READ PEOPLE YOU MUST BUY DINAR FIRST TO PURCHASE THERE STOCKS.THIS MEANS BOOOOOM TO IRAQ DINAR
Baghdad stock exchange welcoming foreign investors
50 mediators in the Iraqi market for securities are examining the measures and instructions for activating the resolution, which allows non-Iraqis to circulate shares and bonds on the Stock Exchange of Iraq, and the requirements of starting the work by it, amid investors’ expectations of significant shifts; the most important of which are the positive high returns in relation to investment in general, and the raise of the level of stock prices and transactions volume on the stock market in particular.
Head of Iraqi Bourse Trustees, Talib Tabatabai, hoped that “activating this resolution will achieve economic advancement, the development of investment and expanding its base in Iraq”. He emphasized that Arabs and foreigner investors “sent letters to companies and offices of the Iraqi mediation which are 50, seeking clarification on the method of investment in the shares sector and the mechanism of circulating them via the Bourse, according to the decision issued by the Iraqi government in this concern”.
The Association of Securities in Iraq required the disclosure of brokerage companies approved by Iraqi Bourse and their offices on the web site of the Iraq market, and equally, including their e-mail addresses, their capitals, telephone numbers, a brief on the company and the volume of transactions achieved in the last two years, as well as the company’s balance and the name of its managing director.
The Association also required that the mediator must check the identification of the non-Iraqi investor by requesting documents through electronic image, to be supported later by a certified copy from the embassy of Iraq in the country of the investor and any governmental organization. It pointed out that the required papers are: ID card, valid passport, the contract and license of incorporation signed by the issuer and the Iraqi embassy or the concerned Iraqi authority.
The Iraqi Bourse will dispose the buying and selling authorization in Arabic and English, including the No. of issue and other necessary information, with the possibility of delivering the authorization by e-mail or agent of the investor or any other means, on condition that the mediator will be responsible for the purchase and sale according to his relationship with the investor and to the guarantees and trust between the two.
The procedures issued by the Iraqi Association of Securities licensed the non-Iraqi investor who is not in Iraq, the appointment of an agent to follow up his affairs and receive his certificates, while the intermediary can not receive any cash from the non-Iraqi investor or his agent, and may not pay the sell cash;
such operations must be carried out through a licensed bank in Iraq and in Iraqi dinar, and place the financial settlements by the time prescribed in the instructions for circulation to the seller.
Source: Iraq directory
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