BAGHDAD Hussein al-Tamimi Tgb stressed global stock representative in Iraq Osama Mahmoud importance of unifying laws and legislation governing economic action, pointing to the importance of linking the Iraqi dinar to the global economy and thus achieve the cash value in front of the world's currencies, which in turn will give the strength of the economic process within the country.
He said in an interview for «morning»: that the Iraqi economy at the current stage needs to be clearly defined, pointing out that the laws relating to the economic aspect is still pursuing regulations socialist formula in the economic management of the sector, while economic and trade process pursues an open economy approach or the so-called ( Market economy).
He pointed out that this duality in the economic file management inevitably will produce an economy is uncertain, Dhi different results, and here you must know that all the major industrialized nations rely open market that adopted in the production processes and import and export operations theory, and therefore, the state of commercial exchange between the countries process must It is built on a unified economic system.
Mahmoud said: example of the reality of the Iraqi economy, it continues to rely on letters of guarantee granted to the traders to complete the import of goods operations, and this means limited to Iraqi criticism within the banks, and then prevent the spread of the Iraqi dinar in international markets, and the result is a weakening of the value of the dinar and the inability to use it outside the borders of Iraq , noting the importance of the introduction of the Iraqi dinar to global markets.
He continued by saying that the most important results of the unification of laws with economic applications in a market economy theory is to link the Iraqi dinar to the global economy and thus achieve the monetary value of the dinar against the world's currencies and this in turn will give the power of the economic process in Iraq. He said that the entry of the Iraqi dinar investment and thus can any investor to keep the Iraqi dinar as an investment in the currency market, there is no harm in raising the ceiling of printing the local currency as long as there are cash lid covers the domestic currency trading volume in global markets, also contributes to reduce hard currency emerging from Country, where traders will be able to import goods in Iraqi dinars, as well as an end to the black market phenomenon the fact that traders do not need to buy hard currency to finance their business operations.
Mahmoud said that linking the Iraqi dinar to the global economy leads to obviate the need for an auction of hard currency, which will determine the Iraqi dinar exchange rate globally against a basket of world currencies, helping to rewrite the business model of the private banks, instead of banks reliance on letters of guarantee and daily quota of hard currency given to it by the central bank on which the banks in achieving their profits, is inserted as a bank investment in major projects in the external and internal business processes to take an active role in the country's economy in the Renaissance.