The importance of developing the reality of financial payments in the country

7/16/2018

With a view to supporting the economic sectors
Baghdad / Al-Sabah

The challenges of the financial sector, which is the starting point for the sustainable development process, continue to be identified. Economists diagnose problems and offer appropriate remedies to achieve a real rise in the financial sector to stimulate business across all sectors.


"The development of the economy requires the presence of a banking sector capable of bringing advanced technology, so that it will be able to handle the requirements of international companies that require sophisticated products that are commensurate with the size of the monetary mass that requires the field of work in Iraq," she said.

She pointed out that the need to "maximize efforts to develop the private banking sector, which awaits the future of the management of financial work according to the data of the open market economy, indicating the need to be determined the required strategic objectives and credit policies,

as well as the reality of consultations for Iraqi banks, stressing that banks are aware of the future of the economy Iraq and is therefore working to adopt international quality products. "

The Central Bank is continuously emphasizing the adoption of strategic objectives for private banks and the formation of credit and investment policies under which the current phase is crossed more transparently away from stumbling and loss.

"The development of the reality of payments in Iraq represents an important step forward to the stage of providing quality services to international companies that aspire to enter the Iraqi labor market, which is in need of high flow in financial transactions, which can not be achieved away from the adoption of the best Technologies in the field of payments ".

Kanani pointed out that "the competent institutions on payments have developed technologies and developed specialized sections to follow the global developments and work to transfer them as soon as possible and to rehabilitate the specialized cadres of their projects, after the introduction of specialized courses in this aspect under the supervision of international expertise."

"The importance of a strategy for the work of each bank and institution specialized in providing financial services to the public to enable them to progress and achieve the goals and the ability to provide multiple services characterized by development and meet the needs of the global and local efforts,

as well as to achieve steady growth in revenue commissions And it
has shown that the most important tools driving the private banking sector and the evolution of the reality of payments and transfer it gradually to the world is to raise the level of performance and the deployment of ATMs As well as launching new products of at least 5 new retail products and services annually, as well as providing the service of commercial services with experienced managers in this field.

She noted that the core functions of the credit policy are aimed at ensuring compliance with the regulations of the Central Bank and the secondary aspects governing the operational activities and to review applications for loans and comply with the policies of the bank.

http://www.alsabaah.iq/ArticleShow.aspx?ID=159988

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 12th July 2018).

Please click here to download a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD731 (-0.3%) / $784 (-0.3%) (weekly change) (-9.9% and -6.2% YTD change, respectively). The number of week traded shares was 4.9 bn and the weekly trading volume was IQD5.0bn ($4.2 mn).

ISX Company Announcements

  • The CBI signed a memorandum of understanding (MoU) with UnionPay International Company to contribute to the development of intelligent payment technologies and electronic payment services in Iraq. UnionPay is one of the largest companies in China and most Asian countries in this field, in addition to being the third largest international company to issue and collect cards. The CBI notes that this is the third memorandum signed by the bank in 2018 with international card companies as part of its plans to expand the use of high technology to promote card work and develop payment systems in accordance with international best practice. (CBI)
  • UK-based ONEm is partnering with Asiacell (TASC) to bring unlimited news and entertainment content from Reuters to Iraq. Asiacell subscribers can now exclusively access global news on any mobile device for 600 IQD per week. The Reuters service provides full coverage of real time news and entertainment content in Arabic delivered by SMS. (Iraq Business News)
  • Al_Rabita Al_Maliya Co (MTRA) will hold a joint GA with (Bilad Al-Sham for Money Transfer and Al-Shariq for Money Transfer) on Jul. 26, 2018 to discuss merging these three companies and deciding to change the company from a Money Transfer company into an Islamic Bank according to CBI’s approval.
  • Iraqi for Tufted Carpets (IITC) will hold an AGM* on Jul. 25, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of IITC starting Jul. 22, 2018.
  • National Bank of Iraq (BNOI) will hold an AGM* on Jul. 23, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of BNOI starting Jul. 18, 2018.
  • International Development Bank for Investment (BIDB) will hold an AGM* on Jul. 18, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of BIDB starting Jul. 15, 2018.
  • Iraqi Middle East Bank (BIME) completed their legal amendment of article (six) on Jul. 3, 2018 to decrease the number of BoDs from 7 members to 5 original members and other 5 alternative members.
  • Cross Transactions: 510 mn shares of Cihan Bank for Islamic & Finance (BCIH) on Jul. 8 and Jul. 11, 2018, which represent 0.2% of BCIH capital.

