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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    War in Iraq has doubled its economic crisis

    Rocky
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    • Post n°1

    War in Iraq has doubled its economic crisis Empty War in Iraq has doubled its economic crisis

    Post by Rocky Mon 29 Sep 2014, 5:10 pm

    War in Iraq has doubled its economic crisis


    A large number of banks closed their doors and most of them are threatened with bankruptcy due to their inability to collect the debt (Reuters)


    Led military operations initiated by the organization of the Islamic State in Iraq and the Levant The occupation of Mosul and Kirkuk, north towards expansion, then the feet of the American and French forces bombarded the occupied territories and the intensification of fighting in several Iraqi areas to large losses due to destruction and ruin.

    Has closed a large number of banks -oumazationa threatened Balavlass-'s inability to collect debts from customers, at the time expected to contribute to the decline in oil exports doubling the budget deficit in 2014, from 23 to about fifty billion dollars.

    In spite of the continuing lack of security and political stability, the number of foreign companies that have been registered in the Ministry of Commerce 412 company in 2013, and ranged between branches and representative offices of the Arab companies and global investors benefit from exemptions from duties and taxes may not be available to them in the investment climates stable .

    Iraq has ended the year 2013 at the rate of economic growth, a record about 9% according to the report of the International Monetary Fund , and of course due to oil production, who scored three million barrels per day. Has put its budget for 2014 amounting to 150 billion dollars, which is the highest budget in its history, and is based on a 93% to oil revenues on the basis of the calculation of ninety dollars to the price of a barrel and production of 3.4 million barrels per day.

    Oil production

    In order to finance the development of national plans for Iraq plans to increase its production of oil gradually to up to nine million barrels per day in 2020.

    But it seems that the intensification of military operations and ground battles and aerial bombardments -_khasossa in areas near oil wells in Mosul and Kirkuk have led to a reduction in production, and dependence on oil from the south in the Basra area.

    The data show that the shipping ports of the region's exports amounted to 2.58 million barrels per day on average during September / September of 2014, surpassing the rate of exports August / August, amounting to 2.38 million barrels per day.

    With the continued halt exports of Kirkuk and the difficulty of returning soon, the Kurdistan region of Iraq exported small amounts of oil independently of Baghdad through the Turkish port of Ceyhan on the Mediterranean.

    The decline in production and will export to double the fiscal deficit for the 2014 budget, amounting to about 23 billion dollars.

    And talking Iraqi government sources for a lot of pressure facing as a result of rising expenses, and expects a report the International Center for Development Studies -omqrh LONDON high budget deficit to the point you can not state with payment for its employees or its obligations to its citizens, which has forced them to use part of the Iraqi Central Bank reserves of eighty billion dollars.

    The banking sector

    He warned economists from heavy losses for the banking sector, especially after displaced most of the customers who refused to pay their dues, and their inability to repay the debt, which is alarming due to the deteriorating security situation and the inability of banks to pursue defaulters for payment, which threatens a number of them go bankrupt.

    In Iraq, there 55 banks and 49 financial institution and investment, including 16 Arab and foreign banks.

    And the testimony of the Union of Arab Banks has evolved into the activities of the Iraqi banking sector leaps quality during the past (2003-2014) despite the complex conditions experienced by Iraq in various fields, particularly economic ones.

    Referred to the existence of structural distortions in the Iraqi banking sector, including banks and government of the seven banks controlled 90% of the sector's assets, leaving only 10% to about 48 banks in the private sector.

    Not only government banks deposits of the public sector, but also controls 63% of private sector deposits, and private banks are complaining of the government, which favors restrictions to banks in financial activity.


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