states.
How does the West view the Shanghai Organization?
The Shanghai Cooperation Organization has been conducting regular military exercises since 2002, and besides improving the strategic partnership between China and Russia, Iran’s presence, and these countries’ economic, military and nuclear capabilities, all of this is causing concern and fear in the West.
Some Western scholars described the Shanghai Organization as the “NATO of the East”, and classified it as an emerging military bloc that should be wary of, and as the largest anti-American bloc in the region, and its meeting together constitutes a challenge to the interests of the United States and its leadership roles in the East.
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Although the Shanghai Cooperation Organization is not an exclusive military alliance, its member states participate in joint military and war exercises. With the accession of India, Pakistan and Iran, 4 members of the Shanghai Cooperation Organization have significant nuclear capabilities, and this has certainly strengthened the new eastern bloc against NATO. But among all the member states, very few meet NATO’s requirements for military spending (2% of GDP), which puts a great deal of pressure on the few countries chosen to carry the torch during the conflict.
In addition, since member states have not pledged military support, they will be free to refuse to get involved in future military conflicts, Western experts and analysts say.
What are the challenges facing the Shanghai Organization?
But what the SCO lacks in terms of joint military capability, it may be able to make up for in economic opportunity. The markets of many SCO countries have not yet been fully exploited, and the union has enormous natural and human resources.
India and China are among the world’s fastest growing economies, and with greater economic cooperation, other SCO members may benefit from their growth as well.
One of the biggest challenges facing the SCO is finding a way to reconcile the divergent political interests of its member states. The SCO’s goal of increasing cultural and humanitarian exchanges may help overcome this obstacle. But NATO is not as united as many think either; Member states are not necessarily forced to participate in NATO operations, and may even choose to conduct their operations unilaterally.
And if we want to expand on a comparison between NATO and the Shanghai Organization, it seems that NATO focuses more on the world while the Shanghai Cooperation Organization seems more concerned with internal issues. Therefore, it may not be better to compare the two, as some Western analyzes say; The SCO as a body would not pose a direct threat to NATO, but independently, Russia and China might be able to act as powerful players in the conflict.
Despite the enormous size and economic influence of the Shanghai Cooperation Organization, it cannot compete with NATO in the global political arena. This has nothing to do with the military and economic capabilities of both blocs, but more to do with the goals of these two organizations.
NATO was built to be an alliance against a common enemy, and in the absence of one, the Western political bloc could lose its cohesive strength. On the other hand, the SCO was established during peacetime, and has interests beyond military cooperation, including its various economic and cultural activities in the region. LINK
Source: Dinar Recaps
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Samson » July 6th, 2022
Food Security Law Comes into Force
6th July, 2022
The Iraqi Gazette published the Emergency Support Law for Food Security and Development
After its publication in the Official Gazette, the law will have entered into force LINK
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The new issue of the Iraqi Gazette (4681) was issued on July 4, 2022
2022-07-06 12:39:00
Law of Emergency Support for Food Security and Development No. 2 of 2022.
– Instructions for maintaining documents in the Ministry of Defense No. (1) of 2022.
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– Instructions No. (1) of 2022 “facilitating the implementation of the Ministry of Youth and Sports Law” No. (25) of 2011.
To download the issue, click here
Those wishing to acquire a copy of the Iraqi Gazetteer can refer to the Iraqi Gazetteer Department located in Al-Salihiya/Haifa Street (Ministry of Justice Building), and obtain the required number
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Tivon » July 6th, 2022
Now we are working with something.
Do you guys remember what Mazhar M. Saleh stated back on June 8th 2022? He said the EFSL will move the wheels of the Iraqi economy correct? He also stated that the EFSL is a compensatory law. His wording here deserves a focused observation as to what that implies.
Because in the PDF file of the law (In The Gazette) is says that this law will address Food Security, Poverty, Electric Power, Financial Stability, Services to Citizens, Raise The Standard of Living, Create Job Opportunities, and the implementation of important projects.
All of these areas are of priority and are considered an emergency and needs immediate alleviation as we all read just a couple if days ago how Iraqis cannot afford rent, clothing, or items that are usually purchased prior to the upcoming holiday in a few days.