Following the earlier announcement that Philip Dimmock will retire and thus not seek re-election at today’s Annual General Meeting, Gulf Keystone Petroleum (GKP) has announced the appointment of Martin Angle as Senior Independent Non-Executive Director with effect from Monday 16th July 2018.

Mr Angle has had a distinguished executive career across investment banking, private equity and industry. His previous roles include senior positions with SG Warburg & Co. Ltd, Morgan Stanley, Dresdner Kleinwort Benson, as well as the Group Finance Director at TI Group plc, then a FTSE100 company.

More recently, he spent time at Terra Firma Capital Partners where he held various senior roles in its portfolio companies. As a Non-Executive Director he has served on a number of Boards including Savills plc, where he was the Senior Independent Director, National Exhibition Group (Chairman), Severstal, and Dubai International Capital.

He currently chairs the Remuneration Committee and is a member of the Audit, Nomination and Sustainability Committees at Pennon Group, a FTSE 250 company.

On joining the GKP Board following the Annual General Meeting, Mr Angle will also succeed Philip Dimmock as Chairman of the Remuneration Committee and join the Audit and Risk Committee.

Jaap Huijskes, Gulf Keystone’s Non-Executive Chairman, said:

We are very pleased to welcome Martin Angle to the Board. Martin brings a depth of financial, commercial and boardroom experience to the Company and we look forward to his support and counsel at this exciting time as we prepare to invest to increase production at Shaikan.

“On behalf of everyone at the Company, we would also like to thank Philip Dimmock for his considerable contribution to the Board since his appointment; he leaves the Company at a time when the Company has strengthened considerably.

(Source: GKP)

Is the world about a war of currencies or war started ?!
7/11/2018

What was being put in narrow circles a few months ago is now a question that is expanding day after day. Is the world heading for a currency war? Or is the currency war already under way, and can the Sino-US trade conflict be a prelude to a massive economic downturn that drives both sides to take a qualitative step to win the battle by turning to currency war? And who is the biggest loser in that war if it breaks out?



Currency war is the password now in many economic corridors, and it is not a matter of examining the extent of its seriousness or economic impact, such topics have killed academic research, but that the international economy suffered catastrophic effects in some stages of development, and therefore humanity has painful experiences with That kind of war, and what is currently being seen, is limited to how the global economy can face the risks of that battle.

Can the bipolar leaders of the United States and China realize the fate of the international economy if they decide to go ahead with currency war, Which may mean that Khaya Is economic suicide the official choice?

Professor John White, former chairman of the Bank of England’s Advisory Committee, puts the question to the question: Does anyone have an interest in the value of the currency being high in the current global trade conflict? The question is answered by "no".

"It can not be said that the international economy is witnessing a war of currencies, but certainly the circumstances are more than ever prepared for that war," he says. "If you are pessimistic, I can say that we are moving in this direction.
"The big economies now have a strong currency, after the strong currency has been a sign of strong economy and improved performance, and the conviction now prevailing among many economic leaders and policymakers that a weak currency will boost economic growth gives the economy a preferential advantage On his trade rivals, the risk that if everyone joined to that conviction will be all losers. "

The US administration wants the dollar to be weak, the EU is also seeking a weak European currency, and Japan is not hiding its official policy to overcome deflation lies in weakening the yen, China wants the yuan More competitive to increase exports and reduce imports, and Britain is silent on the decline of sterling, which could contribute to increase exports at a time when the exit from the European Union many economic problems.

But what’s the problem with that? Answers d. David, the Bank of England economist, said: "There is no problem in devaluation per se if it is a result of changes in market forces, but the risk when it is deliberate or flawed is done deliberately."

He asserts to the "economic" that the US side was clear and frank in accusing China strongly and frankly, as well as Japan to a lesser degree, that they manipulate the value of their local currency, the yuan and yen to achieve preferential advantages at the expense of US exports.

