Specialist: There are Iraqis whose profits have reached $5 million through daily trading

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Specialist: There are Iraqis whose profits have reached $5 million through daily trading

The existence of Iraqi currency speculators on the stock market, who made $5 million in gains, was disclosed on Sunday by Emirati researcher Ali Linqawi, who specializes in financial markets. Linqawi emphasizes that Iraq maintains its currency through its local stock exchange.

In an interview, Naqawi stated that “some of them (i.e. profits) are valid and some of them are to deception and fraud, and this is many in Iraq.” He also attributed the large number of Arabs, including Iraqis, who trade stocks on stock exchanges to the advertisements and publication of the profits that are gained through them.

The researcher from Emirati gave an explanation, saying that some Iraqis residing in Dubai have made $5 million via trading and speculating, but they do not want to be seen in public. Among them are individuals who want to present themselves as real estate developers or businesspeople.

“A step to support the Iraqi economy and its local currency is adopting the Iraqi stock market to trade in the Iraqi dinar exclusively,” he continued.
“At this time, there are no signs that Arab stock exchanges will make it to the global stage, but it is possible that the stock exchanges (Dubai and Abu Dhabi) will arrive in the future, and this takes time,” Linqawi noted.