Experts expect the money supply to invest in stocks
Economic 2024/07/01
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Experts expect a positive movement in the trading of the Iraqi Stock Exchange for various companies, based on a set of facts that the country is witnessing, most notably the difficulty of money leaving Iraq, as it is now looking for new investment outlets, and stock trading is one of the most important of these outlets for the monetary mass.
The economic expert, Dr. Saif Al-Halfi, confirmed that there are real reasons behind the increase in the volume of trading in the Iraqi stock market, the most important of which is, in particular, the rapid and uncontrolled growth, especially in the sector of financing and purchasing the least expensive real estate in Iraq.
He added that the huge inflation in the rise in house prices inside Iraq, which may continue to grow turbulently for a period of no less than three years, will witness crazy increases in their prices in a way that leads to the employment of the direction of large capitals, whose owners were unable to export them outside Iraq and direct them to their foreign investments due to the strictness of the US Federal Reserve’s procedures and the strict control by the US Treasury on all foreign transfers.
He pointed out that we notice that the increasing demand for real estate sometimes heads to major cities such as Baghdad, Erbil, Sulaymaniyah, Najaf, Basra and Karbala, where political and security stability has improved and the business world in the private sector is abundant, which has had a crazy impact on increasing the demand for real estate at rates that vary from time to time according to the strength of these governorates and the strength of the capital city of Baghdad.
Al-Halfi continued that in the next phase, the demand trend will witness a sharp turn by adding the governorates and cities that fall within the Faw-Umm Qasr axis and the development road, passing through the cities of Muthanna and Nasiriyah and joining Baghdad and Mosul, due to the concentration of the future business environment in the Faw basin and the development road, and this is what the power of the transfer of large and medium capital has adopted.
He pointed out that there is a noticeable increase in the concentration of these funds in Basra and Baghdad, which has increased pressure on the real estate market, especially Iraq's urgent need for more than 250,000 housing units annually.
He stated that Iraq's problem lies in its being a flexible and effective economy, as we see clarity in monetary policy and its tools represented by the policies of the Central Bank, but on the contrary we see an almost complete absence in Iraq's financial policy and its executive tools represented by the government's ability to impose taxes at multiple and specific levels on those with high monthly financial incomes and on owners of large projects in Iraq, in addition to the policy of imposing fees and customs tariffs on all goods and commodities entering Iraq with the policy of reducing government spending by supporting and encouraging the private sector and facilitating its mission in creating jobs for young people and the unemployed.
He said: Here we wonder and explain the Central Bank's urgent desire to raise the ceilings of capital ratios for banks operating in Iraq to 400 billion dinars, and it may be followed by the urgent and increasing acceleration in raising the ratios of cash and credit reserves. These tools have made clear the Central Bank's desire to cool the rapidly heating economy in the housing and construction sector, but in all these market disturbances in the high levels of cash liquidity with inflation rates and the inability of Iraqi funds to migrate abroad, it will help from the strong demand to head to the Iraqi stock market, which will be a preferred and safe destination for those funds in order to preserve their monetary strength without inflation factors having the ability to reduce their value.
As for the member of the Baghdad Economic Forum, Jassim Al-Aradi, he confirmed that the size of the monetary mass that was directed outside the country has now changed its course to the domestic market, where it targeted real estate and lands and from there it headed to the stock market, although this was relative, but the data indicates that trading in the stock market will be its next destination.
He pointed out that many capitalists have come to realize that buying shares makes them owners of a percentage of the company and its assets, and these matters have encouraged many to buy shares in various joint-stock companies, pointing out the importance of promoting the culture of investing in shares.
He stated that the increase in the volume of stock trading reflects the effectiveness of the national economy, expecting that the coming period will witness a gradual growth in stock trading in terms of number and value.
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