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Inflation has caused great stagnation in the market economy. How can Al-Kazemi implement this law with full force if this law will be operating for the remainder of the year if financial stability is to be attained that is not present at the current program rate?
Are they going to stop at Food Ration Cards? Because those cards are limited to meal oriented purchases.
Well we know that reconstruction of liberated areas aside from Mosul will be financed. We also know “Citizens Entitlements” which is contingent upon the HCL/Oil & Gas Law is a part of the EFSL.
Will that pass this officially at the upcoming parliament session next week where they mentioned many laws will be passed and voted on? IMO
Remember the EFSL is a part of the White Papers which is basically the Monetary Reforms.
Al-Kazemi said they have commitments within this law that they must honor. Not only that the law is supposed to create jobs and revitalize the economy. It also supposed to help by opening the economy to trade.
I find it very timely that Al-Kazemi is in talks with a German Ambassador talking about rebuilding liberated areas within the same timeframe of the EFSL being published in the Gazette. IMO
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Humble1 » July 6th, 2022
I have to disagree with you on this statement Tivon, the white papers came out two years ago, before the EFSL was ever even an idea, and are not part of the white papers, all the EFSL was for is a band aid for the GOI to be able to spend some of the money the GOI is making from the high price of oil currently. They have all this extra money coming in, and like children with money in their hands, they feel the need to spend it, some on needed projects and some will go to the corrupt, just like all government spending everywhere in the world, but that law that is now in full effect in no way has anything to do with the monetary reform that I am looking for from the CBI. All IMO
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Tivon » July 6th, 2022
The EFSL is operating within the White Papers. This is not me saying this. It’s literally in the thread. I have been looking for it. But it came from Al-Kazemi cabinets. You should know I would never state something this blatant and it not be in some article as I do everything else. How many bold statements have I made without showing it in writing?
You can disagree but Mazhar M. Saleh along with a couple of other said that the EFSL will basically jump start the White Papers into high gear due to the areas or sectors it will address.
They said that’s why no one in government challenged the law because it is protected by the White Papers which also operate outside of the political landscape just like the EFSL did as is evident from it flying through unchallenged and published without a seated government.
I stand by my statements. Because I read there was a clause utilized that allowed the EFSL the protective measures to be pushed through without any problems. I have to look for it. IMO
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Suzie » July 6th, 2022
Glad they finally published it. Now, lets stay grounded and see what they actually do, just MY opinion!
Samson » July 6th, 2022
If I was any more grounded I’d be six feet under LOL
Tivon » July 6th, 2022
I wanted to share this with the people from yesterday who championed the perspective that we need a seated GOI in order for important laws to pass that will protect the Monetary Reforms.
I said I was going to find it in writing. Along with the White Papers that is also independent of the political mess with the blocs.
Iraq is using the constitution to rebuild their country. They are using it for Oil & Gas. The USD Price. And the dissolution of Parliament. They got one out of the way. The EFSL was voted on without a formed GOI.
The Contracts for the gas law was revoked in Kurdistan without a formed GOI.
The EFSL was voted, passed, and published in the Gazette without a formed GOI.
Now that it is official Al-Kazemi can run the country for the remainder of the year without a formed GOI.
I don’t know how people here continue to say that they need a seated GOI for this and that when it’s full of proxies who are not even eligible for the positions in government. They are obviously not needed.
At least have your talking points substantiated where your word alone isn’t drifting out to see without any paddles to find your way back to solid ground. IMO
A member of the “Save the Homeland” coalition, MP Ahmed Mazhar al-Jubouri, said on Tuesday that alliances are still suspended and dialogues are “frozen”, and there is nothing new in light of the political blockage.
Al-Jubouri added in an interview with the official “Al-Sabah” newspaper, which was followed by Mawazine News, “In parliament, we have started studying options for passing laws without waiting for the formation of the government.”
He explained, “If the problem is to dissolve parliament, we are ready for the constitutional text, and the parliament must dissolve itself, and thus represent the will of the Iraqis, and when there are real popular demands, we are ready to go in this direction.”
