Union of Arab Banks calls to move the "frozen funds" in Iraqi banks to solve the problem of inflatio

Union of Arab Banks calls to move the "frozen funds" in Iraqi banks to solve the problem of inflation and the absence of investment



14/04/2014 12:11



Long-Presse / Baghdad

Proposed union of private banks Arabic in Beirut, on Monday, moving the "amounts frozen" in the bank Rafidain and Rasheed, which exceed the 78 billion dollars to solve a lot of problems, most notably the "housing problem" by "lending", while stressing that the survival of the amounts "parked "the banks will cause the problems of" inflation "and the absence of investment.

A member of the Union Aref Abu Elias in an interview (range Press), that "Iraq is one of the few Arab countries that are suffering from a crisis in housing," noting that "According to estimates by the Iraqi government, Iraq needs at this time to four million housing units, which is in increasing but on the other hand, we find that the government's slow steps toward solving the housing crisis. "

Abu Elias added that "Iraq has a possible quick solutions to address those problems, including frozen funds in banks government," noting that "the Rafidain and Rasheed collectively possess at least 95 trillion Iraqi dinars, up to 78 billion dollars, mostly frozen."

He said Abu Elias that he "could this amounts to solve the housing problem in the country by lending by establishing a development bank means lending operations Housing accordance with the conditions and controls the Iraqi government and have a pop-up of these government banks which there is debate in the amounts parked in banks Rafidain and Rasheed," stressing that "the survival of the amounts in the bank Rafidain and Rasheed government without the benefit of them will cause two problems for Iraq, a first rate of inflation because of accrued interest for that money and the second decline in economic growth due to refrain from pushing the money real investment."

It is noteworthy that the banking system in Iraq consists of forty-three banks, as well as the Central Bank and distributed by the property (7) state banks and 30 banks waged, including (7) Islamic banks in addition to (6) of foreign banks.

The National Housing Council announced, in (the eighth of July 2013), to form a committee to push the laws and legislation to promote the reality of housing and the development of new regulations relating to change the sex of land from agricultural to residential, and in select the country's need to two million five hundred thousand residential units up to 2015, said his quest To enter the housing fund as an investor in the construction of housing units, while pointed to put "the necessary plans" to conduct the survey of housing early next year to determine the actual need for housing in the country and provide solutions.

It is noteworthy that Iraq is suffering a severe housing crisis due to the increasing number of the population, compared with the number of residential complexes, in addition to the inability of citizens with limited income from the construction of housing units of its own, because of the high cost of land and construction materials.

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