He notes that US Treasury Secretary Stephen Manuchen welcomed the depreciation of the dollar while welcoming the best economic performance of the euro area in more than a decade. Not surprisingly, the euro against the dollar rose to more than $ 1.25. On the other hand, The European is very upset by the euro’s improved value, which hampers its efforts to overcome deflation and low inflation in the Eurozone countries.

"Under the circumstances, investors and hedge funds are very cautious and delay their investment decisions pending clouds, which means a drop in growth."

Concerns that a trade war could turn into a currency war are legitimate for many economists, but they believe that currency war has not yet officially broken out.

But some believe that the US economy may be better able to counter that war than others. Some even believe that Washington may have a real interest in moving the international economy toward a currency war to curb the Chinese yuan’s ambitions.


Concerns about China’s pricing of many international goods, mainly oil in yuan, concern the top White House economic officials, congressional leaders and US financial institutions. The dollar now accounts for about 85 percent of international trade transactions, and such a step could erode the currency’s centralization.

And some believe that Washington has an interest in weakening the Chinese yuan so much that it can not be priced for major commodities in international trade, and this will only happen through its defeat in a currency war, which China is seeking to avoid now .

Since 2016, there are notable Chinese steps to dismantle capital controls on the yuan, a prerequisite for making it an international currency. Although these steps contribute relatively to the promotion of international trade by promoting the use of the yuan beyond China’s economic borders, it is a future challenge for the dollar American.

"The Chinese central bank has pledged that it will not use the yuan as a means of a trade dispute with the United States, revealing China’s financial policymakers’ understanding that they will emerge losers from the battle of currency war," said Tina Brown, a banking expert. In that war, the Chinese yuan is in a vulnerable position, and Beijing will not have to repeat the experience of 2015 by injecting more cash reserves into the markets to maintain the value of its national currency from total collapse against the dollar.

This means huge erosion in its dollar reserves without a household It is to maintain the balance of the yuan. "
But if the United States can emerge victorious in that war, despite the losses, why not rush to ignite the currency war ?!

The current interplay in the global economy as a result of globalization largely hampers the ability of the United States to do so. Such a war will inevitably weaken the growth rates of the Chinese economy and weaken the import intensity of China from the United States. Means that the US economy is negatively affected by the decline of his opponent.

Investment expert Boris William said the United States would accept a relative devaluation of the yuan as a means of providing some support for the Chinese economy. But if Beijing’s financial authorities ignore US warnings that the yuan should not retreat from a certain level, the sensitive level is 6.7 yuan against the dollar The US strategy will change.

"The fear that the continued devaluation of the Chinese currency against the dollar will lead to a currency war is because each country will have a different reading of the reasons for this decline. While China will view it as a justifiable move, Given the conditions in the Chinese economy.

He explains that the other side, the administration of President Trump, will look at China’s position as a plan aimed at harming the US share of world trade. If the two sides engage in a currency war, the other economies will certainly suffer greatly.

He notes that a number of advanced industrial countries such as Japan, the European Central Bank and the Bank of England have used the logic of weakening their currency more money printing to encourage exports, so why deprive China of the practice?

https://www.albawaba.com/ar/%D8%A3%D8%B9%D9%85%D8%A7%D9%84/%D9%87%D9%84-%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85-%D9%86%D8%AD%D9%88-%D8%AD%D8%B1%D8%A8-%D8%B9%D9%85%D9%84%D8%A7%D8%AA-%D8%A3%D9%85-%D8%A7%D9%84%D8%AD%D8%B1%D8%A8-%D8%A8%D8%AF%D8%A3%D8%AA-1157616

Expert: Iraq will reject an Iranian request to use local currencies instead of the dollar in trade
7/9/2018

KUWAIT, Iraq – Iraq’s approval of any Iranian request to exchange trade between the two countries in local currency instead of the US dollar has been ruled out by economic expert Majid al-Suri, noting that such an agreement would not be in Iraq’s favor.

