Advisor to the Prime Minister determines the tasks of the Center for Finance and Business in Iraq
Advisor to the Prime Minister determines the tasks of the Center for Finance and Business in Iraq
2023-06-24
Friday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, revealed the most important tasks of the Finance and Business Center in Iraq, while confirming that it will be a place for the activities of selling and trading governmental and private securities, similar to what exists in the world.
Saleh said, in a press interview, that “the importance of establishing the financial center in Iraq announced by the Central Bank of Iraq lies in the scope of the country’s financial and banking development strategy and a new start in the importance of establishing and building a spatial or geographical location in which financial operations are concentrated in which a wide range of participating institutions contribute.” In the financial activity in our country, in which their businesses are integrated and interconnected in their inputs and outputs, specifically the banking business and the management of various financial assets and assets, and the non-banking financial sector business such as insurance and reinsurance companies, financial investment funds, hedges and various logistical businesses that support the activity of the financial market, i.e. in its two parts (banking and non-banking). ), supported at the same time by various financial intermediation businesses that will use very modern financial technologies.
He added, “The aforementioned center will be a place for the activities of selling and trading governmental and private securities, whether stocks as property instruments or bonds as debt instruments, whether those are listed in the Iraq Stock Exchange and not, in addition to various clearing operations and the general activities of the primary and secondary financial markets as issuing and trading bodies.” Securities.
And Saleh continued, “The financial center includes consulting offices such as the offices of accounting and auditing companies, related legal offices, and credit rating agencies,” noting that “in this way, the financial center is an integrated complex of services and a geographical spot that enables dealers to have direct access to large capital pools.” At the forefront of which are local and international banks, insurance companies, investment funds and the capital market.
And he indicated that “the financial center is an important site in conducting transactions related to modern financial engineering, such as (financial securitization) operations and other management of financial derivatives and their modern tools, in addition to tax regulation work for them.”
He stressed, “The financial instruments approved in the world’s financial markets will find their correct and legal birth in the financial center of Iraq, similar to the financial centers in the world such as Dubai, Singapore and Shanghai, and many of them are in international cities in London, Frankfurt, New York and others.”
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