Iraq is heading towards the socio-economic economy between socialism and capitalism

Iraq is heading towards the socio-economic economy between socialism and capitalism according to government plans, the economic expert said on Monday, pointing out that Article 25 of the constitution provides for a market economy and gives the private sector the authority to exercise its role. That process, noting that the remnants of the previous laws in the country still govern the basic joints of the economy and yet we claim that we are a market economy, but the market economy is not only media statements.

“Article 25 of the Constitution provides for a market economy and gives the private sector the authority to exercise its role, but there are no laws to run that process and therefore it is going randomly,” Antoine told “Iraq News”, pointing out that “the remnants of previous laws in the country are still “But we are claiming that we are a market economy, but the market economy is not just the media statements, but the implementation of the work, as the state has all the wealth today and when the state stops the sale of oil stops and the economic wheel of the country stops completely.”

“The government is in the process of preparing the five-year plan to move Iraq into a market economy, which is the social economy, which is a middle economy between socialism and capitalism,” he said.

Article (25) of the Iraqi Constitution stipulates that “the State shall guarantee the reform of the Iraqi economy according to modern economic bases, in a manner that ensures the full investment of its resources, diversifying its sources and encouraging and developing the private sector.”


Ayn Al Iraq News

Starting bank training course in Baghdad

Association of Banks for Iraq announced Sunday, the start of cycle training to combat the laundering of money and the financing of terrorism in cooperation with Iraqna training and with the participation of 38 employees in the banks of Iraq.

Director Executive of the Association of Banks own, Ali Tariq, for ” economy News “, said the “Association of banks organized cycle training will continue for a period of five days with the participation of 38 employees in the banks in cooperation with Iraqna training”, referring to the “This session was held after the success that It made courses of four years, which was organized by the Association of banks concerning the development of staff on ways to ensure anti – money laundering and financing of terrorism.”

He added that “the beneficiaries of the session are working in the units of money laundering managers and compliance managers and branch staff service customers and employees in the bodies of government oversight”, noting that “the certificate that will be given to participants in the session issued by the Association of Specialists accredited in the fight against laundering money (ACAMS) USA”.

It mentioned that the Association of banks set up many of the courses in the fight against laundering money and financing terrorism, also called on the Governor of the Bank of Central Ali Allaq in time earlier, banks and private to the need for the training of banking employees on the latest means of combating laundering money and financing of terrorism and the management of risk.


Economy News Agency


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We have 45 brokerage companies

The Iraqi Stock Exchange said it currently includes 45 brokerage companies, indicating that it aspires to grant a license to open companies in the Iraqi provinces.

“There are 45 brokerage firms in the market, but we hope to license a brokerage firm in the Iraqi provinces,” Taha Ahmed Abdul Salam, chief executive of the market, said during discussions in the conference on applications and solutions of securities trading technology held for the second day in Beirut.

Abdul Salam said that “the market stopped for a while granting licenses to brokerage firms in Baghdad and is preparing to start its second phase, the Iraqi provinces, pointing out that besides the brokerage companies, there are currently 99 companies listed on the market and there is high level coordination between the Central Bank and the Securities Commission To complete the market requirements for listing a number of companies within the banking sector in the market.

“There are 17 companies offering to put their shares on the market and the Securities Commission approved 6 companies to be listed in the market and this is a positive indicator of the work of the market, which aspires to be a main supporter of the Iraqi economy in various sectors that participate effectively and drive in the market”.


Iraq, Russia establish oil trade firm in Dubai

A new joint trading company LIMA Energy has been set up by Russia’s Litasco, which controls Lukoil’s international trading activities, and Iraq’s state-oil marketer SOMO.

The company which will market crude oil has been established in Dubai .
Currently, a team is being formed which will work at the Dubai Multi Commodities Centre (DMCC). The company will trade not only in Iraqi and Russian crude oil, but also in oil originating in other countries.

‘LIMA will lift the first cargo of Iraqi crude in May,’ one source told Reuters.

About ten SOMO personnel could be transferred to LIMA.

Currenty, Lukoil, one of the world’s biggest traders, is developing oil fields in southern Iraq. After Saudi-Arabia, Iraq is the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC).

SOMO’s jurisdiction concerns the export of oil from all areas in Iraq, except oil originating from the Kurdistan Region. Earlier, SOMO sold its first cargo of Basra Light crude through auction on the Dubai Mercantile Exchange (DME).


Iraq Daily Journal

Central Bank to issue a trillion dinars in bonds at 8%

The Central Bank of Iraq announced that it intends to raise national bonds nominal value of one trillion dinars [less than one billion dollars] at an interest rate of 8%.

The Director of the Information Office of the Bank, Acer Jabbar said in a statement received by the agency of all Iraq [where] a copy of it, “The Central Bank of Iraq is determined to put national bonds, a second issue on behalf of the Ministry of Finance issued with five categories: 100 thousand dinars, 25 thousand Dinars, 500 thousand dinars, one million dinars, five million dinars, amount of one trillion dinars.”

He added that “the bonds will be sold at an interest rate of 8% per annum in annual coupons for two years starting from 2/4/2017 in nominal value and payable by the Ministry of Finance on 2/4/2019.