Al-Jubouri indicated that “the Alliance to Save a Homeland was determined from the first moment to achieve a national project that differs from the old projects, or to start an initiative that there would be a majority government plus a constructive national opposition, not a destructive one.”
He continued, “Therefore, if the Alliance to Save a Homeland is on one side, it is not a problem, because it aspires to be a political project and not an electoral project for the president of the republic or the formation of the government.”
Tivon » July 6th, 2022
Now that we have a new legislative session coming up next week. It brings me back to what Al-Kazemi supposedly said almost two weeks ago. When he mentioned the USD reduction price. He was very clear as to what he requested of his cabinet. And he has not come out to backtrack on any of his statements.
The man had 100 Deputies sign to support his agenda at the earliest time possible. I know we are not allowed to post pondering Rate & Date opinions. But let me ask what would Al-Kazemi be referring to based on these statements below?
This has been overlooked since it has been posted. Why? Not sure but obviously Al-Kazemi wants to alleviate the conditions of his citizens as soon as any viable allotted time.
In The Document.. The Signatures Of More Than (100) Deputies Were Collected To Reduce The Exchange Rate Of The Dollar Against The Iraqi Dinar
23rd June, 2022
Greetings… Based on Article (61 Seventh-c) of the Iraqi constitution and Article (56) of the internal system, please include the issue of reducing the price of the dollar in the earliest possible session, according to constitutional reasons, and because of the economic repercussions that are taking place in the country and the collapse of the currency and its impact on Iraqi citizen. With much thanks and appreciation.
Samson » July 6th, 2022
KRG announces Eid holiday
07/06/2022 15:58:14
On Wednesday, the Kurdistan Regional Government announced the suspension of official working hours in government departments and institutions next week on the occasion of Eid al-Adha.
“On the occasion of Eid al-Adha, the Kurdistan Regional Government decided to suspend official working hours in all its institutions, starting from Saturday, the ninth of July, until Thursday, the 14th of the same month,” a spokesman for the regional government, Jotiar, said in a statement.
The spokesman excluded the exams for the 12th preparatory class (sixth middle school) from the holiday, and said that the exams would be according to their prepared schedules.
On Saturday, Prime Minister Mustafa Al-Kazemi directed the suspension of official working hours in all government departments and institutions next week on the occasion of the Eid al-Adha holiday. LINK
Economist: Oil prices may reach $ 200 in this case
5th July, 2022
The economist, Duraid Al-Enezi, expected, on Tuesday, that oil prices would rise to $200 in the event that Russia’s exports were reduced to 3 million barrels of oil per day
Al-Enezi said, “Russia is on its way to destroying the global economy, in order to restore its economic group (Brexit), as Russia now exports 8 million barrels of oil per day, and if exports are reduced to 5 million, we may witness a rise in oil prices to 170 dollars
Al-Enezi added in a statement to “Al-Furat News”, and “Al-Iqtisad News” continued, “It may reach $200 if it reduces its exports to 3 million barrels of oil per day LINK
Source: Dinar Recaps
Samson » July 6th, 2022
Egypt introduces the first plastic ten-pound coin
6th July, 2022
The Central Bank of Egypt launched the ten-pound plastic denomination (polymer), which was produced using the latest banknote production lines applied in the world at the new printing house in the New Administrative Capital, with an emphasis on not canceling any of the previous issues of the same denomination and continuing to work with and circulate.
The new coin is adorned with the Al-Fattah Al-Alim Mosque as one of the features of the Islamic architectural styles in the new administrative capital, as well as the Pharaonic civilization represented by the statue of Hatshepsut, which reflects the identity of the ancient Egyptian state, linking the new currency ancient Egyptian history with the modern era.
Plastic money is characterized by flexibility and strength, less thickness, and a longevity of about three times that of the current cotton paper category, in addition to being waterproof, less affected by dust, environmentally friendly and recyclable, and more resistant to pollution compared to The denominations of paper money in circulation, in addition to the difficulty of counterfeiting and counterfeiting them.
