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Baghdad: Yasser incumbent Stressed the need to develop an economic expert of the financial sector and financial markets, private and government debt market, the most important of all his tools short, medium and long.
Dr. Ahmed Ali Ibrihi in an exclusive interview morning want to encourage companies to issue debt securities.
He added that this approach will help in the provision of high elasticities in the financial investment and reflect positively on the development of banking activity and can subsequently enter into a securitization of debt and reduce the risks of this liquidity that will be available.
He stressed that the decisive development of the financial sector also requires companies to contribute to the advancement sector, because the total capital of companies listed on the market currently does not exceed 3.4 trillion dinars, as Bulletin of the Iraqi market for financial markets in 2010.
He said that when these conditions are attributed to gross domestic product, it becomes up to 2 percent, the lowest percentage of capitalization in the world.
He pointed out that the administration of the Iraqi Stock Exchange and investors indicated that there are joint-stock companies did not enter in the market, calling for completion of entry conditions in the market and helping them do it, pointing to the possibility of converting a number of business entities into joint stock companies, especially in the context of privatization of enterprises of general economic and number, of course, a very large.
In the opinion of Ibrihi that these measures will provide greater opportunities to invest savings in both the household sector or other institutions, including surpluses circuit self-financed and funds civil society organizations and the Pension Fund and the Social Security Fund in the future and collectively called the overseas funds, institutional investment and play a major role in the revitalization of the financial markets The financial sector in general and the availability of sources of financing for public budgets.
He cautioned that the need is obvious to those concerned the importance of the relationship between the financial budget of the State and the financial markets and banks in all countries of the world.
He said that since Iraq has available adequate sources of foreign currency and is now heading because of the surplus countries in this area it makes sense to suffer from lack of resources to cover public expenditure in national currency.
He pointed out the importance of providing more resources in the national currency to supplement the general budget for this is the key to increased utilization of oil resources by virtue of the proportionality between what is necessary to spend in JD on goods and products and the salaries of local and foreign currency spent on imports and external payments, D. Ahmed Ali Ibrihi calls to cancel funding for programs under development by all possible means and there are many.
Returned and reiterated that the development of the stock market in Iraq and the stock market is not limited to the further development of joint stock companies and qualified despite their importance, nor on debt instruments but should include basic commodities as well.
The conclusion obtained from an interview Albraihi is that it is unreasonable and unacceptable to invest his money in Iraq while competing abroad in international organizations and begging on the lending small amounts.
It should be noted that the money market need to review all laws that govern it as they do not match the size and intended role in supporting the programs of the state budget.
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