Thursday, 24/05/2012
Baghdad (news) ..
The head of Economic Information Center Dargham Muhammad Ali, that the
application of the deletion of three zeros from the Iraqi currency will
impact on the Iraqi market for securities, indicating he needed two
years to adapt to the new system.
Ali (of the Agency news) said on Thursday that the project to delete the three zeroes from the Iraqi dinar will affect the Iraqi Stock Exchange index in terms of replacement of "dinars" to "money", requires re-programming systems of its own, and enough time to adapt gradually to the situation new.
He added that the market needs two years to create mechanisms and programmed trading under the new regime of Iraqi currency and serve as a transition to a new system change through restructuring of equity in the market and be a new form, or they are reduced to "any per thousand shares into one share," or put systems new management in the market through the implementation of the project to delete the zeros.
He pointed out: that the project to delete the three zeroes from the currency necessary for the time being because of the mass of large cash in the local market which is estimated at (3) trillion dinars, what made the need urgent for reduced, pointing out that he will help to ease the audit of the State, particularly in the development of the general budget, in addition to the accounts for the financial resources to be easier and more accurate than by dealing with it now difficult to deal with large numbers of existing.
It is noteworthy that the Iraq Stock Exchange confirmed earlier that the deletion of zeros from the local currency would hurt the level of stock trading in the Iraqi market for securities in the current phase of the existence of shares less than (80) Iraqi dinars and will be lost in case of deletion of zeros. / Finished / 8. D . Q /
Ali (of the Agency news) said on Thursday that the project to delete the three zeroes from the Iraqi dinar will affect the Iraqi Stock Exchange index in terms of replacement of "dinars" to "money", requires re-programming systems of its own, and enough time to adapt gradually to the situation new.
He added that the market needs two years to create mechanisms and programmed trading under the new regime of Iraqi currency and serve as a transition to a new system change through restructuring of equity in the market and be a new form, or they are reduced to "any per thousand shares into one share," or put systems new management in the market through the implementation of the project to delete the zeros.
He pointed out: that the project to delete the three zeroes from the currency necessary for the time being because of the mass of large cash in the local market which is estimated at (3) trillion dinars, what made the need urgent for reduced, pointing out that he will help to ease the audit of the State, particularly in the development of the general budget, in addition to the accounts for the financial resources to be easier and more accurate than by dealing with it now difficult to deal with large numbers of existing.
It is noteworthy that the Iraq Stock Exchange confirmed earlier that the deletion of zeros from the local currency would hurt the level of stock trading in the Iraqi market for securities in the current phase of the existence of shares less than (80) Iraqi dinars and will be lost in case of deletion of zeros. / Finished / 8. D . Q /