Tag Archive | "Redenomination"

World Bank Questions Iraq Currency Peg


By John Lee.

A report published on Thursday by the World Bank focuses on the implications of low oil prices for eight developing countries — Egypt, Tunisia, Lebanon, Jordan, Iran, Iraq, Yemen and Libya — and the economies of the GCC (Gulf Cooperation Council).

The Plunging Oil Prices report questions the practice of pegging the Iraqi dinar to the US dollar, noting the that value of the dinar has been falling against the dollar in the parallel market:

Iraq pursues a policy of a de facto peg to the U.S. Dollar, and therefore monetary policy is constrained in tackling the current shock.

“The Central Bank of Iraq (CBI) had kept the Dinar steady through January 2009.

“In 2014, the nominal exchange rate in the official market remained stable against the U.S. Dollar at 1,166 IQD/1 USD, but the rate in the parallel market increased.

“The CBI has recently taken steps to simplify foreign exchange market regulations, but has not eliminated all existing exchange restrictions and the multiple currency practice.

“With the peg, fiscal policy carries the burden of macroeconomic stabilization, but in this case does not have the space to do so.

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Currency Auction Results, 29th Jan


By John Lee.

The Central Bank of Iraq (CBI) has reported that 20 banks took part in its currency auction on Thursday.

A total of $98,234,000 was sold  at a price of 1166 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

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Currency Auction Results, 28th Jan


By John Lee.

The Central Bank of Iraq (CBI) has reported that 10 banks took part in its currency auction on Wednesday.

A total of $40,151,000 was sold  at a price of 1166 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

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Currency Auction Results, 27th Jan


By John Lee.

The Central Bank of Iraq (CBI) has reported that 12 banks took part in its currency auction on Tuesday.

A total of $69,593,000 was sold  at a price of 1166 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

Posted in Banking & FinanceComments (1)

Currency Auction Results, 26th Jan


By John Lee.

The Central Bank of Iraq (CBI) has reported that 14 banks took part in its currency auction on Monday.

A total of $77,907,000 was sold  at a price of 1166 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

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Iraq Stock Market Report


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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 22nd January 2015).

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

The RSISX index ended the week at ID1,273 (-1.5%) / $1,358 (-1.2%) (weekly change) (-8.6% and -8.4% YTD change, respectively). The number of week traded shares was 3.8bn and the weekly trading volume was IQD4.6bn ($3.8mn).

ScreenHunter_1388 Jan. 24 14.16

 

ISX Company Announcements

  • Shares of Al-Iraqia For Money Transfer (MTIR), Al-Taif Money Transfer (MTAI) and Al-Harir for Money Transfer (MTAH) will start trading on Feb. 5, 2015. Shares of Sama Baghdad Finance Transfer (MTSB) will start trading on Feb. 8, 2015. Depositing the shares of Al-Iraqia For Money Transfer (MTIR), Al-Taif Money Transfer (MTAI) and Al-Harir for Money Transfer (MTAH) started on Jan. 15, 2015. Depositing the shares of Sama Baghdad Finance Transfer (MTSB) started on Jan. 18, 2015. ISX called the shareholders of the companies to deposit their shares, which completed the listing procedures.
  • Al-Zawraa for Financial Inv. (VZAF) will hold its AGM* on Jan. 29, 2015 to discuss and approve 2013 annual financial results and distributing cash dividend. ISX suspended trading of VZAF starting on Jan. 22, 2015.
  • Sumer Commercial Bank (BSUC) will hold its AGM* on Jan. 28, 2015 to discuss and approve 2013 annual financial results, distributing cash dividend and electing new board members. ISX suspended trading of BSUC starting on Jan. 21, 2015.
  • Kharkh Tour A. City (SKTA) will hold its AGM* on Jan. 26, 2015 to discuss and approve 2013 annual financial results, increasing its capital from IQD0.5bn to IQD1.0bn through rights issue and inclusion of the company with the investment law no. (13) for the year 2006. ISX suspended trading of SKTA starting on Jan. 19, 2015.
  • Shares of Commercial Bank of Iraq (BCOI) resumed trading on Jan. 18, 2015 after they discussed and approved 2013 annual financial results and distributing 3.7% cash dividend (IQD0.037 price per share) in their AGM* held on Jan. 8, 2015.
  • Al-Ameen Financial Investment (VAMF) resumed trading on Jan. 18, 2015 after holding their AGM* on Jan. 11, 2015.

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Currency Auction Results, 22nd Jan


By John Lee.

The Central Bank of Iraq (CBI) has reported that 15 banks took part in its currency auction on Thursday.

A total of $108,544,000 was sold  at a price of 1166 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

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Currency Auction Results, 21st Jan


By John Lee.

The Central Bank of Iraq (CBI) has reported that 16 banks took part in its currency auction on Wednesday.

A total of $123,867,000 was sold  at a price of 1166 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

Posted in Banking & FinanceComments (0)

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