Jabbar pointed out that “banks and citizens can submit all purchase orders to the Central Bank directly with a colored copy of the civil ID,” pointing out that “these bonds can be used as collateral for loans, facilities or any transactions requiring collateral, Iraq Stock Exchange for sale and purchase”.



“TBI” launched new product

Trade Bank of Iraq announced that certificate of deposit launched in a week reaching amounts to one billion and 106 million dinars is expected to double the amount near April 1st, economist welcomed the move to employ money projects this step in development counted.

General Manager of the bank Alheims Faisal said that the aim of this product is to attract banking of large liquidity in homes to the banks in order to invest and to encourage citizens to save and restore confidence between citizens and banks.

He added that this certificate launched with the approval and blessing of the Iraqi Central Bank and is guaranteed payment at the moment of the citizen request to withdraw amounts.

For his part the Iraqi Central Bank adviser Walid Idi praised significant efforts of the Trade Bank of Iraq durability of confidence won by the external levels and procedure, the central bank takes care aimed at the diversification of banking services that serve the citizen.

Member of Baghdad Economic forum Hadi Hndas said: this approach would raise the citizen ‘s confidence in banks and contribute effectively in the transfer of funds from the houses to the banking system, especially that Iraq is in dire need of activating the internal capital cycle and make the labor market intervention and this requires real efforts aimed at creating new products solidified the relationship between the citizen and the banks.

Pointed that “the Trade Bank of Iraq, offered up to now (2195) certificates, in cities across the country, “noting that” the bank has monthly and annual prizes, monthly award (10 million dinars), while the semi-annual prize to (40 million dinars), while the annual award of up to (100 million dinars), “pointing out that” the drawing is on April 4th, according to the serial number of the certificate. ”

He stressed the need to find a new legislation guaranteeing the rights of depositors and contribute to attract capital to the field of employment through banks.



Central Bank announces issuance of Islamic bonds in June

Central Bank announced on Wednesday the possibility of issuing Islamic bonds in June after the completion of the technical aspects of it is released, pointing out that part of its strategy to diversify Islamic tools and the most important instruments in accordance with Islamic law, which are wishes of a large segment of society.

According to director of financial operations at the central bank Mahmoud Mohamed in a statement seen by Economy News, this is a certified orientation in various countries around the world and adoption by major banks in Britain, Malaysia and other important economic blocs, adding that in Malaysia the value of Islamic instruments up to 3 trillion dollars and is working to the financing of major projects in that country.

He also explained that the central bank completed a kind of Islamic certificates of deposit issued during June, confirming that it is guaranteed and the degree of risk zero percent and is working to attract large cluster of cash to the banking sector and investment in order to achieve viability.

He pointed out that Islamic bonds issued in accordance with the law combining stocks and the bonds.


Encyclopedia of the Day News

Two banks and a money transfer company added to Iraq Stock Exchange

Incorporated banks and financial companies shares in the Iraq Stock Exchange increasing the number of listed companies in the market to 100 companies.

The executive director of the market, Taha Ahmed Abdul Salam said in a statement received by all of Iraq [where] a copy of it today that “the Securities Commission Governors of the Iraq Stock Exchange Council approved resolutions at the inclusion of three companies after the completion listing requirements, noting that the Iraqi market Securities obtaining international number [ISIN] for each company trading for the purpose of opening statements on electronic systems for trading and central depository stations.”

He said “The three companies are [Ceyhan Islamic Bank for Investment and Finance, the Bank of the Islamic world for investment and funding, the United fiscal transfer],” adding that “other joint-stock companies being followed up for inclusion in the coming months in collaboration with the Iraqi Central Bank and the Securities Commission before the board of Governors.”

He said “these three companies complete listing requirements and deposit of the register of shareholders for the purpose of approving the launch of trading in its shares on the market by the shareholders and investors, stressing that companies will be listed on the Iraq Stock Exchange upon registration and deposit is completed by these companies”.



ISX60 rise in the number of shares traded increased by 90%

Executive Director of the market, Taha Ahmed Abdul Salam said that «Iraq Stock Exchange indices during the month of February has achieved a rise in the number of shares traded increased by 90%, a rise in the value of shares traded increased by 67%, a rise in the market price index of traded shares increased by 3.17% and also rise in value market by 1.8%», indicating that «the number of transactions for the month of February decreased by 29%».

He added that «market systems in the month of February to 20 trading session at the rate of 5 sessions per week and the number of companies traded shares on the market 66 companies out of 97 companies listed in the market».

Abdul Salam pointed out that the number of shares traded during the month of February amounted to 223 billion shares worth 134 billion dinars and the stocks listed on the market amounted to 9.734 trillion shares classified by sector.»

The Iraq Stock Exchange has used the electronic trading and central depository systems since 2009, seeks to launch a trading system via the Internet to investors in the first quarter of 2017, it regulates the week of Sunday trading sessions to Thursday, is listed as 97 Iraqi joint stock company represents banks and telecommunications sectors and industry, agriculture, insurance, financial investment, tourism and hotels.


New Morning

ISX60 jumps

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