Iraq Stock Exchange: 5 goals achieved via cooperation with CBI and SCI

INA – BAGHDAD
 
Iraqi Stock Exchange confirmed on Saturday, that cooperation with the Central Bank of Iraq - CBI and the stock market has achieved 5 goals and objects.
 
"Cooperation with these two has achieved goals. First of which is represented by working to oblige the brokerage offices owned by banks to convert to brokerage companies starting from 2008-2009, to be of independent financial responsibility. In accordance with the Companies Law and in line with the rules of the Securities Commission of Iraq – SCI,” said the Executive Director of the market, Taha Ahmed Abdul Salam to the Iraqi News Agency – INA.
 
He added, “Secondly, the cooperation resulted in obligating banking companies and money transfer companies to be listed in the Iraqi Stock Exchange based on the decision of the Ministerial Economic Committee in 2013 and in compliance with SCI criteria for listing, which made the banking sector the largest listed sector in the Iraqi Stock Exchange.”
 
"The third goal includes holding joint committees between the three parties periodically, which would develop the securities sector continuously,” he included, adding “while the fourth goal includes the use of the payment system in implementing financial settlements between Iraqi banks, in addition to banking activity between the bank and its branches, which increased the Liquidity of shares by examining and checking the sources of funds upon purchase.”
 
Abdul Salam highlighted, saying "In this context, the due diligence of banking for dealers via banks, is offset by due diligence for those dealing with shares in the Iraqi Stock Exchange since 2015, especially since the Iraqi Stock Exchange does not accept cash transactions for the purchase of shares or payment except with limits of less than 15 million dinars per investor in one session.”
 
“The fifth goal is the cooperation of the three parties in the context of supporting banks to provide the service of safe custody of securities, and during 2022 CBI granted approvals to four Iraqi banks that submitted their papers to SCI for ‘safe custody of securities’ activity. All of them were approved at the beginning of November 2022,” he explained.
 
He concluded by emphasizing that there will be mechanisms of cooperation and joint action to enhance the role of the securities sector in supporting economy in Iraq.