Iraqi Dinar Currency is Moving towards IQD Revaluation: Experts
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It is supposed that the Iraqi dinar currency be attached to a basket of major currencies, international reserve currencies, which is powerful in foreign trade and capital markets. Iraq has been used to facilitating bilateral ties in its monetary history. There isn’t any secret to the followers of controversy on bilateral connection, specifically in the U.S dollar. The initial source of foreign currency to Iraq has been considered the U.S dollar. The official international reserves of U.S dollar are estimated at about 65%. Point to be noted that foreign trade of Iraq mainly depends on the U.S dollar currency with its neighboring and Asian countries. It has been considered a real fact that most international currencies depend on the U.S dollar to intervene in the international currency market. Iraq is also operating currency operation window in the Iraqi Central Bank with U.S dollars. It is essential to interact with the currency basket proposal and in finding methods of exchange rate movement according to this system. The exchange rate of Iraqi dinar is connected to a basket of currencies changing values. It for those interested and decision makers to analyze the performance of this system in considering how it differs from the bilateral connection. During the entire current year, the average U.S dollar exchange rate against Iraqi currency was recorded at 1200 Iraqi dinars per U.S dollar. The exchange rates of other international currencies change in Iraqi dinar currency according to their exchange rates. The proposal to adopt a basket of currencies instead of bilateral connection might mean a change of U.S dollar exchange against Iraqi dinars. It will be according to the exchange rate of the basket currencies against the U.S dollar. When we talk about pricing of Euro or British pound, it depends on the exchange rates between these currencies and the U.S dollar.
The RSISX index ended the week at IQD778 (+2.5%) / $795 (+2.1%) (weekly change) (-19.0% and -16.1% YTD change, respectively). The number of week traded shares was 14.4bn and the weekly trading volume was IQD20.2bn ($15.9mn).
ISX Company Announcements
Al-Bilad Islamic Bank for Investment & Finance (BLAD) will resume trading on Oct. 15, 2017, because the company fulfilled ISX request to explain why the prices have touched the lower limit in the two sessions (Oct. 5-8, 2017). The company announced that the shares of Mr. Abdul-Jalal Said Btti were offered to be sold based on a decision of the Badaa’a Court.
Al-Ameen Financial Investment (VAMF) completed the capital increase procedures from IQD1.0bn to IQD1.5bn through 50% rights issue.
Iraqi Engineering Works (IIEW) will hold AGM* on Oct. 15, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of IIEW starting Oct. 10, 2017.
Ishtar Hotels (HISH) resumed trading on Oct. 9, 2017 after fulfilling ISC disclosure requirements and publishing 6M17 financial results.
Gulf Commercial Bank (BGUC) held AGM* on Oct. 12, 2017 to discuss and approve 2016 annual financial results and distributing 1.96% cash dividend (IQD0.0196 dividend per share, 5.8% dividend yield). ISX suspended trading of BGUC starting Oct. 9, 2017.
Modern Chemical Ind. (IMCI) will hold AGM* on Oct. 20, 2017 to discuss and approve 2016 annual financial results and distributing cash dividend. ISX will suspend trading of IMCI starting Oct. 17, 2017.
Economy Bank (BEFI) sent to the ISX the CBI letter of Oct. 2, 2017 confirming its letter of Feb. 2, 2017 that the CBI has lifted the custody of BEFI and requested all relevant parties to settle their commitments with the new management to obtain all their financial rights as well as lifting the block on fixed and current assets so that the bank can resume its activities and fulfill its obligations.
Mamoura Realestate Investment (SMRI) completed the capital increase procedures from IQD19.2bn to IQD 22.78bn through 15% rights and 3.6% bonus issues.
Iraq Baghdad for General Transport (SBPT) resumed trading on Oct. 11, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 130% cash dividends (IQD1.3 dividend per share, 9.3% dividend yield).
Cross Transactions: 5.0bn shares of Baghdad Soft Drinks (IBSD) on Oct. 9, 2017, which represents 2.8% of IBSD capital. 1.25bn shares of Trans Iraq Bank for Investment (BTRI) on Oct, 9, 2017, which represents 0.47% of BTRI capital. 2.0bn shares of Al-Harir Money T. (MTAH) on Oct. 10, which represent 4.4% of MTAH capital. 2.0bn shares of Trans Iraq Bank for Investment (BTRI) on Oct. 12, 2017, which represents 0.75% of BTRI capital. 0.5bn shares of Cihan Bank for Islamic & Finance (BCIH) on Oct. 12, 2017, which represents 0.2% of BCIH capital.
The dollar exchange rates in local markets 10-14-2017 2017-10-14 at 12:26 (Baghdad time) Baghdad Mawazine News The exchange rate of the dollar against the Iraqi dinar, in the markets of the capital Baghdad and the Kurdistan region, and southern Iraq, on Saturday. Baghdad Stock Exchange Selling price / $ 100 = IQD 126,200 Purchase price […]