The required economic vision to encourage the private sector

5/21/2015 0:00

In the seminar addressed the effects of the financial crisis
BAGHDAD Shokran Fatlawi

Collect experts in economic affairs on the need to determine the capacity of the Iraqi economy from banks, thus contributing to the activation of activities Almokhtlvh.jae during a seminar hosted by the progress of policy development tagged "the current needs of monetary policy for the current phase," Institute and discussed the effects of the central decision to increase the funds of private banks capital to 250 billion dinars for each bank and travel up to 50 banks on the banking performance, stressing the importance of the integration of each condition provide new guarantees for the success of its work.

For his part, counting d. Mehdi al-Hafez Central Bank router foundation of the banks called for the deepening of the relationship between them, noting that the issue of national development is essentially important guide to determine the right monetary policy pointing to the importance of their complementarity in order to get out of the economic crisis, unemployment and poverty and the deterioration of infrastructure suffered by the economy of the country calling for the central bank to address effective treatment .

He said Hafiz that inflation remarkable in foreign exchange reserves is a positive phenomenon if it were to take advantage of them in a way serving the real development but he also said such a large volume of cash is still semi-frozen pointing to the need to review the law No. (56) and make it fit the current economic needs.

He concluded by noting that the reality of monetary policy is one of the main problems in the economic sphere Maittalb objective treatment in light of the needs of the country and the development of the national economy and monetary criteria Atah.mmaha that since 2003, began working to change the system and the policy of the central bank, issued the new law of the Central Bank No. 56 for the year 2004 that he could be a radical overhaul of monetary policy point of no subsequent applications that were marred by a lot of flaws and problems at the end Colh.bad that Dr. occur appearance of Mohammed Saleh Economic Adviser to the Prime Minister about some important aspects of the monetary policy defined them briefly set the means and procedures that the government is taking in order to achieve two objectives of price stability and raise the level of use to sustain economic growth.

Saleh went on to say: that economic growth indicators in GDP in 2014 is 3.2 percent and the index for prices Fimaasmy inflation is 1.6 basis that there is no economic recession or contraction especially in places taken over by the organization (Daash) terrorist.

Saleh concluded by saying that the central bank has provided support for the Iraqi economy through the provision of 5 trillion to the banks (agricultural and industrial housing fund) and 6 trillion statutory reserve interest rate of 10 percent Khawwalat Khozanah pointing out that the Iraqi Central Bank reserves come from oil as the central bank's balance sheet amounted to 67 percent of foreign and 3 percent of the local currency and currency reserves of $ 78 billion in 2013.

For his part, the banking expert d. Majid picture that monetary and fiscal policy of the Central Bank is the assistant placed development worker and Aiga it all blame the fact that there are other factors political Mnhaalzerv quo and some pressure from Mufsudain.okhls conferees to the need for economy-building through the development of the central bank's policy and the policy of the Ministry of Finance under one roof to provide economic vision for the country and encouraging the industrial sector and the private sector through interest rate cut


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