Al-Suri said that Iraq can not apply trade with Iran in local currencies because the trade balance will be in favor of Iran and the majority of trade for its benefit. "

He added that "the implementation of this agreement will work to store the Iraqi currency within Iran, which is not in the interest of Iraq, pointing out that" such a decision is not only the competence of the Central Bank of Iraq,

but the power of the Government of the Ministry of Finance in consultation with the Central Bank of Iraq and do not expect the bank The Central Bank of Iraq on such a matter. "

"A number of countries, including India, Russia, China, Brazil and South Africa, are trying to reduce the dollar’s control over international trade and the trade war between China and the United States has resulted," he said.

The governor of the Central Bank of Iran and Crown Prince Ali Abdullah announced on Sunday the follow-up of the bank to conclude monetary agreements with Iraq, Russia and Azerbaijan to deal in national currencies.

http://www.knoozmedia.com/352568/%D8%AE%D8%A8%D9%8A%D8%B1-%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D8%B3%D9%8A%D8%B1%D9%81%D8%B6-%D8%B7%D9%84%D8%A8%D8%A7%D9%8B-%D8%A5%D9%8A%D8%B1%D8%A7%D9%86%D9%8A%D8%A7%D9%8B-%D8%A8%D8%A7%D8%B3%D8%AA/

Iraq’s foreign currency reserves rise

7/9/2018The Central Bank of Iraq announced Monday that foreign currency reserves rose to 55.7 billion dollars last June.

A source at the Central Bank of Iraq, the central bank reserves rose in June to 55.7 billion dollars, adding that the rise in foreign exchange reserves, due to successful management.

The source pointed out that Iraq, one of the countries that fully secured their reserves of foreign currency to cover demand by more than 100 percent of the dollar.

https://www.sotaliraq.com/2018/07/09…3%D8%AC%D9%86/


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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 5th July 2018).

Please click here to download a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD733 (-5.3%) / $786 (-5.3%) (weekly change) (-9.6% and -5.9% YTD change, respectively). The number of week traded shares was 5.9 bn and the weekly trading volume was IQD12.9bn ($10.6 mn).

ISX Company Announcements

  • The Financial Action Task Force (FATF) officially announced Iraq’s exit from the follow-up area, as the CBI and Anti-Money Laundering (AML) / Combating the Financing of Terrorism (CFT) have made significant progress in improving and addressing deficiencies and meeting all its obligations towards FATF recommendations. (CBI.iq)
  • The ISX moved trading of 16 companies from the regular market to the non-regular market starting Jul. 5, 2018 due to the following reasons: 1) Due to the decrease in annual trading volume: BROI, TZNI, VWIF, NAHF, 2) Due to not trading in 2017: BEFI, 3) Due to the decrease in all indicators: NDSA, VZAF, 4) Due to being under CBI custody: BDFD, BDSI, BLAD, 5) Due to not submitting the annual reports of 2014-16: BUOI, SIGT, IKHC, ITLI, IMPI, and IFCM.
  • Al-Sadeer Hotel (HSAD) will hold an AGM* on Jul. 29, 2018 to discuss and approve 2014 and 2016 annual financial results. ISX will suspend trading of HSAD starting Jul .24, 2018.
  • International Islamic Bank (BINT) will hold an AGM* on Jul. 24, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of BINT starting Jul. 19, 2018.
  • Iraq Noor Islamic Bank for Investment (BINI) will hold an AGM* on Jul. 17, 2018 to discuss and approve 2017 annual financial results. ISX will suspend trading of BINI starting Jul. 12, 2018.
  • New shares of Al-Mosul for Funfair (SMOF) from the capital increase from IQD400mn to IQD800mn through 100% bonus issue resumed trading on Jul. 4, 2018.
  • The following companies were suspended from trading starting Jul. 4, 2018 for not disclosing their 1Q18 financial results: INCP, IHLI, NDSA, MTMA, HBAG, HISH, IICM, ITLI, IMPI, IEAB, SILT, SIGT, SBAG, VKHF, IKHC, IFCM, IMCM, and IHFI.
  • Mamoura Real-estate Investment (SMRI) and AL-Nukhba for General Construction (SNUC) resumed trading on Jul. 1, 2018 after discussing and approving 2017 annual financial results.
  • Cross Transactions: 864 mn shares of Asiacell (TASC) on Jul. 2, 2018, which represents 0.28% of TASC capital.