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  1. #31
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    4th May 2019 in [...], [...]
    By Ahmed Tabaqchali, CIO of Asia Frontier Capital (AFC) Iraq Fund.
    Any opinions expressed are those of the author, and do not necessarily reflect the views of [...].
    The market, as measured by the Rabee Securities RSISUSD Index, increased by +2.5% in April, bringing the YTD decline to -11.8%. Average daily turnover, excluding block transactions, declined -32% from the prior month, and at 60% of the average turnover for the last 12 months, is the second lowest for the period. Foreign selling, the cause of the last few weeks’ declines, seems to have exhausted itself (chart below) and in the process prices lifted higher.

    [...]

    (Source: Iraq Stock Exchange (ISX), Asia Frontier Capital)
    [size][size]
    The early signs of the return of the liquidity to the real economy, reported here over the last few [...], are becoming more convincing as the healing effects of increasing oil revenues are continuing to filter down into the broader economy. The continued recovery in broad money, i.e. M2 as a proxy for economic activity, is adding to this conviction due to its sensitivity to oil revenues (chart below)- given the central role of government’s spending on non-oil economic activity.

    [...]


    [/size][/size]
    (Source: Central Bank of Iraq, Iraq’s Ministry of Oil, Asia Frontier Capital)

    (Note: M2 as of Jan with AFC est.’s for Feb & Mar; Oil revenues as of Mar with AFC est.’s for Apr)
    [size][size]
    Driving this recovery in M2 has been the growth of monetary base, or M0, which in turn has been based on the growth in one its two main components “Iraqi Dinar (IQD) current account (C/A) component of banks’ reserves with the Central Bank of Iraq (CBI)” as can be seen in the chart below. The recovery of this component of M0 is a direct result of the growth of customer deposits (consumers, businesses and government) held with banks.


    [...]

    (Source: Central Bank of Iraq, Asia Frontier Capital)
    (Note: M0 as of Mar, IQD C/A component of bank’s reserves as of late Apr)
    The estimated increase in M2 (prior chart) for March is based on recent M2/M0 multiplier figures and actual increases in M0 for the month. Persistent growth as of late April in IQD Current Account component of banks’ reserves with the CBI (a function of sustained growth in customer deposits with banks) is an early indicator for a continued recovery of M0 and hence in M2 in April (above chart). However, more data over the next few months is needed to establish if this trend is sustainable.
    Supporting this growth in customers deposits are the 2018 results for the Bank of Baghdad (BBOB) which showed the first year-over-year growth in customer deposits following their peak in 2014. While BBOB’s year-over-year deposit growth at +5.2% is a far cry from the +25.8% growth reported by the Bank of Mansour (BMN), never-the-less, it was a function of corporate customers deposit growth. Moreover, BBOB’s provision expenses decreased contributing to an overall decline in total provisions (ex-income tax) of -2.3%. Combined they indicates that the macro forces which contributed to BMNS’s recovery, as discussed [...], are spreading to the sector as a whole and should therefore create the conditions for a recovery in the sector.
    However, BBOB doesn’t enjoy the same financial strength as BMNS, which is a function of BBOB’s heady expansion during the boom years up to 2014, which among other things resulted in a large loan book relative to other banks, and hence exposure to riskier loans. Growth for BBOB took a back seat while management’s focus over the last few years was on addressing the company specific issues and structural weaknesses that were exposed by the pains of 2014-2017, including the crush in FX margins [...]. This can be seen through the other metrics for BBOB in that while its assets and equity increased by +2.1% and +0.2% respectively in 2018 over 2017, its loan book and interest income declined by -4.7% and -38.0% respectively. The decline in its interest income was made worse by the decline in interest earned from government bonds and deposits with the CBI. BBOB’s challenges during the years of contraction were explored [...] in August.
    Finally, mobile operator AsiaCell (TASC) leverage to the economic recovery was confirmed by its continued confidence in its future outlook with a distribution of a 12% dividend. This comes on the back of last year’s 12% dividend and the prior year’s 14% dividend.
    The continued signs of economic recovery, mixed as they are in as this early stage, underscore the opportunity to acquire attractive assets that have yet to discount a sustainable economic recovery. On the other hand, the market’s recovery in April on low turnover suggest that a long consolidation and a significant recovery in turnover are needed before it can embark on the next move.
    Please [...].
    Mr Tabaqchali ([...]) is the CIO of the AFC Iraq Fund, and is an experienced capital markets professional with over 25 years’ experience in US and MENA markets. He is a non-resident Fellow at the Institute of Regional and International Studies (IRIS) at the American University of Iraq-Sulaimani (AUIS), and an Adjunct Assistant Professor at AUIS. He is a board member of the Credit Bank of Iraq.
    His comments, opinions and analyses are personal views and are intended to be for informational purposes and general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any fund or security or to adopt any investment strategy. It does not constitute legal or tax or investment advice. The information provided in this material is compiled from sources that are believed to be reliable, but no guarantee is made of its correctness, is rendered as at publication date and may change without notice and it is not intended as a complete analysis of every material fact regarding Iraq, the region, market or investment.

