Financial Parliament (time): next year the economic situation will not be different ~
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    Financial Parliament (time): next year the economic situation will not be different ~

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    Financial Parliament (time): next year the economic situation will not be different from the current

    - NOVEMBER 21, 2015

    Private Bankers Association warns of cash crunch

    Financial Parliament (time): next year the economic situation will not be different from the current

    BAGHDAD - Tamara Abdul Razak

    Parliamentary Finance Committee predicted not different economic situation for the next year for this, while the private banks association confirmed the possibility of financial distress traffic with low oil prices and increased government spending.

    Said committee member Mohammed Abdul Khaliq (time) yesterday that (the 2016 is no different from 2015 in the budget situation, there may be a slight difference industrial and agricultural loans in addition to projects that pay on credit and has also been a mechanism in place for private sector companies to contract and labor).

    He (there is not an economic crisis but a cash crisis due to low oil prices and the solutions lie in unpaid loans from the central bank as well as the payment term loans in addition to the issuance of the investment law in Iraq).

    He said that Abdul-Khaliq (the new currency trading category 50 000 dinars, where specifications are difficult to falsify being printed at a global and specialized companies As for the issuance of class 100 000 dinars premature Valammer).

    Stressing that (based on the dinar exchange rate, particularly that protected reserve role to maintain the exchange rate and the purchasing power in this case is not affected because there is a very large reserve). Adding that (the dinar exchange rate against the dollar will not be a change if the central bank continued to provide the need of dollar traders and those who need these currency).

    He pointed out that (deletion of zeros from the dinar was discussed a meeting held at the central bank and this decision may exhibit some of the negatives and deferred for the time being).

    The director of the Association of private banks Ali Tariq (time) yesterday (next year will see significant financial hardship and fall in oil prices will increase government expenditures), he said (there are certain things several State followed to avoid economic disaster which reduce government expenditures and the expansion of the collection of customs and tax any obtained from eligible and not raise their value since there are more than 50 percent of the traders do not pay customs duty and tax for one reason or another as well as providing appropriate) investment environment.

    He pointed out that (the central bank next year will present another new currency worth 100 000 dinars and then followed the process of deleting the zeros currency in circulation is to be one dinar and 5 dinars and 10 dinars and 25 dinars and 100 dinars).

    He pointed out that (the dinar exchange rate stable against the dollar and the value of 1220 dinars to the dollar will be stable throughout the year).

    The economic expert contrary goldsmith said (time) yesterday (thousand new dinars, the 50 category which was approved reprinted contribute significantly to ease circulated and traded between traders and shoppers as well as they constitute facilitate financial transactions in economic activity within the market process).

    He pointed out that (the decision to issue currency not related to the process or raise the value of the dinar plan, because raising the value depends on the increased economic activity of the country and domestic production multi-species in all sectors. When it increased the country's activity and production increased value of the dinar worldwide).

    He added that the (main objective of issuing currency to facilitate daily transactions, especially that the country does not have the significant digits in the dinar). He explained that (the authorities concerned to do the decision to delete the zeros and it contributes significantly to the process of reading the amounts documented in the financial accounts and in particular it aims to facilitate this process).
    Last edited by Loopback; 11-21-2015 at 07:52 PM.

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