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*****Iraq loses US$22 m due to "extra" Eid holidays*****
27/08/2011 18:03
Baghdad, AUgust 27 (AKnews) - *****Iraqi economists say the country will lose US$22 million because of "extra" holidays of Eid al-Fitr that the Iraqi government has announced.*****
Eid al-Fitr, which follows the Muslim holy month of Ramadan, is usually three days, however, the Iraqi government last week extended the holidays to six days. Sectarian differences have been blamed for the doubling of the holidays.
The date of the Eids in the Muslim Hijri calendar are disputed between Sunni and Shia Muslim scholars as it follows the lunar calculations. Followers of the Shia faith, including Iraqi Shias since 2003, have followed the Iranian religious authorities in deciding when the Eid starts - usually one day earlier or later than that decided by the Sunni endowments.
Deciding whether it is Eid or not depends, according to the teachings of the prophet of Islam, on the sighting of the moon at the end of Ramadan.
Ali Keji, an Iraqi economic analyst told AKnews that "According to the preliminary estimates, Iraq will lose approximately US$22 million due to the suspension of the stock market during the six days"
*****Keiji, who is head of the Iraqi Market Center, complained that *****the "government does not respect economic problems because of the holidays.***** It takes such a decision without consulting the Securities Commission and the Central Bank."*****
Iraq's stock exchange (ISX) handles US$ 210 billion shares worth about US$326 million since January. In 2010, the total fiscal year's 255 billion shares worth about US$342, an increase of about 40%.
Hundreds of Iraqi and foreign businessmen and share-holders deal with the ISX.
Salam al-Quraishi, an economic adviser to the Iraqi government said "the holidays cause delays in the economic and commercial transactions but not huge money losses"
He defended the government's position saying they have talked to economic institutions before taking on any such decision to extend the holidays to six days.
"When the Iraqi government decided the Eid al-Fitr holiday to be extended for six days, it had actually consulted economic institutions and looked into its impacts on economic activities."
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27/08/2011 18:03
Baghdad, AUgust 27 (AKnews) - *****Iraqi economists say the country will lose US$22 million because of "extra" holidays of Eid al-Fitr that the Iraqi government has announced.*****
Eid al-Fitr, which follows the Muslim holy month of Ramadan, is usually three days, however, the Iraqi government last week extended the holidays to six days. Sectarian differences have been blamed for the doubling of the holidays.
The date of the Eids in the Muslim Hijri calendar are disputed between Sunni and Shia Muslim scholars as it follows the lunar calculations. Followers of the Shia faith, including Iraqi Shias since 2003, have followed the Iranian religious authorities in deciding when the Eid starts - usually one day earlier or later than that decided by the Sunni endowments.
Deciding whether it is Eid or not depends, according to the teachings of the prophet of Islam, on the sighting of the moon at the end of Ramadan.
Ali Keji, an Iraqi economic analyst told AKnews that "According to the preliminary estimates, Iraq will lose approximately US$22 million due to the suspension of the stock market during the six days"
*****Keiji, who is head of the Iraqi Market Center, complained that *****the "government does not respect economic problems because of the holidays.***** It takes such a decision without consulting the Securities Commission and the Central Bank."*****
Iraq's stock exchange (ISX) handles US$ 210 billion shares worth about US$326 million since January. In 2010, the total fiscal year's 255 billion shares worth about US$342, an increase of about 40%.
Hundreds of Iraqi and foreign businessmen and share-holders deal with the ISX.
Salam al-Quraishi, an economic adviser to the Iraqi government said "the holidays cause delays in the economic and commercial transactions but not huge money losses"
He defended the government's position saying they have talked to economic institutions before taking on any such decision to extend the holidays to six days.
"When the Iraqi government decided the Eid al-Fitr holiday to be extended for six days, it had actually consulted economic institutions and looked into its impacts on economic activities."
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