  2. #32
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    Parliament holds its 16th session under the chairmanship of Kaabi

    13:46 - 04/05/2019

    BAGHDAD -
    The House of Representatives held on Saturday, its 16th session of the second legislative term under the chairmanship of First Deputy Speaker Hassan Karim al-Kaabi.
    "The House of Representatives held, today noon, its 16th session of the second legislative term under the chairmanship of First Deputy Speaker Hassan Karim al-Kaabi," a parliamentary source told Al-Maaloumah.
    The source added that "the agenda includes reading and discussing several laws, most notably the Traffic Law and the Financial Management Act, as well as discuss the issue of the ration card."

  3. #33
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    ]Suron reveals the date of the resolution of vacant ministries and presidencies of parliamentary committees[/size]
    Political | 08:07 - 05/05/2019

    [...]
    [...][...]


    Special - Mawazin News
    Alliance revealed the leadership of Moqtada al-Sadr, on Thursday, the date of completion of the resolution of the vote on the candidates of the remaining ministries and presidencies of the parliamentary committees.
    The MP for the alliance Hassan Jalal said in an interview with "Mawazin News" that "the presidential elections of the parliamentary committees are continuing and the election of the presidencies of a number of committees today and tomorrow, and will determine the presidencies of the other committees in the coming days."
    He added that "the election of the presidencies of the committees were some by election and some by consensus," noting that "the completion of the vote on candidates vacant ministries will also be in the coming days."

  4. #34
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    The CBI celebrates the distribution of prizes for the story contest

    May 06, 2019


    The Central Bank of Iraq celebrated the distribution of children's story contest awards, which coincides with the Week of Financial Inclusion .
    The ceremony was attended by officials and employees of this bank as well as children participating in their stories in the competition with their loved ones. The first three winners were honored along with the rest of the children who participated in financial prizes and cards representing electronic payment cards for all children participating with gifts explaining many of the banking vocabulary and awareness. "Banking Awareness and Public Protection Section".
    The awards were granted by the Tamkeen Fund, a joint venture between the Central Bank of Iraq, the Association of Iraqi Private Banks, banks and companies that mediate the sale and purchase of foreign currencies.

  5. #35
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    Karbouli: the government of Abadi did not produce anything .. And Abdul-Mahdi How to accept this matter from the Minister of Electricity?
    [...]

    MP Mohammed Karbouli said that the government of former Prime Minister Haider Abadi did not produce anything and passed an epic in the political process and did not take a step.
    He added that "the restoration of the areas of the organization of an advocate participated in more than one hand, whether the crowd or the Iraqi army and even support for the International Alliance."
    Karbouli stressed that "the Minister of Electricity Louay Khatib does not have the ability to manage the file of electricity," pointing out that "there are sales and purchase in the file of electricity and contracts."
    Karbouli said that "the Minister of Electricity rounded up the people of lawyers to organize contracts for the Ministry of Electricity and contact with companies in the homes to get Commsnat," expressing surprise at the "acceptance of Prime Minister Adel Abdul Mahdi for this matter."

  6. #36
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    Central Bank and the Association of Private Banks distribute generous amounts to the winners of «pioneers of Iraq»


    [...]

    The Central Bank of Iraq and the Association of Iraqi Private Banks contributed to the success of the final ceremony of the competition "Pioneers of Iraq" held Wednesday evening at the Babylon Hotel in central Baghdad, while Tamkeen Fund, which is supported by private banks and exchange companies, awarded financial prizes of thousands of dollars to the nine contestants who won the three categories , For the purpose of the success of their projects and provide the appropriate environment in addition to the development through investment.

