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Alnasiri calls for banks and the stock market to invest in government bonds
5/5/2016 0:00
[rtl]BAGHDAD - Hussein Tgb
Banking expert Samir Nasiri said the Iraq Stock Exchange is an economic market aims to regulate and control the securities between buyers and sellers, according to special rules and instructions are subject to the law of the market No. (74) for the year 2004 in order to attract investments indirect national and foreign, including supports and contributes to increasing capital formation in the overall economy.
Economic recession and said Alnasiri in an interview for »Sabah» that the number ofjoint stock companies in the trading market of 98 Iraqi company total shares (8.9) trillion shares constitute 64 banking percent of the total, and other sectors make up 36 percent of the total outstanding shares, adding: the number of deposited shares in the shares ofdeposit (6.7) trillion shares, representing 76 percent of the shares listed on the market.I've added the Iraq stock Exchange significantly affected the economic recession and thefinancial crisis experienced by the Iraqi economy since 2014 due to the continued fall in oil prices worldwide and costs the war on terror and other economic accumulations led to the decline in the growth rate in GDP (0.5 percent) and high unemployment rates to 30 percent and poverty to 25 percent and inflation to 2 percent. currency bloc said Alnasiri to fall in the savings rate among banks to the range of 20 percent against an increase of the proportion of compactness to 80 percent of the total money supply in the market is reflected in the business market, explained that all of this led to a decline in share prices in the banking sector and other sectors in the trading market rates ranging between (50-85 percent) as shares in determining the role of the Iraq Stock Exchange in attracting investment and supporting the national economy for it. between Alnasiri: to enable themarket to overcome the current situation requires that the sectoral bodies of theparticipating companies in the market not to militancy in some of the instructions issued by, for example , the Iraqi Central Bank and the Department of registration of companies in the Ministry of Commerce and the General Authority for taxes , which focused increasing the minimum capital and its impact on falling share prices without nominal prices, Maidao to do feasibility studies submitted by the joint - stock companies to increase their capital to the uses of those increases and give a clear opinion inconnection with it to the Securities Commission Finance and the Central Bank of Iraq before approving increases in the capital. He stressed the importance of follow - up and monitoring and evaluation system for the performance of contribution and determine thekinks and negligence and violation of the laws and regulations companies, and theemphasis on the contribution to provide disclosure of monthly, quarterly and annual that transparency reports of companies offer annual date financial results not to exceed 60 days from the end of the year financial. guarantee deposits for the purpose of activating the role of the Iraq Stock Exchange in attracting investment suggest taking measures as well as the establishment of the deposit Insurance Corporation and the issuance of its own legislation in order to protect the deposits of depositors and encourage citizens to go to the banks and to benefit from all the services they provide and achieve central goal to raise the savings ratio to calculate the proportion of compactness and address thelack of liquidity in the banks and the impact on the cash market trading. He stressed theneed to promote and activate the CBI initiative to lend banks to finance small and medium enterprises and the allocation of 10 trillion dinars for this purpose in order toachieve economic and social goal, as well as the banks and the Iraqi market for securities to take advantage of the launch of the central bank 's government bond interest rate of 8 percent for a period of two years for the purpose of reimbursement ofcontractors and mind bond guarantee to give them banking facilities of all kinds of banks, as well as to encourage citizens to acquire in order to withdraw liquidity for internal cash trading. He urged Alnasiri to use to increase investment in the Iraq Stock Exchange and the granting of financial investment companies traded or purses shares directly manage electronic publishing technologies, as well as a review of company law and the law ofIraq Stock Exchange in accordance with the applicable exchange - Arab and international markets. He called for activating the role of corporate governance by All therelevant authorities listed in the market and protect investors ' rights, as well as forcing companies that profit distribution of at least (50 percent) of the net profits earned cash to shareholders, along with the deployment of special trade and duties of the culture of theIraqi market, securities and educate the public capital markets and its role in sustainable development.[/rtl]
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