DMCC: Iraqi dinar of interest and market need

Baghdad / follow-term economic
Confirmed the Dubai Multi Commodities that currency Iraqi dinar attract his attention, at a time confirmed the CBI that the draft delete zeros will pass within the House and Minister after what he called a "whirlwind political." Said CEO of the Dubai Multi Commodities Ahmed bin Sulayem said in a statement a journalist for the newspaper (economic statement)

The DGCX and goods is looking forward to the inclusion of new currency contracts meet the needs of the market, pointing out that the focus of attention for these products is focused on adding more trading volumes and values, given that brokers looking to see large volumes of trading.

He added that if the Russian ruble on the top priorities of the members of the stock exchange, we will be lucky to look at this, and that the Iraqi dinar currency to attract our attention, however, pointed to the inclusion of such currencies since the first month of the founding of the stock market is wrong.

In response to a question on the possible inclusion of Yuan China, responded by saying that this currency is not the quality of the currency that can be excluded, they are a strong currency represents economy a big country, and pointed out that China's entry into the global market has come recently, and he personally as CEO of DMCC multiple need to be sure the availability of knowledge among members and brokers how to deal with this type of currency.

For his part, counting CEO of Borse Dubai Gold and Commodities Gary Anderson, the goal of developing derivatives trading in the Middle East that reflects the influential role and important for the Middle East in the higher levels and trading volumes, and demonstrated that by pointing out that more than 80% of trading volumes in the stock market comes from the Middle East.

He pointed out that stock market is looking to launch initiatives and new products designed to attract new members from different sectors and geographical areas around the world, as the number of members of the stock exchange to 264 members by July of this year, and expressed his belief that the new initiatives will lead to more diversity customer base in the stock market.

It values ​​Iskandar Najjar, General Manager of Bari Middle East Middle towards stock to expand in the range of investment products that can be traded on the Stock Exchange that it will certainly help in promoting growth, and demonstrated, however, that trading volumes in gold mining stocks rose the equivalent of 172% during the months six years, although global market conditions remain difficult throughout this period, stressing that he did not see any reason why the DGCX and commodities to continue its good performance.

He noted that last year alone, has put up some new products and initiatives for trading, such as copper futures and options the Indian rupee, and the extension of trading hours, and the launch of the first Academy of derivatives trading in the Middle East.

In the meantime, the Central Bank announced that the draft delete zeros will pass within the House of Representatives and the Minister after the end of what he called "political storm".

The deputy governor of the Bank the appearance of Mohammed Saleh told / JD / project delete zeros will pass within the House of Representatives and the Minister within a short period after the end of the "political storm", noting that all parties agree on the importance and relevance for the Iraqi economy.

Saleh added that "national projects, such as deleting zeros is a lot of interest officials and advisers will not be neglected," noting that the coming stage will witness final approval.

He Saleh said that "most of what prevents the adoption of the project is having fears among some politicians of the timing of the project as some imagine that affects the project on the general situation of the Iraqi economy negatively, and this is true only that the bank believes that it is necessary to respect those political wills and waiting period of relative calm have put most suitable project.

The Iraqi Central Bank estimated project cost of speculative deletion of zeros from the currency up to 172 billion dinars.

A study prepared by a private project delete zeros "The total cost for the project to delete speculative zeros up to a hundred and seventy-two billion dinars."

The bank said in his study that the freight and insurance of the role of copyright to Baghdad International Airport up (140), calculated on the basis of the ratio between the highest and lowest price (90-189) billion dinars from the presentations made by the companies .. He added that "ESTIMATED COST mint coins of the new currency amount (16) billion dinars."

The bank continued, "The wages of cargo, Fridays and public holidays, overtime, etc. of (15) billion dinars" .. He pointed out that the cost of the media campaign and the costs of different limits billion dinars .. He recalled the bank's cost of the replacement process for the period from 15/10/2003 until 15/4/2004 amounted printed wages and transfer of currency (240) dinars, and wages minted coins up to (16) billion dinars, and a ring total costs for banks amounted to (13) billion dinars.

And on a related central bank suggested the formation of a higher committee Supervisor of monetary policy in Iraq.

The deputy governor of the Iraqi Central Bank the appearance of Mohammed Saleh told JD: The Bank suggested that the government form a higher committee consisting of experts and officials from the Ministry of Finance, Planning and Financial Inspection Office and the State Council and the Economic Committee in the House of Representatives and the Economic Commission parliamentary for the purpose of overseeing monetary policy in Iraq.

Saleh added that the central bank controls the sale of the currency in Iraq, but he was not authorized to control all cash transactions without direct government supervision, which would give new powers to the Bank and provides a stream of actions and accusations in some cases.

Saleh continued that the central bank decided to approach the Iraqi government for the purpose of the proposed formation of the committee noting that demand already sent and he is still under study.

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