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Saleh proposes the establishment of foreign trade bank
25/12/2016 0:00
[rtl]
BAGHDAD / Shokran Fatlawi
financial advisor to the Prime Minister proposed the establishment of a new bank to finance private sector trade called Foreign Trade Bank, pointing out that it would be similar to (TBI TBI), especially as the latter works on the foreign trade of the government financing as finances other foreign trade to the private sector .
He Added Dr. counselor. The appearance of Mohammed Saleh in his speech for the "morning" that the proposed bank will contribute by all private banks it is possible to include state banks Kalravedan and Rasheed The process of opening credits duly
traditional.
Letters of credit ,
and stressed that the establishment of the bank this mechanism through its ownership by the private sector , ie the banks themselves, with the entry of the state as a shareholder working to control it better , because the current ability of banks to open letters of credit for foreign trade financing to the private sector is weak and has proved its failure with the exception of bank or banks limited effectiveness.
He repeated favor say: As long as the foreign currency sourced from the state , it is their right to oversee the disposition of foreign currency properly, the existence of shareholders of private banks to achieve maximum benefit, and reasonable profit and organized labor not to mention the stability of the exchange rate and its associated and performed operations perfectly.
The proposed model
and explained that this proposal due to the model of the nature of the Iraqi economy being the nature of rents based on oil, so that this dependence should guide the way that serves the national economy, ie , we are talking about a resource of foreign currency (Central) and we talk about freedom of economy , trade market mean two wheels to Ataatmathlan shape and size , according to Saleh.
He noted the need to create something of homogeneity can create organized market, and shared with the state and thus the birth of a partnership between the market and the state 's new economic system maintains at the same time the country 's resources and give more transparency as well as the best use of foreign currency instead of the accusations that endless due to foreign currency auction.
And Saleh said that the bank will, trade finance properly away from the phenomenon of capital flight, as well as regulate the issue of remittances Other, services to small transfers and so on , as long as there is a demand for foreign currency for trade finance, and this funding is incorrect carries a lot of exaggerations and disproportionate to the needs of the market.
Drain currency
However , Saleh proposed above he can reduce the depletion of the currency and will serve as a safety valve, and expected him good success rates of the fact that the current economic situation requires a bit of control is not limited to foreign currency control only as far as organized for the benefit of the country 's economy.
Trade finance
, said that the demand for foreign currency is a demand for goods and services and thebenefits of foreign Unless these three kind of good products and good services and benefits for other factors materialize is a loss of national wealth and the exploitation of economic circumstance of the benefits are irrelevant to the economy
National.
Saleh He concluded by noting that the need to create settle the controversy over the central bank auction of the bank, as long as the central bank market is responsible for 99 percent of Iraq 's needs of foreign currency, the current economic situation does not allow the depletion of its assets On this basis , there should be a point of market cooperation with the State holds the trade finance process.[/rtl]
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