Economic Committee Member does not fear capital flight from country

Posted: August 6, 2013 in Iraqi Dinar/Politics
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Parliamentary economy: do not fear capital flight from the country being a non-existent

excluded the parliamentary economic committee, Sunday, fears of foreign capital flight out of the country, being a “non-existent”, noting that the country lacks heads the money that will differentiate him things because of the status quo.

A member of the Committee Deputy Qusay F Ebadi for “View News”, “The security situation existing in Iraq is not new, but is based in more than eight years,” stressing that “Iraq originally contains no money foreign investment so huge fear them from escaping” .

He added that “the central bank law does not prevent the transfer of money abroad, and there is no fear of escape local money outside the country,” he said, adding that “the Iraqi traders and the private sector in favor of working at home and will not leave for the past period, but need Tghia”.

He pointed to “the lack of recommendations made ​​by the Parliamentary Committee on the economy to keep the Iraqi money to go out, but everyone is thinking how to support the private sector to take its role in the national economic development and there the constitutionality of Chddja paragraphs private sector.”

Referred to the economists and money, predicted 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 to reassure local and foreign investors to operate in Iraq.

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 amounting to 42 banks spread across Iraq and outside the branch network exceeding 500 branches and number of employees up to 12,000 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 and runs from private banks and the private sector deposits of up to 10 trillion dinars.

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