Iraqi Securities market form committees to follow up national bonds mechanism on the stock exchange
(Voice of Iraq) – Baghdad
The Iraq Stock Exchange on Monday, with the Central Bank of Iraq discussed government bonds mechanism on the Iraqi Stock Exchange, while confirming the formation of committees to follow up the matter thoroughly.
Executive Director of the Iraqi market for securities, Taha Ahmed Abdul Salam said in an interview to the (long – Presse), “The meeting was held at the Central Bank building attended by Chairman of the Board of Governors, the Executive Director of the Iraqi market for securities, general manager of operations and debt management of the same Directorate of the Central Bank of Iraq.” noting that “during the meeting, discussion of government bond trading mechanism on the Iraq Stock Exchange.”
Abdul Salam, said that “the meeting decided that there will be trading of these bonds, according to the mechanism of trading on the Iraq Stock Exchange, ” adding, ” The launch of these bonds in the Iraq Stock Exchange will have the benefit to all.”
He said, that “the meeting decided to hold a technical meeting to complete the required procedures in accordance with the requirements of the electronic systems during the current week, ” stressing ” the formation of committees to follow up the matter thoroughly.”
The governor of the central bank Ali Allaq announced on Monday the (15 February 2016), the launch of the strategy of the Central Bank for the years 2016 to 2020, stressed that the strategy was launched in accordance with a clear vision guaranteed and adopt monitoring and real follow – up financial situation of Iraq, as revealed by the central bank ‘s determination selling bonds to the public worth 7 trillion dinars during this year.
The Central Bank of Iraq on Monday, the (1 February 2016), called, citizens to the acquisition of national bonds, which will be present soon, instead of relying on “hoarding money”, as he emphasized that those bonds will have “good financial benefits.”
Looking back, the last Global Currency Reset happened between 1944 and 1945, towards the end of World War II.The powers that be decided that a new global world reserve currency was needed, so it became the US Dollar. Previously, the pound sterling (British Pound) was used starting about 1860 or so (the time of the United States Civil War) until around 1914 when the Federal Reserve, a private company, was born.Obviously Britain was devastated by World War II and they were no longer a superpower, so the dollar became the world reserve currency officially after World War II.
Why Iraq might revalue it’s currency?
Typically revalues are done to address inflation. It is meant to keep low inflation in check only pegged currencies like the dinar can revalue. by increasing the value you increase the purchasing power of the currency. Increasing that above a certain percentage will have devastating effects. It could even bring about hyper-inflation and collapse the currency. Any pegged currency can hyper-inflate if the value is greatly increased.
Does Iraq have to do anything?
No. Life functions as normal, after all they are just numbers on a piece of paper/ on the screen at the bank. Today you would use your 25,000 bank note to buy a few groceries and tomorrow you would use the 25 dinar bank note to buy the same groceries meaning there is no effect on purchasing power which concludes nobody lost or gained.