Law to regulate investments, banks and markets in Iraq
Monday, April 5th 2010 6:27 PM
Baghdad, April 5(AKnews)- An official source at the Iraqi Central Bank stressed on Monday, on the need to enact a law that regulates the work of the financial intermediation between the markets, banks and investment companies ".
The financial adviser in the Central Bank, Abdul al-Shami, said that "The next phase will be a sensitive and accurate financially due to the existence of foreign investment companies in the country in which it requested cancellation of financial intermediaries that are not supported ".
Shami said that "the Iraqi market for securities take the task of granting licenses for the financial companies approved with an active presence in the financial and trade field in the country
He added "a part of the investment companies' fear to establish the projects is the lack of clarity of the banking system in Iraq and the spread of illegal operators that do not have legal permits to work ".
Iraq had signed the Convention in 2005 to regulate the economic agreements between the countries of the world at the level of electronic trading of money entering and getting out of the country ".
The industrial sector witnessed a substantial rise in volume by (40%) of the total trading volume for Iraq Stock Exchange this week.
Sa/gs AKnews
Monday, April 5th 2010 6:27 PM
Baghdad, April 5(AKnews)- An official source at the Iraqi Central Bank stressed on Monday, on the need to enact a law that regulates the work of the financial intermediation between the markets, banks and investment companies ".
The financial adviser in the Central Bank, Abdul al-Shami, said that "The next phase will be a sensitive and accurate financially due to the existence of foreign investment companies in the country in which it requested cancellation of financial intermediaries that are not supported ".
Shami said that "the Iraqi market for securities take the task of granting licenses for the financial companies approved with an active presence in the financial and trade field in the country
He added "a part of the investment companies' fear to establish the projects is the lack of clarity of the banking system in Iraq and the spread of illegal operators that do not have legal permits to work ".
Iraq had signed the Convention in 2005 to regulate the economic agreements between the countries of the world at the level of electronic trading of money entering and getting out of the country ".
The industrial sector witnessed a substantial rise in volume by (40%) of the total trading volume for Iraq Stock Exchange this week.
Sa/gs AKnews