    "Pioneers of Iraq" is the first initiative of its kind to help young entrepreneurs and entrepreneurs in Iraq realize their dreams and develop their own projects.

    Winners in the first category "Upgrading the project" earned $ 20,000 for first place, second place for $ 10,000, and third for $ 5,000.

    In the second category, "community service", the first place holder received $ 10,000, second place $ 5,000, and third place $ 2,500.

    For the third category, I have an idea. The first place is $ 10,000, the second place is $ 5,000, and the third place is $ 2,500.

    Bassam Falah, president of Enovist Middle East, said in a speech at the ceremony, which was attended by "Economy News," that the company's main mission is to support entrepreneurs and emerging companies in the Middle East, "pointing out that" the pioneers of Iraq in the last nine months were able To reach most of the goals set by, in addition to providing support as much as possible to subscribers and winners. "

    He added that "the Central Bank and the Association of Iraqi private banks and the World Bank and Zain Iraq and the Iraqi media network, in addition to the sponsors of this project, the group Mas and the group of Qaywan and the station and Karim," noting that "Without the support and care of everyone for this project, we can not achieve anything."

    "Such initiatives are the best solution to the problem of youth unemployment, and the shift to technical work with its different dimensions in all countries of the world, including Iraq, is now going to complete its government work, perhaps the need for more," Prime Minister Mahdi al-Alaq's adviser said. Of the workforce is a loss of efforts in this promising country, which is rich in natural and human resources significantly. "

    "Such initiatives are the most successful solution for our youth and the future of our country," he said, praising "all the supporting efforts and support for this great work and the organizers of this project." The successful work begins with a successful idea. It is an advanced step away from the practical side and going to the beginning of these acts. "

    In turn, the Governor of the Central Bank of Iraq, Dr. Ali Al-Alaq said in his speech during the ceremony, "We are today in front of a group of winners, but we follow this great program we see a wide mobility among young people, creating a lot of opportunities to know and know the way to blow up the young energies in the country "He pointed out that" the souls of Iraq is increasing annually by more than one million individuals, and the forces that enter the labor market annually more than 800 thousand people, and most of them do not find jobs, while at the same time 80% of the oil revenues on which the country depends on going Out to embrace the economies of other countries, Iraq is being funded through Stirad all, therefore we need to be in front of an image adjustment and re-installed the way in which we employ these financial resources with the availability of human resources and energies available in order to advance the country and occupy manpower and create great opportunities. "

    "This issue requires two important issues. First, there should be a national and popular stance that we reconsider the imports of Iraq and provide the real opportunities for the private sector to benefit from these resources, which have become occupied by the economies of other countries and Iraq has become a market for disposal," he said, "This requires a broad program and a large plan that is going through stages so that we can harness these resources to be a source and operator of the private sector."

    "The other side to move this situation is the need to support youth initiatives and enable them to take advantage of and benefit from their potential, and we all believe in the capabilities of Iraqi youth if the conditions are available," he said, adding that " To reduce efforts and even financial resources for employment, and the Central Bank of Iraq with such examples initiatives through Tamkeen Fund, which sponsors and supports a lot of environmental initiatives, health, social and professional.

    "The economic situation in Iraq continues to improve, which requires the creation of employment opportunities for the Iraqi youth, which constitutes the majority of Iraqi society, and initiatives of this kind come to encourage the creation of jobs in the private sector, And move the Iraqi economy to another stage away from dependence on oil as a major resource for the economy.

    "Entrepreneurs in Iraq face many obstacles, so the World Bank worked with the Iraqi government to overcome them by facilitating the business environment," Salem said. "The need to facilitate the process of registering companies and facilitate the process of borrowing and lending to small and medium- Because we found that the problem of getting financing is one of the biggest problems facing entrepreneurs. "

    "The World Bank aims to develop support for entrepreneurs and young people through the establishment of the platform of the Iraqi digital ecosystem that we will establish during the next few days," she said. She thanked the Central Bank, the Association of Iraqi Private Banks, .

    For his part, said the Executive Director of the Association of Iraqi private banks Ali Tarek on behalf of its President Wadih al-Hanal, "Entrepreneurship is very important, because it strongly affects the economy of the country and create creativity, competition and innovation," calling that "these programs for young people in colleges, Before they graduate, because we note that most of these projects and platforms are directed to graduate students, but these opportunities must be available before graduation, in order to use the years of study to educate and teach students these projects to be fully aware of what they will face after graduation and work on these projects.

