- Yesterday, 19:07
Baghdad – INA – Nassar Al-Hajj
confirmed the Iraq Stock Exchange, today, Saturday, that its cooperation with the Central Bank and the stock market has achieved 5 goals and gains.
The Executive Director of the market, Taha Ahmed Abd al-Salam, told the Iraqi News Agency (INA), that “cooperation with these two parties has achieved goals and gains, first represented by working to oblige the brokerage offices owned by banks to convert to brokerage companies starting from 2008-2009, to be of independent financial responsibility. In accordance with the Companies Law and in line with the rules of the Securities Commission, and secondly, the cooperation resulted in obligating banking companies and money transfer companies to be listed in the Iraqi Stock Exchange based on the decision of the Ministerial Economic Committee in 2013 and in compliance with the criteria of the Securities Commission for listing, which made the banking sector the largest listed sector in the Iraqi Stock Exchange.
He added, “The third gain includes holding joint committees between the three parties periodically, which would develop the securities sector continuously, while the fourth gain includes the use of the payment system in implementing financial settlements between Iraqi banks, in addition to banking activity between the bank and its branches, which increased the Liquidity of shares through examination and audit of sources of funds upon purchase.
And he continued, “In this context, the due diligence of banking for dealers through banks, is offset by due diligence for stock dealers in the Iraqi Stock Exchange since 2015, especially since the Iraqi Stock Exchange does not accept cash dealings for the purchase of shares or payment except with limits of less than 15 million. Dinars per investor per session.
He stressed that “the fifth gain is the cooperation of the three parties in the context of supporting banks to provide the service of safe custody of securities, and during 2022 the Central Bank of Iraq granted approvals to four Iraqi banks that submitted their papers to the Securities Commission to practice the activity of safe custody of securities, and all of them were approved at the beginning of the month November 2022.
He concluded by emphasizing that there will be mechanisms of cooperation and joint action to enhance the role of the securities sector in supporting economic activity in Iraq.