The bank said in a statement, Tuesday, that the introduction of the new currency comes within the framework of implementing the clean monetary policy and raising the quality rates of banknotes circulating in the Egyptian market, in addition to reducing the cost of printing banknotes, especially the most traded categories, in the long run due to the long life of the paper. LINK
Lavrov: Vietnamese companies continue to do business in Russia despite sanctions
6th July, 2022
Russian Foreign Minister Sergey Lavrov said that joint Vietnamese and Russian-Vietnamese companies will continue their activities in Russia and world markets despite Western sanctions.
The statement came at a press conference held by the Russian minister in the Vietnamese capital, Hanoi, after talks with Vietnamese Foreign Minister Boy Thanh Son.
He said, “The Vietnamese business sector clearly sees its interest, and wants to benefit from the further development of economic and investment relations with Russia. We have a very close and structured cooperation in the energy sector.
There are companies involved in the production and delivery of hydrocarbons to global markets, and today we talked about the fact that these companies will continue their work.” LINK
India is the largest importer of Iraqi oil during June
6th July, 2022
India topped the list of countries buying Iraqi oil last June, with a share of more than 35% of total exports
According to tanker trackers, the total exports during June amounted to more than 101 million barrels, with revenues exceeding $11 billion
India ranked first with its total imports of Iraqi oil with 36.33 million barrels, or 35.9%, with a daily average of more than one million barrels
China came after India, as it imported 23.56 percent of the total exports, at a daily rate of more than 769,000 barrels, as its oil purchases amounted to 23.8 million barrels
While America bought 11.77 million barrels from Iraq, representing 11.63% of the total June exports of Iraqi oil LINK
Oil suddenly falls towards the $90…the lowest in 3 months
6th July, 2022
A new wave of losses erupted in the oil market, pushing the spot prices of the benchmark Brent and NYMEX crude to their lowest levels in 3 months, specifically from the beginning of last April
The prices of the benchmark Brent crude fell during these moments of trading today, Wednesday, to levels near 98 dollars per barrel, equivalent to losses in the range of 4 dollars per barrel
While the price of Nymex crude tumbled more than 4%, or the equivalent of $ 5 per barrel, down to levels near $ 95, which is the lowest since the beginning of last April
By the end of trading on Tuesday, the benchmark Brent crude price recorded a decline of 7.9%, or the equivalent of $8.86, at $102.77 a barrel, and the price of US Nymex crude fell by 8.2%, or $8.93, to record $99.50 a barrel LINK
Deputy: National Banks Are Led By Corruption Mafias, And The Central Bank Must Intervene
6th July, 2022
The representative of the Al-Fateh Alliance, Aziz Sharif Al-Mayahi, called, on Wednesday, the Central Bank of Iraq to reconsider the classification of Iraqi private banks and hold them accountable that did not provide any investment or economic benefits to Iraq, referring to some private banks that have turned into shops to issue letters of guarantee and take high and large commissions in addition to depletion of hard currency and smuggling it with false invoices.
Al-Mayahi said in a statement received by “The Information”, “There are many private banks led by a number of corruption mafias, which, unfortunately, have turned into shops for issuing letters of guarantee and taking high and large commissions that burden contractors, in addition to draining hard currency and smuggling it abroad and paying forged invoices to The central bank and market speculation have not negatively affected the economic situation and harmed the Iraqi private sector and established its wealth at the expense of Iraq and its people without presenting any investment or economic plans or projects that would benefit Iraq or reduce the suffering of the poor classes.
Al-Mayahi added, “The Central Bank had previously worked on grading private banks according to what they presented, but unfortunately we did not find any of those private banks that were granted advanced degrees any benefit to the country, and they did not have any positive role during the successive economic crises that the country was ravaged, and despite this, its wealth is still growing from the country’s bounties without any account or supervision.”
He stressed “the importance of returning the central bank to all its accounts in dealing with private banks and setting stricter controls in checking invoices sent from those banks, given that the volume of exports does not equal the volume of hard currency leaving the country to sort out the lagging ones after giving them a time limit to rearrange their plans and in the event that the continued reluctance should work to withdraw licenses from them and oblige them to pay fines for the extent of the damage they caused to the Iraqi economy and the private sector.” LINK
Source: Dinar Recaps
Samson » July 6th, 2022
The emergency support law enters into force .. Will the government challenge it?
