Central Bank of Iraq stresses the need to organize the work of brokerage firms
05/04/2010 17:41
Baghdad, 5 April (Akaniwz) stressed an official source at the Iraqi Central Bank on Monday, the necessity of activating the law regulating the work of financial intermediation between the markets and banks and investment companies.
A financial advisor at the Central Bank Abdallah al-Shami, told the Kurdistan News (Akaniwz) announced today that "The next phase will be sensitive and accurate financial support 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 with the task of granting leave for financial companies approved with effective presence in the field of financial and trade in the country."
He continued, saying that "part of the companies fear the investment projects is the lack of clarity of the banking system in Iraq and the spread of illegal operators do not have legal permits to work."
had signed the Convention in 2005 to regulate the economic agreements between the countries of the world at the level of the electronic trading of money entering and leaving the country.
The industrial sector witnessed a substantial rise in volume (40%) of the total trading volume for the Iraq Stock Exchange this week.
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