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Welcoming the government's decision to close currency speculation companies

2007-11-25

Welcoming the government"s decision to close currency speculation companies

The decision of the Council of Ministers to close unlicensed currency speculation companies that operate illegally in the area of trading in foreign currency and precious metals, was welcomed by the broad market Palestine Securities and brokerage companies’ members.

Mr Hassan Abu Libdeh, the executive president of the Palestinian market Securities, welcomed this step, pointing out to the danger of the seriousness of these companies, and being outside the control and supervision by any other jurisdiction.
Mr Abu Libdeh confirmed that the activities undertaken by these companies reflect negatively on the interests of investors, especially since these companies are active in the markets around is not make any information to investors because it is "speculative companies" invest funds for the benefit of local speculators and foreign companies outside the country, so the national economy does not benefit absolutely of this economic activity which is detrimental to the national economy.
Abu Libdeh pointed to the financial market opinion to this type of financial activity, and there is no rejection of the work of these companies provided that they are subject to its regulatory and supervisory authority.


 

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