25/10/2011 11:56
Baghdad, October 25 / October (Rn) – The head of the Securities Commission of Iraq, Tuesday, that the deletion of zeros from the local currency will affect the financial trading in the stock market.
Abdul Razzaq al-Saadi told the Kurdish news agency (Rn) that “Iraq is not qualified economically to delete the zeros of the local currency to the presence of a significant effect on trading the financial stock market,” adding that “some companies registered Appropriation Financial less than the Iraqi dinar and delete the zeros will make her third dinar.”
The size of the Iraqi market for the trading of financial Orac billion Iraqi dinars a day.
He noted that “there are service projects such as building power stations, most of the deletion of zeros, which cost Iraq billions of dollars as the economic situation which is still not at the level required to remove three zeroes.”
The Iraqi government says that the process of removing zeros from the currency will increase the adornments of the phenomenon of money laundering and is working to convince the central bank need to stop work on the project.
He revealed the CBI on Monday that the new Iraqi currency will increase by three zeros, indicating that he had conducted an extensive study concluded that the lifting of the zeroes will strengthen the value of the Iraqi currency.
The Central Bank of Iraq four branches in Basra and Sulaymaniyah, Erbil and Mosul, where the established bank independent Iraqi under the law of the Central Bank of Iraq issued on the sixth of March / March 2004, which is responsible for maintaining price stability and the implementation of monetary policy, including exchange rate policies and the management of foreign reserves and the issuance of and currency management, in addition to the organization of the banking sector.
The main Manmam Central Bank in managing monetary policy in the country and raise the level of the values of the Iraqi dinar and tackle inflation in the country.
The Securities Commission, said that Iraq provided the countries of the region the size of financial trading increased by 70%.
The Iraq Stock Exchange has started its activity in 2004, and shifted from manual trading to the use of e-dealing screens in 2009 and open for trading two hours a day five days a week.
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