    "The initiative of the Central Bank to finance small and medium enterprises was very important in the amount of trillion Iraqi dinars, but banks should direct part of this money to small and emerging projects," calling for "to stimulate these projects to register in a systematic and legal."

    "The Tamkeen Fund, which was launched by the Central Bank with funding from private banks and exchange companies, has the greatest role in the success of this program, as well as thanks to the organizers and supporters of it," he said, calling for "supporting such projects and delivering similar projects to the Council of Ministers and sitting at one table In order to support them and overcome the obstacles that stand in their way and provide the right environment to start their work. "

    "Pioneers of Iraq" is a three-part competition designed to invite participants to present their creative ideas or entrepreneurial plans to qualify for the opportunity to win money and in-kind prizes that will help transform their dreams into reality.

  7. #37
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    Saleh discusses with a senior US official the development of the Iraqi economy


    The President of the Republic, Dr. Barham Salih, received at the Peace Palace in Baghdad on Monday 20-5-2019, Assistant US Treasury Secretary Marshall Blingsley.
    During the meeting, they discussed the bilateral relations between Iraq and the United States of America, especially in the economic and financial fields, and the need to enhance the prospects for cooperation between Iraqi and US banks, thus contributing to the development and revitalization of the Iraqi economy.
    It also reviewed the latest political developments at the regional and international levels and the importance of consolidating the foundations of peace and stability in order to achieve progress and prosperity for the peoples of the region.

  8. #38
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    Abdul Mahdi and Haddad discuss normalization of the disputed areas and the implementation of Article 140[/size]
    Political | 01:27 - 21/05/2019

    [...]
    [...][...]


    BAGHDAD -
    Prime Minister Adel Abdul Mahdi on Tuesday, with Deputy Speaker Bashir Haddad normalization of the disputed areas and the implementation of Article 140.
    The Information Office for mourning, in a statement received / Mawazine News, a copy of it, "Bashir Haddad Vice President The House of Representatives visited with the heads and representatives of the Kurdish blocs Government Palace and met the Prime Minister Adel Abdul Mahdi.
    The statement added that "the meeting was held during which the latest developments in the situation and events on the Iraqi arena in the political and security sides were reviewed, and the work of the House of Representatives was discussed in the next stage and the efforts of the legislative institution in passing laws and activating its oversight role in combating corruption and promoting stability throughout the country" .
    He added that "the meeting also discussed a number of issues and files of common concern, including the need to normalize the situation in the disputed areas and the implementation of Article 140 of the Iraqi Constitution, and continuing dialogues between the federal government and the Kurdistan region of Iraq in order to resolve the differences and problems accumulated between Baghdad and Erbil.
    The Haddad and the Kurdish blocs, according to the statement, "the need for coordination between the federal forces and the Peshmerga forces to maintain security and stability in the disputed areas and provide the necessary services for all components in those areas."

  9. #39
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    Provide banks with small categories

    May 22, 2019

    The Central Bank of Iraq would like to inform all banks that it is continuing to provide them with small groups of the Iraqi currency by withdrawing the amounts from the current balances with this bank.
    He explains that if there is an inquiry or notes, banks can contact the Compliance Department in the Issuance and Treasury Department of this bank and by email ( [...] )
    22 May 2019

  10. #40
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    Parliamentary move to raise the price of the dinar and maintain the stability of inflation

    Wednesday 20 March 2019 Baghdad / Omar Abdul Latif

    The Parliamentary Finance Committee is moving in the current legislative session to develop mechanisms to change the monetary and monetary policies in the country, in coordination with the Central Bank of Iraq, aimed at raising the dinar exchange rate and maintaining the stability of inflation.

    “The committee will move during the current legislative term towards changing the fiscal and monetary policy in the country in general,” said member of the committee Abdul Hadi al-Saadawi, Coming “.

    He added that “the Committee is keen to enact the law of financial administration as it gives a complete road map of the financial policy in the country in terms of management of money and cash in the state,” pointing out that “the change will raise the exchange rate of the Iraqi dinar against foreign currencies while maintaining the stability of inflation In the country”.

    “The Commission is determined to make these changes during the next phase and not to follow the traditional methods are not appropriate at the moment.”

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