Antoine calls to attract money chunky among citizens

3/7/2016 0:00

BAGHDAD Shokran Fatlawi
Economist urged the central bank expert on the need to take quick actions and measures to convert the large masses of cash from savings to investment blocks blocks under the financial and economic situation the country is going through, whether in Iraqi dinars, or the dollar.

Shortage of cash

He said economic expert on behalf of Antoine in his speech for the «morning»: in light of the crisis experienced by banks and lack of liquidity, the amounts chunky among citizens and investors estimated at about 77 percent of the funds, according to financiers, economists ». He noted the possibility of making use of those funds in the activation of investment, especially after the new amendments to the Investment Law No. 13 of 2006 and make it commensurate with the reality of the country, because it would open a window of revenues rather than relying on a single revenue in the conduct of economic activities.

Investment rate of Law

He said the average investment law, according to the economic and investment commission will go to the development of the housing sector, and other sectors as well as the protection of foreign investors and joint investments and the granting of facilities in the area of ​​loans and allocation of land through the single window. It aims window circle one, according to the National Investment Commission to simplify the investment process by clarifying the legislation and improving the quality of services in the licensing process, registration and allow the allocation of land and aims to provide investment applications in hand and one easily accessible, as well as the establishment of units for the exchange of information enables investors get answers to all their questions and inquiries, let alone granting preliminary approval of the investor provide them with facilities in the areas of partnership for Local market information - sectors and investment incentives.

Attracting masses of cash

He returned expert Antoine to say: to attract the masses of cash to banks will rid the country of foreign borrowing and its consequences, as well as enable it to create a cash substitute for borrowing and that there were benefits will remain at home, and reflected positively on the citizens with the need to take into account the focus on the bloc to invest in issues investment, not consumption.

He concluded by saying that, but it requires speeding up the enactment of the Deposit Insurance Law, is sponsor to encourage citizens to save in banks.