Al Nassiri: the banking sector is 64% of the total stock in Iraq market for securities


He said banking expert and member of the International Union of Arab bankers Samir Al Nassiri Iraq market for securities market economic regulation and control of securities between buyers and sellers in accordance with the rules and special instructions are subject to the law of the market (74) in 2004 in order to attract investment, national and foreign, that support and contribute to an increase in capital formation in the overall economy.

Many companies in the trading market (96) banking sector constitutes Iraqi company 64% of total stocks and other sectors constitute 36% of the total shares.

He influenced Iraq market for securities are greatly affected by the recession and financial crisis being experienced by the Iraqi economy since 2014 due to the continuous decline of global oil prices and the costs of the war on terror, and other economic backlog led to a decline in GDP growth (0.5%) High unemployment rates to 50% and 25% poverty and inflation to 2% and low saving ratio to the Iraqi Central Bank to within 20%. As the proportion of the total cash mass compactness of citizens and reflected in the business market. All this has led to a decline in stock prices of the banking sector and other sectors in circulation at rates ranging from (50%-85%). in order to activate the role of the Iraq market for securities in attracting investment and supporting the national economy requires secure several factors.

Sectoral bodies and supervising companies in processing and not to rigidly in some instructions. For example, the Central Bank and companies registration service at the Ministry of Commerce and General Administration of taxation, which focused on increasing the minimum capital and the impact on stock prices without nominal prices. For it is necessary to do feasibility studies by companies to raise capital for the use of those increases and give a clear opinion with respect to the Securities Commission and the Central Bank prior to the approval of the increases in capital.

And a system of control, monitoring and evaluation of corporate performance and identifying kinks and negligence and violation of the laws and the instructions window.

And the need toemphasize that corporations contribute to disclosure and transparency reports monthly, quarterly and annual to submit annual results no later than 60 days from the end of the financial year.

In order to activate the role of the Iraq market for securities in attracting investment

Al Nassiri suggested the importance of the establishment of the deposit insurance corporation and its legislation for the purpose of protecting the deposits of depositors and encourage citizens to go to banks and take advantage of all the services provided, and the central goal raising the saving ratio to calculate compactness and address the lack of liquidity in banks and cash in circulation on the market.

And promote and activate the CBI initiative to lend to banks to finance small and medium-sized enterprises and customize 6.5 trillion dinars for the purpose of achieving economic and social objective. As well as banks and Iraq market for securities to take advantage of the launch of the Central Bank of the Government bonds interest-8% for a period of two years to reimburse contractors and as bonds granting banking facilities of all types of banks in addition to encouraging citizens to acquire them with a view to withdrawing liquidity for monetary circulation procedure.

He emphasized the use of electronic publishing techniques to increase investment in Iraq market for securities.

As well as giving financial investment companies freedom traded or stock portfolios run by directly.

And the importance of revisiting corporate law and the law of the Iraq stock exchange market as is the case in Arabic and world stock markets. And activate the role of corporate governance by all the relevant authorities listed in the market and protect investors ' rights by requiring companies that profit distribution at least (50%) Net profits in cash to shareholders.

Al Nassiri stressed the importance of disseminating the trading culture and duties of Iraq market for securities and inform the public capital markets and their role in sustainable development.