Economist calls on GOI to expedite Investment Law amendments; Fears capital flight

Posted: August 5, 2013 in Iraqi Dinar/Politics
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Economist expects capital flight from Iraq in the coming months

BAGHDAD / News: detecting an economist Majid picture, on Saturday, the possibility of capital flight Iraq and Alajnah from the country during the next few months because of the unstable security situation, calling on the government to speed up reassure local and foreign investors to operate in Iraq.

He said Suri’s “View News” that “Machdth capital Baghdad and several provinces of the bombings, car bombs and breaches of security left obsessed with fear when some investors who are interested to work in Iraq, called on them to think seriously to take out their capital deposited in a number of Iraqi banks abroad for fear of loss . “

He added that “capital is also known described بالجبان, despite the restrictions routine carried by the Investment Law,” pointing out that “the security situation can not ignore the impact on the implementation of some service projects especially in a country where services are almost non-existent.”

Souri called on the government to “expedite reassure local and foreign investors to operate in Iraq through the provision of security climates, at least in the workplace as well as to amend certain paragraphs of the investment law, which almost serves as a barrier to investment and investors.”

The capital, Baghdad, and a number of provinces wave of bombings, car bombs and improvised explosive devices and suicide bombers killed about 170 people dead and more than 230 wounded, according to statistics of the Ministry of Health recently.

The International Monetary Fund said in a report issued in (21 March 2013) after the end of consultations in the Jordanian capital Amman between a delegation from the Fund and an Iraqi delegation headed by the Minister of Planning Ali Shukri that improvement occurred in the financial sector, but stressed that it still needs greater efforts by the central bank in the revision of monetary policy tools and strengthen banking supervision and to accelerate the restructuring of the banking system.

The number of private banks of 42 banks spread across Iraq and outside the branch network exceeding 500 branches and number of employees up to (12000 member, the total recapitalization of private banks operating in Iraq more than 8 trillion dinars, according to statistics the Association of Banks until the month of April as and manages private banks and private sector deposits of up to 10 trillion dinars

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