Iraq market stops its activity for five days
Today, Thursday, the Iraqi Stock Exchange announced the suspension of its activity for a period of five days.
The market said in a statement, “Based on the Cabinet’s decision to declare an official holiday for a period of five days on the occasion of Eid Al-Fitr, it will not organize trading sessions, starting from Thursday, corresponding to April 20, until next Monday.”
The statement added, “The first trading session after the Eid holiday will be on Tuesday, April 25, according to its official timings link
The Minister of Finance directs the work of Al-Rasheed and Al-Rafidain employees during the Eid al-Fitr holiday
Finance Minister Taif Sami directed the employees of Rafidain and Rashid bankers at work during the Eid al-Fitr holiday.
A statement by the ministry received by “Al-Malala” said that “the Minister of Finance directed the full-time of the employees of Al-Rafidain and Rashid bankers on Thursday, tomorrow, Friday and throughout the Eid al-Fitr holidays for the purpose of completing the procedures for paying the salaries of employees for the current month.”
Ali Al-Alaq continues his efforts to organize the financial and economic affairs in Iraq
The Central Bank of Iraq has taken new mechanisms to reduce money laundering and terrorist financing through the sale and purchase of real estate.
According to a document issued by the Central Bank, which stated that “for the purpose of reducing the risks of money laundering and terrorist financing related to the real estate sector, which is considered one of the international requirements imposed on the Republic of Iraq to adhere to, and which reflects the positive impact on its evaluation, coordination between you and the real estate registration departments regarding operations Buying and selling real estate.
And the bank stipulated that “the presence of the seller and the buyer or buyer, for the purpose of depositing the agreed amount with your institutions when the amount of the property exceeds the permissible limit in the due diligence controls of the real estate registration departments No. 1 of 2022.”
And he stressed that “the amount is deposited with your institutions through opening accounts or any other methods that you deem more flexible, after taking due diligence measures on your part.”
And the bank stressed that “the commission specified by the supervisory authority for this purpose is met, or without it according to the policy followed by you, which in turn will increase the classification of banks’ evaluation by the supervisory authority in the event that nominal percentages are taken, based on what came in our letter No. 2/9/126 dated On 26/2/2023, which includes the quality of banking services.
The bank indicated that “a letter is issued by you to the real estate registration department concerned with the process, by depositing the amount, and the letter addressed to the aforementioned department includes the following: (m/ depositing the amount of the text (the amount of the property numbered with the number (…) has been deposited according to Bond No. (… ) returned to the seller Mr. (….), and the buyer Mr. (….), after completing the due diligence procedures based on what was stipulated in the Anti-Money Laundering and Terrorist Financing Law No. 39 of 2015 and the due diligence controls concerned with the real estate registration departments No. 1 for the year 2022. link
Russia announces the start of the “de-dollarization” process: the dollar is on its way to disappear
Russian Deputy Foreign Minister Alexander Pankin announced the launch of the “dedollarization” process, stressing that sooner or later the dominance of this currency is on its way to disappear.
Asked when Russia would be able to completely get rid of the dollar and how that would affect the U.S. position internationally, Pankin said: “This process has been launched, it’s a trend, and that’s popular.”
“Of course, the dollar’s position is strong in the global economy, of course, there are a number of dependencies. The dollar is not just a financial instrument. Rather, it is reinforced by American policy with other types of dependencies, a network of military-political, economic relations and so on.”
“Now many countries are stronger and tougher, and therefore, there is greater confidence in their currencies. I don’t know if the dollar will disappear like this.”
“I recently read and saw this table somewhere, which was dominating that. Once upon a time, the Dutch guilder, the Portuguese escudo dominated – moreover, for 80 years, 100 years, the pound sterling was… The dollar is not the first currency in the world to dominate for a long time. And I don’t assume the dollar age calculation. But every dominant currency is deferred in its lifetime.”
Source: Dinar Recaps
‘Iraq 2023, Open to the World’, IBBC Mansion House Conference, June 16th, 2023
This is a big year for Iraq, and IBBC is inviting you to join us at our Mansion House, Spring Conference on June 16th in the City of London.
We are celebrating the theme ‘Iraq 2023, Open to the World’ with our members and the international business and finance community.
As the Iraqi government is set to pass a new $120bn budget for distribution, sustained by a strong oil price and increased political stability, the Internationalisation of Iraq is set to continue and accelerate.
IBBC is also developing a wider international audience, from trade initiatives with Saudi Arabia and Kuwait, members in Turkey and USA, to members services extending to the Gulf, Europe and beyond. It’s time to evaluate how Iraq can evolve and optimise the opportunities for growth.
IBBC expects a full agenda of major international companies and speakers, UK & Iraqi politicians and many networking and business development opportunities.
Key panels will include International Finance with sessions on Banking and Investment, Project Finance and Insurance, Renewable Energy and diversified services. We expect to hear from some of the most successful local and international companies working in Iraq on Infrastructure and General Trading. In addition, there will be parallel sessions on Education and Technology in dedicated spaces. Please do get in touch with us should you wish to help shape the agenda and suggest potential themes and speakers.
We are aiming to exceed last year’s record attendance and are including a special reception at One Great George Street the previous evening, 15th June as part of the ticket.
Source: Dinar Recaps
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