The dollar letter of credit

9/7/2016 0:00

Thamer Alheims
There is no reasonable answer specific and justifiable to not to return for opening letters of credit for import purposes of this dollar bleeding of our credit must be curbed to stop losses at all Levels.

Solve the problem of fugitive dollar and its impact on the Iraqi economy requires a return to work to open documentary credit, because of its role in supporting the agricultural and industrial sectors, as it excludes the practically at their sessions in internal in time Quo.

Bmassarvh that the service sector is still very limited in terms of its share in the national GDP which amounts to 5.1 percent, according to Specialists.

The private banking sector, despite the weakness of its role in the national product, but it has a good capability in external financing banking service almost one figure for him.

Although the sale of currency window achieved benefits for banks, but there are private banks went bankrupt and took her judiciary and that's what does not make sense these banks, despite their contribution to exit 8590 percent of the dollar, the imported goods to these amounts is identical to the import license quantity and quality.

With this flow and profit should be easy to come in our session that maximizes economic or industrial or agricultural resources of the country Tourist.

What enhances the environment outside the incubator convertible fake is the absence of Iraqi capitalism and so, at least to counter the bleeding, backed by the parasites to be back for the opening credits to stop the loss Magnified.

It may stop working documentary credits some of the activities that may be involved in money laundering and to guarantee the safety of imported quantity and quality after opening credit must take measures such as the palm of recreational indiscriminate import which starts from goods competition for our production, and through the tightening of import license issued by the Ministry of Commerce with that procedure coordination between the ministries of industry, agriculture electronically in order to prevent the negative role of the bureaucracy in the reduction of bleeding dollar.

Another important action is to encourage banks to participate reconstruction stalled production facilities in the public and private sectors, as well as the immediate establishment of parks and yards outside the cities to restore the quality check and confirm the quantity by certificates of origin and import license.

Activate quality control and loaded full responsibility for the quality and the level of compliance with the specification Iraqi.

Ensure the central bank for banks to reassure depositors with private banks to withdraw currency from the houses and ensure objectivity control (of the Bank of the banks).

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