Iraq's Finance Minister: Economy, Dinar, Chapter 7, Iraq was on the verge of great economic revival would make it a destination for global investments

18/12/2011

Central reduces the risk of high dollar and is expected to increase growth rates 12 percent a year

Stressed the importance of the withdrawal of foreign forces in the doubling of demand for investment companies

BAGHDAD - Fulayyih Heidar al-Rubaie

An official source at the central bank to total GDP in the years 2014-2015 more than $ 300 billion, asserting that Iraq was on the verge of great economic revival would make it a destination for global investments in the coming years, while he expressed a number of stakeholders in the economic fears of recession entry of firms and investors after the withdrawal of foreign troops from Iraq, the source said foreign forces out a clear signal to turn Iraq from a country's wars to a field of large investments by the civil power of companies and businessmen who seek to enter the arena of investment Iraqi remarkably and significantly.

The deputy governor of the Bank CBI appearance of Mohammed Saleh during his speech (morning): The process of withdrawal of U.S. troops and other foreign from Iraq is a sign of clear and explicit on the end of what was brought by the seventh item, a step which demonstrates the weakening of this item a manner that will turn Iraq into a force reconstruction, construction and investment is signs of turning pages of military and replace it with another civilian.

He noted the benefit of that investment oil giant has worked to transform the country into a big workshop will lead later to revive all the economic aspects, particularly the increasing rates of development and high rates of GDP, and expected to rise in output during the years 2014 -2015 to up to $ 300 billion, a figure that will be exploited in the construction and reconstruction, wider than the rest of the areas, according to Saleh, who stressed the need to continue the country in attracting more oil companies and held rounds of other licenses and exploitation of all potential underground Iraqi best.

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The Deputy Governor of the Central Bank that the increase in polarization of giant oil companies will transform the country to the importer of the labor force and diminish unemployment rates after use fully, which will help increase the growth rate more than is reached by major industrialized countries such as China, emphasizing that those rates will jump thanks to the development plan of the country that have been developed for the years 2010-2014 to reach 9.4 percent, rising from the annual rate of 12 percent, a figure which he said was large compared to the rest of the achievements of the major countries that did not exceed the growth rates from 8-9 percent more.

And on the high exchange rate of the dollar against the dinar in the local markets during the past few days ...

Saleh said that these things do not go beyond that to be more than speculation practiced by many currency traders at times, confirming the presence of large capacity with the Central Bank to intervene to contain any of the vibrations that may be exposed to it the Iraqi dinar on the strength of large reserves with the CBE, amounting to more than $60 billion, noting that the financing of some of the trades of Foreign Affairs by Iraqi businessmen as a result of what is happening to some Arab countries and neighboring countries has led to increased demand for the dollar and thus rising prices against the dinar, as well as a conversion factor to fund some of the free trade deals for local projects,

Saleh said in this regard: that the central bank is a major economic power capable of restoring the situation in the domestic market at any time he pleases.

The Central announced the initiation of a project key national who cares about the introduction of modern technologies in the banking system by facilitating the work of the payments and instruments in Iraq, and the benefit that this project is an electronic device inventor called "Qassim national" works to facilitate the withdrawal of money fast and brief for people who have credits in Iraqi banks of any bank they want within this device instead of going to the bank and let it be trusted, for the purpose of facilitating the payments system and the exchange of instruments between banks in Iraq, as well as the introduction of technology mobile to know the bank account and credit transfer by a Mobile collaboration with telecommunications companies in Iraq.

He added that a national Qassim managed by a company that specializes in this work for certain wages and are monitored by the Central Bank of Iraq to determine its performance and the extent of its capabilities and efficiency in the process of providing financial services to the citizen.

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