Economic Commission announces conference to address the high exchange rate of the dol
Economic Commission announces conference to address the high exchange rate of the dollar against the dinar
Friday, April 13 / April 2012 13:55
Twilight News / Committee announced the economy and investment representative, on Friday, held for an extended conference to address the high exchange rate of the dollar against the Iraqi dinar, indicating that the conference will address the possibility of reforming the banking system in the country.
The Chairman of the Committee of Economy and Investment Ahmed Alwani, in an interview with " Twilight News "that his committee" will hold a conference to reform the country's banking system as a system of date in addition to the loss of the private sector role, which could compete with the public sector, "adding that" the conference will be held with the resumption of House of Representatives for its presence and specialists concerned with this matter. "
The Alwani that "there are many problems that face the banking sector in the country, where 83% of the banking activity under government control, and this led to the emergence of bureaucracy and rampant corruption, financial and administrative as well as not keeping pace with the banking system of the development in the world," emphasizing the that "the economic and investment commission will stand on those problems and put their solutions."
He announced the Council of Ministers, On Wednesday, the formation of a committee headed by Deputy Prime Minister for Economic Affairs and the membership of the Deputy Prime Minister for Energy and members of the Committee on Economic Affairs and the Secretary General of the Council of Ministers to consider the issue of fluctuating exchange rate of the Iraqi dinar recently to ward off harm to the national economy, high prices of some food .
He attributed the Central Bank Governor Sinan Shabibi during a meeting with House Speaker Osama Najafi, last Tuesday, the reasons for the high exchange rate of the dollar against the Iraqi dinar to the "weakness of domestic production and the lack of Iraq's exports (excluding oil), and the weakness of the government's measures to attract capital to Iraq, as well as tense political situation internally and regionally, and the economic blockade suffered by some neighboring countries. "
While Najafi stressed "the necessity of non-subordination to the Government of the Central Bank so as to prevent the seizure of Iraq's money or the implementation of international rules against Iraq by the creditors."
Iraq seeks to support the banking system by closing the deficit of local banks to cover the financial guarantees required by the investment companies, which represent the problem of limiting the entry of companies specialized in the electricity sector, infrastructure and services.
In Iraq, there about seven state banks and 34 banks waged, mostly owned by foreign banks, two banks and two government controlled the banking system in Iraq are the Rafidain Bank and Rasheed Bank.