30th June, 2022
Today, Thursday, Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, announced the entry into force of the Emergency Support Law, after more than fifteen days had passed since its enactment.
Saleh told (Baghdad Today), “The law stipulates that there is a group of deputies requesting the legislation of a law within the parliament that does not have a financial aspect.”
He added, “The law has that aspect, but the government will not object or challenge it in the Federal Court because it needs its paragraphs and is linked to the payment of dues to ministries and citizens, such as contracts and others.”
On the eighth of this month, the Iraqi parliament voted on the law on emergency support for food security as a whole, to enter its legislative recess.
The vote was attended by 273 deputies, headed by the Speaker of the Council, Muhammad al-Halbousi. LINK
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MilitiaMan » July 6th, 2022
Interesting they tell us today that the ESFL made entry into force. One day after a publishing day for the gazette.. Banks are closed are long closed today..
Interesting too is there is a new platform for non reporting companies for the ISX. Saturday is another publish day for the gazette. The list of nondisclosure stocks will increase in value at varying levels of %s. This new platform is scheduled for this Sunday. Not totally a huge thing in of it self or is it?
They didn’t mention the ISX reporting companies. If the non reporting are going to increase in value and be on the new platform, would it not be likely that the fully reporting stocks do same and interlink with the NASAQ? Would not a similar and or superior move be warranted and on the same day?
I don’t know, however, with a new exchange rate to come, there is likely to be increased values for the ISX reporting companies as well. Something that would likely need to be held more close to the chest.
I see this article as being an indicator.. Possibly a very telling one. We shall see soon enough on both angles…. imo ~ MM
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The Iraq Stock Exchange launches a platform for trading shares of undisclosed companies
29th June, 2022
The Securities Commission and the Iraq Stock Exchange announced the launch of a platform for trading shares of undisclosed joint stock companies, while identifying the companies that can trade on the platform
The authority’s media stated, in a statement, that “the authority decided to create and launch (a platform for trading the shares of undisclosed joint stock companies) Undisclosed Comp as of Sunday’s session 3/7/2022,” noting that “the rate of change in the session will be 5%, up and down from the closing price.” The share price will be left with a 50% change from the last closing price of the share in the first trading session on the platform
He added, “Trading on this platform will be for companies that the Securities Commission had previously decided to suspend from trading due to failure to provide the required disclosures, which are: Electronic Industries Company, Light Industries Company, Al Badia Public Transport Company, Modern Construction Materials Industry Company, the Iraqi Company for Land Transport and a Bank Company. Babel, Al-Batak for Financial Investments, the Modern Company for Animal Production, the North Bank Company, the Al-Khair Financial Investment Company, the Iraqi Company for the Transport of Oil Products, and any company that the Commission decides in the future to include in trading on this platform from the listed companies
He called on the above companies to “commit to provide the minimum disclosure (a report on the company’s situation from the date of submitting the last financial statements to date / lawsuits / seizure and mortgage / any material events affecting the company’s activity) and the experience and mechanisms will be evaluated after three months from the start of the application and take advantage of the notes indicated on it according to an evaluation and efficiency examination form
The Securities Commission and the Iraq Stock Exchange also decided to “increase the price change percentage from 10% to 15% as of 3/7/2022 for the companies listed therein in order to activate trading in the regular trading platform
The Commission stressed that “the potential shareholder and investor – bears the responsibility of buying and selling shares on the shares listed on the undisclosed companies platform – based on his investment decisions and that the brokerage companies include a note in the purchase and sale authorization and in the investor’s agreement that includes the phrase that the shareholder and investor are informed of the above and acknowledges his responsibility any risks that appear later as a result of the lack of information and data – lack of disclosure – for the companies participating in this platform
He pointed out that the procedures were “based on Legislative Order No. 74 of 2004 and the instructions and rules issued by the Securities Commission and the Iraq Stock Exchange and in order to protect the rights of shareholders in joint stock companies listed on the Iraq Stock Exchange, attract potential investors, and activate trading in securities
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MilitiaMan » July 6th, 2022
Now we know that the EFSL is done today. It is likely the main conduit for the Reforms to get up and running in earnest asap.
