CBI urges the government to return to the central if not accommodate a market economy

[11:39] 12/Aug/10

Erbil, 10 August / August (PNA) - called for the Iraqi Central Bank, on Thursday, the Iraqi government to return to the central system in the absence of absorption potential in the market economy, pointing out that he was able to finance the trade of the Iraqi private sector over the past years.

The deputy governor of the Central Bank of the appearance of Mohammed Saleh in an interview for "Alsumaria News", that "there is no political or economic Iraqis can know the philosophy of the Iraqi economy in terms of the system that is adopted, decentralized or free," and urged the government to "return to the central system in If you do not understand the philosophy of a free economy. "

Saleh added that "the state must choose between returning to the central system for foreign trade financing to the private sector, through the federal budget by government banks with something of economic freedom, or faith Ballbralah Economic brought by the Bank Act after 2003 and the law of banks and companies and the freedom of foreign exchange" .

Saleh pointed out that "the Bank was able to trade finance for the private sector by the Iraqi auction conducted by the Bank successfully every day," and wondered about "the ability of the Iraqi budget, which increased to 2012 from 470 billion dollars for the conduct of any economic development."

The central bank held the Iraqi daily sessions for buying and selling foreign currencies with Iraqi banks, except for public holidays on which depends the World Bank for these auctions, and sales are either cash, or in the form of money orders sold out for a commission of certain.

It is noteworthy that Iraq has seven banks owned by the state and 23 private banks, eight Islamic banks in particular, according to the site's central bank, while dominated by the banking sector, banks, Rafidain and Rasheed Aovernmaan, and are under way to restructure in order to pay off the debts that have accumulated after years of war and sanctions.