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Economist warns of losses in the banking sector due to the flight of funds due to violence

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rocky
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Economist warns of losses in the banking sector due to the flight of funds due to violence

Post by rocky on Fri 16 Aug 2013, 3:08 pm

Economist warns of losses in the banking sector due to the flight of funds due to violence

2013-08-16




Baghdad, with a dominant Economist warned: Khayat, Friday, from the flight of money from ghiralarakeyen as a result of the recent security deterioration.

The Central Bank announced, delayed because of a decline in the number of dealers of strikingly non-Iraqis in the stockbroker.

Khayat said in an interview, that "initial indications point to the flight of a large number of Heads of non-Iraqi funds in the banking sector recently because of escalating violence."

He added that "the Central Bank admitted that there was a decrease of non-Iraqis in banking transactions and this shows the size of the fear of escalation of these indiscriminate attacks in the country."

He explained that "the migration of funds from country heads will the banking sector losses in daily" tedolath "Government intervention in this area by providing financial protection and security for owners of non-Iraqi money heads because of fears of large losses and stop the banking sector".

Khayat, stressed "the need for the Bank plans to assist those wettaminhm their money particularly in such harsh security conditions."

The Central Bank said in a statement recently "relatively low trading volume (non-Iraqi) banking (buy and sell) to 2.2 billion Iraqi dinars ($ 1.9 million) by 66 percent. He noted that foreign investment in Iraq stock exchange market amounted to 949 billion dinars (700 million dollars) this year, compared with 6.4 billion in the first quarter of last year. "

The volume of economic sectors "record 2034 billion dinars (1.8 billion dollars), of which 287 billion to the banking sector, up 95 percent in less than a year, with the number of shares of the banking sector to 3,100 billion, logistical functions amounted to 4,568 billion. finished






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