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30-09-2006, 07:55 PM #10091
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Zubaidi:Monetary value of the Iraqi dinar must revert to the previous level, or at least to acceptable levels as it is in the Iraqi neighboring states.
Shabibi:The bank wants as a means to affect the economic and monetary policy by making the dinar a valuable and powerful.
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30-09-2006, 08:08 PM #10092
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September ends in less than 10 hours - is it the trading on the Oz forex on Oct 1st Sunday that we are waiting on?
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30-09-2006, 08:08 PM #10093
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Interview: Iraqi Association of Securities Dealers
An interview with the Executive Manager of the Iraqi Association of Securities Dealers (IASD)
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By: American Contractor (email)
Published: 09/30/2006
this author's past articles
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What is The Iraqi Association of Securities Dealers.
IASD registers member firms, and provides education to industry professionals in order for them to be licensed by the Commission. We also provide information to investors. Established in September 2004 with a total of 51 brokerage companies, the IASD is administered by a Board and by member Committees. IASD Secretariat provides services for members, issuers, administration, and training to brokers and principals to obtain their license.
Would you explain your position and just a little of your background and how you obtained the position you now have? Give info what you feel comfortable of giving.
I am the Executive manager of the IASD, directs the activities of the Association including training, advocacy, and outreach efforts aimed at promoting the overall interest of the organization. I acquired early in my education life GCE O & A levels from the UK, BSC in Science from the University of Baghdad and a Diploma in Financing SMEs from the Arab Institute for Banking in Amman. I have long experience in Portfolio management at the first Financial Investment Company in Iraq ,Alamin FI CO, also a listed on the ISX and have worked after that in a number of international organizations in the promotion and developments of the capital market environments in Iraq, Visited the UK in 2005 showcasing the investment opportunities in Iraq to major Capital and financial Investments Institutions. I was approached by my colleagues in the business to run this young organization and felt this is a real challenge to me, and have made several achievements in developing the Association.
What is your projection of the Iraq Stock Exchange short term and long term?
The corner stone of any market is a proper and robust legislation, which people trust, once you have such a system in place then investors can trust there would be accountable reporting measures, well defined disclosure mechanism of companies and well defined roll for the commission oversight. There are enormous tasks ahead before a law can be in place to redirect the market into a more lucrative path; A law of such a national importance can develop to become the backbone of the economy. The Securities Law has to address the defaults that have stifled developments so far and could not produce a proper conduit for foreign investment. If those concerns are met then I would expect the market to encounter a real recovery, robust and sustainable development in trading activities. The recent development in prices and the previous decline was mainly due to a rumor that a new investment law is a bout to be passed by parliament; this triggered a new wave of anticipation that finally the country is moving out of its long stagnation; this is a clear indication that the market has the potential of development. Drafting one law is not enough there should be a whole sense of liberation from the old socialist ideologies that the country finds very difficult to get rid off. The Free market Economy is the only way out for Iraq and that would also involve a minimum public involvement. Iraq is brimming with opportunities for investment and holds the third largest oil reserves in the world. So I think there are enormous opportunities for investment on the long run.
Do you have any contact with the Central Bank of Iraq? If you do in what capacity?
As an Association we are in close cooperation with ISC & ISX and have no working strategies with the Central Bank.
Where do you see the IASD in short term and long term?
I think the IASD could develop to become the privet sector safe guard, protecting the interests of investors, capacity building of its members, advocating for reforms and developing public awareness that would enhance efforts for a viable economy. IASD is an NGO and transparent in its activities it could acquire a profound position in the capital market components. IASD is already helping the market develop courses for brokers, to achieve a real synergy when finally automation is implemented at the ISX.
When will testing of the Electronic Trading on the ISX be completed? And when do you think it will open to the Region, such as neighboring Gulf Countries for actual real time trades?
Hopefully automation trading would be tested by June next year a system for, electronic clearance and settlement in trading, would include a depository, registry, Trading and clearance & settlement. I think opening to foreign investment and trading would depend on the investment law, and that shouldn't take too long.
Do you see the Iraq Stock Exchange growing in the number of companies trading on the floor?
This should be one of the priorities of any market, because it's a profit driven entity. There have be substantial growth in the number of listed companies over the past few months, at the ISX, from 85 in June 2005 to 93 companies in July 2006.
What would be the average price per share on the ISX in a more stable Iraq? What would be the minimum and what do you believe would be the maximum share Price?
The banking sector is the most favorable. 1 ID should be the minimum, but that would depend on the performance of companies and their capital. There is no upper or lower price limit on the ISX, it is a free market.
Is trading on the Iraq Stock Exchange out of the norm in the last 60 days? What could be the potential in your opinion?