Most of the above undisclosed stocks are trading this week and a couple that were relisted, again today were delisted for what ever reasons of non disclosure?
The point is they are gearing to go electronic. They’ll need as many as they can to be in compliance prior to going electronic but they have made good headway now.
The taxes and tariffs, customs fees, e-governance issues are all in place imo and ready for the adjustment to a new exchange rate. The EFSL having been published is likely the trigger for this trading platform to get running. The private sector is going to be a massive driver. Lets see how long it takes to see more good results.. For the matter an article 8 compliant currency.. ~ MM
Jeffrey » July 6th, 2022
Tivon So the efsl has now been published. Kazemi, like you said, ” is basically running the govt” . Kazemi is for the people we have been told, so what in the world are we still waiting on? In your opinion, it’s not a seated govt and if it is you believe that won’t happen till next year, so I hope you are correct and we don’t need the seated govt. The efsl was published today and no one is going to the bank so again what are we possibly waiting for IYO?
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Tivon » July 6th, 2022
Jeff, if you have been paying attention I posted for the dozenth time the time table (By Al-Kazemi) you would want to hear or consider if it were to be the issue based on the Constitution where 100 Deputies signed off on reducing the USD exchange rate at the earliest legislative session which takes place next week that would make all the sense in the world on a legal basis to address the exchange rate problem that is affecting the citizens.
It’s literally in the Final Article Thread posted on June 23. He is the one that said he wants the EFSL implemented with full force to address the many areas of concern that includes Financial Stability, Services to Citizens, Reduce Poverty, Investment Projects, Citizens Entitlements, Fuel, Energy, Farmers, etc.
I don’t know how this would be accomplished without an rate change. Nobody told you that the publication on the exact same day would see a rate change. They need to be in session for that. Which takes place after the holiday.
Mazhar M. Saleh stated that the EFSL will move the wheels of the economy. The Parliament of Finance said it will help with open trade and revitalize the economy.
All of these statements did not come from me. So please do not make this about me. I can not jump start the process for Iraq. So no it’s not or was never about what I personally said. I am giving you an even better alternative by providing you with the exact statements from the actual political and financial figures (Inside Iraq) that are telling you what you would want to hear.
Not me. I acted as a guide for a path I did not chart. I am not in charge of the Monetary Reforms. The EFSL as stated (Not By Me) but by Al-Jubouri, Al-Zamili, Mazhar M. Saleh, Al-Sadr, etc that the Al-Kazemi cabinet will act as a government (Using The EFSL) to jump start the economy since there is no seated government.
That’s why the law was created to begin with. I don’t understand how am I repeating what I thought has been understood when we all sat here and witnessed the EFSL get passed, voted, and published in the Gazette without a formed GOI. Remember Maliki did not want this law passed. Now that it has he’s trying to take credit for what it will do. Go read his last statement about the USD.
Listen, if you were to get a seated government. Which I’m sure will be technocrats with a E-Goverment. I am waiting for dissolution so Al-Kazemi can be granted full authority so we don’t have to wait for the next formed government to get a rate change that Al-Kazemi will have all the power to address along with the political blocs who helped get the EFSL passed. Enjoy your day. IMO
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MilitiaMan » July 6th, 2022
Well done Tivon.. One minor thing that we are waiting on now is the CBI.. lol ~ MM
Lets not forget the ISX has some work to do, too. They’ll trade again tomorrow, then will be closed through to the 16th and open the next day.
So if they are to go electronic like we know from what we have been told in the past and present, they’ll need an international rate to get the platform roaring. Like the borders have.
They are talking about compliance with international standards. Lets hope that those that seem to not understand that new systems take time and that we can clearly see that there is an evolution going on to bring the new systems into synchronization that are working in parallels.
The systems will have to communicate. Fixing anyone’s frustrations, is not why we are here. Assessing the good, the bad, the indifferent, flat out right ludicrous data is not easy to do. lol So we follow along the best we can.
With many of us do is do the best we can to give and honest and supported data set. If it helps great, if not, then there is always stepping back. I for one, see no need to step back..
The roll out imo is not going to stop now that the EFSL is a law and published. ~MM
Source: Dinar Recaps
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