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Abdul-Hussein al-Yasiri: Iraqi market for securities needs to restructure and amend its law in accordance with the policy of the economy
Date: Thursday, 27/12/2012 12:05 am
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said Abdul Hussein al-Yasiri
The foreign companies that participate in the Iraqi market for securities not exceeding (2000) company while local companies (80) thousand companies and capital two billion dollars, and this is a small number compared to the bourses evolving global.
explained: that the Securities Commission proposed reducing excise tax on corporations for the purpose of encouraging them to enter into the market, but some lawmakers refused to do so and put proposals to develop state-owned enterprises through privatization or work in partnership with the private sector to become companies with sector mixed to enter strongly into the market.
added: that the Iraqi market for securities needs to restructure again and organize its work by amending the Law of the Securities format consistent with the orientations of economic policy of the country and aimed toward a free market economy.
pointed to, that causes back market index during the current period due to several reasons including the downturn happening in the global economy, especially in the Greece, Spain and low index bourses where, in addition to that these days is the end of the year many of the owners of the money are preparing their accounts closing and putting new accounts, and this is what makes them stop buying and selling shares.
mentioned that index the Iraqi market for securities witnessing a continuous decline and consecutive days during the current period .
was established Iraqi market for securities in June (2004) in Baghdad, and works under the supervision of the Securities Commission of Iraq, an independent body established body style U.S. Securities and Exchange Commission.
A year ago (2003) has been called on the current market as "Baghdad Stock Exchange" and operated by the Iraqi Ministry of Finance, but now is a self-regulatory body, including the companies listed in the market sectors of banking, insurance and investment services and industrial and agricultural companies and even tourism companies.
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