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Increase foreign investment in Iraq Stock Exchange to 980.2 billion dinars
22/4/2015
BAGHDAD
A source in the Iraqi Central Bank to increase foreign investment in the «Iraqi market for securities money», to 980.2 billion dinars (about 840 million dollars) over the last year after it was two billion in 2012.
quoted "life," the source said that "this numbers are on the rise during 2014 and 2015 due to the entry shares contact companies that convergence of demand in trades daily, pointing to a rise in the number of shares traded increased by 39 percent, and increase the market value of the shares by 115 percent, the equivalent of 12 billion dinars. "
The President of the Commission Money Exchange, Abdul Razzaq al-Saadi, that "the Authority was established in 2004 to replace the Baghdad Stock Exchange, which was founded in 1992, the Commission is working so far without a special law," and urged the legislature "the adoption of the law, which was prepared with the help of American money leaves body."
He pointed to the The Authority oversees the work of the stock market and is working with 46 broker and trading electronic system allows even non-Iraqi trade, with a volume of foreigners to 37 percent of the total, which is a good ratio.
He stated that the Authority follow a special system to manage the movement of funds through the investor deposit a certain amount within the center funds, stocks, bonds and transmitted directly to the market, revealing that routine complex Iraqi banks prevented the entry of huge funds from foreign investors.
In response to a question about the reasons for the low market trading during the last period, said al-Saadi "The main reason is market activity linked to security and political situation, and also the conditions economic, such as the low value of oil and delayed adoption of the budget. "
In terms of market measures to prevent manipulation or money laundering, chairman, said: "There precautionary security measures where a check names electronically linked with several parties to ensure integrity. In foreign trade, we are dealing with the banks to be the foreign customers in the Iraqi bank to buy for their own benefit. "
On the other hand, explained a member of the parliamentary Economic Committee Nora Albjara, that the Iraqi stock market, despite the positive mutations that finally achieved, is still looking for Wizards of the problems associated with his work, most notably the banking sector. She said in a press statement that "a lot of mega deals purchasing has not been achieved in the market because of a problem occurring between brokers and investors regarding the lack of liquidity that confuse trading, and the lack of trust between the community and government banks."
On the reason for the high rates of investment foreign market, explained that this is due to the depth of the foreign investor who owns sufficient information on the trading and can make good profits in a limited time, unlike the local investor who is still culture deliberative very simple culture.
It considered that the size of the shareholding companies is another problem because the registered ones in the market, According to the records of the Commission, the company does not exceed 230, while the contribution of total number of companies registered with the Ministry of Commerce of more than 50 thousand companies and the reason is due to the weakness of the culture of contributing companies in Iraq.
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22/4/2015
BAGHDAD
A source in the Iraqi Central Bank to increase foreign investment in the «Iraqi market for securities money», to 980.2 billion dinars (about 840 million dollars) over the last year after it was two billion in 2012.
quoted "life," the source said that "this numbers are on the rise during 2014 and 2015 due to the entry shares contact companies that convergence of demand in trades daily, pointing to a rise in the number of shares traded increased by 39 percent, and increase the market value of the shares by 115 percent, the equivalent of 12 billion dinars. "
The President of the Commission Money Exchange, Abdul Razzaq al-Saadi, that "the Authority was established in 2004 to replace the Baghdad Stock Exchange, which was founded in 1992, the Commission is working so far without a special law," and urged the legislature "the adoption of the law, which was prepared with the help of American money leaves body."
He pointed to the The Authority oversees the work of the stock market and is working with 46 broker and trading electronic system allows even non-Iraqi trade, with a volume of foreigners to 37 percent of the total, which is a good ratio.
He stated that the Authority follow a special system to manage the movement of funds through the investor deposit a certain amount within the center funds, stocks, bonds and transmitted directly to the market, revealing that routine complex Iraqi banks prevented the entry of huge funds from foreign investors.
In response to a question about the reasons for the low market trading during the last period, said al-Saadi "The main reason is market activity linked to security and political situation, and also the conditions economic, such as the low value of oil and delayed adoption of the budget. "
In terms of market measures to prevent manipulation or money laundering, chairman, said: "There precautionary security measures where a check names electronically linked with several parties to ensure integrity. In foreign trade, we are dealing with the banks to be the foreign customers in the Iraqi bank to buy for their own benefit. "
On the other hand, explained a member of the parliamentary Economic Committee Nora Albjara, that the Iraqi stock market, despite the positive mutations that finally achieved, is still looking for Wizards of the problems associated with his work, most notably the banking sector. She said in a press statement that "a lot of mega deals purchasing has not been achieved in the market because of a problem occurring between brokers and investors regarding the lack of liquidity that confuse trading, and the lack of trust between the community and government banks."
On the reason for the high rates of investment foreign market, explained that this is due to the depth of the foreign investor who owns sufficient information on the trading and can make good profits in a limited time, unlike the local investor who is still culture deliberative very simple culture.
It considered that the size of the shareholding companies is another problem because the registered ones in the market, According to the records of the Commission, the company does not exceed 230, while the contribution of total number of companies registered with the Ministry of Commerce of more than 50 thousand companies and the reason is due to the weakness of the culture of contributing companies in Iraq.
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