[DocTaylor] Well there is only a couple of reasons for that to happen as we all know. In Mexico when the rates are changing the banks close and stop all transactions
[millionday] Lori brought me something and said that on the CBI site they are selling bonds starting the 7th
[lorijeanmarshall] millionday YEP, that was ME!
[deaconfuzz] millionday and the ISX opens the 6th
[DT N AZ] yes, its in a spreadsheet on there
[lorijeanmarshall] millionday I would bring it in but it is on a spread sheet. WMAwhite brought it in this morning
[millionday] right -- it is very possible that the currency without the three zeros are being changed out or it could mean the lights are out but we will wait and see
Read More Link On Right
[DocTaylor] if there is no cash then there would be a huge story in the news or maybe his wife got the money and now his account is overdrawn
[millionday] we only go by ink so i have to say -- wow
[lorijeanmarshall] Kinda hard to find but it IS there
[millionday] great addition to roundtable lorijeanmarshall good job
[lorijeanmarshall] millionday It is on the CBI website
[DocTaylor] Sorry, just a little humor, LOL
[millionday] DocTaylor the huge story was in the news -- i brought it in lol so let me check around for a sec brb
[letsroll] bonds on the 7th in iqd heres hoping
[DocTaylor] And I am very happy with the information, It has some huge under lying meanings and I think you are as right as right can be, You trust the information and the change is even closer
[jimplants] The fact that cbi has said bonds on tuesday is tremendous they will be in iqd
[lorijeanmarshall] jimplants Right? Wooooo hoooooo
[Dovi] jimplants can you help me understand why them in iqd is tremendous
[lorijeanmarshall] Lets just hope everything goes according to plan
[DBJJ] jimplants Stars seem to be in alignment.....agreed
[jimplants] Because if they are at the old rate they will be wiped out when cashed in
[millionday] here is something - this is part of an interview but this is going to show us something about the isx
[millionday] Will Erbil Stock Exchange be open to international companies to come or is it only for Iraqi companies? The new agreement signed today related to the system provided by Nasdaq Omex will definitely facilitate companies participation whether they were local or foreign companies of those enlisted on Iraq Stock Exchange.
All companies in Iraq, not only those in Erbil or other parts of Iraqi Kurdistan, will have the opportunity to be enlisted on Erbil Stock Exchange.
[millionday] note -- the erbil is going to be middle of year
[millionday] Are there any privileges to foreign companies investing in the local market of Erbil on tax level? Iraqi Kurdistan Investment law no.4 of 2006, which is known to everybody, gives many privileges that can rarely be found in any of the neighboring countries' laws.
One of these privileges is that an entity that gets a license to operate as an investment company will be exempted from income tax for 10 years. Also, materials used in the project will be exempted from customs duties.
In addition to that, the profits can be transferred outside Iraq, and they may use any kind of workforce whether local or foreign according to the expertise required. If project was approved by the higher committee headed by the prime minister, to be a strategic project, the land will be owned by the investing company.
You can also see that the first article of this law indicates that a foreign worker shall be treated like a citizen. There are many more privileges, but these are the most prominent ones.
[millionday] What kind of companies do you think will be operating and enlisted in Erbil? What areas do they cover?
Is it real estate, banking or what? There are many reasons for the establishment of the market in Erbil. One of these reasons is that people save big amounts of their money at home because of what happened during the past regime time when banks' managements were withdrawn from Iraqi Kurdistan taking people money with them,
so a lot of people today don't trust banks enough to deposit their money at.
Now, instead of depositing money at the banks, people can buy stocks of companies they think to be profitable and become stakeholders. Peoples' money will be used in business this way.
[millionday] Can you tell us about the relationship between Erbil Stock Exchange and NASDAQ in general? Before talking about the relationship between Erbil Stock Exchange and NASDAQ, I'll talk about that between Erbil Stock Exchange and Iraq Stock Exchange. We communicate and hold meetings with Iraq Stock Exchange permanently.
We are trying to have one independent deposit center together. Iraq Stock Exchange already has one but it is owned by it, and thus we are trying to establish an independent center to be owned by both parties. If there will be other markets in the future, they can also be partners in this deposit center.
[millionday] We operate according to Iraqi law and regulations, Law no.74 for stock exchange approved by ISC. Also, the head of ISC maintains a good relationship with us and he's always present in our meetings at the Iraq Stock Exchange, and so he will be at Erbil Stock Exchange.
As for our relationship with Nasdaq OMEX, it is a technical one. We have just agreed on the provision of the system to Erbil Stock Exchange today. Hopefully, the system will be provided according to the contract in period ranges from 6-8 months. Also, the contract includes the training of ESX staff, provision of the staff, and maintenance of the system for 5 years.
