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Preparations for financing trade at an exchange rate of 1470 dinars
Economical 2023/01/22
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Economic circles unanimously agreed on the need to find real integration between all economic sectors, to move seriously towards activating the national economy and achieving comprehensive economic development, while a financial specialist saw the possibility of financing commercial activities at an exchange rate of 1470 dinars to the dollar through the International Development Bank, in order to reduce the impact of exchange rate fluctuations In the establishment of goods and merchandise within the Iraqi market.
Member of the Union of Arab Banks d. Ziad Khalaf told "Al-Sabah" on the sidelines of an economic symposium organized by the Development Bank: "The reality of the Iraqi economy and the challenges it is going through require achieving integration between all sectors to avoid negative impacts, and the banking sector must be supportive of productive and service activities through the financing it provides to all Sectors, pointing out that the Development Bank has expressed its willingness to finance the activities of traders in dollars and at the exchange rate of 1470, and thus we can mitigate the impact of the exchange rate on goods and merchandise within the local market.
In the symposium titled Supporting Investors, Businessmen and Trade, he pointed out that "work is continuing to support small and medium enterprises in a step to activate the role of youth within society and restore the national product to existence."
He added, "The banking system works and provides services despite the challenges and sets solutions," noting that "the successes that are achieved in countries regionally and globally find behind them financial institutions supporting their activities," noting that "businessmen and merchants we find them financing themselves from their money, and here is a good thing, but Business development and performance necessitate the existence of a banking system that supports its activities.
He said, "We realize that the banking system represents a major axis in achieving economic advancement in all its aspects, and despite the challenges, we are working to consolidate the banking system and make it able to provide services that rise to the world in line with the needs of companies that need a high flow in the movement of their funds," noting that "The expansion of the International Development Bank inside and outside the country is a pioneering step for the private banking sector in Iraq, and comes in line with the requirements of the next stage, which will witness wider openness to the world and require cooperation with international institutions and companies around the world."
Representative Muhammad Al-Khafaji drew attention to "the challenges in the local market, resulting from the imbalance in the exchange rate, due to the high demand for the dollar and the decline in offering it through the currency auction," stressing that "Iraq must work through the public and private sectors to activate production in the hinges of industry and agriculture." Simultaneously, to reduce foreign imports and address the problems afflicting Iraq,” noting that “creating a banking system with a degree of responsibility towards the national economy is very important, to achieve integration with the productive and service sectors that would raise the economic issue.”
Economic expert Manar Al-Obeidi stressed that "sustainable development cannot be achieved away from financial financing, in all sectors, and that Iraqi non-oil exports are expanding, and this requires that we expand our local industrial base."
He added, "When we look at the size of the Iraqi economy, we realize that the country needs a banking system capable of providing products capable of dealing with large numbers and their movement in different directions, and although we indicated a development in the mechanisms of the banking system, the ambition is greater in the presence of Iraqi banks that provide all Products offered by major international banks.
And he warned that "the industrial and agricultural private sector and investment are in dire need of credit that supports their activity and achieves effective integration with other sectors, so that the results will put the national economy on the track of true sustainable development, just as creating a developed financial sector is not impossible in light of the presence of international desire in countries Iraqi labor market.
Khaled Al-Shammari, a specialist in economic affairs, confirmed to Al-Sabah that “Iraq possesses all the elements of economic advancement that make it move away from all challenges, through an optimal investment of wealth and making it a major supporter of the state’s budget, and working to raise the level of revenues is very important for a country like Iraq has renewable job opportunities and human resources that can be described as smart and capable of mastering advanced technology.
He pointed out the importance of speeding up the approval of the federal budget, to avoid any confusion in the labor market that depends on the budget, pointing out that the next stage requires a gradual advancement of the joints of real productive work, which obviates the country from importing a large proportion of the local market's need.
Muzaffar Jalal, a specialist in economic affairs, pointed out that "the next stage requires a plan of a high degree of accuracy, because it represents one of the most important requirements for achieving economic stability, and from here there must be financial credit that performs its tasks to the fullest, coinciding with plans that promote agricultural and industrial production and achieve Self-sufficiency in some productive joints that have the ingredients for advancement in terms of raw materials and a consumer market.
And he hinted that "regulating financial matters in the country is imperative at an important stage, and the federal budget must receive great attention from everyone, and there must be a prominent role for the public and private sectors to complete projects that support the multiplicity of revenues that reduce the challenges facing the public budget."
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