Monetary mass compactum is estimated at 40 trillion dinars
Monetary mass compactum is estimated at 40 trillion dinars
obgdad / Fadia concubines
Cash contributed to the crisis in the last two years and the drop in crude oil prices, as well as the security situation volatile, in the exacerbation of the phenomenon of cash compactness of the Iraqi citizen paid also weak confidence in the banking system because of the weak structure of the latter and the difficulty of dealing in deposit and financial transfers.
According to the available data, the cluster of large cash in the range of 40 trillion dinars, is now out of the economic cycle, because they Chunky in the houses and shops, and this is affecting the economic activity and investment operations and development.
Financial Advisor to the Prime Minister Dr. Mohamed Mazhar Saleh, says in an exclusive interview with (range): The phenomenon of hoarding cash is very present in the developing countries, and including Iraq, that citizens Ictnzn their money in houses outside of bank credit, this is a deduction of income cycle completed interested in collecting banking institutions money, and work income cycle that achieve the major benefit of economic activity, pointing out that there are two factors for the lack of investment of citizens in banks, the inability of those banks to interact with the public because of the habits of social and traditions inherited in society, and the weakness of the banking structure that contributes to the promotion of a culture of investment biolo N in the banks, and therefore there is the case of hesitation and fear of investing money in banks, banks and government and private alike.
Saleh said that the investment in banks and banks is subject to real guarantees of the citizen and facilitate adds withdrawing his money and the operation of such funds by banks and banks within the economic cycle, and thus their ability to lend within loans Recuperative and this is what drives the market, pointing out that, the crisis of cash in the last two years The decline in global crude oil prices and rents the national economy, curbed the role of banks and their potential to promote a culture of investment.
And Saleh, the promotion and the promotion of investment in the banking culture and urged citizens to save will raise the levels of liquidity in the banks, particularly moving loans towards beneficiaries and reduce the country 's need for foreign loans, and thus moving the deficit on the one hand and move the surplus for the citizen.
He pointed Saleh, that the prime minister, approved the guarantee of deposits that have been approved since almost a year institution, but the work did not see the light, which is a real guarantee of money citizens when deposited in banks and government banks, and thus less risk operations and risk in the funds invested , noting that the most important steps to encourage investment in banks, the bonds are open to the public, which borrows from it and blocking accounts through companies, and these methods to absorb liquidity compacta of the citizen implicated in the income cycle properly through the protection of deposits.
Saleh believes that the government create trust institutions and raise the psychological barrier between the banks and the banks on the one hand and between the citizen on the other hand, the organization of citizen awareness campaigns risks compactness including exposure to cash compacta damage.
For his part , said the financial expert , Dr. Ahmed Rehn, in a special interview for (range): The money is the currency when the citizen and deposits are money in the banks and the banks, and therefore it is natural that people and companies keeps money in their vaults to walk everyday things.
Rehn added that, the last ten years decreased the currency of the ratio of money, and tended to deal with banks and banks are more than before the citizen, pointing to the need to facilitate the transfer and deposit operations by banking institutions, so do not Astthagl citizen to deal with, and strengthen security in the country, the fact that there are surveillance of banks by gangs and armed groups.
He added that there are several programs have been put forward for the development of banking mechanisms, it has proven recent years very significant improvement in banking services by increasing awareness of the citizen and employee bank or the bank through the beneficiary CARROT deposit funds in different quantities.
Sees Bureihi, lack of Chunky funds: There are even money in circulation, and this is present in each country between the so - called currency cash deposits and financial, and we hope that the currency rate of decline in favor of deposits in banks.
Notes Bureihi, the currency in circulation is estimated at between 35 - 40 trillion Iraqi dinars, and this amount is not considered significant if it was calculated on the percentage of population of Iraq and the average per capita GDP, which is estimated by 6 and a half million dinars, and amid the decline in oil prices and hoarding of the individual nearly million Iraqi dinars this is not Aktnaza over the habit.
The Central Bank of Iraq called on citizens earlier to the acquisition of national bonds , rather than relying on the hoarding of money, and stressed that those bonds will have a "good financial benefits."
The Governor of the Central Bank on the Keywords, during a press conference, said that the national bonds "will achieve citizen good financial returns , " noting that, the Central Bank put interest on the bonds, so compete with foreign interest, pointing out that, the central bank wants to bring interest to the citizen through bonds Interior rather than resort to put foreign bonds.
The central bank announced in January 2015 that the financial reserve for Iraq is equivalent to one and half times the monetary mass, considering it the "best rates" in the countries of the world, as he emphasized that Iraqi financial institutions are "unable" to the fiscal deficit to cover, he stressed the need to reconsider in the structure of the budget and spending and diversification of income sources and achieve investment more broadly to address the decline in oil prices.