CBI: CH VII will give Iraq freedom to attract investment. US Development Agency: Iraq qualified to be economically strong state

Posted by on Oct 27, 2013 | Leave a Comment

Director of the Central Bank of Abdul Basit Turki during the opening of the Financial Control Directorate building in Karbala
Central Bank: precautions reached (76) billion dollars out of Chapter VII will give us the freedom to attract investment

7/3/2013, 14:38

The Central Bank of Iraq, on Wednesday, that Iraq is “in control of the funds and treasury of gold” in international banks, one of the acting out, denying “the existence of frozen funds outside the control of the Iraqi administration,”

While revealed that the reserve bank amounted to 76 billion dollars in last May, counting out of Chapter VII that “will allow Iraq to act more freedom to attract foreign investment.”

The head of the Office of Financial Supervision and the Governor of the Central Bank and Agency Abdul Basit Turki Sabri, in an interview to a number of media, including (range Press), on the sidelines of the opening of Building Directorate of financial control in the province of Karbala, and the presence of the Governor Aqeel Turaihi and a number of local officials, said that “the building The new Directorate carried out in a manner direct implementation by the engineering and technical cadres of the Federal Audit Court, “noting that” the BSA seeks to create a training and rehabilitation centers in all provinces for the development of accounting and control capabilities for all government employees. “

The newborn to “talk about the existence of frozen funds for Iraq outside the control of the Iraqi administration is not accurate,” adding that “all Iraqi funds abroad are being diverted down according to the international resolution to the account of the international filing of the Central Bank of Iraq, one of the acting out.”

He said the central bank governor and the agency, “The Iraqi gold stocks, it does not exceed 10% of the components of the Iraqi reserves,” pointing out that “deposited with the Bank for International Settlements and managed by him in his capacity as an agent for the Central Bank of Iraq.”

He revealed Sabri that “the size of reserves Central Bank of Iraq until the month of May 2013 amounted to about 76 billion U.S. dollars,” explaining that “Iraq’s budget heading toward the rise during this period,” pointing out that “the Iraqi Ministry of Finance has a reserve and roundish and revenues separate from the bank Central تكفيها even though the budget implemented by (100%). “

He said the central bank governor that the agency “out of Iraq from Chapter VII will allow us freedom of action and more flexibility in the process of attracting foreign investments and create a suitable atmosphere to hold agreements Iinaah with Arab and foreign countries without international intervention and internationalist.”

The International Monetary Fund, announced in the (March 23, 2013), that the funds preventive in the Development Fund for Iraq rose in 2012 to $ 18 billion, and cash reserves of the Central Bank of hard currency to $ 70 billion, and pointed out that this increase came from “revenue unexpected oil “, called on the Iraqi government to end the control of the state-owned banks on the banking sector, he stressed the need for Iraq to strengthen public financial institutions to ensure efficiency and transparency in the use of oil revenues.

The U.S. development agency predicted in (December 3, 2012) that leads the Iraqi economy, the Arab countries within five years, stressing that Iraq possessed all the qualifications to be an economically strong state.

Iraq is trying for years to attract foreign capital to develop its economy in the fields of industry especially oil, including housing and oil and gas extraction, for the need of funds for infrastructure development and reconstruction, but Mariqben contend that the lack of interest of the state to the private sector and the absence of investment laws which guarantees for investors and the absence of Other laws are still obstacles to the evolution of the economy in the form required.

Iraq relies which has the fourth largest oil reserves in the world at 95 percent of its annual budget on its oil exports and currently produces about two million and 900 thousand barrels per day, while the issue up to two million and 200 thousand barrels per day.

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