Iraq Online Tradings Explosive Growth in 2009
A recent Iraqi stock market report stated that a multitude of foreign investors have pumped huge amounts of money inside the country this year (2009), to take the Iraqi online trading to a whole new level.
The numbers speak for themselves; in January the overall foreign investment capital was $ 634,000US. When it surged to $ 849,000 in February some people were astonished, but next month’s growth was the real feat. Unbelievably, the sum of foreign investments in Iraq rocketed to $ 1.072 billion in March to raise some eyebrows and make those who have doubts about the country’s potentials think again.
The same report forecasts further development and other huge leaps in profits in the foreseeable future, especially when online trading becomes widespread. It also suggests that picking five corporations to be the main contributors of the electronic trading was one of the reasons behind the financial rising in March. Ashur Bank, al-Mansour Bank, The Commercial Bank, Ashtar Hotel and Al-Mansour Hotel have been all chosen to be the contributors.
The report also cited the low interest rate as another reason behind the historic boom, because it encouraged brokers to buy more stocks in big amounts. Central Bank of Iraq has made a decision of reduce the annual interest rate from 11% to 9% starting April, and also reduce the rates of credit to be 11% per annual for the initial credit, 12% for secondary credit and 12.5 % for loans.
*************************************************
This article may be reprinted online and offline
as long as this box remains and its link is
hyperlinked online. Written by Darren Chabluk
for http://DrDinar.com/blog
*************************************************
