Financial advisor to the prime minister proposed to establish a foreign trade bank

Financial Adviser to the Prime Minister, Dr. suggested. The appearance of Mohammed Saleh, a new bank to finance trade creation of private sector called the Foreign Trade Bank, pointing out that it would be similar to (TBI TBI), especially as the latter works on the foreign trade of the government financing as finances other foreign trade to the private sector.

Saleh said in a press statement, "The proposed bank will contribute by all private banks it is possible to include state banks Kalravedan and Rasheed The process of opening credits, according to traditional assets."

He stressed that "the establishment of the bank this mechanism through its ownership by the private sector any banks themselves, with the entry of the state as a shareholder working to control it better, because the current ability of banks to open letters of credit for foreign trade financing to the private sector is weak and has proved its failure with the exception of bank or banks limited Hits. "

He said that "for as long as foreign currency sourced from the state, it is their right to oversee the disposition of foreign currency properly, the existence of shareholders of private banks to achieve maximum benefit, and reasonable profit and organized labor not to mention the stability of the exchange rate and its associated and performed operations perfectly.

He noted that "this model is proposed due to the nature of the Iraqi economy being the nature of rents based on oil, so that this dependence should guide the way that serves the national economy, ie, we are talking about a resource of foreign currency (Central) and we talk about freedom of economy, trade market mean two wheels to Ataatmathlan the shape and size. "

He noted "the need to create something of homogeneity can create organized market, and shared with the state and thus the birth of a partnership between the market and the state's new economic system maintains at the same time the country's resources and give more transparency as well as the best use of foreign currency instead of the accusations that endless because of the currency auction foreign. "

He said the "so the bank will, trade finance properly away from the phenomenon of capital flight, as well as regulate the issue of remittances Other, services to small transfers and so on, as long as there is a demand for foreign currency for trade finance, and this funding is incorrect carries a lot exaggerations and disproportionate to the needs of the market. "

However, Saleh, said that "the proposed above he can reduce the depletion of the currency and will serve as a safety valve, and expected him good success rates of the fact that the current economic situation requires a bit of control is not limited to foreign currency control only as far as organized for the benefit of the country's economy."

Saleh He concluded by noting that the need to create settle the controversy over the central bank auction of the bank, as long as the central bank market is responsible for 99 percent of Iraq's needs of foreign currency, the current economic situation does not allow the depletion of its assets On this basis, there should be a point of market cooperation with the State holds the trade finance process.



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