DMCC: Iraqi dinar of interest and market need
DMCC: Iraqi dinar of interest and market need
Date: Saturday 08/25/2012 09:38 am
Baghdad / follow-term economic
confirmed Center DMCC that currency Iraqi dinar attract his attention, at the time confirmed the CBI that the draft delete zeros will pass within the House and Minister after what he called a “whirlwind political.” said CEO of DMCC multi Ahmed bin Sulayem, in a press statement to the newspaper (economic statement)
The DGCX and goods is looking forward to the inclusion of contracts new currencies meet the needs of the market, pointing out that the focus of attention for these products is focused on adding more volumes and values traded, given that brokers and members are looking forward to seeing large volumes of trading.
added that if the ruble a top priority for the Russian members of the stock exchange, we will be lucky to look at this, and that the Iraqi dinar currency to attract our attention, however, pointed to the inclusion of such currencies since the first month of the founding of the stock market is wrong. In response to a question on the possible inclusion of Yuan China, responded by saying that this currency is not the quality of the currency that can be excluded, they are a strong currency represents economy a big country, and pointed out that China’s entry into the global market has come recently, and he personally as CEO of DMCC multiple need to be sure the availability of knowledge among the members and brokers how to deal with this type of currency.
For his part, counting CEO of Borse Dubai Gold and Commodities Gary Anderson, the goal of developing derivatives trading in the Middle East that reflects the influential role and is important for the Middle East markets in raising levels and trading volumes, and demonstrated that by pointing out that more than 80% of trading volumes in the stock market comes from the Middle East. He pointed out that stock market is looking to launch initiatives and new products designed to attract new members from different sectors and geographical areas around the world, as the number of members of the stock exchange to 264 members by July of this year, and expressed his belief that the new initiatives will lead to more diversity customer base stock.
so values Iskandar Najjar, General Manager of Bari Middle East Middle toward bourse towards expansion in the range of investment products that can be traded on the Stock Exchange that it will certainly help in promoting growth, and demonstrated, however, that trading volumes in gold mining stocks rose equivalent 172% during the past six months, despite the survival of global market conditions difficult throughout this period, stressing that he did not see any reason why the DGCX and commodities continue its good performance.
noted that last year alone, saw put some products and new initiatives for trading, such as futures for copper, and options Indian rupee, and the extension of trading hours, and the launch of the first Academy of derivatives trading in the Middle East.
Meanwhile central bank announced that the project to delete zeros will pass within the House and Minister after what he called a “whirlwind political.”
said the deputy governor of the Bank the appearance of Mohammed Saleh told / JD / that the draft delete zeros will pass within the House and Minister in a short period after the end of “whirlwind political,” noting that all blocs agreed on the importance and relevance for the Iraqi economy.
Saleh added that “a national project such as deleting zeros of interest to many of officials and advisers will not be neglected, “noting that the coming stage will witness final approval.
continued Saleh said that “most of what prevents the adoption of the project is having fears among some politicians of the timing of the project as some imagine that affects the project on the general situation of the Iraqi economy negatively, and this is true only that the bank believes that it is necessary to respect those political wills and waiting period of relative calm where putting it more convenient.
estimated CBI ESTIMATED COST project deletion of zeros from the currency up to 172 billion dinars.
said a study by a private project delete zeros “The cost College speculative project delete zeros up a hundred and seventy-two billion dinars. ”
the bank said in the study that the wages of transport and insurance of the role of printing to Baghdad International Airport up to (140), calculated on the basis of the ratio between the highest and lowest price (90-189) billion dinars offers submitted by the companies .. He added that “ESTIMATED COST mint coins of the new currency amount (16) billion dinars.”
He said the bank “that the wages of cargo, Fridays and public holidays, overtime .. Etc. $ (15) billion dinars “.. He pointed out that the cost of the media campaign and the costs of different limits billion dinars .. Bank recalled the cost of the replacement process for the period from 15/10/2003 until 15/4/2004 amounted printed wages and transfer of currency (240 ) dinars, and wages minted coins limits (16) billion dinars, and a ring total costs allocated to the banks amounted to (13) billion dinars.
On a related matter suggested the central bank to form a higher committee Supervisor monetary policy in Iraq.
said Deputy Governor of the Central Bank of Iraq the appearance Mohammed Saleh told JD: The Bank suggested that the government form a higher committee consisting of experts and officials from the Ministry of Finance, Planning and Financial Inspection Office and the State Council and the Economic Committee in the House of Representatives and the Economic Commission parliamentary for the purpose of overseeing monetary policy in Iraq.
Saleh added that the Central Bank controls the sale of the currency in Iraq, but he was not authorized to control all cash transactions without government supervision directly and that will give new powers to the Bank and provides it a barrage of procedures and charges in some cases.
and continued for the central bank decided to approach the Iraqi government for the purpose of forming the proposed committee noting that Email demand already and it is still under study.