Iraq And Canada Sign A Memorandum Of Cooperation For The Securities Commission

On July 28, 2020

(Independent) … The Iraqi Securities Commission announced that it has signed a memorandum of cooperation with the Iraqi Canadian Chamber of Commerce and Industry, with the aim of strengthening cooperation between the two institutions in the areas of technical support services, training program and information exchange.

In a statement he received (Al-Mustaqbalah), the head of the commission, Alaa Abdul Hussein Al-Saadi, said: “This agreement works to facilitate joint cooperation between the authority and the Iraqi Canadian Chamber of Commerce and Industry to intensify work through training programs for Iraqi cadres on best practices in the field of financial markets for Developing financial markets and financial services in particular, in a way that reflects positively on the work environment in the financial markets in Iraq.

Al-Saadi pointed out that “the commission completed the issuance of its report for the second semester of the year 2020 on the movement of trades and financial indicators in the Iraq Stock Exchange, as trading in this chapter was greatly affected by the consequences of the Krone pandemic, which led to reduced trading sessions, and despite that, the volume of trading for this chapter It has exceeded 17 billion dinars for the regular and secondary markets, with a number of shares amounting to about 35 million shares, where the telecommunications and banking sectors led these trades.

It is worth noting that the Securities Commission possesses many future plans and procedures that it intends to take during the coming period, once the Authority’s council is formed and a new law is issued that would increase these trades and increase the attractiveness of financial markets in Iraq in a way that leads to its development or the creation of new financial markets such as a commodity market in Iraq, which will be reflected in the overall Iraqi economy, which possesses many undiscovered constituents and reservoirs that constitute promising investment opportunities in the future. (End)

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