[millionday] What else besides the stocks to be enlisted in the market? Will there be securities, ETFs and indices?
At the beginning, it will be limited to stocks selling and buying. Securities are one of the options we hope to work on whether they are state securities like those issued by certain ministries or others.
We hope the market will deal with goods like gold and oil. The development will be gradual, and as we succeed in one area, we'll move to another. Stock exchange in Iraqi Kurdistan region
[millionday] Can you tell us about your ambitions for the future? We have a big hope that Erbil Stock Exchange will be promising and successful in the area taking into account the rapid progress and the development witnessed by Erbil and specially Iraqi Kurdistan after the fall of the regime on 2003.
Investments on the other hand are increasing in Iraqi Kurdistan where we can find about 2,000 foreign companies. There is also a progress in conference organization area, and I'm the supervisor of Erbil International Fair.
You can see that we hold about 10 – 15 international fairs specialized in different areas. There were more than 625 companies from 27 different countries participating in the last fair that was dedicated to construction and electricity. There were 12 European and 5 Arab countries besides the neighbor countries like Turkey and Iran, South West Asia countries like India, Pakistan and Malaysia, in addition to USA, China and Canada.
[millionday] There were also countries participating for the first time like Armenia and Vietnam. This is an evidence on the progress achieved in Iraqi Kurdistan and the current investments. It's worth mentioning that there are over 20 foreign companies working in oil exploration.
Iraqi Kurdistan is rich in natural resources and minerals, and it has about 18% of the budget of Iraq, like you see, Iraq's budget is increasing year after year and Iraqi Kurdistan's budget, represented by three governorates, increases accordingly. The economic growth in Iraqi Kurdistan is very fast and it shall cover all areas especially construction.
I believe the companies to participate in the market shall cover all fields and we specially hope that oil companies operating in Iraqi Kurdistan will do since their existence is essential for the success of Erbil Stock Exchange.
[millionday] so that is the end of the report of the erbil stock exchange
[DT N AZ] W O W
[DocTaylor] millionday, this is huge
[millionday] very interesting
[Red Skyy] All that cannot happen with a worthless currency
[millionday] so as we see -- the isx is first yes you are exactly right -- can not brb
[All4HIM] when does all of that start?
[DT N AZ] next week
[All4HIM] DT N AZ thank you
[Rudie] All4HIM no erbil in a few months middle of the year
[DocTaylor] Rudie, Isnt it June?
[All4HIM] Rudie so what starts next week with the isx? if anything
[Rudie] All4HIM the isx opens back up on the 6th or 7th and CBI starts selling bonds
[millionday] the reason why is in this part
[millionday] The idea of establishing a capital market here in Erbil is an old one. It goes back to year 2007 when prime minister of Iraqi Kurdistan region Nechirvan Barzani mandated us to study the possibility of establishing another market in Iraq besides Iraq Stock Exchange.
Following these directions, many meetings and conferences were held with the presence of Iraq Stock Exchange and the head of Iraqi Securities Commission. A conclusion was reached implying that it is possible to establish another market besides Iraq Stock Exchange, in Erbil.
A committee was formed to study this matter and it included 10 members headed by me. 3 of them were counselors at the presidency of the cabinet. There were also the representatives or general managers of the Central Bank in Erbil and Sulaimaniyah, representatives of the chambers of commerce in Iraqi Kurdistan―Erbil, Duhok and Sulaimaniyah,―a counselor of the Minister of Trade and another of the Minister of Planning.
[DT N AZ] this is huge
[millionday] note -- that does not mean me -- i was not there very huge
[millionday] The idea was studied and a conclusion was reached indicating that it is possible to establish another market besides Iraq Stock Exchange following the examples in other countries like Dubai and Abu Dhabi.
A committee was formed and the idea was proposed to the businesses in Iraqi Kurdistan where a lot of reputable companies became stakeholders. A joint stock company was established to be Erbil Stock Exchange,www.Ekurd.net and so it was based on a joint stock company with 10 billion Iraqi Dinars, about $8 million.
The company was established and it had its Board of Directors, and I represent the presidency of the board. We started business and following the directions of the economic committee of Iraqi Kurdistan,
we used consultancy services from Louis Berger Group since it worked in a lot of countries all over the world in this area, including its work with Iraq Stock Exchange.
An agreement was reached and they have been working with us for 6 months now. It shall continue to provide consultancy to Erbil Stock Exchange for one year and a half more. Since we needed a system to work through, we made a deal with Nasdaq Omex to provide us with a one
[millionday] now this was signed today so this is huge very
[DT N AZ] Excellent News!!!
[millionday] so that is roundtable and i will see you all at 730 est thank you Rudie -- love to ya girl great job - i agree