In this period of news again we read yet more about one of the Pillars of Financial Reform, namely the Stock Market this time. There is a really informative article by the Iraqi securities commission explaining the work still to be done to accomplish the reforms necessary in this area of reforms. You can read it in the articles section as titled “SECURITIES COMMISSION: A STRATEGY TO TRANSFORM IRAQ INTO A REGIONAL INVESTMENT CENTER”.
As part of its financial reform efforts, Iraq’s Cabinet has approved the allocation of 4 billion dinars [$3 million] to the Iraqi Securities Commission for the modernization and maintenance of electronic systems used for stock and bond trading. The project, exempted from standard government contract procedures, will be executed in partnership with the U.S. company Nasdaq OMX.
Yes, these reforms are to progress the Iraqi Stock Market to a high level of stability. Did I just use the term “stability”? So, today we read that Iraq announces the launching of a new website of the Commission, indicating that “this event represents a milestone in the path of developing the investment infrastructure in Iraq.” We as investors can see that these reforms have come a long way in the Securities Commission to transform this vision of an Iraqi Stock Market into a tangible reality that serves all investors within the framework of the government’s plans and under the auspices of Prime Minister Mohammed Shia Al-Sudani.
They also tell us that this effort is working to transform the Iraq Stock Exchange (ISX) into an integrated electronic system that provides all citizens and investors with greater opportunities to participate in investment in a safe manner. The key word here is “safe” as they told us in their past news that corruption also plagued the ISX and a major contributor keeping many potential investors away form it.
As investors in the IQD, we can now clearly see that this must be addressed too prior to any reinstatement of the dinar on the currency exchanges. Do you see it too? So, we must keep an eye out on these Pillars of Financial Reform as they will guide us to the RV. I have also had confirmation from my CBI contact that I am seeing these reforms within the correct light and should continue. I was also told that these reforms in the ISX are not going to drag out and the plan is to accomplish them in the next few months, prior to the end of the year.
Comment by Rich Demaio:
I have been following you since I got into this investment. While I find some of your comments frustrating, they are the truth. I believe you. So today, when you said that you believe 1000% that the RV will not happen until November…again, frustrating that you don’t think it’s going to happen TODAY, but what I read into it is hopeful, and I read that it IS GOING to happen. We’ve waited this long, what’s another month. Please be right. We ALL need this to come to fruition. Thank you again.
Comment to Rich Demajo and to all my readers:
I did not say the RV would happen in November. Again, you are just speculating. I said my CBI contact told me to expect the Project to Delete the Zeros to begin in November after the elections are over in US and if stability comes to the US government. This does not mean Donald Trump or anyone else specifically getting into office. It just means that under the current administration the RV would only be delayed more. The target I was told was “early 2025”. I said that may mean to start the new fiscal year of 2025 off with the new rate on FOREX, something that the CBI has repeatedly told us is the MOST opportune time to do it. Even Dr. Shabibi in 2015 told us Iraq has an unprecedented opportunity to do it in January 2013 and since they targeted January twice more and so they are targeting it again, as I believe ONLY based on the FACTS we are getting.
