Economic commission to address activating ATM project and the sale of gold coins to the public through banks to support currency

September 5th, 2012 11:15 am ·

The head of the Economic Commission parliamentary Ahmed al-Alwani, said that his committee will address the relevant authorities in order to activate the project ATMs in the country.

Added Alwani (of the Agency news) on Tuesday: that this project, which was scheduled to work it for years in order to facilitate the receipt of financial dues to the citizen stopped for several reasons related to the reality of Iraq.

And stated: that the committee plans to address those responsible for activating the work to achieve the aspirations of the building developed banking sector, surprising «the absence of support experience previously.

The Alwani: that this experience worthwhile and was supposed support to keep up with developments experienced by the world, calling for benefiting from the experiences of other countries in this aspect ».

The ATM atm is one of the basics of modernity in the banking sector, and was scheduled to be circulated in Iraq since year 2008.

Elsewhere confirmed an economic expert Akram Abdel Aziz, that the central bank the idea of selling gold coins in the banks on the citizens will raise the value of the Iraqi dinar against the U.S. dollar.

said Abdul Aziz (of the Agency news) on Tuesday: The sale of gold coins from through the Central Bank and Iraqi banks will contribute to raise the value of the Iraqi dinar against the U.S. dollar by pulling dinar from citizens who agree to buy gold and lack Showing dinar in the Iraqi market that contributes to increasing the demand on the dinar and tight supply.

added: Iraq, according to statistics the central bank has rate up to (30) trillion Iraqi dinars block cash surplus led to increased supply and reduced demand and the depreciation of the Iraqi dinar against the U.S. dollar, indicating that the index liquidity money supply in Iraqi banks exceeded (51%) did not find their way to employ paid pressing toward raising the prices of goods and creating a state of inflation in the market economic Iraqi.

explained: The sale of gold coins will help to absorb inflation and the devaluation of the U.S. dollar against the Iraqi dinar and reduces pressure on the price of goods in the Iraqi market.

On the other hand confirmed the decision of the Economic Commission MP / coalition Kurdish blocs / Mahma Khalil, that all Customs Conventions concluded with Iran or others will not do any good for Iraq because of the enactment of the tariff in the country, indicating Thus agreements do not serve the national economy, but merely doors propaganda than to be a professional.

Iraq had signed a memorandum of understanding Customs joint venture with Iran in the Conference of the Non-Aligned which was held in Tehran with the participation of Iraq. Khelil said (of the Agency news) on Tuesday: The Federal Government refuses to work tariff, which was enacted in the House of Representatives in (2010), stressing there is a desire and serious by the Iraqi government not to deal Law tariff new and stay to work on the old law applicable since (1955).

added: that the memorandum of understanding customs agreement with the Iranian side will not serve the national economy as long as the Tariff Act New not implemented so far, stressing can not continue Work old laws because each time period different from that preceded every circumstance needs to appropriate laws him.

pointed to: that the national economy today differed greatly from what it was in the past or since the introduction of the Tariff Act Year (1955), pointing out that trade both with Iran, Turkey or Jordan increased significantly from the previous requires the application of the Tariff Act to protect the domestic product, is not possible for a country like that Iraq has the second largest economy in the region to no tariff law.


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