Iraq Stock Market Closes 2024 Up 45%

(MENAFN- Iraq Business News) Iraq Stock Exchange

The ISX announced on Jan. 2, 2025, that, according to a letter from the Federal Board of Financial Supervision (dated Nov. 5, 2024), regarding the implementation of international standards in Iraq, the experimental implementation of the unified accounting system is set to begin in the first months of 2025. In the second half of 2025, they will evaluate the experience and identify any challenges or issues related to the transition to accounting and financial reporting standards in annual reports. The implementation of the international unified accounting system for the years 2021, 2022, 2023, and 2024 will remain optional if those reports have not yet been issued. Implementation of unified accounting system shall be effective from the beginning of the year 2026 for all state institutions. Arab Bank Group received the final approval from the Iraqi Central Bank on December 24, 2024, to relaunch its banking operations in Iraq. The bank is set to begin its official activities in the new year. (IraqiNews) On Thursday, the International Development Bank (BIDB) announced the introduction of an electronic payment mechanism for entertainment services. (INA) On Sunday, the International Development Bank (BIDB) announced the opening of the bank's 31st branch in the Al-A'amiriya area in Baghdad. (NINA)

Stocks that resumed / will resume trading:

Erbil Bank for Investment & Finance (BERI) resumed trading on Dec. 30 after holding its AGM on Nov. 29 in which they discussed and approved 2023 annual financial statements and electing seven original and seven alternative board members. Modern Chemical Industries (IMCI) will resume trading on Jan. 7, 2025, after holding its AGM on Dec. 15, 2024, in which they discussed and approved 2023 annual financial statements. Middle East Producing & Marketing - Fish (AMEF) will resume trading on Jan. 7, 2025, after holding its AGM on Dec. 9, 2024, in which they discussed and approved the ending Mar. 31, 2024, annual financial statements.

Stocks that were suspended / will be suspended from trading:

ISX suspended trading of Al Ansari Islamic Bank (BANS) starting Dec. 30, 2024, due to the AGM that will be held on Jan. 9, 2025, to discuss and approve 2023 annual financial statements. (Note: ISX adjusted the suspension from the trading date from Jan. 5, 2025, to Dec. 30, 2024.) ISX will suspend trading of AL- Kindi of Veterinary Vaccines Drugs (IKLV) starting Jan. 20, 2025, due to the AGM that will be held on Jan. 23, 2025, to discuss and approve 2023 annual financial statements and dividend distribution.

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