Iraq Stock Exchange achieves gains through cooperation with CBI
Iraq Stock Exchange. Photo: The Tontine Coffee-House
Baghdad (IraqiNews.com) – Director of Iraq Stock Exchange, Taha Ahmad Al-Rubaie, confirmed on Saturday that the cooperation between Iraq Stock Exchange, the Central Bank of Iraq (CBI) and the Iraqi Securities Commission achieved significant gains, according to the Iraqi news Agency (INA).
Al-Rubaie explained that the cooperation of Iraq Stock Exchange with these two parties obliged brokerage offices owned by banks to convert to brokerage companies starting from 2008-2009, to be financially independent in accordance with the Iraqi Companies Law and to comply with the rules of the Iraqi Securities Commission.
Al-Rubaie elaborated that the cooperation between the three entities resulted in obligating currency exchange companies and money transfer companies to be included in Iraq Stock Exchange based on the decision of the Ministerial Economic Committee in 2013, and to meet the standards of the Iraqi Securities Commission for listing.
Al-Rubaie added that this decision made the banking sector the largest sector listed in Iraq Stock Exchange.
The regular meetings held between committees from the three parties would develop the securities sector on an ongoing basis, Al-Rubaie mentioned.