Proposals for the revision of economic feasibility studies
28/8/2016 12:00 am
Banking expert Samir Abbas high percentage compactness of total money supply among the citizens and the business market requires activating the Iraq market for securities in attracting investment and supporting the national economy.
To support the role of the stock exchange in the economy suggest Abbas in an interview for "morning" do feasibility studies by companies to raise capital for the use of those increases and give a clear opinion with respect to the Securities Commission and the Central Bank prior to the approval of the increases in capital.
It also called for a system of control, monitoring and evaluation of the performance of companies and identifying kinks and negligence and violation of the laws and regulations in force, stressing the importance for companies to disclosure and transparency reports monthly, quarterly and annual to submit annual results no later than 60 days from the end of the financial year.
In order to activate the role of the Iraq market for securities in attracting foreign investment suggested Abbas also establish the deposit insurance corporation and accelerate its own legislation to protect public deposits and encourage them to go to banks and take advantage of the services provided, and the central goal raising the saving ratio to calculate compactness and address the lack of liquidity in banks and cash in circulation on the market.
Abbas stressed the importance of promoting and activating the initiative of Central Bank lending to banks to finance small and medium-sized enterprises to achieve the economic and Social Council, as well as banks and Iraq market for securities to take advantage of the launch of the Central Bank of the Government bonds with 8 percent interest for a period of two years to reimburse the contractors for bonds by granting banking facilities of all kinds before banks add to encourage citizens to acquire them with a view to withdrawing liquidity for monetary circulation procedure.
He noted Iraq stock exchange market was affected by the circumstances experienced by the country since 2014 because of falling oil prices globally, the costs of the war on terror, and other economic backlog led to a decline in the proportion of GDP growth (0.5%) and higher rates of unemployment and poverty to 50 percent to 25 percent and inflation to 2 percent and low saving ratio to the Iraqi Central Bank to 20 percent.