Of course the prices are just unbelievable, normally prices are affected by performance of companies but when there is a general price decline, then that is certainly abnormal. I think the market would retain the normal prices traded before the sharp decline.
When do you believe the Central Bank of Iraq will revalue the Iraqi Dinar to a more legitimate exchange rate then the de facto peg as it currently stands?
I don�t see why the Central Bank needs to revalue the Currency, the exchange rate is almost stable.
The Iraqi Dinar has several security features on the banknote itself is there still a lot of counterfeit Iraqi Dinar in circulation?
I don't know the figures of counterfeits in the country, however the currency in all its notes has several security features much better that the old notes before march 2003.
Do you believe the Central Bank of Iraq will replace the current banknotes and replace them with a new banknote?
May be they need to introduce coins and higher valued currency for easy transfers.
When do you see Iraq printing there own currency?
It has never happened in the past and I don't think it needs to happen now.
ISX-Data.com / Interview: Iraqi Association of Securities Dealers
remember they have no working strategies with the Central Bank, so they don't know about a revalue, the question asked was responded to in his opinion.Last edited by archangel; 30-09-2006 at 08:15 PM.
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30-09-2006, 08:08 PM #10094
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Source : Iraqi Air Lines flights tomorrow doubling of the Iraqi
(Voice of Iraq) - 30-09-2006 This issue was sent to a friend
Source : Iraqi Air Lines flights tomorrow doubling of the Iraqi
From Santa Mikhail
Baghdad - (Voices of Iraq)
A source in the Iraqi Airways, the number of flights operated by airlines tomorrow Sunday will be a multiple of the compensation stopped flights today, Saturday, because of the curfews imposed in Baghdad.
The source added in a telephone conversation News Agency (Voices of Iraq) Independent today that the airline will tomorrow, "will conduct three flights to Amman and Damascus to two and one trip to Cairo and two trips to Dubai."
He explained that he would conduct "internal flights by a trip to Sulaymaniyah, a trip to Arbil."
The source pointed out that the flights were normal in two days to Amman and one trip to Damascus daily, in addition to two weekly flights to Cairo on Saturday and Wednesday and two trips to Dubai on Saturday and Monday of each week.
The flights were stopped in the Baghdad International Airport today, Saturday, because of the curfews imposed since yesterday evening and will continue until tomorrow morning, Sunday.
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30-09-2006, 08:15 PM #10095
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30-09-2006, 08:24 PM #10096
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Post from IIF
if you check out this article, looks like the curfew has nothing to do with the reval
http://today.reuters.com/news/articl...News-newsOne-6
it says that baghdad was closed down because of a foiled suicide threat to the green zone.
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30-09-2006, 08:25 PM #10097
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Hey Suzie
Hey Suzie are you getting any verification from your sources for tomorrow being the day? It would seem odd that they had to shut the airport down for a curfew. The only reason I see is for them to fly money out to elsewhere in Iraq. Man, I sure hope this thing hits this weekend. Good Luck All!!
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30-09-2006, 08:26 PM #10098
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30-09-2006, 08:27 PM #10099
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وکالة الفرات العراقية للانباء
Iraq's provinces will participate in the conference coordination in Karbala, the holy
Source : Euphrates / Harith Mohammed Jiote
Held in the holy city of Karbala on Thursday, the first coordination of the 10 governorates of Iraq with the governors they (the governor of Najaf, Baghdad and Basra, Missan and the Diyala, Diwaniyah, Babylon, Wassit and Samawah in addition to maintenance organization holy Karbala) has apologized for the Dhi Qar Attendance .
Chaired by Dr. Aqeel khaz'ali governor of Karbala Conference, The meeting was called to order and read a draft bill governors and administrative powers were discussed and expressed their acceptance of this draft conservatives were signed for submission to the House of Representatives for consideration by the conferees also discussed the stages of construction and budgets for the provinces.
Dr. Aqeel khaz'ali told the Euphrates Iraqi News has been set for the girls and legal frameworks and the features of the administrative and financial powers, which must come enjoy executive powers even turn out to be no monopoly of power by the central authorities . These and Mr. Asad Abu tirelessly governor of Najaf as ours regarding the Congress that rare case that there be a meeting of the governors and this case is certainly positive, The Constitution lacks many details must meet the conservatives among them.
The governor and Mr. Wasit Artiahah on the venue and timing of the conference as he said that he step blessing and thank God was in Karbala and the holy month of Ramadan and Friday night. .JULY STILL AINT NO LIE!!!
franny, were almost there!!
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30-09-2006, 08:29 PM #10100
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YW
here it is again
http://today.reuters.com/news/articl...News-newsOne-6
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