Economic Info Center spokesman: Need two years to adapt ISX systems to currency reform plan
Posted: May 24, 2012 Date: Thursday, 24-05-2012 12: 20 pm
Baghdad (newsletter) … Head of economic information centre, Ali dargham project delete three zeros Iraqi currency will affect Iraq market for securities, stating that he needed two years to adapt to the new system.
Ali (News Agency news) on Thursday: draft deleted three zeros of the Iraqi dinar will affect the Bourse index replaced hand “dinars” to “money”, it needs to reprogram its systems, and sufficient time to adapt gradually to the new situation.
He added: the market needs to two struggling mechanisms within the new system programmed his discussions of the Iraqi currency and serve as a transition to a new system through changes in equity structure and market a new formula, either be reduced to “any per thousand shares becomes with one”, or put a new management systems in the market during project delete zeros.
Noted: that the draft deleted three zeros from the currency necessary at the moment because of large cash block in the local market which is estimated at 3 trillion dinars, made an urgent need, pointing out that its reduction would help ease of auditing in the State particularly in the general budget, in addition to financial resources calculations are easier and more accurate by interacting with them being hard to deal with the large numbers that currently exist.
The Iraq Securities Commission confirmed earlier that the deletion of zeros from the local currency would hurt the level of stock trading in Iraq market for securities in the current phase of existence contributed less than (80) dinars and will be lost if you delete zeros