Iraq Stock Exchange Not Afraid of Plan for the abolition of 3 zeros

[Marilyn53]

Iraqi Stock Exchange is not afraid of a plan for the abolition of 3 zeros from the dinarPosted: November 20, 2010 by Justhopin in Iraqi Dinar/Politics

Tags: Abdul Razzaq, Baghdad, Central Bank of Iraq, Currency, Dinar, exchange rate, Iraq, Iraq Stock Exchange, Iraqi dinar, Iraqi Stock Exchange, ISX, middle east, revaluaiton 0Assured the Chairman of the Securities Abdul Razzaq al-Sa’di holders of shares in companies traded on the Iraqi Stock Exchange on the future of their investments in case the implementation of a government decision to cancel three zeros from Iraqi dinar.

Saadi said that the deletion of zeros from the Iraqi currency will not affect the stock market and trading in its shares, pointing out that this issue is «do not worry in the stock, it is just an organizational issue».

Coincided assurances Saadi, with clarifications provided by Advisor Central Bank of Iraq the appearance of Mohammed on the subject, it stressed that the cancellation of zeros from currency is a national project strategically to reform the system of currency Iraqi and needs to be discussion between the bank and the next government, stressing that the move would not adversely affect the citizens, but will facilitate the exchange system and currency bank deposit and withdrawal.

We are a country that does not deal cards, drag-and-only cash», he said, adding that the mass current cash is the product of stage of inflation experienced by Iraq 20 years ago, which is not the product of real economic development, but the result of loans and financing and inflation in the the general budget

He said the Executive Director of the Association of Iraqi private banks Abdul Aziz Hassoun told «life», that the intention of the Central Bank of the deletion of three zeroes from the national currency requires careful consideration, in order to avoid chaos and confusion in the commercial market, in the absence of capabilities required to implement the decision, which aims to get rid of the cash block large that are being handled now, and that increased to 27 trillion dinars, and led to problems for many in the trading banks, pointing out that the implementation of the resolution requires the availability of a sufficient number of banks and their subsidiaries to undertake to facilitate the implementation process, while considered among the Academy delete the zeros move towards an increase in the national currency, instead of dealing in foreign currencies, especially the dollar, asserting that such a decision means added strength of the Iraqi dinar.

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[msm2137]

Nice post..

[viper51]

Good information, Thank you