Iraq News Highlights and Points To Ponder Tuesday Evening 8-27-24
Revealing The Main Currency Used In Iran's Trade With Iraq
Economy 2024-08-27 |1,414 views Alsumaria News – Economy Shaaban Forotan, a member of the Board of Directors of the Joint Iranian-Iraqi Chamber of Commerce, revealed today, Tuesday, that the largest part of trade between Iraq and Iran, at the level of traders and exporters, is carried out through the Iranian riyal.
"Most Iranian exporters now work in riyals in trade with Iraq, and financial transactions between the two countries will continue without using the Iranian riyal, i.e. also in dollars. This does not mean the complete elimination of the dollar, but a large portion of traders conduct their transactions without the dollar," Forotan said in statements to Iranian media.
He explained that "the commitment to trade in dollars does not include all product groups, but the exchange of riyals into dollars cannot be implemented due to sanctions imposed on banks, and riyal traders earn from selling goods in the Iraqi market through their contacts with the stock exchanges of Iraq and Iran or a third country such as the United Arab Emirates, and they do not have the possibility of direct settlement."
He pointed out that "the supply of Iranian goods faced a problem in the Iraqi market, which is the multiple increase in the prices of goods in Iran during the year, while prices are expected to increase only once a year." LINK
1329 People Arrested For Manipulating Food Prices And The Dollar
Iraq 2024/08/27 The number of those arrested by the Ministry of Interior who manipulated food prices and the dollar reached 1,329 suspects during the first quarter of 2024.
This was reported by the official spokesman for the ministry, Brigadier General Muqdad Miri, explaining to “Al-Sabah” that the arrest operation was carried out by teams from the Organized Crime Directorate, which launched campaigns since the beginning of 2024 to limit the rise in food prices and those who manipulate them, due to its great impact on people with limited income, stressing the continuation of the campaigns in Baghdad and the governorates.
He explained that among the activities carried out by the Organized Crime Directorate is the detection of unlicensed medical clinics and laboratories, especially since recently, a large spread of these clinics has been observed, noting that the Directorate's teams were able to arrest 628 suspects working in unlicensed medical clinics, pharmacies and laboratories, while the number of those arrested for working illegally in beauty and tattoo centers reached 237 suspects during the first half of 2024.
Miri stressed that protecting the national product is the responsibility of the ministry, noting that the Organized Crime teams are carrying out continuous campaigns to ensure that the national product does not violate health and environmental instructions, and that the number of those arrested for violating these instructions is 505 suspects during the current year. https://alsabaah.iq/101703-.html
1329 Price Manipulators Arrested
First 2024/08/27 The number of those arrested by the Ministry of Interior who manipulated food prices and the dollar reached 1,329 suspects during the first quarter of 2024.
This was reported by the official spokesman for the ministry, Brigadier General Muqdad Miri, explaining to “Sabah” that the arrest was carried out by teams from the Organized Crime Directorate, which launched campaigns since the beginning of 2024 to limit the rise in food prices and those who manipulate them. https://alsabaah.iq/101722-.html
Former MP: Black Money Is The Most Important Factor In The Rise Of Real Estate In Iraq
Economy Information / Baghdad MP Ayoub Al-Rubaie confirmed on Tuesday that what he called “black money” is the most important factor that led to the rise in real estate prices in Iraq.
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Al-Rubaie told Al-Maalouma Agency, "Corruption is eating away at Iraq's institutions, and has made some influential people enjoy obscene wealth by consuming public money."
He added, "A not insignificant portion of the black money went to buy real estate in city centers, including Baghdad, which led to a crazy rise in real estate prices."
He explained that "real estate prices in some areas of Baghdad are the highest in the Middle East."
He pointed out that "the implementation of the 'Where did you get this from' law must receive attention because it is the beginning of exposing the corrupt and protecting public money." LINK
Economist: Iraq Stock Exchange Suffers From Lack Of Liquidity
Stock Exchange Economy News – Baghdad Economic expert, Saif Al-Halfi, confirmed that the Iraqi Stock Exchange is currently suffering from a lack of liquidity, due to the weak confidence of foreign investors in the Iraqi market.
Al-Halfi told Al-Eqtisad News that the Iraqi stock market suffers from a lack of liquidity, as trading rates are still relatively low compared to other markets in the region, noting that the daily trading volume may reach 3 billion dinars per day in the best case.
He stressed that the market value of the companies listed on the market exceeds 12 trillion dinars.
Most listed companies are seeing their shares decline as a result of lower demand and the exit of a number of foreign investors from the market.
Al-Halfi pointed out that foreign investors' confidence in the Iraqi market is still low due to unstable political and economic factors, as well as the lack of legal and procedural facilities for opening accounts for foreign investors, in addition to the weakness of the infrastructure in electronic trading.
He pointed out that the lack of technology and modern financial infrastructure, including digital banking services and advanced electronic trading platforms, affects the efficiency of the market and its ability to attract investors, and that the development of the banking system will be positively and directly reflected in the development of the performance of market indicators.
Al-Halfi stressed the government's role in promoting the stock market through economic reforms, supporting small and medium enterprises, and encouraging foreign investments.
Al-Halfi concluded his speech by saying that the Iraqi stock market reflects a complex reality that can be described as a mixture of pain and sadness as a result of the great challenges it faces, with some opportunities for joy and profits if the economic and political conditions improve. 90 views 08/27/2024 - https://economy-news.net/content.php?id=46789