Iko Ward’s Wells Fargo Contact, 16 JAN

Hi Guys, I want to clarify something since it has already reached distorted rumor levels. I got an email from my Wells Financial Adviser yesterday, 6/20, asking me for the latest news. He has never reached out to meabout the currencies but has always been a great help when I had questions. He is a regional manager with accounts up to 10M. I have been with him 3 years. He has not been read in to

DINAR GURUS UPDATE, 16 JAN

1-16-2017   Newshound Guru Islandg1211  The good news is that the CBI continues to move forward. Last week, Iraq’s banks got their IBAN international bank transfer number codes. That’s great news and really shows that Iraq certainly does plan to get the Dinar international again and off the UN sanction rate.  Reports of more US banks buying and selling Dinar is also good news, testing the system

TNT UPDATE, 16 JAN

Lilypad:  Ecubucs——IMO This delay will be short–definately not cancelled. Notice the last sentence in the article from Allak. –continual technical preparationCentral bank: deletion of zeros from the currency deferred for the time beingThe Central Bank of Iraq, that there is full control of the Iraqi dinar, revealing that the deletion of zeros from the currency, deferred for the time

GardaWorld Weekly Security Report

GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers.

Prepared by GardaWorld’s Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country, including the battle to liberate Mosul.

Please click here to download the full 20-page report free of charge.

For more information on how GardaWorld’s services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at daniel.matthews@garda.com

GardaWorld Weekly Security Report

GardaWorld, a global leader in comprehensive security and risk management, has made its weekly security report available to Iraq Business News readers.

Prepared by GardaWorld’s Risk Analysis Team in Iraq, this essential report includes short- and medium-term outlooks on the security situation, reports and commentary on recent significant events, and a detailed overview of developments across the country, including the battle to liberate Mosul.

Please click here to download the full 20-page report free of charge.

For more information on how GardaWorld’s services can support your business in Iraq, please contact Daniel Matthews, Senior Director Iraq, at daniel.matthews@garda.com

Iraqi Stock Market up 12% in 2 Weeks

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 12th Jan 2017).

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

The RSISX index ended the week at IQ1072 (+7.1%) / $1062 (+7.1%) (weekly change) (+11.7% and +12.2% YTD change, respectively). The number of week traded shares was 21.5bn and the weekly trading volume was IQD13.1bn ($10.0mn).

ISX Company Announcements

  • According to the letter published by the CBI (dated back on Dec. 27, 2016), the electronic system for dollar distribution and the principles and standards for foreign currency purchase of the banks and money transfer companies were applied and used starting Jan. 2, 2017. The CBI’s aim is to ensure effective monitoring and commitment to money launder laws and monitor terrorism financing and requirements of auditing the purchase and sale of dollars. According to the letter sent by the CBI to Iraqi banks (dated back on Dec. 29, 2016), a study was made to evaluate banks based on the standards for the foreign currency purchases and give a rating to them based on seven criteria that have different weights and total 100 points. It was stated that banks that have less than 17% of the points set for the criteria have to fix the problems related with that criteria within three months or will be suspended from participating in the currency auctions.
  • Iraqi Land Transport (SILT) will resume trading on Jan. 15, 2017 after fulfilling ISC disclosure requirements and publishing 3Q16 financial results.
  • International Islamic Bank (BINT) will resume trading on Jan. 15, 2017 after fulfilling ISC disclosure requirements and publishing 3Q16 financial results.
  • Al-Ameen Financial Investment (VAMF) will hold AGM* on Jan. 17, 2017 to discuss and approve 2015 annual financial results and increasing its capital through 50% rights issue to IQD1.5bn. ISX suspended trading of VAMF starting on Jan. 12, 2017.
  • New shares of Zain Al-Iraq Islamic Bank for Investment (BZII) from the capital increase to IQD250bn through 150% rights issue resumed trading on Jan. 12, 2017.
  • Al-Arabiya Islamic Bank (BAAI) resumed trading on Jan. 12, 2017 after fulfilling ISC disclosure requirements. The company stated that it was converted into a bank from a money transfer company, so there was no activity in 3Q16.
  • A cross transaction occurred on 8.5bn shares of Mosul Bank for Development and Investment (BMFI) on Jan. 11, 2017, which represents 3.4% of BMFI capital.
  • Ready Made Clothes (IRMC) resumed trading on Jan. 10, 2017 after discussing and approving 2015 annual financial results and covering 50% of the deficit of 2015.
  • Asiacell (TASC) will hold AGM* on Jan. 19, 2017 to discuss and approve 2015 annual financial results. ISX suspended trading of TASC starting on Jan. 9, 2017.
  • The custodian committee assigned by the CBI over Dijlah & Furat Bank for Development (BDFD) replied ISX on Jan. 8, 2017 that the committee is currently managing the bank according to CBI instructions.

Crescent Petroleum hopes to Expand in Iraq

By John Lee.

Sharjah-based Crescent Petroleum plans to expand further in Iraq, according to a report from The National.

The newspaper quotes chief executive Majid Jafar (pictured) as saying:

“What we see in the region is the potential is much higher than what we’ve achieved so far.”

In Iraq, the company is said to be looking at upstream opportunities in the south of the country.

(Source: The National)

S Korea keen to Improve Ties with Iraq

By John Lee.

South Korea’s Acting President and Prime Minister has asked for Iraq’s cooperation in bolstering economic cooperation.

During a meeting with Iraq’s Foreign Minister Ibrahim Al-Jaafari in Seoul on Monday, Hwang Kyo-ahn (pictured) said:

“The two countries have developed their cooperative ties based on a long history of cooperation and a mutually complementary economic structure … I ask for the Iraqi government’s interest and cooperation to ensure that economic cooperation continues to develop in the future.”

Speaking at the start of a four-day visit to South Korea, al-Jaafari said he hoped that more South Korean firms can make inroads into the Iraqi market.

(Source: Yonhap)