Does Iraq possess sovereign wealth funds?
Iraq does not have sovereign wealth funds, government revenue, two-thirds of its revenue into his salary and wages of dinar and one third of the foreign currency remains open it for the purpose of financing trade, such as the Ministry of Commerce to import ration, Ministry of electricity imports, the Ministry of health. And the rest goes to other budget, the remaining so-called sovereign wealth Fund is simple possible stabilization fund called evolve to protect the budget from fluctuations in oil prices and is part of sovereign wealth funds.
World Bank commends the draft reform of the banking sector in Iraq. What happened and what its impact on the economic situation in Iraq?
The International Monetary Fund and World Bank concerned with development the sector in Iraq, mean by financial markets, banks, Government or private, and the Iraq market for securities, as a secondary market for the capital market. The theme of praise, they sometimes express negative remarks on the performance of the banks, but this does not mean that the sector is evolving and not the level of ambition, and it is not reasonable that the banking and financial sector has not developed, the number of accounts increased and set up branches there, and then the private sector external trade funded and managed by why this trivialization? The banking sector is the only sector that runs and drives the market, despite all its shortcomings honestly is most active in the country there are flagrant and exaggerations by encroaching on the private banking sector, but this is not exempt from him some of the problems and abuses, it is on the right track with some irregularities but they are routing and processing through the accumulation of expertise and experience. Generally are selling and errors occur in all countries of the world and it's not disastrous banking sector has seen more liberal market transition in Iraq
The Central Bank of Iraq asadertalimat in the year 2012 that enables private banks to import foreign currency including USD, who owns the import right is right?
Yeah, right. Updated time banks experience applied because of the lack of b-cache why don't we import our existing world applications, especially for tourism purposes, in the Iraq Central Bank sells dollar cash unit however finished and published in the Iraqi Gazette help in the middle of last year allowing private banks after scrutiny by the State Council, import foreign currency reserves or assets out of Iraq, but with conditions and pass through the Monetary Authority, and scrutinizes and sold an action against Money laundering, there are instructions on the facts, join this work but the Bank is selling the dollar to banks.
Can you explain to us the difference between the concept of money laundering, smuggling of funds?
Iraq under the Convention on the International Monetary Fund and in accordance with resolution 1483, which demanded that Iraq return of normalcy to the International Monetary Fund and the World Bank Hrralhassab current balance of payments, which means the balance of goods and services and transfers from one end of any restrictions and the right of any individual to import whatever he wants and issued what he wants fromwithout any restrictions, so the Iraqi Central Bank canceled the circle of foreign exchange controls, and canceled all the instructions that restrict foreign remittances, created for that anti-money laundering department. It is your right to be converted for the purposes of claiming to be for trade, provided that such funds clean subject to Law No. 93 of 2004 the law against money laundering and funds crime and terrorism and established a department to combat money laundering within the central bank and founded a department to combat money laundering in banks and other outside banks, in security At the national Interior Ministry and Interpol .. Cooperate with each other to combat money laundering. Money laundering means there money is being handled at home or abroad, the money resulting from a crime such as money selling drugs or arms trading funds .. A broad and long series of other methods of money laundering.
The question here, is in Iraq to the Iraqi capital to invest abroad outside of national incubation Center, for example, can the investor that comes out $ 1 million to invest outside Iraq in Sudan or buy a factory in Somalia are allowed? This question is answered, does Iraq harrhasab a head money of the balance of payments or not edit it? There is no answer. So who wants to leave his money rely on import under the pretext of trade, and this behavior falls within the smuggling of funds. It swelled the list price that way evade.
In the general context of the Iraqi State and Constitution of the Iraqi economy is a market economy but in government departments and institutions is under a central economy permeated engaged in Iraqi economic identity?
The problems and foul up a large part of the Central thought of the directions we are clear in our economic policy, so weak economic identity. We are in fact living trouble part market. The Iraqi Government should consider two things, study the subject of the Iraqi capital, and a law to enter the Iraqi capital protection and a law governing the exit correctly and protected. It is OK if the Iraqi businessman to come out $ 1 million to build a factory, for example in Somalia under the auspices of the Government, and part of the profits tax is paid to the Iraqi Government, there is nothing wrong with so why demand entry of capital into Iraq, and don't allow the Iraqi capital invested abroad.
What type of interest derived from the investment in Iraq and protect capital?
This freedom paid Iraqi capital abroad, to come to Iraq, while reassuring capital freedom of entry and exit of capital which allows creating comfortable investment climate, but this current repressive economic climate in Iraq in such a way that full of fears, and presentations like that comes out of the capital will not return, then will not come to Iraq to capital as such laws anthelmintics capital, thus we have contributed over existing laws to expel capital.
Smuggling money abroad
There are funds coming out and what your comment?
This is true, but to say exaggerated, today money out through money laundering from criminal offences, we vigorously pursued these issues as well as international law is international cooperation in this area is limited, and may not be exaggerated.
Overall profit opportunity today is in Iraq, it is not logical to take out money from Iraq and betting opportunities are scarce and research about the benefits of a simple reach 1, you will starve to death, the question of any crazy out money from Iraq, leaving profit opportunities enormous Aikarf curve that does not have a semi-any country in the world where the commercial market is open and profit margins are enormous, generally those traders their money out and back, but they fear فيبقون part of their money in foreign banks, يتحوطون as تسكنهم some concerns, such as tomorrow there is no money stopped transfers and according to the unstable security situation, they do notreassured and this part a little of it while the bulk of $ 85 is an investor in the trade the 15 remaining are رجراجة, فالمسيحي who deserted from Iraq must escape his money to buy him a house there and this case applies to more than three million Iraqis migrated or abandonment of Iraq Those ofcertainly they have well and money properties .. How they described? How Iraqis lived in Syria after the change and the events of 2005 and 2006? Then there are transformations taking place across the Rafidain Bank for retirees.
According to the economic growth and the fulfilment of international obligations Iraq is it possible to classify Iraq credit?
Opportunity and possible entry into Iraq, and begins with the credit rating of bonds sold in the international market, as it can give a picture of the economic situation in Iraq which the creditworthiness of Iraq especially after graduation from Chapter VII and through credit rating can be obtained.
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