Keywords: waiting for a law reveals the source of funds deposited 6-11
Keywords: waiting for a law reveals the source of funds deposited
BAGHDAD - Al- Sabah said the central bank governor d. On the Keywords for compliance with the World Bank of the liberalization of capital and edit the current account and this leads to not refrain from selling the dollar at auction currency as long as the citizen pays dinars to buy it as we are continuing the auction currency to maintain Asagrar dollar and the Iraqi dinar in the market price.
He said at a seminar Center for Mesopotamia for strategic Studies addressed the international Monetary Fund loan to the law in the House of Representatives are waiting for approval gives the central bank the question about the source of money and struggling money laundering.
Keywords added that the problem in Iraq is that state revenues depend on foreign revenues derived from the sale of oil, and low productive base in the country, what drives the government to borrow with the weakness of the possibility of payment in a timely manner, noting that this contrary to what is happening in stable countries financially where being leveraged and payment within the set time - bound programs and consider borrowing an essential part of state resources for the implementation of their projects.
economic management and said that stability economic any country is based on three departments (political, institutional, economic) , emphasis was placed on economic management as a tool for harmony and coordination between monetary and fiscal policy and which can be diagnosed cases of the defect, and that monetary policy is one of the main tasks of the Central Bank , which aims to control the money supply and that weakness in this area lead to inflation and price instability in general.
He Keywords that public spending in Iraq is determined in accordance with the resources generated by the state, and that 90 percent of them representing the oil revenues, whereby whenever the oil revenues , the more expanded states in spending this would create future commitments to the state and as an example Taanat staff.
And that the ideal situation for creating stability is achieved when balanced local expenditures with local revenues.
Cushioning head of the Baghdad Economic Forum Faris Al Salman said in his speech:
Although the central bank has succeeded in a good foreign cash reserve building in order to mitigate the economic shocks and absorb But Iraq faced represented an economic hurricane terrorizing «Daash» and what form of consumption of the financial ability of the state toward arming and funding the war against terrorism as well as the destruction of infrastructure in many provinces and the displacement of the population, which in turn added new economic burdens on the government. he said Iraq is fighting terrorism on its territory on behalf of the the world it is the duty of the Iraqi government 's quest to seek UN resolution is binding on countries in the world that holds their nationalities terrorists because they are citizens with the help of Iraq , financially and militarily and economically to finance the fight against terrorism , not leave it borrows money to pay its employees ' salaries.
He noted that the world Bank , the law also stipulates the need to question the citizen who wants to open the account or who wants to buy the dollar for the source of his money and hardly Iraq is the only country that does not apply this law and that of the duties of the central bank to combat money laundering. chairman of the Forum of that there are income tax law since the former regime allows the question about the source of income and money and thus avoid «instruments of volatile» and will not advance to buy the currency , but sincere and trader true that request to buy the dollar fall through the auction currency and as a result we maintain hard currency reserves, a proposal to form a work cell at the Central Bank include:
the Central Bank, the General Administration of Customs, the General Administration of taxation, the financial Inspection Office, Chancellery national security, and the judge 's penalty, and is verified request to buy the currency with immediate effect by specialty representative of each department and in the case of a (Mnafist) forged the judge Issadrh as based on a criminal and reserves amount to buy hard currency attached to it. income tax economist Bassem Jamil stressed the need to send signals to the citizens to attract their savings chunky in homes and cabinets and turn it into a savings investment, and that by raising the interest of the citizen rate to 10 percent or more borrowing , rather than from external sources, as well as the need for follow - up sale of dollar sales and whether subject to the channels of the fight against money laundering and anti - smuggling, and it is paid by the income tax? To be an internal resource for the budget.
As for Dr. Jacob Joseph Shonia said , in order to reduce the gap between local expenditure and local revenue to stabilize, there 's assets amounts to sizeable possible to contribute to the improvement of the ratio between local expenditure and local revenue through the sale of productive units defunct of the Ministry of Industry and Minerals , or turn it into a mixed joint stock companies form a partnership between the public and private sectors and the number of these plants exceeds two hundred factory note that the legal basis for the conversion process is available in public institutions Act No. 22 of 1997.
He urged to move about the mineral wealth of any investment formats available, perhaps there is willingness by some foreign companies interested in paying payments at the expense of future mineral activity, as well as a survey of the needs of Iraq's infrastructure projects and the requirements of the reconstruction of the affected towns and displaced persons and other compensation, and in the light of that set priorities for the use of loan amounts earned by Iraq and highlighted in the supplementary budgets.
Also it must determine the amount of the deficit suffered by Iraq now and in the foreseeable future in order to take into account in the coming years plans.