Finance
Kurdistan Stock Market opens with 10 billion (b) Dinars finance
Saturday, February 6th 2010 7:30 PM
Erbil, Feb. 6 (AKnews) - Due to the growth of Kurdistan economic situation, the entry of foreign capital, and the booming of trade exchange, the Kurdistan Regional Government (KRG) has decided to open Kurdistan Stock Market that is considered as the backbone of economy in any country.
For demonstrating the role, actions, and further knowledge about the market, in an interview with The Independent National News Agency of Kurdistan (AKnews), Head of Kurdistan Stock Market, Ahmed Bangin, sheds lights on some relevant issues to the Market.
AKnews: For how long you have been engaged in preparation phase for opening the Market?
AB: It is for a year and six months we have been engaged in establishing the Kurdistan Stock Market. It is for a year, the foundation has been granted with the approval of the Iraqi securities. After that, were being engaged in getting the license.
AKnews: Why that took so long, was there any obstacles?
AB: The only reason was that shares company requires many legal regulations; there were also too many routines, it took so much time until we got license.
AKnews: Who are the participants of the market?
AB: Different Parties have participated in establishing the Market; Erbil Industry and Trade Chamber, Dahuk Industry and Trade Chamber, Sulaimaniyah Industry and Trade Chamber, Dabin Group Company, Salahaddin Corporation for General Investment, Zagros Corporation for General Investment, Korek Telecom company, Cihan Company for General Trading, Sozani Company for Contracting, Cihan University, Cihan Bank for Islamic Investment, The Iraqi Middle Eastern Bank for Investment, Assyr Bank, North Bank for Development and Investment, Kurdistan Regional Government (KRG)-Financial and Economy Ministry, Martyrs Department, and Administrative Assembly head of Warka Bank, Saad Saadun.
AKnews: How much capital they have brought alongside their participation?
AB: The companies have shared with U.S$ 8.142 billion (b).
AKnews: How much finance the Kurdistan Stock Market possesses?
AB: Kurdistan Stock Market's capital is 10 billion (b) Iraqi Dinars.
AKnews: Would you bring oil and gold dealing into the Market just like the other world stock markets?
AB: Not for now, but we would do that in future when the Market gets strong enough. Oil and gold are two major branches of economy, especially in stocks marketing.
AKnews: Stock markets have been frequently facing problems, don’t you afraid to encounter any huge damages?
AB: Yes the world financial crisis endangered the stock markets, but it is not likely for us since the Iraqi financial system is still jointly operates and all the Iraqi financial system is under the control of the Central Bank of Iraq. All the world sates were not damaged, for example Lebanon, where the Central Bank has, similar to Iraq, taken the control of the financial system.
AKnews: Could you catch the money of those who have kept their money at home and they don’t invest it?
AB: A large number of people have put their money at home without knowing how to invest. They can participate via buying shares of the companies, as a result, the volume of the capital and the number of the participants would rise.
AKnews: Why the Government is participating in the Market by 20%?
AB: For supporting the Market and ensuring people, because the participation of the Government allys the fears of people and they would participate better.
AKnews: Some parties release shares for sale at the markets, how much a share is worth?
AB: We release shares up to US$ 1.700 billion (b), and the shares would be selling at the Bank of Shimal. The price of each share is not specified yet.
AKnews: How many foreign companies are participating?
AB: No foreign company has joined yet and all the participants are local. We haven’t given any chance for foreign companies, but we would build relationships with them the in future.
AKnews: Would you expect that your market to contest the other stock markets, especially those of the surrounding states?
AB: We have big dreams for entering the huge competitions with other markets in order to catch the foreign traders to buy shares here.
AKnews: Who many share companies you are aiming to build?
AB: We are aiming to set up 5 to 10 share companies. We have set some conditions for any company to sell shares. The companies have to have one year of experience, they should have their own budget, their financial source must be clear, and they have to have passed through all of the legal regulations.
Sm/Sh (AKnews)
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