Saadi : bourses Baghdad and Erbil real transformation to activate the work of joint stock companies

August 29, 2013 10:25



Continue to focus on the importance of activating the work of the stock exchange and access levels to compete with the regional stock exchanges through the expansion of attracting investment and the adoption of advanced systems , especially as the list of preparations to enter the market Arbil Securities to work during the coming period .

The head of the Securities Commission Abdul Razzaq al-Saadi said in an interview for the (morning) The Securities Commission head supporter of the development of mechanisms of action of securities in the country, pointing to the importance of the ongoing meetings between the stock exchanges of Baghdad, Arbil, which will enter the stage of work and deliberation during the coming period .

He said al-Saadi that the markets will work through the center of the deposit and one organizes its efforts to activate the work and achieve success by providing full support for attracting investments in the stock market and make them compete with regional bourses , indicating Saadi said the operations of lower trading and the height is considered normal in all world stock exchanges and is healthy after being seen Trading volume increased gradually and continuously.

 He pointed out that the decline that took place during the holy month of Ramadan, the past is normal happens every year since the beginning of the nineties .

He said Saadi said the volatility witnessed by the dollar exchange rate during the last period impacted negatively on the reality of trading , as the capital invested in the stock market went each to trading on market supply and demand of foreign currency out of circulation, indicating that the stability of the currency exchange rate helps to activate trading within Iraqi market for securities, also contributes greatly to the stability of the money market and the development of all economic sectors .

Among Saadi said the market economy does not allow the existence of a black market for coins or other, but must be kits offer or demand is open to the seller and the buyer, and this is what sought by the Authority and the Iraqi market for securities. , And added that the Commission , in cooperation with the Central Bank urges all financial institutions to inclusions in the stock market, because it holds many positives for those institutions , mainly high transparency in the enterprise data , which leads to clarity track to that institution in front of all the shareholders and raise the matter of the institution.

And out of the country from the provisions of Chapter VII Saadi said conflicting views on the activation of the investment process in the country over the past years , and the reason was harsh sentences imposed on the country for three and a half decades .

But change the case after the withdrawal of Iraq from the provisions of Chapter VII, and became the focus of attention of the international economic blocs in a clear and heavy .

He stressed that the coming period requires hard work to develop the banking sector, pointing out that the process of economic development can not be successful away from the banking sector sophisticated and this is not بالصعب after running out of Iraq from the provisions of Chapter VII and became the focus of the confidence of the world of finance and economics from New All that it takes legislation Dolly the practice of banks banking products of an investment nature .

He added that the development of this sector helps the independence of the monetary mass compacta and in large quantities for the purposes of development in all economic sectors , indicating that the money compacta can be invested in vital projects achieve economic feasibility great for the country , and thus can be employed in the course of capital within the country, is important to restore confidence in the role of banks not to operate some of the offending parties have intentionally or unintentionally .

He said al-Saadi to the importance of communication with the global economic institutions to classify Iraq internationally , where there are major institutions working on the classification of countries economically and this in turn is rated for support global investment serves all facilities economy productivity and service without exception. , And he reiterated that exceeded the provisions of Chapter VII have occurred a major positive on investment and construction and the overall facilities economy productivity and service , especially that it is restricted , according to investors and can not work in the atmosphere prior to the absence of guarantees , as the country became more freedom in the process of transferring funds abroad to complete the economic processes different .

He called al-Saadi to work on the importance of communicating with global economic institutions to classify Iraq internationally , according to visions of transition towards a market economy and what fits the transition of these , because the regulations adopted and currently in force under a lot of reservations, noting that the advancement of the private sector requires a process of real reform of the financial sector , because the economic transition requires the presence of an integrated private sector is able to manage the economic file as well as the banking sector is able to provide a product comparable to what they offer banking international banks.


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